Two Important Business Lessons I Learned From The Sharks

in #ctp4 months ago (edited)

This evening, as I was installing software on the new laptop that I ordered, I turned on "Shark Tank" (which I haven't watched in over a year) just to have something going while I waited for certain things to load. I was amazed to learn two lessons from this show that are important for every business person.


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The first lesson that came out of this show was to know your business. Many times we are so consumed by what we are doing that we don't see the big picture. For example, in this particular episode a mother and her engineer son created a business selling foam party hats. When they made their pitch, they were wearing foam party hats. They shot off confetti cannons and used noisemakers to set the party mood. The over 60 different designs were all created by the mother. A lot of these designs were created based on requests for custom hats (they even created a Covid-19 hat) and were looking for ways to ramp up their business. One of the sharks pointed out that they probably thought they were in the party hat business, but they weren't. They were in the fun business.

Have you taken a step back to look at your own business? Are you so focused on your products or service that you don't know what business you are in. Think about who you serve. What are they looking for? Theodore Levitt said, "People don't want to buy a quarter-inch drill, they want a quarter-inch hole." What is your business? The business you are in will dictate where and how you market your business.

The second thing I learned from the sharks is to focus on one thing. So often, we think about all of the ways to branch out our business in order to reach more people. The problem with that is the fact that if you don't focus on just one thing, you'll never be an expert in any of them. In this same episode, a lady was trying to sell workout weights made from firehoses. She had a contract with the military. She had another contract with fire departments. She was selling through her workout partners and looking into selling direct to consumers online. She was trying to branch out in so many directions that the shark told her that most people have a problem being successful with one direction and multiple directions almost guarantees failure.

Are you trying to offer too many options in your business? Narrow your focus. Are you offering more that one product or service? Narrow your focus. The smaller your niche, the higher your probability of success.

So, to recap, here are the two important lessons I learned from the sharks:

  1. Know your business.
  2. Focus on one thing.

Be the expert in your niche.

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You are so right on both points Garrey @theroad2freedom. I know this has held us back in our primary business because we take on so many new things and end up not having time to focus on the most important money producing activities.

I don't know why it is so hard to keep the main thing the main thing.

Thank you very much for sharing your thought @theroad2freedom.
You are very correct, First we need to know our business and focus on our core strength, i would like to try other things as well but only once i established my self.

Even if you look at large corporations, they focus on one thing until they get established. As that point, they may branch out into other areas, but they still do not lose sight of their main thing. Chick-fil-A is known for their chicken sandwiches. Before they made a name for themselves, Apple only made Macs. When they first started, Levi Strauss manufactured work pants. Find your focus and become an expert before you attempt to branch out.

That was amazing. focus on one thing is all I hear from my mentors. I'm so grateful.

Specializing the niche and finding where it will be required looks like a sane choice.

Thank you for sharing the wisdom from the Shark Tank! Those are two very important lessons. I haven't watched that in awhile either. I should just start putting it on the DVR so I can watch it as my schedule allows.

I don't know that I would always find these kinds of nuggets from this show. They just kind of jumped out at me from this particular episode. However, you must admit that the sharks have the kind of money we are looking for, so it would not be a bad idea to listen to them more often.

That is very true! They are all very successful entrepreneurs so their advice is very valuable. And it's almost like free mentorship. 😀



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@lisamgentile1961
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Thanks for sharing.

Thanks for sharing this.
Both the the points are true. I stand with you on this.

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