6 lessons that entrepreneurs can learn from Shark Tank IndiaApril 21, 2022 By Dinesh Parmar
December to February, the winter months in India were sizzled with the hot business discussions on Shark Tank India. Many entrepreneurs came to the show to pitch their businesses in return for the equity of their business. The sharks invested more than 30 crores in interesting businesses during the show. Some sharks also invested outside of the show in the businesses which they missed during the show. Shark Tank India became the talk of every household when every family member got interested in the show's content. It sparked discussions in homes and offices. While not every entrepreneur earned their investment in Shark Tank India, the show made an impact in the form of lessons that every entrepreneur can learn from.
1 Know your business
Different entrepreneurs came with their unique products in Shark Tank India - from Food to Fashion, Agriculture to Tech and Underwear to Innovations. But knowing your business and products is the most important. The value you bring to your consumers through your products decides whether your business will sustain itself in the market or not. There were a few entrepreneurs who came to Shark Tank India with their innovative products which sharks thought were not serious business ideas but just inventions. Just an invention cannot become a business if it is not viable enough to enter the market or is not solving a problem.
2 Respect your worth
In one episode of Shark Tank India, sharks insisted on a father-son duo to raise the share of the person who invented the pitched product. When sharks found out that the inventor of the product was getting the tiniest share in the business of his invented product, they put the condition of increasing his share before investing in their business. This is a lesson that you must learn. As an investor, you have to know your worth and be able to identify what you have brought to the table and ask for your fair share.
3 Stick to your passion
Not education, not experience, but sometimes your passion can make you a winner. The same happened to a participant who made a usable pesticide spraying machine from minimal resources. He saw how his father and other farmers faced difficulties while carrying heavy pesticide machines on their backs. Kamlesh brought the machine to Shark Tank and showcased its usage. Kamlesh’s product was not just an idea. It was hard work for many years. He developed his product for many years with patience and whatever resources he had. His passion for helping farmers, his efforts of many years in building the machine and his honesty and innocence made one of the sharks invest 10 lakh rupees in Kamlesh’s endeavour. The same shark also gave him an interest-free loan of 20 lakh rupees. Be passionate about what you do and never give up.
4 Never be afraid to ask for help
Your business is primarily yours. No one else can take your pride in being an entrepreneur from you. But when you need help from experts to grow your business, like hiring a co-founder who brings in his expertise or an investor with a demand for equity in return, you should consider it with an open mind. When your business is in trouble or needs a push, never hesitate to reach out for help. Many entrepreneurs in Shark Tank India have secured not only an investment when they needed it the most, but also have gained access to the expertise of sharks who have invested in their businesses. In one of the episodes, an entrepreneur was advised by the sharks to rope in a co-founder to get further help in the business.
5 When you have to, change your strategy
A budding business cannot run while concentrating on multiple products. Of all those several products, there should be one or two hero products that are truly unique and can survive in the market in the deadly competition. You can enter the market with hero products that can be valued and solve real-life problems. Gradually, you can introduce new products. An entrepreneur came with his modern-day gadget products in Shark Tank India. His product portfolio included numerous products like headphones, smartwatches, electronic toothbrushes, wifi plugs, and more. Sharks asked him about his top three SKUs (Stock Keeping Units). To which the entrepreneur replied "Fourteen.” This particular shark opted out because she thought that business with these many SKUs was not worth investing in for her. To build a brand in the cluttered market, focussing on fewer products at first is very important.
6 Safeguard your Intellectual property rights
The most important thing that sharks in Shark Tank give weightage to is patents. When you say your product is uncommon, the first question sharks ask is if your product is patented? If your product is not patented, sharks hesitate to invest in your business because unpatented products have a higher chance of getting copied. Once the product gets copied, your product does not stay unique anymore, and your monopoly is lost. Stay up-to-date with your patent with the help of an IP Law Firm to attract investors for your business. Acquiring an IPR by registration of patent, trademark, design and copyright will not only protect your product from potential hackers and pirates but also help you reap the economic benefits as an IP owner.
Other than these lessons from Shark Tank India, it is also very important to make your brand strong with the help of an IP Law Firm. A trademark attorney ensures you know your trademark rights and your brand remain strong with a robust protection plan. Whereas a patent attorney will ensure that you protect your ideas or inventions before disclosing it in a public platform.
Let your idea find its way towards becoming a successful brand with these important Shark Tank India lessons and be the ‘one’ that people would want.