Last Updated on May 28, 2022
Shark Tank India is a popular show aiming to make entrepreneurship and start-ups a regular conversation in Indian households.
The show features entrepreneurs from all over the world who pitch their business ideas to investors.
For some of you who are unaware of what the show is about, new entrepreneurs pitch their businesses to owners of established start-ups who decide to invest or not invest in them.
Shark Tank India judges take a percentage of the equity/stake in return for their investment and sometimes choose to partly fund in the form of a loan.
Well, now you might ask, who are the sharks? Sharks are known for their success in being entrepreneurs.
They make up the panel of judges that listen to the pitches made by the contenders and decide whether they’d like to invest their own money to help build, market or mentor them.
In this season of Shark Tank, the judges are:
- Ashneer Grover (Managing Director and co-founder of BharatPe)
- Aman Gupta (Co-founder and Chief Marketing Officer of boAt)
- Anupam Mittal (Founder and CEO of Shaadi.com and People Group)
- Ghazal Alagh (Co-founder and chief of MamaEarth)
- Namita Thapar (Executive Director of Emcure Pharmaceuticals)
- Peyush Bansal (Co-founder and CEO of Lenskart)
- Vineeta Singh (CEO and co-founder of SUGAR Cosmetics)
In the world of business, these judges are well-known, and you might have heard about their companies. Apart from this, I think that our parents after watching this fantastic show might start supporting their children’s start-up.
1. Importance Of Number 10
Apparently, the first 10 seconds are always important in life, whether you are giving an interview or pitching your idea to someone.
By observing this show, I learned from Peyush Bansal, co-founder of Lenskart, that one should not get into a start-up venture unless their product or solution is 10 times better than the others, 10 times cheaper than the ones before it or faster.
From the first 10 seconds to make an impression on someone, to make your work 10 times better than others, number 10 plays an important role in life.
Also read: Ultimate guide to achieve success in life
2. Clarity is Important
The sharks in Shark Tank are certainly not always kind, but they do appreciate clear thinking and business plans. However, some people who fail miserably in getting any money or the attention of the Sharks end up being those who themselves don’t have that clarity or conviction about their venture.
So, one must find some clarity in their thoughts, because if you are not confident about your plans, people will not believe in your or your ideas. It is better to find a clear path as fast as you can.
Without clarity, it can be difficult to focus on what’s important and achieve goals. In order to have lasting success, people must have a clear understanding of their purpose in life and the things they want to accomplish.
This requires being able to identify your wants and needs, as well as knowing how you’ll get there. SO START PLANNING!!
3. Truly Passionate People Are Extraordinary
Pick any episode of Shark Tank India. You will notice that the sharks in the show, be it Ashneer, Peyush, Aman, Namita, Vineeta, all of them invested in passionate entrepreneurs rather than their idea.
Remember the episode in which Aman made a deal with Rohit, founder of Hammer? Every shark said that he is not an entrepreneur because when Aman asked him to sell his company he quite easily agreed to.
Indeed passionate people are extraordinary because they have a strong sense of purpose and an intense desire to change the world. This means they have a very clear idea of what they want and are motivated to achieve it. So the reason why good investors invest in people rather than ideas is that flawed founders could easily squander even a good idea.
So if we relate this with life, be enthusiastic, passionate and persistent in life for your dreams, and people will cherish your company.
If you are really a fan of this show, you might have learned a great lesson when Sulay Lavsi, founder of Bummer, made a pitch. Though his products were good and his idea was worth investing in, he made a mistake.
Let’s understand what happened:
Well, what he did wrong was though he was there to raise money, he forgot to respect other entrepreneurs, because when Ashneer asked him “you want an offer or you want some particular shark to give you an offer” he replied, “I want an offer from anyone who can help me in terms of scaling.”
Still, when he was asked again, he responded by saying that I want an offer specifically from Aman or Vineeta. He might have gotten a good offer if he had been considerate and respected all sharks(entrepreneurs). However, I admire Sulay’s confidence amid the pressure.
So what you should learn from this incident?
Respect is the foundation of all relationships, both personal and professional and without it, you’re pretty much done. As a person, you must respect everyone whether they have achieved something significant or not.
You should also be respectful of other people’s opinions—even if you disagree with them. This way, you’ll be able to build strong relationships with customers and partners while working together toward common objectives.
“People are drawn to highly successful leaders. They are charismatic, warm, respectful, open, and engaging. They have a knack for making others feel valued and heard. This may be difficult for strong leaders who are focused on getting the job done, but developing this skill is critical to success.”
5. Learn To Sell ‘Yourself’ Why is it the most underrated skill?
Shark Tank is not about selling your business or your idea; it is all about selling yourself. The ultimate goal of any endeavour is to win someone over, no matter how good or talented you may be.
Whether it is trying to get a job, getting someone to read my blog, or even asking someone on a date, the ultimate end goal is always the same: winning people over. And you can only do this if you have a knack for selling yourself.
Everyone needs the ability to “sell themselves” in order to set themselves apart from others; however, it’s important not to point out that there is a fine line between “bootlicking” compared to good self-promotion.
Just market yourself, don’t just talk about your abilities show them. So in order to get successful, learn the art of selling yourself like a pro.
6. Perseverance is Key
The only reason why Peyush Bansal invested in our favourite Jugadu entrepreneur, Kamlesh Nanasaheb Ghumare, aka Jugaadu Kamlesh is perseverance. He came to the shark tank with his partner Naru and pitched an idea to the sharks in the panel.
Kamlesh Nanasaheb Ghumare’s passion to make lives easy for Indian farmers is surely commendable. We congratulate him on sealing a deal with Shark Peyush Bansal. Congratulations KGAgrotech! Keep watching #SharkTankIndia! pic.twitter.com/tTjQ5aJreM
— Shark Tank India (@sharktankindia) January 20, 2022
He came up with a well-thought idea to solve the problem of thousands of farmers with an affordable solution.
Even though he didn’t have enough money, resources or even a mechanical degree. Peyush invested in his ideas just because of his persistence. As in his LinkedIn post, he wrote, “He has been at it for 7 years and still has not given up.
He even found a way to come to the tank.”
Kamlesh taught us a life-enriching lesson. He taught us the ability to keep working even when things are tough.
It’s essential for people who want to achieve their goals, whether in business or personal life. When you’re dogged by a goal and don’t give up, your efforts will eventually pay off.
7. Learn to Work as a Team
When Kamlesh said, “I can’t leave Naru, and he will be there with him always,” I was touched by seeing a potential team player in him. Being able to work together as a unit and share ideas and strategies so that everyone can make the most of their abilities is something that is as rare as a unicorn.
I am happy to see that a show like Shark Tank is being loved all over India as our society can finally understand what start-ups are all about. Not only this, we all might learn some basic lessons which we not only need to run a successful business but also we need to live a successful life.
Tip: After watching the show, you might have thought of starting a business, but you must understand that running a business is not the only way to get rich; you must understand your strengths and know yourself. You can become successful even by doing what you love; all you need is self-knowledge.
The key lessons to learn from this article:
- It’s essential to be persistent no matter how tough the road may seem at first.
- Learn the art of selling yourself and crack the code of success.
- Respecting others builds your reputation.
- Passionate people like Kamlesh can win big.
- If your work cannot provide value to others, you might get knocked by someone who can.
- Win others in under 10 seconds. Because the first impression is the last impression.