Well, when we talk about entrepreneurship there are several things that matter besides hard work and strategy. Besides strategy and hard work, one thing that is a prerequisite is determination to take your business forward with the same passion that you had on the first day. When we rush in to start the business, after a year or so, the enthusiasm fades and taking it forward and putting hard work in it seems a lot of work, and that is when people start looking for shortcuts. While there are several technical solutions that you can apply to take your business further, when it comes to lack of passion and fading enthusiasm, you need more than technical solutions. In this article, we will not be talking about the same old technical personality traits to fix your productivity. Below, we will discuss in detail the business reality TV shows ‘Shark Tank’ and ‘The Profit’. These two shows teach you a lot about entrepreneurship, the dos and don’ts of running your own small business.
So, read along and learn all you need to know about running a startup and making it successful from real life business people.
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Shark Tank
Shark Tank is a very renowned reality television show and around 27 counties all over the world have their own version of Shark Tank with different titles, but the same criteria. The American version of Shark Tank works by entrepreneurial pitching by the candidates who are small business owners, and the judges addressed as ‘Sharks’ judge the entire business plan and structure, and decide whether they want to invest in the business or not, in return of a set amount of equity decided by both the parties. This way many small businesses are able to find either investors or even partners who would help them run their business. The reality show first came out in the 2009, and has been very famous around the world.
Ambition Of Shark Tank
The goal of this TV show is to honor young entrepreneurs who lack the financial means to launch their own startups, or might not have the right investment to take their already existing business to the next level. New entrepreneurs must present a detailed business plan in order to carry out their ideas, and it is up to the Sharks to decide whether or not to invest in them. It may appear simple, but Sharks are real-world businesspeople who understand how to grow a business and how not to grow a business, so when they pitch, they know the business idea is solid. Besides their ambition to help the candidates, the show gives you inspiration to take your idea further as there are plenty of investors in the market who would love invest in a good plan.
It Takes Effort and Time To Be a Shark
When it comes to what we can learn from this TV show, we all know that everyone nowadays wants to be an entrepreneur, but taking chances is not easy. This TV show could be quite beneficial to us. The investors on this show are self-made entrepreneurs who overcame big obstacles in their lives to get to where they are now, so those who watch them and those who pitch their ideas on the show can learn a lot from them. Their experiences teach new entrepreneurs how to start and run businesses from the ground up. They are taught that it takes a lot more than just enthusiasm to be a successful business.
All It Takes Is a Solid Plan and A Little Bit Of Courage
There is a lot to learn from this TV show. Several presentations on new breakthroughs are made, and while they may appear to be simple to implement and strong business concepts, they cannot be implemented when the Sharks point out the flaws in their plans. Similarly, we have many ideas in our heads but never consider whether they are simple to implement or what complications might occur if that were our company strategy. What we can learn from this show is how investors interrogate the presenters’ ideas and fix their errors. Not everyone who gives a presentation will be able to secure an investment, because, as we previously established, having unique ideas does not automatically make you an entrepreneur; it takes a lot more. Watching this TV show can teach you about the common mistakes people make in their businesses, as well as the factors that lead to success.
Well, we frequently believe that our company idea is unreal, but witnessing and learning about other people’s ideas provides us with great drive and confidence to carry out our plans. So, while it is great to have an idea, watching the show teaches us how to execute the idea and the factors that might not be right for this certain kind of business.
The Profit
The Profit is a reality TV show that is a little different from Shark Tank as it is a documentary style show. The show airs on CNBC in the United States, and the CEO of Camping World Marcus Lemonis is the host. The host fixes a struggling business by investing in it, and the basic concept is to assist struggling startups or businesses by providing investment in exchange for a part of the company’s equity. The show’s host usually makes a capital investment in the company in exchange for ownership stakes in the company. He also undertakes management of the corporation in order to address future issues and restore profitability.
Aims of ‘The Profit’
The focus of this show is on how to expand small enterprises, and if you are a true business enthusiast, you must watch this show because you will learn not only how to build your already present startup but also how to start one from the ground up. Marcus is the CEO of a multibillion-dollar corporation, and based on his expertise, he recommends investing in three areas: people, process, and product.
People
Almost every episode of this show emphasizes the significance of people, as they are a small business’s most valuable asset. Because the small business currently has a few employees, hiring an experienced employee can help save money. In episode 17, a custom lighting manufacturing firm was in financial trouble, so they let go their most experienced welders owing to expensive costs, and the owner had to force the welder to accept lower rates, but as Marcus pointed out, cheaper isn’t always better. He conducted an experiment in which a more experienced welder made more money than a less experienced one. When your staff have a lot of experience, they save you a lot of time and help you increase your profits.
Process
Because consistency and process are the core of a firm, if your business lacks these, your profits will suffer. Mike and Kathleen, the owners of “My Big Fat Greek Gyro,” appeared in an episode. The two used to run franchisees of their company in various areas, but they suffered with consistency because their process was not smooth and well-thought out. As a result of the lack of planning, each store looked and operated differently, resulting in an uneven client experience. Marcus streamlined the ordering procedure, updated the menu options, and introduced fresh, easy-to-prepare products, as well as uniformly branding the franchisees across all locations. To better coincide with their new streamlined method, he even changed the name to “Simple Greek.” It’s crucial to grasp how important ‘the process’ is in a firm, given his total overhaul and hard work. If you expand, but the expansion plan is not well thought-out, your process will be chaotic and things will be all over the place, leading your expected growth to decline, and also affecting your credibility.
Product
A business that does not have a good product is doomed to fail. It’s not always about product innovation or creativity; most of the time, it’s about delivering the right product to the right customers. INKKAS shoes is a fantastic example; the company’s owner grumbled in the episode about slow sales of his products. Dan stated that after presenting the new shoe styles, the company’s growth had slowed and that their customers preferred their main offering. Marcus told them that they needed to concentrate on their core product until they were stable enough to introduce new ones.
Apart from these three primary factors, it shows you how a business can go wrong and how firms require consistency and well-thought-out long-term goals when it comes to profit.
In Conclusion
Well, if you’re a business enthusiast, these two reality TV series can teach you a lot about how to run a business and push you to work on your own project. Now is the time to watch these two business reality shows and understand what you should do with your business.
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