Views From The Tank

Written By: Brandon Gaskins

  One of the hottest shows on television right now is the Shark Tank. A group of high-profile investors listen to business owners who are willing to sell off a percentage of their business for an influx of cash. Business owners not only get an influx of cash they also get the business advice and connections the investors of Shark Tank offers. Just by watching the show you are able to pick up on nuggets of information that can be used by entrepreneurs.

• Never try to compete against larger companies that can crush you like a cockroach, instead ,broker a license deal and have them do the work for you. Trying to compete against larger companies will not allow you to gain enough market space in order to thrive and create wealth.
• Follow the money and not the dream, too many Shark Tank hopefuls fail to recognize the limitations  of their business model. You want to follow business models that can lead to millions of dollars not thousands of dollars.If by year 3 you are not  profitable you should strongly consider other options.
• Know your numbers; know how much it takes to run your company 10 years into the future. Know how much it cost to obtain and retain customers. 
• You have to be responsible for every dollar that leaves your business. Every dollar that leaves your business account should have a purpose of making more money.
• Sometimes investors fall in love with the owner(s) of businesses and are willing to strike a deal with far less financial restrictions to assist the business owner with business development. 
• There is a big difference between an entrepreneur and a wantrepreneur. An entrepreneur will sacrifice all of his/her wants for the benefit of their company. An entrepreneur will have a vision of success that will not allow for compromise  or a Plan B. A wantrepreneur will typically find some reason why they cannot commit all of their time and resources to become a success or  have not put in the groundwork of writing a business plan  and then follow through with it.
• Know the proper value of your company before you stand in front of an investor.
• Always protect yourself patents, copyrights, and trademarks are important to protecting your brand. If you become a success expect copycats to follow.
• The time to be in selling mode is all the time. You should always be chatting up your business and developing relationships.
• Your business is your lifeline treat it as such; do not let anything come between you and the success of your business.