The TV show Shark Tank has entertained audiences, particularly entrepreneurs and business students, for several years and won several awards. The show is about entrepreneurs presenting their ideas to “sharks”—a panel of multi-millionaires and billionaires.
They can choose to invest in America’s products and businesses to help inventors or business owners chase their dreams in their companies. The investors also provide advice such as ideas to improve a product or conduct a business presentation.
If you haven’t started watching, here are ten reasons why you should watch “Shark Tank.
1. Determine whether being an entrepreneur is the right career for you
Getting your MBA means choosing from a wide range of career paths like sales manager, entrepreneur, accountant, business intelligence analyst, business consultant, or marketing manager. If you have a passion for any of these careers, the Shark tank show helps you understand the pros and cons of each.
You’ll learn how to pitch ideas and prepare for business presentations. The show also prepares you for the challenges and what to expect on your career path. All this information plays a significant role in helping you decide whether the career is right for you or not.
2. Offers valuable preparation skills
The contestants on Shark Tank get a limited amount of time to present their products or business. That means they must take time to prepare adequately before appearing in front of the sharks. The contestants present the key highlights, including the best features of their products or companies, to convince the sharks to invest in them all within a limited time.
You’ll need proper planning, attention to detail, and careful business assessment to get it right. Excellent preparation skills help you prepare for your presentations and interviews. It’s a reliable skill that you’ll need throughout your life.
3. Develop an elevator pitch
The Sharks want to work with people who know what they want and what they have to offer and can quickly explain the benefits and rewards. Some cast members like Mr. Wonderful won’t hesitate to ask questions when they don’t understand a concept.
The investors will ask realistic questions with a bit of humor, while others will be brutally honest and won’t hesitate to share their big ideas with the contestants. The contestants also have to listen to the feedback provided by the sharks to help them improve and perfect their elevator pitch.
4. The show tells some of the best stories
Most reality TV shows are full of humbling stories and experiences, and Shark Tank has some of the most inspiring. The show features people from different walks of life trying to get an investor. Among these people were the owners of Bottle Breacher.
The couple has been married for nine years, and their product is a .50 caliber ammunition used in war. The couple wanted to make it into a bottle opener made by Active Duty service members, reservists, and veterans.
5. Teaches about drive and passion
The Shank Tank show producers did an excellent job showcasing the challenges business people experience running their businesses. A significant section of the businesses will grow into giant multi-million companies due to the passion and drive of the owners.
Generally, entrepreneurs who enjoy what they do and are passionate about growing their business would attract investors faster, which catalyzes their growth. The show depicts how passion, drive, and hard work can be rewarding. Some get their ideas turned down, but their determination to succeed drives them to achieve their goals.
6. Equips you with excellent marketing skills
For any contestant to be successful on Shark Tank, they need to have solid marketing skills. Simply having a good idea about a product or company isn’t enough. The contestants have the challenging task of convincing the sharks to invest, which heavily relies on their marketing skills.
While most entrepreneurs gain their marketing skills at the university, watching Shark Tank can help viewers sharpen their marketing skills from real-world experiences. You can watch how each contestant markets their products and note their strategies’ effectiveness. Check what winners do differently and learn.
7. Get inspired by true millionaires working in the business field
The majority of Shark Tanks’ panel of sharks includes millionaires and billionaires in the business world. These people will share their experiences of how they became successful and provide valuable advice on how entrepreneurs can thrive in their businesses.
Most of their stories are inspiring and educational, especially for anyone looking to enter the business world. If you’re a business owner, you can pick some of the practical steps and tips and apply them to your business.
8. Gain motivation to pursue your dreams in the business world
The idea behind Shark Tank is to present new products and ideas on the market and motivate anyone with a fantastic idea to share it with the world and see their vision come true. The investors in the show are quite wealthy and are willing to throw thousands of dollars into your business to get it where you want it to go.
In the show, you’ll watch one or several sharks make two or more different deals in a single episode and give hundreds of thousands of dollars in the same episode.
9. Learn how to negotiate
The negotiations in the show provide a learning experience for the audience, as the sharks will turn down some contestants due to poor negotiation skills. Some entrepreneurs will ask for too much money than their company equity, and the sharks will point this out to them.
In certain sections of the show, the investors shift the scenes into classrooms to teach their contestants about negotiations based on the amount they ask. Some contestants will adjust their deals and end up getting a shark to invest in their businesses.
10. Characters are fun and unpredictable
Apart from inspiring stories, the show features people with different characters and behavior. Some can be fun to listen to; others can be more aggressive and stubborn, while others are more focused on getting their deals.
The sharks also have different opinions and may publicly differ from each other. Sometimes, when a contestant presents an outstanding deal, the sharks can fight and argue if their interests are unmet.
Whether you like Shark Tank or not, there’s no reason you shouldn’t watch it. Each episode presents a learning opportunity for entrepreneurs.
The characters present all kinds of real-life challenges you’re likely to experience and provide winning solutions to these problems. It’s a great show to measure your entrepreneurial prowess.