Shark Tank Australia as you probably know is an Australian Television series that features aspiring entrepreneur-contestants make business presentation to a panel of investors. Since its inception, the Shark Tank Australia has drawn immense attention from many, especially from entrepreneurs and aspiring entrepreneurs. The lessons to be learned from the shark tank series are quite enormous, and these lessons can also be applied in various areas of life.
The following points below highlights five different lessons that can be learned from Shark Tank Australia.
The need to know the cost of goods
Janine Allis, who is the owner of Boost Juice, is among the panelist of Shark Tank Australia. You can imagine pitching an idea to a person who has good knowledge of the cost of every ingredient used in the production of her juice. But when a contestant lacks good knowledge of the cost of goods in the business he or she wants to establish, then such a contestant is unprepared for a deal. Adequate knowledge of the cost of goods is an essential requirement for managing a successful business, and investors are aware of this fact. The knowledge about the cost of goods enables any business person to make the required business plan that would prevent a business from incurring losses. Ensure you trademark everything It is far more expensive to sell an intellectual property as compared to a product. Ensuring that you trademark everything that is both visible and invisible enables you to have an invaluable asset that cannot easily be stolen from you. Shark Tank Australia consists of panelist who are vast in several business sectors, so when pitching an idea, be sure to draw the line between a popular idea and a unique idea, that unique idea should rarely be mentioned, except it is trademarked, or you’ve reached the point of an actual business deal. Many people forget the fact that investors are also business people, they are not just concerned about helping you actualize that new business idea, so certain investors could steal your idea, especially when it is not trademarked, and use such an idea to enhance their business. Be ambitious when communicating with investors Investors are interested in seeing how confident you are about the venture you want …show more content…
The dream of greatness is easily identified in a communication that signifies an ambitious person, so investors are in love with such a trait.
Also when your plans are far from what is common or in existence, then investors would consider such a plan as not worth their time and effort.
Some contestants in Shark Tank Australia also choose to talk with little or no ambition. Such contestants assume that talking about ambitious projects would limit their chances of securing a deal, but that may not take any one of them far, remember that the billionaire panelist are not seeking for engagements that would affect the lives of just a couple hundreds of people. So no need to be afraid of over-ambition.
Know your profit margin
Profit margin provides information about the revenue acquired after all business expense is paid in full. The knowledge about profit margin is vital towards identifying what would be classified as a worthy investment. The continuity of a business is only made possible when the required profit margin is