3 Business Lessons You Can Learn From Swimming With Sharks: Shark Tank Recap For Nov. 2

Friday night's Shark Tank was a proper buffet of emotions — tears, laughter, and ferocious tension between one contestant and the Sharks. Are you watching the show? It's a great resource for solopreneurs, even those that aren't trying to grow their company past one employee since it provides lessons to learn from and insight into how to take your business to the next level. Last week we took home some helpful marketing lessons, and this week, we talk about business know-how, endorsements, and focus.

Shark Tank Business Lessons 11-2
Catch up with this week's goodness below!

  • Learn all you can about business — You don't have to be a business genius to be successful, but there's no excuse for being completely clueless. Not to say that Ginelle Mills with her Cool Wazoo baby changing mat was totally lost, but giving away her remaining inventory with no money to purchase more was a bad move. Good news for her (and you) are that there are limitless ways to educate yourself for free, helping you turn your mistakes into real world lessons. In fact, schools like Yale, Harvard, and Princeton all offer free online business classes through their open course programs so there's really no reason you can't grasp the basics and succeed in business.

See the rest after the break.

  • Celebrity endorsements won't always help your product — Bruce Gaither's No Fly Cone, the fly trap perfect for those with dogs and horses, is smart for ranchhands, but the Sharks couldn't get behind it for everyday use. Just when you thought this entrepreneur was on his way out the door, in walks Seth MacFarlane, creator of Family Guy. Great catch, right? Well, not so much. You see, Seth has never used the No Fly Cone so his appearance there was confusing, and even a touch awkward. Note to self: if any celebrities agree to pitch my product, get them to use it first.
  • Stay focused and clear on the details — Can we talk about Michael Tseng for a second? This doctor was sitting pretty with three ginormous offers for his Plate Topper. It seemed he'd be walking away with $1 million dollars. Everyone was happy. But the situation quickly turned dark and stormy when he disclosed that he actually valued his company higher than original asking price, which took serious teeth pulling to get that information out of him. One Shark even said it was a bait and switch. What's more, he was trying to negotiate with Sharks that were already "out" and not focusing on the one that was still in, offering money. Offering experience. Offering connections. Seemed like a dick move that would leave him walking out with nothing. The lesson here is to stay focused, but also be forthcoming and clear with the details if you do ever find yourself asking for cash. Have a plan with how you'll spend it. Explain how you'll pay it back. And no matter what, don't get greedy.

What did you think of this episode? Share your thoughts in the comments!

Source: ABC