Lessons Every Entreprenuer Must Learn from Shark Tank India
"It's not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for." —Robert Kiyosaki
The popular television show Shark Tank India's first season, which aired on December 20, 2021, and ended on February 4, 2022, captivated India. The show featured entrepreneurs pitching for cash in exchange for a piece of the company to sharks, a.k.a. investors. While the event has come to a close, there is still a lot of talk about it, not just because it was the first of its type, but also because it highlighted many important but often overlooked areas of business. Some people won, while others lost, but everyone – even the audience – gained something from the show.
Shark Tank does not have any restrictions, based on demographic characteristics like gender, cast, or age. It's an educational, entertaining, thrilling, and instructive television show. Let us learn more about it.
The Backstory
The first episode of the Shark Tank television series aired in August 2009 in the United States. This event featured a panel of various investors from around the country. Sharks are investors who put money into the business plans of entrepreneurs. While evaluating the entrepreneurs' proposals, the investors look for flaws and weaknesses. The cast of the Shark Tank show is compensated by the show's investors. Investors, on the other hand, pay money to entrepreneurs when they like their plans. If a shark is interested in the investor's plan, he will strike a handshake bargain. If the sharks refuse to agree to the idea, the entrepreneurs must walk away without an agreement. Based on the same concept line, Shark Tank India debuted this year, in 2022, and has quickly developed a huge fan count.
Who are the Shark Tank India Judges?
The notable sharks that will be there are some of the most well-known in the country. The Shark Tank India judges are:
Ashneer Grover
BharatPe's co-founder and CEO, as well as an investor in several Indian businesses.
Anupam Mittal People Group Shaadi.com's CEO and founder, as well as one of India's most active investors.
Aman Gupta
BoAt's CMO and Co-founder, with an MBA from Kellog School of Management.
Vineeta Singh
Sugar cosmetics CEO and co-founder, as well as a TEDx speaker and IIT Madras alumnus.
Namita Thapar
Emcure Pharma's Executive Director and Incredible Ventures Ltd's CEO and founder
Ghazal Alagh
Mamaearth's co-founder and she also made headlines when Bollywood actress Shilpa Shetty, and Sequoia Capital India both invested in her start-up.
Peyush Bansal He is the CEO and Founder of Lenskart.com, as well as a recent Feedo investor.
What did the show teach us?
There are many lessons you can acquire from Shark Tank India, whether you started watching it because of your passion for entrepreneurship, the internet memes, the fear of missing out, or simply because you came across an episode while scrolling through social media. We'll take a look at a couple of the key takeaways today.
Understand your company's purpose -
Without clarity of ideas, even the strongest company strategy might fail. One of the most essential lessons taught by the show to its contestants and viewers was this. You will not be able to sustain your firm if you enter entrepreneurship without a clear vision. For example, in episode #21, there was this engineer who invented three separate and unconnected goods. The sharks claimed he was more interested in inventing than in solving problems.
So, you can only increase your reach until you understand the value you provide to your customers and can market that value to potential customers. A defined mission and vision will also help you create a compelling brand story that will entice them to try your product.
Having 'expertise’ is a must!
Memes like "ye meri expertise Nahi hai" flooded the internet. And while it's all in good fun, it's still a vital business lesson to learn. How do you expect to be successful in a field where you have no concept of what's going on? It's fine to say 'main out hoon' if you don't have the understanding.
What sets you apart from the rest is your passion
Regardless of the episode of Shark Tank India you watch, you'll notice that the show's sharks (judges) like to invest in passionate entrepreneurs rather than just their ideas. This is because passion does not fade away overnight. The zeal is what pushes people to want to make change rather than wait for it, and it's what gives them the edge. because they are driven by a strong sense of mission and a strong desire to make a difference in the world.
So, whether you're pitching a concept or starting a business on your own, the key to success is to have a strong desire to achieve your goals no matter what obstacles you face!
These are just not some random motivational statements, that’s how the real entrepreneurship spirit works! It brings us to the most notable business ideas featured in the show:
Top 3 Investments in Shark Tank India
Get-A-Whey – Sugar-Free Ice Cream
Get-A-Whey, a nutritious ice cream brand, founded by Jash Shah and Pashmi Shah Agarwal, along with their mother Jimmy Shah, needed Rs. 1 crore investment in exchange for an 8% ownership in their company so that they could expand it.
Mumbai, Pune, Bengaluru, Jaipur, Hyderabad, Surat, Chennai, and Delhi-NCR are among the cities where it is currently available. They were able to acquire a Rs 1 crore investment in exchange for 15% ownership. Among the investors were Ashneer Grover, Aman Gupta, and Vineeta Singh.
Beyond Water
The purpose of this product is to purify and flavor water, making it more delightful to drink while also being helpful to one's health. Pitchers accepted Namita and Aman's final offer of 75 lakhs in exchange for a 10% stake in the company.
Ice Popsicles – Skippi Ice pops
Ravi and Anuja Kabra, husband, and wife, founded Skippi Icepops, a popsicle company based in Hyderabad. They came up with the amazing idea of manufacturing ice popsicles that Indians would recognize from their youth. All of the sharks were thrilled by the packaging and flavor of their ice popsicles. They also agreed that there was no other major player in the Indian market. All five sharks made proposals to the Kabras, resulting in a contract for Rs 1 crore for 15% equity.
Conclusion
Before starting a business, be sure your product is marketable and gives value to your customer. Otherwise, your business will never get off the ground, let alone flourish.
There's a lot more to the company than marketing, however, it's a vital component of branding that shouldn't be overlooked. Now that you've gained knowledge from the show (and from this article), it's time to create a great brand and corporate identity.