It is always interesting to watch an episode of Shark Tank with someone new to the world of entrepreneurs. Especially when a great idea on the show doesn’t get an investment where sometimes I’ll celebrate the loss whereas those around me are confused as to why I am. I get excited and celebrate because the entrepreneur may feel like it was a fail at that moment, but in celebration, I have to ask, was it?
Okay, so here is the why for that celebration:
As an entrepreneur, the ultimate goal of being on Shark Tank is to see your business grow due to the investment and guidance of a Shark. Having a Shark on board, you’ll likely see them supporting the growth of the company by advising in the areas of Marketing/Brand, Operations, and Finance.
I listed Marketing/Brand first because if they all weren’t equally as important, Marketing would be the essential element of any business. For example, while teaching a course in my Young Entrepreneur University with students this week, we watched an episode of The Profit with Marcus Lemonis. In this particular episode, Marcus was working with a few businesses that were simply consumer products likely drop shipped out of China and marked up 80% making millions of dollars a month. In their journey of growing their product businesses historically, it was purely strategic marketing. So in these particular businesses, even though operations and finance were critical, the brand and its’ marketing were of the utmost importance. Actually in one of the companies featured in this episode, when they were strapped for cash with too much inventory in a particular moment, they were able to make $60K in just 5 hours with a strategically targeted Instagram post. Crazy, right?
Do you see the reasoning yet behind why I might celebrate an entrepreneur not getting a deal on Shark Tank? Let’s see if it’ll this carrot will serve as a tip. In Shark Tank’s season 9 which aired in 2017-2019, the average viewership of an episode was 5.5 Million.
See, for me, when an entrepreneur gets on Shark Tank and doesn’t walk away with a deal I think how much money would it have cost for that level of exposure at any given time? A heck of a lot! I have a few friends who’ve had appearances on the show where a deal may or may not work out, but one thing is relatively consistent for them. Every time the show would air, their website would crash within moments of the show airing. That’s a win, and they gave away 0% in equity.
How often do we come across a situation in life where we have an ideal outcome that just doesn’t come to fruition as we expected, and you think you’ve failed? It happens a lot for me, and I’m going to assume the same for you. Over the many years of life that I’ve had, all 21 years of it, I’ve come to understand that 95% of the time there is always a win in a situation even if it’s the outcome we didn’t expect. It just requires that we look for it, and understand how to maximize the win that rose up.
I want to leave this personal ideology with you. As you pursue a life of going after dreams, if every situation doesn’t play out in the way that you like, look for the other wins that exist within the outcome. I believe wholeheartedly that this “search” in the end improves our outlook on life, motivating us to dig in deeper for what’s ahead. I’m no scientist or psychologist, but I am someone who believes in dreaming, setting a vision, and watching them become a reality. I genuinely believe that more is possible.
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