4 Secret Shark Tank Laws Every Entrepreneur Needs to Know
Shark Tank has been running since 2009 and has been helping promising entrepreneurs launch their products.
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As CNBC noted, “hopeful entrepreneurs come to the Shark Tank seeking an investment to start, grow or save their businesses.”
“If the Sharks hear a great idea, they’re ready to invest using their own money. And they’ll fight each other for a piece of the action. But first, the entrepreneur must convince a shark to invest the full amount they are asking for,” CNBC added.
Here are some rules every entrepreneur needs to know.
Pitches are One-and-Done
It doesn’t matter if your nerves get the best of you and if you fumble your words or draw a blank. As People magazine reported: “Sorry, no pitch do-overs are allowed on Shark Tank — just like in the real world! Entrepreneurs are made aware beforehand that the camera never stops rolling once it starts.”
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Visualize the Work
As with many things, taking the first step is often the hardest part of launching a business, according to Inc.
Mark Cuban, billionaire and Shark Tank host, said that visualizing success isn’t the way to overcome that hurdle. Inc. added, noting that he advises entrepreneurs to focus on the hard work they’ll need to put in to succeed.
“People can visualize success but can’t visualize the work,” Cuban said, according to Inc.
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Put in the Hours
Inc. also reported that for the Sharks, working 24/7 is practically a given for successful entrepreneurs, as you will have to answer calls on vacation and stay fully committed to your team.
“The great leader who runs a great business is someone who understands they work for their people,” Shark Tank host and real estate mogul Barbara Corcoran said, according to Inc.
Push Through Failure
“Pushing through failure often comes down to resilience,” Corcoran said, according to Inc. “The businesses that do well are the people who have the stamina to get back up after a hardship. The real difference I see is they take less time feeling sorry for themselves — they get up like a jack-in-the-box and say, hit me again.”
Cuban echoed the sentiment, saying that hardship is inevitable in business, especially at the start — yet all you need is one strong idea to pan out, as Inc. reported.
“It doesn’t matter how many times you fail. You just have to be right one time — it’s not a special sauce, it’s effort,” he said.
This article originally appeared on GOBankingRates.com: 4 Secret Shark Tank Laws Every Entrepreneur Needs to Know
