https://www.donphin.com/wp-content/uploads/2018/01/f6ba075b-10ef-4bb4-96af-b51e6aa8e956.png 187 249 Don Phin https://www.donphin.com/wp-content/uploads/2015/02/don-phin-logo.png Don Phin2018-02-20 05:35:012018-01-25 05:39:54Tip on Having a Shark Tank Contest
“Make sure you pick good people to build your business with, as they’ll determine 80 percent of your success”
Have a Company Shark Tank Contest
I’m a big fan of Shark Tank. There is so much to be learned from watching that show whether you are and investor, entrepreneur or employee. First here is some of what I’ve learned from watching Shark Tank.
- Don’t come with just an idea. People get ideas every day, but few ever execute on them.
- Don’t present until you’ve had an earned income and produce a profit.
- Is the opportunity scalable? How much efficiency is created by scaling? Is there an available market?
- What have you done to protect your idea-have you attempted a trademark or a patent?
- What deal you have for me? Have you thought it through? How do you arrive at the valuation of your company?
- Try to align yourself with an investor who is a natural fit. If you’re in real estate, IT or retail, who should you partner with?
- Last but not least, be entertaining but not a clown.
What about conducting a Shark Tank show at your company? Since you are in a R&D phase you may have to relax some of the rules around existing sales, etc. Create rules that make sense for your show. The judges can be the executives and presentations can be made on an individual or group basis.
Remember none of us is smart as all of us, and this is a great way to engage your workforce to help you come up with new ideas.