10 Things Every Entrepreneur Can Learn From The TV Show Shark Tank

Of all the reality TV shows, nothing can come close to ‘Shark Tank‘ when it comes to sharpening one’s entrepreneurial and negotiation skills. It gives participating entrepreneurs an opportunity to present their business proposal before five accomplished investors (sharks) on stage and ask for an investment in return for a stake in their company or venture. Naturally, it is a tough spot to be in. Most people take away something from the show, either a check, valuable advice, or a great experience.
Here are ten things entrepreneurs should learn from the TV show ‘Shark Tank’.

10 Lessons From The TV Show Shark Tank

1 – A good product is great if it cannot be duplicated:

A product that is patented or cannot be easily duplicated easily wins the interest of the sharks. Good entrepreneurs usually have safeguards to prevent competition from coming up easily. This is essential to the long-term profitability of the business. Do everything you legally and ethically can to slow down, disadvantage or keep out the competition.

2 - Don’t reject valuable advice:

Every business negotiation is an opportunity to learn. Even if you lose the deal, don’t lose the lesson. Even when the sharks refuse your deal, they often give you their reasons, opinions and advice about the way forward for your business. This is something that you can’t get for free, not from people as experienced as the ones at the Shark Tank. Don’t let these valuable tips get lost in the cloud of disappointment.

3 – Know your financial position inside out:

In her book, ‘Shark Tales: How I turned $1000 into a billion dollar business’, Barbara Corcoran stresses the importance of being prepared. Successful entrepreneurs are well prepared before any negotiation. The sharks usually make light of entrepreneurs who are unable to specify their exact sales or profit and instead choose to be vague, for example, a statement like, ‘My profit is between $100,000 and $ 200,000′ reflects poorly on how well you know your own business. How can you possibly expect someone to take an informed decision from such a statement? So, know your figures well, whether you choose to disclose it or not is another issue altogether.

4 – Do your arithmetic before you enter the Shark Tank:

Make sure that the proposal you bring to the negotiation table makes sense and is something that the opposite party will consider seriously. The sharks are very good at valuing businesses and if you get this wrong, you are likely to walk out with nothing. There is no point in asking for $85,000 for a 10% stake in a company which has no sales yet or which has an unproven business model. This is like saying, ‘Heads I win, tails you lose’.
If it works out, the investor doesn’t gain much and if it turns out to be a dud, then the investor loses.

5 – Don’t underestimate the value of expertise:

In any deal, don’t just look at the money, give due value to the expertise or other benefits the deal brings you. For example, each shark has their own network and expertise which comes from them taking a stake in your company. Think about what it will do to your sales and brand promotion. Take the example of the company M3 Girl Designs whose founder was offered $300,000 by Mark Cuban and Lori Greiner. She insisted on having Robert Herjavec also in the deal before she accepted it. She got a much better deal in the form of added expertise even though everything else remained the same.

6 – Know the people you are negotiating with:

Many people have lost deals because they tried to take the negotiation too far. Some homework on the successful deals with the sharks would have prevented this from happening. When Mark Cuban says that he is making a final offer, it is a final offer. Try negotiating further and you lose the deal. This need not be true for everyone. So knowing the negotiation style of the people with whom you are dealing with is an advantage.

7 – Never shift your goal posts:

Mark Cuban offered one entrepreneur what he asked for, but the person tried to negotiate a better deal and eventually ended up losing it. Nobody prefers to do business with someone who keeps asking for more because the person could do that again in the future.

8 – Know the limits of what you can accept:

This is very important in any negotiation. If the experts in the Shark Tank get the idea that you are not sure of how low you can go, they will sense that there is more scope for negotiation. One entrepreneur decided to think things over before deciding to accept or refuse a deal and in the meantime the sharks lowered the offer further. The other problem is that you could end up accepting something which you would not have accepted if you knew your limits.

9 – Let them know that you have other options:

You will never come out from a negotiation with a good deal if that deal is your only option. Even the option to refuse any deal is better than having no option other than accepting whatever comes your way. This is true for any negotiation. Have other options and let the other side know about it.

10 - When you negotiate, highlight your strengths and hide your weaknesses:

The sharks are experts at finding out your weaknesses. Recheck your pitch to see if they highlight your strengths and hide your weaknesses. Any weak links in your pitch are likely to get exposed and this will put you at a disadvantage in the negotiation process. Instead, play on your strengths to gain the confidence of the opposite party.



Credit : Addicted 2 Success

10 Positive Signs That You Are Cut Out To Be An Entrepreneur

Entrepreneurs are different from everyone else. Generally, we don’t prescribe to the status quo and because we think differently – we act differently.
Here are 10 dead giveaways that indicate you belong to a “members only club” where clout is in high demand, sleep is overrated, and “business shabby” is suitable attire.




1. Let’s just say, there’s no shortage of self-confidence here. I’ve yet to meet one self-loathing entrepreneur, and I am pretty sure some could be perceived as entitled narcissists. Whichever side of the spectrum you fall on, confident entrepreneurs do “it” better. Honestly, if you don’t believe in yourself – don’t expect anyone else to. But don’t forget the occasional slice of your grandma’s warm humble pie.
2. You’ve got clout. No not the social media Klout Score – well yes, you’ve got that too. But most importantly, entrepreneurs intrinsically know how to connect the dots. You pull together partnerships out of the most unlikely places. Influence whether learned or second-nature is essential to take your business from zero to hero.
3. Federal holidays just aren’t that cool. If you were once a corporate bean counter, long gone are the days of wistfully staring at your cubicle calendar counting down to your next escape. These days – your schedule is yours and federal holidays just aren’t what they were once cracked up to be. If you’re location independent, heck you can “work” from anywhere.
4. Sleep is antiquated. Once you find your “hustle” and “flow” – you decide to rest when your body needs it. But inspiration at 3am is an adrenaline rush. Who has time to sleep at a startup? No one. Grab a pillow and take a nap over there… under your desk.
5. You’d gladly work for free… for shoes or for game tickets, at first. You are motivated beyond the paycheck — this is heresy for most corporate folks. But, successful entrepreneurs have all gladly done what they love (fulfilled their passion) for free at the onset of their startups. Passion doesn’t really seem like “work.” Don’t forget, some people dream of success… while others wake up and work hard at it (Anonymous).
6. You like to run things. You like to be in control – in command, to manage to organize… whichever connotation helps you sleep a bit easier at night. You’re a control freak. If you don’t agree – why did you choose entrepreneurship? I’d wager that your responses will include some degree of control – of your finances, future, time, etc. But remember sensei, “He who controls others may be powerful, but he who has mastered himself is mightier still (Tao Te Ching).”
7. It can always be better – and you make sure it is. You’re motivated to outperform yourself – not others. Your standards are high and “your talk can write a check that anyone can cash!” While perfection is unattainable – you’re pretty bent on getting close.
8. You’re unemployable and that’s a positive thing. Often classified as independent, maybe you suck at office politics and were known to “rock the boat.” Either way, why fool around on the playground when you can own the land it sits on? The experience and life skills that an entrepreneur gains trumps a 9-5 any day.
9. Your dress code is shabby chic. Your suits are collecting dust. While it is completely appropriate to pull one out for a client meeting, most of the time you wear what you want – when you want. If you’re at a tech startup, forget dress code altogether and go “business shabby.”
10. You’re a little mental. The Startup Centre’s, Vijay Anand reminds us that we “have the innate ability to create something out of nothing. What is stuck in our head most times is a reality that is only relevant and known to us and no one else quite gets it.” I’d say that’s a pretty astute assumption. But your genius-madness is a redeeming quality, one which most of the world wishes they had.

This self-proclaimed candyman is rolling in dough!

An enterprising subway vendor who illegally sells cookies and candy to straphangers on the D train claims to be raking in about $55,000 a year selling the sweets — more money than many of his customers who hold 9-to-5 jobs.
Alex “Tracks” McFarland, the star of a short documentary film by Columbia grad student Bianca Consunji, bragged that he makes about $150 a day, six days a week, loudly hawking goodies for a buck.
He said he’s been on the job since he was just 11 years old.
“These M&M’s, I take care of my family with this,” he tells the camera in the two-minute short.

MONEY’S RAIL GOOD: Alex “Tracks” McFarland carves out a nice, albeit illegal, living selling candy and cookies to D-train riders in The Bronx.

But the 25-year-old father of three told The Post yesterday that as of this week, he’s out of the M&M business.
“Too expensive,” he said. “Not enough profit.”
He said that during the holiday rush, he’ll hustle candy 12 hours a day until January because “I’m trying to save up for my kids.”
The entrepreneur does not live with his children, Alexander 5, Ariana 4, and Ava, 8 months, and is not married.
“I’m single like a dollar!” he said.
He also doesn’t pay taxes on the profit he generates from hustling the bulk candy he buys at Costco or BJ’s each week.
“I pay tax,” he grins. “Sales tax.”
He boards the downtown D train at Tremont Avenue and works his way through the cars from back to front until he reaches 145th Street, then he heads back uptown on another train.
As he enters each car, he yells at the top of his voice, “Hello, ladies and gentleman, some of you know me, some of you don’t. I’m Tracks General and I’m sellin’ candy which is better than sellin’ drugs!”
He carries cookies “for people who claim they don’t eat candy,” and trail-mix bars “for people who like to eat healthy,” he said.
“But this has got the most sugar in it,” he snickered.
A candy-selling pal, Calvin Green, working the same train as McFarland quietly bragged, “I make $200 a day in profit. There’s big money in this game.”
McFarland says he makes enough money to take care of his family and buy himself $300 Nike sneakers.
“I saw him on AOL,” said straphanger Ilenana Furman, 29, a client-relations executive from Rego Park, Queens, who had purchased a bag of chocolate-chip cookies.
“He makes $55,000 a year? I’m about to start selling candy. He makes more than I make.”
When he’s not selling sweets, McFarland is ducking the cops — the MTA strictly prohibits selling anything in the subway without a permit, especially food.
If he’s caught, McFarland could face up to 10 days in jail and a $100 fine, according to MTA regulations.

Your fears can stop you or they can prepare you. And you get to decide which it will be. - Ralph Marston

Pure Comedy
Affion Crockett (As Ricky Rozay) BMF Freestyle



Can You Hear Me Now?
Verizon to pay $90 Million to
Wrongfully Charged Customers

GO

What Your Car Says About You

GO

You Have A Bright Idea..Now What?

GO

How To Compliment a Naked Woman

GO

50 Best Sex Tips

GO

50 Stylish Villains of All Time

GO

Young Money
(Not the record label)

GO

25 Most Dangerous Cities 2010
(If you live here, MOVE!)

GO

R.I.P. To 4 U.S. Car Brands

GO

Preview and Download My Newest House DJ Set



Preview and Download My Newest Hip Hop/R&B DJ Set



Craig Mills DJ Sets Via Soundcloud

GO