Four important lessons from watching Shark Tank Australia's newest season
- Nicole Tru
- Nov 2, 2023
- 4 min read
Have you ever watched Shark Tank? The newest season of Shark Tank Australia is now running on TV. It's a show that offers a platform for entrepreneurs to pitch their innovative ideas to a panel of successful business moguls in the hope of securing investment.
It's not only great entertainment but it also provides valuable lessons for budding entrepreneurs.
Disclaimer: I am not affiliated with Shark Tank Australia, and the following content represents personal opinions and observations.
In the first episode of Shark Tank Australia, I witnessed brand new sharks and entrepreneurs with amazing products. One guy pitched in his jocks, it was a fun experience to watch! It may have taught me more than I may have expected to learn about men's underwear. His confidence despite being slightly underdressed, and knowing that he wasn't afraid to put himself out there like that, was quite admirable. From this episode, I've got a few key takeaways that can be applied to the world of startups and entrepreneurship.
Lesson 1: Safeguarding Your Intellectual Property (IP)
One of the recurring themes in Shark Tank Australia is the importance of protecting your intellectual property. There were entrepreneurs who had taken significant steps to safeguard their ideas and inventions. This is a critical aspect for any startup, as your IP is often one of your most valuable assets.
Here are some key takeaways regarding IP:
Patents and Trademarks: Register your patents and trademarks to secure your unique ideas and brand identity. This not only helps protect your innovation but also adds value to your business when seeking investment.
Non-Disclosure Agreements (NDAs): Before revealing sensitive information to potential investors, consider having them sign NDAs. This legal document can help safeguard your IP during negotiations.
Documentation: Maintain comprehensive records of your ideas, development process, and innovations. Having a clear paper trail can be invaluable in proving ownership if disputes arise.
I understand that finding a trademark/patent lawyer could be quite a task, do reach out if you need help.
Lesson 2: Navigating the World of E-Commerce
E-commerce has seen tremendous growth in recent years, and the COVID-19 pandemic accelerated this trend even further. On the show, we encountered entrepreneurs who successfully leveraged the e-commerce platform to scale their businesses.
Here's some lessons about e-commerce:
Online Presence: A strong online presence is vital. Create an appealing website, optimize for search engines, and engage with your customers through social media.
User Experience: Ensure your e-commerce platform offers a seamless and user-friendly experience. Easy navigation and a secure payment process can significantly impact your sales.
Data Analytics: Utilise data analytics to gain insights into your customers' behaviour. This information can help you make informed decisions, improve user experience, and tailor your marketing strategies.
Lesson 3: The Advantage of Being First to Market
In the competitive world of entrepreneurship, being the first to bring a unique product or service to the market can be a game-changer. The first-mover advantage was clearly demonstrated in the first episode of Shark Tank Australia.
Key takeaways on being the first to market:
Market Research: Conduct thorough market research to identify gaps and opportunities. Being the first to fill a need can give you a significant edge.
Innovation: Continuously innovate and stay ahead of the competition. Being the pioneer doesn't guarantee long-term success; you must keep improving and evolving.
Marketing and Branding: Effectively market your first-to-market status. Highlight the benefits of your product or service being the original, and build a strong brand identity around this uniqueness.
Lesson 4: The Power of Personal Story and Purpose in Building a Brand
In the entrepreneurial world, your personal story and the purpose behind your business can be your most potent tools for creating a brand that resonates with your audience. I saw how entrepreneurs who infused their personal narratives and a compelling purpose into their brands could deeply connect with the investors and, ultimately, the customers.
So what are the keys traits of your personal story?
Authenticity: Your personal story is unique, and it's what sets you apart from the competition. Being authentic in sharing your journey, struggles, and motivations can create a genuine connection with your audience.
Relatability: When people can relate to your story and purpose, they are more likely to support your brand. Sharing challenges you've overcome and your vision for a better world can make people feel like they're part of a bigger movement.
Community Building: A strong personal story and a compelling purpose can build a community of like-minded individuals who share your values and goals. This sense of belonging can be a powerful motivator for people to engage with your brand.
Emotional Connection: People make purchasing decisions based on emotion. When your personal story and purpose resonate with your target audience's values and aspirations, you're more likely to evoke positive emotions, which can drive customer loyalty and advocacy.
Communicating Your 'Why': In Simon Sinek's famous TED Talk, he emphasized the importance of starting with "why." Clearly articulating the purpose and the "why" behind your business can inspire people and make them feel connected to your mission.
Incorporating your personal story and purpose into your brand isn't just about business; it's about making a positive impact on the world. Whether your purpose is to solve a pressing problem, improve people's lives, or champion a cause, it's this higher purpose that can move people and create a genuine connection between your brand and your customers.
It was a great watch, so give it a go! If you're looking for an enjoyable TV Show that will leave you feeling inspired and uplifted, this is definitely one to check out.
Comments