Entrepreneurial lessons I've learned from watching 6 seasons of Shark Tank

Passion often blinds entrepreneurial vision: Tech in Asia

I’m not a big fan of reality TV, but there’s one show that I’ve watched without fail since it started airing in India — Shark Tank, which includes billionaire investors Mark Cuban and Kevin O’Leary (aka Mr. Wonderful).

Without much ado, let’s outline what I learned after watching six seasons.

Passion is overrated…

“I have a passion for sports and music. That doesn’t make it a business, and that doesn’t make you qualified to run the business,” says Cuban. Passion often blinds entrepreneurial vision and clouds judgment.

…and so is venture funding

Unfortunately, the Indian startup ecosystem has intentionally — or otherwise — embraced the culture of glorifying million-dollar venture deals. But behind this glitz of million-dollar funds and billion-dollar valuations lurk stories of doom on steroids. Do we really need outside funding? 

The idea works, but am I the right person to execute it?

The Sharks often buy into people as much as the idea. Sometimes an idea catches their fancy but not the entrepreneur or inventor pitching it. In such cases, they either seek a controlling interest in the company or offer a complete buyout.

Know the industry inside out

Several entrepreneurs come to the tank with big dreams of becoming a nationwide phenomenon but have no idea how those industries actually work. Cuban says, “Know your business and industry better than anyone else in the world.”

Have a great story — share it with the world confidently

Recall Steve Jobs’ keynote during the 2001 launch of the iPod, featuring a 5GB hard-drive, Firewire connectivity, and synchronization with iTunes. Jobs didn’t get into the tech specs, he simply introduced the product by saying, “Thousand songs in your pocket.”

Above all, believe that the sun will rise again tomorrow.

This is an excerpt from the article published on Tech In Asia. You can read the full article here.