SHARK TANK

   7 Entrepreneurial Lessons From "Shark Tank"

BY AMBER MAC
1. Know your numbers. This is the number one lesson from Shark Tank. Whether you're presenting to a team of investors or simply working to grow your business, it's critical that you understand how much cash is coming in and out of the business. While you might think that most entrepreneurs on Shark Tank have a handle on their books, many believe that their passion will sell their wares. However, as we've learned from many of the Sharks, passion only gets you so far--numbers tell the real story.

2. Be a good marketer. Although the boys from The Brewer's Cow didn't get the deal they wanted, there is no doubt that the exposure from the show is extremely valuable. However, as a Shark Tank fan shares on his blog, the company's website is pretty lackluster for a brand that hopes to go national. If you extend the online search to their Twitter feed, there is very little interaction since the show aired. The Brewer's Cow currently has a deal with Whole Foods, but on the online front there is a lot more they could be doing just days after the television broadcast to capitalize from the on-air buzz.

3. Be humble. When a young entrepreneur appeared on the show to sell his custom clothing, he expressed the business drive that the Sharks love, but things started to fall apart when he talked about his lifestyle. Aside from asking for a starting six-figure salary (when the company has only grossed just over $315,000), he also lost some Sharks when he declared, "I'm now living the L.A. life." As Shark Daymond John, founder of FUBU, expressed on his Twitter feed, a statement like this isn't very appealing to a potential investor looking to form a responsible partnership.

4. Understand good timing. There are good and bad times in your business to ask for investment money. For many of the companies diving into the Shark Tank, they have great ideas but it's too early on in their businesses to be on the hunt for a large amount of cash. Mom Raven Thomas was one of the most impressive entrepreneurs on the show in terms of leaking out little bits of information about her business to entice the Sharks, one by one. For example, when she shared that Sam's Club recently put in an order for $2 million for her chocolate-covered pretzels, she had Cuban drooling to seal a deal.

5. Have a good story. When Travis Perry explained his company's motivation to the Sharks, it tugged on their inner musician heart strings. Perry invented his product Chordbuddy to help new guitar players like his 10-year-old daughter avoid frustration when learning how to play the popular instrument. With a great story and a stellar product, Perry got investment help and now has his Chordbuddy product in more than 100 music stores.

6. Be prepared to walk. Some things are not meant to be, which was the case with entrepreneur Scott Jordan. As founder of the successful brands SCOTTEVEST and TEC, he appeared on the show to sell a percentage of the latter (a technology-enabled clothing patent). The Sharks, on the other hand, were interested in Jordan's main business, SCOTTEVEST, which is on track to make more than $20 million this year. After a heated debate with some of the Sharks, Jordan was happy to walk away without a deal but with some new publicity for both his businesses.

7. Be personable. While all of the above will get you closer to your dream of running a successful business, it's also helps to have a winning personality. No one wants to do business with someone who is unlikable, except maybe Mr. Wonderful. As Shark Barbara Corcoran said in a recent tweet, "All the entrepreneurs I've invested in have amazing personalities--no regrets."

Remember all those things you learned about being nice in kindergarten? Those same things apply in the boardroom, no exceptions.

Thank you Amber for the entrepreneur mindset!

BEHIND THE SCENES

Many celebrities are seen at the top of their game, when everything is going well for them, but does anyone witness to the behind the scene headlines; the dealing with adversity, the hours of practice and the many times failure came knocking.

Below are a list of stats from former NBA star; Reggie Miller

• Miller played more games with the same team than all but two players in NBA history, John Stockton and Karl Malone of the Utah Jazz.
• Only five other players have played in more total regular season NBA games than Miller.
• Over the course of his career, Miller scored 25,279 points, with an average of 18.2 points per game. He shot .471 from the field, .395 from 3-point range and .888 from the free throw line.
• Miller was the first Indiana Pacer to start in an NBA All-Star Game, in 1995.
• He was also selected to the NBA All-Star team in 1990, 1996, 1998 and 2000.
• Miller retired as the all-time NBA leader in total 3-point field goals made 2,560 (broken February 10, 2011 by Ray Allen of the Boston Celtics).
• Miller led the league twice in three-point field goals made (1992-93, 1996-97).
• He led the league in free throw percentage five times, including his last season.
• Miller made a three-pointer in 68 consecutive games from November 15, 1996 to April 6, 1997.
• Miller led the league in free throw percentage five times (1990–91, 1998–99, 2000–01, 2001–02, 2004–05)[19]

Where he came from

• He was born with hip deformities, which caused an inability to walk correctly.
• Growing up he had to continuously wearing braces on both legs until his leg strength grew enough to compensate.
• One of five siblings and he comes from an athletic family. His older sister Cheryl is a Hall of Fame women's basketball player. Cheryl was a member of the 1984 U.S. gold-medal winning Olympic basketball team.
• One of the family anecdotes Reggie liked to recall was when Cheryl used to beat him in games of 1-on-1 prior to his professional career.
• Practice to be great

He would practice everyday

• Shooting 1,000 shots per day to develop a shot that worked for him; Miller claims that his unorthodox shooting style was developed to arc his shot over his sister's constant shot blocking
• There is a reason for success, it comes down to work ethic and attitude.

SEPARATE YOURSELF

Top 5% of Americans....

• earn over 6 figures yearly
• 85% of that number are self employed i.e. biz owners, doctors, lawyers etc.

What will set you apart....

• Willing to do what the other 95% aren’t
• Be more talented than the other 95%
• Out Work the other 95%

All of these factors can be developed or learned. Separate yourself from the pack and create value for yourself.

Decide which way to separate yourself from the pack!

BE THE BEST

Parable Of The Pencil

The Pencil Maker took the pencil aside, just before putting it into the box. There are five things you need to know, he told the pencil, before I send you out into the world. Always remember them and never forget, and you will become the best pencil you can be.

[1] You will be able to do many great things, but only if you allow yourself to be held in someone's hand.
[2] You will experience a painful sharpening from time to time, but you'll need it to become a better pencil.
[3] You will be able to correct mistakes you will make.
[4] The most important part of you will always be what's inside.
[5] On every surface you are used on, you must leave your mark.

No matter what the condition, you must continue to write.

The pencil understood and promised to remember, and went into the box with purpose in its heart.

Now replacing the place of the pencil with you; always remember them and never forget, and you will become the best person you can be.

[1] You will be able to do many great things, but only if you allow yourself to be held in another hand. And allow other human beings to access you for the many gifts you possess.

[2] You will experience a painful sharpening from time to time, by going through various problems, but you'll need it to become a stronger person.
[3] You will be able to correct mistakes you might make or grow through them.
[4] The most important part of you will always be what's on the inside.
[5] On every surface you walk, you must leave your mark.

There is a lot that can be learned from something so simple as a pencil.