The TV show Shark Tank has been entertaining audiences for several years and winning multiple Emmy Awards along the way. The show has entrepreneurs present their ideas to a panel of investors or “sharks.” These sharks decide whether to invest in each entrepreneur’s idea and provide feedback, such as ways to improve the product or business presentation. Is watching Shark Tank worth it? As an MBA student, Shark Tank can teach you some valuable tips that you can use in your career. The following are some of the most important lessons to learn from this show.
Develop an Elevator Pitch
Being able to do elevator pitches is a good skill to learn during your MBA program. Elevator pitches are short descriptions of an idea you have or a product you’re trying to market. These pitches should be short and to the point while also being enticing. The person you present your pitch to should want to know more about your product or idea.
Shark Tank focuses on contestants trying to persuade the sharks to invest in their products. However, you can easily use elevator pitches when you want to present an idea to your boss or make a great impression during a job interview. Pay close attention to the pitches the contestants give, as well as the feedback from the sharks, so you can work on perfecting your own elevator pitch.
Learn Valuable Preparation Skills
Contestants on Shark Tank have a limited amount of time to present their product or company. This means they must make sure they’re fully prepared before going in front of the sharks. With limited time, contestants present highlights of the best features of their product or company to convince the sharks that it’s worth the investment. This requires careful planning and attention to detail.
Developing good preparation skills can help you throughout your career, such as when you’re giving a presentation or getting ready for an interview. You can also use the preparation skills you learn from Shark Tank for school. These skills can help you prepare for upcoming tests or work on projects for your MBA degree.
Develop Marketing Skills
Being successful on Shark Tank involves having solid marketing skills. Having a product or company that you think is a good idea isn’t enough. Contestants must convince the sharks to invest in their product. Being able to market these products is an essential part of winning the sharks over and getting those investments.
Although you can expect to learn marketing skills as an MBA student, watching Shark Tank can help you develop further. Watch how the contestants market their products and take note of how effective their marketing strategies are. You can use what you learn to work on improving your marketing skills during your MBA program and use them to land a job. You’ll also have plenty of opportunities to put these marketing skills to use throughout your career.
Use Stories as a Warning
Watching Shark Tank as an MBA student can provide you with some important lessons on what to do and what not to do with your business career. Take note of successful contestants who end up convincing the sharks to invest in their products. What approach did they use, and what kind of feedback did they get about their pitch, product, and presentation? You can use their success stories to learn what to do to succeed in the business world. However, you should also pay just as much attention to contestants who were unsuccessful.
Some contestants’ pitches don’t go over well, while others make mistakes during their presentation. Others have made bad business decisions, which gives you an opportunity to learn from their errors. Understanding what these contestants did wrong can help you learn what not to do if you want to succeed in business.
Learn from Actual Millionaires in the Business Field
Shark Tank’s panel of sharks includes actual millionaires in the business world. These business experts talk about how they became successful and give advice on how to thrive in the business world based on their own experience. Listening to their stories can help you learn more about what you need to do to succeed in your own career. While you watch the show, you can also apply some of this advice to your education.
These stories can help you learn how to handle setbacks or failures in your career as well. Although the millionaires on the show are successful, it took a lot of effort and continued motivation to get where they are now. Hearing how they overcame obstacles along the way can provide you with inspiration.
Learn If being an Entrepreneur Is Right for You
Earning your MBA means you can choose from a wide range of career paths, such as entrepreneur, sales manager, business intelligence analyst, accountant, marketing manager, or even chief executive officer. Shark Tank can help you understand the pros and cons of entrepreneurship if you’re considering that career path. You’ll be able to see what it’s like to pitch your idea to investors and how to go about preparing for these presentations.
While being an entrepreneur can be highly rewarding, it also comes with quite a few challenges. Knowing what to expect from this career path can help you decide if it’s the right one. You might decide that you do want to take on these challenges after earning your MBA, or you might choose a different career path.
Being an MBA student can seem overwhelming at times, so it’s important to stay motivated throughout your degree program. Shark Tank can encourage you to keep up the hard work needed to graduate. The show features millionaires and aspiring millionaires whose stories can provide you with motivation to do your best. Hearing the sharks’ stories and watching entrepreneurs succeed can be a strong source of inspiration.
Watching the show can also help you avoid feeling discouraged if you experience any setbacks. Instead, you can use these setbacks as opportunities to improve your study habits or make other changes to do better in your schooling. Keep in mind that putting in the time and effort to earn your MBA can help you achieve the same level of success as the show’s sharks or successful contestants.
If you’re considering earning your MBA, we can help. Contact The University of Tennessee at Chattanooga for more details on our MBA degree program. Our Gary W. Rollins College of Business has flexible options with online and in-person classes, as well as a fully online option.