As a business consultant who teaches people how to start and grow direct selling companies, I really enjoy providing wisdom and guidance to help my clients improve their businesses.
One of my favorite television shows is Shark Tank. For me, watching Shark Tank is not just entertainment; it’s education.
I like learning about different business models and I’m fascinated by the wide range of products and services that are sold by the contestants. While I applaud the successful strategies employed by some of the contestants, I want to yell at my TV when I see the same colossal mistakes made over and over again by contestants that just don’t get it.
What They Don’t Get
When we were young, we were taught that smart kids had all the answers. We all wanted to be the smart kids.
Some of us realized later that we don’t need to be so smart. We can get the right answers from other people. We don’t need to be experts in everything. To be successful in life and in business, we need to know when it’s time to get wisdom from others, and then we need to do it.
On Shark Tank, there are only three reasons that companies with good products or services don’t get funding. Do you know what they are?
- No competitive edge
- Outrageous valuations
- Unwillingness to listen to advisors
The sharks invest in companies with unique selling propositions. To grow your company faster and larger, you need to have one or more.
An investor purchases a piece of your company, the price for which should be calculated as a percentage of your company’s valuation. Your valuation needs to be reasonable. If you are seeking investors, you absolutely need to know what investors want.
If the sharks see that you believe you have all the answers and all you need is money, they won’t invest in you and your company. They don’t want you to be the smart kid who knows all the answers. They want you to be the one who is smart enough to know when it’s time to get advice and wise enough to act on it.
No one expects entrepreneurs to have all the answers without consulting others. Don’t expect this from yourself, either.
When To Get Advice
When is the right time to ask for advice? Here is a list to tell you when.
Jay Leisner, the President of Sylvina Consulting, is a top compensation plan and direct selling expert, a trusted adviser to new and established network marketing and party plan companies. For more than 30 years, Jay has enjoyed assessing and improving network marketing, party plan and referral marketing companies across the globe.
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