Five Lessons I Learned From Watching Shark Tank (Part 1 of 5)

As a followup to my previous post, here is the first of five posts about lessons that I’ve learned from watching the ABC reality television show, Shark Tank.  Please join the conversation — it’s not really a conversation if I’m the only one writing/blogging :-) — and add what you’ve learned in the comments below.

Lesson 5 – The More, The Merrier

The more successful companies on Shark Tank — my definition of a “successful” company on Shark Tank is one that receives funding from one (or more) of the sharks — seem to be those that have more than one entrepreneur involved.  In last week’s episode of Shark Tank, the only company to receive any funding from the sharks was a pair of friends that shared a common interest of biking.  Grease Monkey Wipes sells a heavy-duty, all-natural, individually packaged wipe that works on tough stains like grease, crayon and paint.  The dynamic duo of Grease Monkey Wipes, Tim Stansbury and Erin Whalen, were one of the strongest twosomes that I’ve seen on the show.  Tim is the former product manager and MBA who presented the objective, analytical information in a calm, cool demeanor.  Erin is the passionate spokesperson who exuded a  combination of likeability and confidence that tugged on the heart (and purse) strings of the sharks.  In addition to being bright and having very impressive interpersonal skills, the two entrepreneurs were able to feed satisfy both the objective and subjective needs of the sharks.  At the end of the segment about Grease Monkey Wipes, Daymond seemed really disappointed not to have been a part of the deal along with Barbara and Robert.

Check out this clip from Shark Tank (thanks ABC and Hulu!) with the co-owners of Grease Monkey Wipes.

All five lessons that I learned from watching Shark Tank:

One Response to “Five Lessons I Learned From Watching Shark Tank (Part 1 of 5)”

  1. This is an interesting post. We had a similar post with the help of entrepreneurs on our site Teach A CEO. Also, one of the big comments mentioned is to have a “track record” before you go on the show and of course money has no “emotion.” http://teachaceo.com/2011/07/shark-tank-is-school-for-entrepreneurs/

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