'Shark Tank' Season 3: What Viewers Can Learn From The Show

The business reality show 'Shark Tank India' is running its third season on Sony Liv App and website. Viewers can watch the show from Monday to Friday on Sony TV at 10 PM.

In the show, the selected candidates have to pitch their business or business ideas before a panel of judges. The panel then decides whether any of them wants to invest in the pitch or not. This is followed by a negotiation. When the panel feels not satisfied with the business idea then they reject it.

In the show, the selected participants are required to present their business ventures or ideas to a group of judges, who decide whether to invest in their companies.

Subsequently, a negotiation takes place. In cases where the judges are not satisfied with the business concept, they opt to reject it.

This year, there is a panel of 12 business typhoons to review the contestants. Following is the list:

1. Aman Gupta, Co-Founder of BoAT
2. Anupam Mittal, CEO and Founder of Shaadi.com
3. Vineeta Singh, Co-Founder and CEO of Sugar Cosmetics
4. Namita Thapar: Executive Director (ED) of Emcure Pharmaceuticals
5. Deepinder Goyal: CEO and Co-Founder of Zomato
6. Ritesh Agarwal: CEO and Founder of OYO Rooms
7. Radhika Gupta: CEO and MD of Edelweiss Mutual Fund
8. Amit Jain: CEO and Co-Founder of CarDekho
9. Peyush Bansal: CEO and Co-Founder of Lenskart
10. Azhar Iqubal: CEO and Co-Founder of Inshorts
11. Ronnie Screwvala: Chairperson and Co-Founder of UpGrad
12. Varun Dua: CEO and Founder of ACKO

The third season of the entrepreneurial-themed reality show has received 62,000 plus applications but only 198 candidates were shortlisted to pitch their business ideas to the panelists.

The show balances drama and business lessons perfectly. Here are five interesting lessons that viewers can take while watching 'Shark Tank'.

Lesson 1: Try A Different Approach

This means, revising the business model, packaging, or making a new strategy. For example, shifting service delivery methods from offline to online and changing the medium of narrating a story from written to video. Remember, this is not about following trends as they change all the time.

Lesson 2: Recognise When To Accept The Assistance And Knowledge Of Others

To make continuous progress, new insights are required. Although managing all alone is a big achievement in itself but one can do everything. Take the help of others in their time of need. Probably, that can save the business from being in a stagnant position.

Lesson 3: Just Because You Can Doesn't Mean You Should

In the dynamic realm of the Internet Of Things (IoT), startups face constant challenges. Despite the weekly emergence of new enterprises, many quickly fail. Thus, evaluating market viability is crucial, considering scalability, demand longevity, and avoiding fleeting trends.

Lesson 4: Know Thy Business

An entrepreneur must comprehend how internal and external issues will affect her/his firm in the long run. For instance, one of the pitches showcased Modern Myth- a vegan bag brand. A panelist, Ashneer Grover was sceptical about the bag designs being non-replicable in the future, to which the founders had no answer.

Lesson 5: Learn More By Failing Than Winning

Listen to the journeys of the participants and notice how many difficulties they faced before they were allowed to showcase their ideas on the show. Like the 'Shark Tank' panellists, Peyush Bansal founded numerous businesses before Lenskart's success. Similarly, Vineet Singh founded several businesses before Sugar Cosmetics took off.