Can you think of a time in the lifespan of your entrepreneurial journey where you had to make a split decision regarding your business?
Well, we all felt this feeling this past Sunday when watching the co-founders of CurlMix, Kimberly and Tim Lewis, on Shark Tank. Hundreds of the TSP community members gathered around the nation hosting watch parties to witness history in the making, many of us on the edge of our seats waiting to hear the jaw-dropping results.
While watching this episode I learned 3 things:
- It’s important to be passionate about your business.
- It’s even more important to know the market and your competitors.
- Sometimes no deal is the best deal.
Now, before I get into details about the show, let me give you a little background about this amazing brand and its origin.
CurlMix was founded by two high school sweethearts from the south side of Chicago. Fed up with working a typical 9-5 Kimberly decided to embark on the path of entrepreneurship by booking her husband on the show, “Who Wants To Be a Millionaire.” Tim won 100,000 dollars which they, in turn, used to start their entrepreneurial journey.
The three things I took from this episode are important because they will help you gauge the best investment deal for your brand and overall company.
It’s important to be passionate about your business
When watching this amazing power couple grace the Shark Tank stage, I could not help but notice the knowledge they shared about their business. You could literally feel their passion through the television screen.
I believe this was a key factor in them getting an offer at the end of the show. It is so important to be passionate about the business you’re creating. When your clients purchase your product or service they will know if you are passionate about your business through your attention to details and your everyday actions.
It’s even more important to know the market and your competitors
Another point that stood out to me in this episode was how Kim and Tim had knowledge of their competitors. It is vital to keep tabs on other companies in your industry for insight, inspiration and to measure your target audience.
Your competitors will more than likely share the same customer base. Having awareness of your competitors keeps you up to speed on the market and allows you to have an upper hand when making major decisions regarding your business.
Sometimes no deal is the best deal
Know the value of your business. Not all deals are equal or fit for your business.
At the end, Kim and Tim were presented with a deal that didn’t meet their expectations. While others may have accepted the offer because of the large cash value they considered the long term values of the deal on their business.
Instead of giving in and allowing one of the sharks to take a large percentage of their company for a deal, they stood their ground and refused the offer. This all comes down to knowing the value of your band.
When working with investors, have a perspective about the longevity of the investment and what it means for your position in the business and the overall lifespan of your company.
You have the chance to meet the co-founders of CurlMix and hear them speak live in Atlanta, Georgia this June at TSP Live 2019.
Visit tsplivetickets.com to purchase your ticket before they are gone!
Did you watch the show, what were your thoughts? Have you ever turned down an investment deal? Let us know in the comments below.