The 3 Types of Entrepreneurs You See on Shark Tank

We can actively deny it, but the truth is that we like reality shows. We really do. Especially, when these shows are entertaining and educational at the same time. A telling example of such a show is ‘Shark Tank’, which is so popular among experienced businessmen, young entrepreneurs, and even housewives. The entertaining part of the show is obvious and out of doubt. Let’s face it: not any show can manage to win Emmy Award twice. As for the educational part, questions might arise. However, if this show has taught us anything, it is that not all entrepreneurs are equal. Mark Cuban stated that there are three categories of entrepreneurs we can see on ‘Shark Tank’. Wonder what categories are there?

Type one: honest entrepreneurs

While in a perfect parallel reality all entrepreneurs deserve to be called honest, here and now  only a small part of entrepreneurs belong to this category. So, what makes a regular entrepreneur an honest one? First and foremost, it is an implicit belief in a project or idea this entrepreneur is working on. As we can observe while watching ‘Shark Tank’, honest entrepreneurs tend to sound passionate when they talk about their start-up, and they seem to be very frank and emotional. Any fan of ‘Shark Tank’ would agree that entrepreneurs of this category are not only persuasive but also successful due to their enthusiasm and motivation, which they are not afraid to demonstrate.

Type two: arrogant entrepreneurs

Although the name of the category is self-explanatory, still this type of entrepreneurs deserves being discussed and explained in details. There are three words that can describe arrogant entrepreneurs: they are self-confident, tricky, and snobbish. For some reason, arrogant entrepreneurs consider themselves the smartest and coolest people of the show. Of the entire history of all existing shows, to be more specific. While sometimes they haughtiness might be justified, in the majority of cases it is not. However, arrogant entrepreneurs tend to be the best and most interesting pitchers. Obviously, they are familiar with the best practices of negotiation, and this knowledge helps them stand out among the competitors. We do not know for sure if the participants of ‘Shark Tank’ are prepared to pitch and negotiate professionally as Andrew Medal believes, but is is safe to say that some pitches can make great case studies.

Type three: scam artists

Watching such entrepreneurs taking part in ‘Shark Tank’ can be annoying but interesting at the same time. So-called scam artists make their way to the show with one single purpose to get money. Just like the previous category of the entrepreneurs, scam artists tend to act snobbish. However, contrary to the arrogant entrepreneurs, scam artists never have a valuable and original idea to offer. Rather often projects of scam artists are designed specifically for participation in ‘Shark Tank’, and it is hardly possible not to notice how material and mercenary those people are.

Needless to say that all entrepreneurs are unique and not everyone in business is going to comply with this classification. However, as long as ‘Shark Tank’ remains the most popular show of its kind, no one knows the world of entrepreneurship better than people working on this show. With this in mind, there are grounds to assume that today’s world of business contains at least three types of entrepreneurs, and now you can consider yourself an expert in this question.

4 Ways To Increase Revenue From Social Media

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Once businesses move beyond the blind quest to accumulate as many followers as humanly possible, they find that engagement, interaction and ingenuity on social media can lead to higher sales and more repeat business. Instead of chasing vanity numbers, it’s important for brands to shift the focus towards actual conversions and sales.

In this article, we’ll discuss four elements of a revenue-boosting social strategy:

  1. Include an Online Store

Traditionally, social media acted as the middleman between research and purchase. Potential buyers would browse social media, encounter a promising product or service and then click a link that would whisk them away to an outside landing page, where they could then complete the conversion.

Publications like Entrepreneur, however, suggest cutting out the middleman altogether by embedding shopping carts directly into social pages. Facebook, for example, supports ecommerce apps that enable users to open stores, which allows customers make purchases without ever leaving Facebook.

The fewer touchpoints customers encounter on their buying journeys, the fewer chances they have to exit the process altogether. Businesses can boost revenue by consolidating their purchase order template, shopping cart and checkout function all in their social media platform of choice.

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  1. Rethink Customer Service

It’s no secret that customers turn to social media to vent, to complain, to report problems, to seek help and — occasionally — to shower businesses with praise. Research shows that 42 percent of customers who turn to social media to express a concern expect a response within 60 minutes.

Solving problems through social media provides multiple benefits. Research shows that customers spend between 20 percent and 40 percent more with companies who quickly address their concerns on social media.

Equally important is the public setting in which social customer service takes place. When a business addresses and resolves a customer’s issue on Facebook, Twitter or any other platform, everyone in that customer’s network sees that the business in question is diligent and responsive.

  1. Focus on Engagement, Not Raw Numbers

Marketers historically have focused on the number of fans and followers their social accounts attracted. It is becoming more and more evident, however, that quantity of followers has far less impact on revenue than the level of engagement per follower.

By asking questions, responding to inquiries and focusing on interaction, businesses can boost the number of shares, reblogs, retweets, likes and comments per post — all of which are more important than sheer volume of followers. Research shows that engaged customers spend nearly twice as much money as non-engageds social customers.

  1. Develop Social-Specific Landing Pages

Visitors who enter your website through social media are generally coming from the top of the sales funnel. Unlike say, PPC visitors who are nearing the end of their purchasing journey at the bottom of the funnel, social visitors are probably just discovering your brand, service or product.

It is likely those social visitors haven’t conducted more than preliminary research, and that they are unfamiliar with who you are and what you do. It is critical to create separate landing pages specifically for visitors from social media and on mobile devices. These landing pages should be more introductory and explanatory than bottom-funnel pages.

Social visitors require their own landing pages if they are ever going to convert. But an alternative solution is to avoid website landing pages altogether by embedding shopping carts and checkout capabilities directly into social pages. Businesses should remember that social media is the most direct, most personal and most cost-effective customer service platform that exists — and remember, social engagement is more powerful than big lists of followers.

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