7 feedback lessons from Shark Tank

Last week, my colleagues and I took a break from our day-to-day work to spend time bonding in Lake Geneva, Wisconsin. More than the meals we shared, the zip-lines and high-ropes we challenged ourselves to conquer, and the fun facts we learned about one another… my favorite activity was the 2nd Annual TEDx Kearney Marketing Talks. These conversations provide colleagues with the opportunity to mix their personal interests with a professional lens, adding a unique perspective to our conversations.

This year’s line-up included:

• The business magic of Hogwarts
• How to style a charcuterie tray
• Lessons learned from watching TV (my contribution!)

There are so many entertaining shows to watch, but one stands out to me and my family. This show is appropriate for all ages, has humor and tension, and is an unexpected way to observe how to give and receive feedback. You guessed it – Shark Tank!!

In the entrepreneurial world, constructive feedback plays a vital role in shaping ideas, strategies and paving the way for successful business ventures. Shark Tank is an entertaining show because not only are the pitches creative, but by observing the dialogue between the Sharks and entrepreneurs we can be a “fly on the wall” to see how feedback is given and received.

Here are 7 feedback lessons we learned from Shark Tank:

1. Ask for help, but don’t be helpless. Be clear about your vision, value, and what you need. Don’t go it alone. Every entrepreneur is on Shark Tank because they know they need help – advice, capital, access. We can all benefit from help, so go ahead and ask for it.
2. Listen to advice from experts. They are sharing their wisdom with you for FREE! Be appreciative and respectful.
3. Be prepared – know your facts. This will help you keep calm when you are in the hot seat. And it builds credibility and trust.
4. Be kind when giving and receiving feedback. It matters. There is no need to burn bridges.
5. Be self-aware. Know your worth, but also don’t be over-confident. Don’t be blinded by your passion.
6. Say yes. If you get what you ask for, take it. Be decisive. And don’t be greedy.
7. Feedback varies. Don’t over index on one person’s observations. There is a kernel of truth in all feedback, but remember one person may not “get it” while someone else “loves it”. Take feedback in stride – learn and grow.

The personality of the Sharks often influences their feedback style – mean, kind, skeptical, helpful, or kind. And often the entrepreneur’s reaction to the feedback reveals more than their pitch – do they listen, are they defensive or unprepared, or are they gracious?

By watching Shark Tank my family and I have learned to be mindful of how our tendencies influence our feedback style and to accept feedback with appreciation.

What shows do you watch that teach you something new?

This post reflects my personal views. It is not necessarily a reflection of the official views of my employer.