I have to say, I love this show. It is hilarious, interesting and suspenseful, all at the same time.
“Shark Tank” is a TV series where new businesses come to the Sharks (self-made, successful millionaires and billionaires) to seek money, stake of their business and connections that will expand their company.
I remember watching this show years ago when it was really popular. Now, in my Entrepreneurship class, my teacher, every now and then, has us watch the show to inspire us when we create businesses of our own.
But, there are some awesome tips that I’ve learned from watching this show:
1. The way you present yourself and your business is what really sells it to the Sharks. These sharks don’t want to invest their own money in a business that they don’t have any interest in. And they also don’t want to invest in a company that they feel you don’t have a passion in. If you are passionate, they are passionate.
2. Don’t ask for too much money for too little stake, and don’t value your company at an irrational price. For example, if you’re selling automatic fish-feeder tank company to the Sharks, and ask for $100 for 10% stake, you are valuing your company at $1 million. But also don’t value your company too low. If it’s a fantastic idea like a gold generator and you only value your company at $2 million, and should be valuing it at $15 million, the Sharks will slaughter you.
3. Do the math beforehand and don’t come in with wrong statistics. One time, an engaged couple was selling organic nuts that do your laundry, and the guy said that these foreign nuts are 90% of the market, when really it might’ve been 5% of the market.
4. Make sure your product is something that people will buy. These Sharks invest a lot of their money into different products they see potential. But if you have a stupid product you want to sell, don’t even bother entering those doors because those Sharks aren’t interested in wasting their precious time.
5. Sales are huge. Don’t even tell the Sharks what your product is if you haven’t even sold the product anywhere. Don’t even come through those doors if you “just” launched your product into a store three weeks ago, or if you have a “verbal agreement” with a retailer. These sharks want to hear that you’ve been selling this product for at least one year and have made at least $100K in sales.
Here are 10 tips from the Sharks:
1. What makes a good business idea great?
2. What do you think are the traits of a great entrepreneur?
3. How do I know if there’s a real need for my product or service?
4. What are the most important first steps a new entrepreneur should take?
5. How do you create a business plan that works?
6. Where can I get help creating a business plan?
7. How do you compete against the big guys?
8. How do you build a great team?
9. What makes an investor put their money into a deal?
10. How do I find investors and business partners and what’s most important in my presentation?
They say if you can answer all of these questions perfectly have an awesome evidence to support your case, you might be qualified to enter through those doors and witness the Sharks for yourself.
But honestly, a great family time show. Definitely a great child-father bonding show; every father likes a good business show. And these business deals aren’t just for television; these deals are legit.
Want to know what else is legit? Watch ABC’s Shark Tank on Friday nights at 9PM EST!