3 things the savviest entrepreneurs do on Shark Tank

3 things the savviest entrepreneurs do on Shark Tank
There are few things more thrilling than watching someone take their business idea and turn it into a reality on Shark Tank. But not every entrepreneur who walks into the Tank is successful in securing an investment. In fact, most are not. So, what separates the savviest entrepreneurs from the rest? For one thing, the savviest entrepreneurs know how to tell a story. They know how to captivate an audience and make them believe in their product or service. They also know how to appeal to the Sharks’ interests, which can be difficult to do when you’re under pressure. But perhaps the most important thing the savviest entrepreneurs do is they come prepared. They’ve done their homework and they know their stuff. They’re not winging it or making things up as they go along. So, if you want to be the next big thing on Shark Tank, remember to be savvy. Tell a compelling story, make a strong case for your business, and come prepared. Do those things and you just might find yourself swimming with the Sharks.

Research your Sharks: Know which Shark is the best fit for your business and what they look for in an investment.

Sharks are a big deal in the business world. They're known for their aggression, their ability to take down prey, and their no-nonsense approach to business. But not all sharks are the same. In fact, there are several different types of sharks, each with their own unique strengths and weaknesses.

So, how do you know which shark is the best fit for your business? And what do they look for in an investment?

Here's a quick guide to help you research your sharks and make the best decision for your business:

Types of Sharks

There are three main types of sharks in the business world:

  1. The Corporate Shark: These sharks are typically big, powerful companies with a lot of resources. They're often the ones behind takeovers and hostile acquisitions. If you're looking for a deep-pocketed investor, a corporate shark may be a good fit. But be warned: they can be tough negotiators and may not be interested in a long-term relationship.
  2. The Venture Capitalist Shark: These sharks are usually smaller and more nimble than corporate sharks. They're often looking for high-growth companies with a lot of potential. If you're looking for an investor who's more interested in your company's long-term success, a venture capitalist may be a good fit.
  3. The Private Equity Shark: These sharks are similar to venture capitalists, but they often invest in more mature companies. They're often looking for companies that they can help grow and expand through strategic investments. If you're looking for an investor who's interested in helping you grow your company, a private equity shark may be a good fit.

What Sharks Look for in an Investment

Different sharks look for different things in an investment, but there are a few key things that all sharks will be interested in:

  1. A Good fit: Sharks are looking for companies that fit their investment criteria. This means that your company should align with the type of shark you're looking for. For example, a corporate shark is not going to be interested in a tiny start-up with no revenue.
  2. A Good story: Sharks are also looking for companies with a good story. This means that you need to be able to articulate why your company is a good investment. What is your unique selling proposition? What are your growth prospects? What is your competitive landscape?
  3. A Good team: Sharks want to invest in companies with a good team. This means that you need to be able to show that you have a strong team in place, with the skills and experience necessary to grow your company.
  4. A Good track record: Finally, sharks want to invest in companies with a good track record. This means that you need to be able to show that your company has a history of growth and profitability.

research your Sharks: Know which Shark is the best fit for your business and what they look for in an investment.

Make a Good First Impression: You only have a few minutes to make a good impression, so make sure you are well-prepared and articulate.

You only have a few minutes to make a good impression when you meet someone new, so it's important to be well-prepared and articulate. First impressions are based on your appearance, body language, and verbal communication. So, make sure you dress appropriately, smile, and make eye contact when you meet someone new.

Have a Compelling Story: You need to be able to tell your story in a way that is both interesting and convincing.

You need to be able to tell your story in a way that is both interesting and convincing. Whether you're trying to sell a product, raise money for a cause, or simply get people to pay attention to you, your story is what will make people care.

Think about what makes you unique and why people should care about what you're doing. What are your goals? What have you already accomplished? Why is what you're doing important?

Answer these questions, and you'll be well on your way to writing a compelling story that will make people want to support you.

Know Your Numbers: The Sharks will want to know your financials inside and out, so be prepared to answer any questions they may have.

If you're looking to score big with the Sharks on ABC's "Shark Tank," you need to be prepared to answer any and all questions about your business and your financials. The Sharks are extremely savvy when it comes to money, so you need to know your numbers inside and out before you step into the Tank.

That means being able to answer questions about your sales, your costs, your margins, and anything else the Sharks might throw at you. It's also important to be honest about your financial situation. If you're not, the Sharks will see right through you and you'll be toast.

So, before you take your business idea into the Shark Tank, make sure you know your numbers backwards and forwards. It could be the difference between walking out with a deal and walking out with nothing.

Be Confident: Show the Sharks that you believe in your business and your ability to make it a success.

If you're looking to raise money for your business from sharks, it's essential that you show them that you believe in your business and your ability to make it a success. Here are a few tips to help you project confidence:

  1. Do your homework - research your industry, your market, and your competition. Be prepared to answer any questions the sharks may have.
  2. Know your numbers - have a clear understanding of your business finances, including your revenue streams, expenses, and projections.
  3. Have a solid business plan - this will show the sharks that you have a clear vision for your business and know what it takes to make it a success.
  4. Be passionate - show the sharks that you're passionate about your business and solving the problem it's addressing. This will help them see that you're in it for the long haul.
  5. Be prepared to answer tough questions - the sharks are going to want to know all about your business, so be prepared for some tough questions. Be honest and open in your responses, and show that you're confident in your ability to make your business a success.

Be Willing to Negotiate: Be prepared to negotiate on both the terms of the deal and the equity you are willing to give up.

As an entrepreneur, you should always be willing to negotiate. Being prepared to negotiate on both the terms of the deal and the equity you are willing to give up will help you get the best possible deal for your company.

Remember that the other side is also trying to get the best possible deal for their company, so don't be afraid to ask for what you want. It's important to be clear about what you are willing to compromise on and what you are not.

Be prepared to walk away from the deal if it is not in the best interest of your company. Sometimes the best deals are the ones that you don't do.

Have a Plan B: Have a backup plan in case the Sharks are not interested in investing.

The best entrepreneurs know that it's important to have a Plan B - a backup plan in case their first choice doesn't work out. And that's especially true when it comes to pitching to investors.

If you're planning to pitch to the Sharks on ABC's hit show Shark Tank, it's important to have a backup plan in case the Sharks are not interested in investing. Here are a few tips:

  1. Don't put all your eggs in one basket. Rather than putting all your energy into pitching to the Sharks, also pitch to other investors. This way, you won't be left high and dry if the Sharks aren't interested.
  2. Have a solid business plan. Even if the Sharks aren't interested in investing, having a solid business plan will give you a roadmap for success.
  3. Know your audience. The Sharks are tough investors, so it's important to do your homework and know what they're looking for. If you can't find a good fit, it might be better to pitch to a different group of investors.
  4. Be prepared to walk away. Sometimes the best deals are the ones you don't do. If the Sharks are not interested in investing, be prepared to walk away.
  5. Have a Plan B. This should go without saying, but it's always important to have a backup plan.

Following these tips will help you be prepared for anything that might come up when pitching to investors. Remember, it's always important to have a Plan B.