Tag Archives: shark tank

How Not to Pitch to a Shark

Financing a small business is difficult at best, and very few people get to pitch to an Angel Investor during an early stage of their business.

For instance, of the 20,000 businesses that apply to appear on Shark Tank each season—only 60 are accepted.

With those odds, you would think that anyone accepted to appear on the show would prepare, rehearse, ask for critiques—and then practice and practice until it became second nature.

Following is a perfect example of what happens when one of the select few who get to appear on Shark Tank is not prepared to present their “pitch”:

 

 

Also, it is not only the Shark Tank presenters who need to prepare their pitch—the same is true of every entrepreneur who needs startup financing from someone, somewhere.

It doesn’t really matter whether you are pitching your Aunt Edith, or an A-list Venture Capitalist—you need to prepare, prepare, prepare … and then do it all over again.

As Mr. Wonderful said: “Don’t worry, it’s only the biggest moment in your life.”

If you can’t give a concise, and exciting, description of your new business venture in (2) minutes or less—you really don’t know your business very well, and whoever you are talking to will quickly know it.

If you have trouble pitching your business … you should look for a partner to help you start the business and be responsible for getting information about your business across to other people.

Have you ever had a “brain freeze” like this poor guy had?

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Presenting to Investors — on Shark Tank?

Each season the Producers of Shark Tank receive and review 20,000 applications to appear on the show. Of this large group only 60 are selected to appear during the season.

Of course, it must be realized that this is Hollywood’s version of business, and participants are picked for their entertainment value, not their business prowess.

At the same time, all the participants either have a business, or an idea for a business, and you would think that they would want to put their best foot forward … after all; they are looking for investment money.

plan #3

Yet, rare is the presenter who exhibits even a modicum of knowledge about how their business actually works, or will work in the future—they exhibit no real plan for their business, just their hopes and dreams.

In essence, most presenters appear to have never taken a business class, read a business book, or studied any of the thousands of websites that are loaded with good information on business planning, how to write a business plan, and how to present their business plan to investors.

Is it any wonder that the majority of people walk away without any money.

To reinforce this issue, I just read a blog post by Kathleen Gage, an Internet business guru who has studied some of the websites of presenters on the Shark Tank.

Kathleen’s post should be read by every businessperson out there, whether you have an Internet business, or a brick and mortar business … if you have something to sell, you must have a top-notch presence on the Internet.

Yet, there are still people dragging their feet about doing this. Read Kathleen’s post here.

Over five million businesses will fail this year and the primary reason is that they were not prepared to start a business—they didn’t know enough business basics to make their business succeed.

This knowledge is readily available through Adult Education, business books, coaches and advisors, a whole host of websites where successful entrepreneurs offer mountains of free information and advice, and on and on.

The information and knowledge are available to make a business successful—a person only has to study it and then actually apply it. The process is called HARD WORK!

What do you think? Can most businesses succeed without putting in the time and effort to learn basic business principles and essentials?

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