While Shark Tank, the hit show of ABC, seems to focus on nothing but glitz and glam, it actually gives you a very realistic view of how it is like to be working with investors for your business. The only difference is that it is shown on TV with popular investors.
But, should you take your business on Sharktank? If you are still on the fence on whether or not Sharktank will be worth it, here are the best lessons that business owners like you can learn from this popular TV show.
You Be Able to Summarize Your Business Idea in Just 10 Words or Less
It is one question asked frequently on Sharktank and one that usually gets terrible answers or catches entrepreneurs by surprise. Be sure to spend time here. Ask yourself the reason why you started your business, where you hope to go, why it matters, then sum everything up. It is better if you can be clearer and more concise. It is probably the main reason why Sharks ask the question. This is an amazing chance to leave them impressed.
Preparing Several Presentations is a Must to Show That You Know Your Audience
When watching Shark Tank, you will soon realize that every investor cars about different areas of your business. There are others interested in your financial history, some like to hear about your objectives and how you plan to grow your business, while others just want to know about the business in general.
It means that you need to prepare the answers and consider them as separate presentations. Since presentations are everything as far as investors are concerned, it would be so much better if you make them more customized.
Spend More Time on Your Presentation
This is definitely that must be mentioned if you are planning to take your business to Sharktank because it is a no-brainer in the show. You should come prepared with answers for questions regarding your business. At the same time, you also have to make sure to sell your business in the presentation.
Even if you have the world’s most groundbreaking product, you might close the deal if you have less than stellar presentation skills, you answer questions nervously, you don’t seem interesting with presenting your product, or you don’t appear outgoing.
It is recommended to take note of all the basics regarding your business followed by all the advanced or cool ideas or features. After doing this, you can ask questions about ever item and practice how to present them in such a way that will keep the Sharks interested and show them its importance.
Come Up with Realistic Goals for Your Finances
This is a lesson that you can transfer to all aspects of your business. It is a must to be realistic. While there is nothing wrong with being ambitious, you shouldn’t try overselling or overestimating when you pitch an idea to investors. Good investors can notice if you go overboard with your figures so make your financial goals realistic and follow through them. It will help you move forward better compared to overestimating only to come up short.
At the end of the day, taking your business to Sharktank will be worth it if you want to prove that it is practical and you want everyone to see it as that.