What Makes an Awesome ‘Shark Tank’ Pitch Different from the Rest (video)
Vanessa Van Edwards looked at all Shark Tank pitches to see what the successful ones did differently.
One thing I really like about Shark Tank, among many things, is that it shows us how rich people think.
Pay attention to what they ask, the basic direction of their questioning. That indicates what their priorities are.
They focus a lot on a proven record of sales.
In fact an otherwise lackluster presentation or concept, if it has been legitimated by the market to the tune of hundreds of thousands or millions of dollars, suddenly becomes very interesting.
This is a business truism: regardless of whether you or I think something is a good idea or bad idea, the market has the final word.
A company that is being rewarded by the market with lots of sales and orders is clearly providing something that people want. Even if we don’t quite “get it” right away.
That humbleness is so critical in business. We often want to believe that our idea is great or useful, even if the market doesn’t agree. And we pay dearly for that hubris.
We have to listen to our audience and respect what they are communicating to us.
The Sharks focus on people.
Business is all about people and relationships. The Sharks understand this deeply. Even someone who has a weird concept or few achievements, if they feel he or she has a lot of potential and heart, they will often give that person a chance.
And by the same token, even someone who has been very successful financially, or who has their patents and everything else in order, will fail to get a deal if they rub the sharks the wrong way.
At the end of the day, your basic character and personality is so much more critical than just dollars and cents.
If you are ambitious, flexible, smart and willing to make tough decisions, you have a good chance of succeeding, sooner or later.
Even if your current idea or business model sucks, if you keep trying you will eventually hit on something that works. I’ve seen that happen in my own case, and with other business owners.
Having a seasoned business person like a Shark on your team will simply accelerate that process.