Shark Tank offers a platform where good ideas can be given wings to fly with mentoring and most times capital investment by the panel of business legends the show has. It’s the best display of men and woman who have achieved incredible success yet are so down to earth when the cameras are up close and personal.
The Sharks are STRAIGHT to the point. They like thoughtful presentations but they must be clear and specific to what they presenter is showing and asking for.. If it’s not they get confused and it’s not a good start. In my years of watching this show I’ve noticed they concentrate on three simple things.
1. The person must have an idea of what business they are in. If you have a track record of some performance and longevity in the business then it helps you to progress quickly to the next category of interest.
Presenters can come across confidently however The Shark Tank is not a place for a fool. The Sharks need to have confidence that the aspiring entrepreneur can do the job that is required to be done and that the job is practical and achievable. With so much experience in so many different fields bluffing the Sharks doesn’t work. If they smell a little fish they’ll expose it and challenge with direct intent.
Certainty is a combination of credibility and confidence however it can all be easily undone when the presenter provides figures that don’t stack up or just don’t make sense. Some of the valuations presenters put forward are questioned and taken apart. It’s a humbling time for the presenters when they’re challenged and asked to prove their figures. Most times on the show the presenters are always working on the potential of something. The Sharks just want the facts. If you can’t substantiate the facts then the Sharks spit your bait out and you’re sent home without a fish.
It’s so much like real estate. So much like a listing presentation when you’ve been called in to present for the business to sell a potential sellers home. Your brand can give you some credibility or even a recent sale you’ve been involved in. You can come across very confident and immaculately presented however to ask fro someones trust requires more than just potential and wishful thinking. We need to be able to provide strong evidence that what we suggest or recommend is credible and reasonable for the goal we want to achieve. The seller needs to have confidence that we are the right person for the job however when it comes down to the crunch and the money, if we can’t provide credible evidence and facts then we’ll always struggle.
We can be liked, we can be good at what we do but we need to provide the proof to our process in order to win the business the way we want it.