“Shark Tank” is an Emmy award-winning and long-running reality show that has inspired many people (especially new entrepreneurs) to either become entrepreneurs or to be better at running their small businesses.
The show features entrepreneurs who have already attained modest success independently but are looking for investors to help scale their business.
Once on the show they have the opportunity to pitch their products to The Sharks, who represent the creme-de-la-creme team of tough, self-made multimillionaires and billionaires looking for new businesses worth investing into and in return helps to make themselves even more prosperous than they already are.
It’s like watching one elevator pitch after another but with millions of dollars hanging in the balance.
Female entrepreneurs can learn a lot about finding investors, as well as how to present your business in the best light, from binge-watching Shark Tank episodes, including:
Open with the proverbial bang. Keep your introduction short (about 10 seconds) yet communicate what your business is all about and your numbers. Yes, like a Tiktok video – just about 10 seconds. “But what about my brand story?” you may ask. Sit on it first. Remember, you are about to speak to busy venture capitalists. They don’t have time right now. If they’re interested, your story can follow.
Fresh, Focused & Clear
The Sharks love an idea when it is fresh and focused. You should know what your business is all about, and you have the conviction to achieve all your goals. They appreciate clear thinking – and clear language too. Go over your presentation materials and see if they hit these qualities.
Current & Potential Market Stats
Does your product or service solve a particular problem? And do you have an idea how many people are out there that need this problem solved? When courting, investors highlight how you help customers. They are also interested in how big your market is, so make sure you include these details as well.
Do The Math. Double Check. Then Do it Again.
Know your business finances inside and out. How much was your capitalization, gross/net profits, major expenses, the current valuation of your company, and all the different ratios that prove your company’s financial health? As for the amount you are asking for, present a clear plan for its use and let them know why your business is a good investment.
Find Your Lowest Of Lows
Of course, we all know how much we want from investors – but take time to work out the math in case they give you less than the original amount you requested. Determine the lowest amount of fresh capital you would need so you won’t have to struggle with mental math on the spot.
Shark Tank is a lot of fun to watch. It is exciting, and you can apply it to your own business.
But to get more insights on what you need to do when it is time to shop for investors,
You’ll have the chance to learn from other entrepreneurs who have successfully found venture capitalists or angel investors to help them grow their business.