Top 3 Lessons from Shark Tank
Shark Tank is a
great reality TV show where hopeful entrepreneurs seek financing for their
businesses. The business owners give up equity stake in their company to the
"sharks" who are venture capital investors.
There was the Leslie Haywood, a
stay-at-home mom, who invented Grill Charms. The charms are placed on meats so
that backyard grillers can keep track of who wanted a rare, well-done or spicy
piece of chicken. The sharks actually fought over who could make a deal with
her company. She ended up taking $50,000 for a 25% stake in her fledgling
enterprise.
Here are the top 3 lessons from Shark
Tank:
- It's about Them, Not about You
When
approaching potential investors or sponsors, most people talk incessantly
about their business, but don't tell the financier the benefits of working
with their company. You'll be more successful with investors and sponsors if
you can show them brilliant solutions and compelling benefits. - Have a Plan
You should have a plan for your company, your book, speaking, events,
projects or your charity. Be prepared to answer questions about your demographics,
financials, projections, branding and marketing. - Show Your Passion
Sponsors and investors have been swayed by the passion of the person who
built the company. Create a great presentation and put amazing people on
your team. Have a compelling story and make an emotional connection with
your sponsors and clients.
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By watching Shark Tank, you get a keen
insight into the way that investors and sponsors think.
I'm assigning the show as required viewing
for my clients in the Fast Track Sponsor Coaching program and my students in
the Attracting Corporate Sponsors Teleclass.
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