Shark Tank is an incredible opportunity for entrepreneurs to get a good idea of what pitching their company to investors is all about. Each deal brings a new lesson to the table and entrepreneurs will interpret the actions differently.
That means that you have to be flexible when doing a deal and keep your composure, no matter how challenging the deal may be.
It would literally be worth any entrepreneur’s time to go back, watch every episode and take notes on what is transpiring and then review your business plan and projections, as well as your presentation. You have the perfect opportunity to eliminate potential concerns from investors before you have even pitched one investor, and that will increase your chances of getting the money that you need.
I’ve been able to negotiate better deals, because I know how to make the investor want the equity worse than I want their money. You can learn how to do this to, but you have to practice, and get educated on the deal.
Many of the entrepreneurs could have done a better deal than what they got from the sharks, and a few got a great deal. There were even some that didn’t take the deal, and are probably kicking themselves because they should have.
There is a new series of shows coming up in 2011 and I can’t wait to comment on them. Get your note pads out and be taking notes and then apply the knowledge you build up before you meet with investors. You will be glad you did.