Shark Barbara Lori Kevin and Robert on Shark Tank
Shark Tank pitches are full of drama and excitement, making the entire episode so entertaining that it’s hard to look away, even for a minute. However, what we see isn’t all there is. A lot of negotiation and discussion take place on the set that go unbroadcast. So, the bottom line is that Shark Tank pitches last much longer than what airs on TV.
Entrepreneurs need to step up their game to stand a chance among their competitors. It isn’t just about those few questions or the crisp pitch we see on television; they need to prepare for any question that a Shark might ask. When we look at the seven most successful brands that appeared on the show, we see some similarities. We will be talking about those pointers in this article.
How Long Are Shark Tank Pitches?
If you were to guess, would you have guessed that ventures are given about 40-45 minutes each? Yes, that is indeed true. In this time frame, they present their pitches and welcome the Sharks’ questions. During this time, they persuade, defend, and flaunt their product to lure a deal from the Sharks.
Each pitch is then cut down to a shorter duration, about 8-9 minutes, to keep it crisp for the viewers. Thanks to this editing session, we get to enjoy our favorite show in the most entertaining way possible.
The episode that airs on television has only the highlights of each segment. In reality, a lot of questions are asked, many aspects are interrogated, and much longer discussions take place.
What Entrepreneurs Need to Know: Key Insights
An entrepreneur once revealed that he prepared over 200 questions for Shark Tank! But can you blame him? Sharks are not just mentors, but investors, and investors have the right to ask all sorts of questions before making a decision. These key insights will help you understand the game plan of businesses like First Defense Nasal Screens, one of the most successful ever to appear on the show.
- Prepare for questions covering aspects from finances to the business model. This includes all sales figures, margins, and projections.
- Having a reasonable valuation is important; otherwise, it might seem vague to the sharks and result in a lost deal.
- A “fun” product, one that stands out from the rest of its kind, intrigues sharks. Robert Herjavec partnered with the Coordinates brand because, as he stated on that episode, “He loves fun stuff.”
- Present a trustworthy character, and be very transparent about your business. It is not just the product or business that an investor is looking for, but also the founder and the team.
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Tips for Pitching on Shark Tank
These tips are a thoughtful compilation gathered by observing entrepreneurs who appeared on shark tank. We believe their best qualities and key characteristics are what help them secure deals with the sharks. A good pitch, like the one given by The Magic 5, could even make all five sharks sell themselves to you.
- Research well, and know all the facts and numbers about your business and its competition in the market.
- Very well described visual depiction
- Although entrepreneurs are given almost 40 minutes, the goal should be to focus on delivering their points concisely, in a clear yet engaging manner.
- A charming personality, a confident character, and strong communication skills make a perfect speaker.
- Share an authentic and compelling story behind your brand and mission for a much stronger impact.
What to Avoid Doing
There are certain things you should definitely avoid doing on Shark Tank. These factors could make you lose a deal that your product or brand could easily secure. Being too egoistic or too vague are big red flags to any investor.
- Don’t Get Overly Defensive – Many a time, entrepreneurs take the Sharks’ feedback too seriously and become overly defensive, to the point that their egoistic approach deprives them of a beautiful deal. Once, the founder of the brand Pavlok lost a deal because he couldn’t take criticism from Mr. Wonderful and reacted emotionally, resulting in a missed opportunity.
- Don’t Hide Weaknesses- Never hide a weakness because sooner or later, the Sharks will find out, and that won’t turn out great for anyone. So, be clear with numbers, facts, and projections.
- Don’t Assume Every Deal is Final– Lastly, do not expect every deal made on screen to always go through in real life. What happens is that after the show, both parties thoroughly talk over the terms and conditions, and when everyone involved is satisfied, only then do they sign the deal.
Hiedi Pratap is a versatile writer with a background in multimedia and mass communication. The desire to bridge the gap between the public and the events that shape their world led Hiedi to choose writing as her medium. She juggles facts and humor well enough to keep her audience both informed and entertained.
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