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- Credit: Entrepreneur
Highlights
- The QVC Queen has been a constant member of the cast for the past twelve years.
- She has made over 60 deals on the show, most of which are in the retail industry.
- From a precise pitch to an energetic attitude, have a look at tips that can result in a perfect pitch.
Lori Greiner has been a constant Shark Tank panelist for the past thirteen years. In her decade-plus journey, she has come across countless pitches from different entrepreneurs. Based on her evaluation, she has made over 60 deals on the show.
But before becoming an investor, Lori initiated many entrepreneurial ventures, including plastic earrings organizers. These experiences required her to present pitches to potential investors, which solidified her understanding of the nitty-gritty of a ‘perfect pitch.’
In an attempt to assist budding entrepreneurs, Lori Greiner recently listed out the ingredients of a perfect pitch.
1. ‘Describe Your Business Or Product In Two Sentences’
In order for a pitch to be great, it does not have to be detailed. The general instinct of an entrepreneur may force you to include the smallest details related to your business idea. But this may be the biggest barrier for your deal on the show.
This is because the judges will want to know the basic details of your company within the first few minutes. If you spend excessive time explaining the backstory, they might lose interest. As investors, they will only be interested in knowing if they can make any money out of the investment.
The best thing to do is describe your business or product within two sentences. This can include your name, your product or company’s name, the valuation sought, and the category of your business.
From Bantam Bagels to Numilk, have a look at the quickest Shark Tank deals in which entrepreneurs convinced the judges to invest within minutes:
2. ‘Be Energetic, Honest, Informative, And Brief’
It is a given that investors will want to be fully assured about your commitment and integrity. They will never want their money to go to waste. This is why, many times, the Shark Tank judges invest just because they trust the entrepreneur.
So, as a committed entrepreneur, you should try to earn the judges’ trust by proving your accountability through your pitch. You should be ready with all the answers asked by any of them. If unaware of facts or data, admit it to the Sharks.
Additionally, you should thoroughly explain how you plan to move the business forward and what benefits the Sharks can expect.
One pitch in which the entrepreneur was clueless about her business and could not answer the Sharks’ questions was ‘Monosuit.’ Maria Agapkina sought $150K for 5% equity in her sustainable clothing venture.
When the investors inquired about her niche target area, her answers were vague. She could not specify if she were wanting to take over the fashion, technology, or eco-friendly aspect. This demonstrated her knowledge deficit and stopped the Sharks from making an offer.
3. ‘Enthusiasm And Passion Are Contagious’
One of the most important aspects of a perfect pitch is how well the presentation is. As an entrepreneur who is also the presenter of a product/service, you must be proactive and confident before the judges. If you lack passion, there is no chance that the investors will be intrigued by the pitch.
You may think that your business idea fulfills all the criteria of potential success. But the Sharks cannot be convinced unless you seem convincing enough.
So, it is paramount that you are on the top of your game and entice the judges with an unmatched energy.
One example of such an exuberant pitch was Mike Gutow’s Legacy Shave. Mike’s energy was so high that the Sharks laughed through it and called it the “best presentation ever.”
The entrepreneur managed to grab a deal from Lori in his company that made shaving products. She offered him $700K, which was contingent on a 3% royalty in perpetuity for 95% of the company.
4. ‘Don’t Be Cocky, Read The Room’
A critical component of a perfect pitch is to avoid going overboard. The best way to ensure the same is by practicing it repeatedly until you discard the unnecessary elements. If you repeatedly reiterate the uniqueness of the business, the seasoned judges may find it annoying.
Try to understand who the panelists are and what their expectations may be. Gauge their body language and understand which part of the pitch causes them to change their expressions. Ultimately, make it the core element of the pitch and drive more of their attention.
One entrepreneur who failed to do the same was BeSomebody’s Kash Shaikh. He sought $1 million for 10% equity in his motivational app. But what annoyed the Sharks was his inability to listen to their questions.
He spent most of his pitch just talking, not listening. When Robert Herjavec asked him to give a better idea about the business, Kash asked him to wait as he felt Kevin O’Leary’s question was more important.
Mark Cuban was really annoyed and stepped out of the deal because of his highly talkative attitude. Barbara Corcoran opted out for the same reason.
To Conclude
Lori Greiner has advanced to becoming a panelist on Shark Tank after years of firsthand experience in the entrepreneurial realm. This is why she has the most insightful tips for budding entrepreneurs, which are too valuable to be missed.
This blog concludes that with a precise presentation, commitment, and humble approach, you can quickly win the trust of Sharks.
Reference
1. Lori Greiner, Sharkalytics
Entrepreneur, auteur, raconteur. Rob Merlino is a blogger and writer who enjoys the Shark Tank TV show and Hot Dogs. A father of five who freelances in a variety of publications, Rob has a stable of websites including Shark Tank Blog, Hot Dog Stories, Rob Merlino.com and more.
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