If your dream is to be on Shark Tank you’ve got to be determined. It’s not surprising that you’ve got to overcome incredible odds to make it to Hollywood. Then you need to stand in front of the Sharks and offer up your pitch. The ultimate decision is in the fate of a few people in one room with the cameras rolling and even then you could decide to turn down a deal that wouldn’t fit your company. In previous years, the odds of an entrepreneur making it through the grueling audition process for TV is roughly one in 4,000.
This investment opportunity is not for the faint of heart. You have to be dedicated, committed and passionate about your idea. Entrepreneurs could still fail if they don’t make an impression on TV. And many don’t walk away with any cash. Have you ever wondered what happens next?
Obviously, you won’t be popping bubbly hours after the taping if you don’t get an investment partner. And your outcome might hurt your feelings as you walk away empty handed from Hollywood. However, the world is not over and neither are the opportunities. Many times the entrepreneurs find that this decision is the beginning of their success.
What many people don’t realize is other investors, business people and viewers might like to get involved with a project just rejected. The masses see this program on ABC. Then, there are the reruns seen on cable. All that exposure adds up quickly.
Remember that age-old theory that all publicity is good publicity (even bad publicity); well, that’s true for Shark Tank, too. Some business folks have gone on to make their big impact in the world without the Sharks and they are happy about it.
One fine example of this principle is Xero Shoes. The company turned down an offer from a Shark because they felt it was too steep to consider for their business outlook. It probably was one of the toughest decisions ever made and it was captured as cameras were rolling. Then again, it the shoe doesn’t fit…
After getting back to the real world, Xero Shoes didn’t wither and die. Quite the opposite actually. It’s thriving. According to the company’s blog, their appearance crashed the website with traffic with over 100,000 views. Then the show was seen again on cable with more impact. Orders came rolling in for the product and they have been pushing along ever since. It appears this appearance had a positive outcome even thought they left Hollywood without a dime.
This scenario of walking away without cash and ultimately being very successful isn’t exclusive. It happens to a number of entrepreneurs on Shark Tank. Lighting a fire under the community of viewers and the founders themselves, people push their dream forward despite of the decision on TV.
Entrepreneur’s thought of the day: Every experience, even when talking to investors, is an opportunity to find fuel for your next step. Utilize, organize and appreciate the moment, Then keep pushing to your goals as failure is never an option. (Photo: ABC.)