Do you really have a Shark Tank idea worth pursuing? Entrepreneurs might think so. Small business owners might think so. However, the only opinion that matters is the Sharks in the room. This scenario isn’t just found on the successful ABC show watched by millions of viewers on Friday night; it’s reality in the real world too.
So what separates the great ideas, products or services from others that are just everyday occurrences? Well, there are a number of factors that investors consider. Plus, some will make a choice on “gut decision” too. Don’t get too discouraged at all the fluff, there are three points that all investors really focus on. Getting inside the heads of the people with the coin-purses might be tough, but if you can answer these three questions about your project, you just might have a Shark Tank idea worth pursuing.
- Are you prepared? An investor thinks about the future. They want to know you are prepared and ready to move forward with OR without them. Their infusion of cash isn’t a crutch for you. It’s to accomplish more. How will this opportunity accomplish more in the future?
- Did you just do it? An investor wants to gauge the neediness of a potential opportunity. Is the small business owner or entrepreneur waiting for someone to pave the way? Or, is the way being paved with them? Assertiveness and focus is a major reflection in a pitch. What have you done before you arrived looking for an investor?
- What are your sales? An investor wants to see the numbers. Mind you, not the potential numbers. The solid sales, overall funds and anything else up to the point of the pitch. Projections of the future aren’t exactly loved (unless they come with purchase orders.) In the mind of an investor, if you can’t sell it, how can they get their investment back?
Do you have a Shark Tank idea?
A Shark Tank idea doesn’t need to be elaborate or over the top (as viewers have seen time and again on the show). It does need to have a path that converts into a financial return for an investor. Leaving the job of an entrepreneur to reveal how they can make an investor money in the future. (Photo: ABC.)