Unless you’ve lived underneath a rock, you’ve heard of the popular TV show, “Shark Tank.” Shark tank is a show where entrepreneurs pitch their companies and products to a panel of investors. The investors (The Sharks) consist of multimillionaires Barbara Corcoran, Lori Greiner, Daymond John, Robert Herjavec, Kevin O’Leary and billionaire Mark Cuban. The capital needs of each entrepreneur can range anywhere from business expansion, purchase order fulfillment, marketing, employee hiring and so forth.
What Makes a Shark Tank Pitch Successful?
The Shark Tank sharks invest in companies based on certain principles. They want to invest in a business that displays strong sales, has a clear-cut business path, can compete with competitors in the market, and has an owner that is dedicated and informed about the market. Some individuals go to the Shark Tank expecting the sharks to play a large role in running the company. However, the sharks are looking to help young (in business years) entrepreneurs get to the next level while making a profit for themselves. This is generally through cash flow funding or an outright purchase of the company itself.
After a review of the pitch, the most successful entrepreneurs/brands were found to be:
Lending institutions, such as Fast and Easy Funds, look for some of the same qualities when determining whether to approve a small business loan. Entrepreneurs who take the time to carve out a business concept that can likely get a deal on Shark Tank will have a high probability of getting a loan approved anywhere else. The most important thing to take away after a review of the Shark Tank pitch is that opportunities are available for those who go for them.