February 2, 2015
Many entrepreneurs dream of having the opportunity to score a deal with one of the sharks on ABC’s Shark Tank, but the majority of those who step into the tank walk out empty-handed.
To land a shark as your partner, you’ll need to have a proven business model but you’ll also need some insider knowledge on the best way to get the attention of the sharks. It was recently posted on Reddit that statistically, you’re more likely to get a deal if you’re on a team.
Here are 10 tips for winning on ‘Shark Tank’ according to Inc Magazine insider:
1. Remember, the sharks don’t want a job–they want an investment, so don’t ask them to do any heavy lifting for your company.
2. Don’t act desperate. Go into the tank without the air of desperation anywhere on you.
3. Know your numbers. Drill them into your head.
4. Surprise the sharks.
5. Expect the unexpected.
6. Keep selling. Even after someone shoots you down, turn to the next shark and keep selling.
7. Don’t argue with your partner in front of the sharks. Remember that you’re on the same team.
8. Enjoy the moment.
9. Know your Shark Tank valuation. In other words, the sharks will always bid down your valuation because of their prowess. Know what that number is for your business.
10. Have a story to back up your valuation. Valuation isn’t objective and isn’t just dictated by existing sales.
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