If you’re a business person looking to entice investors, there is likely no higher profile venue than the popular TV show, Shark Tank.
Many entrepreneurs get the opportunity to deliver their pitch. So what separates those who get funded from those who get eaten alive? Kevin O’Leary, a shark who is known for being opinionated and ruthless, says that you must succeed at doing three things:
1) Articulate your idea and the benefits in 90 seconds-or-less
Sounds straightforward. Yet for all the so-called Mission Statements out there, I find that many entrepreneurs and business leaders can’t deliver the 3 C’s – a concise, coherent and compelling pitch about their business and the resulting benefits.
2) Explain why you and your team are the right people to make it happen
Everyone has an idea. But not everyone has the will or the skill to execute. Without the will to persist through pressure, uncertainty, and setbacks, you’ll never succeed. As for skill, if you don’t have it then you’d better figure out how you’re going to attract and secure the people who do.
3) Know your numbers inside-out
O’Leary says he is shocked by the number of entrepreneurs who don’t know their numbers – market numbers, operational numbers, and financials. Heaven forbid that you make it onto the show and don’t know your numbers. Because if that happens, O’Leary says he will eviscerate you.
These must-do’s don’t apply just to entrepreneurs on Shark Tank. Any business leader should be able to do them. Can you?