I have to admit I am a Shank Tank addict. Shark Tank comes on television weekly. Each week I find myself running home to watch this powerful television show that test entrepreneurs, business owners, and CEO’s as to how well they know their business. This leaves me to ask… How well do you know your business?
Are you ready for the real world Shark Tank?
The Shark Tank series features a panel of entrepreneurs and business executives called "Sharks" who consider offers from other entrepreneurs seeking investments for their business or product. Sharks are particularly interested in how well you know your business, target market, your business schematics, and most importantly your business numbers. In the real world it is essential that we know these things for business clarity and success. If asked questions do you have the answers to what makes your business operate and run daily?
Some questions the Shark Tank team asks to the business owner/ entrepreneurs are:
- What are your sales for last year?
- What are your projected sales for this year?
- What is your annual income/evaluation for this year and next year?
- What is the lifetime value of your customer?
- What does your business do, and why should the Shark Tank investors invest in you?
Now if you have good answers to these questions, a good elevator pitch, and presentation it’s quite possible that you will walk out of the room with a Shark investing a nice nest egg in your business. On the other hand if your answers to these questions don't make sense, your elevator pitch fails to convince, your presentation stinks, or fails to meet the mark (to the Sharks) you will walk out empty handed and almost in tears.
The more you know about your business the better prepared you are to investors. Learn everything there is to know. If there are things that you don’t know or understand about running a business attend workshops, take a class, get some specialized business training, or hire a professional in that area. If your sales presentation need fine tuning, perhaps you may want to have an elevator pitch professional help write your sales pitch so you too can be ready when a Shark Tank Investor comes your way to plant seed money into you and your business.