Shark Tank Review 05/10/13

Hello entrepreneurs! It's good to be back posting and sharing with you. I have some good ideas going forward including interviewing artists and entrepreneurs about what they're doing as well as getting back to reviewing some lessons from my favorite show, Shark Tank. This week had some fairly decent entrepreneurs and products. I won't review the pitches, but I will indicate some useful lessons learned from this episode for the next entrepreneurs that are pitching to investors. 1. Be flexible to change when pitching to the investors. By change I mean be able to listen and appreciate the feedback and quickly determine whether it will work for you, as opposed to being unmovable on your original idea. 2. Don't try to expand too soon. Sometimes what is working is working because of the factors surrounding the idea. We all want to expand but make sure your original concept is tried and true before expanding into a bigger market that is untested by yourself. 3. Be prepared for the presentation. This sounds simple but sometimes people go to court without pictures to help their case and sometimes people approach the sharks without having all the information i.e...forecasting profits, marketing plan, etc. Have answers and exhibits ready for the investors as opposed to having to say "I'll get you that information." 4. Be willing to negotiate and compromise while being firm in knowing your company valuation. This is similar to point #1 and actually goes with the next point even better. When the investor makes an offer be quick and know how this offer affects your bottom line. 5. Make strategic valuations and smart counter offers. As mentioned in #4, know your company's value and present your offer in an upfront and honest approach. Sometimes entrepreneurs over or undervalue the company to look good and get more money. But numbers don't lie. Take into account what's fair for the company and for the investor. 6. Know when a good offer is made and jump for it. Try to work out win-win situations and don't be too slow to move on opportunities. Til next time, Let's Build Empires Together!