One of my favorite TV shows is Shark Tank.
If you’ve never seen the show before, entrepreneurs pitch their ideas to a group of wealthy business people hoping to trade a small percentage of equity in their company for some cash. Ideas range from Rent-A-Granny services to cake mix specially formulated for dogs. Most of the time the ideas are rejected but some do get interest and cash from the “sharks.”
While most of us may never pitch ideas to millionaire “sharks” like the contestants do, we’ll all, at some point, have to get support for an idea we have. In that case, the best practices from successful contestants on Shark Tank might just work for us too. Here are the best practices I’ve observed.
- Make sure your idea solves a current problem or decreases someone’s “pain.” The most attractive ideas that are pitched on Shark Tank solve a current annoying problem (untrustworthy babysitters, unsavory wine, unhealthy dog treats, sagging skin, difficulty learning to play an instrument, etc.) If your idea at work solves a nagging, chronic problem either now or in the near future, you have a good chance of getting it taken seriously.
- Make sure your idea has an audience or a customer. The ideas that get funded on the show prove to have enough potential to serve a current customer base or attract a new one. If you’re pitching an idea at work, make sure it enhances what’s already working and shows potential to expand to a new audience.
- Make sure you’re credible. The contestants on Shark Tank are grilled with questions that demand instant answers based on research. The ones who fail to get funded typically hem-haw on the answers or appear to be flat-out lying. If you’ve never proven your credibility at work by actually mastering your regular job or by behaving poorly, don’t expect anyone to take your idea seriously. Be sure to do your homework and maybe even role-play answering potential, tough questions.
- Make sure you’re enthusiastic. Ultimately, the contestants on Shark Tank have to sell. The most successful salespeople are enthusiastic about their product. After all, who would invest in something that customers wouldn’t be excited to buy? If the creator’s not excited, it’s not going excite a customer, so the investor will bow out too. Take a look at your idea. If you aren’t genuinely excited, either have someone else pitch it or table your idea for another day.
I know much of the drama on Shark Tank is scripted but it’s all for real when you pitch your idea. The techniques for success on the show will work for you too. I’ve used similar ones when I’ve pitched to a client or promoted to a potential partner. This week, identify your next big idea and take it to your own Shark Tank!