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This past week, my kids started watching the show Shark Tank with me for the first time.
It is kind of a dream come true that they are so into it. If you are not familiar the show, entrepreneurs come in and pitch the 5 “sharks” their businesses to raise money in exchange for equity.
It is really interesting to see the products, pitches and reactions of the sharks.
When you watch enough episodes, you start seeing patterns emerge for the pitches that work.
I call them the Shark Tank Rules.
Here are some of the things I noticed:
know your numbers (financials)
you won’t get an offer if you don’t have a unique product, have no sales, or plain don’t know your market
Kevin O’Leary will almost always make a royalty offer in lieu of equity (where he makes a set amount per unit sold, instead taking equity in the company)
Daymond John is the clothing guy, Barbara Corcoran is the real estate guru, Lori Greiner is the product to consumer specialist with connections at QVC, and so on…
Highly over valuing your company at the start with your offer usually fails to get offers
you have to be all in (invested your own money and be full time)
if you have patented IP, you are in much stronger position (they love that)
But one other trend I noticed this week while watching was that all of the sharks now prefer that you are selling direct to consumer online, and growing that way, over opening retail stores or selling through retailers (the brick and mortar route).
That resonates with me, having been a brick and mortar entrepreneur, and the speed to market of online virtually makes some brick and mortar ideas look uninformed on the show.
It is a great lesson for current online businesses and entrepreneurs who are starting, or those who are starting to see the light on leaving the corporate world.
That is why I love what Kristina Safarova is doing, starting tomorrow with her 90 Business Building Summit. Be sure to register here, it starts tomorrow: https∶//rayb.me/90day (https://email.raybrehm.com/c/eJx1jrtuhDAQRb8Gl2g8fhcutomy2nIV2sg2QyABvDI0y9fHrNJGmuIWc889vee9jFKzySMgguGGO4kCWsspoDLacbCmN7KRUMIzFhqXNuWFjZ7H-q6FIiWGgGgt2GSIc2GA0A6OzX7c98fWiEuDb_XOfrtQTQ768GS0hGl-D9voycFnR138ONJt4xd5j_Ptm6W87iHt195rjGqwbgAblUKlq7OAwCUr_oTO-Uu0efg57Fo1j_CYqJzsl-gfpaOyTXl9zf2DE78H-lFx) Leap.Love.Grow.
P.S. There is nothing quite like watching a hard working entrepreneur get an offer from the sharks, I encourage you to check out that show if you haven’t seen it yet. Copyright © 2022 Ray Brehm. All Rights Reserved. No part of this email may be reproduced or transmitted in any form without written permission from Ray Brehm or Dauntless LLC.
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