It surprises me how many of the participants are totally unprepared for their appearance. And I’m not talking about their business or entrepreneurial ideas. I mean the basic finance and business facts and information the Sharks expect to learn about before they can make a decision to buy-in to the idea and the entrepreneur.
It’s not as if it’s a secret or particularly difficult, since all the participants have to do is watch a few episodes to know what each shark is looking for and what information and facts they need to have with them, or even how to explain certain issues, in other words, how to position their offer – a sales pitch.
And if they can’t do that, they shouldn’t bother with the humiliation they are likely to receive at the hands of smart, successful investors on national TV.
The issues they have are sometimes a parallel to what manager’s face. Similar to entrepreneurs and inventors, managers are often passionate about their specialty or parts of their job, but don’t pay enough attention to the peripheral things that help make them successful in the long run.
Like the Shark Tank, managers have many ways to learn and prepare for the reports they write or business cases and justifications they have to make and most importantly, presentations they have to deliver to get their ideas and initiatives approved and implemented. The trick is to take the time and learn what’s needed.
So, learn from the Shark Tank and do your homework, even if it’s not the kind of work that excites you. In the end, it will pay off by supporting the stuff you are passionate about.