5 Surprising Things I Learned From Interviewing 100 ‘Shark Tank’ Entrepreneurs

5 Surprising Things I Learned From Interviewing 100 'Shark Tank' Entrepreneurs

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Almost every time I finish reading an article on Shark aquarium, I say to myself, “If they only knew …” The reason is that I interviewed over 100 of the best entrepreneurs at the show. And, I found, a significant portion – 80 minutes on average – of their locations don’t get on TV. Here are five other fun ideas I got Shark aquarium that most viewers don’t know:

Related: ‘Shark Tank’ update: Sharks’ sour reaction to a vinegar business now tastes sweet

1. One in four entrepreneurs appearing on “Shark Tank” was guest apply.

For those of you who are awake at night, dreaming of new and innovative ways Shark aquarium, my advice is, play the odds. Shark aquarium looking for, on average, one in four entrepreneurs at the show. So let’s assume you started your business today and your goal was to air during season 8 of the show. I have a word for you: Kickstarter.

In fact, the producers of the show go into high gear in January. They review requests, set up regional open calls, and scour the web for new products to create high-quality television. So help them help you: Contact the local media. Contact print magazines. Contact influencers in your niche with large tribes on YouTube, Instagram, Facebook, Pinterest, etc. Create viral videos. Make Something to find you easily.

Loliware is a great example of a company that has Shark aquarium because of its ability to open doors. Check out their press page and emulate what the company has done.

2. The “search for gold” goes both ways.

Have you noticed the change in attitude in the last two seasons of Shark aquarium? Who is the new nemesis / persona non grata of Shark aquarium? The gold digger. Hush, don’t say it too loud, lest someone hear you. Who are these people? And what crimes are they guilty of? Let’s review:

  • Go to the fair for advertising / exhibition
  • Lack of strong desire to reach agreement, if any

Exposure is the oxygen of Shark aquarium. Everyone benefits and no one would be there without him. He turned sharks into celebrities. As Kevin O’Leary said, the show offers entrepreneurs a “great brand platform”. As usual, he is right. Shark aquarium does what season 1’s Sullivan generator could not do. It turns the exhibition into real gold.

LikendisLikes invest almost a year of their lives in exchange for a chance of eight “golden” minutes. Why do they have to pretend that this is not the main reason they are there? Mark Cuban would probably say, “Don’t hate the player; hate the game!” These entrepreneurs are exposed regardless of their desire to enter into agreements and, in some cases, despite this.

Related: The “ Shark Tank ” takes advantage of an embarrassment of wealth: 4 strong proposals

3. More than 50% of contact agreements with Tank television are not concluded.

This treat traveled faster and stronger than any other content I shared on the podcast. Bloomberg published a quote from Shark Tank Podcast in 2014. After examining almost 100 Shark aquarium entrepreneurs, I have estimated that about two-thirds of their deals have not been completed.

As a reminder, at least one shark has publicly stated that the number is 5%: Mark Cuban recently said that he had concluded “more transactions than the rest of the sharks”. combined“I will not show my calculations here, but Mark’s statement confirmed that my assessment was correct.

But the question is, then what? Why is it expected that every first date that goes well ends in marriage? For every great relationship, there are several that don’t work. Somewhere in the mix is ​​one that results in a call to Judge Judy. It’s life.

Example? After a successful negotiation with Cuban and Barbara Corcoran, the grannies of Ice Chips discovered that they had a minor tax problem. It was more than two decades in their past. “We didn’t even know,” said co-founder Beverly Vines-Haines. “So the shark teams are really doing their homework.”

Cuban withdrew his interest and Corcoran played the waiting game. Once the episode aired and it was revealed that hundreds of thousands of dollars worth of products had been sold, the deal no longer made sense. A flawless separation resulted. The grannies regretted not being able to work with Corcoran and Cuban. But no one has lost face.

The reasons given for the broken agreements are as follows:

  • Renegotiation of offers
  • Tax problems
  • Differences of opinion or different vision for the company
  • Simple change of heart / buyer’s remorse

Things seem clearer the next morning, and that’s a good thing.

4. More sharks are not always better.

Getting multiple sharks can increase the television drama and the equity premium. But in fact, two cooks in the kitchen can also cost you the deal. ZinePak recently signed an agreement with Lori Greiner and Robert Herjavec for $ 725,000. Herjavec then left Greiner to the “shark alter” with this significant financial commitment. You can guess what happened next: the founders of Zinepak are now alone.

The founders of Loliware, the edible cup company mentioned earlier, said in a recent podcast that Corcoran advised: “Don’t make a deal with more than two sharks or it won’t work.” Unsurprisingly, this audio byte was never broadcast.

5. The hard work begins after the show.

As difficult as going up Shark aquarium, This is just the beginning. Some people called the show “easy”. An entrepreneur once said to me, “Sure, you can get the value of a year of sales in one night, but two years of work ends up in the following months.”

“Why two years?” I asked.

“Well,” said this person, “without experience it takes twice as long.”

In fact, sharks are well aware that their success is not only linked to the product: the operator cannot be ignored, any more than his skills. The amount of new tasks generated by a Shark aquarium the “tsunami” will be a challenge for most entrepreneurs. Mistakes are frequently made and the show simply magnifies them.

Example: Dave Alwan of Echo Valley Meats made a shipping error that cost him nearly $ 100,000 when it first aired in season 4: Savvy Naturals saw its website crash during the segment of the society. The site was down for almost a week. Ouch. The company has made nearly half a million dollars in sales since that time, but has likely had six-figure success.

Then there was Off The Cob Sweet Corn Chips. Its manufacturer went bankrupt before the company’s release date. This meant that the company could make less than 20% of purchases afterShark aquarium. Excellent communication with customers, however, mitigated the damage. After setting up a new manufacturer, Off The Cob delivered the remaining product, with a discount offer for future orders. The promo code? “Growth pains”!

All in all, I love Shark aquarium. If you want to hear the “reality” behind this slice of reality TV, listen to the stories of the entrepreneurs featured on the Shark Tank podcast.

Related: “ Shark Tank ” recap: O’Leary transforms from Grinch to Santa Claus for a Christmas entrepreneur

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