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Over the past few years, Shark Tank has captivated TV viewers throughout the country. Every week entrepreneurs appear before a panel of investors hoping to take their business ventures to the next level, and knowing how to deliver a successful pitch will determine their success or failure. Here are four ideas to help you prepare for a successful Shark Tank pitch.
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Have a Solid Business Plan
Among the most critical factors for success on Shark Tank is a solid business plan. A business plan shows that you have done a thorough market research that answers the most important questions which are the who, what, why, where, and when of your business.
When pitching your business, you need to get ready to answer crucial questions about everything from production and marketing to the delivery initiatives. If you have vague answers to these questions, your chances of success will be low.
Establish the Need
One of the central questions that your audience tend to ask themselves when listening to you is, “What problem do you intend to solve?” Here, you need to convince them that there is an urgent need. So, give them a concise and clear statement of the need and give them a few examples illustrating the need. Tell them how the problem affects the people followed by your proposed solution to the problem.
Have a Story and Make an Emotional Connection
While some presentations have a rigid structure and are more formal, pitches are more flexible, and delivering your pitch as a story can be more persuasive than presenting a list of facts. You need to make an emotional bond with the investors and connect with them on a human level. Doing this can alter the outcome of your pitch significantly. Remember, studies show that people cannot process emotion and logic at the same time, so, take advantage of this fact. Stories show credibility, market research, development, determination, and success. When they accompany your well-crafted ideas, they can add a personal appeal to your business pitch.
Practice Your Pitch
Avoid going in without sufficient practice. Practice in front of the mirror, recite the pitch in your car or convince your friends and family to listen to you and watch you rehearse. You might be a very confident, well-researched, and self-assured entrepreneur with a great business story and a solid business plan, but without practice, you are harming your pitch. So, put all your ideas on paper and file them, then keep them on a pallet rack, like those from T.P. Supply Co, Inc, where you can access them easily to enhance your rehearsals. Good practice will help you effectively integrate any props you might have, notice any gaps in your pitch, and eventually enlarge your confidence during the pitch.
As you hunt for the perfect pitch, you may receive several tips and suggestions on how to obtain funding for your business. However, at the center of all these, you will discover that preparation is a primary component. So, get prepared by following the above tips for your next pitch.