After a long process, I finally appeared on Shark Tank to pitch my startup idea. Although it was difficult, I learned the importance of being personable during the presentation and how to be persuasive in order for your company’s value proposition is clear.
The “What I Learned From My Appearance on Shark Tank” is a blog post that shares the lessons learned from appearing on Shark Tank. Read more in detail here: what is shark tank.
It’s not every day that you’re hand-picked by a television producer to participate on ABC’s popular program “Shark Tank,” but that’s exactly what happened to entrepreneur Kelly Costello.
Puppy Cake, a firm that provides boxed cake mix for dogs, was founded by Costello. It’s similar to Betty Crocker’s do-it-yourself cake mix, except the components are modified to suit a puppy’s diet. You prepare it, bake it, frost it, and present it to your four-legged companion.
Kelly Costello, a Shark Tank contestant, talks about her experience and gives business advice.
Before being called to audition in person in Los Angeles, the Pittsburgh-based entrepreneur had to go through a rigorous application procedure that included a written application, a video submission, and many rounds of phone interviews. After all of that, Costello learned she’d be able to propose her concept to the show’s five super-rich “sharks” in the hopes of receiving funding and business contacts.
Costello had her own dressing room, hair and makeup crew, and golf-cart trips to and from the stage as a guest on the third season of the program. She didn’t allow the glitter and glam get in the way of her mission, however. She wanted a shark to pay her $50,000 in exchange for a 25% ownership in her business. She felt prepared to answer any questions the sharks had after viewing repeats of the episode.
“Talking to the sharks was not nearly as terrifying as I had anticipated,” recalls Costello. “I couldn’t see the director, producers, or film crew since it was a small set.” I felt like I was simply explaining why they should invest in me to a group of five clever and experienced entrepreneurs.”
The prospective investors pressed her on why her sales for the year had been so low, hovering at $23,000. She stated she wasn’t a natural salesperson and was searching for both sales assistance and an investment.
Despite the fact that she did not get an investment from the sharks, Costello claims she learned three important lessons:
To acquire an investment, you’ll need great sales.
The sharks demanded to see Costello’s sales, but he didn’t have them. She recognized after the presentation that a fantastic company concept isn’t worth investing in if there aren’t any sales to back it up.
“I believe that most entrepreneurs start their businesses with their emotions, but only the most successful ones are managed with their heads,” she says. “I went on the program assuming that my enthusiasm and one-of-a-kind items would be enough to entice the sharks, but I failed to spend time on the cold hard realities of my company’s present and projected revenues.”
It’s worth taking a risk.
When Costello applied for the show, she took a gamble. She was well aware that the application procedure was long and that there was no assurance that she would be chosen from the large pool of candidates.
The creators of “Shark Tank” received 35,000 applications this season. It’s expected that 112 of them will make it to the broadcast.
With odds like these, it’s no surprise that Costello was hesitant to go through with the procedure, but she claims it was well worth it.
“There were moments when I wondered why I was doing all of this.’ There are so many individuals I have to compete with.’ But I assured myself that no matter how many candidates there were, I was the appropriate person for the show,” she adds. “In the end, I was chosen for the show, but the point is that if you don’t put your name in the hat, you won’t be chosen.”
It’s crucial to have a cheering section.
Although Costello did not get a loan from the sharks, her presence on the program drew hundreds of well wishes from viewers around the country.
“The show’s audience gave me confidence and validated my business,” she explains. “It motivated me to improve my company.”
Costello points out that you don’t have to go on national television to garner support. Join your local chamber of commerce, seek out a business mentor, or join an online support group for entrepreneurs.
Costello claims that even without a shark investment, she gained valuable exposure and has enhanced her company.
Do you want to follow in Costello’s footsteps? Here’s the link to the “Shark Tank” application.
Do you believe your company would be able to withstand a shark attack? In the comments area below, tell us why you think that—or why you don’t think it.
Are you aware that this article is part of the Bplans Pitch Guide? In one location, you’ll find all you need to know about pitching.
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Frequently Asked Questions
How do I introduce myself on Shark Tank?
A: Whats your name?
Why is shark tank a good show?
A: Shark Tank is a good show because its full of high-quality entrepreneurs who are always willing to take risks and make big investments in their business.
How would you describe shark tank?
A: Shark Tank is a business reality television show that was first aired on ABC in 2009. The premise of the show is to invest $100,000 into new businesses as an investment for 20% equity stake and then becoming a partner who reviews the progress of their investments.
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