'%20x='0'%20y='0'%20height='100%25'%20width='100%25'%20%0A%20%20%20%20%20%20%20%20%20%20xlink%3Ahref='data:image/jpg;base64,/9j/2wBDAAYEBQYFBAYGBQYHBwYIChAKCgkJChQODwwQFxQYGBcUFhYaHSUfGhsjHBYWICwgIyYnKSopGR8tMC0oMCUoKSj/2wBDAQcHBwoIChMKChMoGhYaKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCj/wgARCAAHAAoDASIAAhEBAxEB/8QAFgABAQEAAAAAAAAAAAAAAAAAAAUH/8QAFQEBAQAAAAAAAAAAAAAAAAAABAb/2gAMAwEAAhADEAAAAMsrlGf/xAAiEAABAwQABwAAAAAAAAAAAAACAQMEAAUREhQVIjJBUaH/2gAIAQEAAT8AvFxk2i5HauAXmkHreaMxxpoK9yL5Q/lGzIEyF2BLbcRcEGzS6r6zvX//xAAaEQACAgMAAAAAAAAAAAAAAAADBAACBSEx/9oACAECAQE/AEcy1UpN9n//xAAXEQEBAQEAAAAAAAAAAAAAAAACAQAE/9oACAEDAQE/AOgxE27/2Q=='%3E%3C/image%3E%3C/svg%3E)
The newest Shark on Shark Tank, Daniel Lubetzky, took to Instagram on December 17, 2024, to post a video about the dos and don'ts of pitching on the show. Entrepreneurs who make their way to the Shark Tank stage need to have pitches that capture the Sharks' attention quickly and efficiently.
In his video, Daniel Lubetzky gave advice to entrepreneurs who wanted to be on the show and shared insights from his fellow Sharks as well. Kevin O'Leary and Barbara Corcoran contributed to the video and gave tips like being succinct in your pitch and ensuring that you look the part.
"A Do and DON'T of pitching in the Shark Tank" he wrote on the top of the video.
Trending
Lubetzky emphasized knowing your numbers and presenting an authentic story about your business, including both its successes and challenges. He outlined the key elements the entrepreneurs needed to focus on while entering the Tank along with the common pitfalls to avoid.
Daniel Lubetzky and fellow Sharks: Essential dos and don'ts for pitching in the Shark Tank
In the fast-paced environment of Shark Tank, there is little time to waste, and getting the pitch right is crucial. Sharks shared several essential dos to keep in mind when entering the Tank.
1) Know your numbers
Daniel Lubetzky underscored the importance of being prepared with clear and accurate data to support your business proposal. He explained that if the entrepreneur couldn't share their numbers clearly, the Sharks were "left without the data needed to make a decision."
"And you’ll likely walk out without a deal," he explained.
He noted that entrepreneurs must be prepared to present financial data and performance metrics that show the business's potential. Meanwhile, Kevin O'Leary highlighted the importance of knowing your numbers.
"One do is to make sure you articulate the opportunity in 90 seconds or less, and one don't is come here without knowing your numbers. I'll send you to hell," O'Leary explained.
2) Be Authentic
Lubetzky emphasized the value of authenticity in a pitch and noted that it was just as crucial for the entrepreneurs to not "hide the important news. He explained that it is essential for entrepreneurs to be open about both the strengths and weaknesses of their businesses. By being transparent about challenges, entrepreneurs can build trust and credibility with the Sharks.
Barbara Corcoran highlighted the importance of being genuine, explaining that entrepreneurs should not shy away from discussing difficult aspects of their business.
"Sell me on you and sell me on your dream. Let me fall for it and taste it and feel it, and want to come along for it," the Shark said.
3) Dress the part
Barbara Corcoran underscored the importance of looking professional when pitching. She stated that the entrepreneurs who were going on Shark Tank needed to "look the part." She noted that whenever she sees people who "don't even look like they're in the business area," she is "out right away," adding that in such cases, she would go to sleep.
She highlighted that entrepreneurs should dress in a way that reflects their business and brand. A polished appearance can influence how the Sharks perceive the business and its potential.
The Don'ts of pitching on Shark Tank
While there are many elements for success, the Sharks have made it clear that there are certain mistakes entrepreneurs should avoid during their pitches.
1) Over-talking
Corcoran explained that talking too much can negatively impact a pitch. She advised that if the person is talking too much, "it puts all the Sharks to sleep right away,"
According to the Sharks, entrepreneurs should focus on delivering the most important points of their pitch concisely. Corcoran underscored that since time is limited in the Tank, getting straight to the heart of the business is essential.
Kevin O'Leary highlighted the importance of being succinct, explaining that the entrepreneurs needed to "articulate the opportunity in 90 seconds or less."
2) Failing to address weaknesses
Lubetzky emphasized that hiding or avoiding negative aspects of the business can harm a pitch on Shark Tank.
"Don’t hide the important news," the Shark said.
Daniel said that being transparent about the challenges or areas of improvement shows honesty and builds credibility with the Sharks. The investor highlighted that entrepreneurs should not be afraid to discuss difficulties, as the Sharks understand that every business has ups and downs.
3) Lack of passion or vision
Lubetzky explained the importance of conveying passion and vision and wrote that entrepreneurs need to "paint a vivid picture" of what Sharks could expect if they invested.
"Paint a vivid picture of what it would be like to join you on this journey. Inspire us to come along for the ride," Daniel Lubetzky said.
Passion for the business and a clear vision of its future can significantly impact the Sharks’ decision to invest. He stressed that without a compelling vision, an entrepreneur may struggle to engage the Sharks.
All the new episodes of Shark Tank air every Friday at 8 pm ET and are available to stream on Hulu the next day.
