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In a LinkedIn post from December 14, 2017, Shark Tank investor Robert Herjavec emphasized the importance of the show. Herjavec noted how it involved a lot of stake for both the pitching entrepreneurs and the investor panelists.
Robert shared that each year the producers received more than 250,000 applicants for the show, however, only 150 made it to the filming. Building on this and looking back on his 9 years on the reality show, he shared six important things that he learned that he felt would help aspiring entrepreneurs.
One of the tips he shared was to be exciting and not be boring during the pitch. He pointed out how the reality show demanded interesting things and suggested the entrepreneurs make the most out of the one chance they get to appear on the show.
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"Don’t Be Boring!," one of his six learnings read.
Robert Herjavec's six learnings from Shark Tank that would help aspiring entrepreneurs
1) Don’t Be Boring!
Robert Herjavec pointed out that since Shark Tank was a national television show it demanded interesting things and didn't care for any "boring" stuff.
He shared that he and his fellow investors have seen a lot of pitches over the years and noticed that if an entrepreneur couldn't get excited about their business, then the Sharks won't show interest in investing in them. The Shark Tank investor highlighted how everyone gets only one shot at being on the show with five sharks and suggested making the most out of it.
2) Know Your Numbers
Robert noted that it was important for entrepreneurs to know about their business's sales, revenue, profit, and everything related to the numbers while they were pitching it in front of the sharks. He also suggested being "realistic" and "fair" with their valuations.
"If your revenue means your business is currently worth $100k, don’t value your business at $1 million. You may be sitting on a potential $1 million business, but you’re not there yet," he added.
3) We Invest In The Entrepreneur, Not The Business
The Shark Tank investor shared that while he had invested in many successful companies over the years, he found that the entrepreneur mattered more than the business itself.
Robert pointed out that most of the people believed the business idea was the "magic formula." However, he emphasized that the entrepreneur behind the business and their "hard work and commitment to the idea" were responsible for overall success.
4) Sharks Don’t Always Play Nice
Robert noted that even though the cast got along well with each other, they were all still Sharks at the end of the day and they don't hold back when a good opportunity presented itself in front of them.
Regardless, the Herjavec Group founder added, despite their competition all the Sharks always maintain a level of respect, which he believes was essential for every business professional.
"Things may not always go your way, people may not always agree with you, you may lose out on a deal – but treat others with respect no matter what," he added.
5) Is Your Business Fixing A Problem?
In his fifth point, the Shark Tank star reminded the aspiring entrepreneurs that their business should always revolve around solving a problem. He explained that if someone was making a "joke product" then they were just building a "product" and not a "business".
Robert suggested the entrepreneurs to think of the long haul and figure out the core problem they wanted to solve with their product.
6) Don’t Let Emotions Control Your Moment
Robert admitted that there was nothing wrong with entrepreneurs getting emotional while pitching their business, considering how much effort they had put into it. However, he emphasized that an entrepreneur shouldn't get carried away with their emotions.
"If we’re going to invest in you, we want to see a good return. So if we tell you there’s a mistake in how you’re running your business, you’d better listen. Remember, we’re investing more in the entrepreneur than in the business so when we see an entrepreneur being driven by emotion rather than rationality, it’s a red flag for us," he concluded.
New episodes of Shark Tank season 16 air every Friday on ABC.
