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Even though I run a financial services company full time and help individuals and business owners as a Private CFO® reach their goals, from time to time I get the privilege of having a press pass to speak with some of the brightest business minds in the world. My press pass took me last week to a well known club in Midtown Atlanta to go face to face with business leaders in the Atlanta community and front and center with Shark Tank’s own Daymond John.
On Tuesday, October 22nd, five teams of entrepreneurs pitched their heart out at the Miller Lite Tap the Future Live Pitch Event, but only one team was selected as the potential winner from the Southeast. Miami-based Elebev impressed Daymond John from ABC’s “Shark Tank” with their product Sfiro, transparent ice spheres that make beverages safer and more enjoyable. Before the event, I had the opportunity to ask Daymond John just what makes a Shark Tank pitch worthy of the opportunity to secure funds from guys like Mark Cuban and Mr. Wonderful.
- Tell A Story- Everybody loves to hear a story. You may have the best product or service in the world, but you have to remember to sell the sizzle and not the steak.
- Relay Your Message In A Timely Manner- You must realize that you have less than two minutes in general to be able to get the core message across to your future lenders. Make sure your pitch is succinct and thorough at the same time. You must know your numbers cold.
- Energy Is Infectious- What happens if you are a bad public speaker? Well, you better plan to get better in a big hurry. Future lenders and investors can see your passion and energy and that gets people excited to take action.
- Will It Resonate With The Individual Person- When you tell your story, it must be able to strike a core nerve. Individuals really love to be attracted to a brand in today’s business world, so can your pitch make someone fall in love with your idea?
- Is There A Brand Here?- Brands inevitably become what companies make of them, but can your idea be a local, regional, or national brand. If your business idea dovetails with an exceptional brand, you may be able to take your entrepreneurial venture to the next level.
Will your business idea have what it takes to float in the Shark Tank?
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Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®, is co-CEO of oXYGen Financial and is a top ranked personal finance blogger (www.yoursmartmoneymoves.com). He is a regular contributor to Investment News, The Wall Street Journal, and The Atlanta Journal Constitution. Securities and Investment Advisory Services offered through NFP Advisor Services, LLC (NFPAS), Member FINRA/SIPC. Oxygen Financial is not affiliated with NFPAS.