I love watching the popular TV show Shark Tank. I am inspired by the innovation of the entrepreneurs and always gain business insight from the savvy sharks.
As an entrepreneur I know all too well how important it is to be passionate about what we do. However, when pitching to investors it is also key to stick to the facts. Although we started our companies because we are wildly passionate about our jewelry and our widgets, the VC’s are simply looking at the bottom line.
It is painful to watch the entrepreneurs enter the Tank and tell the Sharks that the reason they should invest a half a million dollars in their companies is because they have mortgaged their house or because they really, really love their BBQ sauce. That is not a reason to invest in a company. Now an outstanding order for 2 million dollars you can’t fill because you don’t have the capitol you need—that is a reason to invest. ROI.
Watch the show, swim with this wise school of fishes and learn.
The Barefoot CEO ®