No sob stories. No drama. No fumbling. What is a perfect business pitch?
It couldn’t have been timed more right. In our country, we had a wave of doctors and engineers and now the country is witnessing the start-up wave. The response that Shark Tank India received is tremendous. India’s first business edition reality show is a hit and a must-watch! This show has provided a platform to the budding entrepreneurs as well as this show encourages aspiring business makers and entrepreneurs to dream big and set business goals.
The show is like a crash course on entrepreneurship and business. A show that is free from all emotional drama, sob stories, and an over-dramatic background score. All you need is a perfect pitch to impress the sharks.
What is a Business Pitch?
A business pitch is a presentation about one’s business in front of others. It aims to provide an idea about your business, target audience, revenue model, and other workings so that the third party gets a clear idea about your business. A business pitch can be simple or creative, but ultimately it should convince the third party that you are capable of turning your business big!
Now that you have an understanding of what a business pitch is, let us look into some tips from the famous show Shark Tank that one should remember before presenting in front of a third party.
Business Pitch Tips
Tip 1: Do Your Homework
Before presenting your business in front of a third party, have a thorough research about their interests, investments, and perspectives. It would help to make your pitch more effective. One must learn as much as one can about people who may open their wallets to support you and your business. For example, the female sharks always support the women entrepreneurs and can easily relate to their struggles and business ambitions. Similarly, some sharks are interested in innovation and technology. Knowing all of this information will give you an idea of how you can pitch so that it hits right at the correct spot.
Therefore, always be a good student and do your homework accordingly.
Tip 2: All you need is a perfect pitch to impress the third party. There is no doubt that the product or service should have the potential to turn into a big business or brand, but the entrepreneur should keep their best foot forward as the better the pitch would be, the better your chances would be. Practice your pitch in front of the people you trust so that they can provide you with healthy criticism. The more you will practice, the more confident you will become. Fumbling, hesitating or less confidence are not good signs. There are no shortcuts here. A flawless pitch can help you in getting the deal as the investor not only bets on the product but also bet on the entrepreneur.
Tip 3: Show and Tell
The most memorable pitches are the ones wherein the audience and the third party can watch the product work. The Bummer’s super stretchy underwear, Momo Maami’s super delicious momos, or COS IQ’s non-sticky sunscreen were all tested and shared with the sharks. This makes them sure about the product in which they are investing. The biker couple’s biking product was better than famous brands, as told by the sharks on the show. Note that even if you don’t get a deal, you get a word of appreciation and whether it be on-air or in reality, organic marketing helps in business.
Tip 4: Know Your Numbers
You have a good product, which is great. But do you have a good business? Undoubtedly investors look in for the product or service but they also need numbers to make sure that they are investing in a good deal and not a gimmick. One should know about their numbers. If people are impressed by your product but you flounder when it comes to numbers, then this might shake your pitch and deal. If you remember the two ladies, Rubel Chib and Dr. Srishti Batra who came in with their fruit machine, although their product was appreciated, they faced a backlash for valuing their business of a whopping 400crore when they had sales which were as low as 50 lakhs. Similarly, was the case with Delhi’s Gopal 56.
They didn’t get the deal.
Tip 5: Know Your Business Inside Out
Yes, Yes, Yes! Even if you are not from a business background, try to understand the main concepts and terms. People want to work with smart people and people who make efforts. Staying in your comfort zone is considered lazy, if you hustle, try to understand new things, you are considered a smart and hardworking person. The nanad-bhabhi who came up with the Aachar Business called JhaJi won everyone’s hearts. Although they didn’t strike the deal, their efforts surely impressed everyone. They learned all the business and technical terms from their sons and turned their disadvantage to strength. Promote yourself as savvy business people and know your business inside out.
A business pitch can make a lot of difference. If an investor points out some negatives from the business, you may ask for his expertise to solve the weakness and turn the table around. If things go poorly, don’t dwell on it and be discouraged. Learn from the experience and prove them wrong by making your business touch the heights.