They’re rich, successful, and savvy. And they want you to be rich, successful, and savvy as well. I’m talking about the “Shark Tank” investors. In this Wall Street Journal piece, the investors give great advice for making a business pitch and snagging the capital investment that could launch your idea from crazy dream to monster success. Here are two recommendations.
Why You? Spunk and a perky presentation won’t cut it. Participants need to prove they can run a successful business. Ms. Corcoran invested in Cousins Maine Lobster because the owners convinced her they had the salesmanship and perseverance as well as the business plan to make it work. “It was not because they invented lobster. It was the work ethic,” Ms. Corcoran says. (Representatives of the company didn’t respond to requests for comment.)
Show Your Toughness. It’s fine to acknowledge failures. “Businesspeople understand you will fail, it’s not all sunny,” says shark Daymond John, who works in fashion and branding. The sharks look for entrepreneurs who can take a hit. “A good entrepreneur keeps coming back,” Ms. Corcoran says. She invested in Pork Barrel BBQ after co-founder Heath Hall was unfazed when she compared his appearance to the company’s pig logo. (“I felt she was testing me to see if she could get a negative reaction out of me,” Mr. Hall says. “So I chose to go with the flow and let her know I could take a punch and stay on my feet.”)
Great advice for business people — and great advice for living life in general — offered by some of the most successful people in business.
The piece makes me shake my head over why the rich are routinely maligned by the Left. They could simply hide their cash under the mattress and sip cocktails on the beach. But they don’t. Instead, they choose to help others find similar success. There is much they can teach us. What’s more, we should be grateful they are willing to offer so much opportunity, whether from the capital investments they make, the jobs they create in our communities, or the commitment they show to helping people in need.