Samples Sell (Shark Tank Tip #4)

As you present a product, concept or idea – keep in mind that Samples Sell. This is the fourth presentation tip from Shark Tank. In the first post we learned to personalize your presentation. In post two we discovered that people buy you. And in post three we recognized the importance of knowing your numbers. As entrepreneurs enter the Shark Tank, they present a multitude of ideas. Their products range from food to clothing to movies. And one of the ways that the entrepreneurs seem to win over the sharks is by putting the product in their hands. When you are presenting and you can sample the product, it does something magical. It makes the abstract tangible and gives the prospect an experience with the product before they even buy. You have probably heard the saying – “The product sells itself.” Whether that is true or not, the saying is
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Know Your Numbers (Shark Tank Tips)

This is post number three in the series – Presentation Tips from Shark Tank. In post one – we discussed Personalizing Your Message. In post two – we discovered that People Buy You. Today’s post will remind us all that we need to Know Our Numbers. As hopeful entrepreneurs present to the sharks they present a valuation on their business. They say, “I’m asking for $100,000 for 10% equity in my business.” – which would be a $1,000,000 valuation. It is only logical that the sharks would want to know why the business is worth $1,000,000. So they ask about the sales (both units and revenue). They want to know what assets the company has, what margin they are operating on and what projected sales and growth will be. Many entrepreneurs enter the Shark Tank and get shot down because they can’t answer these questions. In other words they Don’t
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