If you have read this blog for a while, you know I love the show Shark Tank. If you are new, here is the quick rundown: I am a mom, an entrepreneur, writer, hopeful and methodical inventor, who obviously loves a show in which both new and seasoned entrepreneurs pitch their ideas/products/wares for investments from those who have gone BIG like Mark Cuban, Barbara Corcoran, and Daymond john.
Often the show is funny and a good bit of the allure is the banter between the sharks and the way they poke and prod the ‘pitchees.’ If you pay attention, you can really learn about what NOT to do when pitching – this is always the takeaway for me when I watch pitches.
This past week (you can watch here), other than the fact that 2 (idiotic) brothers called Mark Cuban ‘cubes’ had me in nervous and hysterical twitches, something else Cuban-esque got me. He said to these 2 guys from Bag Bowl (when you have minute, read the link here on the mystery of these guys?!?!) – ‘You guys are wantchapreneurs not entrepeneurs.’
Basically, the guys were early, pre-stages of really doing much of anything and wanted/needed and asked for everything from the sharks. In my opinion, it is ok to seek the help or mentorship of others, but only when you know what you can contribute or where your strengths in the process lie.
For example, I cannot draw worth anything, so when it comes to technical drawing and my CAD, I need help. I seek this and in turn prove myself in other areas of my business. It is so easy to get wrapped up in the idea of being an entrepreneur that sometimes, being one actually gets lost in the process.
Back to the ‘cubes’ comment for a minute and why I was nervous and laughing all at the same time. I believe humor has its place, however, jokes are much better received when they are preceded by real business and not fluff. I have heard from many that the ‘cubes’ comment killed them. I would bet that if the guys had a solid pitch with projections, research, pre-sell stats, marketing ideas, and any sort of numbers – maybe, just maybe ‘cube’s would have been more of a hit? no?
I guess the moral of the story is this: Just as you would not go scuba diving (in shark infested waters) without a good bit of due diligence and preparation, don’t head into the business shark tank without the same prep. This has been on my mind in particular lately as I move closer to launching my product, and reviewing figures, numbers, and definitely seeking pre-sell opinions.
As a side note – the Bag Bowl guys got a deal with Lori Grener as she was excited to manufacture their wares and sell them on QVC.
It matters here on the blog, too. A business in and of itself as I expand my wings as entrepreneurial writer. Where is it advantageous to freelance and why? What is the cost of my time? What are the best modes of sponsorship for this site? Questions that can only be answered by having the numbers and stats in my head related to time, money, resources, and where all this is heading. Something that weighs heavily on mind as my contract for advertising comes to a close at the end of this month (more on that some other time).
Cuban (‘Cubes’) puts the big picture out on the table on national TV with his ‘wantchapreneurs’ expression. I know he has used it before, but his use this past Friday stuck in my gut. Basically, know your s%*# is at the root of the expression because just pretending to be an entrepreneur is just that.
Many of you as readers are aspiring inventors, business owners, or people who want to take their dreams to the next level –
What do you see as the main step in getting it all together? Knowing your stuff? Or preparing to really moving forward? What are the action steps?
photo credit: Wikipedia