One of the best ways for entrepreneurs to set themselves up for success—either in the Shark Tank or in the real world—is to figure out exactly what success means for you and your business. While the recipe for success is different for every business, Shark Tank guests are generally looking for one or more of these three C’s:
Take SurfSet Fitness, for example, who first appeared in Season Four. When Mike Hartwick and Sarah Ponn first entered the tank, they asked the Sharks for a $150,000 investment in exchange for 10% equity in their company. The Sharks liked the dry land surf-based fitness company, but they quickly something that the owners did not: that significantly more capital was needed in order to put their business plan into action. Mark’s the first Shark to plant the seed with $300,000 offer, double Mike and Sarah’s original ask. Other Sharks make lower offers (along with lower equity), but Mark’s offer stuck, and they took it.
Mission Belt Company, on the other hand, was looking for a completely different definition of success. Owner Nate Holzapfel demonstrated his salesmanship and passion throughout the pitch, but told the Sharks he really needed the apparel and accessory industry connections. Daymond was impressed by Nate’s hustle and sales skills, and with his deep connections within the fashion industry, it was a perfect match.
Whether it’s about capital, connections, or counsel, take some time to figure out your businesses recipe for success. Then, figure out your strategy for putting together whatever pieces you don’t already have, and building up your business.
How have you set your business up for success?