... COVER CONTINUED valuation is up or down because he can’t control any of that. What he does look at is what the popular trends are today. He pays attention any time the economy moves some items up in value and others down in value. He doesn’t try to predict or time it; he just moves in the direction everything is flowing. If you stop and think about how many of us small- business owners operate, you can see that it is at odds with the way Mark operates — which is likely why he is a billionaire and we are not. Of course, the situation is a bit different, as he has many different investments and a team of people (he had four with him on set, the most of any Shark) to help him. Even though there are differences, we can still learn from what Mark said: Don’t worry about timing the markets and trying to control something you can’t control. Instead, focus on what you do have control over, and pivot when appropriate. While we were sitting with Robert’s team in the background, it was funny to hear them talk about deals they’d be okay with the Shark getting and deals they had zero interest in. I even asked if Robert’s team member was glad when Robert didn’t win one of the deals, and she said, “Yeah, those people would have been a nightmare for me to work with.” Even when a deal is done on “Shark Tank,” it is not done. The Shark has time to do due diligence on the deals and back out at any point. The lesson I was reminded of while sitting with Robert’s team was that just because the boss says yes doesn’t mean you don’t also have to win over the team. It’s especially true in a situation like this, where the team is really the people you’ll be working with.
P.S. I’ve been asked a number of times whether I pitched a product on the show. No, I was simply a guest of Robert Herjavec. –Shaun
company would get a deal? I saw a pitch or two like that while I was watching, and one of them even got a deal from Mark. WHAT GIVES? At this point, the Sharks know all about the “Shark Tank effect,” which is the estimated number of sales of a new product on the first night the show airs. Sometimes the deal gets done because the Sharks know they can make their money back on the first night. This is one reason why Mr. Wonderful likes those royalty deals. They allow him to get his capital back many times over when the show first airs. These guys and ladies may be on TV, but make no mistake — they are savvy investors. This is one reason you don’t see a ton of B2B products or franchise concepts have success on the show; the return on capital to the Sharks will take a lot longer because the “Shark Tank effect” is minimal in those types of businesses. Overall, the experience was amazing, the Sharks were friendly, and Mr. Wonderful truly is one of the savviest of them all, despite what may come across on TV.
While watching “Shark Tank,” have you ever seen a product and thought there was no way the
BUILDING RELATIONSHIPS TO HELP SMALL BUSINESSES SUCCEED.
Made with FlippingBook Online newsletter