Five Tips to Get a Shark to Bite in Business

For many entrepreneurs, there comes a time when their business and their dreams are big enough that they are ready to go from being a hope and a prayer venture run from a bedroom of their home, to becoming a substantial, real-life successful business. Getting to the next level and finding massive success requires help, oftentimes from someone who can invest the money and valuable resources to substantially grow the business. This person is called a shark. A shark is the top feeder in the business world. They are the ones who have already made it, usually through the benefit of having started out with a shark of their own. The shark recognizes the endless opportunities at their feet, which a majority never see. They are very good at sifting through the sand to find the gold hidden within. Just as the sharks are very good at evaluating the potential and opportunity in what they choose to invest in, the entrepreneur should be equally particular in how they choose their shark. If you work with the right shark, the results can be mutually beneficial and everyone will win. But finding your shark and catching him isn’t an easy feat. 

Here are five tips to help choose, and hook the shark that’s right for you and your business.

Know what kind of shark will benefit you the most

It may seem like an investor/partner in your business is great, no matter who it is. Be careful though, because sometimes when you think you’ve hooked a shark, they’ve hooked you. From the very start it is important to make sure that you and your shark share a vision of how your business is to be run and how much involvement and/or equity your shark will have. While it is wonderful to be able to draw on the resources and wisdom of an established success, you ideally are looking for support. Even if you become business partners, you don’t want to give away too much and sign over ownership of your dream while you get nothing. Even if the opportunity seems too good to pass up, you may want to walk away from a shark who will take too much.   

Create the perfect bait to catch your shark

Most seasoned investors have seen more pitches from smaller businesses than they can count, so make sure you stand out when it’s your turn to go before them. It’s important to remain respectful and maintain a dignified, confident demeanor, but start your pitch with something dramatic to make sure they are listening.  Demonstrate how your business or product is a mass market proposition. 

• How does it solve a problem or benefit the customer?
• Show the shark how the product or business is unique.
• What kind of testimonials and endorsements do you have?
• What is your track record?
• And of course, what is the money-making potential?

Find your shark’s sweet spot

Do your research and think about how what you do fits in with what they do. 

• Does your product or service fit in with what they already know?
• Do they value service over product?
• Are they more interested in mass production or having a higher price point for their products?
• Do they worry more about production costs, or the time it takes to get a product to the market?

It’s all about adding value

In addition to finding out how your shark does things, make sure you emphasize why they should go into business with you. Many people get caught up in their own story and forget that all the shark really wants to know is, “What’s in it for me?” Always focus more on the value you offer rather than the history of what you have done or what the company has achieved in the past.  These are indeed important details, but the value you bring to the shark is more important.   

Be a good partner

While it’s important to carefully evaluate the character and business practices of your shark, it’s equally important that you are of good character and sound practices. When you work with clients/partners/investors/etc., always be ethical and fair. If you try to rip someone off, or unload your debt to a partner or investor, you will not only destroy the relationship with that person, you will also soil your reputation and you may find the ocean empty of any more sharks to work with. In business, there are some times when serendipity and a touch of magic seem to be behind a big break. If you get those moments, take full advantage of them and be happy. More often though, luck is what you make it. When looking for your shark, be prepared, do your research on them, and put your best effort forward. If the shark sees the potential you have to offer, you stand a great chance of success.