What Have The Sharks Taught Me?

In my previous post, Valuable Lessons From The Shark Tank Sharks, I discussed important pieces of advice Daymond John and Barbara Corcoran have said about business plans. John said branding and marketing were the most important aspects of a successful business plan, but Corcoran believes the investor pitch is the most important aspect.

Currently I am creating a business plan for my courses at Full Sail University. When I came across my marketing section, I thought of John’s words of wisdom. I analyzed which pieces of marketing would best fit my company, rather than going all in to the traditional forms. In my company’s case, I have a very specific target market. I know who I am trying to sell to, so it is better for my company to spend lots of money on certain marketing tasks. Traditional forms of marketing, like radio advertisements, flyers, and television advertisements don’t work well with my company. The world doesn’t need to know about it, just my targeted clientele.

John also mentions standing out from all of the other businesses. When developing my company, I knew I wanted to do something that wasn’t readily available in my current location, Orlando, Florida. Creating a business that is directed at a specific industry and has limited to no competition is a huge advantage. As John put it, my company stands out from all of the other businesses.

Corcoran’s piece of advice hasn’t come in to play yet, but as I enter my final course at Full Sail University, I will be able to use her tip. She advised presenting your pitch to someone who will give you an honest answer because then you can go back and make necessary changes. This is so true. Many times people take the safe way out and go with what’s comfortable, but when they present, they’re in an uncomfortable situation and are not prepared for preceding question and answers. There’s a saying in sports, practice how you play. For your investor pitch, practice how the situation may turn out. Practice with someone who makes you nervous and gives you honest feedback.

Since I’ll be presenting in my final month, I know I have friends who are blunt, even if it hurts. They are my best option when practicing my pitch. They are not afraid to tear apart the weaknesses in my pitch, but I know it will only make it better.