What NOT to do on Shark Tank:
1) Debt is a no good. The minute you tell the Sharks that you have debt, they stop listening and swim away!
2) Over valuing your company. Ridiculous valuations drive the sharks crazy and won’t get you an offer, but might get you bit!
3) Not knowing your numbers. If you want to get eaten alive by the sharks, don’t know your sales numbers or margins!
4) Greed. Sharks don’t like to give an offer and wait for the other sharks to bite. Make your decision quickly or get ready to swim with the sharks!
5) No sales—not good. If you want money from the sharks, you need to show that your producing sales or get eaten alive!
6) Not easily replicated. Beware of introducing a product that can be duplicated. Uniqueness is imperative. Having a patent is the key to no shark bites!
7) Rehearse and smile! Entrepreneurs in the Shark Tank who are well rehearsed and smile get the big bucks!
By Linda Duke, a barracuda
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