ABC premiered a new show, “Shark Tank®” last Fall, and it has become
a hit! It airs on Friday nights and I promise you will love it!
If you’re not familiar with the show, entrepreneurs “pitch” their
ideas to a panel of venture capitalists hoping to receive start-up /
additional funding to take their product or service to the next level.
In exchange for an investment in the company, the investors gain an
ownership percentage in the business.
The “contestants” must request a specific sum of money, present a
description of the service or product, discuss the history of the
business, provide actual or projected financial figures (current /
projected sales, profit margins, costs, etc.) and a business plan, and
detail how the Sharks’ money will be used.
The presentations are very interactive, with the Sharks asking tough
and thoughtful questions during the pitch. If the business owner has a
great idea that merits an investment, he / she will be awarded either
all or part of the capital requested.
As I watch the show, there are times that I want to scream! Many of
these individuals “come to the table” without thinking very clearly
about their target market, potential demand for the product, what
experience they bring to the business, and any successes they have
achieved thus far. These people are often sent out the door with some
pretty “strong” advice from the Sharks.
Then, there are the entrepreneurs that really have their stuff
together. They present their idea and business plan brilliantly, exude
passion and confidence, detail research they’ve conducted, and have a
clear picture of how their product meets a specific need or opens up a
new niche market. I love watching these people! And, the Sharks are
usually fighting over who is going to give the best deal and capital to
the individual.
This show reminds me so much of how people prepare (or not prepare)
for their job search! The parallels are uncanny. Like an entrepreneur
pitching a product or service, you should be doing the exact same thing
in your job search – except the product being pitched is you!
Here are some words of wisdom if you want the “Sharks” (Hiring
Managers) to buy into your “product” utilizing the premises of this
show:
- Do your research. The successful entrepreneurs on
this show have done their research, know who they are targeting, and
determine their product’s value. As a job seeker, you need to take the
same steps. Research the companies that will be a match for your
specific strengths and skills, target them, and develop your value
proposition that will help these companies achieve their goals.
- Develop your “business plan.” Just as business
owners develop “road maps” for their product or service, detailing
their skills and previous successes, you need to do the same thing.
However, in the job search, your business plan is your resume. Convince
the potential employer, on paper, why they should even call you in to
“give your pitch.”
- Show the value of your “product” to the potential employer.
As a job search candidate, you need to convey your “value proposition”
to the employer. Figure out what makes you different and unique. Then,
be prepared to show evidence of your continued success throughout your
career that speaks to your “personal brand.”
- Be prepared to make a convincing, confident presentation about why your “product” should be chosen over all the other products.
When the entrepreneurs make their pitch to the Sharks, the ones who
come out on top and get the funding are always confident and
well-prepared. They also provide examples of why their product is
better than what is currently on the market. For your interview,
prepare a dynamic “presentation,” and back up your “value” with facts,
figures, and successes.
- Be ready to answer questions or address objections. Many
times the Sharks will ask probing questions to determine whether the
participants really know their product’s market and audience.
Sometimes, they even ask about other markets where the product will be
valuable. When you are interviewing, you need to be prepared to answer
tough questions and determine what, if any, objections a potential
employer may have about you. Further, you need to understand how your
skills can be transferable to other areas of the company so you can
show your versatility.
While most of us will never end up on the show, Shark Tank®, I would
like to suggest you watch it as “research” for your job search. I am
confident you will quickly discover how pitching a product / service on
this show is the same as pitching yourself to a potential employer.
You can watch previous episodes on ABC’s website at http://abc.go.com/shows/shark-tank/episode-guide
Recent Comments