We asked some of the Sharks to give us their best advice regarding the most common questions they've received over the years from entreprenuers. Here's what they had to say:
10. How do I find investors and business partners and what's most important in my presentation?
Barbara Corcoran: Come on Shark Tank and give us your pitch! Make sure you can sell your product, because if you as the head of the company can't sell it, who will? Also be sure you're ready to answer the two key questions too many of the entrepreneurs who come on the show can't: 1) What will you do with my money? and 2) How will I get my investment back?
Daymond John: Banks, venture capital, and angel investors are listed everywhere. Also, go to a trade show for the industry you are in and seek a strategic partner.
Kevin Harrington: You can find investors and business partners through networking within entrepreneurial clubs, running ads, calling friends of relatives, utilizing relationships with bankers and loans through government organizations such as the Small Business Administration, and using websites that offer crowd funding opportunities. Your presentation needs to convince potential investors and business partners that you know what you are doing, have a background in your business, and have put together a good team. It's important that you show them as little risk as possible, and convince them that they will not only get their money back, but also a high return on investment.
Robert Herjavec: First step make sure you need investment – or do you simply need a loan. Most people that want an investment simply need a loan – keep in mind if a bank will not give you a loan – you are going to have a hard time with investors also. They are out there – this is the greatest time in history of concentration of investment capital in cash. Build a great business – everything else flows from that.