So here’s the setting…
Standing in the wings, a nervous entrepreneur has an idea. And it’s not that they’re just looking at it as a quick path to personal wealth, but it also seems a part of their DNA – to create something from nothing.
But they have a problem… not enough cash to make their dream a reality and they need to get more of the stuff from probably the most intimidating audience they’ll ever encounter… venture capitalist. You see, those investor’s motivation is rarely altruistic. It has everything to do with making money…. lots of it and with deal leverage that feels like your children, dog and golf clubs may be included.
What I’m describing here is one of the most highly-rated TV shows going – The Shark Tank.
So let’s see if we have our arms around this high-pressure presentation scenario.
- The stakes are huge
- They only have moments to make their case – not hours
- The message has to be crystal clear and uniquely solve a problem
- There are no do-overs – they have one shot
- And their audience sits through pitches every day and they need to stand out!
Humm… this situation sounds vaguely familiar. It seems to also describe the vast majority of the presentation scenarios each one of us find ourselves in on a regular basis. And if it’s not related to funding or budgets, it most likely has something to do with your career, reputation or influence with important people.
So how can you best leverage your shark tank scenarios in real life? Three simple ideas for you….
1) If you aren’t connecting with real issues in seconds – then you lose.
Think about it, budgets are allocated to address needs. New products to solve problems. Company policy changes to address potential issues or partner planning presentations to improve on last year’s challenges. Just about every presentation these days has something to do with addressing needs or issues in some way, shape or form.
Here’s a model to heighten engagement with the sharks in your life… (with an actual Shark Tank example – The Inventioneers)
Set expectations – “We’re here to ask for $100k for 20% of our company”
Pain – “Distracted driving is a major concern for most families”
Effect – “Over 18 children die every day in car accidents”
Need – So how can we raise the focus of teenage drivers to distracted driving?
Solution – The Smart Wheel!
Benefits – “Colored lights on the steering wheel alert the driver. Parents are notified via text when unsafe driving is detected”
Differentiation – Today we only have a child’s promise they will be careful
Validation – “And we are currently in negotiation with major car companies…”
Close – “Partner with us so we can save lives and you can make money”
2) If you aren’t passionate about your idea – don’t expect others to be.
I understand not everyone is wired with the high energy gene – but people rarely engage with others who don’t appear to be enthusiastic about their own idea. I guarantee you that many of the inventors coming to the Shark Tank were probably not cheerleaders in high school but that changes nothing. They practiced at least the perception of passion and had to reach down deep and find a way to convey enthusiasm.
For you, find someone to be your ‘passion barometer’. We are our own worst measuring stick for this attribute and need to use others to honestly tell us… I’m just not getting very excited about this idea because you’re just not there yet either.
3) The perception of confidence can be learned.
Confidence is infectious. And those who appear confident and comfortable in their own skin put us at ease too. Unfortunately, there are many people we encounter every day who look anxious and uncomfortable and sometimes it’s just plain hard to listen to them much less buy into their idea or plan.
Well, the good news is that there are very specific skills that can be learned to convey the perception of confidence – even though there may be a great deal of turmoil going on inside you. (Only you know that) This starts with keeping your head up…. eyes engaged and making the complex simple for others to understand.
To do a deeper dive on this third idea, check out my blog, The Art and Science of Confidence. It will blow your mind and perhaps give you some hope for the future.
There’s a reason the Sharp Tank is one of the most popular shows on TV.
We admire those who have the courage to take a chance in the tank. We’re fascinated by their ideas and how simply they explain them. And when they succeed and get some money for their ideas, we share just a little bit in their success.
So take on your Shark Tank this week! Make the complexities of your message so simple people can understand your idea in seconds. Keep that head up and help others get caught up in your enthusiasm . Those are the things that make the difference between being heard… or quickly forgotten in a sea of other voices.
Don’t just survive in your personal shark tank… thrive in it.