“Shark Tank” season 7 shark Robert Herjavec has given some tips to land a deal with an investor.
So, here are five questions to consider before trying convincing an investor to partner:
1. Is your product or idea unique and could stand out from the rest?
Herjavec noticed that the competition nowadays is tougher than in previous years. In his speaking engagements at colleges and universities, he has found out that almost all college students raise their hands when asked who would want to run their own businesses.
“I think it’s harder if you’re a ‘me too’ business or you’re one of many. I think if you really have an innovative idea and you’re first to market, there’s no shortage in money,” Robert Herjavec of “Shark Tank” season 7 told Business Insider.
2. Are you positioning yourself to succeed?
A research conducted by Gallup revealed five out of 10 (50%) new U.S. companies fail in their first five years. And the reason was reportedly due to the absence of talent for the business.
Investors like Robert Herjavec of “Shark Tank” look for those entrepreneurs who position themselves to succeed, especially in the first five years.
3. Can you sell yourself to investors as to who you are?
Besides a unique product, Herjavec said entrepreneurs must be able to sell who they are.
4. Can they work with you for years?
Investors usually look for long-term partnerships and if they can work with an entrepreneur for years, there’s a bigger chance of landing that deal.
5. Are you in a fast-growing market?
There’s a danger in saying, “I’m going to grow the market.” Why? According to Robert Herjavec of “Shark Tank” season 7, no entrepreneur can do that.
“I want people who are in an expanding market already. You can’t grow a market. It’s very, very difficult,” Herjavec said.
Photo source: Facebook|“Shark Tank”