Shark Tank’s worst question you can receive after ‘pitching’!

Everything goes perfect until you end up your ‘pitch’ and one of the Sharks asks: “Sorry… I didn’t understand… what do you sell?…. what’s your product about?”

Oh my… that’s the worst question you can receive after ‘pitching’! That means the following:

  • They might have lost important details, including the value proposition.
  • The first impact was vanished, and the enthusiasm in the repetition isn’t the same anymore.
  • Now, they are confused and you have an extra job: catch their attention again.
Figure 1. Shark Tank
  1. Solution: Excitement and confidence are some of the most important characteristics needed when introducing this section. It’s a must to clarify if it’s a product, service, system, etc. It can be difficult, but if you are able to understand what are you really selling, you’ll can easily avoid a confusing explanation.
  2. Value proposition: This is a crucial element when completing the Business Model Canvas. Make it simple and try to start your phrases using words such as create, provide, increase, reduce, eliminate, etc. These statements should really mention the differentiator about the necessity your are trying to cover.
  3. Market segmentation: How much can you extend in this section depends on the amount of time given. However, it’s a must to specify the target market. Choose a profile that matches the attributes from your potential clients. In case there is enough time, include insights from the qualitative research to validate the idea.
  4. Numbers: Be careful because this is usually the reason why the Sharks are out of the deal. As a good deal-maker, never forget to include justice in the offer. Value the company with backed numbers to justify the proposal of the percentage you are willing to give in exchange of a certain amount of money and expertise.

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