ABC’s “Shark Tank” is an interesting show for aspiring entrepreneurs who pitch their ideas to a team of high-profile investors. While the show is entertaining, it also is educational in that you get a glimpse of what it’s like to pitch your ideas to a group of investors. In a career sense, every episode is an interview in which you demonstrate your value to prospective employers.
One of the areas that investors continuously focus on regardless of how the product is presented is numbers. In every episode, numbers will be discussed and participant’s financial acuity will be challenged. It is interesting to watch how some entrepreneurs answer the question with facts and some struggle with vague ball-park numbers.
Entrepreneurs who can state their results with the numbers to back up their claim develop a sense of rapport. When interviewing for a job, decision-makers remember those who back up their accomplishments using results that convey interest and preparation
Interviewers and investors share a commonality with questions pressing for evidence of reasons “why” they should hire you. The big mistake that job candidates make is skipping numbers on their resumes and when talking about their accomplishments. Career lesson No. 1: Talk numbers and use them wisely.
In a recent article, Fast Company highlighted the team of sharks and discussed the pros and cons of showing passion when selling your ideas. Mark Cuban, an NBA team owner describes being passionate about basketball however that does not make you a great player, “Lots of people are passionate, but it doesn’t mean they put determination and effort into it.” Barbara Corcoran, a real estate investor, likes a passionate pitch: “Charisma is big. I don’t invest anymore in entrepreneurs who don’t have charisma.”
Career lesson No. 2: For job candidates demonstrating enthusiasm, it is important; just balance it with determination and your efforts in building the right skills for the job.
Entrepreneurs who demonstrate reasons why they are pitching their product to the investors and how it can help them with a return on their investment are more likely to see a positive outcome. A mistake that entrepreneurs make is focusing too much on self rather than how a financial partnership can help grow their business.
If the employer only hears what you want from the job rather than what you can do for them chances are high you’ll lose the chance of an offer during the interview.
Career lesson No. 3: Practice your pitch, know your audience, why you are there and what you can do for the employer. The bottom line, investors as in hiring decision-makers for a job are always interested in what you can do for them.
While the ability to make a lot of money is attractive to entrepreneurs, don’t let greed be the factor that keeps you out of a good opportunity for the future. It’s important to reach the best transaction possible but keep in mind what could happen for future deals.
During a job interview making a decision based on compensation alone is risky. Instead, look at what the experience and exposure to different people will do for your future career.
Career lesson No. 4: Money is important. However, don’t let it blindside you from benefits money can’t buy, like contacts with hiring decision-makers and business relationships who will take your career farther than you could have imagined.
What career lessons are you learning from “Shark Tank?”
