One of the main reasons I love the TV show Shark Tank is because I learn so many nice ways to tell people no. The sharks have the uncanny way of letting entrepreneurs (people) down while building them up.
The phrase “and for that reason I’m out” have become a regular member of my vernacular.
Being direct and identifying why you won’t work with or for someone is a skill that can save you time, money, headaches, heartaches and so much more.
Shark Tank isn’t a charity show. The sharks aren’t giving money to the “lucky entrepreneur”. They are looking to invest or use their money to make them more money.
Many people walk into the tank expecting a deal, sometimes simply because the sharks have money to offer. But people invest in people not products.
Take for example my friend, Tiffany Krumins, creator and founder of Ava the Elephant. She walked into the tank with hand made prototypes of her product, an idea, and walked out with a deal with Barbara Corcoran.
Did she get the deal based on her product, partially, it didn’t even exists yet.
Did she get the deal because of a sob story? Not even close.
Why did she get the deal? She got a deal because Barbara saw that she was passionate about her idea. She noted that she was coach able and willing to put in the work it took to succeed. Barbara saw that Tiffany many of the qualities and character traits successful entrepreneurs display.
Barbara, invested in Tiffany! She just happened to also have an awesome idea that 1) solved a problem and 2) had the potential to make Barbara’s money make more money.
If I could set a world record, it would be that I have 150 business partners, all with thriving businesses of their own that started with nothing and I made the difference to make them all billionaires. – Barbara Corcoran
Sometimes people look at shark tank and say things like “the sharks are mean”. Or “they have millions of dollars, they can give that guy a few thousand”.
Yes, they do have money but simple math would prove if they gave all their money to businesses that don’t yield a return… they would be on the pitching end of the transaction, seeking a check, and not the investing end, writing a check.
The next time someone wants you to invest in them (time, money, energy or resources) and they aren’t the right person for you to invest in… be sure to give them a direct reason why you won’t followed by the phrase “and for that reason, I’m out“.
Mychal Connolly aka Mr. Stinky Cakes went from being an immigrant dishwasher, to being selected one of America’s Top 100 Urban Entrepreneurs, as well on one of Massachusetts’ Top 40 under 40, for his work as the co-founder of the online baby-gift company Stinky Cakes™. He is the author of the Entrepreneurial, Marketing & Branding Guide: Launch & Standout, in which he teaches entrepreneurs how to start businesses and create brands that customers know, like, trust, remember and buy into to.Subscribe to the Podcast