Shark Tank's Best Pitches Explained By the Cast | Vanity Fair

we're the fabulous cast of shark tank and these are the traits we look for in an entrepreneur one of the attributes of a great entrepreneur is that someone who understands and knows their numbers they understand their business model they understand the market they are in they understand the challenges they've got and they're able to measure with the numbers a great example of an entrepreneur that has a tremendous amount of energy and knew their numbers is snarky T's what are your sales we've done one hundred and ninety thousand dollars anyone's give us customer acquisition cost so our cost of acquiring customer right now is about eleven dollars how much is this so there are 15 sachets in each of our tins and they're $12.99 that's expensive though a k-cup is 66 cents when we actually dug in to look at her numbers and you could see she knew all of them she really understood her numbers are margin her customer acquisition costs her market we discovered that the average order was three tins so even though she's paying eleven bucks for a customer acquisition she was basically getting about $40 in order so she was making money I invested in that deal along with Bethenny Frankel we made our money back in 90 days because when it aired on shark tank it exploded but what happens after shark tank well Barbara I like it when I make my money back after that I'm betting on the future we got all of our capital back and now she's building a brand by reducing the snarkiness in other words the large retailers didn't like any swear words or cuss words or anything with sexual overtones we removed all that and we started getting retailers like Walmart and others who take in two or three different flavors not the whole life entrepreneurs need to be creative I think the most creative minds come up with better ways to do things or new ways to do things so creativity is innovation creative thinking always is incredibly important to business because you're competing and you want to try to give yourself an edge not only against your competition but in trying to come up with new solutions for your customers someone who inhabits creativity is scrub daddy you ever got some hot water here I've got some cold water the scrub days in the hot and cold water a complete transformation occurs now to show you that I've got 10-pound weights here under the ten pounds it's soft and compressible and that's like a sponge that's for your gentle scrubbing applications but here check that out his product is creative just to begin with he came in with something that was completely different everything about the entrepreneur the product and the demo was creative I love to find an entrepreneur that has hood spot my two partners that did the coffee product which is a sweatshirt that's also a blanket they had two examples of it no inventory they didn't know the numbers but they had the courage to sit there and pitch as though they had gold and something about those guys I said I'm not sure I get the product but I went for it all you want is to be warm and cozy you know comfy well that's exactly what the comfy is designed to solve because it's a blanket it's perfect for lounging around the house total luxury and because it's a sweatshirt it goes with you and keeps you warm wherever you are it's a fabulous product never would have happened if they had waited till everything was an order and came on Shark Tank no they came in with just a prototype that's it I think it's really important you need to be a problem-solver being successful in business is never a straight line you know if it were easy and we start a business then you're immediately successful we're eventually even successful then everybody would do it it never works like that there are always problems there are always challenges and you have to figure out how to solve them where you go out of business let's take a look at drops top car seat crack that is introducing drops top the first of its kind original patented safety device designed to once and for all lock that pesky yet ever so dangerous gap between your car seat and center console the built-in slot is designed to fit easily around the seat belt catch like so mark was driving and he got distracted because his cell phone fell down into that crack mark the entrepreneur yeah mark the entrepreneur yeah that's right his phone fell down and he went to grab it and he almost hit a tree and a pedestrian and he said there's got to be a better way like I'm gonna figure out something that blocks that gap and so they came up with drops top and they've done a phenomenal business I think were over 40 million in sales so a successful entrepreneur also has the ability to motivate and work with others al Bubba Baker this guy is a huge man in so many different ways he's like your big uncle he also has a big personality but he also knows his ribs that are bonus meaning the bones are actually pulled out of the rib that is a patent on the product and the process and he is amazing motivator for 13 years that was my job BBQ is my passion sadly I married a woman that doesn't like ribs because they're too messy so I vowed to find a way for my wife to be able to enjoy ribs but how do you make ribs less messy you take the bones out after 20 years I found the perfect method and the debone baby back rib steaks were born make no bones about sharks it's time for some ribs what a Salesman he's absolutely amazing and we've gone on to do so many things that a deal with Carl's jr. also cruise lines and he's just amazing Osmond but he gets to motivate people because listen the buyers gonna see a bunch of ribs from so many different people but when al Bubba Baker comes in that room and he resonates with them and says you know what the best thing behind any great invention is a wife who hates ribs right and then he gets them to realize that and then it also talks about his time on the field and then by the time it's over he hasn't eaten out of his hands he's a motivator so you think motivation is the key to good salesmanship because that guy could sell you anything I believe so you got to motivate your team do you want your team coming to the office where they work for you or with you and they're like I don't want to be here I hate what I'm doing they're on Instagram the rest of the day but if they're motivate and they feel like they're part of a movement people want to feel part of a movement they want to go out and brag you when you're not around entrepreneurs need to be open to new perspectives and diverse opinions look at your workforce do they all look like you do they look different than each other do they have different experiences it's really about you know allowing people to speak up and allowing and encouraging them to speak about their experiences and how they can impact your business because all it takes is one good idea a great example of someone who looks for new perspectives is Alice from Alice's table Alice's table empowers women across the country to launch their own businesses teaching flower arranging classes there are brilliant moms everywhere looking for flexible and creative ways to make money and lead in their communities so Alice's table was a deal that saram Blakely and I did together and what's unique about Alice is she goes out and uses flowers and events an ever growing number of opportunities to help women create their own businesses and her business just keeps on growing and growing if you are successful as an entrepreneur you end up free but the sacrifice is immense you won't be hitting a lot of barbecues on the weekends and you won't see anybody playing soccer if you have kids because you're gonna be working I'm sure there's some ugly-looking cut up sponges that scrub daddy yeah put together a dozens and you know one of my favorite sayings is it doesn't matter how many times you fail you only have to be right one time and that's the beauty of being an entrepreneur every time you fail you learn but if you get it right one time everybody calls you an overnight success and you just smile all the way to the bank

Channel: Vanity Fair

Views: 4,396,245

Keywords: barbara corcoran, best shark tank, daymond john, jamie siminoff, kevin o'leary, lori greiner, mark cuban, mark cuban 2018, mark cuban interview, mark cuban pitch, mark cuban shark tank, mark cuban vanity fair, shark tank, shark tank 2018, shark tank best pitch, shark tank cast, shark tank episode, shark tank highlight, shark tank interview, shark tank pitch, shark tank season, shark tank vanity fair, vanity fair

Id: zq3fwHwgB9g

Length: 7min 56sec (476 seconds)

Published: Thu Oct 04 2018

Reddit Comments

[u/maddensteven1988]

"Mark the entrepreneur" "Yea that right hahaha (your name is also Mark)"