This week, Robert Herjavec of Shark Tank and the Herjavec Group joins us on the Ranker Podcast. While on the show, Herjavec gives listeners some Business 101 with a list of the biggest mistakes entrepreneurs make when they're about to give a big pitch for some investment capital.
He says that investors knows within 45 seconds if they're going to or not going to give you that critical investment. See what else the Shark Tank guru has to say about common pitch mistakes.Don't forget to buy Robert's new book here!
Ignorance of Important Details
There's a difference between arrogance and ignorance. I'm okay if you don't know your numbers, but if you're selling me on water bottles, you better know everything in the world there is to know about water bottles. I'll forgive a lot of stuff, but lack of expertise is death.
Cadence of Walk
It's pretty rare that busy confident people walk slowly. One of the reasons why I love New York is that it's the only city in the world where no one says "slow down." All of my friends in LA are constantly saying "slow down" and it drives me nuts!
Giving the Wrong Impression Through Posture
Now you start moving, and what do I notice about you? You're hunched over, but it depends what you're doing. If you're a software engineer and are coding incredible stuff and looking for a partner to help you with sales, I like that you look a little timid. But, if you're the sales leader of this organization, and you're not standing straight, that's not good.
Mark Cuban dresses like a slob and he's worth $2.8 billion. He doesn't give a s**t. So I'll always say to him, "You actually do give a s**t because if you cared, you would wear a suit every now and then. The reason you dress like a slob is because you want to put it in everyone's face that you're worth $2.8 billion." It's like driving a fancy car and wanting to show off. He's just showing off in his own kind of way.If you're pitching me on a high tech business and you come in in shorts and flip flops, it stands out. If you're doing an investment banking business and you're going to have to sell to investment bankers, you better wear a suit!