Small Biz Tank Lessons: Plate Topper’s Powerful Pitch and Successful Sabotage

Let’s face it, Michael Tseng’s Plate Topper company pitch had most of the essential elements when he appeared on the ABC reality show, Shark Tank. Despite being named one of the most controversial and longest pitch ever during the history of the show, Tseng’s impressive pre-show track record had three Sharks wanting to invest in the food storage container with Shark Lori Greiner finally landing the deal. That’s where we can begin and end this post, reviewing the elements of the company pitch. But we won’t, for the Plate Topper episode and its aftermath underscore another classic lesson for small businesses, which is that sometimes you have to get out of your own way to be successful.

In How to Get Out of Your Own Way on the Path to Success, Kevin Daum, an entrepreneur and best-selling author, offers five tips to prevent self-sabotage. Here are two highlights:

Be disciplined. If you truly want to win the big game, you can’t be sloppy. You are competing against people who train and learn and practice. You need to be in control of your own destiny and that means being in control of your daily activity. Have your priorities figured out. If you don’t know them, you’ll be prone to distraction. If they’re wrong, you’ll get off track. Be able to focus the right amount of thought, energy, and activity on the actions that will get you close to your goal. Learn to focus and dismiss distraction when it’s time to get to work.

Be gracious. Graciousness is not just about being nice. It’s also about being humble. True success and best served among friends and teammates who share in the glory and accomplishment. Start getting out of your own way by admitting when you’re lost, behind, or overwhelmed. Accept the greatest achievements come from the combined work and thought of many. Invite smart, energetic people into your journey and share the wealth and the credit along the way. Revel in their growth happiness and success, and they will celebrate yours.

Read the article at Inc.com.

In the end, Lori Greiner terminated the deal with Plate Topper. She stated in an interview with the blogging site Interviewly that Tseng was “Too stubborn to listen. Stubbornness always gets in the way!” For everything that went right or wrong for Tseng, Plate Topper remains on the market. For more information on the Plate Topper episode, check out this recap on ABC.com.

Is it an advantage or disadvantage to be too arrogant, confident, cagey, stubborn and greedy? Feel free to share your thoughts in the comments section of this post.

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Photo image credit: edenpictures / Foter / CC BY

Whatever the Outcome, Serve up a Good Pitch to Maximize Your Small Business Marketing Momentum

Serve up a Good Pitch! Photo credit: Lauryn McDowell via Flickr under Creative Commons license

Not everyone connects with a good pitch. In baseball, that’s the point, right? On the other hand, in business, that’s a lesson learned by a North Carolina entrepreneur who appeared on the ABC hit television show, Shark Tank. Despite a unanimous “Great pitch, but I’m Out” on the investment opportunity, the Sharks’ refusal to bite did not derail the passion of Julie Busha, owner of Slawsa, a condiment product (ironically, in another episode, the Sharks bit on a good pitch and the business, Lipstick Remix, failed). Nor did their decision derail the marketing momentum of the product, which is currently available in more than 6,000 retail locations throughout the United States and Canada. In a post-show article, Julie shared a few small business takeaways from her out-of-the tank experience that are well worth repeating here:

Surround Yourself with the Best. …You can make your life easier if you surround yourself with the best. We live in a day of technology where outsourcing can be more effective than hiring within, especially if you’re small. But believe me, you’d rather be the quarterback who understands the game and can call the plays versus having three guys who sit on the bench.

Quality surpasses quantity every time, and making wise decisions to align yourself with the best will help your business run efficiently.

Never Let Someone’s Inability to See Your Value Determine Your Worth. …Success is not defined as making a deal on Shark Tank. Believe it or not, the voice of America reigns louder than that of any Shark, and those are the voices that matter most.

Read the article at Huffington Post.com

Back to the pitch. There’s brewing debate on the merits of company/elevator pitches. On a recent episode of LGK’s The Marketing Mojo Show, Sue Baroncini-Moe, business/marketing strategist and author of Business in Blue Jeans: How to Have a Successful Business on Your Own Terms in Your Own Style, states that elevator pitches become “weird practice speak” and generally she does not believe in them. Instead, Baroncini-Moe prefers and recommends having a conversation to position what you do and the value of what you do in a context that is relevant to the person with whom you are speaking. Flip the script, practice speak or not, entrepreneurs and small business owners should embrace the process of describing their business, the vision, solutions and target market(s) as a marketing opportunity and to maintain focus. Whether you call it an elevator or company pitch, value or purpose statement, our advice to you is to not launch or leave the office without a succinct summary that conveys your business value and benefit. That’s the basis of a good pitch.

Do you have an elevator pitch; do you think it is necessary? Feel free to share your thoughts in the comments section of this post. In the meantime, here’s the Shark Tank episode featuring Julie Busha of Slawsa (about 11 minutes, 30 seconds into the video).

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Elevator Pitch with the Sharks: Mo’s Bows – Part Two

Mo’s Bows Facebook Page Banner

We previously introduced you to Moziah Bridges, CEO of Mo’s Bows, when he visited the Steve Harvey Show to present his elevator pitch for his bow tie business.

My passion is your fashion.

Moziah Bridges, CEO of Mo’s Bows

Mo is back with his perfect pitch and this time the 12 year-old kid-trepreneur is in the Shark Tank, looking for $50,000 in exchange for a 20% share of his company. As Mo tries to expand his brand to other men’s fashion accessories, it’s easy to see he has the right combination: the product, the communication skills, the marketing savvy, the personality, the business sense. So, if anyone can bring bow ties into everyday fashion, it’s Mo.

I believe I am a NBT (the next big thing).

Moziah Bridges, as heard on The Shark Tank

Is Mo’s Bows the NBT? See how he fared with the sharks.

Now, if we only knew how to tie them…

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The “Sharks” Extend Their Brand to the Bookshelf

As fans of the television reality series, Shark Tank, where inventors and entrepreneurs can pitch their products to potential investors, we were excited to hear the “sharks” released a book featuring advice for new business owners and others interested in growing their business, Shark Tank Jump Start Your Business: How to Launch and Grow a Business from Concept to Cash.

On the up side, this book is an easy read and provides solid information for novices and start-ups businesses. It is divided into six parts, each with a colorful first-person account from one of the “sharks.”

To Be or Not To Be an Entrepreneur (Shark Lori Grenier)
Setting up Shop (Shark Robert Herjavec)
Money Matters (Shark Kevin O’Leary)
Open for Business (Shark Daymond John)
Taking It to the Next Level (Shark Barbara Corcoran)
A Dip in the Tank: Behind-the-Scenes at Shark Tank (Shark Mark Cuban)

On the other side, most of it is not actually written by the sharks themselves and it acts a companion and almost a promotion piece for the television series; the foreword is even done by the executive producer, Mark Burdett.

The book is available on Amazon via Kindle and as a paperback. It is also available for free as an Audible audio download, our preferred method.

Enjoy this clip from the ABC television series, Shark Tank, featuring a pitch for the Rapid Ramen Noodle Cooker.

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Leisa Chester Weir

Principal

Marketing Momentum Monday: Better Life Shark Tank Pitch

Better Life

Settle in for the week ahead, power up your marketing engine and maximize your momentum with a quick review of this company pitch from two life-long friends who created Better Life, a green line of cleaning products.

A company/elevator pitch is an essential weapon for every company. Having a solid elevator pitch can make the difference between an opportunity seized and an opportunity missed. It opens the door to a more formal encounter that could possibly seal the deal. For those who think it is merely for startups and those seeking investors, think again. You’ll find that having and delivering a succinct short summary of what you have to offer in less than two minutes is an effective marketing tool for creating favorable impressions and top of mind awareness. A good elevator pitch offers the following information:

The company name, category and a brief description of what the company does and the problem it is attempting to solve
The service market/target audience
The proposed solution (product or service)
The business model
The key benefit of the solution service or product
How the company compares to other familiar companies
Why the company will succeed
The vision for the company

We stumbled upon Better Life in a recent episode of ABC-TV’s Shark Tank, a reality television series featuring pitches from aspiring entrepreneurs to a panel of potential investors. You’ll see what is a successful pitch for their line of natural household cleaning products. We’re eager to follow the company’s journey and hope that the shark partnership pays off. What do you think? Let us know in the comments below. In the meantime, we found an insightful Forbes article on raising capital in a shark tank.

For daily marketing communications news, subscribe to LGK’s free, online, MarCom Digest. Maximize your momentum!

Marketing Momentum Monday: LipStix Remix Pitch Surprise

Settle in for the week ahead, power up your marketing engine and maximize your momentum with a quick review of this company/elevator pitch from a product inventor who identified a need that would save women money on beauty products.

An elevator pitch is an essential weapon for every company. For those who think it is merely for startups and those seeking investors, think again. You’ll find that having and delivering a succinct short summary of what you have to offer in less than two minutes is an effective marketing tool for creating favorable impressions and top of mind awareness. Having a solid elevator pitch can make the difference between an opportunity seized and an opportunity missed. It opens the door to a more formal encounter that could possibly seal the deal.

A good elevator pitch offers the following information:

The company name, category and a brief description of what the company does and the problem it is attempting to solve
The service market/target audience
The proposed solution (product or service)
The business model
The key benefit of the solution service or product
How the company compares to other familiar companies
Why the company will succeed
The vision for the company

We dug up this 2010 segment of ABC-TV’s Shark Tank, a reality television series featuring business pitches from aspiring entrepreneurs to a panel of potential investors. You’ll see what is a successful pitch for LipStix Remix, a product designed for women to recycle unused lipstick. However, as we embarked on a little research, we learned reality bites. Despite a six-figure commitment from three investors for a 50 percent stake in the business, as of March 2013, LipStix Remix is no longer in production. We’re eager to learn what happened and believe that this is a great case study. Did the infusion of cash help or hurt? Did LipStix Remix give up too much control? Was the business model and plan updated to meet the increased expectations of consumers, investors and owners? When we find out, we’ll post an update here. In the meantime, we found a good article, particularly for small businesses, on the perils of angel capital from http://www.allbusiness.com.