5 Lessons I Learned From Shark Tank

It takes guts, and a whole lot of faith in your product, to walk into the “tank” and pitch your idea on Shark Tank (and eventually, millions of viewers!). I spent a lot of time leading up to film day visualizing a successful pitch and getting an offer. I placed sticky notes all over my house in high traffic places like my bathroom mirror and above my kitchen sink, with phrases that boosted my confidence, and my belief in the potential of my product. If you truly believe in your product, and believe that it can make a positive impact in people’s lives, anything is possible. In the end, you have to wholeheartedly believe in yourself in order to convince others to believe in you, too.

The number one question I get when I tell people about my business is how I came up with the idea for The Tomte Cake. Proof that everyone loves a good backstory! During my Shark Tank journey, I learned a lot about the power of storytelling, and what a huge role it would play in this once in a lifetime opportunity to pitch to the sharks. In order to be interested in your idea, first the sharks must be interested in YOU. And in order to be interested in you, they want to hear your story. Take some time to think about what your journey has been and how your life has led you to where you are and then share it.

The process to get to that final, pivotal moment of filming your pitch on a show like Shark Tank is a long and grueling one. Be prepared to be in it for the long haul and keep your eyes on the prize. 

The moment you step through those doors into sharky waters, it's your time to shine or stutter yourself out of a deal. Prior to facing the sharks, meticulous rehearsal is essential. I devoted countless hours to honing my pitch and rehearsing fervently in various settings. Honing your pitch ensures you are well-versed, confident, and nimble when it's your time to pitch, whether it's on national TV on Shark Tank or at a coffee shop. 

When I first started this business, I didn’t know what COG stood for (cost of goods) and had never heard of a P&L before (profit-and-loss statement). In order to pitch to the sharks, I had to fast track my way to some business financial literacy. Numbers, which serve as the language of business, are of the utmost importance to the sharks and any other potential investors. Familiarize yourself with key financial metrics that encapsulate the health and potential of your venture. Knowing your numbers like the back of your hand will ensure that you’re able to share key information about your business, and committing it all to your memory will help you have the confidence to take on any questions the Sharks throw at you on Shark Tank!

Successful Shark Tank pitches often revolve around innovative solutions to prevalent challenges. Take, for instance, The Tomte Cake—an idea born out of a mom’s desire for a more stress-free and enjoyable gingerbread house decorating experience with her kids. By introducing a whimsical baking kit centered on a mischievous gnome named Tomte, I addressed the shortcomings of traditional holiday traditions, offering families a delightful and memorable alternative. Is there a product in your life you think leaves room for improvement? Let your imagination explore the possibilities, and maybe you’ll be on your way to creating a new business of your own, and pitching to the Sharks, too! 

Incorporating these lessons into your business approach can undoubtedly pave the way for success, whether you find yourself navigating the treacherous waters of Shark Tank or charting your course in the broader landscape of entrepreneurship.