The Shark Tank Test
May 14, 2024
Welcome back to Business Unfiltered with Mercer and Jeff Sauer today's topic is The Shark Tank Test
0:00: Shark Tank test for businesses, focusing on elevator pitch and valuation. Jeff and Mercer discuss the "Shark Tank test" for entrepreneurs and wonder if their business could be invested in on the show.
3:17: Evaluating the business potential for Shark Tank investment. Jeff Sauer evaluates his business by comparing it to Shark Tank companies, determining if he's on the right track.
6:38: Entrepreneurship, business growth, and Shark Tank aspirations. Jeff needed help to balance supporting his lifestyle with achieving his business goals. He realized he needed to adjust his mindset and expectations to succeed in his business.
11:14: Entrepreneurship, marketing, and choosing the right niche. Mercer ponders how to simplify the elevator pitch for his business, even for non-experts, and how to make it easy to understand. Mercer and Jeff reflect on their decision to enter the niche despite the challenges, with Mercer noting that he enjoyed the work and found it fulfilling.
14:36: Business models, Shark Tank, and growth. Jeff explains the wagon wheel business model, where the founder is the center and everything goes through them. Jeff and Mercer aim to solve the "Shark Tank test" by creating an investable business model.
19:09: Valuation and potential for businesses, with advice on determining and communicating value. Jeff discusses a company's valuation and potential, highlighting the difference between the two. He shares how to determine a company's true value, rather than relying on optimistic estimates.
24:41: Entrepreneurship, valuation, and investment opportunities. Mercer summarizes the Shark Tank experience, valuation, and pitching simplicity. He emphasizes the importance of the elevator pitch with a focus on delivering value simply and consistently.
28:36: Using the Shark Tank test to improve businesses. Jeff emphasizes the importance of benchmarking and learning from others. The hosts encourage listeners to perfect their elevator pitch and pivot if necessary.
Topics Covered In This Episode
- Shark Tank Evaluation: Exploring the "Shark Tank test" for businesses, focusing on the crucial elements of elevator pitches and valuation.
- Assessing Investment Potential: Jeff and Mercer delve into whether their businesses could attract investment on Shark Tank, contemplating the feasibility of garnering bids from multiple sharks.
- Entrepreneurial Reflection: Evaluating business potential through the lens of Shark Tank's investment process, Jeff reflects on his own entrepreneurial journey and market viability.
- Balancing Goals: Wrestling with the dilemma between lifestyle preferences and aspirations for growth, Jeff acknowledges the need for mindset adjustments to align with business objectives.
- Niche Market Challenges: Mercer and Jeff discuss navigating the digital product landscape and simplifying elevator pitches, despite the complexities and competition inherent in the digital marketing niche.
- Business Models and Growth Strategies: Exploring the dynamics between the "wagon wheel" and "race car" business models, Jeff shares insights from his Shark Tank experience and efforts to refine his business model for investment readiness.