Okay, maybe I watch too much television. The reason I do is that I can study so many different types of people, and determine what it is that moves them to behave in certain ways. I watch and ponder great questions like why does the “Snapped” housewife decide to murder her husband? Why does Stewie on “Family Guy” hate his mother? Why does Donald Trump keep showing up on television? How is the new Jay Leno really different from the old Jay Leno and why am I watching it?
Last night I was watching “Shark Tank,” the reality show shown in the clip above where entrepreneurs present their idea to a group of lovely investors who then determine if they’re willing to invest in the business. Last night a young man who makes belt buckles for a living was asking for $500,000, even though the valuation of his company was at best $700,000. First of all, this young man’s father made belts and belt buckles that were artistic and amazing. This guy is an imitator at best, and made “affordable” buckles. I didn’t like him just because he didn’t have his own idea, but I digress.
He wanted the investors to invest in the “crazy possibilities” of his company. The investors were absolutely offended. Not because of the large amount of money requested, and not because these belt buckles were imitations. They were offended because he was greedy. That’s right, the greediest of the investors (who constantly reminds everyone that he’s only about the money and nothing else) was the most offended. He said “You wasted your time, but worse than that, you wasted MY time.” He felt that the entrepreneur was a “pig” that showed no respect to the panel. Well, calling someone a “pig” isn’t too respectful either, but there is an important point to learn here.
The investors were furious because this young man failed to show them respect by having a well though out offer that made the most of everyone’s time. I’d like to remind everyone that clients feel the same way when salespeople walk into their place of business or call them and ramble about their products without taking into account the busy schedule of those being called upon. It’s all about the experience of the client, and I think that young entrepreneur failed to take into account the client he was presenting to and focused only on his belt buckles and need for cash.
I derived a second lesson from Shark Tank, but I will share that in the next blog. For now, just know that even sharks want respect. And whether a person does business with you or not depends upon how much you value what they do. If your clients “don’t get no respect,” from you, then you’re probably not going to get much business.
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Hell’s Kitchen is way better
I don’t know about that – I do like Hell’s Kitchen, but after awhile the yelling really gets exhausting. It would be fun to have Gordon as an investor on Shark Tank. Can you imagine? 🙂
Good blog. A “timeless” lesson. It reminded me of an experience I had, which I will now shamelessly share.
After months of trying to get in to the plant manager of a major foods processor, I finally got him on the phone. He bluntly told me I’d have 15 minutes. Normally, I would’ve said, “Can’t do it. Not fair to you or to me.” But I really wanted this shot, so I met him entirely on his field (I folded).
A week later, after 14 minutes in his office I used the old line, “Our time is almost over, but we’re not through. Would you rather set another time or do you have a few minutes?” He laughed and said, “I’ve got all the time we need. I told you 15 minutes in case you weren’t worth my time.” I spent almost 2 hrs. with him, plus a production line tour. And yes, I got the business.
The guy gave me a very, very good lesson. He caused me to be focused on him, fully prepared, and to get to it! – to show respect to him and of his time.
Thanks for this lesson. Again, it’s a good one.