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Learn a lesson from Shark Tank

Last night I watched one of my favorite shows: "Shark Tank."

If you haven't caught this show yet (no pun intended) then you are missing out. The premise is to pitch your business idea to a panel of five investors known as "The Sharks" and they decide whether or not to invest in your business or idea. In the process you have the potential to become a millionaire.In one of last evening's episodes the business owner wannabe tried to pitch his idea to the Sharks.He was terrible. The Sharks saw right through him and actually told him that his was the worst presentation they had ever seen. He was dismissed immediately.Your pitch is the single thing that could either get your business off the ground or plunge your idea into eternal oblivion. It matters. For every 1,000 pitches an investor hears, he or she will fund only about 100 of them. Not real good odds.What are the ingredients of an ultra-compelling, irresistible, outstanding, and unforgettable pitch?1. Take only 10 minutes and be laser-focused.The less time you take the better. Investors' time is their most valuable asset. If you convey a respect for their time, they will interpret that respect as your ability to treat their funding with respect.If they are really interested, they'll ask questions. If they're not interested, then you will have saved them (and yourself) some time.2. Tell your story.Everyone loves a good story, even the most data-driven investor. Storytelling is a proven way to capture a listener's attention and hold it. Tell your story, tell it right and show them your product or service and what makes it unique.3. Who is your target audience and how do you intend to acquire customers?Business success comes down to marketing. If you have a marketing idea, method, technique or process, this is your chance to showcase it.4. Explain how your company will give the investor a return on their money.Investors invest because they want to make a return on that investment.Tell them how your company will make them a lot of money in a short amount of time. Five years is a good starting point. Investors want big payoffs, not marginal returns.5. Be wildly enthusiastic.Shark Tank's Barbara Corcoran's comment regarding pitching a business idea is: "My whole focus is on trying to size up the entrepreneur. I am looking at how much wild enthusiasm do they genuinely have for their product. You can't fake passion."6. Dress to kill.You can judge a person by the way he or she looks.7. Practice your pitch and anticipate questions.And then practice it again and again.If you think you have what it takes to start a business, come and pitch it to us!We offer no-cost consultations, marketing ideas and low interest loan programs.Contact Carbon Chamber and Economic Development Corp. today and let us help you be the business owner you always wanted to be.Kathy Henderson is director of development for the Carbon Chamber and Economic Development Corp.

Mark Cuban, a cast member in the series "Shark Tank," arrives at the Disney/ABC Television Critics Association summer press tour in Beverly Hills, California. PHOTO BY RICH FURY/INVISION/AP