August 29, 2013
SHARK TALK
Wooing Venture Capitalists…Without Getting Eaten Alive!
Phil Randazzo
Aviva Publishing (2013)
ISBN: 9781938686047
New Book Teaches Entrepreneurs to Swim with the Sharks
Whether you want to appear on the television show Shark Tank or you just want to figure out how to finance your idea so your dream becomes a reality, Phil Randazzo’s new book Shark Talk: Wooing Venture Capitalists...Without Getting Eaten Alive! will walk you step-by-step through the process of preparing to ask for financing and then what to do once you get it.
One thing I appreciate about this book is Phil Randazzo’s honesty. He says right up front that while this book is about how to enlist the help of venture capitalists, if you don’t have to borrow money or sell part of your company to someone, don’t. After all, the reason why you start your own business is to be your own boss. That said, most businesses will need financing to get started, and Phil shows people how to get that financing successfully.
Phil divides Shark Talk into three sections: “Getting Ready,” “Talking to the Sharks,” and “Now What?” Each section is then broken into a few helpful chapters. Anyone who has watched Shark Tank will know what happens when talking to the sharks, so while Phil has helpful observations in the second part of the book, I think the first and last section are the most valuable because they cover what most people don’t think about when asking for investment money.
Preparation is everything. If you’re going to ask someone for money, you need to be prepared with a great idea and strategy, and most importantly, know how to pitch it quickly. Sharks (venture capitalists and investors) are busy people who don’t have time to waste, and they can find plenty of ways to invest their money, so Phil teaches readers how to do research not only on their own businesses but also on the people from whom they are hoping to receive money.
The section on “Talking to the Sharks” covers many key points, including the key mistakes Phil has seen people make on Shark Tank, such as arguing and even insulting the sharks, as well as being indecisive and not using a bidding war to their advantage.
The “Now What?” section makes readers think about what they haven’t considered—what to do when you get the deal. The process isn’t over once a shark invests—now you have to learn how to work with that shark. Getting the deal doesn’t mean you get free money. It means you have to use the money to make money so you can pay the shark back. Equally important, if you don’t get the money you hope for, there are still ways, which Phil elaborates upon, that you can use a “No” to still get what you want.
Phil also offers several extra perks in this book, including lists of hundreds of possible venture capitalists, as well as contests and other sources for finding investors beyond just appearing on Shark Tank. Phil also has operated his own investment contests—in fact, part of what inspired this book was the terrible results he received from people pitching their ideas to him—great ideas which they didn’t know how to pitch. A coupon is even included for readers to get free coaching on creating their elevator pitches.
In addition to all its insights, Shark Talk is just plain fun to read, filled with great cartoons and humorous stories. Investing in this book will be the start of your investment in your future, an investment that will pay for itself multifold if you believe in your dream to have your own business and you follow the steps Phil provides. Whether or not you appear on an episode of Shark Tank, after you have read this book, you will be ready to meet with investors and realize the opportunities available for your business, so time spent on this information will apply to all your investment opportunities, and before you know it, you’ll be able to swim with the sharks rather than be eaten by them. Well-organized, entertaining, and informative, Shark Talk is a must for anyone about to launch a business.
For more information about Shark Talk and Phil Randazzo, visit www.SharkTalkBook.com
— Tyler R. Tichelaar, Ph.D. and award-winning author of The Best Place
