BizSugar.com › Strategy › Give One Reason I Should Do Business with You [podcast]

Dr. Misner has become hooked on “Shark Tank.” He recently saw an episode where the panel of “sharks” asked the entrepreneur, Raven Thomas of The Painted Pretzel, why they should invest in her. Her first answer was all about her family and how she loved her business. It was a relational answer–and she was speaking to transactional people. It wasn’t an answer that spoke to the audience.

One of the “sharks” took pity on her and gave her a do-over. “Answer the question again, for investors.” This time she said that she’d had to walk away from a $2 million deal because she didn’t have the capital to fill the order. And this time she got an investment offer on the spot.

The lesson is know your audience–and it’s just as important when you’re asking for referrals as when you’re asking for investments.