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10 Valuable Lessons Writers Can Learn From “Shark Tank”

Authors and screenwriters need to sell their work once written. Never count on an agent or other representative to do it for you.

By Joel EisenbergPublished 4 years ago 6 min read
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If an agent sells your work, that’s fantastic. Kudos to you, and to them.

Speaking of, I haven’t always been kind to agents, with whom I generally have had a … tolerate/hate relationship for what I believe is good reason.

Though the “Shark Tank” personalities — the core group of Mark Cuban, Kevin O’Leary, Barbara Corcoran, Lori Greiner, Daymond John, and Robert Herjavec, and guest sharks such as Sara Blakely, Richard Branson, Chris Sacca and Rohan Oza — are by and large repped for television appearances and publicity, neither you nor I are “Shark Tank” personalities. Further, odds are low that many of us have attained net worths north of $100,000,000, which seems to be a minimum qualification to be granted those sizable teeth and sit on those shark-fitted chairs.

The reason, though, why “Shark Tank,” as well as its international predecessor “Dragon’s Den,” is such an invaluable program for writers is because the negotiating it showcases is very much akin to sitting in an executive’s office and attempting to sell your work.

If as an author you have ever met directly with a publisher, or as a screenwriter you have pitched a project directly to a studio, production company, or network executive, you well know the value of entering the room prepared.

History

“Shark Tank” premiered on August 9, 2009, as a U.S. spinoff of “Dragon’s Den,” which itself spun off from a 2001 Japanese program entitled “Tigers of Money.” The show in all its formats features entrepreneurs pitching investors their new products, companies or inventions.

Mark Burnett adapted the series for U.S. television, and the American version itself has spun off “Shark Tank” iterations in Australia, Mexico and Vietnam, all told responsible for hundreds of millions of dollars in successfully attained investment capital on the part of the entrepreneurs.

Lessons

As a novelist and screenwriter who pitches projects regularly, the following “Shark Tank” lessons have proven invaluable …

Valuation: Know Your Value. On all versions of the program, which I will address collectively from here forward as “Shark Tank” for convenience, the prospective investors ask the entrepreneurs for a company “valuation.” If the company is valued too highly by the entrepreneurs, chances are they will not receive an investment from the savvy sharks. If, however, the valuation seems fair, negotiations commence. Writer’s Value: Never exaggerate your success when “in the room.” Or anywhere for that matter. At some point, if you have made your way through the door, you will be exposed. Remember, you have made it all the way into the room to pitch your project. You will be, for all intents, asking a given entity to invest possibly millions into what you are selling. Never falsely heighten the importance of your background as word travels quickly and you may be unable to attain another meeting, either there or anywhere.

Preparation: It is immensely important to a) practice and perfect your pitch beforehand without appearing as though you memorized a script, and b) get to know the party to whom you are pitching before you actually pitch. Writer’s Value (and recent case in point regarding the latter): I had a recent meeting at one of the alphabet networks to pitch some projects. I looked up the executive’s bio online beforehand, which stated that he is a big fan of Broadway plays. Well, I am as well. We spent a half hour at the meeting discussing Broadway, which led to the meat of the meeting and an expressed desire on the part of the executive to work with me and find a show of theirs on which I’m suited to write. We’ll see what happens, there, but at the very least a new relationship began that day. Related Piece of Advice for Writers: When you get into the room, look around for “hooks.” If, for example, an executive (interchangeable with “publisher” or even, yes, ‘agent”) has baseball banners on his or her wall, and you are a fan, talk about it before diving in to the business at hand. Developing rapport is half the battle.

Specs: Is Your Project Unique? Writer’s Value: Writers, whatever you do, please don’t ever pitch that a project like yours “has never been seen before.” It makes you sound like an amateur and, in fact, you really don’t know. Executives are executives for reason. They are seasoned. They know what would sell for them, and what would not. Don’t force the issue by expressing work like yours has never been seen. Instead, talk up what makes it “different” than the rest, and compare it to other high-achieving projects within the specific genre(s) in which you have written.

Pivot: It is invaluable for a “Shark Tank” investor to read the room. If a pitch is not going well and the investors appear to be losing interest, it is imperative to switch-up, or “pivot,” with an as-yet-shared piece of information, or even a joke, to get them back in the game. Writer’s Value: Exactly the same. Executives take pitches frequently throughout the week. They get tired, and many of them are jaded. You need to be clever, and ready to pivot as necessary.

Negotiate: Self-explanatory in all cases, but appreciate that 20% of all “Shark Tank” deals consummated on television fall apart during the legal due diligence afterward. Writer’s Value: Never negotiate on your own. Work with an attorney (or strong, qualified agent — yes, they do exist, though you may not yet be ready for them; an attorney is worth the expense and is the more realistic option for some).

Surprise: As would a shark with an entrepreneur, an executive can surprise a writer. Many do so intentionally. Why? If anyone is going to put money into one of your endeavors, they want to see how you react. Simple. Writer’s Value: You need to learn how to earn an executive’s respect. This is a first step.

Hustle: If you have had legitimate success in the past, which required a degree of hustle, bring it to the table. Writer’s Value: An executive sometimes needs to see that a writer is capable of business as well as creativity.

Do Not Be Afraid to Say “No.” Respect builds when you do. On “Shark Tank,” it is not unusual to hear a disgruntled “Mr. Wonderful” (O’Leary) dramatically say “You’re dead to me” if an entrepreneur tells him “no.” For most everyone else, however, they welcome a negotiation. He does as well and performance is part of his personality, but one must always be prepared to walk from a bad deal. Writer’s Value: Bad deals are aplenty in this business. Once again, utilize a rep for any bonafide offers.

Share a Relevant Personal Story. Investors and executives both enjoy the occasional relevant personal story, but please keep it limited on time. Personal stories are told to inform the person(s) sitting opposite you who you are as a human being, outside of the business nature of your presence. Writer’s Value: Once again, developing hooks and rapport is the goal here.

Manage Your Expectations. Entrepreneurs and writers tend to either give up entirely, or become angry, if they are unsuccessful with their pitch. Writer’s Value: Learn from the experience, work on developing a thick skin, and move forward. Some of the most valued creative intellectual property around the globe, such as “Harry Potter,” has been rejected time and time again. You’re in good company. Suck it up and move on. Being rejected, from another perspective, is a badge of honor. Maybe the next pitch will be successful, or maybe not. But learn from your experiences, and perfect your pitch.

I have a track record now and I still follow the above lessons scrupulously.

I suggest you do too.

Thank you for reading.

If you have found this article of value, feel free to recommend, share and follow me here on Vocal, where I publish new stories daily on a variety of topics.

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About the Creator

Joel Eisenberg

Joel is a writer-producer, and partner in TV development group Council Tree Productions. He has developed projects for Ovation TV, TNT, Decades TV and FOX Studios, among others.

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