Skinnygirl founder and Real Housewives of New York star Bethenny Frankel is no stranger to shrewd business deals. She continued to proved just how savvy she is when she was a guest shark on seasons 9 and 10 of ABC’s hit reality show Shark Tank. Besides walking away with some advantageous investments, Frankel got an inside look of what happens inside the tank when the cameras stop rolling.
Dance party, anyone?
Apparently, some sharks like to dance. According to CNBC, Frankel said that she and billionaire shark Mark Cuban liked to jam during breaks between scenes. “In the breaks, they are playing full-on, old school hip hop,” Frankel said. “Mark Cuban and I are rapping and dancing and having the best time.”
Things weren’t always a party. During a few pitches, Cuban and Frankel went toe-to-toe. “Mark tried to shush me a couple times,” she said. “And you will find out how that worked out.”
Deals can get heated
Sometimes thesharks can duke it out over a particularly enticing business venture. “Weknow that they’re going to edit [the show] down, so when we get mad, we’llstart cursing at each other, yelling at each other, and the entrepreneurs willbe like, ‘What the hell is going on?’” Cuban recently toldAOL.
Cybersecuritymogul RobertHerjavec echoed that sentiment, saying, “We have a very powerfulrelationship with our own money so ya, it gets serious. [The] tension is veryreal,” he wrote during a Reddit “Ask Me Anything.”
Yet forFrankel, who sold Skinnygirl to BeamGlobal in March 2011 for $100 million as reported by Forbes, had no problem holding her own with thesharks, especially when it came to an investment she wanted to make.
Entrepreneurs need a clear pitch
CNBC reported that when entrepreneurs come into the tank, pitches can sometimes take hours, which are later edited down to just minutes for the finished episode. There’s also a psychologist on set to speak to the entrepreneurs before and after their pitch to make sure nothing that was said to them had any lingering negative effect.
Frankel advises those entering the tank to have a clear plan before setting foot on stage. “Entrepreneurs are all over the place,” Frankel said. “Know your idea in a few sentences or less, have a clear-cut plan, know exactly what you need what you need the money for.”
Thereality star knows branding and hopes that future entrepreneurs looking to geton Shark Tank will have a firm grasp on their business plan. “You don’thave a brand just because you have an idea and a product and a prototype,” she said.“You’re a brand if you understand exactly what your product is, if you knowexactly who’s buying it, if you understand the demo, if you can explain it in afew sentences or less, if you can execute your idea, if you are organized anddelegate and know how to manage people and are creating an impact.”
Frankel’swords of wisdom are from her own experience in building a business. “I hit alot of roadblocks, but I was a dog on a bone. You’ll never get that same driveand spirit than the beginning when you have nothing and you know you have agood idea,” Frankel told CNBC. “Just be onthe road and know that you’re moving forward because you never know what’sgoing to happen, so you have to keep your eyes open and be productive and beproactive.”
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