‘Real Housewives of New York’s’ Bethenny Frankel Talks About What Goes On Behind the Scenes at ‘Shark Tank’
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 the sharks can duke it out over a particularly enticing business venture. “We know that they’re going to edit [the show] down, so when we get mad, we’ll start cursing at each other, yelling at each other, and the entrepreneurs will be like, ‘What the hell is going on?’” Cuban recently told AOL.
Cybersecurity mogul Robert Herjavec echoed that sentiment, saying, “We have a very powerful relationship with our own money so ya, it gets serious. [The] tension is very real,” he wrote during a Reddit “Ask Me Anything.”
Yet for Frankel, who sold Skinnygirl to Beam Global in March 2011 for $100 million as reported by Forbes, had no problem holding her own with the sharks, 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.”
The reality star knows branding and hopes that future entrepreneurs looking to get on Shark Tank will have a firm grasp on their business plan. “You don’t have 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 know exactly who’s buying it, if you understand the demo, if you can explain it in a few sentences or less, if you can execute your idea, if you are organized and delegate and know how to manage people and are creating an impact.”
Frankel’s words of wisdom are from her own experience in building a business. “I hit a lot of roadblocks, but I was a dog on a bone. You’ll never get that same drive and spirit than the beginning when you have nothing and you know you have a good idea,” Frankel told CNBC. “Just be on the road and know that you’re moving forward because you never know what’s going to happen, so you have to keep your eyes open and be productive and be proactive.”