How to Sell Your Idea (and Yourself)
Fall 2017 | By Eric Michael 鈥�96
Clay Newbill聽鈥�82 knows that two minutes can change lives. As the showrunner for ABC鈥檚 Emmy Award-winning reality hit Shark Tank, he has seen hopeful entrepreneurs convince the program鈥檚 financiers (鈥渟harks鈥�) to fund their dreams 鈥� and it all starts with a 120-second pitch. It鈥檚 a make-or-break moment.
鈥淵ou鈥檝e got one shot,鈥� Newbill says. 鈥淒on鈥檛 blow it.鈥�
Newbill is helping Nicholson School of Communication students succeed in the harsh realities of business and entertainment by providing an unprecedented scholarship opportunity. Included is an offer to intern on his show, along with the funding to make relocation to Los Angeles feasible.
鈥淚 graduated with a double major in film and radio-television production, but couldn鈥檛 get a job because I had no practical experience,鈥� says Newbill, whose credits include The Bachelor, The Bachelorette, Road Rules, The Real World, The Mole and Making the Band. 鈥淚 wanted to make sure that students didn鈥檛 make the mistake that I made by not doing internships.鈥�
The Clay Newbill Hollywood Scholarship Program, now in its fifth year, has brought more than 15 students to California to work on Shark Tank. And it鈥檚 spawned a few success stories of former interns who now work in the industry.
鈥淔or a student pursuing a career in entertainment, there鈥檚 nothing really that can compare to the experience,鈥� says Newbill, who attributes his involvement with 激情快播鈥檚 Orientation Team, Interfraternity Council and cheer squad for developing his leadership skills. 鈥淔or a student pursuing a career in entertainment, there鈥檚 nothing really that can compare to the [internship] experience because it鈥檚 not just what you know 鈥� it鈥檚 who you know.
The same holds true for the Shark Tank entrepreneurs. And part of Newbill鈥檚 responsibility as executive producer is to coach the contestants to make their best possible pitch.
鈥淚t鈥檚 inspirational to see the growth of these entrepreneurs who spend weeks or months fine-tuning their pitch, then make that pitch to the sharks,鈥� says Newbill. 鈥淭here鈥檚 something magic about the blend of skill, faith and courage that can lift a person鈥檚 dream to incredible success.鈥�
Here are Newbill鈥檚 six keys to selling your idea and turning your dreams into reality:
Believe in Yourself so Others Will
鈥淚f you鈥檙e trying to convince someone to buy your idea, they need to see that you believe strongly enough that they鈥檙e convinced to believe too. You have to be relentless. On Shark Tank, after the initial pitch, sometimes the entrepreneurs are in there for an hour answering the sharks鈥� questions and they walk out with a deal. It鈥檚 not only an affirmation their dream is valid but also that they had the drive and the passion to convince five super-powered, super-successful business titans to believe in them.鈥�
Turn Courage into Confidence
“Confidence is one of the most important things that I talk about with聽the entrepreneurs when they鈥檙e preparing their pitch. Make eye contact. Project your voice. Don鈥檛 stammer. Don鈥檛 mumble. Body language is really important too. By strengthening your poise, you won鈥檛 lose your confidence.”
Address Your Weakness
鈥淓very big idea has an Achilles鈥� heel. You know what yours is. Don鈥檛 try and sweep it under the rug. Embrace it, so when somebody expresses concern about the flaw, you have an answer. Acknowledge the potential pitfalls. You need to be ready with an answer, and it can鈥檛 just be, 鈥極h, don鈥檛 worry about that.鈥� It鈥檚 got to be a legitimate response of why it鈥檚 not going to stop you from succeeding.鈥�
Focus to Maximize Clarity
“We make great effort to ensure that the sharks know nothing about the businesses beforehand. The entrepreneurs have to come in and quickly communicate their idea with clarity so the sharks can understand the opportunity and how the business works. I advise them to demonstrate the problem first, then present the solution their business provides. The most important element for a shark making a decision to invest is if they think a person at home 鈥� you or me 鈥� is going to need the business or product. Does it solve a problem or improve upon something that currently exists? Does it save people money? That鈥檚 the clarity.鈥�
Practice … and then Practice Again
鈥淵ou don鈥檛 want to walk out of the pitch and think, 鈥極h, wait a minute. I forgot to tell them this, this and this.鈥� You can avoid that by practicing so you know it frontward and backward. You鈥檝e only got one shot to impress someone. Whether it鈥檚 the sharks or anybody else you may be pitching, you want to nail it. And you鈥檝e got to practice to ensure that.鈥�
Persevere Until You’re Successful
鈥淵ou鈥檙e going to have plenty of people tell you, 鈥楾his will never work,鈥� or 鈥榃hat are you thinking?鈥� 鈥� even your friends. You鈥檝e got to be thick-skinned. You鈥檝e got to be willing to hear the noes. Rejection can鈥檛 break you down. Failure is a fantastic opportunity to learn, improve and grow. A lot of entrepreneurs who come on the show take the sharks鈥� advice and apply it 鈥� whether they get the deal or not 鈥� and have success afterward. Perseverance is not giving up on your idea just because someone told you no.鈥�