Sharks Hint Bigger & Better Deals For "Shark Tank" Season 8

Hey guys, it's Tracy with Young Hollywood. I am standing here on the set of Shark Tank. They're about to start shooting and listening to all the pitches. I'm going to go talk to them and hopefully, I'm going to make it out alive. Keep your fingers crossed.

You're one of the toughest ones, I have to say.

You say I'm tough. I think you're tough. Oh, come on. I've been watching the show. I'm not tough. I watch every episode. I've seen every I'm opinionated, but I'm not tough. I feel like this was like Deja vu. We were just here last season and now it's like almost exactly a year ago.

Almost exactly a year ago. In this chair. same spot. And then season 8. The show is so popular now. How would you say your level of expectations for entrepreneurs coming into the tank now has it evolved over the years?

Oh yeah. The deals have gotten much better, better companies, bigger deals, more money. I just did a deal for a half a million dollars. When I first started, the deals were 25,000, 50,000, 75,000. We went from those types of deals to

See, now there's a car right there, there's all kinds of stuff.

Yeah, there is a legitimate car. That's why we couldn't stand over there.

Yeah, you're not allowed to. You're not allowed to.

The big theme on season 8 is the deal sizes are huge. Huge. Huge. We all have greater expectations because we've all made real money from the show. It's interesting, the show airs in 40 countries. This is the only country where the sharks, or the dragons, as they're called, make consistent money on the show. So, we have very high standards. I'm finding that a lot of the entrepreneurs that are coming in now are better educated. They have much higher IQs. Uh, they're coming from wealthier families. They're a lot more savvy. They've got publicity. And those are exactly the entrepreneurs I don't invest in. What I'm always hunting for are the people who are really poor, really hungry, really insecure, have something to prove. Uh, somebody like me. So that I can relate to them and really help them along the way. And then you get the satisfaction of seeing the ugly duckling become the swan. And that's really what I'm always looking for. I think that Shark Tank, I love the essence of it when it was that everyday mom and dad or that mompreneur, that entrepreneur who did not have all the big venture round capitalist stuff. I look for those people, the everyday people. And I, and I start to look more for them.

You're a new shark. How has the experience been for you? What's your process for like knowing who's an entrepreneur that's some that's someone you want to invest in?

I don't have a lot of rules, because what I think happens when you have a lot of rules for yourself is then you start seeing opportunities that might fit into those rules and you force them. So, I try and confront every opportunity with a brand new, clear mind. I try and not prejudge a person or a product. I'm looking for stuff that just hasn't been flooded. I've made my money not by being a sheep, but by going out and leading the pack. For me, I've kept my standards of investing. I've learned some things, though. You know, I've learned about um, the entrepreneurs. I think sometimes you can see through certain things better, whereas in the beginning, I'm not sure I was prepared or looking for it. Now, not to say that there aren't a lot of surprises because really, I never know who's coming in, what's gonna happen. I don't know what they're going to say. Um, and things happen, you know, we get into fights. I my fellow sharks yesterday, seriously. So, Cuban and I were butting heads on a deal.

They're always butting heads.

Because that that's part of why I'm here. Somebody has to call BS on Mark Cuban. Chris and I get into it all the time. So, having him on the opposite side, kind of balances things out and makes it more interesting.

Well, I'm gonna leave it as a teaser. No, I want to.

But at the end, yesterday, the last pitch. I was like, oh my god. I just want to get out of here alive. Well, this year, I've announced a new relationship with QVC. It's bad news for Lori because she was the queen.

I was going to say, what does Lori think?

And now I'm the king and the rules of the monarchy are very strict at QVC.

I love the banter that goes on with you and the sharks. And everyone has their own methodology, their own style of investing. Is there someone's style that you actually really believe is the most successful?

Mine.

Besides yours. Besides yours.

I don't like doing business with any of the sharks. I really don't. Um, I'll tell you what, you know what, it's just a it's a bunch of shifs.

Other than your own, is there anyone of the sharks that you really believe in that has like the most successful way?

Barbara. I believe in Barbara. She takes crap that nobody in their right mind would invest in and she makes it gold. Barbara is the queen of turning crap into gold. You know, I've lowered my standards on which businesses I like. Truly lowered them, because I find the businesses have very little to do with the success. But I have upped the ante on which entrepreneurs I'll give my money to, because I found that the entrepreneurs and the God-given talent and whether they're meant to be entrepreneurs determines their success. The minute they walk into the tank, I always know who I don't like. And you know what happens? You're meant to stand there for a good three minutes with the cameras on you before you're spoken to, and I can actually watch entrepreneurs falling apart before they say their first word. And that's never who I want as a business partner, because if they can't handle that pressure, what are they going to do when the real pressure hits?

Exactly. Your whole thing with calling out scam artists.

Yeah, I love it.

You love crushing people.

Oh no, not crushing. Like if you're an entrepreneur and your heart's there and you're into this is your life, I'll do I'll give you advice. I'll never rip on you. If you're a scam artist and you're trying to take advantage of people, like with the balance bracelets and you know, like you do no, or like Pavlok, you know, instead of just taking a rubber band and twitching yourself, you um like get zapped. I will nail your against the wall. So, I love scam artists. Bring 'em on. There's a difference between the wantrepreneurs and the entrepreneurs.

How do you know who's genuinely gonna succeed? Like, how do you do that?

Well, for sure, there are certain characteristics that people have. I mean, to me, an entrepreneur is somebody who will do whatever it takes. They're driven. They um, are A-type personalities. It's like they don't know the word no. And that's always been my mantra. I know no knows, just how can I. So, when I see that person, I know that no matter what, even if they have to pivot, you know, which is something that happens. Maybe this isn't the best idea, but something else is and you're going to change it. They're still going to make it because they have what it takes to be a successful entrepreneur. Great companies have some structure. They've got some sales, they've got a team, they've got a track record. They may be falling on good and bad times, but at least they're in business. When an entrepreneur comes in and says, look, give me a million dollars and I have an idea. That's not the same. I prefer to work with people that have felt the sting of failure before. So, they're motivated to succeed in the future. There's entrepreneurs, there's wantrepreneurs.

Do you know right away when someone comes in the tank that this person is really a true entrepreneur versus someone who's like maybe trying to scam you?

Yeah, I don't know immediately when they come to the tank, but I do know by the end of the time. I'm usually the first shark to get the gut feeling on if that person is, uh, you know, making mistakes because they don't know any better or they're putting on an act or they're trying to use the platform or they're hard-working people that just need a shot. And I usually call it almost all the time right on the head.

Okay, and then lastly, your number one advice to entrepreneurs.

Find something you love to do and be good at it. You know, be great at it. And that's typically the start of a great business. When you're an entrepreneur, it's really a 24/7 thing. There isn't really work-life balance. You have to be committed and willing to work Sundays, Saturdays, evenings. It's not where you can just say, it's 9 to 5, I'm leaving. You know, anything in life worth having should be hard. But you gotta have a greater purpose and there's nothing better than being an entrepreneur and setting your own schedule. I've never missed a swim meet, I've never missed anything for my kids. I you get to schedule your own time. At the end of the day, being an entrepreneur is a huge sacrifice. But it's not about the money, it's about the freedom. That's what I tell people, entrepreneurship is about achieving freedom.

And that's why everybody comes on this carpet, they also want to be free. It's a very powerful, visceral experience to watch it happen and I'm so proud to be part of it.