One of the biggest mistakes entrepreneurs make on Shark Tank is going back on their original asking price. Time after time, an entrepreneur will get the exact offer he or she asked for but then hesitate on the deal. The greed of the moment causes them to attempt to squeeze out a few more dollars. Never go back on your word if you want to be honest and gain respect. If you do, one day it will come back to bite you.

Being an entrepreneur is all about risk and reward. To get the latter, you need a healthy dose of the former. Many entrepreneurs have a great idea – and one that works well – but fail to attract investors because they still have another full-time job. The Sharks often turn down entrepreneurs because their focus isn’t 100% on their idea. While you have to do what’s best for your family and personal situation, understand that investors appreciate and respect someone who is all in.

Another characteristic the Sharks like to see is a strong core team; key word being team. While solo teams do work, there are advantages to a strong, cohesive team with complementary skillsets. Investors typically prefer this for a number of reasons, including an ability to take on more responsibility and increased flexibility

When going into a pitch or proposal situation, it’s important to have a bottom line for negotiations. In Shark Tank, entrepreneurs rarely get exactly what they ask for. There are usually negotiations – which are typically lower than the original asking price. With that truth in mind, it’s important to set an absolute bottom line that you will not cross. This ensures you won’t be swayed by the heat of the moment.

Simply put: you must master the art of the pitch. Unless you’re self-sufficient and can fund your own ventures, you will need to ask for resources at some point. Whether you’re asking your brother or a venture capitalist, a good pitch is needed. It should be simple, comprehensive, and enticing. Next time you’re watching Shark Tank, spend time grading each pitch. What are they good at? What do they lack? Consider giving them a grade for each of the factors above – simple, comprehensive, and enticing – to learn more about mastering the art of the pitch.

You’ll hear the word ‘proprietary’ thrown around a lot on Shark Tank. That’s because investors are interested in something that is both unique and promising. When pitching your idea, make sure you provide concrete details about some proprietary feature of your product and what sets it apart from the competition.

Investors love entrepreneurs who think long-term. You should have a 6-month, 1-year, and 5-year plan for your product or idea. This proves you are looking beyond the short-term and well into the future. Long-term thinkers are not blinded by small issues in the present because they know where they are going and how to get there. The Sharks love a plan and usually have more confidence in someone who has their eyes on the future

It can be scary to give up equity in your business, but don’t let it keep you from taking on investors. If the investor has the right skillset or experience, it can be worth the tradeoff. Equity is certainly valuable, but so is having a mentor. Don’t be afraid of giving up equity to the right individual – especially when it’s one of the Sharks.