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Dallas entrepreneurs dish on 'Shark Tank' success

Before swimming with the sharks, contestants on ABC's Shark Tank have to test the waters with the show's producers.

Before swimming with the sharks, contestants on ABC's Shark Tank have to test the waters with the show's producers.

Corey Egan tried out two years ago at a Dallas audition where he pitched ilumi -- a smart, color-changing led light bulb operated by Bluetooth.

"It was really more of a conversation,” he said of his audition.

He says he prepared a lot for the audition. It was important to know about his product and about his plot -- this is, after all, a TV show.

"Tell a story,” Egan said, “not just about your product or idea, but why you're unique.”

You have to stand out, he said, but you still want to look like you are there for the ultimate job interview.

"If you show up in flip flops and shorts it's probably not the best perception to give unless you are selling flip flops or shorts,” Egan said.

The first impressions are powerful and quick. "You're only going to get a couple of minutes," Egan said.

But when Fleetwood Hicks rolled into his Dallas tryout with two of his Villy Custom bikes he had no script.

"I did absolutely zero preparation,” he said. “I wouldn't necessarily recommend that for everyone."

He was confident -- but not cocky -- that they would love his colorful bikes and his colorful character.

"There's not a lot of penetrating questions at the interview,” Hicks said. “They just want to know is do you have something exciting and what kind of person are you?

“They love people who are caricatures."

Villy Customs and ilumi both made the cut, and both got investments.

And both have since grown their businesses tremendously. But both also advise other hopefuls to have a plan B in case the sharks don't bite.

“It is very difficult to get on the show, there are so many people who want to be on there"

"If you are considering Shark Tank…but you should also consider it as a wild card"

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