The initial stage of the casting process involves providing basic information, including a written description of the business and a photo of the product. Fun fact: The show receives between 35,000 and 40,000 applications each season!

While preparing for a new season, the show sets up in-person events around the country to meet with entrepreneurs. Each business is allowed to give a short presentation. If they impress the producers, they advance to the next stage of the casting process.

The Shark Tank team keeps a close eye on crowdfunding sites, like Kickstarter, and attends trade shows to scout entrepreneurs who they think could make a splash on the show.

But, as viewers know, plenty of kids appear on the show. For anyone under 18, a parent or legal guardian is permitted to apply on their behalf.

According to the application, candidates for public office will not be considered. Applicants must also agree to not become a political candidate for one year after the last episode of their season airs.

Criminal history is part of the strict background check, as nobody convicted of a felony in the past 10 years is allowed to appear on the show.

According to one former contestant, it doesn't matter whether you apply online or through an in-person pitch event — the vetting process is thorough. "It took many more rounds and way more work than I envisioned (tons of paperwork, video submissions, prep with team + wife). After a bunch of hurdles, we were invited to film in LA," Dave Vasen shared on Medium in a 2016.

To keep things fair, companies can't make any contact with the investors beforehand. So if you want to be cast, sliding into Lori's DMs isn't the best idea. "When you walk down that hallway, the sharks are learning about you and your business for the very first time," Vasen shared on Medium.

Business owners are warned about this in advance. "This season, the show filmed just 158 pitches, and will air only 88 of them, four each episode," executive producer Clay Newbill told USA Today in 2019.

That's right: The eight-minute segment you see on TV is much longer in real life. The producers edit each company's time in the Tank down, often cutting any unusable parts, like curses or moments when the sharks yell over each other.

When a business owner enters the Tank, there's a painfully awkward moment when the sharks stare at them. Unfortunately for the entrepreneurs, this clip isn't made with editing magic. It's very real and involves a full minute of silence as the cameras capture every angle.

Each entrepreneur gets one chance and one chance only. "If you go out there and forget something, there [are] no do-overs," Newbill told USA Today. "We don't stop rolling until a few minutes after you've exited the set. The only time we'll stop is if somebody's mic goes out or a light goes out, but that happens once or twice [per season]."

Entrepreneurs are given lots of creative freedom for their big moment. Although they write their own scripts, producers are allowed to make small suggestions to make everything more TV-friendly.

Besides tables, TVs, curtains and basic necessities, everyone is pretty much on their own. That means all of the demos and silly gags you see are fully funded by the entrepreneurs themselves.

Producers have the right to reject props that seem impractical or unsafe — don't worry, pets are welcome! Some examples of things that have been denied in the past include an actual elephant, a full-size food truck and hundreds of gallons of water for a flotation tank.

"If it's a relatively small deal, let's say $50,000 or $70,000, a lot of money, but relatively small compared to some of the big ones we make, and there's a kid or somebody that's a feel-good story, Daymond [is more likely to give them a deal]," Mark told AOL. It makes for good TV and helps out someone deserving. A true win-win!

Sharks wear hidden earpieces so that producers can communicate with them as the cameras are rolling. While they don't know anything about the business owner in advance, production can prompt sharks to ask questions that'll make the episode more exciting and emotional.

Some sharks are turned off to anything too emotional, so a fine line must be walked between showing personality and getting down to business. "The more you try to create stuff to kind of, you know, divert my attention, the worse it is," Mark told ABC News.

While the sharks definitely don't want to be mean to kids, they're still in the Tank. That means they have to prepare for potential rejection and criticism. "We don't handle them any differently than we do (adult) entrepreneurs," Newbill told USA Today.

You wouldn't go into a business meeting unprepared, and the same goes for Shark Tank. Those who appear on the show should be ready to provide the investors with any numerical figure they ask for, from sales to inventory and everything in between. Drawing a blank during a pitch almost guarantees that they'll all be "out."

The sharks look for companies that carve out a special place in their industry, and it's important to know what makes a product unique before walking onto the set. "The biggest thing I ask is, 'What's your differentiation?' I'll ask, 'What makes you different?' I ask myself, 'Wow, why didn't I think of this?'" Mark told TV Insider.

As we've seen on several episodes, many ask for time to call their family or chat with their business partner before securing a deal. But, as the rules go, stepping out can be dangerous. Sharks are allowed to discuss and change their offer while someone is away.

If a shark really loves an idea, they won't want to wait. Nothing is stopping them from following business owners into the hallway to convince them to make a deal faster, like multiple investors did with Knife Aid in season 11.

As Robert explained in his book, You Don't Have to Be a Shark, the show shoots in three-day marathons. The first day, sharks are more likely to play into their TV personas, leading to over-the-top reactions and high-energy decisions — both good and bad. The second day is the best in terms of a company's chance of getting a deal. By the third day, sharks are feeling tired and not as optimistic.

The sharks value each other's opinion. Certain investors become more interested in a brand if their competition makes an offer first.

"We have a sports product coming onto the show that involves basketball. Mark didn't like it. That made me step back and say, 'Well if a guy who owns a basketball team doesn't like it…'" Robert told TV Insider.

Anyone who enters the Tank should be prepared for a high-pressure situation. It can be emotionally challenging for some, especially if their business is publicly ridiculed. That's why production has everyone talk things out with a professional after filming wraps. "They have to make sure we haven't scarred them for life," Mark told AOL.

After scoring an offer, entrepreneurs aren't done just yet. They have to speak with experts who help the sharks vet the company more in-depth and decide if the deal is safe to go through with.

Just because Mr. Wonderful agrees to invest on TV doesn't mean it'll actually end up happening. Sharks have the right to revoke their offer if their team finds any inconsistencies with reported sales numbers.

"Sometimes, legal issues get in the way — the patent the entrepreneur claims to own is actually owned by his ex-brother-in-law," Barbara told Inc. "That's a problem."

"Of the deals I make on the air, maybe 30 percent don't happen," Mark told D Magazine. "I'd say 90 percent of the time, the entrepreneur changed the deal. It was not us backing out.”

The only way to walk out of Shark Tank with some money is through a deal. If an entrepreneur doesn't score an offer, they go home empty-handed. Although, one can argue that the free publicity is a pretty sweet perk.

One thing the investors of the show hate more than anything is a business owner who is only seeking publicity and has no intention of giving up any equity. Although production tries its best to weed out "gold diggers," as they're called, they do sometimes make it onto the show. Most of the time, the sharks see through it and call them out on TV.

After being presented with an offer, businesses are not allowed to take it and run to other investors to negotiate a better deal. That way, only those who really want a shark as a partner apply to be on the show.

There have been a few instances in which a shark has bought out an entrepreneur. In season 10, the couple seen here sold 100% of their company, Moki Doorstep, to Daymond for $3 million.

In the early days of the show, contestants had to give up a percentage of their brand to the production company in exchange for appearing on the show — whether they got a deal or not. It was Mark who reportedly stopped this rule. "That was removed retroactively," he once commented on Facebook. "I told them I wouldn't come back this season if it wasn't."

This is a big one. Leaking spoilers about the show can result in an offer being taken away. "You have to sit on it for a long time," Vasen shared on Medium. "If any details are leaked, the production team can just cut you from the show (and will). Even the night we watched, we couldn't say a word about the outcome."

It's no surprise that companies see a huge spike in sales after appearing on the show. When an episode airs, business owners need to be prepared, in terms of inventory and sales support — and it won't be a one-time thing.

The update segments — a.k.a when the show checks in on companies who landed deals in previous episodes — can be just as valuable as the original episode when it comes to orders. "Every time they air and re-air in syndication or they get an update (ABC's 'Beyond The Tank'), [that's] more customers for free," Kevin told AOL. The sharks have to tell producers which brands they'd like to film updates for, so it's important for entrepreneurs to stay on their good sides. "I'm the queen of updates," Barbara told Business Insider. "I know how to pitch an update better than anybody!"

The positive relationships you see them have with their entrepreneurs on TV are genuine. Daymond has shared that he spends about 12 hours a week on his Shark Tank brands, while Lori offers around-the-clock availability via phone or email. Barbara even hosts annual retreats at her own home for her business owners!