The process involves being brave enough to stick your hand as close as possible to the toothed nightmare that is the shark's mouth and then rub its nose. As you can see, caressing a shark's nose basically makes it go to sleep. You can pretty much grab it and wave it around at your friends -- like a life-size, extremely realistic bathtub toy.
Why it Works:
For one thing, stopping a shark from moving will have the same affect, whether you do it by rubbing its nose or catching it in a net. Sharks have to keep moving to continue the oxygen flow through their gills, even during sleep. When they stop, their brain starts to shut down, basically blacking out from lack of oxygen. So in reality, they are not so much hypnotized as they are half dead.
"He's not moving. I think he likes it."
Why does rubbing the nose work? Well, the nose is a particularly sensitive part of the shark and the sensation of rubbing the tip just feels nice to them. Nice enough that they'll face death to feel it. That distracts them from the fact that they're no longer moving/breathing, and they sort of pass out. And there you go! You and a friend can now go hypnotize a couple of great whites and have shark slap fights!*