Shark Tank

I watched 3 episodes of Shark Tank on Hulu last night. It is different from The Apprentice, Pitchmen, The Big Idea, and other entrepreneur shows.

Shark Tank is the American version of Dragons Den. I first heard of Dragons Den from a person who wanted to buy my companies product. We wouldn't sell him the particular item because he wasn't a reseller. He decided to make his own version of it. His design was a lot better. However, being the amateur that he was, he thought that it would be easy. Everyone on the online forums (message boards) were hyped about it. I was the only one on the boards who shot him down. Realistically the time and costs did not add up. We were paying a person in China nickels and dimes while he was trying to produce it in the states. It was impossible to make a profitable company out of it. Plus he didn't calculate the licensing fee. Or did he not know about it? Since his project failed, he wanted to buy our product again and pitch it to the Dragons Den. We denied his request. I am guessing the venture-capitalist denied him too. (Note: It is important to do calculations thoroughly and repeatedly. Some things are not worth it.)

I admit, I am not the smartest guy and I have a lot to learn in business. However, most of the entrepreneurs (pitchers) on this show are ridiculous. They are extremely greedy without a reason. The amount of equity they offer the investors are beyond belief. Do they really think their company is worth that much? Just by looking at the overall figure and offer, you can tell if it is worth investing in or not. Most of the time, you don't even need to know what the product is. Some of the presentations are so horrible that you wonder if they actually thought it through and rehearsed it. Are you really going to go on national television to fail on something that you invented? If I'm going to put my signature behind it, it better be the pinnacle, cream of the crop. (Note: Give it 100% or don't bother. And don't be greedy.)

Ideas are always good, but from the looks of it most people can't execute. I guess that is why they are on this show. Having a good idea doesn't mean anything if you don't know how to maximize its potential. I hear some people talk about big ideas and how easy it is to get rich, but they have not shown it. In my mind I ask, "What is your track record? Show me what you are capable of." (Note: Do more, speak less. Your actions will prove your point. Be realistic. It's easier said than done.)

I like seeing peoples ideas and the way they present themselves on the show. Most of the time, I can guess what the sharks are willing to offer. I don't think the sharks offers are swayed. I believe a lot of it is fair. I would offer something similar. We'll have to see what other geniuses on this show have to present.