08.17.09
Shark Tank & Entrepreneurs
I watched the premier episode of Shark Tank on ABC last night. i had followed the British version of it on BBC, and expected it to show up in the US channels anytime. It was very interesting from a business standpoint. You see a variety of entrepreneurs with different backgrounds, ideas, and products looking for investment from 5 rich business people or the ’sharks’. Sharks have different business backgrounds: technology, real estate, clothing, etc.
To me this is a great show for any entrepreneur out there: It makes you think about your product/service, it’s price, market, and sales; and the idea that how much would it be worth at this stage and in long term. It also shows that charisma and personality go a long way in selling the idea to the right partner.
Another interesting lesson: The sharks are there to make money, and more of it. So, if they like you, and your company, they’ll want a bigger piece. Don’t be intimidated and negotiate! Ask questions. Give counter offers. Take your time: if they like you and your product, they’ll drop everything else to talk to you.
Majid Abai
