In this week’s readings, you have read about how businesses raise financial capital. There is a great deal to be considered when moving from idea to business. Part of this is the ability to describe your business in that “elevator speech” in a quick understandable way that makes others understand why your business will be successful. Well, that’s what they do on the T.V. series “Shark Tank.” If you have never seen it – you are in for a treat!
On the show, budding entrepreneurs get the chance to bring their dreams to fruition in this reality show. They present their ideas to the sharks in the tank — five titans of industry who made their own dreams a reality and turned their ideas into lucrative empires. The contestants try to convince any one of the sharks to invest money in their idea. When more than one of the sharks decide they want a piece of the action, a bidding war can erupt, driving up the price of the investment.
Some contestants are clearly more successful than others! In fact, sometimes watching the contestants make their pitch you wonder if they conducted any kind of feasibility study at all. Other contestants have clearly done their homework and even if they do not get an offer from one of the Sharks, you know that they will find a way to succeed based on how thoroughly prepared they are.
Watch one of the episodes of Shark Tank listed below. What you are looking for is a contestant who has made his or her pitch on Shark Tank. Your purpose for watching these clips is to evaluate how well they presented their business idea!
Shark Tank — Season 11 Episode 3 (Full Episode) — ABC
Jared Ward Jumped Into the ‘Shark Tank’ Looking for a Deal
Once you have selected an episode/entrepreneur from the show – evaluate how well he or she presented the business idea. Did it seem like they had a strong presentation that warranted funding? Remember, if you decide you want to move your business from idea to reality you will have to make this same kind of pitch to bankers, suppliers, creditors and investors – it just won’t be on TV.
Now that you have watched and evaluated these budding entrepreneurs you are ready to make you initial post which must:
1. Identify the episode name that you watched. Provide the link to the clip, so that we can watch it ourselves.
2. Provide a brief summary of the business idea that was pitched and describe the entrepreneur pitching the idea.
3. If your clip included the decision by the sharks to invest or not to invest, please let us know that.
4. Most importantly, provide your assessment of their “pitch.” Refer to the course readings and tell us what type of funding you think they should pursue. Was their financial pitch on target? Should they have asked for more money? Did the sharks spend too much or take over too much of their business?
5. Lastly, would YOU have invested in their business if you were one of the sharks? Why or why not.