7 Money-Making Lessons from "Shark Tank"...

[Dien Rice]

Originally Posted by TommyBoy

I only started watching it a bit ago and only reruns at that. But that was fine. It's amazing to see how much people are willing to spend and invest in something they truly think will work. Problem is they don't have a supremely objective group like the sharks to shoot down very basic business ideas.

I would say the advice and partnership with the Sharks is worth as much as the money they get if not more. One or two phone calls from one of them opens up a ton of doors.

When all 5 sharks say you have a bad idea, it's a good bet that it's probably worth spending more time and money trying to make work. Let it go!

Hi Tommy,

I agree with everything you've said!

I think some people focus on the "hurt feelings" of some of the entrepreneurs... And they don't focus enough on the free lessons they get (even if they are rejected) - and which we (as the viewing audience) get, too!

I think the main "weakness" of the show, though, is by its very nature, it focuses on business that require a lot of investment capital to start or to grow.

As a counterexample, Richard Branson got started with about 300 £ (British pounds), which is about $450 US dollars - though that was in the early 1970s or so, it's still not a lot of money! He certainly wouldn't find himself on "Shark Tank" looking for $450 in startup capital...

The main advantage of "bootstrapping" this way is that the risk is low... If you fail, you haven't lost much money, and you can quickly get back in the game, without having huge debts. The disadvantage is that not every business lends itself to this - some do require more money to get started - so you have fewer options... Some people say that the "bootstrapping" approach, however, forces you to be more creative!

I think the one take away for me would be to make sure you get someone objective to look at your idea, someone who won't just say it because they like you. Better to get your feelings hurt early than to spend money and time developing something that just won't go anywhere.

I agree with this...

I read an article recently which cited a study... This study showed that, of businesses which were invested in by venture capital, those startup entrepreneurs who had experienced mentors were about 3 times more likely to be successful, than those who did not have mentors! Experienced mentors are valuable...!

The great thing about a place like this forum is it's a place you can find mentors, and discuss with others... We all have different types of experience, and different levels of experience... You can easily send a "PM" (private message) to anyone you want to communicate with. If they're happy to do so, you can then take your communications to email, and so on...

Thanks Tommy, great comments...

Best wishes,

Dien