Watching Shark Tank Friday night on ABC over the weekend before Super Bowl 2014 last Sunday has again confirmed my believes. Innovations that better our lives created by everyday Americans across the U.S are counted by the millions. However, these ideas often failed due to lack of execution and real world business experience.
As I watched entrepreneurs week after week failed at getting the sharks to swim with them, I started to wonder, “What kind of preparation they have done for their business?” Many products rejected are not necessarily a BAD product. Case in point, in the beginning of January our company attended CES (Consumer Electronic Show) in Las Vegas, NV. During the show I ran across a company called DoorBot based in Santa Monica, CA at Venetian exhibit hall. Well, they had the most traffic within the booth isle; a small 5 x 10 booth does not stop interests from all over wanting to carry their products. As I am writing this blog, I dug around and found DoorBot have raised 8 million dollars to further their company’s adventure into the market today. Now they gross approximately $600,000 a month with a team of 16 – a perfect example of crow funding through a company like Kick Starter.
DoorBot is the perfect example of “Just Because Sharks Won’t Bite, Doesn’t Mean Your business is Out”. There are other people that have similar ideas with you and agree with you. All in all, it will have to come down with how much hard work you are willing to put into your own business. Nothing is a free ride!
I am an avid fan of Shark Tank and I see simple mistakes being made every week by greedy and lazy entrepreneurs. Mistakes, I would never bring to a forum like Shark Tank. What the Sharks are looking for are innovative ideas or products with positive ROI (Return on Investment) and entrepreneurs that know the market with good knowledge of business. Ask yourself, would you invest in your product if you were one of the sharks?
Lastly, know how to negotiate and DON’T be GREEDY! This will kill you…… I don’t know how many times I’ve watched Sharks turn away to an offer they offered just because entrepreneur was too greedy or took too long to think. After all, you are on Shark Tank and not the petting zoo.
So to all the entrepreneurs out there, do you homework, don’t be lazy and don’t be greedy, your innovation will lead you on the path of wealth.