Sharks Tanks is a weekly reality television show that comes on once per week. The show has different entrepreneurs pitch their business idea in front of a panel of shark investors. The show began in 2009 and has been a major success being the most watched show on Friday nights by adults that are under 50 years of age.
Each episode will usually give four different entrepreneurs the opportunity to pitch their business or product to the sharks. They will come in and give the best presentation that they can about their business. They will explain what their business is and let the sharks know how much money they need and how much equity of their business they are willing to give up. Once this is done, the sharks can then ask them questions about their business and find out what they plan to use the money for, what their sales have been, how they have been marketing their product and how much they have invested into their business?
Many times, the sharks will question how a certain entrepreneur has come up with the evaluation of their business. For example, an entrepreneur may go in there asking for $100,000 for ten percent of their company. This would mean that they are claiming that their business is worth one million dollars. Their past sales reports may say differently and the sharks are quick to notice things like this. For example, if they have only have $200,000 of sales and are claiming that their business is worth one million dollars, it raises a red flag to the sharks. Many times, the entrepreneur will tell the sharks that the business will be worth that much with projected future sales, but the sharks usually do not like these future projections unless they see some real potential in the business.
Shark Tanks has five sharks sitting on the panel in each episode. Throughout the years, the panel has changed and sometimes alternates between six sharks with one of them taking an absence from a particular episode. Sitting in the middle is always Kevin O'Leary. Kevin is usually seen as the devious, more outspoken and rude shark. Many times, he will wait to see what the other sharks do and then make his decision to see if he wants to invest in the entrepreneurs business. Often times, he will offer them a deal that they are not happy with. Of course they can always deny his offer. He is also known to want a certain dollar amount of each sale. For example, he may want 50 cents of every sale that the company makes. The sharks can always ask for more equity in the company than what the initial offer is. Many times, the entrepreneur will not get any offers from any of the sharks. Other times, all five shark investors may want to invest in a company and will compete with the other sharks to get a stake of the company. Sometimes, two or more sharks may even team up with one another.
Robert Herjavec, Barbara Corcoran, Daymond John, Mark Cuban and Lori Greiner make up the rest of sharks that appear on the show. Although all of these people are rich and successful and are looking to invest their own personal money, Mark Cuban is probably the most known as he is the owner of the National Basketball Association's Dallas Mavericks. Every shark has their own personalities, and they all bring a unique personality to the show. For example, many times when Barbara Corcoran is negotiating a deal, Kevin O'Leary will make rude comments to her as he questions her decisions. When she tells him something back, he will usually just tell her that he is trying to save her from losing her money.
Shark Tanks is definitely a show that will entertain most people. Almost everyone has thought of an idea that they think would be a great business idea that they can make a fortune from. Unfortunately, most people do not have nearly enough money to get their idea off the ground. For most people, that's what it simply is, just a dream. There is nothing wrong with dreaming about making a lot of money. Having goals is what keeps all of us going in this world whether it is financial goals or other goals.
If you want to see past episodes of Shark Tank right now. Go on ahead and click on this Shark Tanks link.
Grade - A