Shark Tank’s Lesson for Entrepreneurs
As fans of the hit show “Shark Tank” can attest, it’s not easy securing funding for your small business. Since debuting in August of 2009, millions of viewers have watched entrepreneurs try to convince one of the five “sharks” to invest in their business, not just financially but also with advice for long-term growth. To quote head-“shark” Kevin O’Leary, “Building fast-growing, globally competitive companies is tough.”
In each episode small business owners make their pitch to the five sharks, all well-known millionaires who started out as entrepreneurs themselves, including Mark Cuban (entrepreneur/owner of the NBA’s Dallas Mavericks) and Daymond John (founder of the FUBU clothing line), to convince at least one of them to invest their money and time. But that isn’t easy. Like all investors, the “sharks” have heard it all – from failures like the Life Caps Survival Pill (a vitamin and mineral pill that allows you to live without food for up to two weeks) to successes such as Ava the Elephant (an effective medicine dropper for children). Many contestants on the show get eaten alive by the “sharks” for the same reasons entrepreneurs outside of the reality TV show, by not having their financials in order or having a well-thought-out business plan. As one “shark” put it, “Just because you have a hobby, doesn’t mean you have a business.” This is a reality show that really is, well, real.
Whether you’re appearing on “Shark Tank”, seeking angel investors, or acquiring financing, you’ll need to do your research and be prepared. Talley LLP can assist you throughout the entire process. From reviewing and preparing financial statements in a way that interests potential buyers/investors, to uncovering value from areas financials alone won’t reveal, the experts at Talley are here to help your business ventures succeed.