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Rick Riley · Posted: Tue Oct 08, 2013 8:20 am Post subject: Things I learn from 'Shark Tank'

I'm finding that I watch Shark Tank for the business acumen far more than the entertainment value. You've got four well seasoned business people on the show, either giving or exchanging advice with up and coming entrepreneurs. I find myself jotting down things like, 'The Proximity Effect - Hang out with four broke people and you'll be the fifth', or 'Treat your business like someone is trying to take it away from you'.

With that in mind it occurred to me that others on this board might like to pass along various creeds that have been valuable, or at least struck a chord with them along their journey. Or... maybe not. We'll see.
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Scott Pollak · Posted: Tue Oct 08, 2013 8:29 am Post subject:

I happen to love Shark Tank. Usually what you see are people coming on with not much more than a hobby, and usually with little business sense. But every once in a while someone comes on with a brilliant idea.

I guess a couple of things you can take away from the show, that may apply to what we do are:

- What makes you different? Unique? Too many times Kevin O'Leary has said "there's absolutely nothing proprietary about this. Anyone can go out and do exactly what you're doing" (Quite often followed by "You're dead to me"...... Laugh

)

- Lack of business sense. Too many wide-eyed hopefuls wander in with a germ of an idea and nothing else. They are just clueless about how to grow their business and often have wildly unrealistic expectations of potential future sales. Lack of business sense will kill your business. (As a related sidenote: on the V123 forum, a fellow recently posted a 'spoof' narration that he was seriously considering posting as a public demo piece. The narration was crude, R-rated and pretty offensive. I couldn't fathom why he'd consider ever posting it, and then it hit me: He isn't a professional, and obviously doesn't have any real business sense).

- If you have talent, a great idea, and are really willing to do what it takes, work hard - relentlessly - then you might just end up producing a winner.
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Scott R. Pollak
Clients include Pandora, NPR Atlanta, Wells Fargo, Cisco, Humana, Publix, UPS, AT&T, HP, Xerox and more.

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todd ellis · Posted: Tue Oct 08, 2013 9:23 am Post subject:

i like the show - what i make note of is the people who have good ideas but don't get a deal ... but DO get 10 minutes of national time ... like the "wine by the glass" guy from season 1. he was actually on TWICE - didn't make a deal either time - but duped them into another round of free network advertising.
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Eddie Eagle · M&M Joined: 23 Apr 2008 Posts: 2393

Don't talk with your mouth full unless directed to.

Scott Pollak · Posted: Tue Oct 08, 2013 9:40 am Post subject:

Eddie, a tangent of that is how many people JUST DON'T LISTEN!!!
They go in so set in their ways they simply don't SHUT UP and listen to the great advice being given to them. And THAT... is applicable in every walk of life, from dealing with family and friends, to Shark Tank, to trying to break into this business.

Todd... it's interesting to see the follow-up success stories of those who didn't get the deal, but got enough good advice and exposure that they went on to make it big, like last week's follow up on the cattleman/meat guy.
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Scott R. Pollak
Clients include Pandora, NPR Atlanta, Wells Fargo, Cisco, Humana, Publix, UPS, AT&T, HP, Xerox and more.

www.voicebyscott.com

DougVox · Posted: Tue Oct 08, 2013 10:38 am Post subject:

Just an FYI for anyone interested in the some of the numbers behind Shark Tank:

ABC and the show's producers take a 2% royalty or 5% equity IN ADDITION to what the Sharks themselves negotiate.

(They also retain the right to a 2% royalty or 5% equity in your company —FOREVER— even if you don't make a deal with the sharks.)

Here’s the contract:

TLynch · Joined: 16 Jun 2012 Posts: 11 Location: DMV (DC, VA, MD)

Doug,

I watch this show a lot as well and I didn't realize that additional equity/royalty charge. That's pretty interesting. Finnmaxx made an interesting show and is profiting off of being a connector. That's pretty powerful stuff. I wonder if anybody else will step up to compete.
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Travis Lynch
www.travislynch.net

Bruce · Posted: Tue Oct 08, 2013 12:35 pm Post subject:

Yes, don't feel too sad for the "losers" on American Idol, or America's Got Talent or probably most of those kinds of shows. They apparently put the top "losers" in live shows that they take around the country (although I've never seen or heard one advertised) and they also take a percentage of contestants' future incomes for some time to come. Simon Cowell is an ass, but not a financial fool.

Some of my top business maxims:

- Be nice, courteous, polite, no matter what
- Bend over backwards to make it right... aim for perfection
- Pretend to be a little busy (when you're not) but never too busy to get their job done on time.
- Be cautious when offering to improve scripts written by non-English speakers. They can be very proud of their efforts.

B
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