Shark Tank

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 By far my favorite new T.V. show of the season. For those who haven't seen it or
live outside the U.S. (there are several International versions as well called Dragons'
Den), here's a description of the show:
 There are five "Sharks" (successful multi-million dollar entrepreneurs), each with
their own particular areas of interest and skills. In each episode, fledgeling
entrepreneurs are given the opportunity to pitch their business concepts, products
and services to the Sharks in hopes of landing financial backing. If the Sharks are
interested in their idea they will offer investment funds and in return own a
percentage of the business. Negotiations between the Sharks and entrepreneurs are
often heated and several times bidding wars between the Sharks themselves will break
out if a concept shows a good chance of bringing a high return on investment.
 If you're reading this then chances are you're either involved with some sort of
home business already or you're doing your due dillegence and researching different
options. Besides being extremely entertaining, Shark Tank also reveals several things
that can be very useful to those searching for a home business opportunity.
 After watching the entire season, I noticed that every concept that got the Sharks
worked up into a feeding frenzy shared a couple key components. It was like a bucket
of chum hitting the water and a few entrepreneurs even walked away with more money
than they were asking for!
 Those who have watched the show probably noticed this as well but for those who
haven't I'll analyze these two critical ingredients so you can utilize them in your search
for a business.
 1. Sales/Profit History. Like clockwork, one of the Sharks will always ask "What were your
sales last year?" or "How many units have you sold so far?". This will almost always
be the first question asked and depending on the response, determine whether or not the
Sharks will be interested in investing. A few good ideas got no offers at all because there
were no or very few previous sales. The Sharks are extremely protective of their investment
dollars and will only want a piece of a business that has already shown moderate success.
 What can we learn from this? Jumping on board "The Next Big Deal" or "Biggest Pre-launch
In History" will more than likely spell financial suicide for you. You might as well head to
the beach and paint a picture of a baby seal on the bottom of your surfboard. Allow
others to do early market testing. You can then capitalize and leverage their results
just like the Sharks do.
 2. The Internet.
I don't recall seeing a single brick and mortar business getting any offers the entire
season. Several times the Sharks would practically scold the entrepreneurs for even
considering opening a retail business and then inevitably say "I'm Out". 
 No other concepts got the Sharks excited like Internet Based Businesses. In fact, the
two biggest investments all season long were with Online Systems. Both had a proven success
rate and very low overhead. The first was a system where college students could buy
and sell notes taken from different courses. The second, high school athletes could
upload their bios to the system in hopes of attracting college athletic recruiters. The Sharks
would often pool their investment dollars just to grab a larger percentage of the
Internet Based Businesses.
 Although the Sharks have millions of dollars to invest, they are still very careful what
opportunities they get involved with. By looking for these two critical ingredients
you will most likely prevent yourself from becoming Shark Bait.

Previous Shark Tank episodes can be seen online at the ABC or Hulu websites.

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