What is the TV Show “Shark Tank?”
Budding entrepreneurs get the chance to bring their dreams to fruition in this reality show from executive producer Mark Burnett. They present their ideas to the sharks in the tank – typically five titans of industry who made their own dreams a reality and turned their ideas into lucrative empires. The contestants try to convince any one of the sharks to invest money in their idea. When more than one of the sharks decide they want a piece of the action, a bidding war can erupt, driving up the price of the investment.
Select a rather current Shark Tank Episode (if possible) – go to https://abc.com/shows/shark-tank/episode-guide, https://abc.com/shows/shark-tank, ABC on-demand, or find episodes online (YouTube, etc.). Choose one of the products or businesses presented and discuss the following based on the feasibility of a potential business. Integrate concepts from chapters covered throughout the semester. Please note the season #, episode #, date aired of show used.
- Overview of Product or Business Proposed
- Type of Business (Sole Proprietorship, Partnerships, Corporate, Franchise, etc.)
- Business Environment (Briefly discuss the following environments, if relevant: Economic and Legal Environment; Technological Environment; Competitive Environment; Social Environment; Global Environment)
- Business Management Considerations (Organizational, Managerial or Leadership Issues; Production and Operations Management)
- Marketing Considerations (Four Ps, Marketing Concept / Plans, Marketing Research, etc.)
- Financial Considerations (Is there a financial plan?; Is it realistic?; Are funds requested feasible?; Will this product make money? Etc.)
- Ethical Issues (if any)
- How was the presentation to the Sharks? Discuss entrepreneur’s knowledge of product; presentation demeanor; was the presentation engaging, creative, persuasive, etc.?
- Would you fund the product or business proposal? Explain why or why not?