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Lessons I Learned from Shark Tank

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Re: Lessons I Learned from Shark Tank

#11

Post by candeira »

mirceagoia wrote: post #3
timerickson wrote: post #2

Per the HN guidelines, I'd suggest you rename the title to "Lessons I Learned from Shark Tank"

Ok, I have done that. I thought we are not to alter the original titles. Good to know...

I don't know the title posted originally, but I would say that "Lessons James Altucher learnt from Shark Tank" is arguably a better title, and one that's more faithful to the original article.

If we read the pronoun "I" in a James Altucher penned column, it means something. If we read it on Hacker News, it means nothing. Dereferencing it should be ok.

Re: Lessons I Learned from Shark Tank

#12

Post by [deleted] »

spacefood wrote: post #5

Having been on CBC's Dragons' Den to pitch Rejection Therapy: http://rejectiontherapy.com this current season, I think I can add some insights. James nailed the essence of it, but there's a saying that goes a battle plan never survives the first shot fired, and that's true when stepping in front of the Dragons with cameras rolling. You need to be super versatile with your pitch. It's a big mistake to go in with a mem…

[deleted]

Re: Lessons I Learned from Shark Tank

#13

Post by paulhauggis »

spacefood wrote: post #5

Having been on CBC's Dragons' Den to pitch Rejection Therapy: http://rejectiontherapy.com this current season, I think I can add some insights. James nailed the essence of it, but there's a saying that goes a battle plan never survives the first shot fired, and that's true when stepping in front of the Dragons with cameras rolling. You need to be super versatile with your pitch. It's a big mistake to go in with a mem…

Thanks for the comment. I've been watching shark tank for a couple of years now and it's interesting to hear what it's actually like on the inside.

Re: Lessons I Learned from Shark Tank

#14

Post by asanwal »

tatsuke95 wrote: post #4

I'm glad the author grasped that the show is entertainment, and actually has a few words of wisdom. But the idea behind this show is disgusting and disheartening. This line bit me: > "What do you care about the percentage?" Only in Silicon Valley would you hear something like this. The ownership structure of your company isn't a joke or a game. It does matter. Why stop at 40%? Why not give up 99%? If you're out looki…

I agree with your sentiment, but I think the advice has some merit in the sense that if you have an offer that might be the difference between life and death of your company, it is probably not the best decision to fight over 5% of equity. Of course, 40% vs. 90% is a different ball of wax.

On another front, I think the best part of the show (I'm a fan) is that it shows how much leverage shifts from investor to entrepreneur when the entrepreneur has built a real company (usually means has sales on the show). In those cases, the investors often fall over themselves and compete giving the entrepreneur a better deal then they came in asking for.

There is a great lesson in there for entrepreneurs to focus on building something valuable first and then raising money. Because when you don't need it to survive, the negotiating leverage and power totally changes.

Re: Lessons I Learned from Shark Tank

#15

Post by yaliceme »

I watched a few episodes of Shark Tank and thought to myself "I can't imagine all of those deals actually go through." I'm really glad altucher actually researched some of the deals that fell through, and reported it for us to see. It's really important to be reminded not to treat money like it's real until it literally shows up in your bank account. I've known people to get into big trouble by failing to observe that principle.

Re: Lessons I Learned from Shark Tank

#16

Post by spacefood »

paulhauggis wrote: post #13
spacefood wrote: post #5

Having been on CBC's Dragons' Den to pitch Rejection Therapy: http://rejectiontherapy.com this current season, I think I can add some insights. James nailed the essence of it, but there's a saying that goes a battle plan never survives the first shot fired, and that's true when stepping in front of the Dragons with cameras rolling. You need to be super versatile with your pitch. It's a big mistake to go in with a mem…

Thanks for the comment. I've been watching shark tank for a couple of years now and it's interesting to hear what it's actually like on the inside.

You're welcome Paul.

You know the question I get asked most about Dragons' Den, even from strangers at the local grocery store?

What's Kevin really like? Is he different off-air than he is on air?

I tell them I can't answer that, but I suspect the Kevin you see is the real Kevin.

Re: Lessons I Learned from Shark Tank

#17

Post by amohame9 »

I started watching this show a while back, at the beginning it was really interesting and I got really invested in the entreprenaurs fate, but the more episodes you watch, the line between real business and reality show kept on becoming more blury, until eventually you couldn't see any business but a murkey form of reality tv show.

Re: Lessons I Learned from Shark Tank

#18

Post by joering2 »

spacefood wrote: post #5

Having been on CBC's Dragons' Den to pitch Rejection Therapy: http://rejectiontherapy.com this current season, I think I can add some insights. James nailed the essence of it, but there's a saying that goes a battle plan never survives the first shot fired, and that's true when stepping in front of the Dragons with cameras rolling. You need to be super versatile with your pitch. It's a big mistake to go in with a mem…

I really wouldnt get offended by Kevin or anyone elses comment. Business is called business until we sleep in one bed together. Otherwise we dont have to like each other. Sure its great when you love your business partners but I dont find it that big of a deal, especially when it came from Kevin's mouth (as with any other show they put totally character-contrast cast to make things spicy - Kevin vs Barbara, i.e.)

You have to learn about him to understand what kind of deals he is performing. He is amazing on selling anything to everyone even if its ice to Eskimo. In his example he had some huge, hm poisoned water delivered here and there :) [1] But I give him credit for fucking up software deal to Matel and having huge balls to being proud of it and shoving it in everyones face (at least on the show: his favorite quote was something like "millions of dollars? thats a rounding error, a statistical noise in deals i have been doing!"). Don't get me wrong: the guy is a genius at making money and just proves that you will get dirty by making plenty of money. I would like to live his live, sure, but definitely wouldn't like to die as Kevin, given you believe in things like God, Heaven and Hell.

[1] http://en.wikipedia.org/wiki/Kevin_OLeary_(entrepreneur)#Con...

Re: Lessons I Learned from Shark Tank

#19

Post by spacefood »

joering2 wrote: post #18
spacefood wrote: post #5

Having been on CBC's Dragons' Den to pitch Rejection Therapy: http://rejectiontherapy.com this current season, I think I can add some insights. James nailed the essence of it, but there's a saying that goes a battle plan never survives the first shot fired, and that's true when stepping in front of the Dragons with cameras rolling. You need to be super versatile with your pitch. It's a big mistake to go in with a mem…

I really wouldnt get offended by Kevin or anyone elses comment. Business is called business until we sleep in one bed together. Otherwise we dont have to like each other. Sure its great when you love your business partners but I dont find it that big of a deal, especially when it came from Kevin's mouth (as with any other show they put totally character-contrast cast to make things spicy - Kevin vs Barbara, i.e.) You…

I knew Kevin wouldn't invest in something like Rejection Therapy. I didn't expect any Dragon to "get it" [1], but he was the salivating pitbull in the room I had to watch out for anyway.

He preoccupied a majority of my concerns. I was right to.

And as to your other point, the Bible verse "what profiteth a man if he gains the whole world yet loses his own soul" comes to mind. There is hope for everyone though.

[1] Heck, my own flesh and blood parents were baffled by the concept for the longest time.

Re: Lessons I Learned from Shark Tank

#20

Post by dotBen »

If you like Shark Tank, check out BBC's Dragon's Den (which the format is based on, and in turn, the BBC's format is based on a Japanese show of the same name).

The BBC version seems a lot less "Hollywood", and admittedly a lot fewer deals are made. However the interaction tends to be a little more business orientated and the conclusions more valuable.

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