Shark Tank episode via television or YouTube
Before beginning work on this discussion forum, read Carlson's textbook, Chapters 1 through 3. In addition, it is recommended to watch a Shark Tank episode via television or YouTube. One recommendation is to view Shark Tank Us/ Top 3 Pitches Offered $1M or More! Reviewing the Shark Tank site on Facebook, which has information about the show that may assist you with this discussion is also recommended.
In 2009 American Broadcasting Channel (ABC), a Walt Disney Company subsidiary, aired its first Shark Tank show. In this reality television show, “a group of budding entrepreneurs takes a chance at making their dreams come true by convincing five self-made, multi-millionaire tycoons to part with their hard-earned cash and give them the funding they need to jumpstart their business ideas” (Facebook/Shark Tank, n.d., para 1). This discussion is like this concept except it is called Ed Tank and the imaginary millionaires are your classmates.
In this discussion, you are asked to pitch your business idea to your classmates who are considering investing in your company. You are asked to address the following:
What does your company offer and why are you passionate about this business?
How is your product or service innovative?
What financial issues do you foresee with the startup of this business?
The end result is that you want to convince your classmates as to why they should invest in your idea. As a classmate, you are asked to respond to your fellow student's posts and point out the pros and cons that would sway you to either invest or choose not to invest.
Sample Solution
Let's Dive into Ed Tank!
Understanding the Task:
This is a simulated entrepreneurial environment where we pitch our business ideas to our classmates (the 'sharks') for potential investment. We need to effectively communicate our product/service, its innovation, and potential financial challenges.
Key Elements of a Strong Pitch:
- Clear Value Proposition: Clearly articulate the problem your product/service solves and how it benefits customers.
Full Answer Section
- Market Analysis: Demonstrate an understanding of your target market and competition.
- Financial Projections: Present realistic financial forecasts, including revenue, expenses, and profit margins.
- Risk Mitigation: Address potential challenges and how you plan to overcome them.
- Passion and Enthusiasm: Convey your genuine belief in your idea and your ability to execute.
Remember: The goal is to persuade your classmates to invest in your venture. Use storytelling, data, and a compelling vision to make your case.
Ready to pitch your idea? Share your business concept and let's see if your classmates are ready to invest!