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MAY 12, 2014
Swimming with the sharks
On CBC's Dragons' Den (and subsequently ABC's Shark Tank) we hear how the millionaire and billionaire investors have great success with their business ventures.
Of course they highlight the good, but what about the business failures?
For Kevin O'Leary, AKA Mr. Wonderful on both shows, he said of the twentysomething deals he's done on Shark Tank less than five have been quick successes. But he also gave statistics about how many other businesses from the show have been successful and by comparison how many have, well, tanked. Compared to the rest, O'Leary said he isn't doing too badly.
O'Leary made the comments to me during a phone interview for my syndicated radio shows. You can hear the audio at www.speakfreecelebwatch.com.
But is it a matter of giving the business ventures more time? When is the right time to throw in the towel?
O'Leary's Shark Tank co-star Barbara Corcoran addressed that question.
I noted to her that entrepreneurs are always told to never give up and shouldn’t settle for "no" – advice given on that show, though not usually by O’Leary – but when is it too much? I asked if there was a certain timeframe or if there was a financial benchmark.
We often see hopefuls on the show talk about how they've re-mortgaged their house or used life savings or borrowed money from friends and family. Really, what is the breaking point?
Corcoran's comments are also heard online (same link as above) where she spoke at length about what people should and shouldn't do when auditioning or asking for money.
Overall, what's her take away? Don't use the academic jargon and ramble on with terminology that makes you attempt to sound smart. Why? Click over to the site to find out.