Young Entrepreneurs on Shark Tank Essay Examples

Shark Tank is a program for people to present their business ideas in front of a panel of renowned investors including; Kevil O’ Leary, Barbara Corcoran, Robert HerJavec, Lori Greiner, and McUban. Each of the individual on the panel is a self-made success. This makes it easier for them to judge somebody else’s idea in terms of the success chances. The judges do not only judge by rationale but in reality there are a lot of emotions attached to their decision. Every investor views the business plan from a different perspective; hence, they all vary in their opinions. There are times in the show when things get heated but every judge is entitled to their own decision because it is their own money that is going to be at stake for some return from the business they invest in.
In episode 5 of season 20, the program featured young entrepreneurs. These young individuals had their own business ideas that had been operational in the market for a certain period. They had a financial history to present in front of the investors, in order to have stronger justification for getting the required investment. Young people have newer ideas which may be a success if they are able to find the right path and guidance. All four entrepreneurs were supported by their families, but this was non-professional assistance. For any business to succeed, it is vital to have a sound understanding and knowledge of the market and the business operations. As these participants were young, they were not well-versed about the extent of competition in the market, specifically in the case of “iReTron”. The owner of “iReTron” had a good business plan, but he was unaware of the amount of competition he would have to face on a larger scale. However, he was still able to persuade two of the judges to invest in his project in the form of a partnership. The investors saw the capability of this individual and they saw the potential ideas he may develop over the years because of which they asked for a stake in any business he may start over the next five years.
This program provides a great opportunity for people to expand their businesses by getting investors that they would not be able to get otherwise. It is an initiative for small entrepreneurs with novel ideas to be able to expand themselves by getting external financial and professional assistance. The panel of judges consists of experienced people and they are able to identify with the entrepreneurs because they had faced similar problems at some stage in their life. The investors appreciate the hard work; consequently, they are encouraging in their comments. However, they are careful not to give false hopes to anyone as it is a matter of large investments. Wise and rational individuals would take the comments seriously, in case they are not in favor of their business idea. If the people are able to recognize and understand the true worth of their businesses through this platform then it would mean several small entrepreneurs would be the leading businesses of tomorrow’s market. Young people get the inspiration and encouragement from people like Barbara Corcoran who was a waitress and is today a successful businesswoman. People like this are proof that nothing is impossible if an individual strives for it, but the path and intention needs to be correct.