ABC has a reality show called Shark Tank that can give a small business owner the money they need to get it off the ground or even take it to the next level. If you make it onto the show, you present your idea to a panel of venture capitalists that will bid, and often compete, to invest in your business in exchange for a variety of interests. One investor may simply offer to lend you money, while another may offer to invest money AND help develop your business for a percentage of ownership. Usually, there is a tough variety of offers which makes the show interesting.
Watching the show for a season might give you ideas for a business of your own, but also give you an idea of what catches an investor’s interest. Learn what it takes to be on Shark Tank at ABC.com. Remember, if you have a hot idea, you are putting it out there for anyone to pick up and go with it, so be sure to have your copyright or patent paperwork in order.
This is a great show to watch as a family, and discuss the options between yourselves. Ask your children what they think the entrepreneurs would do before you give your personal opinion. You might be surprised at what they say! Kids have a different perspective, and while their idea may still need developing, their ideas are coming from a much purer outlook and sometimes offer a fresh take on old ideas.
It seems like a no-brainer to remember to always encourage them in their ideas. It’s hard to resist the impulse to tell them the logical reasons their idea won’t work but if you shoot their ideas down, it could be the last one they share with you. Think of the positive points to their idea and run with that, and they will begin to exercise that entrepreneurial part of their young brain. It’s been painful for me when I’ve realized later after thinking through an idea one of my children had after impulsively shooting it down that it might actually have potential. Remember, it’s a new generation that is creating a market that may not be developed yet. After all, who would’ve thought Facebook or Twitter would be the success they have become?
>>Check out ABC’s Shark Tank, and even watch episodes online.
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