Soul Calling Inc

In todays episode of shark tank we watched a lady pitch a business called Soul Calling, The business is about providing colorfull products such as sandals, umbrellas, bracelets and other products that have happy messages on them to try and make people happy. 

She wanted 150,000 for 25% of the company, the sharks denied her offer because the numbers of sales she was making was very low and they could not see her idea as a business but more of a goal she had.  The sharks even stated "Numbers never lie, emotions should never get in the way of  business."

When she was pitching the idea she did make a good point about walking down the street and only seeing black umbrellas but as stated already her numbers where very low and it would be hard to actually make a profit in the business.

Jump Forward

In todays episode of shark tank we watched two entrepeneurs that owned the company/website Jump Forward pitch two offers to the sharks, the first offer was 15% for $150,000 and the other offer was was $600,000 for 50% of the business.  The end offer was $600,000 for 50% with two of the sharks involved in the offer.

They took the offer because they realized how much experience the sharks have in online business and they could use their expepertise and money to make sure the company goes forward.

Mr Poncho and Uro Club

On todays episode of shark tank we watched Mr Poncho which was two people pitching an idea about a iPod case that had a round plastic thing on it that allows you to wrap your headphones around it so you dont tangle them.  I think it was a pretty bad idea as they looked very tacky and it would be easier to just wrap your headphones around your ipod instead of waisting 18$ on the case.

The other episodes we watched was about Uro Club, The Uro Club is a golf club that allows people to easily use the washroom while out on the golf course.   I think its a pretty bad idea as it would be hard for people to take the product seriously and it would hard to get the product at golf courses as i dont think they would want you doing that on their course.

Eric Van Maren

On Friday we had a guest speaker named Eric Van Maren which is an entrepeneur from the Chilliwack area.  He talked to us about 6 key points about being an entrepeneur.  These key points include:

Work hard: Be prepared to work harder then your employees

Passionate at what they are doing: Love what your doing
Learn from mistakes: Make mistakes and learn from them Don't make hasty decisions
Reputation: Guard your reputation, You can spend a lifetime building a reputation and you can loose it very quickly.
When they need more employees they will hire the best: Hire smart people
Select partners carefully: What does your partner bring to the table that you don’t have?

He also talked to the class about No knowns, Unknown knowns and Unknown Unknowns.

Evan Williams - Twitter

  Twitter is a simple website that allows people to easily stay in touch with each other by making 140 character posts on their pages, users that are following you will instanly get your message on their page.

 Twitter is a great tool to use for your business because you can keep your fans/customers up to date by the minute easily and effortlessly which is a great thing in todays world.

Sam Walton

Sam Walton the creater of Wal-Mart was born on March 29, 1918 in Kingfisher Oklahoma.  In school Sam excelled physically winning both state titles in Basketball and Football.

In 1945 Sam got a loan of 20,000 from his father in law plus 5,000 that he had saved up and started his own department store,  He made sure that the shelves where always stocked with different items daily.  He would purchase wholesale items and sell them for cheaper than what his competitors would sell them for.

The first Walmart was started July 2nd, 1962 in Rogers Arkansas, soon after him and his brothers teamed up with Stefan Dasbach which soon led to many more stores.

On April 5th 1992 Sam Walton died of bone cancer called multiple myeloma. 

BobblePlace

Todays episode of SharkTank we watched some guy try to pitch an idea for having a kiosk in different stores and malls which would create Bobble Heads of people by using a picture of them.  The guy that was pitching the idea had another part of the business that was all online and was doing great success, but he did not want to give up any part of that pre-existing business and only wanted to give up part of new business that he was starting.   The sharks where not happy about that and wanted part of the sucessful business and part of the new one incase the new one doesnt go good.  Of course the owner of the BobbleHead business did not like that and declined the offer.

 If it was me that was giving him the money i would not take the risk of giving him the money unless he was willing to give me part of the pre-existing business. The reason for this is because if the new business he is starting doesnt go good then i would loose my money, but if i had part of the pre-existing business i would still have that as a back up.