Frequently I write about the business deals & "wannabe entrepreneurs" on the TV show Shark Tank. Recently I saw a particularly interesting episode which also supplied my “line of the week.”
Sharp Entrepreneurs Come In 'All Sizes & Packages'
An adorable 11 year old boy with a clothing accessory line focusing on high end bow ties known as Mo’s Bows, sought a deal with one of the “sharks;” naturally the focus was on Daymond John since he made his money in fashion. The “sharks” were all impressed with the boy & his mother who came along to help him offer a smoother “business pitch” as well as be there for moral support. Delighted by the young man, & pleased with the business as well as its rate of growth, most either thought their input wasn’t necessary, or helpful. There were 2 offers: a royalty deal of $3.00 for every tie sold from Kevin O’Leary if he gave them the money they sought or no money but mentoring from Daymond John. While the young entrepreneur appeared seduced by the money, his older & wiser mother took in all the advice from the other “sharks” & opted to keep all the business equity, taking the mentoring deal instead. O’Leary noticed that the young man still seemed interested in his deal, but his mother quickly put it all in perspective in the following way:
“…Mo may be the CEO of the company but I am the CEO of Mo…”
'Sometimes the Best Deals You Make Are the Ones You Don't'
Why did I like this move? Just like the sports pundits say, "sometimes the best deals you make are the ones you don't!" Be that as it may, we may have witnessed the introduction of another Calvin Klein,; no, check that, another Daymond John in the making!
Image courtesy of the Memphis Flyer
