Management, entrepreneurship, finance and marketing are components that could either make or break a business. Shark tank shows aspiring entrepreneur contestants as they make business presentations, obviously keeping in mind that the investors can stretch their hands towards good business proposals. Well, what is a good business proposal? A good business proposal is when an entrepreneur is able to balance all business functions and is able to develop entrepreneurial skills and qualities as well as being able to make a good profit out of the proposal. Episode 29 in Season 6 is a good example of a good business proposal that I watched on the Shark Tank show, David Patrick and his partner Zhack that feel like the traditional wheels that are used to today are too limited so they came to a conclusion that an upgrade of wheels is needed, so they re-invented the wheel and came up with a mathematically balanced design based on a cube. David also feels like their wheel rolls much better than an ordinary wheel, faster than any other wheel, has more grip than any other wheel and goes over any surface. The wheel is called the ‘Shark Wheel’. David and Zack are the role players, the investors are also going to be role players as they will be the shareholders of this business. If ever this business does grow and expand, it will also have staff members and maybe suppliers too then all those people will be stakeholders.
Entrepreneurship and Management:
Entrepreneurs are a very strong driving force in the economy providing products and services as well as creating jobs just like shark wheel organisation that could create jobs for other people if it grows. It is very important for everyone wanting to take this road to understand the basic principles behind being an entrepreneur .
David and his partner seem to be very passionate about their product which just also shows that they are passionate about their vision. They re-invented better wheels, these wheels are used on prams, skateboards and bicycles. Creativity is everything! What David and his partner came up with, I feel was very creative, they took their time and devoted it to this product. David and Zack seem to be driven by their positive attitudes. I feel like the partners are opportunists who just happened to be in right place at the right time for instance, they were even able to persuade the shirkers into investing in their business.
These skills can be learnt and may include aspects from all management functions as well as the basic elements like planning, organising, leading and controlling.
In order for David and Zack to make it in this business world they’ll need to at all times be in touch with things around them and this could be done by using the environmental scanning. Environmental scanning helps identify threats, identify opportunities and gaps in the market, keep their competitors in mind and always have long and short term strategies. With environmental scanning, it can be done for both internal and external aspects. For the shark wheel, David and Zack could approach any problem in the micro environment by using the swot analysis which will help with the strengths and weaknesses threat and opportunities, the market environment by using the porter’s five forces and the macro environment by using the PESTLE analysis.
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