How was your weekend? I basically relaxed over the weekend, and probably have to start looking for a newer computer in case my laptop can’t be fixed.
Anyway, let’s get to it.
I watched Shark Tank last night, for more than a few minutes, anyway, for the first time (that I remember–I’d caught bits and pieces before).
Anyway, this girl had a super-intriguing concept for a name-your-price tool in the online shopping space. She outlined everything it would do, said lots of users and stores were registered to use it, and what-have-ya.
Things got down to one of the Sharks asking how much she’d sold/how much money she made.
And it all melted down from there.
She said she had a million dollars’ worth of “verbal commitments” to use the service and hadn’t sold anything at all just yet.
By the time she started talking about percentages of people more likely to buy I’d already left the room.
It’s my opinion since she had an intriguing idea that hadn’t adequately been proven (with sales), that’s why no one on the show ended up giving her money.
Actually, it’s the same in most other businesses too–unless the idea can carry itself and 99% of the people who hear it think it’s awesome, you’re going to need other things to bolster it (even though you should have testing and proof anyway).
And I’ve abandoned a project or two because I thought the interest wasn’t there, it’s not so strange to me.
That’s also why it’s important not to count chickens before they’re hatched (as the cliche goes–even though I catch myself now and again).
Until next time,