Inside the Shark Tank

by

with the Sharks' own business advisor, Barry Tennant

ST2-SHARKS

Much like the question ‘Who is a therapist’s therapist?’ or ‘Who is the muse’s muse?’ we’re often curious about who delivers business advice to leading business advisors themselves.

Well, we have one answer, and his name is Barry Tennant.

Barry has the pretty cool and unique role of consulting some of Australia’s top entrepreneurs: Janine Allis, Andrew Banks, Steve Baxter, Naomi Simson and Dr Glen Richards for Network Ten’s hit series, Shark Tank.

So who better to ask for what investors look for in an idea, a potential business and a pitch than Barry. The five Sharks are collectively worth over AU$1 billion, so it’s safe to say his advice is pretty valuable.

For Barry, the essentials every budding entrepreneur needs come down to three Ps: “Passion, persistence and a plan.”

“From the inception of Series 1, I have seen over 10,000 applications, the good, the bad and the ugly, going through everyone of them to find the unique and exciting, looking for the potential to be the next big thing!”

“When assessing the applications, I check the idea, the competition, the customer endorsements and most importantly the people, because there are more ideas around than there is good management.”

Wondering what else is on Barry’s assessment checklist? He’s shared it with us…

  • Valuation
  • Comparative Advantage
  • Sustainability
  • Adoption
  • Scale
  • Shareholders
  • Exit 
  • The Truth

 

“When my checklist is complete then I move to assess the most important aspect of all, the people. This – in my experience of over 30 years of business – is where the real opportunity lies, because you can consistently rate the quality of the business and the investment by the quality of its management and people.”

If you think you could be one of those people, casting applications for Shark Tank are open now.

Apply before 26th September 2016. 

 

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