shark tank business plan lesson

14 Shark Tank Lesson Plans for Middle School (and High School!)

By: Author Amanda L. Grossman

Posted on Last updated: October 31, 2022

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Use these free shark tank lesson plans for middle school & high school, Shark tank worksheet pdf, and Shark Tank project ideas to teach your students.

Okay, okay – so you’ve seen the hit show, Shark Tank , and you want to know how you can incorporate some of this coolness into your classroom?

I’ve got you covered with some free shark tank lesson plans for middle school AND for high school.

These shark tank assignment ideas and shark tank activities are a great way to get your students actually wanting to do their schoolwork.

They’ll work together in teams for most, and because these are such cool assignments, they’ll likely get closer.

And did I mention you might be amazed at the ideas they come up with?

Depending on which activities you choose, your students can learn the following:

• How to invent something to solve a problem
• How to present something to a class or group
• How to come up with a marketing plan
• How to calculate production costs and profits
• How to think through distribution of a product

Let’s ( shark )dive into these lesson plans, worksheets, and projects!

Hint: many of these free shark tank lesson plans come from Teachers Pay Teachers, and you’ll need to set up a free account in order to access them.

1. Shark Tank: Lessons in Business and Entrepreneurship

Grade Level: 6 th – 12 th

Scholastic has fantastic Shark Tank activity worksheets – it’s a whole lesson plan, and includes a teacher’s guide. All for free!

Core entrepreneur lessons are:

• Teaching Entrepreneurship
• Building a Business Plan
• Writing Persuasive Pitches
• Finding Mentors

2. Shark Tank Marketing Review

This worksheet will have your students thinking about all kinds of things when watching a Shark Tank episode (great shark tank questions for students!).

• Demographics AND psychographics of who might buy
• Whether the pitch is a product/service, and whether it is a want or a need
• What marketing tactics they’re going to use to help persuade people to buy it

3. Christmas Shark Tank Activity

Grade Level: 6 th

Super-cute, Christmas-themed, Shark Tank activity: your students are tasked with creating a new toy that they’ll have to pitch to Santa’s workshop for the chance that it becomes a new toy in his catalogue!

Students will also need to present their ideas, and a rubric is included.

Psst: not ready for a full-on shark tank competition? Try holding a market day in your class. Here are 22 things for kids to make and sell , and help pricing their products in this market day lesson plan . Here's 3 kid business examples .

4. Shark Tank Analysis Worksheet

This is a very simple worksheet you can print out and use with any Shark Tank episode you’re showing students.

I like how the questions ask students to critique the pitches, such as whether or not you agree with the shark’s responses, and what could be improved about the person’s pitch.

5. Aztec Shark Tank: Jaguar Tank!

Grade Level: 7 th grade

Take your students back to the time of the Aztecs, and have them work on solving a problem in Aztec society by creating an invention and then pitching it to the other students (just like on Shark Tank !).

The bottom line on this activity is answering these questions:

• Which inventions did we find most effective?
• What problems did we learn about in Aztec society?

6. Shark Tank Business Plan Activity

Grade Level: middle school

This shark tank lesson plan PDF walks you through a simple way to use Shark Tank in your classroom – to help your kids create their own business plan by modeling for them what one looks like – and then gives you the worksheets they’ll need to do it.

Students are also prompted to:

• Write an advertisement for their product/service
• Write their presentation down, created from the answers they give for specific questions
• Present their idea to the classroom

Hint: the links don’t work within this PDF, but you don’t need her specific episode choices to do this.

7. Shark Tank Junior Lesson Plan

Grade Level: 8 th grade

Does your classroom use a good bit of technology/software (like YouTube, Canva, Google Sites, etc.)? You can check out this teacher’s simple lesson plan that leads students through creating a pitch and website for a new product or service idea.

Psst: here are more fun money activities for middle school students .

8. History Shark Tank Project

Here's a fun shark tank idea for school: this teacher uses Shark Tank to teach different technologies and technological advances during various time periods. Really brings a history project alive!

9. Dolphin Tank Rubric

Grade Level: 4 th -12 th

Can I just say that I find the title of this shark tank activity, “Dolphin Tank” absolutely adorable?

Okay… moving on .

The idea is to have students pitch real ideas to a panel of teachers and judges. The winning idea will be chosen, and you can encourage them to pursue the idea in real life (the creator suggests by opening up a crowd funding campaign).

FYI: this is just a rubric to help the judges when deciding on who should win.

10. Shark Tank Summary Sheet

Grade Level: 9 th – 12 th

Here’s a very simple and straightforward worksheet you can give your students to fill out while watching an episode of Shark Tank. They’ll be asked whether or not they want to invest, to summarize discussion points, and so on.

11. Shark Tank Marketing Mix Activity

You’ve likely heard of the 4 P’s of marketing (price, product, promotion, place)? Well, this activity has your students go through a specific Shark Tank of episode (EP 15 S9), and fill out the 4 P’s for the specific pitches. 

12. Mavro’s Mayhem TM

Here’s a very thorough lesson plan around having students practice linear equations in a real-world setting: starting up a business and figuring out what it will take to make a profit.

13. Energy Shark Tank Senior Challenge

Grade Level: 12

You can download each of the sheets for both junior and senior levels in this Energy Shark Tank challenge.

Seniors are put on the business development team of an energy company, with the task of pitching a new energy technology product to a group of investors. The worksheet has lots of thorough questions that will get your students thinking, as well as help them prep their 2 to 3-minute pitch.

Things like:

• Obstacles to people adopting the new technology
• Identifying competing technologies in the market
• How to develop a pilot project

FYI: in order to get the PDFs, you have to go through checkout. Rest assured, the cost is $0.00.

14. Tiger Shark Investment (TSI) Tanked! Challenge

Grade Level: High School

Get your free resource packet filled with curriculum standards, student activities worksheets, assessments, vocabulary worksheets, and more.

This dives into the whole entrepreneur journey, such as:

• Writing a business plan
• The 4 P’s of marketing
• Tools to market your product/service
• Peer evaluation worksheet

Resources to Help Your Students with their Shark Tank Pitches

Looking to add some resources that will help your class’s Shark Tank experience? Here you go.

Perfect the Pitch

Here is an excellent rundown of what made a winning pitch on the show , Shark Tank, and why. Fascinating read!

Two card games that help with creating persuasive pitches include:

• Silicon Valley Startups (ages 14-18 years)
• Snake Oil Game (ages 10+)

You'll also want to check out my review on the Teen Entrepreneur Toolbox .

Entrepreneur Lesson Plans

I’ve got an entire article of 23 entrepreneur lesson plans to help supplement the above worksheets and Shark Tank episodes with deeper learning.

Not only that, but I’ve collected a bunch of youth entrepreneur competitions and awards (including scholarships!) and youth entrepreneur programs to get your kids even more interested in the entrepreneurial journey.

If you have the time, I would definitely go through some of the elevator pitch idea resources, these free business plan templates for kids , and entrepreneur lesson plans on top of your shark tank lesson plans for middle school and high schoolers. That way, your students will get much more out of these free Shark Tank activities.

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For Businesses

For students & teachers, shark tank lesson plans.

Amber Osuba

Skilled entrepreneurs have the vision to identify an opportunity, the knowledge of when to act, and the tenacity to overcome obstacles along the way. To offer ideas for tapping into your students’ adventurous spirit, we’re featuring two middle school teachers who paired entrepreneurship with innovation through Shark Tank lesson plans based on the show.

Our students love quests – they welcome any invitation to forge a plan and labor the voyage and find glory in accomplishing the tasks at hand. (Because who doesn’t love the hero’s journey?) Hook your students with a similar adventure in entrepreneurship with these Shark Tank lesson plans.

Lesson 1: Invention Projects with Venture

Teacher Feature: Mr. Travis Klabon

For their inventions, they were allowed to be as creative as they liked, as long as it was reasonable (no time machines, for example) and could be a viable business. Students were allowed to choose their own groups of up to three or work individually. I then gave my students two 45-minute class periods to prepare their presentations.

I used check-ins and status checks with my students to ensure they were on track. The key is to guide them to the right path. This type of project is a new concept and requires a lot of critical thinking from my students. They don’t often ponder all of the aspects of business, so I needed to use a lot of probing questions to help them see potential benefits and roadblocks to their plans.

After their presentations to a small panel of my school’s administration, my students were assessed on the following criteria:

Business Plan: Do the numbers work? Are they accurate?

Sales Pitch: Did they clearly present the product and their business?  Were they able to answer questions?

Travis Klabon is an 8th grade Social Studies Teacher at King’s Ridge Christian School in Alpharetta, Georgia.

Real World Learning Matters

EVERFI empowers teachers to bring critical skills education into their classrooms at no cost. Get activated and join 50,000+ educators across North America!

Lesson 2: Calling All Investors with FutureSmart

Teacher Feature: Ms. Cheneil Lowe

Last April I launched a “Calling All Investors” Competition to pair with the MassMutual Foundation’s FutureSmart financial education program. My students were asked to think through any problem they see in their daily lives. As an example, I had several students propose the issue of carrying heavy textbooks, and they all had a different solution. As a Project Lead The Way educator, this project was both a FutureSmart assessment and a Gateway Design Challenge.

Each student worked solo on their project over the course of two class periods. Their goal was to design their product or service, craft a business plan using the EVERFI provided template (shared with me in advance of the pitch), and write and present a 2-3 minute pitch speech.

To ensure my students were successful, I offered many examples, including my own business plan and a 3-minute speech, to ensure they knew the expectations for assessment before and during their time working on the FutureSmart program. I also showed video examples of elevator pitches during class time, and devoted my lunch and 30 minutes after school to anyone who needed extra assistance. To practice their presentations, students were asked to record themselves to see and hear their own mistakes and to present at home to family and friends if possible.

For our panel of judges, I wanted volunteers who understood how a corporation operates and were familiar with investments. Luckily, two MassMutual sponsors work as investors and were able to join our class for two days of presentations. For fairness, I also removed myself from judging but did tally the scores and announced our three winners. Each of our winners received a trophy for: Apprenticeship Engineer, Intermediate Engineer, and the top prize of Expert Engineer.

Cheniel Lowe is a Middle School Project Lead the Way Teacher with San Diego Unified School District.

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Shark Tank ESL Lesson Plan [Free PDF]

Table of Contents

Introduction

Shark Tank ESL Lesson Plan introduces students to the world of entrepreneurship and business pitching, providing a practical and engaging way to improve language skills. This lesson plan aims to enhance students’ vocabulary, listening, and speaking abilities while also fostering critical thinking and creativity. By immersing students in the high-stakes environment of pitching business ideas, they can develop confidence in using English for real-world communication. The Shark Tank ESL Lesson Plan is not only relevant for language development but also offers valuable insights into the business world, making it an exciting and beneficial topic for ESL learning.

Vocabulary Building

Contextual Usage

Esl warm-up activity.

To kick off the Shark Tank ESL Lesson Plan, start with an engaging warm-up activity. Divide the class into small groups and provide each group with a simple product or idea (e.g., a new type of pen, a unique phone app concept). Instruct the groups to come up with a brief pitch to “sell” their product or idea to the rest of the class. Encourage them to use vocabulary related to entrepreneurship, such as “investment,” “innovation,” and “market potential.” This activity sets the tone for the lesson by getting students excited about presenting their ideas and using relevant language in a fun, interactive way.

Main ESL Lesson Activities

Vocabulary activity: business buzzword bingo, roleplay: pitching practice.

Divide the class into pairs, with one student playing the role of an entrepreneur and the other as an investor. Each pair will take turns pitching a business idea using vocabulary from the lesson. This hands-on exercise allows students to practice using relevant language in a realistic scenario.

Reading and Writing: Business Plan Creation

Listening: analyzing pitches.

Select clips from Shark Tank or similar shows for students to watch. Afterward, facilitate a discussion about the pitches, encouraging students to analyze the language used and evaluate the effectiveness of each presentation. This activity enhances listening comprehension and critical thinking skills.

ESL Homework Assignment

As students reflect on this lesson, they can recognize how the language and concepts learned can be applied beyond the classroom. Understanding business terminology and practicing presentation skills not only enhances their English proficiency but also prepares them for real-world communication in professional settings. This lesson encourages students to think critically, communicate effectively, and develop confidence in using English for practical purposes.

Why this topic is great for ESL learning

Post navigation.

Barnaby Rudge ESL Lesson Plan [Free PDF]

Pinocchio ESL Lesson Plan [Free PDF]

• Our Mission

Business Students Dive into the “Shark Tank”

"School is boring." There is no place for that statement when teachers are creative, engaging and promote genuine learning. But how do teachers make their classes the opposite of boring?

When I began teaching high school business courses four years ago, I was just 23 years old. Because I had recently lived through traditional high school and college instruction, I knew there had to be a different way -- a better way.

Inspiration struck one night, months into my first year of teaching, while watching what was then a new TV show called Shark Tank . Here, entrepreneurs pitch their business ideas to millionaire and billionaire investors in the hope of securing funding to start, grow or save their business. When I showed my business students one episode, they begged to watch more. At that point, I knew I had something. So, to capitalize on my students' enthusiasm, I created a project out of it.

Entrepreneurs in Training

In my Business 100 class, students begin the Shark Tank project by assuming the role of an entrepreneur tasked with devising a proprietary, practical invention that can be a product or service. They spend months developing a business plan for their invention while, along the way, learning important business concepts from the course outline. Skills align with the Common Core State Standards, specifically critical thinking and problem solving.

In developing their inventions, students learn about the importance of legally protecting their company via a patent, and protecting their logo and tagline with a trademark. They learn the costs associated with leasing a space to conduct business operations. Additionally, they use those Common Core staples of critical thinking and problem solving to determine their cost of goods sold, distribution methods, marketing tactics and total start-up funds that would be required to launch their businesses. Skills learned in English class are reinforced, in that each Shark Tank assignment is accepted only if there are no spelling, grammar or punctuation errors.

At the project's completion, students create a prototype and pitch their invention to real business owners, just like on the show. This year's business invention ideas include voice-activated and -controlled headphones, a retractable and expandable travel bag, and a stylish hat line with changeable brims -- just to name a few!

Feedback from the Sharks

"One of the hardest parts of the Shark Tank project was finding out how much it would cost to make my product," said sophomore Alex Fields. "I had to first figure out if it was important to me to make it in the U.S., rather than overseas. Then I had to figure out where to find my parts at the lowest price, while making sure they were going to still be good quality."

Over the years, students have presented to many different "sharks" (investors) including the president of a software design company, the CEO of a marketing company, and the president and founder of a manufacturing company, along with multiple local business owners who represent a variety of industry sectors. Besides commending the students on their presentation skills and creativity, sharks point out areas of improvement, mostly centering on marketing strategies and the accuracy of data that students have researched for their pitch.

While no money is actually awarded from any of the investors, students acquire important business knowledge and skills throughout the process. "I know I'm young, but I've always wanted to start my own business," said sophomore Alexandria Lennen. "I still do, but I'm now way more prepared after completing the Shark Tank project. It was so awesome!"

Said sophomore Harmony Ordaz, "The Shark Tank project has opened my eyes to how much work it really takes to be an entrepreneur. Starting your own business is definitely not for everyone. It's been so much fun to learn all this by doing it, not just listening or watching something about it."

The Opposite of Boring

With the project now in its fourth year, the student body at my school has developed an excitement for the event. Last year, over 500 students and staff members attended the presentations. It is exciting for me that enthusiasm for an in-school project has expanded to a large audience outside of the classroom.

Like I said earlier, school should never be boring. My relative youth has been an advantage for engaging my students, because I am up on their media obsessions, social networking habits, fashion trends, and have a sense of what might be an interesting project. I try to put myself in students' shoes and match assignments to their interests.

So ask yourself, "How am I getting my students to be excited about learning?" Maybe it's time to let them (safely) swim with sharks.

4 Ways To Use Shark Tank in the Classroom 

The hit television show, Shark Tank , has captured millions of viewers with its exciting, high-stakes pitches from entrepreneurs seeking investments for their creative innovations. Based on the pitch, wealthy investors, also known as the “sharks,” get to decide if these ideas are worth their money. Beyond just entertainment though, Shark Tank can also be used as a valuable educational tool for teaching entrepreneurship in your classroom . There are so many creative ways to integrate Shark Tank in the classroom that contribute to a more well-rounded, real-world learning experience. 

If you want to share Shark Tank ideas in class, make sure to access our Shark Tank Pitch Playlist with 7 classroom-friendly Shark Tank Pitches to save you some time.

AND if you want more entrepreneurial resources and activities for your classroom, check out our new entrepreneurship activity book, Doing Business As A Kid ! 

Why should you use Shark Tank in the Classroom? 

#1 Learning the Art of Pitching an Idea

One of the most valuable skills an entrepreneur can have is knowing how to effectively communicate their ideas with passion and excitement that meaningfully engages their audience. On Shark Tank, contestants must present their business ideas in a concise and compelling way that captures the investors’ attention. By watching and analyzing these pitches, students can learn some of the key elements of an effective pitch, and take note of the pitches that might need some more work. 

#2 Developing Critical Thinking Skills  

Problem-solving and critical thinking are consistently necessary as an entrepreneur. As students watch businesses be presented on Shark Tank, they will learn the strengths and weaknesses of different business ideas, as well as the potential risks and challenges associated with being an entrepreneur. Following the pitch, the Sharks have an opportunity to offer feedback and ask follow-up questions about the company. This part of the show is a great way for students to analyze what aspects of a new company are most important and most concerning to potential investors.

#3 Understanding Market Research  

Before launching any business, it is necessary to determine whether or not there is a need for that product or service. Conducting market research is another essential aspect of being an entrepreneur in order to be prepared to enter a specific industry. The Sharks often ask contestants about their competition, how they figured out their pricing strategy, and what makes them different. By watching the show, students can identify some of the key areas of market research that are the most effective for developing a business model and understanding the importance of being knowledgeable about the industry an entrepreneur is entering into.   

#4 Understanding the Financial Components of Entrepreneurship  

The Sharks often scrutinize the financials presented by contestants to determine whether or not to invest. This aspect of the show highlights the importance of having a solid understanding of finances, including profit margins, cash flow, and revenue. These financial skills are helpful for students to learn about financial planning and management in the context of entrepreneurship. Additionally, students learn that when seeking investments, entrepreneurs do not always receive exactly what they are looking for. They may need to be flexible when making a deal or choose not to compromise and leave empty-handed.   

#5 Learning About Different Business Models  

Using Shark Tank in the classroom allows for great knowledge expansion because Shark Tank features a wide variety of businesses ranging from food and beverage companies to tech startups, and consumer products. The varying business models for each company offer insights into the unique challenges that are associated with each, as well as the significance of identifying a target market and tailoring a business to meet customer needs. Students will be able to expand their thinking and understand that developing a business model has endless possibilities for creativity and innovation. 

Best Shark Tank Pitch Videos to Show Students

Access our Classroom Friendly Shark Tank Pitches playlist ! Each clip features a completely different business, entrepreneurs with varying backgrounds, and a mix of fun and engaging pitch examples as well as emotional and socially driven ones to save you time when using Shark Tank in the classroom. Don't forget to save it to your YouTube library , so you can continue to refer back to it!

How to Use Shark Tank Videos as Classroom Lessons 

#1 Company Analysis Project

• Have your students create a comprehensive analysis of a Shark Tank pitch of their choosing
• They can identify strengths and weaknesses of the company’s overall presentation, the way they respond to investor questions, and how well they know their target market, finances, and overall industry
• Additionally, ask them to provide some areas for improvement or something they might have done differently. 

#2 Mini Shark Tank /Elevator Pitch Project  

• This can be a one-day project or over a period of time
• Students can use a large poster board or online tool to map out an overview of their idea, who the target audience is, what kinds of resources are most important, and why they think they are the best people to solve the issue
• They will then create an elevator pitch for their company and present it to the class, allowing time for feedback.

#3 Business Model Research

• They can look for similarities and differences, identify whether the business model is common or unique, and determine what elements of each model make it most effective for the specific product or service 

#4 Students Become the Sharks

• Play an episode of Shark Tank and pause it after the contestants give their pitch
• Allow the students to discuss in small groups whether or not they would want to invest in the company, what questions they still have, and what elements of the pitch were compelling
• Continue playing the episode to hear what the real Sharks had to say
• Afterward, students can discuss whether or not they were surprised by the results, and if their groups’ analysis was similar or different  

It’s important to note that Shark Tank is not without flaws. The emphasis on high-stakes investments and dramatic confrontations with investors is not a completely accurate view of the business funding process. It can also overshadow the educational value of the show. In this sense, it’s important for educators to use the show as a supplement to a broader entrepreneurial curriculum, rather than relying on it as the sole teaching tool.  

Not only are there educational benefits, but Shark Tank is a fun and engaging way to teach entrepreneurship. By allowing students to watch and analyze pitches from real-life entrepreneurs, the show has the ability to bring entrepreneurship to life in a way that textbooks and lectures simply can’t . It also provides a platform for students to develop their own business ideas and practice their pitch skills in a supportive and constructive environment , inspiring the next generation of entrepreneurs!  

Bring Entrepreneurship to Your Students!

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9 Lessons in Entrepreneurship From Shark Tank

I don’t watch much television — with two small children and a business, I just don’t have time. But there’s one show that I DVR and watch without fail every week: Shark Tank .

For those of you who aren’t familiar with the show, here’s the premise:

Aspiring entrepreneurs get a once-in-a-lifetime opportunity to pitch their business to a panel of “sharks” — five self-made millionaires and billionaires including the likes of Mark Cuban and Daymond John — and ask for funding in exchange for equity in their business.

Basically, it’s the dramatization of one of the most stressful, sweat-inducing, make-or-break moments in capitalism: the business pitch.

On any given episode you’ll see amazing and innovative businesses secure hundreds of thousands (and sometimes millions) of dollars worth of capital, or you’ll get to watch what’s obviously a weird, laughably-bad business be eviscerated by the sharks.

This is of course a “reality” show, with those quotes firmly in place; while the businesses are real and the entrepreneurs really do spend an hour or two with the sharks getting feedback on their products or ideas, that footage is then spliced and edited together into 5 minutes of entertaining television. The businesses that are comically bad were clearly handpicked by producers for that very reason.

But while it’s crafted for your viewing pleasure, Shark Tank actually offers a good dose of practical, real-world business advice for would-be entrepreneurs. You won’t get an MBA equivalent education just from watching the show, but you’d be surprised by the number of actionable business tips you can pick up just from tuning in each week.

Below I highlight nine of the recurring lessons in entrepreneurship I’ve gleaned from Shark Tank :

1. Learn how to pitch. If there’s one lesson you take from Shark Tank and this post, let it be this: master the art of the pitch.

Even if you don’t think you’ll ever find yourself standing in front of a bunch of venture capitalists, every entrepreneur needs to know how to effectively sell himself and his idea to his potential partners, employees, and clients/customers.

You’d think on a show like Shark Tank — in which people know they’ll be asking for tens or even hundreds of thousands of dollars on national television – the entrepreneurs would prepare for their pitch like crazy.

But you’d be wrong.

I’d venture that 50% of the pitches on Shark Tank are absolutely horrible, 40% are so-so, and 10% is stellar. Some of the folks on Shark Tank just seem like they’re winging it, which makes for some awkward, yet entertaining moments.

“You have to learn how to communicate your vision. You have to practice in a mirror every morning. It’s the most important thing you can do because you only get a chance to make a first impression once. And when you stand up in front of sharks or any other investors you’ve got to be able to communicate why the idea works and why you’re the right person to do it. I always tell young kids that I teach now in business school, ‘Look all this stuff you’re learning about numbers is great, but if you can’t stand up in front of your classmates and explain why you’re a winner and how you can be a leader, and how you can inform that business plan, you’re nothing… You’re just a nothing burger ’til that happens.'” –Kevin O’Leary, aka Mr. Wonderful

So how do you avoid being like the cringe-inducing pitchers on Shark Tank ? Well, following the guidelines in our post on how to give an effective pitch (as well as what not to do ) will put you leaps and bounds ahead of many folks. The gist of the advice in those posts is this: be poised, make your pitch sticky or memorable, know your business (and industry) inside and out so you can answer any question that comes your way, and play to the investor’s self-interest (show them the money!).

The best pitch I’ve seen on the show was from an 18-year-old girl who owns a skincare company called Simple Sugars . She was super poised (more so than many of the much older entrepreneurs who’ve been in the tank), she had a great story for her product (started the company when she was 11 to create an all-natural skin care product that was suited for someone who had eczema, like herself), she knew her business inside and out, answered the sharks’ questions and resolved doubts like a boss, and she clearly demonstrated how the sharks would make money investing with her. Her awesome pitch scored her a $100,000 deal with Mark Cuban. If you want to learn how to pitch like a pro, you’d do well to watch this young woman in action .

2. Hustle is necessary, but not sufficient. Common refrain entrepreneurs on the show resort to when they’re about to get the nix from all five sharks is:  “But I’m such a hard worker! I will toil night and day to make this business a success!” And every time, one of the sharks — usually Mark Cuban — will respond with something to the effect of: “You and everyone else on this show!”

We’ve argued that the world belongs to those who hustle . And it does. If you’re lazy, you’re not going anywhere in life. But in business, the hustle is a given. You have to work hard to be a success, but working hard doesn’t guarantee you’ll be successful. If your business sucks and your product is a complete lemon, it doesn’t matter how hard you work. You’re going to fail.

Hustle, but make sure you’re hustling in the right direction.

3. Don’t be blinded by passion. Here’s another recurring theme on the show: the overly-passionate entrepreneur who’s poured their heart and soul into their product and is absolutely convinced that their business is the next big thing/will change the world…even though everyone else can plainly see that their idea is an utter dud.

“I think passion is overrated. Everyone has a lot of passions. I have a passion for sports – a passion for music. That doesn’t make it a business, and that doesn’t make you qualified to run the business.” –Mark Cuban

It’s hard to knock these folks. Their passion and emotion are well-intended and are frankly admirable in our day of “overwhelming meh” aloofness. Ideally, you should love doing the thing you’re trying to make money at. But passion isn’t enough. Just like hustling can’t transform a sow’s ear into a purse, if nobody wants your product or service, passion in spades won’t magically turn your business into a success. In fact, that unchecked passion can blind you to warning signs that you’re on a sinking ship — before you know it, you’ve invested years of your life and thousands of dollars into an emotionally and financially costly failure. It’s truly sad when the entrepreneurs on the show admit they’ve taken out a second mortgage or emptied their children’s college fund to pursue a dream that all the sharks end up turning down. Had they led with their head instead of their heart, such a devastating anagnorisis could have been avoided.

4. Just because your friends and family love your idea, doesn’t mean it’s a good idea. I can’t count the number of times I’ve seen people pitch what is obviously a stinker of a business, only to be stunned when Mr. Wonderful declares, “This is insanity! I forbid you to continue!” How do these incredulous would-be entrepreneurs invariably respond? “But all my friends and family think it’s a great idea!”

Of course, they do. They’re your friends and family. They think you’re awesome, so they think everything you do is awesome; it’s the halo effect ! Even if your friends and family do realize your business idea is a bad one, they probably wouldn’t say so. They’re worried you’ll shoot the messenger and so they’ll simply tell you what you want to hear.

Take the husband/wife creators of  “ Elephant Chat .” They invested $100,000 of their own money into developing their product – a little plush elephant stuffed inside an acrylic “communication cube” that a spouse could place out on the counter to let their partner know they wanted to talk about an issue in the relationship (“the elephant in the room”). It retailed for $60. They swore everyone they talked to thought it was an amazing idea. None of the sharks took the bait.

Besides being blinded by your passion, beware of the family and friends filter. Always, always get an outside, unbiased opinion. Better yet, test out your idea on the unforgiving public to see if there’s even a demand for it.

5. Know your business. Above we mentioned that in order to pitch effectively, you gotta know your business. But what does that mean exactly?

“Know your business and industry better than anyone else in the world.” –Mark Cuban

First, you need to know your numbers — sales, cash flow, debt, margin, and so on. The sharks often hesitate to make a deal with entrepreneurs who don’t know important data points like their customer acquisition costs.

But knowing your business extends far beyond having a handle on your numbers; it requires a deep understanding and grasp of the industry you’re competing in. Lots of entrepreneurs come on the show pitching a product or service they think is truly unique, only to be informed by one of the sharks that a very similar product or service already exists. If they had done just a bit of due diligence, they could have avoided that embarrassing “surprise.”

There are also plenty of entrepreneurs who come on the show with dreams of conquering certain industries (food, clothing, apps, etc.), but have no idea how those industries actually work; for example, they have a food item they want national grocery stores to stock, yet they aren’t aware of the huge amounts of money big corporations spend to secure that shelf space and what an uphill battle breaking into the market will require. Consequently, their plans to succeed are naive at best — completely misguided at worst.

A perfect example of entrepreneurs who came on Shark Tank without really understanding their industry (or even business) was a pair of doctors pitching a social network for their fellow MDs called Rolodoc. The docs had no clue how social media worked, or even what it was , despite the fact that their business idea would supposedly revolve around it. Consequently, they stumbled over even very basic questions about how their idea would be executed and how it would actually make money. Mark Cuban called it the worst pitch in Shark Tank history.

Before you start your business, research the heck out of the industry you’ll be competing in by reading industry journals and blogs and talking to folks who are already doing business in that market. Heck, even pick up a Dummies guide – there’s one for just about any industry you can think of. This research phase could take months, but it will save you major headaches down the road.

6. Concentrate on your core competency. Sometimes an already successful business will enter the tank seeking more capital to expand and grow. Nothing wrong with that. The problem arises when one of these companies wants to use that money to expand into a somewhat related product line or service that detracts from their original core competency. Most of the sharks are leery of these businesses and will often tell the entrepreneur that they’ll only invest if they drop their plans for the expanded product line. Why would they want their money funneled into an untested product or service instead of being used to boost a proven winner?

It’s good to experiment and try different things in business, but never lose sight of your core competency. Getting sidetracked has been the downfall of many a business. This is especially true with the volume and ease with which you can get feedback on social media these days; you might hear from a bunch of folks who say, “I wish you guys would make this too!” leading you to believe there’s a popular demand for a new expansion in your business. Then it turns out that those commenters actually represented a very small but disproportionately vocal minority.

Know what you’re good at and stick close to it.

7. The best businesses solve real problems. The entrepreneurs that succeed in landing a deal usually have one thing in common: their business solves a real problem. Typically the problem the entrepreneur sets out to solve was one they experienced themselves.

The businesses that typically fail at securing funding don’t solve an actual problem. They’re either novelty products or products that solve a problem that doesn’t actually exist. Every now and then you’ll see a shark invest in a novelty item because they see the opportunity to make a lot of money really fast by riding a trend or fad, but for every one of those, you have something like Man Medals – novelty items that are as a dumb as a rock, not the next Pet Rock.

8. If you’re not making money, it’s just a hobby. Kevin O’Leary has a saying, “Any business that after three years isn’t profitable isn’t a business, it’s a hobby.” There’s nothing wrong with hobbies. They’re fun and provide a creative outlet . But don’t fool yourself into thinking that your little manly-scented artisanal soapmaking experiment is promising biz just because you’ve sold 8 bars on Etsy. If you’re plowing lots of money into your project, but seeing little return on your investment, embrace your endeavor for what it is – a pleasant pastime.

9. Not every business needs investors. Some entrepreneurs come on Shark Tank looking for an investment to expand an already successful business, only to be told by the sharks that they don’t need an investor and should actually continue to bootstrap the business. I think this is an important but often overlooked point. In a business culture that glorifies million-dollar venture capital deals, lots of aspiring entrepreneurs have the mistaken belief that if you want to succeed in business, you have to have investors.

Plenty of successful businesses bootstrap their way to success without the assistance of investors; with a good idea, hard work, and proper money and resource management, they’re able to fund continued growth with the cash flow they have coming in. Bringing in an investor wouldn’t do much for these businesses except add another cook in the kitchen – and another hand in the pie.

“Banks are not forgiving, and the last thing you want to do is build your business with a priority placed on having to pay back the bank before you invest further in your business. Equity is far better and sweat equity is the best.” -Mark Cuban

Besides, some businesses just aren’t well suited for investment. Investors typically want businesses that they can scale and aggressively expand. You can’t scale a business that specializes in handcrafted wooden chests made by you unless of course, you’re willing to license your design to a factory in China. But managing the mass-production of wooden chests may not be what you envision as your vocation and you’d rather keep things small – making less money, but staying hands-on with the work.

Taking venture capital ultimately means giving up control. We ourselves have been approached a few times with VC offers but have never seriously considered them. Once you bring in people who are only concerned about the bottom line, they’re going to start pushing you to do things that may not jive with your values and vision. “We need to blow the Art of Manliness up and increase traffic faster! Why don’t you publish more often and do like, oh, I don’t know, some posts on the ‘hot girl of the month?’” Um, no thanks.

Before seeking investment, ask yourself: Do we really need outside funding? Have we reached a point where we can’t continue to grow without it? Are we the type of business an investor would even want to invest in?  If so, what would we do with the extra capital? Do I really want to give up control of my business?

Also, if you’re looking for a great bootstrapping success story, look no farther than our friends at Huckberry. I’m so impressed with their success – they keep growing and growing – and they’ve done it without VC. For an inside look at the benefits and challenges of taking this path, check out this great article on them at 37Signals.

If you’re an aspiring entrepreneur, I hope you’ll take all this advice under consideration, or in the words of Mr. Wonderful, “You’re dead to me!”

What business lessons have you learned from Shark Tank ? Share them with us in the comments!

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Students will design a business plan to demonstrate how globalization works and affects people around the world. In this lesson plan, students will engage in a look through global markets, how to develop a supply chain, and pitch a business plan in a Shark Tank Simulation. All materials are linked in a comprehensive lesson plan.

**To access the lesson plan and documents, when you download the file, click on the link on page 1. This will lead to the plan and documents all linked in a Google Doc. It will first ask you to make a copy and then you will be able to access all files.

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O'Leary sounds off on Harris' 'insane,' 'un-American' proposals ahead of anticipated CNN interview

These are 'really bad' ideas, says the 'shark tank' star.

Kevin O'Leary: $25,000 housing deal is 'beyond insane'

O'Leary Ventures chairman Kevin O'Leary reacts to housing costs soaring under the Biden-Harris administration on 'Kudlow.'

Vice President Kamala Harris has yet to unveil her policies as the Democratic presidential candidate, but her "insane" and "un-American" economic proposals may be a dealbreaker for "Shark Tank" star Kevin O’Leary.

The "Shark" investor and O’Leary Ventures chairman did not mince words during his appearance on "Kudlow" on Wednesday as he assessed the list of actions the Harris campaign has rolled out in recent weeks. 

In an effort to combat the country’s unaffordable housing crisis, Harris proposed giving an average of $25,000 assistance to all first-time homebuyers. 

According to the vice president, assistance would be given to more than 4 million people over four years if she were to win the election.

HARRIS SAYS HER ECONOMIC PLAN WILL 'PAY FOR ITSELF'

O’Leary criticized the "crazy notion," arguing that "$25,000 free helicopter money is insane" and will "never happen."

"Think about it. You have a shortage. You then flush more helicopter money from the sky. You cause inflation because if you're the seller of a house and you've got 15 bids and you know that person has just received $25,000, you up your price 25,000, the price just went up," he stressed.

Despite Democrats looking to quell Americans’ homeownership concerns , O’Leary explained that "massive supply" problems and "punitive" regulatory policies must be addressed to "get more supply on the market."

Kamala Harris' economic plan will create housing and food shortages: Jeff Sica

Circle Squared Alternative Investments founder Jeff Sica explains the risks of rent control and price caps on 'Varney & Co.'

But Harris isn’t just focusing on the first-time buyer. The vice president also offered a solution for rising rental costs — price controls.

"There’s a huge problem with that," O’Leary said while discussing the "Soviet-style pricing" fix. "Here's what happens to the price control building. No CapEx [Capital Expenditures], no maintenance. It starts to fall apart. There's no incentive for the landowner or the person who built the building to ever spend another dime on it. They just slowly crumble," he described.

The O’Leary Ventures chairman went on to add that controlling prices would not only distort markets but cause inflation, reduce supply and cause the CapEx on buildings to collapse. "I don’t know where these ideas are coming from. These are really bad ideas," O’Leary stressed. HARRIS' ECONOMIC PLAN PROPOSES TO FIX 'PRICE GOUGING' AND GO AFTER 'EXCESSIVE PROFITS,' BUT WHAT DEFINES THIS?

Reports  from The Wall Street Journal  and The New York Times have said that Harris supports the tax increases put forth by Biden in his recent budget proposal. This, according to Harris’ campaign, includes a 25% tax on unrealized capital gains for individuals with more than $100 million in wealth, and an increased corporate tax rate from 21% to 28%. 

"Of all the suggestions I’ve heard on taxation, I find that the most offensive," O’Leary said while discussing the administration’s "un-American" plan to tax unrealized gains.

"Let's say our business went from being worth 10 million to 20 million over five years. Where am I going to come up with 3 or $4 million cash that I don't even have, that I never had? I mean when you really start thinking pragmatically about these ideas, you understand how bad they are," he expressed, arguing that it "makes no sense whatsoever."

Harris wants to implement ‘let’s make a deal’ tax policy: Kevin Hassett

Former White House Council of Economic Advisers Chairman Kevin Hassett weighs in on Vice President Kamala Harris’ controversial tax reform plan on ‘Mornings with Maria.’

The vice president has recently been criticized for not unveiling any presidential policies as she’s set to appear in her first pre-recorded interview on CNN on Thursday night.

"We're all waiting for policy because there's a 50/50 chance that Harris is the president . I'm okay with that. I just need to understand, what's her policy?" O’Leary told FOX Business’ David Asman.

"And I've never seen a candidate in my life that doesn't do live interviews with the press. I mean, this is unprecedented where they would ask those questions. I'm very uncomfortable about it, and I'm very vocal about it. I've been saying, ‘come out, come out, wherever you are and talk to the press. Live, live, live,’" he said.

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FOX Business’ Breck Dumas and Eric Revell and Fox News’ Hanna Panreck contributed to this report.

Here's What Went Down With Mikki Bey Eyelash Extensions After Shark Tank

Mikki Bey Eyelash Extensions fluttered in front of the "Shark Tank" entrepreneurs in 2015 during Season 7, and founder Mikki Bey got her big break in a unique way. She revealed on the "Girl Stop Playin'" podcast in 2022 that she owned a salon on the same street as the "Shark Tank" Los Angeles studio, where she provided lash extension services. After one of the show's producers came in for a lash appointment, Bey expressed her interest in getting in front of the Sharks. At the time, the entrepreneur was looking to expand her company by hiring new staff and patent her extension process.

Things moved quickly from there. Within three days of that conversation, Bey was on a formal call about appearing on the show. And, before she knew it, she'd completed a thorough background check and started working on her pitch. But, sadly, things didn't exactly go to plan when the cameras started rolling — and it all ended in tears.

The Sharks weren't impressed by the eyelash extensions business

Mikki Bey pitched her Mikki Bey Eyelash Extension plans to Mark Cuban, Barbara Corcoran, Kevin O'Leary, Lori Greiner, and Robert Herjavec. But, unlike when fellow lash company OpulenceMD Beauty appeared on Season 12 , the sharks weren't sold on Bey's concept. Lash extensions have become mainstream, but, back in 2015, they weren't so common. So Bey, who was looking to exchange 20% equity for a $300,000 investment, began by demonstrating the process on Mark Cuban while explaining what lash extensions actually are.

Understandably, the Sharks were more interested in the figures than they were Cuban's new lashes. Bey revealed she'd raked up $130,000 in sales, though O'Leary wasn't sold on her valuation. He suggested she license her concept, but made it clear he wouldn't invest to make it happen. Corcoran also declared herself out because she wasn't looking to put money into a service — something Greiner agreed with. Herjavec kept his money in his pocket, too. He didn't think the business could grow big enough for him to invest, while Cuban took himself out of the running after being unimpressed by Bey's business model. Things took an extra sour turn in the Tank after Bey shed a tear. Corcoran scolded her fellow entrepreneur, suggesting she was showing weakness by getting emotional in front of them.

Mikki Bey knew she wasn't going to land a deal before she entered the Tank

Speaking on the "Girl Stop Playin'" podcast, Mikki Bey admitted she knew she wouldn't leave the Tank with a deal. "The money didn't match. In order to get the deal, your valuation has to be equal to what you're asking for," she explained, noting she purposefully went for the big bucks. Bey also shared she believed she didn't get an investment because she pitched a service over a tangible product. But, even though she didn't leave with any cash, Bey doesn't hold a grudge against "Shark Tank" or its Sharks. "It was an awesome experience and I'm so proud that my name is next to 'Shark Tank'... I think that is absolutely amazing. The brand is phenomenal," she said. 

Not everything she experienced as a result of the show was quite so positive, though. Bey got some negative reactions after the episode aired and struggled with the public reaction to her pitch. She also divulged that she found it tough becoming a public figure overnight. But Bey wasn't afraid to defend herself. She confidently hit back at Barbara Corcoran's criticism of her tears in an empowering piece for HuffPost , published the week after the episode aired. "Crying does not discredit all of a woman's potential and accomplishments," Bey wrote. "I welled up because I felt my life was on the line." And she had a point, because a good cry actually has a number of benefits .

Mikki Bey closed her salon mere months after filming Shark Tank

Despite seeming so invested in her salon expansion plans on "Shark Tank," Mikki Bey's heart just wasn't in the lash extension game. Six months after she stood in front of the entrepreneurs, she closed her salon. But that wasn't all down to not getting an investment. She said on the "Girl Stop Playin'" podcast that she knew providing lash extensions wasn't her long-term goal and had always intended to shutter the salon. "I was in school for my MBA. I was six months from graduating," she explained. The entrepreneur was still able to reap the rewards from the show for a while after her episode aired though, even though her salon was no more. "My brand is still recognized and highly regarded in the beauty industry due to the notoriety I achieved from 'Shark Tank,'" she admitted to CNBC in 2018.

Not landing a deal in the Tank led Bey to some big things in both her personal life and professional life, too. She told "Girl Stop Playin'" that her "Shark Tank" experience inspired her to start manifesting, which led her to a career as a manifestation coach. Bey didn't see not getting an investment as a failure, noting, "It has really led me to every good thing in my life." 

The entrepreneur moved into pharmaceuticals and founded Mikki Bey Consulting

Since appearing on "Shark Tank," Mikki Bey has seen a string of successes outside of the lash extension game. The entrepreneur explained to "Girl Stop Playin'" that she upped sticks and moved from Los Angeles to Houston post-show, and she'd gotten engaged and became a mom. Bey also embarked on a new career and began working in pharmaceuticals in 2021. According to Bey's LinkedIn , she progressed to become the U.S. vice president and general manager of Scientis over a three year period, before leaving that role in July 2024 to turn her attention full-time to her own business.

At the time of writing, Bey's focus seems to be firmly on Mikki Bey Consulting, which she founded in 2016. Under her business umbrella, the entrepreneur works as a manifestation life coach, keynote speaker, and podcast host. In August 2024, Bey released her e-book, "Relaxed and Regulated," which aims to help people regulate their emotions and live a more balanced life. The businesswoman also offers masterclasses for those looking to learn from her impressive career and life lessons.

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