Today’s Show Recap
Thanks for listening to Makin’ It. On this week’s episode, on Show Buzz, the Tommy, Todd and Brittany take a look at the “Dragon’s Den.” Also this week, Tommy and Todd interview Dave Alwan, a two-time contestant on “Shark Tank” and get his secrets for success. Finally, on Makin’ It or Breakin’ it, the gangs asks the question: Is training employees oversold? Let us know what you think of the show in the comments section at the bottom of the page!
Let’s swim with the sharks and start the show!
Show Buzz:
Tommy, Todd and Brittany start the show with Show Buzz, and this week they take a look at “Dragon’s Den,” the British version of the U.S.’s “Shark Tank.” The two shows are very similar in format: an entrepreneur sells his idea to a panel of investors. However, the principal difference is that the investors on “Dragon’s Den” aren’t nearly as nurturing and encouraging as the sharks on “Shark Tank.” Entrepreneurs on both shows need to know their numbers in order to succeed on the show, but on the “Dragon’s Den,” contestants are shredded apart if they do not.
Both shows stem from the Japanese show “Money Tigers,” which is essentially the same format as “Dragon’s Den” and “Shark Tank.” What is important to take notice of is how the shows are nearly the same idea and rebranded for their respective audiences. People often believe that to be successful, they must have their own original great idea, which is a fallacy. Sometimes, rebranding and repackaging an already proven successful model, like “Money Tigers,” is a ticket to success. What do you think of “Dragon’s Den?” Which show do you prefer? What do you think of rebranding an already successful model and making it your own? Let us know in the comments section.
Next up, Tommy and Todd interview Dave Alwan, CEO of Echo Valley Meats, multimillionaire and two-time contestant on “Shark Tank.”
Alwan started out as a third-generation cattle farmer and vet and bought his first acres at 23 years old. He learned about meat preparation in Europe and entered a contest featuring the way he prepared his meat and won, which led him to partner with Swiss Colony and Hickory Farms When he decided to start selling meat online in 2005, people laughed in his face. By the time he was first featured on “Shark Tank,” Alwan was bringing in $180,000 a year through his mail order business. After his appearance, which Alwan didn’t get a deal despite the sharks loving his product, his business blew up, breaking $2 million in profit. Now, he is pulling in ten times what he was making prior to his first appearance on the show.
In the continental U.S., Alwan can ship his products, including cooking accessories, pretty much on the same day they are ordered having a centralized home-base of Peoria, IL. And, since getting a deal with Mark Cuban on his second trip to the Tank, Alwan is even branching out into new business avenues such as casino, retirement and employee gifts, all new sources of revenue for him.
Alwan says his visits to “Shark Tank” are stories in and of themselves. He has always been a fan of the show, and prior to his first appearance, he had seen every episode, giving him an edge on what pitches were successful. One night, while watching the show, he decided to see when the next casting call was taking place. Four days later, Alwan was on a plane to Culver City, CA. By the time he arrived, there were thousands of people who had already been waiting in line, and Alwan waited 17 hours before he got to do his pitch. Auditioning for the producers of “Shark Tank” is not the same as doing the pitch for the sharks. The producers look for passion and drama, anything that makes a person exciting for television, and they wanted to see more of Alwan.
On his first trip to the Tank, Alwan remembers being incredibly nervous, sweating through several shirts. While he didn’t get a deal because his numbers weren’t attractive to the sharks, he did get Cuban as a full-time customer. And, because of his increased sales from his first visit to the Tank, his second appearance made him much more desirable, and he landed a deal.
Alwan believes that success has never been about the money for him, preferring instead to work hard for what he wants instead of wishing for it. He believes if you work hard, the rest will follow, or connecting the dots as he calls it. Alwan does cite his family and the school of hard knocks as his best mentors, crediting the many times he has fallen on his face as the best learning lessons. Additionally, he believes success can be summarized by a philosophy defined by Colin Powell: Preparation, hard work and learning from failures are the keys to success. What do you think of Dave Alwan? Let us know in the comments section.
Makin’ It or Breakin’ It:
Finally, Tommy, Todd and Brittany end the show with the Makin’ It or Breakin’ It segment. This week they ask the question: Is training employees oversold? Often employers believe they can train employees to do the job they want. However, if employers don’t hire the right people, the training could be a waste of money and time. Employees can be a company’s biggest asset or, its biggest liability. And, before training is even considered, selecting the right employee for the job should be the biggest priority. If an employee is right for the job and has proven himself, training the employee then benefits the employer as well as the employee. Training someone who can and wants to learn is beneficial for both parties. Moreover, if employers educate their employees about their values and what is expected of them, a worker can be given the latitude to be thinkers rather than just repeating mundane tasks.
What employers should focus on is their employee selection process as 75 percent of the wrong people get into companies. The selection process should include a person who values the job and wants to be there and who will take the training and use it. What do you think of training employees to do the job you want versus hiring the right people before you train them? How do you hire your employees? Let us know in the comments section.
Thanks for tuning in to Makin’ It. Let us know what you think of the show and if you have questions about your business, send us an email at info@makinitnow.com or leave us a comment below. We love to hear from our listeners and we read comments on the air. We just might choose yours for next week’s show (so don’t forget to tune in!).
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Additional Resources for Entrepreneurs:
Order Tommy’s new book, The Way of the Rich at amazon.com, barnesandnoble.com, booksamillion.com and buybooksontheweb.com.
For more information on Dave Alwan, click here, here and here.
For more information on “Dragon’s Den,” click here.
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