My name is Allison N., and I am the CEO & President of Coalesce Fashion, a clothing and accessories line that creates affordable, comfortable, and stylish attire for teenage girls of all body sizes and backgrounds.
As an entrepreneur, I believe that the Shark Tank format is the better format for a business person to participate in. I believe this because the Shark Tank investors provide entrepreneurs with immediate and varied feedback right there in the tank, which can allow an entrepreneur to modify their product or service before it begins failing. However, I recognize that The Profit tends to allow for a more in-depth SWOT analysis of a business, as when Marcus Lemonis visits the brothers in Car Cash and directly engages with them and saves their struggling automobile buying service. This more hands-on approach is advantageous, though I still consider the multiple insights provided by the several sharks on Shark Tank to be extremely useful for new business owners. Furthermore, Shark Tank seems to be more widely watched than The Profit, which means that an entrepreneur could gain greater publicity simply by being on this show than on the Profit. In other words, I believe that an entrepreneur has a slightly greater chance of receiving an investment offer from a potential TV viewer of Shark Tank than The Profit.
Although I personally prefer the Shark Tank format over The Profit, in terms of investors, I believe Marcus Lemonis is the best one. I admire his dedication to helping small businesses, which are the "heart and soul" of our economy. Additionally, rather than listening to a pitch for a mere two to five minutes as on Shark Tank, Lemonis directly visits a failing business and works with them through investments to save them. This reveals a heartfelt commitment that is unparalleled by Shark Tank's often cut-throat nature.
For my business, Coalesce Fashion, I would want to work with Daymond John and/or Lori Greiner because they both possess expertise in retail. Daymond John revolutionized fashionable sportswear with FUBU, so I could benefit from his knowledge of starting a clothing and accessories line from scratch. Additionally, I could use Greiner's help with marketing, as well as the process of getting my clothes into larger retail stores such as Nordstrom. And since Coalesce Fashion focuses on women empowerment, I consider it important to have a female investor of my retail business.
One major difference between Marcus Lemonis and the Shark Tank investors is that Lemonis invests his own money in a struggling business that he has personally visited. On the other hand, the Shark Tank investors make more "snap-judgments" regarding their investments in businesses that they have not experienced outside of the tank. Furthermore, Shark Tank provides the possibility of partnering with multiple investors, whereas The Profit is limited to investment from Marcus Lemonis only.
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