2 years ago
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Mark Cuban's "Shark Tank" vocation has fixed him a beauteous bully thought of which property traits tin beryllium assets for CEOs, and which ones tin nonstop a institution spiraling.
On Friday's occurrence of ABC's "Shark Tank," the billionaire capitalist highlighted 1 startup laminitis arsenic an illustration of the second category.
"One of the large traits of immoderate bully entrepreneur is resilience, and you've surely shown that," Cuban told Amy Leinbach, the laminitis of children's instrumentality institution Big Bee, Little Bee. "But you besides person 'inventor-itis,' which is 1 of the worst traits an entrepreneur tin have."
The Huntington Beach, California-based institution is known for the ScrubBEE, a handheld silicone scrubber that brought successful 80% of Big Bee, Little Bee's income past year. But connected the show, Leinbach — who appeared alongside her past seven-year-old girl Marlo — focused much connected pitching the "Marker Parker," an organizational and retention instrumentality for marker caps that Marlo created.
Creating the Marker Parker sent Leinbach's institution into debt: At the clip of filming, Big Bee, Little Bee had mislaid $77,000 since the commencement of the year, contempt bringing successful $110,000 successful sales.
This wasn't a caller problem. Last year, the institution brought successful $230,000 successful revenue, but lone made $2,200 successful profit, Leinbach said.
Leinbach asked the Sharks for $100,000, successful speech for a 20% involvement successful Big Bee, Little Bee. But each 5 Sharks expressed acrophobic aft learning that the institution was already selling astatine slightest 3 antithetic products, with much successful the works, without capable income to enactment specified growth.
Her response: The indebtedness was worthy it to enactment her daughter's vision. At the clip of taping, she said she had already invested $100,000 of her ain wealth to physique "Marker Parker." (Leinbach did not instantly respond to CNBC Make It's petition for comment.)
Big Bee Little Bee's astir fashionable merchandise is its ScrubBEE Easy-Grip Silicone Scrubber. The institution besides sells marker organizers and build-a-straw kits.
ABC | Christopher Willard
Kevin O'Leary was the archetypal to permission the deal, saying that was impressed by Leinbach's enactment of her daughter's entrepreneurship but didn't spot opportunities for a instrumentality connected an investment.
Then, the duo introduced different product: a silicone nutrient instrumentality that could grow to "fit a full apple," Marlo said.
That's erstwhile Cuban jumped in, saying that portion Big Bee, Little Bee showed signs of a palmy business, it had excessively galore products and was losing excessively overmuch wealth for him to invest. "Because you mislaid $77,000, you've got to lick the problems that are successful beforehand of you first," helium said.
Lori Greiner and impermanent Shark Emma Grede some said they admired the mother-daughter duo's efforts, but the concern was excessively unfocused to put in. Robert Herjavec was the past Shark to permission the deal, noting that he'd been readying to put successful the institution — until the brace started showing truthful galore products.
Leinbach near successful tears, but said she was yet grateful for the experience.
"I'm blessed that Mama got what she wanted," her girl added. "She ever wanted to spell connected 'Shark Tank,' and she's connected 'Shark Tank' now."
Disclosure: CNBC owns the exclusive off-network cablegram rights to "Shark Tank."
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