When people ask “why do restaurant owners act surprised when Ramsay tears them a new one, haven’t they watched the previous shows?” I’m reminded of Shark Tank/Dragon’s Den, because at least twice a show, this basic conversation happens:
ENTREPRENEUR: I’ve invented this thing and I’m looking for investors. I’d like $250,000 for ten percent of my business. Here’s how the thing works/tastes/whatever.
KEVIN O’LEARY: Your business is worth $2.5 million, cool, what are your sales?
ENTREPRENEUR: I have sold eighteen dollars’ worth of product and my Mom is going to let me mow her lawn for ten dollars a go.
LORI GRIENER: Wait, what?
ENTREPRENEUR: Oh and a few people said they might possibly buy one
Time after time people go on the show and claim they’re worth millions despite there being no objective evidence anyone wants the product. There is zero chance they’ll win the sharks over, but it keeps happening.
People can be incredibly self-deluded when it comes to business.