Wispots - Shark Tank

A man not only invested his time and effort into a company, but also his mortgage and kids college funds into the product of Wispots. The product itself was pretty much obsolete, being pointed by one investor, that anyone who was in need of this product would have already purchased a PDA. But there is still a lot to learn from this failed investment.

The basic failure of this entrepreneur was not entirely his fault. He built his idea from the ground up and was completely convinced of selling his product to a respectable investment price. But during the creation of this product, he failed to see his errors in judgement. like the market value of the product or what i was really worth. Most of this was contributed from lack of mentors or anyone other than himself to challenge his thinking.
Another mistake the investors noticed was this entrepreneur had put to much on the line. He was too desperate and foolish. He had put his mortgage on the line and his children's college fund on the line and needed to sell his product.

Two things of Importance.
1. A team of advisors is important for added perspective on business move and risks.
2. Having others finance the idea will give more lenience to you business and allow for more risks.