Davie Fogarty has always had a passion for business, starting things off at an early age by baking and selling biscuits at school.

"I also tried to sell cordial as well," Fogarty told 10 Play adding, "really diluted cordial. I used to live next door to my primary school so I brought a basket of biscuits."

But his early start came with one of his first lessons in how business works, with the young entrepreneur adding that his mum ended up making him pay her back for ingredient costs. "I probably lost money in the venture, but my teachers were very supportive," he laughed.

Seeing his parents run a small furniture shop, Fogarty's positive relationship with the business world began early, even starring in an ad when he was young.

"I think the thing that attracts me to business is that there are always new challenges to solve," he added. "It lifts a lot of people up... Capitalism is beautiful in that way... we get to invent new things and make customers happier as well."

Going from biscuits to the Davie Group - which includes over 10 consumer brands including the massively popular Oodie, Pupnaps and the Calming Blanket. But the 28-year-old said his empire was built "very slowly and very chaotically".

"It was a lot of failures, and I learned all the skills myself: how to build a website, how to run Facebook ads, and how to create products. Each failure and venture took me one step closer to finally finding success in Calming Blankets and the Oodie," he explained.

His early start also meant that he was underestimated for his age. "People still underestimate me," he added. "They think they can take advantage of people that are young -- and it's true, I've been taken advantage of a lot as I was learning business.

"A lot of the terminology that people use is often to confuse young entrepreneurs, and I was very excited to work with younger entrepreneurs through this process so I could avoid them falling into a lot of the traps that I fell into," Fogarty added.

"Shark Tank made me excited because I know what it's like to have great ideas but just not know how to make them come to life... and I'm very passionate about Australian entrepreneurship and supporting that in any way I can."

Joining Fogarty in the Tank are the other Sharks, Sabri Suby, founder of King Kong Digital Marketing Agency and author of Sell Like Crazy; Dr. Catriona Wallace, an expert in the field of Artificial Intelligence and the Metaverse; Jane Lu, the CEO of online fashion boutique Showpo; and the OG Shark from Shark Tank US, Robert Herjavec.

"We're all competitive people," Fogarty said of his fellow Sharks. "We all get along very well, but when there's money on the line we become competitive. I think we've got some great partnerships with some of the Sharks as well, working really well together."

Each of the Sharks is looking for that special something when entrepreneurs walk into the Tank, and for Fogarty that comes down to "a relentless desire to make it work".

"Once that box is ticked, then you can really look at the idea," he continued, "but even the best idea with someone who is not hungry is going to be quite difficult.  As an investor and a mentor, you want to support people but, if you can see that they really just don’t need the support nor want the support, there’s no real point trying to help them."

And while nerves can occasionally overwhelm even the most confident presenters when they're standing in front of the Sharks, Fogarty said it's easy to look past. A more serious mistake comes down to not knowing what business an entrepreneur is in, or not knowing how to value their business so that an investor can help them properly. "People overvalue their ideas and undervalue how difficult it is to execute them," he added.

The risks are real for the Sharks, who are taking a chance on these budding entrepreneurs. For Fogarty, one of the biggest risks he was worried about was "Losing all my money in the deal," he laughed. "I also need to consider the amount of time I'm putting in.

"These people don't just need a cheque, they need time -- and they might not know that yet, but the amount of challenges that they're going to have at every step of the way is immense, so I try to gauge the time risks before investing in people."

As for advice for any future entrepreneurs looking to impress the Sharks and make a deal, "The main thing is to ensure you have a sample of your product," Fogarty said.

"Do not come in with an idea, and do not overstate the valuation if you truly want to work with one of us."

All new Shark Tank Australia premieres Tuesday, 29 August at 7.30 pm on 10 and 10 Play