This colorful group of intellects who make up the “sharks” on Shark Tank have worked their way from the ground up with many setbacks and battles along the way. They’ve obviously learned A LOT since most of them are gazillionaires and could probably purchase everything west of the Mississippi (we’re not jealous in the least bit).
The great news is, they’re willing to impart their wise words to the rest of us. Who knows, maybe you’ll see The Nutz under bright lights one day – and no, we’re not just talking about our semi-annual visits to the dental chair… Anyway, read on and take note!
Kevin O’Leary, Canadian Investor and Software Publisher
1. “The biggest mistake entrepreneurs can make is trying to do everything themselves. They usually blow up when they try. I did an inventory of every deal I’ve ever done and it turned out that every single deal I made money on was a partnership, and every colossal failure, where I lost millions, was something I tried to do by myself.” – Kevin O’Leary
2. “(On soft launches) It allows you to test your assumptions and see which ones you got right, and more, importantly, which ones you got wrong. A big hard launch is expensive. Getting even one thing wrong can force you to go out of business.” – Kevin O’Leary
3. “Downturns are the best time to start businesses because you develop discipline that’s very lean and mean in terms of how to spend money. And those habits serve you very well in good times.” – Kevin O’Leary
Barbara Corcoran, Real Estate Tycoon
4. “Is there a real need for it? And if it’s been done a million times before, you have to ask whether you really have a point of difference that makes it so much better.” – Barbara Corcoran
Mark Cuban, Dallas Mavericks Billionaire Owner
5. “I used to drive around, look at the big houses and imagine what it would be like to live there, and use that as motivation. But I never imagined that would happen to me. I try not to take any of it for granted, and make sure that no one ever pinches me so I wake up.” – Mark Cuban
6. “Having the ability to be brutally honest with yourself is the greatest challenge you face when creating a business model. Too often we oversell ourselves on the quality of the idea, service, or product. We don’t provide an honest assessment of how we fit in the market, why customers will buy from us, and at what price.” – Mark Cuban
7. “The idea that growth equals profitability is a misconception. If you can’t afford the financial or qualitative side of growth, it can just as easily put you out of business.” – Mark Cuban
Daymond John, FUBU Clothing Line Founder
8. “When you sell a product or service, you’re making a promise to your audience. If you don’t understand your audience, you’ll never be able to keep that promise and you’ll ultimately let them down.” – Daymond John
Lori Greiner, HSN Guru and Creator of Over 400 Products
9. “Not only is a good name catchy and memorable, it should help people understand what your business does. If your name reflects your products or services you’ll have a much better chance of being found [via Google search], so it’s important to choose wisely.” – Lori Greiner
Robert Herjavec, Technology Entrepreneur
10. “If you’re emotional and you’re great at something, the money will follow. Don’t ever be enamored by what something sells for. It’s more important what you get to keep in your pocket.” – Robert Herjavec
The Nutshell Project provides a full service “soup to nuts” approach to develop, tweak or refine your product business bringing it to the essential tipping point from investing in your business to making money. Our first-hand launch of global product successes and years of insight provides our clients with a crucial road map as well.
Leverage our experiences in: mastering QVC, appearing on Good Morning America and The Today Show, landing in national magazines, selling in big box stores, infiltrating boutiques and drug stores and having a robust E-commerce online platform! Visit www.TheNutshellProject.com