It’s one of the most popular shows on television, and this fall ABC’s Shark Tank will air its tenth season. Over the course of the past ten years, more than $100 million in deals have been struck on the show. Today, Ignitia examines some of the best business advice shared by each of the show’s main, ‘Sharks’.
Business Advice: (On starting a business) – “What I always ask people is (1) is it something you love to do and (2) is this something you’re good at?”
Lori Greiner – $100 Million Estimated Net Worth – Known as the ‘Queen of QVC’ Lori Greiner has reportedly invented more than 500 products and holds more than 120 patents.
Business Advice: “Your success will have everything to do with how you perceive yourself, because how you perceive yourself is how others will perceive you, too.”
Robert Herjavec – $200 Million Estimated Net Worth – Robert Herjavec is a truly self-made man. Born in Croatia, Herjavec immigrated to Canada with almost no money to his name. Since then, he has built and sold several IT companies for more than $100 million dollars each.
Business Advice: “You have 90 seconds, if you’re lucky. If you can’t make your point persuasively in that time, you’ve lost the chance for impact. Facts and figures are important, but it’s not the only criteria, you must present in a manner that generates expertise and confidence.”
Business Advice: “The best advice I got was from an older salesman I knew named Hal, when I first came into the fashion business on a big level. I remember him saying, ‘You have to save your money in this business because you never know — at one point or another, you’re going to have to bring it back and invest it back into the business.’ And he was right about that.”
Kevin O’Leary – $400 Million Estimated Net Worth – Also known as ‘Mr. Wonderful’, Kevin O’leary sold The Learning Company to Mattel in 1999 for $3.7 billion.
Business Advice: “The most important thing for a startup company to do is to focus on sales — that’s what the first two years are about. If sales roll in, you validate your concept. If customers are willing to buy your product or service, it proves you have the right idea and now you just have to make it bigger.”
Barbara Corcoran – $80 Million Estimated Net Worth – Barbara Corcoran is a real estate investor and the best selling author of ‘Shark Tales: How I Turned $1,000 into a Billion Dollar Business!’.
Business Advice: “Staying in the game no matter what crap is hitting you against the head. I learned that if you hang around after your worst failures, there’s always a prize for you. A lot of people — and I’ve invested in a lot of entrepreneurs — make the mistake of thinking, ‘this is just terrible.’ But something good always comes if you’re just there to catch it.”