Reality show “Shark Tank” has consistently been the show to watch if you want to see the American dream come to life. It was always exciting to watch entrepreneurs pitch their interesting projects to self-made moguls Mark Cuban, Lori Greiner, Robert Herjavec, Kevin O’Leary, Barbara Corcoran, Daymond John and their occasional celebrity guests, and see who’s interested in what product.
Aside from the reason they give why they’re investing in a particular project, they also give lessons and business advice to entrepreneurs as well as viewers of the show.
Here are the best business quotes and advice taken from the Sharks themselves that will guide you in creating a successful business.
- “It comes down to finding something you love to do and then just trying to be great at it.” (Mark Cuban)
You have to love what you’re doing in to flourish at it. Otherwise, you will be easily deterred, distracted, bored, or be unhappy. Your business is going to be yourbaby, which means it’s gonna command your time, and occupy your thoughts most of the time.
You have to be passionate enough that you’re willing to go through with your business even in the face of the toughest challenges. Without passion and with all odds stacked against you, it’s easy to let go and fail. Doing something you love will inspire you to dedicate your time and energy to it. Doing something you’re genuinely passionate about coincides with being good at it as well, and you will naturally want to strive and be the best at it.
- “People want to do business with someone they like. If people like you, they’re going to want to do business with you. And if they don’t, you’re going to have an almost insurmountable obstacle to overcome.” (BarbaraCorcoran)
You also have to align your passion with something that people are going to like, pay for or invest in. A business that only caters to your passion isn’t a business but a hobby. Ask yourself if your product is something people will pay for. Is it something they will recommend to their friends? Do a market test and find out howin-demandyour products and services are.
- “Don’t start a business. Find a problem. Solve a problem. The business comes second.” (RobertHerjavec)
Make sure that your business is something that the world can use. Aside from our moral obligation to the world, offering products and services that humanity and the environment can benefit from will ensure that you’ll have a scalable and sustainable business that can stand the test of time.
- “Make sure you pick good people to build our business with, as they’ll determine 80 percent of your success.” (BarbaraCorcoran)
Behind every successful company is a great team. It is crucial that you pick the right people who understand your vision and business concept. Know your weaknesses and select brilliant people who will make up for those weaknesses. Create a team composed of talents who magnify each other’s strengths.
- “Meet customers where they are.” (RobertHerjavec)
One of the best strategies to draw customers to your brand is to be where they are. Tech mogul RobertHerjavecis a known advocate of internet marketing solutions and has stated that social platforms can be used to have a highly targeted marketing campaign. Not only that, internet marketing is also a flexible and cost-effective medium to reach a targeted audience anywhere in the world.
MaxGunawan, an inventor Robert invested in during the 2015-season of “Shark Tank,” is known for his tech companyLumio. The main office is located in San Francisco and the other is based in Hong Kong. With internet marketing, it’s not hard nor is it expensive to develop marketing initiatives in both regions. Even if they chose a Hong Kong SEO company to do their search marketing, they can still target the U.S. market without overspending.
As Kevin O’Leary said, the road to riches is never straight and narrow. It can be riddled with financial land mines. Running a business will never be easy. But it’s rewarding because you’re doing what you love, what you’re good at and what the world needs. Pick the best people to join your team, work with those who share the same passion, and you’re sure to find a solution to every problem and overcome any obstacle.
As an entrepreneur, it’s part of your responsibility to learn every day. Learn business survival strategies from successful entrepreneurs, learn new skills, and always stay informed. This way, you’re ready to face any challenge and ride the wave of changing times with flying colors.