As an entrepreneur and business owner, you’re always looking for ways to improve your businesses.
Heading into the new season, what can you learn from Kevin Harrington’s life after Shark Tank?
Take a look at some of his best tips and tricks for success in business and in life.
You might just be surprised by what this original shark has to say!
Why do contestants go on Shark Tank?
Do you know what the most common motivation is for contestants on Shark Tank?
If you said funding, you would be wrong.
People go on Shark Tank because they want access to the “shark.”
They want a mentor and advisor more than the investment money.
In fact, I go to events for the same reason: I want to partner with a person who has a great idea, a great business, and a great plan.
I’m looking for entrepreneurs who know what they want and where they’re going.
I even wrote a book about mentorship called Mentor to Millions!
Why I continued helping business owners
As an entrepreneur, I know a thing or two about hard work and determination.
I also know that sometimes, you need a little help to get your business off the ground or how to scale it.
That’s why I started lending my expertise to business owners through consulting and mentorship programs.
I want business owners to avoid my mistakes and get the best mentor-mentee relationship.
Ultimately, I want to see everyone succeed, because when businesses do well, our economy thrives.
How I keep finding business owners with great products
To support and get behind new businesses and products, it is crucial that I know what problem they solve.
This concept is a constant for me.
For something to truly grab and hold my attention, it has to solve a problem—if nothing else, for scalability.
A product can’t just be “nice-to-have.”
When I find a product with a solution for a particular issue, there’s a good chance I’ll invest time, money, and energy into it.
It has to provide that “magical transformation.”
“Take OxiClean,” for example……
Here is my wife with this stain that’s going to ruin her favorite outfit forever. Maybe it had some sentimental value, or it was rare and expensive—whatever—$9.95 worth of OxiClean, and she can keep something that held meaning for her.
Or what about……
Proactiv, the acne solution. There’s this picture of a poor teenager with acne from their head to their toes. They’re probably bullied, having trouble finding a boyfriend or girlfriend—heck, severe acne can even be painful. And here’s this formula that can give them that magical transformation that literally changes their life.
The value of something like that far exceeds the actual price.
I look for those kinds of attributes in a product just like I did on Shark Tank.
How I continue to stay on top of the trends
Do you know what drives my success?
It’s having curiosity overload and the urge to never stop learning about business, trends, and more.
Here are some great ways keep “sharpening the axe”:
First, start gathering information through continuous learning by doing the following:
- Subscribe to all the magazines and newspapers specializing in the niche you have chosen.
- Take promotional communication (email marketing, folders, and website) from competing companies and study, compare and analyze all material.
- Talk to employees, customers, and other business owners about industry leaders and growing businesses (in the area of interest) to develop a successful business plan.
- Attend related seminars taught by business specialists you wish to pursue. Ask these experts at break times, ask them for advice and recommendations on what to do and what to read.
- Start assembling a set of information about the chosen area and do the same over and over again.
- Become an expert or what I call: The Key Person of Influence in your industry. The power of specialization is very important and therefore essential for business success.
It’s also important to explore a topic from every possible angle and incorporate every detail, no matter how small or irrelevant.
Listen to other peoples stories.
This was the best part of being an investor on Shark Tank.
You never know what ideas or whose insights might blow a problem wide open and unlock your next major opportunity (in life and in business).
If you start doing your research, you’ll realize that all the greats do this.
Warren Buffett spends three to four hours a day feeding his curiosity about companies and financial markets. He’s an avid reader.
Same with Bill Gates.
Most entrepreneurs share the trait of curiosity, but it tends to be narrow in focus—only in their area of expertise.
The super successful have an insatiable appetite for information about even seemingly unrelated topics, because they know if they don’t, they might miss out on the next big opportunity, and they are intentional about the time they take to find those opportunities.
Why I created a dream team to keep helping business owners scale
Do you want to take your business to the next level?
If so, one of the best things you can do is build a dream team of top-notch professionals.
By surrounding yourself with experts in their respective fields, you can dramatically increase profits and achieve success like never before.
Here’s how to go about building your own business dream team:
- When assembling your business dream team, it’s important to choose the right people for the job (through referrals, mentors, and network)
- You need individuals who share your vision and are passionate about your company’s mission
- Look for people with the skills and experience necessary to help you achieve your goals
- Don’t be afraid to ask for help – there are plenty of talented professionals out there who would love to join your team
- Trust your gut when making decisions about who to bring on board – if something feels off, it probably is
- Celebrate each member of your team as an individual and show them how important they are to the success of your business
- Don’t be afraid to ask for help when you need it
As a business owner, you likely wear many hats and are responsible for a lot of different tasks.
But, you can’t do it all alone!
As on Shark Tank, we, the investors, are looking for the dream team behind the scenes.
At the end of the day, building a strong dream team is essential to increasing profits and ensuring that your business is successful.
Having a dream team is how I’m able to keep helping business owners grow with their next hot product!
Like I always say,
Success Is Not a Solo Act!
As an experienced business owner myself, I know the challenges and struggles that come with trying to grow and sustain a successful enterprise.
As a result of my experience, after I left Shark Tank, I decided to continue to offer mentorship, advice, and consulting to other business owners.
Through my blog posts here, I offer actionable advice and tips on various topics such as marketing, trends, leadership, investing, raising capital, and more.
I also provide insights on how to overcome common obstacles and challenges faced by businesses.
Whether you’re just starting out or have been in the business game for awhile, you’re in the right place for valuable resources to improve your chances of success.