10 Quotes from Shark Tank’s Sharks Every Entrepreneur Should Know

by Mary Faller

The hit reality television show “Shark Tank”, which premiered in 2009, has been bringing entertainment to America by showcasing entrepreneurs hoping for the chance to bring their dreams to fruition. These hopefuls present their “big ideas” to the sharks – successful business people that took their own dreams and turned them into highly rewarding empires. Entrepreneurs present their ideas to these sharks in the hopes that one will invest in their idea or product, thus making their dreams a reality. 

The sharks in the tank comprise a colorful group of intelligent individuals who have worked their way from the ground up and discovered many battles and setbacks along the way. Although the sharks do not invest money into every entrepreneurial endeavor that comes along, they have invested much advice and knowledge that could benefit these business hopefuls. Here are some of the best quotes from the sharks of “Shark Tank”:

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


Sources:

www.imdb.com 

http://www.forbes.com/sites/natalierobehmed/2013/11/27/5-tips-for-starting-up-from-shark-tanks-judges.html