 |
 |
|
 |
'Shark Tank' Judges Hunt for Entrepreneurs: Q&A with Robert Herjavec Last night was the network television premiere of "Shark Tank," a new reality series featuring desperate entrepreneurs trying to sell their business ideas to a panel of five millionaire investors. If judges like what they see, they'll negotiate (or attack each other) for a piece of the venture. More often than not, though, contestants just get chewed up. But hey, with credit markets the way they are, what else can business owners do?Entrepreneur.com had a chance to speak with each of the "sharks" about the show and their personal successes, so over the next five weeks, we'll be sharing these interviews on the Daily Dose. Stay tuned. First up is Robert Herjavec. (He's the dark-haired, relatively compassionate one who sits on the very right). The former waiter launched a tech company during the early days of the dot-com boom and is now the head of The Herjavec Group, one of Canada's leading IT security and infrastructure firms. In the first episode, you mention a spectrum that runs from insanity to genius. Where should an entrepreneur fall on this spectrum? I think it depends on the life cycle of the business. In this economy, anyone who starts a business and has a passion for it has to be [closer to] insanity. When you look at the facts and the data, what person in their right mind would go out and take that challenge and risk everything? But I think as the company grows, you have to go on the other side. Just like any business is a living, breathing thing, an entrepreneur has to be able to adapt over time. Of course, my wife thinks I'm insane all the time. [laughs] Why put your own money on the line? I'm hoping to see real businesses with real cash flow and real ideas that simply can't get funding somewhere else. In effect, [the show] might become a feeder for what could potentially become a great investment. And it's a great format for entrepreneurs to learn and possibly get some funding. You seem to have small businesses' interests at heart. Oh, I'm all about small business. I think what we've learned from big business and big Wall Street is that unchecked greed and the creation of false value gets us all in trouble. If we look at the American economy, who's really creating value? It's the small businesses. Then is it hard to judge whether someone's dream is good or bad? I never try to judge people's dreams, but sometimes I find it difficult [to understand] what makes them pursue them. If this show had been around when you started out, would you have done the casting call? Absolutely. I would have seen it as a challenge and as a great way to partner with five successful people, or however many I could get. And what do you think your chances would have been? Easy! I would have gotten the money. [laughs] What's the most important characteristic a successful entrepreneur should possess? I'm looking for a great communicator, someone who communicates thoughts clearly and immediately--that's different from being a great salesman or financial person. If you can't get me excited about your idea or business, you're going to have a hard time selling it to other people. That's important because I'm not going to run their business--I'm simply an investor. And in your own career, what was the best business move you made? The best business decision was one that was made for me. I was fired from a successful job, which forced me to start a business because I couldn't find another job. I'm not sure I would have ever taken the risk to start my own business if that hadn't happened to me. So there's no decision you regret? No. I presume you ascribe to the "everything happens for a reason" philosophy. Yeah. You know, I never look back and regret because one, I can't change it; and two, nobody cares. It's the same when our clients ask us, "How are you doing today?" We always say "Wonderful," because really, they have their own issues, their own problems and they don't want to hear about yours.
19 Comments |
| Posted under: Ideas, Success Stories, That's Odd
19 Comments Leave a commentPrevious Posts
|
 Build a Website for Less Than $500You don't have to delay launch because you can't afford a web developer. Do it yourself! 
  
Select a month to view archived posts
|
Copyright © 2010 Entrepreneur.com, Inc. All rights reserved. Privacy Policy
Did you take a shower today? My product "The Shower Gutter" holds your shower curtain to the shower wall, preventing water from getting on the floor and walls. I received one of the fastest issued patents in American history. How do I get the opportunity to present my "Shower GutterP" to the Shark Tank? Please let me know, I can send you a DVD that is an infomercial as well as a marketing tool. Thanks, this is Johnny Olson speaking for Lets make a deal. 360-435-4130
I have three million dollar inventions and would like to get on your show. Please contact me as as soon as possible. Thank you in advance.
Hi, my name is Harriett Kelly I have a patent pending,I have a invention that I think would be a geat need. I love the show. How can I get on the show? With very little money & experience I don't know where to start. I talked to family & a close friends about my idea and they think that is a great invention.
How do i get on the show.
I do have the next multi-million
dollar product!!!!!!!!!!!!
Thanks,
Randy
How do I get on the show?
I have been trying my best to get on Shark Tank with my product (in the patent process). It is something that is going to revolutionize hair care for millions of black women all over the world. I applied to be on the show about a month ago, so I don't know how long it takes, but since that time, like Robert Herjavec, I have been fired from my job ("retired" with a few months severance), and I am going to start my own business with my product. An appearance on the show would really help give me the "push" that my product and my business need.
Robert is a hottie:) haha
I have the designs for a great exercise device, which can eliminate hip and knee surgeries. Device can also accommodate sports' injuries rehabilitation and hip and knee injuries after surgeries. Device can also increase the power of golfers' swing and distant. Exercise device can support a 350 pound person. Device can be moved around by wheels, can be placed in closet, under your bed, or in a corner. Excercise device, will weigh less than 75 pounds. I know this device can be sold all over the world. However, there are 200,000 knee surguries performed each year in the United States. I hope someone will show interest in my exercise device. Thank you. I also have several more inventions also.
How do I get on your show I have an Organization that I need help with to help so many more people plese let me come present to you.
Emily:
As a successful, patented professional inventor for the past 30 years, the first thing I advise anyone is to recognize that, with over 6.5 Billion creative people on this planet, there is rarely anything truly "new." That said, no one, not even Microsoft "dominates" anything whatsoever. So, it's all about the effort YOU put into making YOUR dream come true.
Before hidng in your garage and spending your fortune, do a little research first. You need to find out if someone already did what you want to do. Start at the US Patent & Trademark Office, www.uspto.gov and search the patents. Works like Google, just enter your search terms and hit "enter." The "Help" page will walk you through most of it.
What you're trying to find out is; has anyone done this before; were they successful at it; if so, why so, if not why not; and lastly, is there room in the market for my invention? Follow the information trail to the Assignee's company's business and see how they exploited the idea.
If the answers satisfy you, then go ahead with your idea.
For you and Jason, "traditional" methods of getting investors are not working for 99.9% of new entrepreneures. So, a show like Shark Tank is a Godsend for the very lucky few that get on stage. BTW, 2-3.5% is generally considered a good royalty, especially in light of Tax Code 1235, which treat this as capital gains, not ordinary income. A million pennies a month is still ten grand.
If you want more on this, drop me a line at ecospotbnr@aol.com.
Bill
I can't understand why entrepreneurs would go on a TV Show to get funding for their businesses. There are traditional ways to fund companies through banks, community loans, friends and relatives, angel investors, VCs, etc. The show is fun to watch, but it's a TV show for God's sake, and not a practical way to secure serious funding for your business.
Thank God there are some people in the venture field with compassion. Not sappy people but ones that actually think through the proposition and don't rely on those who are in "the club".
Emily - People have great ideas all the time. How many times have we heard people complain after seeing a successful product launched "I had that idea years ago." What was the difference between that person and the person who launced the product. The first person was in the same position you were...they just didn't know how to go about doing it - leaving the door wide open for the person who DID do something about it. Being an enterpreneur is not easy. If it were - everyone would do it. However, it is not impossible; even for the working Mom with limited cash flow.
If you would like some advice and help in getting your idea off the ground please feel free to contact us. Striped Velour, LLC offers small business guidance and help new businesses change perception and behaviors which can be limiting their potential growth.
We offer a free one hour no obligation consultation. Don't just dream it - do it.
Our company manufacturers 100 kw wind turbines for businesses, schools, hospitals, and small towns.
You can watch the turbine in action at http://www.youtube.com/watch?v=3sveINhOjTY
The turbine is the first small wind machine that has a real and reasonable payback. Currently buyers can expect to pay for the machine within 2-5 years.
www.sunflowerwind.com
While not for everyone, shark tank will work for some, but be careful at what you might be giving up, especially if it is very unique. I had a great idea a few months ago, teamed up with a Local Business Owner ( A Woman )who dealt in greeting cards, and together we launched WWW.LAWYERCARDSONLINE.COM . We started the site on July 25th, and got up and running for less than $3000 dollars, and for less than $4,000 more, will be stocked with our first 10,000 cards. We are also looking into franchising the business, and it is not only internet based, as we have retail stores who are carrying the cards. I guess what I am getting at is you can do a lot with not much money, depending on the start up and what kind of business it is.
I love what i do. I manufacture the worlds only cardboard box upright bass and have sold over 1000 in 3 years. My product is equal in sound quality to any upright bass made out of any material at any cost. The Bogdon Box Bass is a product of both engineering and experience. It's a crazy fun bass to see, hear, and play. I hope I can get on Shark Tank to pitch my product on television. www.BogdonMusic.com
Love this show. Just tuned in one day and found this gem.
In my opinion a successful business is about 10% idea and about 90% execution. People have great ideas all the time but they rarely turn into anything more than just that.
Talk to people close to you about your idea and get their advice. If that doesn't get you any closer do a few internet searches. There are about a million resources for every aspect of concept to market.
You will have to decide how serious you are about it and put the work in. Full time this and that, mother of fifty, doesn't matter. If you really want it, go get it but it will take sacrifice.
I love the show. I am had a great idea, but I don't know how to start working on it. Can you give a new enterprenuer advice on where and how
I can get my invention start. I am a mother of
two and working full time and have limited cash flow but I think this is a great idea that I have I just don't know where to go next.