Shark Tank Jump Start Your Business: How to Launch and Grow a Business from Concept to Cash (13 page)

I believe you’re either born thinking like an entrepreneur or you’re not. It’s that simple. You either have that special thing or you don’t.

I don’t have a traditional business background. I did it the hard way. When I first started selling shirts, I had to literally get up in people’s faces with the product. Social media didn’t exist yet. I wasn’t able to put my product on a global platform and see how many people liked it or objected to it. I had to actually go out there and do it. So that’s what I did. I’d try a hundred different roads, and if ninety-nine didn’t work then I’d go with number one hundred.

Even though I learned as I went, there was one thing I did know from the start: nobody was going to get up before me or go to bed after me. Nobody could outwork me. And that’s because I loved my product. I believed in it. And that’s the most important part of being an entrepreneur. You’ve got to love what you do. You must absolutely be obsessed with your business—every single day. And you’ve got to love your customers too; because that’s the only way they’ll ever love you back.

Look, there isn’t just one path to achieve success. You’ve got to figure that out on your own, and that means staying true to yourself. Not only because it’s important for you personally, but because it’s important for your business. The easiest thing to sell is the truth, especially in an age where transparency rules.

Being on
Shark Tank
has opened my eyes. It’s taught me that I may not always be able to spot the next Pet Rock or Snuggie. It’s showed me that there are some amazing little ideas that have the power to become really big ideas. But most of all,
Shark Tank
has taught me that there is more innovation out there than I ever knew existed. It’s not about big business. It’s about small business. It’s about the entrepreneur.

Opening for business can be the most thrilling part of an entrepreneur’s journey. Whether you’ve been dreaming about this day for months or years, launching a business is always an electrifying experience. But before you introduce the world to your great idea, you must be certain that you are physically, mentally, and emotionally ready for the wild adventure that lies ahead.

Running a business, especially during the first year, requires tremendous focus and energy. Once you say, “go,” it’s difficult to turn back, so it’s critical that you’re as prepared as possible.

“The standard rule of thumb is that you’re going to sell half as much as you think you are and your costs are going to be twice as high,” says Robert Herjavec. “You’re not going to hit a lot of success in your first year, so you’ve got to prepare for some degree of failure.”

Below you’ll find a checklist that will help ensure you’ve taken all the major steps toward opening your business. Comb through the list and make sure you can check off each item. With all the twists and turns you’re bound to encounter along
the way, your goal should be to minimize the unknowns. This may very well be the last opportunity to pause and reflect before launching your business.

Identified your strengths and weaknesses

Assessed your lifestyle and made any necessary changes

Evaluated your idea and zeroed in on the specific problem you’re trying to solve

Discovered your target market

Researched your competition

Weighed the pros and cons of starting a business versus buying one

Chosen a name for your business

Developed a value proposition

Created a mission statement and began considering core values

Developed a solid business model

Created a pricing strategy

Written some type of business plan

Incorporated your business