Ferhan Patel is a FinTech Executive and Consultant based in Montreal with extensive experience in the payable solutions sphere. For more information, check out his main website.
I greatly admire the six businessmen and women who work on the popular show Shark Tank. They are pragmatic professionals who have a ton of experience in the entrepreneurial field. They are not only experienced, but they have successfully demonstrated their ability to make money through business venture. They have insights into entrepreneurship that not a lot of professionals do. Recently, all six of the Shark Tank stars gave their top pieces of advice to budding entrepreneurs. The below is the advice I got out of each interviewee.
Barbara Corcoran – Be Full of Yourself
Corcoran tells us that, to make money, entrepreneurs have to be fiercely competitive and not let anything get them down. Not only do entrepreneurs need passion, they need the insane drive to be able to work 40+ hours a week on their own projects and the confidence in themselves to brush off failures quickly and often. Only then, when entrepreneurs embrace their businesses and become full leaders, can they start making money.
Mark Cuban – Love your Business
Making money in your own business requires hours upon hours of time. If you are not working in an industry that you are interested in, that you love, your motivation will fizzle. Additionally, the more you love a field, the more you are willing to do to be successful in said field. Cuban states that, in order to actually make money, entrepreneurs have to be willing to do whatever it takes. This willingness only comes from loving your business.
Lori Greiner – Forget About Money and Be Good
Greiner takes a slightly different approach by telling budding entrepreneurs that they should not be focused on money. Success comes from being passionate about what you do and being good at it. Business owners have to be control freaks, in that respect, because they are the ones driving their businesses. They need to know their industry inside and out and keep track of every aspect of the business, and success will follow.
Kevin O’Leary – Forget Work/Life Balance
O’Leary wants budding entrepreneurs to know that they will have to work toward exhaustion to run their own businesses. If they truly want a company to succeed, they must work often and as hard as they can. Their business will have to come above all else in life, including friends and family. Sacrifices must be made, but they will be worth it.
Robert Herjavec – Stick With Basics
Herjavec believes the best way for budding entrepreneurs to start making money is to go back to the basics of starting a business. This is, at its core, finding a need and working to solve it. The need or problem will ensure that you will have customers, and any business with customers is scalable.
Daymond John – Enjoy It
John also suggests that budding entrepreneurs ignore the money-making aspect of business and focus on doing something they truly love. He believes that, even if entrepreneurs never make money from their businesses, they will live without regrets because they will be enjoying it. He wants all entrepreneurs to pursue their passions, no matter the obstacles.
Chris Sacca – Waste No Money
Sacca posits that the easiest way to make money when running a business is to not spend any money that is not absolutely necessary. He believes that all entrepreneurs should live simple lives and not waste money on things they do not need, in business and in life. This tactic of living underneath one’s means will make entrepreneurs feel as if they are making money almost right away, and can give them leeway to quit a day job to fully pursue their passion.