What do you find are the most common obstacles that new entrepreneurs have? What are their blind spots? The blind spots are themselves. You know, each of us has certain gifts and certain liabilities, but most people starting businesses focus on the wow wow wow. Who do I need to help me? People tend not to pause and think about how they can compensate for a liability. As a result, they stumble. This has been responsible for most of the businesses that have not done well that I have invested in on Shark Tank.
Getting past that obstacle has been the reason why the ones that are making a ton of money have done so well. It is simply a personality trait of recognizing whether you can do something or not. Barbara Corcoran really wants to help you succeed. Of course my mother. She raised 10 kids on a shoestring budget in a two-bedroom flat.
We were fed, we were clothed, and most importantly we were loved. It was a tremendous feat. She also ran her household like a business, and I built my business like a household. But my everyday heroes are most of the businesses we chose on Shark Tank. They are the people who did not have the great mom I had.
Somehow they took life by the horns and made a huge success of themselves despite their beginnings. Yet I see it every day of the week. It happens, and they wind up being the most successful entrepreneurs. How do you go about making a big decision like to start a new business?
I tend to do it very quickly, because I am a believer in action. A lot of people get it right, I get it going. I throw a lot of stuff on the wall. You know how they say, Are you the giver or the taker? The giver always wins.
I go home smiling and feeling good. I know a little bit about your background and how you started your real estate business. What do you look for when you hire somebody new? I hire people all the time.
The interview winds up being just a reiteration of the resume. It confirms the resume and is a pretty empty interview. So my questions are more like, Tell me about your mom. What kind of student were you at school? How did you feel there? Did you have good teachers? I trying to get a feel for the personality. When I hire someone with a super high IQ, maybe they are a little bit know-it-all. I really hire attitude over experience every time. I trust my gut. One question I always ask is, Do I like this guy?
I like this girl. One of the biggest things about starting a new business, and you touched on it earlier, is this idea of not getting it right. Do you have any general guidelines for how you optimize that sort of thing? They are bumbling along, a little confused. So my belief is, the customer always has the answer.
Are they going up or going down? People spend a lot of wasted money on all that stuff. The key is finding if there is even a demand for the product. Now I insist that people go out into the street and see if they can get someone to pay for it. Even a prototype, just take an order. Your customers will always tell you the truth if you ask them. Customers and potential customers always have the answers, but you have to ask. Oh, gosh no! My wife is listening to this right now. Oh, one of those married men who pulls out the wife card?
I get it. Is your wife going to be starting a business soon? She is qualified for applying for Systane grant. Have her go onto Systane. I would love to counsel her for 2 hours as a grand prize winner. Just remember that I started my second business when I was Eight winners will be selected, and the grand prize winner will also receive a 2-hour mentoring session from Barb. It's FREE and delivered to your inbox weekly. Fitness Forget Law and Order. Whenever people ask me about my sleep routine, the very first thing I say is: Get some steps in.
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