I have never watched the TV show Shark Tank where entrepreneurs present their business to eight successful entrepreneurs acting as potential investors. In a really worthwhile article Forbes Magazine asked the eight “investors,” in a Shark Tank Roundtable – Their Top 3 Pieces of Advice. Whether you are network marketer as we are, a self-employed business person, a small business person seeking investment money or a corporate employee there is sound advice for all in this article.
In this blog post I will take one of the three pieces of advice from each “shark” and relate it to what we do. I could do it for each of the three pieces of advice, but for the sake of brevity, I chose to only comment on one.
Since we represent Asea, using the network marketing business model, my comments will relate to our own experience. We encourage you to take this Forbes article and do the same, relating the advice to what you do. So here goes….
- Mark Cuban – Business magnate. Be ready to work your ass off. Raising money is not a destination, its a starting point. In network marketing the boss is in the mirror and to be successful it is vital to be self-motivated. A major advantage of network marketing is that it does not require a large up front investment and no need to go to the “sharks” for money.
- Kevin O’Leary – Venture capitalist. Learn how to communicate. To your investors, to your employees, to your customers and to the world. If you can’t articulate your idea, no one will do it for you. In network marketing it is important to get the listeners attention and interest quickly. A well- rehearsed answer to the question, “What do you do?’ is a good start to being prepared.
- Daymond John – Founder of clothing company, FUBU. OPM. This multifaceted acronym is the most important tip. OPM stands for Other People’s Manufacturing, Other People’s Marketing, and Other People’s Mind-Power. OPM is a key to success in network marketing. Get a mentor and learn from that mentor. Work within a marketing system that can be duplicated.
- Barbara Corcoran – Real estate mogul. Fancy talk don’t work! Keep your pitch plain and simple, because fancy talk breeds mistrust. Speak with integrity and from the heart. From experience and study develop a deep conviction in your product, company and market.
- Lori Greiner – Inventor and entrepreneur. Show them the passion and desire you have for making it a success. Lead by example. Be a “we’ leader and not an “I” leader.
- Robert Herjavec – Founder of internet security software companies. The first investment should always be your sweat equity. One of the great attributes of network marking is that a major investment isn’t required,; success is all about sweat equity
- Kevin Harrington – Senior business executive. Keep your pitch short and simple. Include stories in your short and simple presentation – facts tell, stories sell.
- Jeff Foxworthy – Comedian. To be realistic in expectations and timetable. Most of these things take a long time to develop it to a point where you can make money off it. In network marketing most people over estimate what they will make in the first year and under estimate what they make in year five.
If you are planning to get into a network marketing business you will be investing a small amount of money relative to the potential payoff and a large commitment of sweat equity to be successful. In this case you will be the “shark,” considering where to make your investment.
As the “shark” you need to evaluate the product, the market, the company and the earnings potential. We strongly believe that Asea is an outstanding investment for the right person. Contact us to let us help you as the “Shark” decide if Asea is right for you. – posted by Peter Rowe