Podcast Summary
Entrepreneurial Insights from Billionaires: Billionaires Sarah Blakely, Kevin Harrington, Damon John, Matt Higgins, and Barbara Corcoran share insights on starting businesses, reinventing models, bouncing back from failure, and wisely spending profits.
Achieving happiness and success comes from tackling challenging tasks and giving our best, as Theodore Isaac Rubin once said. This episode of the Shark Tank Masters features inspiring interviews with billionaire businesswomen Sarah Blakely of Spanx, entrepreneur and business executive Kevin Harrington, best-selling author Damon John, co-founder and CEO of RSE Ventures Matt Higgins, and investor, speaker, and TV personality Barbara Corcoran. They share insights on the hardest parts of starting a business, reinventing business models, bouncing back from failure, and wisely spending profits. Sarah Blakely, for instance, shares how her experience selling facts machines door-to-door shaped her determination to create Spanx. These entrepreneurs' stories offer valuable lessons for anyone seeking to grow their business and brand, especially in the rapidly evolving world of social media and digital marketing. Tune in to this powerful episode at LewisHouse.com/773 and share your thoughts on Instagram.
Staying focused and persistent pays off: Believe in your idea, stay determined, and don't give up on your goals despite numerous rejections. Persistence and focus led Sarah Blakely to invent Spanx and sell it to millions.
Determination and persistence can lead to success, even when faced with numerous rejections. Sarah Blakely, the founder of Spanx, shared her story of inventing and selling her product to millions of people. After identifying her strength in sales, she asked the universe for an idea and waited for two years before receiving it. She then faced numerous rejections from manufacturers, but didn't give up. Instead, she drove around North Carolina in person and finally found a manufacturer who was willing to make a sample. Despite having limited resources, she also worked on patenting the idea and coming up with a name for the product simultaneously. The manufacturer, who was a father of three daughters, was moved by the idea and decided to give it a chance. This story highlights the importance of staying focused on your goals, being persistent in the face of rejection, and believing in the potential of your idea.
From Patent to Household Name: Sarah Blakely's Journey with Spanx: Believing in oneself, persistence, and creativity led Sarah Blakely to turn her shapewear idea into a successful business despite initial challenges and rejection.
Determination and perseverance can lead to great success, even when faced with challenges and setbacks. Sarah Blakely, the inventor of Spanx, shares her story of how she wrote her own patent, dealt with skepticism from patent lawyers and potential buyers, and came up with the name for her now-famous shapewear brand. Despite having no money for advertising and initial rejection from department stores, she persisted and eventually turned Spanx into a household name. Another key takeaway is the importance of effective branding and the power of a strong, memorable name. Sarah's initial runner-up name, Open Toad Delilah's, was a far cry from the successful Spanx, and it's hard to imagine where she would be today if she had stuck with it. Overall, Sarah's story is a testament to the power of believing in oneself and the importance of persistence and creativity in turning an idea into a successful business.
Inspiration and quick thinking led Sara Blakely to create Spanx: Despite challenges, Sara Blakely's resilience and adaptability led to the creation and success of Spanx
Determination and quick thinking played a significant role in Sara Blakely's success in creating the Spanx brand. While driving, she was inspired to use the name "Spanx" instead of her initial idea with the "K" sound due to its ease of trademarking. After securing the patent, she faced challenges in convincing manufacturers to produce her product. Despite these obstacles, she persisted and eventually gained their support. However, her biggest challenge came after obtaining the patent and trademark, where she faced rejection for two years before finally gaining traction in the industry. Blakely's story demonstrates the importance of resilience and adaptability in entrepreneurship.
Investing in winning businesses and people early can lead to big returns: Identifying and investing in emerging trends and promising businesses/people early can result in significant financial gains, but focus resources on a select few opportunities to maximize impact.
Identifying and investing in winning businesses and people at an early stage can lead to significant returns. This was exemplified by the speaker's experience with investing in a public company that started at 10 cents a share and is now worth $3.60. However, it's important to focus resources on a select few opportunities and not spread oneself too thin. Another key trend highlighted was the shift away from traditional TV viewing towards online platforms, as evidenced by the speaker's 19-year-old son's decision to only get internet service for his college apartment. The speaker's success in media buying, such as his early investment in Discovery Channel, further underscores the potential rewards of identifying and capitalizing on emerging trends.
Balancing Traditional and Digital Media for Sales Success: In today's competitive market, businesses must integrate traditional TV media with social media and online platforms for sales success.
In today's business world, relying solely on traditional media like TV for sales is no longer enough. The speaker shares his experience from the 80s when long-term contracts were signed and media was much cheaper. However, with the rise of technology and competition, prices have skyrocketed, and consumers now have easy access to compare prices online. To be successful, businesses need to tie in their TV presence with social media and other online platforms. The speaker shares how they started testing sales on social media before investing in it. Despite the increased competition and expenses, the speaker continues to actively buy media on TV, but recognizes the importance of having a strong online presence. The speaker also shares how his priorities have shifted over the years, recognizing the importance of balancing work and family life.
Protect your mornings, prioritize yourself: Successful people protect their mornings and prioritize themselves to master their grind and continue growing.
Successful people prioritize their time and energy selfishly to achieve their goals. They protect their mornings from distractions and focus on their priorities. Damon John, who shares his experiences in the book, learned this from various successful individuals, including Chris Sacco. He advises those who feel they're playing small to throw their obstacles in front of them and let them pull them forward towards their dreams, rather than staying comfortable where they are. By being selfish with their time and energy, individuals can master their grind and continue growing, even as they age.
Regrets come from holding back: Don't regret playing it safe, regret not fully committing to your convictions and taking risks
It's important to take risks and go all in when you believe in something, even if it means being uncomfortable or potentially making mistakes. Regret comes from playing it safe and holding back, according to the speakers. They shared that their biggest regrets in business were the times they played small and didn't fully commit to their convictions. When you do take a risk and it doesn't work out, the learning opportunity comes from examining what was missed and addressing any misalignments in character or personality that may have contributed to the failure. The speakers emphasized that big winners are rare, so it's crucial to seize opportunities when they arise and give them your all. Overall, the message is to embrace discomfort, learn from mistakes, and go big when you have a good thing.
Invest in what's already working: Reinvest profits aggressively into successful areas before competitors do, identify sales sources and focus on them until they stop working, and avoid being distracted by new ideas.
Entrepreneurs should invest their extra profits back into what has already worked for their business instead of waiting to have the money and missing out on opportunities. According to the speaker, it's essential to put the money into the business aggressively before seeing a profit, as competitors may already be investing in similar areas. The best approach is to identify the sources of sales and reinvest in those areas until they stop working. Entrepreneurs tend to be attracted to new ideas, but the speaker advises against this and encourages repeating successful strategies. The pressure and urgency of investing before having the profit can lead to better business outcomes. As the speaker puts it, "You have to have it done early."
From adversity comes greatness: Overcoming challenges leads to happiness and fulfillment in building a business or achieving personal goals
Building a business or achieving greatness requires hard work and overcoming challenges. The Shark Tank Masters episode is a must-listen for anyone looking to start a business or side hustle. The entrepreneurs featured on Shark Tank have all faced adversities, but the satisfaction and sense of accomplishment they feel after overcoming these challenges make it all worth it. Happiness comes from taking on difficult tasks and giving our best. There's no easy path to building a brand or achieving financial freedom, but the journey is fulfilling and worth celebrating. So, if you're looking for inspiration or motivation, tune in to the Shark Tank Masters episode and subscribe to the School of Greatness podcast. Remember, as Theodore Isaac Rubin said, "happiness does not come from doing easy work, but from the afterglow of satisfaction that comes after the achievement of a difficult task."
