Watch any episode of Shark Tank. What’s the first thing the Sharks ask potential business partners? They ask about the money, the valuation of the product, how well the business has done, and how well it is expected to do. They crunch the numbers. Why? Because they are so important. It would make no sense for a Shark to invest in something when there was no potential for profit.
But, and this is key, money isn’t the most important thing either. I don’t know how many times viewers hear a Shark say, “I like you,” to one of the entrepreneurs. There’s a reason they do that. They aren’t investing in the company (per se). They are investing in the people. The right people will make a company successful.
So, it is time that you understand how much more powerful you are than your product. You could have the greatest product in the world, and it won’t matter if you don’t handle it correctly. On the flip side, you could have a so-so product and still be successful because of you.
Why Is This?
Everything you have within you can decide whether or not you can be successful. Drive, desire, passion, digital literacy, eagerness to learn – these are all the things that make up a successful entrepreneur. Yes, you need a good product that people will buy. But, you have to have the kind of tenacity it takes to get out there, wade out into the competition, and start making waves.
People look for innovative products to sell, and that’s a good idea. But, realistically, there’s nothing truly new and unique. You are going to end up selling something that someone else does too. So, it’s all about how you sell it, and not what it is.
And, that’s when YOU come into play. You have to be driven to succeed, and you really need to have passion for your company. Daymond has actually passed on products before that were actually potential good investments. Why? Because the people didn’t seem to be passionate enough. He looks for winners, and he will pass on something if the entrepreneur is not.
Spotting a Winner
So, how does Daymond even spot a winner? It’s all about knowing what makes a successful person. This is what they look like:
- People who have possibly failed before and keep trying.
- People determined to keep going.
- People who have a passion for their company.
- People who know how to work on and solve problems.
When people have a goal – to be successful, no matter what – then they are winners. And, that is infinitely more important than their business itself. Drive will help a person push forward even if their product isn’t that unique or special.
That’s why you are more powerful than your product. A product – a company – can fail. It happens pretty regularly. But, because something does fail doesn’t mean that you have failed. And it certainly doesn’t mean you should give up. You are more than the product itself. Repeat that to yourself. Say, “I am more powerful than my product.”
If something doesn’t work out, then you pick yourself up and try again with something new. That’s the key to success, and that’s also what Daymond looks for when he makes deals.
Investing in Dreams
In reality, Daymond often feels like he is investing in people’s dreams. Just consider Bubba’s Q World Famous Bar-B-Q & Catering. He saw that Al Baker was a winner immediately because this was his passion. He came up with a unique process too – deboning ribs – and he was following his dreams of a successful business. Daymond doesn’t often invest in foods, but he saw something in him. He had discipline. He was a family man, and he had passion. This is what Daymond wanted to see in a company and a businessperson.
So, from now on, approach things differently. Remember that you are the driving force behind your company. So do everything with passion and with the one goal of success in mind.