A Night In The Shark Tank -- Lessons from Daymond John
Lesson 1:
There aren't any new inventions, just new ways to use #technology to do what has been done. @TheSharkDaymond @merrimack
— MaryAnn | 108degrees (@108degreesMktg) April 4, 2017
Daymond wasn't trying to discourage invention, but rather help us realize that there are already a LOT of great ideas out there. In an era of iPhones and broadband, most of the successful ventures of our day and age will come from taking what we already do and making it better through innovation and technology.
Responsibility is something that must be taken, it can't be given. Understand that & u will be successful @TheSharkDaymond @merrimack
— MaryAnn | 108degrees (@108degreesMktg) April 4, 2017
Acknowledging that millennials sometimes get an undeserved bad rap that, the People's Shark impressed upon us the importance of being responsible for all that you get involved in. Whether you are incubating ideas, growing teams or just achieving work-life balance, it starts with owning responsibility for all you are a part of. Through accountability, you will be more focused on achieving your goals.
Lesson 3:
Set a Goal - we become what we think about or what others think of us, unless we set a goal @TheSharkDaymond @merrimack
— MaryAnn | 108degrees (@108degreesMktg) April 4, 2017
Although it sounds like one of the most basic business ideas, it still rings true: without a goal, we struggle and fail. Daymond recognizes that an entrepreneur without a goal can only grow to assume the characteristics others (their competitors, their critics) apply to them. With a goal, we can become anything we imagine.
Lesson 4:
Make your mistakes small - it's called "proof of concept" @TheSharkDaymond @merrimack
— MaryAnn | 108degrees (@108degreesMktg) April 5, 2017
The longer we are in business, the harder it is to step backward. But as a seasoned investor, Daymond would rather see his companies try something and fail at a small (read: inexpensive) scale than go through massive growth only to find failure. The concept of "fail a little" to find remarkable success is one that has been proven in technology for over two decades. Remember, even when you have the time, resources or financing to take big chances, sometimes a smaller risk is a better choice.
Lesson 5:
We do not invest in companies on #SharkTank we invest in people @TheSharkDaymond @merrimack
— MaryAnn | 108degrees (@108degreesMktg) April 5, 2017
Finally, one of the best lessons for well-seasoned entrepreneurs to hear at this event was a theme focused on the most important area for business growth. Daymond John wanted us to recognize that it's the people who make the company, not the service or product. Sometimes as founders, we get so wrapped up in what we've made that we can forget that. But just as you must get up and love what you do every day, so does everyone on your team. Pick the right people who can do that because they have the passion, drive, and dedication to be great at what they do. Make sure each can keep loving what they do by creating the environment that fosters inspiration and goal-setting. Make them successful and they will make a successful business for everyone.