I didn’t even really like business, honestly.
I really didn’t. That was boring to me. But I had an idea, and I had a dream, and I thought people need this product. You have to be driven, you have to be motivated, you have to have passion, you have to be somebody, who, like I said there are no noes. If you want to start your own business, you really need to put in the time and dedication. And that means 24/7, if need be. If you really have a drive and you really put your heart and soul into something you can really make anything happen.
Evan: She’s an American inventor, entrepreneur, and TV personality.
She’s best known as the cast member on the reality TV show, Shark Tank.
She has helped launched over 400 products, and holds 120 foreign and U.S. patents.
She’s Lori Greiner, and here’s my take on her top 10 rules for success.
Also guys, as you’re watching, if you hear something that really resonates with you, please leave it down on the comments below.
Put quotes around it so other people can be inspired by your sharing and also when you write it down, you’re much more likely to lock it in for yourself too. Enjoy.
-= LORI’S RULES =-
1. Find your passion
2. Learn from your failures
3. Be creative
4. Turn NO Into HOW CAN I
5. Take risks
6. Know your options
7. Push through
8. Be dedicated
9. Prepare yourself
10. Be DRIVEN
Rule # 1: Find Your Passion
I just had an idea, I was always thinking of things, I was always creative, and had no plan, in which, to make products or be an inventor. I didn’t even really like business, honestly.
I really didn’t. That was boring to me. But I had an idea, and I had a dream, and I thought people need this product. And I got the bug, and once you get the bug, and you realize you can do it, then you just keep doing more and more and more.
Interviewer: ‘Cause you want so much-
Interviewer: Yeah it is, and you don’t really want to stop. It’s like you … There’s never really, like, an … You think there’s an end goal, but then you always know there’s something more to be done. Or, buyers at stores, for me it was the, you know, TV shopping world.
“Once you have a successful product, and women, for me that was the audience at the time, women loved it. Then you want to keep pleasing, you want to keep creating things that make them happy. ” – Lori Greiner
Interviewer: For me it’s like,
Queen of QVC.
Yeah, queen of QVC.
Interviewer: Right here.
Once you have a successful product, and women, for me that was the audience at the time, women loved it. Then you want to keep pleasing, you want to keep creating things that make them happy.
That make their lives better, and, you get personal gratification, but then you also know that you’re helping other people in their lives. So, that for me was quite infectious. I just wanted to keep doing, and making more, and it became easier and easier. ‘Cause I knew what I was doing.
Rule # 2: Learn From Your Failures
Interviewer: I’m a woman in business, so are you-
Lori: That’s right.
Interviewer: And it’s great because they’re different personalities, successful, be yourself, take care of business.
Interviewer: Go for it.
“I talk about some of the mistakes that I made, and it just helps you to get further along, learn from those mistakes, and get smarter.” – Lori Greiner
Interviewer: Get out there, but it can be bumpy along the way. Any regrets or mistakes that you feel you’ve kind of hit through the years.
Well, you know, I share certain bumps that I’ve had in the book. I think that, you know, I don’t like to look back, there are no mistakes really, everything is a learning lesson. Everything helps you to do better.
So I talk about some of the mistakes that I made, and it just helps you to get further along, learn from those mistakes, and get smarter.
Rule # 3: Be Creative
My entrepreneurial spirit flourished when I started thinking of ideas, and then seeing them out there on the market. But I hadn’t done that, someone else had. They were very successful.
So when I thought of my earring organizer, I thought, this time I’m going to do it, and I did. I knew that women had no good way, in which, to store their jewelry.
And it just came to me, like a thunderbolt, and I went home and I drew it, and then I went to my grandfather’s wood shop, and I made it.
“My entrepreneurial spirit flourished when I started thinking of ideas, and then seeing them out there on the market.” – Lori Greiner
After I made my sample, I did market research to see if people would really like it, or buy it. I started calling every retailer in the country, let it ring a thousand times until they’d pick up, and I flew myself to 21 cities in 18 days and met with different buyers and showed them my prototype.
That first product was very successful. I made well over a million dollars on it. And, I started thinking, wow there’s lot’s of other things that I could make.
And I started making cosmetic organizers, I started doing kitchen gadgets. My goal was to improve people’s lives with the products that I created. To date, I’ve created over 400 products, and I’ve generated half a billion in sales.
Rule # 4: Turn No Into How Can I
To me, an entrepreneur is somebody who will do whatever it takes.
They’re driven, they are A-type personalities. They, it’s like they don’t know the word no. And that’s always been my mantra. I know no noes, just, how can I?
“An entrepreneur is somebody who will do whatever it takes.” – Lori Greiner
So, when I see that person I know that no matter what, even if they have to pivot, you know, which is something that happens.
Maybe this isn’t the best idea, but something else is and you’re going to change it, they’re still going to make it, because they have what it takes to be a successful entrepreneur.
Rule # 5: Take Risks
Kudlow: New business formations are way down.
Kudlow: Way down, and venture capital is way down.
That means people are afraid of something. These are brand new business start-ups, a very important economic measure. Way down.
Well I think, to me, I’m an entrepreneur, and I think that true entrepreneurs, it doesn’t really matter what’s going on in the economy.
If they come up with a great business idea, great product, they’re risk takers, they’re going to go for it. It doesn’t matter if the taxes are up 5%, it doesn’t matter what is going on with that, they are people that just are pioneers, they’re going to forge ahead, and start that business no matter what.
Rule # 6: Know Your Options
Well, I’ve launched, in the last 16 years, 400 new products. And I have a 115 patents.
Interviewer: People going through this now have a lot of options. You have fund-raising cites like Kickstarter, you have little online market places like Etsy. Do you recommend that people use these to sort of test out their products?
“There’s no special formula that’s right for every single person. You have to decide, do you like Kickstarter, do you feel that’s right for you. Or, you know, people have other ways in which to do things. So I think it’s know your options.” – Lori Greiner
I think a lot of people don’t trust their gut enough. I think a lot of people want somebody to hold their hand through the process. And really, that’s not the best way.
There’s no special formula that’s right for every single person. You have to decide, do you like Kickstarter, do you feel that’s right for you. Or, you know, people have other ways in which to do things. So I think it’s know your options.
Rule # 7: Push Through
Interviewer: It’s got to feel good when someone brings you a new idea.
Well I love it. I mean, that’s what drives me. I love the excitement of taking a product and turning it into a huge success. So, you know, that’s what Shark Tank’s all about, and that’s what my book is all about. It’s exciting!
“You have to be driven, you have to be motivated, you have to have passion, you have to be somebody, who, like I said there are no noes. You know, if I have an obstacle, I go over it, I go under it, I go around it.” – Lori Greiner
Interviewer: What are some of the key traits to being a successful inventor?
Well, I think definitely, you have to be driven, you have to be motivated, you have to have passion, you have to be somebody, who, like I said there are no noes. You know, if I have an obstacle, I go over it, I go under it, I go around it.
You just don’t quit.
Interviewer: I go through it!
I go through it!
Rule # 8: Be Dedicated
“If you want to start your own business, you really need to put in the time and dedication and that means 24/7, if need be.” – Lori Greiner
Well, I think that start-ups should, one, be willing to do everything that it takes to make their start-up work. You know, a lot of people say, “Oh, well, you know, “I just want to do it for a few hours a day.”
That’s not going to happen. If you want to start your own business, you really need to put in the time and dedication and that means 24/7, if need be.
Rule # 9: Prepare Yourself
Make sure whatever your idea is that people really want it, and need it. And the way to learn that is to do some market research.
Don’t just ask friends and family. Get out there and ask a lot of people, and a variety of people. If they like your idea, and if they would buy it, use it, or pay for it.
And if so, what would they be willing to pay. Make sure that you’ve done all of your research, and what it takes to get your product idea out there.
“If you believe in yourself, they will too.” – Lori Greiner
So, have a business plan, and find out all the steps required first, so that you’re not missing anything along the way, and you don’t mess anything up.
Make sure that you learn all the people that you can market your product to. Stores, shopping channels, whatever it is, make sure that you know them, and that you’re aggressive, and you’re very enthusiastic and passionate about your product idea or business because your enthusiasm becomes infectious. If you believe in yourself, they will too.
Rule # 10: Be Driven
If you really have a drive, and really put your heart and soul into something, you can really make anything happen. I’m a true believer in that. So, I think that we, hopefully, we make people believe that they can achieve the American dream too. Just watch, study us, and if you really are passionate and driven you can get there. My true feeling is this.
No matter who you are, no matter what age you are, no matter the time in your life, if you have a dream, and you have the drive, you can make anything happen.
“If you really have a drive, and really put your heart and soul into something, you can really make anything happen. I’m a true believer in that.” – Lori Greiner
And if you are ever feeling down, or feeling like you can’t get over that hump, or you just have a bad day, I play this song and you remember this song, okay? Here it goes. ♫ This girl is on fire.
Thank you guys so much for watching. I made this video because ohworldgirl asked me to, so if there’s a famous entrepreneur that you want me to profile next leave it down at the comments below and I’ll see what I can do.
And I’d also love to know, what did you learned from Lori today that had the biggest impact on you?
What was your favorite clip, and why? And what are you going to take from today’s video and immediately apply, somehow, to your life or to your business? Leave it down at the comments below and I’m going to join in the discussion.
Finally, I want to give a quick shout out to Bli Dodi. Thank you so much for picking up a copy of my book, Your One Word, and posting that picture online. It really really really means a lot to me and I hope you’re enjoying the book as well.
So, thank you guys so much for watching. I believe in you. I hope you continue to believe in yourself and whatever your one word is. Much love. I’ll see you soon.
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