Lori Greiner Of ‘Shark Tank’ Says Entrepreneurs Must Do It All
Viewers of Shark Tank know QVC entrepreneur Lori Greiner claims to know whether a new product is “a hero or a zero.” In a new interview with Daniel DiPiazza, which he reported on in The Huffington Post, she revealed that finding the next big thing is also about experimentation. It takes many ideas to find a great one, and even then you might have to tweak your product so it’s something people want to buy.
It’s part of the reason entrepreneurs have to work so hard — often harder, and for more hours, than they would in traditional employment. Part of that commitment is the hallmark of a true entrepreneur, according to Greiner, who may put in the extra time simply because they can’t imagine working for someone else.
“Entrepreneurs are the only people who will work 80 hours a week to avoid working 40 hours a week.
“A true entrepreneur does whatever it takes. That’s the bottom line.”
Greiner told DiPiazza that entrepreneurs have to protect, but share their ideas: feedback makes the product better and sales easier.
“Don’t fall in love with your idea to the point that you don’t listen to feedback. You can’t block out what other people say — what your potential customers are saying — just because you’re ‘so passionate’ about your idea.”
Especially in the early stages of a new venture, entrepreneurs have to handle every part of their business. DiPiazza recounts that Greiner researched every American retailer by going to the library when she was first starting out. This was in the days before internet searches made finding that information relatively straightforward.
Now, Greiner has more than 100 patents and has had a hand in hundreds of products. Her public relations bio describes her realization early in her career that she had to jump on new ideas before someone else got there first; she discovered that after spotting a book on the bestseller list that contained information she was drafting for her own publication. That’s when she jumped in with her first wildly successful product, an earring organizer.
Greiner is now best known to non-QVC audiences from her role on Shark Tank, where she will be returning for Season 8 this fall. The show recently learned it has another two Emmy award nominations, for Outstanding Structured Reality Program and for Outstanding Picture Editing, according to the official Emmy site. Shark Tank trivia geeks might be interested to know that the Picture Editing nomination is for Episode 702, which featured the entrepreneur behind Mikki Bey Eyelash Extensions. The woman received tough words from Barbara Corcoran during the episode and wrote an article standing her ground on her product pitch, as Inquisitr reported.
Shark Tank airs in reruns on CNBC and Friday nights on ABC. The Emmy Awards, featuring two Shark Tank nominations, will air in September.
[Photo by Araya Diaz/Getty Images]
