The Advice All Millennials Can Take From The Investors Of ‘Shark Tank'
The celebrity investors who star in ABC's “Shark Tank” are worth taking advice from, if not for anything else than for the simple fact that they've attained great wealth. That much is a given. One might find, however, that they are even more worthy of being listened to after considering their respective stories.
Barbara Corcoran grew up in a two-bedroom home with her 12 siblings in Edgewater, New Jersey. Robert Herjavac came to Canada when he was 8 years old, as his family escaped then-communist Yugoslavia with one suitcase after his father spoke against the government. Daymond John was only able to keep FUBU afloat after his mother took out a second mortgage on their home.
The Sharks' success stories aren't just a matter of inheriting capital from wealthy parents and making things work. The celebrity investors are actually well-versed in moving upwards, starting from the ground up and fulfilling their own potential.
Naturally, they all have words of wisdom to share, insight that has been gained as they climbed to the type. In this list, we compile the best pieces of advice that each Shark has to offer to Millennials:
Kevin O'Leary: “Find Out What You Suck At”
There's no sense in working yourself into the ground doing something you are absolutely terrible at, according to Mr. Wonderful, Kevin O'Leary. It's a total waste of time.
“You have to look yourself in the mirror — and this is hard to do sometimes — and say, ‘What am I really good at and what do I suck at?' Because you don't want to spend any of your time doing things you're not good at,” he says in this video.
He goes on to say that if you're not good at a task that's essential to your success, “you better” find someone who can do it.
Daymond John: “You've Found Your Path When It Feels Like True Love”
Daymond John did things the unorthodox way, and at one point, he had to pay the price of doing so. Sure, he's filthy rich now, but things weren't looking so promising at one point. “I was serving all my high school friends shrimp in Red Lobster when they were coming back from college, so it was embarrassing.”
In a memorable, exclusive interview with Elite Daily, however, John says that his life turned around when he fell in love with Fubu.
“When you're 22, 23 years old and you're out there sitting there making life decisions and saying ‘I could see myself with this person for the rest of my life' and you're getting butterflies every time you see 'em; that's what it is when you have a business, when you have a company you love. You can't see anything else. I would've dressed people 'til today, for free, if I could.”
Barbara Corcoran (The Corcoran Group): “Bad Grades Don't Spell Failure”
“I went to Catholic school, and it was an accomplishment for me to make straight D's,” Corcoran told CNN. “I say this because there's always a dumb kid in school who thinks grades have something to do with what you end up doing in life. They don't. It's street smarts that helped me succeed.”
John Paul Dejoria: “Take Rejection”
The man behind the Patrón Tequila brand may be worth billions now, but says he's no stranger to rejections. And if a person doesn't have tough enough skin to withstand that rejection, then that's a problem.
“You're going to run across a lot of rejection. Be prepared for the rejection,” Dejoria told Forbes. “No matter how bad it is, don't let it overcome you and influence you — keep on going towards what you want to do – no matter what… You need to be as enthusiastic about door number 100 as door number one.”
Robert Herjavec: “Money Can't Be The Only Motivation”
“I don't think anybody builds something of greatness for money. I don't think anybody wakes up 24-hours-a-day, 7-days-a-week, to make an extra buck,” Herjavec told The Daily Beast.
“You've got to love it, and you've got to be an expert. My kids always say to me, 'Daddy, what's the definition of an expert?' I say: 'When you know something so well, somebody else will pay for your opinion. It's all about being great at something.'”
Lori Greiner: “Don't By Your Own Hype”
Dubbed the “Queen of QVC,” Home Shopping Network's main competitor, Greiner has made a living off creating such “wow” products that people wonder how they ever lived without them.
Most of those products, she says, were created when she thought of things that would make her life more convenient. She also acknowledges, though, that the fact that an idea may sound good to herself and those close to her is not enough to pursue it. Homework needs to be done first.
“You need to find out — not from friends and family — if it's really a good idea,” Greiner said last year on “The View.” “So I'd suggest doing some market research, talking to people out on the streets; find out do they like it, what will they pay for it and is it really a good idea.”
Mark Cuban: “Freedom Is Priceless”
The billionaire Dallas Mavericks owner is a big proponent of not starting a business using loans. It's one of his core principles of starting a business. So it's natural that when Yahoo! Finance compiled a list of the best financial advice ever given, his contribution was straightforward:
“Pay off your debt first,” he said. “Freedom from debt is worth more than any amount you can earn.”
Photo credit: Getty Images
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