The following article is an original piece from MOGUL, an award-winning, real-time information platform for women worldwide, connecting users to trending content, including stories, photos, products, jobs, courses, and discussions.
On Tuesday, April 7th, MOGUL had the opportunity to attend an exclusive panel discussion sponsored by Staples which featured Shark Tank’s Lori Greiner.
An expert in retail, having launched over 450 products and holding 120 US patents, Greiner is an entrepreneurial powerhouse who has a multitude of valuable pointers when it comes to starting your own business. Prior to turning that entrepreneurial dream into a reality, she advised that you do in depth market research to assess if there is a genuine need for the product.
She also expressed that you should be lean and mean when first starting out, and cut down on expenses such as an office space until you absolutely are in need of one. In terms of cultivating a relationship with a mentor to guide you along the way of the business’ development, she advised that you foster the relationship as you would with a good friend. However, she did state that she achieved her success without one when first starting out.
The event occurred because Staples, Inc. is teaming up with “Shark Tank” and entrepreneur and inventor Lori Greiner to help make more innovation happen for small businesses. To inspire and help entrepreneurs, Staples and Greiner offered expert advice and knowledge at a business panel in a Staples store in New York City.
“At Staples, we’re dedicated to helping our small business customers by providing everything they need to make innovation happen in their business, whether it’s the latest new products, essential services or advice and insight”
The event coincided with the debut of products featured on ABC’s “Shark Tank” television show on Staples.com and in select Staples stores. The successful entrepreneurs behind the products will be featured during three episodes of ABC’s “Shark Tank” starting April 10.
“At Staples, we’re dedicated to helping our small business customers by providing everything they need to make innovation happen in their business, whether it’s the latest new products, essential services or advice and insight,” said Alison Corcoran, senior vice president, North American stores and online marketing, Staples. “Together with ABC’s “Shark Tank” and Lori Greiner, we’re excited to highlight these successful entrepreneurs on “Shark Tank” and provide insights from Lori based on her experience and success.”
“I’m thrilled to team up with Staples and share my insight and advice to help small businesses across the country,” said Lori Greiner. A believer that if you are successful you should give back, Greiner is pleased to have the chance to help Staples’ small business customers with business insight.
After witnessing several small business owners pitch their products and services on ABC’s “Shark Tank,” here are Lori’s must-know tips for success:
- A good business idea or product is something that people need and want, solves a problem, can be made at an affordable price, and is unique or different to what else is on the market.
- When starting out don’t overspend on things that aren’t important, like a fancy office, hiring a bunch of employees etc. In the beginning you need to stay lean and mean, do what you can yourself, hire prudently or outsource small jobs and use local services like Staples.
- When trying to get financial backing: make sure you have a good business plan, not just numbers. Show your whole plan on how they’ll get their money back. Don’t give away too much equity.
- Packaging is so important, if it’s not right, it can kill your product right out of the gate.