In a panel discussion for business owners hosted by Staples in new York City, Lori Greiner stated, “I was always thinking of ideas, and then later I’d see it out there and think ‘Ugh! If only I’d just done it”. Lori long before her time as a host on Shark Tank and product sales guru, Lori often would think of product ideas, but not pursue them.
In 1996, Lori Greiner did not just think of ideas and not pursue them, she had an idea, invited it and sold out in four minutes, which launched her career. That invention was an earring organizer. Most people know Lori these days as the Queen of QVC. With her vast knowledge of product development, marking, and selling, Lori offers these 5 tips for entrepreneurs.
5 Tips For Entrepreneurs By Shark Tank Star Lori Greiner
1. Protect your business and product idea.
Lori states that patent protection is helpful and smart. She also advises not to put any unprotected data and idea online. With over 120 patents to her name, Lori is very careful to protect her ideas and business ventures.
2. Be persistent in business.
Greiner states as a tip that entrepreneurs have to be persistent in business to achieve success. If there are some roadblocks, which most likely there will be on your path to success, don’t give up. Figure out a way to get over or around the roadblocks.
3. Packaging matters in business.
Pay attention to your product packaging, Lori advises. Packaging is very important to Lori Greiner. She spends months working on packaging with the entrepreneurs she mentors. Lori says, “It’s very important that it catches your eye”.
4. Conduct market research yourself.
To really know about a product idea, entrepreneurs must conduct their own market research. Lori states that she went herself to different neighborhoods to show her earring organizer and get a couple simple questions answered. This allowed her to know if she had a good product or not. Look beyond friends and family.
5. Ask the right questions.
Knowing the details is critical to business success. Lorie Greiner talks about how critical it is to ask the important and right questions. In the beginning, entrepreneurs should ask questions and get the answers. Questions about the target audience, price points, cost, and is there a need for the product. Lori states that this will help get a sense of the customers, costs, and sales pitch.
To better the chances with a start-up, entrepreneurs can work with professionals to have better chances at business success. Entrepreneurs often get assistance through consulting services and working with consultants. Consultants can provide help to achieve specific goals and accomplish certain tasks.