What’s The Best Way To Vet Your Own Ideas & Product Pitches? Be Ruthless!
Even if you're a head honcho at work — or the head head honcho — you might sometimes have a tough time discerning between a brilliant idea and, to be perfectly blunt, a stupid one. And who can blame you? I look at some of the products that people strike it rich from and I just scratch my head. Like the Snuggie. Really? I guess I could have thought of that, but even if I had, then what? Would I have gotten a patent, found a factory to make it, and given my all turning it into an “as seen on TV” hit? Um, probably not. Because who would actually buy a wearable blanket instead of just using a blanket? Well, it turns out, millions of people! Who knew? Why didn't I think of that?!! But even with a more mundane/less-embarrassing-to-be-seen-with-in public kind of product, it's not always easy to predict what will catch people's fancy and be wildly successful... and what will be a flop. That's when it can be helpful to think like those shark tank investors... as also seen on TV.
Entrepreneur Or Wantrepreneur: How Would Shark Tank Describe You?
Time to get ruthless! Start by putting on your product reviewer hat. Or if you really want to be like the shark tank investors, maybe it's more like grabbing a pair of scissors. Take a look at your product offering — whether a physical product or a service — and get critical. Pick it apart and find flaws as if you're being paid for each problem you identify. Sure, it's a harsh approach, but it can be an effective way to help you see your business as your customers do. They have no particular allegiance to you and have every right to be picky about where they spend their money.
Keep in mind that it's not enough to scrutinize from a customer standpoint. Obviously that's important — you better be offering something people want to buy! — but you can't stop there. You have to also pick apart the finances and make sure that you're making money. No profit? No good! It's that simple. If the product costs too much to make, or if your services take too much time that you aren't billing for, what's the point? You'll have a flop on your hands and sooner or later, you'll be sorry. And so will your bank account. So if something isn't profitable, move on or fix it!
Speaking of fixing things...does your pricing need to be fixed? Find out how to keep more money in your pocket and take your business to the next level, with our FREE Nail Your Pricing guide!
Be Oh So Quotable This Week!
In addition to the quotes I'm sharing this week, here's another list of memorable words from the shark tank investors (as seen on TV!). I especially like quotes #3, #6 and #11. I always say running a business means the work never ends! Ain't that the truth? I bet your to-do list is a mile long! Make sure that the items at the top of your list are the things that relate to being more profitable. Everyone is so proud of being so "busy"...But Are You Making Any Money? Don't be too busy to focus!
Check out the summary of last week's business tips and motivational quotes from my Instagram page which you hopefully got to see in real time! If not, let's make sure we're following each other on Instagram!! So...here is this week's roundup of Instagram images of My Top Business Tips and Motivational Quotes.
Shark Tank Investors – Tip #1:
"Tough times never last; tough people always do." – Robert Herjavec
Shark Tank Investors – Tip #2:
"Entrepreneurs are willing to work 80 hours a week to avoid working 40 hours a week." – Lori Greiner
Shark Tank Investors – Tip #3:
"Align yourself with the right people, forge the right relationships and you'll set yourself up for the long run." – Daymond John
Shark Tank Investors – Tip #4:
"Nobody has a monopoly on good ideas." – Kevin O'Leary
Shark Tank Investors – Tip #5:
"Some of the worst pitches here are the people who talk all fancy who've been to business school." – Barbara Corcoran
Let's talk! I’d love to hear if you have a favorite product that the Shark Tank investors approved!
Would you get a stamp of approval from the shark tank investors? What would they think of your business? I would LOVE to hear from you! Anyhoo...I publish these business tips and motivational quotes to get you fired up for your work week!
Oh by the way, do you feel like you're too busy? Or like you're always working but not much is getting done? Your solution is right here, just one click away!
P.S. Of course that's not all we've got! Searching for more tips about running a business?
Then definitely take a look at these:
I'd love to hear your ideas! So please comment below and then SHARE!
Disclosure: The Party Goddess! is a participant in the Amazon Services LLC Associates Program. This post contains affiliate links, which means I may receive a small commission, at no cost to you, if you make a purchase through an amazon.com link. However, these are all products I highly recommend and support!