Shark Tank Share Some Exclusive Business Advice
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edition 4 • october 2016 • vol. 3 • no. 2 Made possible by the PwC Charitable ® Foundation original fully vector logo, restored 2/2015 (Old embedded letter “S” that we created as ver 7, we decided was NG. This is now version 8) FINANCIAL LITERACY FOR KIDS In this special issue, the experts from ABC’s hit show Shark Tank share some exclusive business advice. timeforkids.com turned $1,000 into a $5 billion real-estate empire. She struggled through middle school and sees herself as Barbaraproof that youcorcoran don’t have to get straight As to build a multibillion-dollar business. She says that learning how to read people and focusing on the kind of person she wanted to be were Want to swim with the sharks? key to her success. TThisHE special SHARKS edition OF features aBc ’s hIT Her advice: “It’s smart to sit down as a exclusiveSHOW businessSHARK tips Ta andNk OFFER TIPS kid and think of the peer you admire most advice from the self-made and make a list of his or her best qualities. You can decide right then and there to build multimillionaire (and billionaire!) those same qualities in yourself through investors on Shark Tank. practice, and then grow up to be a person others admire.” (Do the same exercise for the On each episode, the sharks mark cuban hear about new and growing Barbara corcoran negative qualities you want to avoid.) businesses from the entrepreneurs Thewho started them. After scoopa hard from The sharkskevin o’Leary sell, the sharks decide whether or Lori Greiner not to invest their own money— made his fortune by starting an educational software company and act as advisers—to help the that he eventually sold to Mattel. Like many businesses grow. The show, now kentrepreneurs,evin o’Leary he started with no money, so in its eighth season, has featured he learned to take advantage of free resources. 32 entrepreneurs under age 18. His advice: “Set up an office space in your robert herjavec O C Do you have a business you’ve home, use the computers at your local library, I Daymond John Am build an online presence, and use social D’ been thinking about starting? B Meet the sharks and hear their media to build word of mouth around your BC/BO idea or business instead of spending money A : S advice to you. on an expensive marketing campaign.” HARK S —Kelly Hultgren ATION; ATION; D OUN F has invented more than 400 started making money tapped into his was born in Croatia and TWARE F products, including kitchen tools and jewelry by selling garbage bags door-to-door at entrepreneurial spirit when he was young by raised in Canada. He made his fortune in O S organizers, many of which she sells on the TV age 12. Today, he owns the Dallas Mavericks learning to use his mother’s sewing machine the field of Internet security, which he knew Lorinetwork Greiner QVC. She advises people who want mbasketballark cuban team. He says that when you’re Daymondto make hats John that became the successful rnothingobert aboutherjavec when he got his first job. That’s to start a business to focus on their likes and starting a business, whether you’re selling a fashion empire called FUBU. He says one way why he says that when it comes to running HARK ART: FREEHARK ART: S interests. product or developing something high-tech, to be successful is to use your “technology your business, you’re not going to be the best ; S E G you often can’t win solely based on the product skill set” to help you get there. He also notes at everything, and that’s okay. A Her advice: “Don’t stress about what path M you’re going to take. Think about what you itself. What can set you apart is you. that you shouldn’t be afraid to fail. When you His advice: “As an entrepreneur, you need ETTY I G like and are good at, and see how you can His advice: “Being successful in business try things that don’t work, what’s important is to be good at doing a little bit of everything, possibly make that into your career. The key that you learn from your mistakes. IONE— doesn’t have to be fancy or complicated. It but it’s okay to recognize where you aren’t sc is to love what you do. If you love what you do, takes hard work, good customer service, His advice: “The best part of being young is quite as strong and ask for help. Whether O FRI you’ll be good at it!” G and the ability to be nice to people. It’s that you have so much ahead of you! Nobody it’s your parents, a friend, a professional RI D O important to be good to your customers. adviser—no matter who it is, be open to R in life has a perfect record, and the quicker : D Thank people when you get paid and when you learn that and go out in the world taking learning from others while you stay true to ROUN you receive tips.” your vision.” G big swings, the better!” K C Watch all-new episodes of Shark Tank Fridays at 9 p.m. ET/PT on ABC. BA COVER: THE SHARKS: MICHAEL DEsmOND/ABC VIA VIA GETTY ImAGES; WATER: HENK BADENHORST—GETTY IMAGES; 2 October 2016 BUbbLES: LUMINA ImAGING—GETTY IMAGES; SHARK: GEORGE T PRObsT—GETTY IMAGES 3 Meet some young entrepreneurs who appeared on Shark Tank. NAME: 14 ANN A (appeared at age 12 in 2014) BELL A BUSINESS: CH A InspiredMoziah by his dad’s “Mo” and Bridges, grandad’s bow PHOTOGR RLES ties—and wanting to stand out from the crowd—MoMo’s Bows aimed AP to take neckties to the next HY OOKS H N level by creating bow ties from A RI B vintage fabrics. “I wanted NAMES: and 18 and 15 something else that was (appeared at ages 15 and 12 in 2013) cool and made me look BUSINESS: good,” he says. “[By using] vintage fabrics, “We inventedEmma Screenmend, Lily Hooks, a screen-patching I was able to have kit, when Lily saw our dad attempting to fix a something that no hole in our Screenmendscreened-in porch,” Emma says. “She one else had.” Today, [Lily] was trying to get melted candle wax off Daymond John (who the table and jokingly suggested he [our dad] didn’t invest) serves try putting wax on the patch to make it stick,” as his mentor, and Mo Emma explains. “We quickly realized what has done more than a good idea that was!” On Shark Tank, Lori $300,000 in sales. Greiner offered to invest $30,000 for a 50% stake in the business. After the show, their sales rose from a few thousand dollars to more than $3 million in two years. SAFETY FIRST, BUSINESS SECOND When you use the Internet and social media to build your business, keep safety in mind. NAME: 15 Here are tips from Guy Shaham, founder (appeared at age 11 in 2013) and CEO of BuyMyLemonade.com, an BUSINESS: educational site for young entrepreneurs. InspirationRyan for Kelly, Ry’s Ruffery natural dog treats came when the Kelly family adopted a rescue 1. Partner with a parent. Whether you’re puppy, Barkley.Ry’s RufferyRyan and his brothers starting a storefront on the Web (Shaham dreaded handing Barkley his smelly, oily recommends Wix.com, Shopify.com, and treats. So Ryan learned to make his own, all- Etsy.com), setting up PayPal or Ebay, or natural treats, using ingredients good enough establishing social media channels, get a for humans to eat. Ryan trusted adult involved. prepared for Shark Tank by 2. Push your product to friends and family first. B ac watching every episode and “Kids need to start by selling to people they KGROUND: researching the sharks. It know,” says Shaham. That’s about staying paid off when Barbara safe, and more: “You learn the metrics and H IS how it happens.” A Corcoran offered to KO S invest $25,000 for a 3. Don’t advertise any personal information. UG A 25% stake in Ry’s Protect your name and address. Use only NO/ E Ruffery. After the your first name, and use a P.O. Box to ship YE E show, sales rose from and receive mail. Never bring people to M—GETTY IM LEY A E your house to pick up your product! “You H $800 to $1.8 million in need to be untraceable,” Shaham says. A MES three years. GES A J —Kelly Hultgren 4 Made possible by the PwC Charitable Foundation Please recycle this magazine..