“When someone tells you that something can’t be done, all it really means is that it hasn’t been done before.” ~ Lori Greiner
The digital age has transformed how business is conducted in powerful ways. Thanks to new technology, more educational resources, and alternative fundraising options, it’s now easier than ever to start a business. With so many people launching new startups, savvy business investors like Shark Tank’s Lori Greiner are speaking out and advising entrepreneurs on how to be successful in this digital age.
I had the unique opportunity to interview the “Queen of QVC” about how entrepreneurship has evolved, mistakes to avoid when pitching investors, and her surprising advice for women entrepreneurs.
Lori Greiner's rise in the digital ageGreiner took advantage of the digital stage early on when she launched “Lori Greiner’s Clever and Unique Creations” on QVC in 2000. “There are so many venues that can play a role in your selling strategy, but in my opinion, there is simply no better selling medium for a new inventor than a shopping channel like QVC,” Greiner told me. “Once you know how to market something out of a certain medium, then it becomes easier to continue marketing other products out of that same medium.”
Using her flair to communicate and present well on air, Greiner leveraged her QVC success into becoming a Shark Tank investor and a mentor and role model for entrepreneurs worldwide.
“The emphasis on entrepreneurship has grown tremendously over the last five years,” says Greiner. “Everybody can relate to having an idea they think could be worth millions, but several years ago people probably never seriously considered that it would be possible to get it off the ground, but now we’re showing that it can happen.”
What makes a great Shark Tank pitch?
Having witnessed hundreds of pitches on Shark Tank and thousands personally, Greiner concisely revealed what constitutes a great pitch. “Be energetic, captivating, honest and informative, but brief. A great pitch is when a person can describe what their business or product is within two sentences,” Greiner advised. “Draw the investors in with enthusiasm and passion. Remember that whoever you’re pitching has spent either little or no time thinking about your product, which you may think is the greatest on the market. Be succinct and to the point, but make it exciting and informative.”
When I asked Greiner if she felt that investing in the entrepreneur was more important than investing in the product, she responded, “I look at both the product being pitched as well as the entrepreneur pitching it, as they are equally important to me. For the product or business, I look for several different things…
“For the entrepreneur, I love to see someone who is energetic, passionate, honest and driven. I want to feel that they will do whatever it takes to make their business a success,” Greiner said.
Click Here to Read the 3 Biggest Pitch Mistakes