We asked some of the Sharks to give us their best advice regarding the most common questions they've received over the years from entreprenuers. Here's what they had to say:
3. How do I know if there's a real need for my product or service?
Barbara Corcoran: Make a list of every product out there already answering the need and be super critical as to whether yours is a better mousetrap. Also ask your family, friends and enemies if they would buy it and what they would readily pay.
Daymond John: Put it for sale on the internet and see if people who do not know you purchase it!
Kevin Harrington: It's important to test before you invest to see if there is a need for your product or service. I use catalogues, shopping channels and internet websites to do this.
Robert Herjavec: Ask the only people who matter – paying customers – emphasis on the word paying. RIM (the makers of Blackberry ) never develop a new product until they have a client who will pay for it.