Business Tips from the Sharks
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:
Shark Tank Tips
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.
