Shark Tank Tips

4. What are the most important first steps a new entrepreneur should take?

Barbara Corcoran: Be clear about what's most important. Figure out what it will cost to produce your product or service, what you can sell it for and to whom.

Daymond John: Educate themselves in the product and the industry they are attempting to enter.

Kevin Harrington: A new entrepreneur should always first put together a business plan. Once the plan is together, then test it out with people you trust (friends, relatives, mentors, bankers, etc.). With positive feedback, the next step for the entrepreneur is to raise money and put a good management/advisory team together.

Robert Herjavec: Find a customer!