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:
7. How do you compete against the big guys?
Barbara Corcoran: The big guys usually have the corner on money, but remember the little guy always has the corner on creativity. If you can position yourself as an expert in your marketplace early on, you'll get the leg up on all of your competitors right away. I created market surveys on apartment sales in Manhattan to grab the attention of the press and make the Corcoran Group appear much bigger than it was. The media is always hungry for statistics, so creating your own market reports and distributing them will soon have the press calling you instead of you running after them for PR. And if you can steal the limelight, you'll steal the market share.
Daymond John: Do not try to compete against the big guys. Your strength will be that you are small and can do the things they can't do.
Kevin Harrington: The best way to compete against the "big guys" is to find a niche that they are not covering. Be sure to keep your overhead low so you can beat them on price. It is also great if you can offer a personalized service, like a concierge type service. Give them more and better service at a lower price.
Robert Herjavec: The smaller you are the more laser-like your focus needs to be. A single man cannot defeat an army unless he finds their weakness and attacks them at that point one on one.