“Going to go out of business”— Shark Tank investor Robert shares what not to do as a new entrepreneur

Shark Tank investor Robert Herjavec recently discussed the key factors behind the launch of a product. In a video posted on Instagram on December 18, he stated that customers should feel they must buy the product. Creating a "fantical experience and engagement" for the customers leads to the success of a business. He continued:

"Look for the fanatical experience and engagement from your customers. Not always the sales. I mean, of course, if you're not selling anything, you're going to go out of business."

Additionally, Robert advised young entrepreneurs on how to make a successful business and attract customers to their products. The video caption read:

"When your customers look at what you’re offering and say, ‘I can’t live without this,’ that’s when you know you’re onto something real."

Robert Herjavec is a leading cybersecurity expert and motivational speaker. He is the founder of the Herjavec Group and has appeared on Dragon's Den as well as the ABC show. During his time as a shark, Robert has advised many aspiring entrepreneurs, guiding them on their business journeys and signing multiple deals.

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Shark Tank investor Robert's advice about targeting customers

In the short clip, Robert talked about an old video of Steve Jobs in which he explained how to know if the product will get customers in the market. He stated that for young entrepreneurs it is a risky move to launch a product without knowing whether the majority of the customers will like it or not.

According to the Shark Tank investor, he has seen young entrepreneurs confused about creating a product without having "an identified customer experience." Robert explained Steve Jobs's perspective on reaching out to people and making them realize that their product is of value. He continued:

"Steve Jobs said people don't know they need a product until you tell them about it. Other people say you shouldn't create a product until you have an identified customer experience."

Robert shared that a product's or business's success highly depends on a "fanatical customer experience." This means making customers realize that they need the launched product. The Shark Tank star elaborated that initial sales don't determine a business's success and can't ensure whether the product will keep selling in the future. He added:

"Here's my view on it, it doesn't really matter if your product is selling a lot at the beginning or not. That doesn't necessarily identify a hot market, you know what does? A fanatical customer experience."

Towards the end of the clip, Robert emphasized the importance of making customers realize the importance of the product and convincing them to buy it through a strategy. He stated:

"When you sell a product, when you give it to the customer, and they look at it and they say I cannot live without this. Then you're onto something."

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All previous seasons of Shark Tank are available to stream on ABC. Viewers can follow Robert Herjave's Instagram account for more advice.