"Have a need" — Shark Tank investor Robert Herjavec talks about purpose-driven entrepreneurs

On December 30, 2024, Robert Herjavec, a well-known investor on Shark Tank, shared his thoughts on the distinction between entrepreneurs motivated by financial gain and those driven by a deeper purpose. He explained that individuals who succeed in life have a "need for something greater than themselves." He captioned an Instagram post:

"People who succeed in life have a need for something greater than themselves."

He emphasized that purpose-driven entrepreneurs are not just selling a product; they are solving problems, impacting lives, and creating something that matters.

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Shark Tank star Robert Herjavec discusses the impact of purpose-driven entrepreneurs on success

The role of purpose in entrepreneurship

Herjavec highlighted that purpose-driven entrepreneurs are motivated by a cause beyond making money. He explained that these individuals aim to solve real problems, provide services, or improve lives in a way that aligns with their values. In his words:

“When I’m on Shark Tank, I can always tell the difference between entrepreneurs who are chasing money and those who are driven by a purpose.”

He added that purpose-driven entrepreneurs have a clear vision that they communicate to investors, customers, and communities. According to Herjavec, authenticity and passion make them stand out in a competitive business landscape.

On Shark Tank, he noted that these kinds of entrepreneurs are focused on impact, solving problems, and meaning something rather than generating just money.

He wrote how their pitches are also typically more passionate and clearer about the issues they'd want to address.

Herjavec noted that such entrepreneurs communicate about how their product or service addresses real-world problems. He continued that because of this aspect of the focus on societal benefit, these entrepreneurs have deep relationships with customers and also investors who value their purpose commitment more than profit commitment.

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The impact of purpose on success

According to Herjavec, success founded upon a purpose is not only profitable for the entrepreneur but also for everyone around them. As he put it, entrepreneurs operating based on a purpose-driven cause attract customers and investors similar to their cause.

“Success rooted in purpose doesn’t just elevate you—it elevates everyone around you.”

The Shark Tank investor emphasized that businesses driven by purpose often generate customer loyalty, trust, and long-term success. He also referred to Nelson Mandela’s famous quote, which states,

“What counts in life is not the mere fact that we have lived. It is what difference we have made to the lives of others that will determine the significance of the life we lead.”

Herjavec used this quote to underscore the significance of creating a positive impact through business.

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The power of finding your "Why"

Herjavec emphasized the importance of finding a deep, personal mission that drives one's entrepreneurial efforts. He said:

"Find your why, and let it guide your journey."

He said that having core values and mission as guides helps entrepreneurs to always keep focused, especially when difficulties come their way. The Shark Tank investor pointed out that entrepreneurs are more resilient and driven by being clear on their "why".

He pointed out how this sense of purpose empowers them to move forward to face challenges, hence sustaining their motivation towards achieving such goals.

It helps them become dedicated to work while at the same time attracting the right people to join them on such a journey.

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