"I literally share all my secrets" — When Shark Tank mentor Lori Greiner opened up about her book

In a March 2014 interview with CBS New York, Shark Tank mentor Lori Greiner discussed her book, Invent It, Sell It, Bank It!, and the advice it provides to prospective business owners. Throughout the conversation, Greiner emphasized the importance of taking the right steps before launching a product—

"A lot of people have ideas, but they don’t know what to do next. And in this book, I literally share all my secrets. I take you from ‘I have an idea’ to figuring out— is it a hero or a zero?"

She covered fundraising, patenting, marketing, and pitching while explaining the steps of bringing an idea to market. She also shared her business experience, detailing how she started her company from the ground up during a time when access to information was not so easy.

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Shark Tank mentor Lori's advice on path from idea to success

During the 2014 CBS interview, Greiner highlighted the importance of thorough research and validation before investing in an idea. She pointed out a typical error entrepreneurs commit: rushing into production without knowing if their product will sell.

"One of the biggest mistakes is not doing the first two steps I tell you—not figuring out if it’s a hero or a zero. Page 37. Yes, and there’s a to-do list, a markup list, then market research," she explained.

According to her, market research should extend beyond friends and relatives because their opinions can be biased. Instead of investing in mass production, aspiring entrepreneurs should test their products with unbiased consumers. She also emphasized the importance of a well-crafted pitch—

"The pitch is very important whether you are pitching to a retailer, whether you are pitching to the sharks, or maybe you're just pitching to your boss," Lori shared.

She advised that understanding how to communicate value effectively can make or break an entrepreneur's success.

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Behind the scenes of business and Shark Tank

Shark Tank mentor Lori Greiner reflected on her own journey, detailing how she navigated the business world without external guidance—

"There was nobody there to help me. There wasn't even Google," she shared.

Lori described how she had to learn every aspect of product development, from manufacturing and packaging to marketing and sales. Her book also offers insights from Shark Tank and QVC, giving a behind-the-scenes view of the realities of entrepreneurship.

Lori recalled a particularly unforgettable pitch from a contestant who claimed his product could build abs just by breathing. While entertaining, it served as a reminder that not all ideas are viable. She also spoke about her most successful investment on Shark Tank, Scrub Daddy.

"The Scrub Daddy is the most successful Shark Tank product ever," she stated.

She emphasized its growth into a multi-million dollar business with a manufacturing facility based in the U.S. As more entrepreneurs emerge, Greiner believes that guidance is crucial.

According to the latest 2024 data, Scrub Daddy has achieved over $926 million in lifetime sales, expanded globally, and broadened its product range, securing its position as one of the top three highest-grossing companies in the show's history.

"I think there's going to be a lot more entrepreneurs coming forward in the next years," she said.

Lori expressed hope that her book Invent it, Sell it, Bank it! would help others in navigating their journeys toward success.

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Fans can watch the new episodes of Shark Tank season 16 on ABC every Friday at 8 pm ET.