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In a December 2013 interview with Fast Company, Shark Tank mentor Robert Herjavec shared his passion for technology, his journey as an entrepreneur, and his thoughts on building a successful business.
During the conversation, Herjavec expressed his interest in the tech industry:
"I love change and I'm a geeky, techy guy, and I was very drawn to it because of that. You know, the technology world reinvents itself every three years," he shared.
He discussed how technology reinvents itself every few years and how that constant evolution excites him. Having spent years in the tech world, Hervajec built and sold several cybersecurity companies before becoming an investor on Shark Tank.
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Herjavec also discussed what drives him as a business leader and how he approaches success and challenges in the ever-changing technology landscape.
Shark Tank mentor Robert Herjavec's perspective on creating value in business
Shark Tank mentor Herjavec talked about how important it is to add value to a company. He recalled a lesson learned while working for Avis Rent-a-Car's founder, Warren Avis. When Avis questioned him about the purpose of the business, Herjavec said that it was to turn a profit. However, Avis corrected him.
"No, the purpose of business is to create a customer because everything else takes care of itself," he shared.
Herjavec discussed further on this idea, saying that businesses must focus on customer needs and deliver value.
"If you can create customers and create value for them, because the answer to that question is different for every single customer, then you're going to have a great business," he added.
According to Herjavec, his own experiences in building technology firms aligned with this perspective. He pointed out that while many entrepreneurs focus on financial profit, true success comes from solving real problems for customers. He added that emotions can sometimes affect business decisions.
"I'm not in business for emotional gratification. I'm in business to make money and build a great company," he stated.
Robert Herjavec's opinion about having passion for business
Herjavec also spoke about the role of passion in entrepreneurship and its contribution to success. He described a recurring debate with fellow Shark Tank investor Mark Cuban regarding the importance of passion. While Cuban downplays its significance, Herjavec believes in the power of passion.
"For me, the passion is about a very narrow field... Be great at one thing. The world will reward your knowledge of a very narrow field," he explained.
Using an analogy from sports, he referenced NFL quarterback Tom Brady.
"Tom Brady gets paid $25 million a year to throw the ball. He doesn't get paid to block, he doesn't get paid to tackle. In fact, when he does those things, people freak out. Be Tom Brady. Be good at one thing, be world-class at that one thing," he shared.
In addition to passion, Herjavec stressed the importance of persistence. He rejected the notion that success has a definitive endpoint. He explained that people often view success as a "finish line," but he sees it differently. When others ask him why he is so successful, he always corrects them, insisting that he is not. In his perspective, believing that one has "made it" marks the beginning of the end.
Shark Tank episodes are available to stream on ABC.
