Lori Greiner - Invent It, Sell It, Bank It!: Make Your Million-Dollar Idea into a Reality

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Copyright 2014 by Lori Greiner

All rights reserved.

Published in the United States by Ballantine Books, an imprint of Random House, a division of Random House LLC, a Penguin Random House Company, New York.

B ALLANTINE and the H OUSE colophon are registered trademarks of Random House LLC.

Library of Congress Cataloging-in-Publication Data
Greiner, Lori.
Invent It, Sell It, Bank It! : Make Your Million-Dollar Idea Into A Reality / Lori Greiner.
pages cm
ISBN 978-0-8041-7643-9 (hardback)ISBN 978-0-8041-7644-6 (ebook)
1. Entrepreneurship. 2. Creative ability in business. I. Title.
HD53.G7454 2014
658.11dc23
2014002157

www.ballantinebooks.com

v3.1

Do not go where the path may lead. Go instead where there is no path and leave a trail.

R ALPH W ALDO E MERSON

In these pages you will find the story of my success, and the step-by-step path that I took to achieve my dreams. This is what worked for me, and the system detailed in these pages I hope helps you on your journey. But nothing in this life is guaranteed, and you may have different experiences along the way. Just remember, stay true to your vision and I wish you the very best of luck!

Lori

Every man-made thing, however small, started in someones imagination.

A UTHOR UNKNOWN

The alarm goes off at 4:30 a.m. I hate early mornings. Im a night owl, and if given my choice I go to sleep at 1 or 2 a.m. I drag myself out of bed, throw on jeans and a T-shirtmy get-to-the-set uniformand still bleary-eyed manage to get myself to the Sony Pictures Studios lot, where Shark Tank is shot. Its the same set where The Voice is filmed. Im the first shark to arrive at hair and makeup at 6:30 a.m. because I take the longest to get camera-readyI have more hair than any of the other sharks! By 8:00 a.m. Im dressed and made-up and downing my second huge cup of coffee, which I never drink except for when Im shooting Shark Tank. Its going to be a long day, and I need to be sure that Im completely alert. The other sharks trickle in. Its always good to see them and we joke around for a few minutes, but most of us are also on our phones, checking in with our respective businesses during the few moments of free time that we can squeeze in before shooting starts.

Its showtime. We settle in to our respective shiny red leather armchairs. We know nothing about what lies ahead. All we can see is a bare set, empty but for the colorful Persian-style carpet on the floor. Then the stagehands rush on with the props the first contestant will need to conduct his or her pitch. Loud, invigorating music is playing to pump us up and get everyone in a good mood to start the day. The stagehands disappear, and the director starts counting down. Five. Four. Three. Two. One. Quiet on the set! The large automatic doors in front of us swing open, and the first entrepreneur walks down the long hallway toward us, past the swimming sharks and into the tank.

There are about thirty seconds between the time new contestants walk through the double doors into the tank and the time they start their pitch. They stand on the carpet silently for a few seconds, facing the sharks, and then start their pitch. Its a nerve-wracking time for the entrepreneurs. They know this is their big moment. For the sharks, it represents a moment of anticipation.

I particularly notice which entrepreneurs make eye contact with me and which dont, as they stand there nervously. We see about eight or nine pitches per day. Last I heard, around 35,000 people applied to audition for a spot on Season Five. Each one who makes it onto the show is so hopeful, so eager to get a dealnot just for the influx of cash but also for the partnership, mentoring, and connections that any one of the five sharks can offer. As they talk, we furiously scribble down the financials, the retail history, and the valuations, to keep track of all the information coming at us. In the shadows, I know Dan, my husband, who is also the VP of my company, is sitting there writing everything down, too. All the sharks have someone on set who will typically take notes. We see many entrepreneurs a day, and though the TV audience sees only approximately twelve minutes of the pitch, the pitches can run anywhere from half an hour to two hours (thats unusually long, but it has happened). Because things go so fast and get so heated, I like reminders so I can recall in more detail everything that went on. I love reading the funny things the entrepreneurs or my fellow sharks have said. Its so interesting, and often hilarious, to look back a few weeks later when Im reviewing my notes, and then to see it air on TV, when it comes to life all over again.

I work hard to make sure I give each pitch my full attention, especially the ones that show up last, when we are all exhausted. I concentrate, trying to ignore everything that might distract melike the fact that its often freezing because the air-conditioning is so strong. Nothing matters except the people standing there, pitching their hearts out in the hope that one of us will believe their idea is worth our investment of time, effort, and money.

Its a shame that viewers at home cant actually feel the crackle of energy that surges through the room when an inventor strikes a deal. Its so exciting to know that one of them will be on his or her way to a bigger journey! On the flip side, the entrepreneurs disappointment is crushing when they leave the tank empty-handed. But for most of them, I think the disappointment is just temporary, for the true entrepreneurs live on and see promise in another day. Thats their nature. I know the shark in me must be honest, not just because thats whats best for my business but also because thats whats best for the inventors business, too. Dropping out or voicing concerns and criticism about the business or product being pitched is actually the kindest thing I could do. Im doing someone a disservice if, out of pity or sympathy, I let an inventor get by with a product I truly think will never make it. I feel its wiser to go back to the proverbial drawing board and try to create something new, something different, something better. Better to set your sights on the next product, something that really will work and allow you to reach the goals that inspire most inventors to start on their entrepreneurial journeyto strike out on their own, to build a career, to support a family, to leave a legacy. In short, to achieve the American Dream. I live that dream every day, and more than anything, I want to help others achieve it, too.

For years, fans of my show and products on QVC, followers on my website and social media networks, and