The Best Entrepreneurs Don't Know When to Quit

Would you have funded Grace & Lace? Tell us in the comments.

I sit in a privileged seat as a Shark/investor on the Emmy-winning reality show Shark Tank and each season we hear hundreds of heartfelt pitches from passionate entrepreneurs. We get everything from the ingenious to the ridiculous, and get to put our own hard-earned money behind the ones we believe will be the big winners. Once a deal is closed, the fun part begins when I get to work one-on-one with the entrepreneur I’ve staked a claim in. I shepherd them from dream to execution, past all the hurdles and hard times, and if we’re all a little bit lucky, on to a genuine, breakout success!

How do I know when I’m watching a winning pitch? How can I tell I’ve found a product worth my time and money? It’s all about the people.

The best pitch I heard last season was from Grace & Lace, designers of a trendy line of lacy boot socks and leg warmers. When Melissa and Rick Hinnant burst onto the Shark Tank set, they exuded both the passion and street smarts that I know get all good entrepreneurs to the finish line. When they announced that they had $800,000 in sales in their first year of business, they got the attention of the Sharks. But what got my attention was Melissa and Rick’s backstory – a story of extreme resilience in the face of personal failure. The story they told proved they were great entrepreneurs who knew how to take a hit and keep on ticking.

To me, this is what can make or break a pitch. The best entrepreneurs have faced challenges and risen above them. That resilience is what I’m looking for when I hear new ideas on the show (and in life).

After all, even my own road to Shark Tank had some setbacks.

After selling my business, The Corcoran Group, for $66 million, I thought I’d happily ride off into the sunset on to retirement. Instead, I hustled to become a real estate commentator and contributor on any TV show that would have me. Eight years later, a call came in from Mark Burnett Productions, the famous creator of Survivor and The Apprentice, and it seemed the dream job I’d been searching for had finally arrived. He was starting a high-stakes reality show called Shark Tank on ABC and asked if I’d want to be one of the investor Sharks. Two weeks later, I signed the Shark Tank contract and began daydreaming about my new-life-to-be in famous Hollywood!

But a few days before I was to board my flight to Hollywood, I got a call from Mark Burnett’s assistant explaining they had some “bad news.” They’d decided to hire a different Shark. I just couldn’t believe the news and asked her to repeat it so I could let it sink in. I hung up the phone and clunked my head down on my desk in disappointment and disbelief. But then I did what I always did well – I got back up.

My old spunk came rushing back and I banged out an email to Mark Burnett. It read:

Dear Mark,

I understand you’ve asked another girl to dance instead of me. Although I appreciate being reserved as a fallback, I’m much more accustomed to coming in first.

I think you should consider inviting both of us to LA for your try-outs. Here are my reasons why:

• I do my best when my back’s against the wall. I love the heat of the competition as I’ve learned it brings out my best. I’ve had all my big successes on the heels of rejection and frankly, it’s right up my alley. There was Sister Stella Marie in 5th grade who said I’d always be stupid just because I couldn’t read. Then there was the New York old boy network trying to lock me out of their real estate fortunes, until I became their largest competitor. Then there was The Donald himself who wrongly swore in court I’d never see a penny of the $4m commission he owed me for saving his ass and making the largest land deal in the city’s history. And of course there was my ex-partner Ramoné Simoné who parted with the words, “You know you’ll never succeed without me!” I consider your rejection a lucky charm.

• If you have both ladies in LA, you can mix it up a bit and see which personalities make the best combination for your show. I’ve found in building teams myself that the combination of personalities is always more important than the expertise or strengths of single individuals. You may even drop a man for me because, believe it or not, I’m just as smart and mean as the next guy.

• Last, I’ve known from the get-go the Shark role is a perfect fit for me. Everything I’ve done so far in the business and TV worlds has made me ready. My style is different than the other Sharks’ and your audience would fall in love with me. I’ve watched thirty-seven Dragon episodes so far and know I could rival the best Shark on each show in shrewdness and personality. It seems to me that the same two Sharks steal most of the shows and I know I’d be one of them.
  

The reputation you have in your field is equal to the reputation I have in mine, Mark. I know you’re the best at what you do and I trust you’ll reach the right decision. I’ve booked my flight for the 6th and hope to be on that plane.

Thanks, Barbara

I hit the send button and the rest is history. It was that email that got me invited out to win my seat on Shark Tank.

The thing about successful entrepreneurs is that they don’t quit. They consider rejection, as I did, a ‘lucky charm’. I didn’t give up, because I knew Shark Tank was what I wanted, and that attitude got me my seat. My favorite entrepreneurs on Shark Tank have had the same spirit, the same gumption, to keep going after what they believed in, even in the face of tremendous personal and professional obstacles. So when I’m watching pitches this season on Shark Tank, I know what to look for: the people who know how to pick themselves back up.

Photo: Dave Moser

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Now we want to hear from you. Have you had a pitch that went great—or one that bombed? If you were a Shark, how would you decide which ideas to back? What makes a pitch unforgettable? Write your own post on LinkedIn using #SharkTankWeek or tell us in the comments.

Watch clips of the Sharks' favorite pitches and don't miss Shark Tank Week starting September 7th on ABC.