Shark Bites: Personal & Business Insights From My Time with Shark Tank’s Moguls

A few months ago, I had the opportunity to gain exclusive insights from some of Shark Tank's prominent sharks: Daymond John, Robert Herjavec, and Kevin O'Leary. Joining them was Fred Voccola, the CEO of Kaseya. As I sat among a room filled with aspiring and intelligent entrepreneurs, I knew I was in for a treat - a treasure trove of invaluable wisdom from these seasoned sharks, including Fred.

Robert Herjavec

“If you wait for the perfect moment to be prepared to grow, it will pass you by, so get going!”

Sitting in on the powerful conversation among the sharks, Robert conveyed a poignant message. He emphasized the common fear we all experience as humans, that of waiting for the "perfect moment to be prepared to grow." However, he reminded everyone that ultimately, you miss all the shots you don't take. Whether it pertains to your life or business, there are instances where you must seize the opportunity and go after the goals you’ve been patiently waiting for the right moment to pursue. What moment is going to pass you by if you don’t act now?

“Great adversity sometimes builds great character.”

One of the most notable moments of the night for Robert was when he eloquently stated, "Great adversity... builds great character." Both in the realm of business and in life, we often encounter unexpected challenges that may momentarily derail us from our intended path. However, Robert emphasized the importance of recognizing that these curveballs can serve as building blocks for your character development. What moment of adversity do you think built up your character?

"We collect more data in the last 3 months than in the last 50 years."

This statement holds immense implications for businesses. It underscores the harsh reality Robert shared with us, that "we collect more data in the last 3 months than in the last 50 years." It's truly staggering, isn't it? Furthermore, Robert emphasized the impact that technology extends to "every vertical market today." The intricate and interconnected nature of the data you and I handle in our daily lives is undeniable, while also transcending industry boundaries. Interestingly, this sentiment was echoed by Sharks like Daymond John and Kevin O'Leary later in the discussion. How much data do you think you created in the last 3 months?

Daymond John

“Money buys you freedom…freedom is certain things.”

Daymond's perspective on achieving success in business was truly captivating, as he revealed how attaining financial freedom provides the opportunity to enjoy what may elude many others. He also empathized with the difficult decision entrepreneurs face when determining their priorities, whether it be family, business, or even personal time. In sharing his thoughts, Daymond poignantly stated, "We can all go and have billion-dollar companies or try to have billion-dollar companies, but what does it buy us? Does it buy us anything else? Because you'll never get back that time with your daughter, your mother, family." It was truly refreshing to hear that even esteemed Sharks like Daymond recognize and navigate the delicate balance between fulfilling business needs and attending to their own personal needs. What would you do with financial freedom (would you spend more time with your family, travel, ect)?

“I don’t want to deal with the labor laws and various things…”

"I outsource almost everything!" He explains that entrusting various tasks to external partners provides him with the peace of mind necessary to focus on running his core business, ultimately enabling him to envision the next "Disney." How far to do you think you can excel in your business by solely focusing on sales and your core business, and outsourcing everything else?

Kevin O'Leary

“If you know your number’s you can pour gasoline on the fire…if I pour this much in I’m going to get this much out”

Kevin, famously known as Mr. Wonderful, showcased his deep focus on numbers throughout the conversation. It became evident that he places immense importance on understanding the financial aspects as a business owner. Kevin underscored the significance of being intimately familiar with your numbers, not only by measuring key metrics but also by being comfortable and diligent in analyzing them. This level of numerical proficiency allows you to grasp the true state of your business and determine what is truly working for you. If you could spend $50,000 and it would return $250,000, would you do it? Do you know your numbers well enough today, to know where that $50,000 needs to be spent?

"Everyone has to be compliant now, that is the fastest cost in my business…”

When the topic of the recent compliance fiasco in Silicon Valley Bank in California was brought up, Kevin emphasized the paramount significance of compliance in today's business landscape. He stated, "Everyone has to be compliant now, that is the fastest cost in my business, is constantly paying for more tools to have transparency of the treasury money" and further elaborated on the matter. In the current business environment, compliance has become a pressing requirement for everyone, particularly when handling sensitive information. In your business, what type of compliance regulations do you have to comply with? What compliance standards are you subject to that you don’t know about?

“In about a year and a half (ChatGPT) it’ll be just like the internet”

Kevin was asked about ChatGPT and what he foresees happening with the resurgence of AI and provides a calm and collected point of view about these new tools. He sees ChatGPT becoming the norm in our society, just like Google. He brought up an interesting scenario, that when you have a problem such as heart issues you go to a specialist for that, but on the other hand would you trust if your cardiologist only relied on ChatGPT for your treatment plan, without the perspective of his expertise? ChatGPT, he mentioned, is a great tool but calls “BS” on the hype surrounding it. Classic Mr. Wonderful. Do you think that ChatGPT and AI is going to be like Google or do you think it’s going to replace everything and everyone?

“It’s like a little baby pissing in a diaper, it feels great for a moment, but it gets cold pretty damn fast”.

Kevin shed some great insight into the world of marketing and sales. He mentioned that he “doesn’t like to see great marketing without measurable results”. He continues that the problem with having amazing marketing and not having the best sales results is like “a little baby pissing in a diaper, it feels great for a moment, but it gets cold pretty damn fast”. That really puts everything into perspective. How are you measuring your business’s sales success? Is great marketing leading to great sales?

Fred Voccola

“Companies of 2,000 people or less that have 1-6 IT people, by the end of the decade about 95% of it will either be Co-managed or fully out sourced”

In the foreseeable future, Fred Voccola, the CEO of Kaseya, emphasized the significance of co-managed IT services for businesses. The undeniable truth is that IT services are fast becoming a standard in all industries, irrespective of their vertical markets. With the government imposing regulations on businesses across the board, an ongoing shortage of skilled technology and cybersecurity professionals, and the demand for external management of IT issues and cybersecurity is also on the rise. Do you think outsourcing IT services will become even more common and in demand for businesses like yours?