Success stories are a favorite of many people, even if the path to it was difficult and uncertain. It’s those businesses that rise through rejections and adversity that make us realize that we, too, can take our businesses to new heights.
This holds true even if people don’t believe in them right now.
Take a look at companies who were eventually rejected by the TV show Shark TankTake, for instance. It might seem like failure at first glance. Some companies doing well are some of the ones mentioned. Let’s look at five of these businesses and see what lessons they hold.
1. Copa Di Vino
It is one of our most popular rejects Shark Tank. James Martin was the founder of this show. He appeared on it twice but never got an offer. The idea was relatively simple and something that should have been thought of years ago—sell wine by the glass rather than by the bottle: offering pre packaged glasses of wine, sold in recycled plastic containers. Now, it is worth more than $25 Million.
Mark Aramli started to go on Shark TankWhen he pitched BedJet to the audience, everyone quickly dismissed him. The fan system he invented was for cooling everything under the sheets. The Sharks were not impressed, and Aramli said “They hated me and my product. They told me no one would ever want BedJet.”
However, that didn’t turn out to be true. Instead of relying upon investors, he used his own funds to finance the project. His company was valued at $16million within a few years.
“Building a business is little more than a series of quick opportunities followed by a big a series of big obstacles. The opportunities arrive and leave so quickly that they’re way too easy to miss. If I hadn’t quit my job on a stranger’s suggestion the moment I heard it, I would have probably thought about it and not done it. Every great decision I’ve made in business since was made exactly that way — quickly without any thought. I’ve learned that thought gets in the way.” – Barbara Corcoran
3. Xero Shoes
Lena Phoenix learned that even though there wasn’t any additional investment money after appearing on Shark Tank in 2013, the publicity did wonders. There were more than 3,000 sandal orders after the Shark Tank episode aired. In just a few short years, they have sold more than $7million and had many international customers. The company also created a crowdfunding program that offered shares to potential investors. This allowed them to grow.
It is cleverly named and can prove to be a great help for those with broken glasses. Enter Nerdwax, a wax that can be applied onto the nose pads of eyeglasses, which then help them to stay on the wearer’s face. It’s a simple product and seems like one that a lot of people with glasses would appreciate.
The Sharks didn’t believe people would pay $10 for this product. Although this idea was immediately rejected by the Sharks, its owners have reported more than one million sales.
Ring is a well-known name, but most people don’t realize it was once called DoorBot. It was also rejected by the original DoorBot. Shark Tank. Jamie Siminoff was the creator of the security camera. He claims it was worth $7 million when he appeared on the show in 2013. He didn’t get any traction from the Sharks as they all turned his idea down. But, Amazon bought the company just a few more years later. $1 Billion.
Here are some things you should take away from these stories
It will be obvious that every idea that became a success was based on sound concepts and fully developed products or services. They weren’t just a dream and an idea—the creators had already put a lot of time and effort into creating working products.
Just because they weren’t offered a deal, or at least not an agreeable deal, from the Sharks doesn’t mean that the business wasn’t viable. These owners had some of the most business savvy minds in the world reject their ideas and told them they would fail, but that wasn’t the case.
It is important to look at the successful products. They all focus on needs or wants—ways to make life better, easier, or safer. They were making real improvements.
It is important to remember that this experience can teach you many valuable lessons. Be confident in your work. It is possible to succeed in this industry if your target audience knows you and you are able to make it affordable.
Be confident in your abilities and the products you sell. Don’t let the doubters and naysayers dictate your future and steal your success.
Don’t let setbacks or lack of faith from potential investors keep you from your path to success.
Addicted 2 Success first published The post Five Rejected Companies that Are Crushing it.
Addicted 2 Success published the article 5 Rejected Shark-Tank Companies that Are Crushing It.