Shark Tank stars share start-up advice

Are you just starting out on your business journey? There are a host of entrepreneurs who have taken this path already. What would they advise?

The five popular stars from Network Ten tv show Shark Tank recently shared their thoughts with

So what was their best advice for people about to start their own business?

For Janine Allis at Boost Juice, it’s important to recognise that running a business just doesn’t suit everyone.

Allis points out that many entrepreneurs start out with the aim of not working a typical 40 hour week – and they don’t. What they do end up doing is putting in 100 hour weeks for a few years and recouping no money.

“Hard work, patience and sacrifice is what it takes,” says Allis.

Dr. Glen Richards, veterinary surgeon and founder of Greencross believes a clear and exciting vision for the business is crucial. This will require some serious effort to create a practical financial and operational blueprint that will shape the process of building the business, he says.

“Make sure you are passionate about the business so you attract and inspire team members that will help deliver the plan.”

Naomi Simson, the founder of Red Balloon, says the key is knowledge. “You’ve got to learn and educate yourself. You always have to be curious and interested,” she says.

For Andrew Banks, founder of Talent2 International, success in business is delivered through the business plan; having a new invention or fantastic idea is only the start he says.

Banks encourages newbie entrepreneurs to recognise the need for all the “boring but necessary” elements fundamental to the business plan – cash flow, trademarks and patents, sales and marketing data and people profiles.

The final word goes to internet entrepreneur Steve Baxter. “It is hard — it will take longer and cost more than you think. It will also be the best move you ever made,” he says.