Connect with us

Success Advice

5 Rejected Shark Tank Companies That Are Crushing It

Published

on

Image Credit: Unsplash

People love success stories, especially when the road to success was not smooth and assured. 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 is true even when people may not believe in these companies right now.

Consider companies that were ultimately rejected on the television show Shark Tank, for example. At first blush, it might look like a failure. However, some of those companies are doing remarkably well today. Let’s look at five of these businesses and see what lessons they hold.

1. Copa Di Vino

This is one of the most successful rejects from Shark Tank. The founder, James Martin, went on the show twice, but he never received 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. It now has a value of more than $25 million.

2. BedJet

When Mark Aramli went on Shark Tank and pitched BedJet, he was quickly rejected by everyone on the show. His invention was a fan system for under the sheets to keep everything cool. 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. He used his own money to fund the project rather than relying on investors. Within just a couple of years, his company is estimated to be valued at $16 million.

“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. After the show aired, there were an additional 3,000 orders for their sandals. Within a few years, the company has made more than $7 million in sales and has many customers around the world. They also set up a crowdfunding plan offering shares to investors, which provided them with money to expand.

4. Nerdwax

This is a cleverly named product that can be helpful for anyone who has glasses that keep sliding off their nose. 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.

However, the Sharks did not believe that people would be willing to pay $10 per tube for this product. The idea was quickly rejected, but the owners now report more than $1 million in sales.

5. Ring

Most people today have heard of Ring but might not realize that it was originally called DoorBot and that it was a reject from Shark Tank. The creator, Jamie Siminoff, invented the security camera, which he says was worth about $7 million at the time of his appearance on the show in 2013. He didn’t get any traction from the Sharks as they all turned his idea down. However, just a few years later the company was bought by Amazon for $1 billion.

What You Should Take from These Stories

You will note that all the ideas that went on to become successful were sound ideas with fully-fledged products/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.

You will want to consider the types of products that were successful. They all focus on needs or wants—ways to make life better, easier, or safer. The products were helping to make real changes.

One of the most important lessons to learn from this is to believe in what you are doing. If you know there is an audience, if you can make the product affordably, and sell it for a profit, you can find success.

Believe in yourself and your products. 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.

Ryan is a work-from-home Dad as well as a consultant, growth strategist,  and optimization expert that has years of real-world experience. He speaks, mentors, coaches, and writes on building sustainable growth, modern growth strategies, creating systems, growth marketing, and organic client acquisition strategies while watching and raising three kids. He has been on dozens of business podcasts worldwide, business TV show, as well as a nationally syndicated radio show.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Change Your Mindset

5 Ways To Achieve Your Goals (With Examples)

Published

on

Accomplishing mountians

Setting goals is a crucial first step, whether you’re striving to reach personal or professional milestones. However, achieving those goals requires planning, determination, and focus. In this post, we’ll discuss five actionable strategies that can help you achieve your goals in 2023, and we’ll provide real-life examples to inspire and motivate you. By implementing these tips, you can train your brain to achieve your goals and make meaningful progress toward your aspirations.

1. Write Down Your Goals

The first thing needed to achieve a goal is to have one. A goal becomes very clear and precise once you have written it down most simply and easily to remember.

Here are some examples:

  • I am the world’s best dancer!
  • I am the greatest athlete!
  • I have created the world’s most innovative tech company!

They are all written with the belief that these things have already happened. Once you start believing it has already happened, other people too can sense your confidence and things start happening.

“If you want to be happy, set a goal that commands your thoughts, liberates your energy and inspires your hopes.” — Andrew Carnegie

2. The One Page Plan

A simple one-page plan to accompany your goal is much more powerful than a detailed 30-page plan. After you have written your clear goal – write down all the things you will have to do to achieve it. Make it as simple and direct as possible so that you can refer to it every day and take action. A simple plan is easier to follow and keep up with.

3. Get The Right Skills

Once you have a clear goal that has been inked into your mind, and a clear plan in place, it is very important to invest in the skills you need to achieve your goal.

So for example, if you want to become a movie star, you should immediately start developing your acting skills. Observe how other actors perform, join an acting class, read about acting, and most importantly, start honing your craft by joining a local theatre group and going for as many auditions as you can. Practice is very important for mastering any skill.

Struggling To Achieve Your Goals? Here Are 9 Possible Reasons Why! 

4. Surround Yourself With The Best People

The best way to achieve our goals is to make sure we have the best people supporting us. People who succeed are always those who understand the power of people.

So let’s say your goal is to be an entrepreneur and you have developed your entrepreneurial skills, the next step would be to get the best people to join your team to help you achieve your goal. These would be people who you consider to be the best marketers capable of getting you the best customers and investors.

Once you have the best people supporting you, it becomes much easier and faster to achieve your goals.

“It takes tremendous discipline to control the influence, the power you have over other people’s lives.” – Clint Eastwood

5. Power of Faith

Nothing beats the power of faith and belief. Sometimes you might face challenges, sometimes things might not be going your way, and you might feel like giving up – these are the times when faith and belief will keep you going.

So many people give up, just a few inches away from victory. I am sure you are not one of them since you are investing time into self-development which gives the highest returns! Now go out there and start achieving your goals!

Need more motivation? Read our blogs on motivation and become your best self now!

 
Continue Reading

Change Your Mindset

This Concept Will Make You Happier and More Productive

While humans can’t expect to describe themselves as “always” happy, we sure as heck shouldn’t settle for “never” happy or even “seldom” happy

Published

on

Image Credit: Unsplash

It’s always tempting to answer one more email before bed or to reply to one more text from a friend during work. Nonetheless, numerous studies have shown that multitasking, which is actually just constant task-switching, is exhausting. As the American Psychological Association states in an article about multitasking: “Psychologists who study what happens to cognition (mental processes) when people try to perform more than one task at a time have found that the mind and brain were not designed for heavy-duty multitasking.” (more…)

Continue Reading

Change Your Mindset

Debunking 21 of the Most Common Leadership Myths

It has been proved beyond doubt that leaders are made rather than born

Published

on

Image Credit: Unsplash

Do you think leaders should be tall and handsome?  Do you opine leaders must know everything? Do you think leaders must have a magic wand? Do you think women cannot make good leaders? Do you think leaders should be intelligent with a strong academic background? (more…)

Continue Reading

Change Your Mindset

There’s Only One Thing You Need for Success

The willingness to ask and live and love and overcome and learn and grow and so many other things all stem from one thing. 

Published

on

Image Credit: Unsplash

I know, the catchy title has you rolling your eyes and saying to yourself obviously there’s not only one thing that leads to success, but hear me out. (more…)

Continue Reading

Trending