When Lynnae Schneller, president and founder of Lynnae’s Gourmet Pickles, wanted to grow her business nationwide, she had the rare opportunity to learn from the best: the successful entrepreneurs on ABC’s Shark Tank. As one of the featured businesses during the premiere season of the show, Schneller learned enough to expand to gourmet food stores and grocery stores around the nation. Here are three lessons she learned from the Sharks (and what you can learn too):
- Know your business inside and out and be confident answering questions under pressure.
- Acknowledge your strengths and your weaknesses. Every business has an area of weakness, and acknowledging it head-on allows you to address the issue and overcome the hesitation instead of avoiding a difficult conversation.
- Sometimes not getting a deal really is what’s best for your business. “Often people think a deal is the way to success,” says Schneller. “We are so thankful that Barbara [Corcoran, on Shark Tank] encouraged us to continue on the path that we were on. It was great confirmation for the direction we are headed, and continuing to grow organically and keep our equity really has been the best route for our business.”
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