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Business Unusual with Barbara Corcoran

14: Get It Started The Right Way

Business Unusual with Barbara Corcoran

Barbara Corcoran

Entrepreneurship, Careers, Business

4.81K Ratings

🗓️ 7 August 2018

⏱️ 7 minutes

🧾️ Download transcript

Summary

You have an ingenious gadget that you want to get into the market. So you slave over every last product detail and make sure you’ve dotted all the i’s and crossed all the t’s before the big roll-out, right? Wrong! Listen up as I tell you the only steps you should be taking to get your product off to a great start, how you price it, and what not to waste your money on! Plus I’ll answer more voicemails about the importance of self-doubt, when to spend your start-up money, and how to fire a family member. Follow Business Unusual with Barbara Corcoran on iHeartRadio, or subscribe wherever you listen to podcasts. Got a business question you want to ask Barbara? Tweet her @BarbaraCorcoran and she may just address it in a future show!

Transcript

Click on a timestamp to play from that location

0:00.0

If you're going to build something from nothing, you've got to know what really works.

0:07.0

I took a thousand dollar loan and built a five billion dollar business, and now I make smart investments in new businesses on Shark Tank. This is Barbara

0:15.7

Corcoran and you're listening to Business Unusual. Today I'm Business Unusual

0:21.2

I'll answer your questions about business, motivation, life, or anything

0:25.8

else on your mind.

0:27.8

But first, how to get started?

0:30.4

So you have a great idea for a new product and you want to get it off the ground, but you just can't seem to get it started.

0:36.0

Let me give you some great advice.

0:39.0

First off, realize that you don't have to get it right. You just have to get it started.

0:43.7

More people are held back by trying to get everything in place. It's a waste of time.

0:49.2

Just get it started. Here's what you'll need. You'll need a makeshift product. That could either be a prototype or something as simple as a 3D drawing.

0:58.0

Next, you'll have to take that prototype or your drawing out to the street and see what people out there

1:04.9

are willing to pay for it.

1:06.9

You go to a school sale, a carnival, or just talk to folks you know and say, hey, here's my

1:11.6

product. What do you think think and keep both ears open and

1:14.7

ask that important question what would you pay for it and if they won't pay for

1:19.3

the product you've got a problem you've got to go back to the drawing board and reconfigure your product all over again and go back out in the street and see if someone's willing to write you a check for an advanced order.

1:32.0

If you can't get somebody to write you a check for an advanced order. If you can't get somebody to write you a check,

1:35.4

you have no shot of having a business and you need to go back to the drawing board and do it all over

1:41.4

again.

1:42.4

When it comes to selling a product,

1:45.0

you should always remember the rule of thumb,

...

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