Even sharks have been known to bite off more than they can chew from time to time.

Before Daymond John earned a reputation as a big fish investor on ABC's Shark Tank, the fashion mogul struggled with making smart financial decisions, even after achieving massive success with Fubu, the clothing company that's amassed more than $4 billion in total revenue since its founding.

During a recent small-business marketing and mentoring event in New York hosted by Capital One, John told the story of how he once burned through $20 million in profits that he later admitted he should have saved for future business expenses.   

"It wasn't lavish spending, but I was pulling money out when I shouldn't have," he said. "I said, 'Wait a minute. Where did that $20 million go?' Thank God I had really great partners and mentors, and I had another bite at the apple to keep growing my business."

In an interview with Inc., John talked about some of the business lessons he's learned from the mentors. While marketing tactics and best practices are constantly changing, the core principles of business are always going to be the same, according to John. Here are his five most important tips:

1. The customer always comes first. Even before you take your first paycheck from your company, make sure you're taking care of your customer. If you're not putting their needs first, you're shirking your responsibility as an entrepreneur.

"Customer appreciation used to be sending a coupon to a select amount of people based on how much they bought," John says. "Today, we'll send an email saying 'Happy Birthday' without trying to sell them anything, because making people feel special is always going to be the most important thing in business."

2. Be able to explain your product in two to five words. If you can't explain your product or service quickly and concisely, you're going to have trouble pitching and selling. Help consumers understand what you're offering by keeping things simple.

3. Anything worth doing is worth over-doing. Closing a sale isn't the end result--it's the beginning of what should be a long-term customer relationship. "When I started with Fubu, after I sold you a shirt, I would find you the next day and sell you another shirt," John says. "That's where my edge was."

4. Deliver a product that is king. If you don't  believe your product is the best in its category, then it needs work. Don't stop improving your product just because it's selling.

5. Understand your customers better than they understand themselves. The ability to predict which products will attract specific consumers has been key for dog meal bar company TurboPup, one of John's Shark Tank investments.

"Marketing technology has gotten to the point where you can target women aged 30 to 40 living in Detroit, who like dogs," John says. "Once you have that proof of concept, you can create another strategy for the best way to scale, and it can happen at light speed." 

SEE ALSO: Bond Street, a 2-year-old startup that just raised $110 million, is making Wall Street sweat

Join the conversation about this story »

NOW WATCH: 'Shark Tank' investor Daymond John reveals the one thing in business more important than money

To learn more about Small Business Revolution, visit them online.

Produced by Joe Avella & Richard Feloni

Follow BI Video: On Facebook 

Join the conversation about this story »

"Shark Tank" star Kevin O'leary sat with us to talk about his career and entrepreneurship. He shared his thoughts on burning out and pushing yourself too far.

Produced by Joe Avella & Richard Feloni

Follow BI Video: On Facebook 

Join the conversation about this story »

Entrepreneurs who land a spot on ABC’s hit show “Shark Tank” get the chance of a lifetime: to showcase their products to more than 7 million viewers and pitch their businesses to a panel of potential investors.

And if an investor, or Shark, likes their ideas, they try to negotiate offers and seal the deals with golden handshakes.

More than 500 businesses have been pitched on the show over five seasons (“Shark Tank” is currently in its sixth season), but more than 50% of the ideas that are given the green light on the air don’t end up closing the deal when the cameras turn off, according to The Richest.com.

Related: How "Shark Tank’s" Mark Cuban became a big fish

The lucky few who have landed a coveted handshake from Sharks, such as Mark Cuban, Barbara Corcoran or Lori Greiner, form invaluable business partnerships and gain exposure that hopefully leads to a big boost in sales.

If you’re a fan of the show and have ever wondered what resulted from some of the more successful “Shark Tank” pitches, then read on.

Scrub Daddy

Creator: Aaron Krause

Shark: Lori Greiner

Deal: $200,000 for 20% of the business

Concept: Scrub Daddy is a smiley face-shaped sponge that can outlast many average sponges. It also comes in a lemon scent and multiple colors. Scrub Daddy products can be used to clean household or outdoor items, as well as cars and boats. Its unique design tackles hard-to reach-places, like the bottom of a mug or shower corners, and won’t scratch delicate surfaces.

Where are they now: After Greiner made the deal with Krause for 20%, Scrub Daddy became the biggest “Shark Tank” success to date, reports Business Insider. When Krause landed a spot on “Shark Tank,” his company was struggling, reaching only $100,000 in sales in 18 months.

Since its television debut, Scrub Daddy has raked in more than $18 million. Consumers can buy the product on QVC and in retail stores such as Target and Bed Bath & Beyond. Krause is on a mission to “reinvent the sponge,” and the Scrub Daddy line has expanded to include various sizes.

In an interview with GOBankingRates, Krause shared a few tips on how other entrepreneurs can perfect their pitches. “Proper planning prevents poor performance,” he said. “Before I went on ‘Shark Tank,’ I watched every episode twice and created a flow chart of potential questions based off each Shark’s personality. There wasn’t a single question I wasn’t prepared for.”

Krause gave another important piece of advice for when it’s time to present the pitch: “It’s important to come across as confident, not arrogant though. You want to act like a person someone wants to do business with.”

Related: Discover the 6 unexpected ways spring cleaning will save you money

Hold Your Haunches

Creator: Erin Bickley & Jenny Greer

Shark: Barbara Corcoran & Lori Greiner

Deal: $75,000 (plus a $100,000 credit line) for 40% of the business

Concept: Defining itself as “shapewear redefined,” Hold Your Haunches is a fashion trouser that has an extendable waistband and integrated compression shell that extends from the waist down to the calf. This two-layer shapewear system shapes and smooths the customer’s figure on the inside while remaining hidden by an outer layer of pants.

Where are they now: In the year leading up to its “Shark Tank” appearance, the company only had $165,000 in sales, reports the Daily Mail. Just six months after the episode aired, Hold Your Haunches saw more than $1.5 million in profits.

When asked about the product’s surprising success, Greiner told GOBankingRates, “The Hold Your Haunches product helps women feel better about their bodies in leggings. Who doesn’t want to look and feel better in their clothes? Plus, [Bickley and Greer] are real hustlers at getting the job at task done. That combination wins.”

Chordbuddy

Creator: Travis Perry

Shark: Robert Herjavec

Deal: $175,000 for 20% of the business

Concept: Music teacher Travis Perry created ChordBuddy for his daughter, a novice guitar player. The device attaches to the neck of an acoustic or electric guitar and has colored tabs that help beginners learn the chords. Perry’s daughter learned how to play so quickly that he knew he had a hit product on his hands.

Where are they now: ChordBuddy started with $150,000 in sales during its first month before “Shark Tank.” In late 2014, Business Insider reported the company was on track to bring in $2 million in sales and had even secured John Rich, from the popular country duo Big and Rich, as a company spokesperson.

Over six seasons each of "Shark Tank" and its Canadian predecessor, "Dragon's Den," Robert Herjavec has seen thousands of pitches.

Each "Shark Tank" segment lasts about 10 minutes, but the footage is edited from typically an hour-long presentation by an entrepreneur or team of them trying to sell a piece of their company for capital that will allow them to grow.

The show may be entertaining, but it involves real money and requires the same pitching fundamentals that an entrepreneur would need before any other elite investor.

After seeing so many hours of pitches, Herjavec has recognized patterns among those that work and those that flop. We've collected the most common mistakes he's seen entrepreneurs make from our conversation with him earlier this year as well as his 2014 book, "The Will To Win."

They don't immediately make an impact.

As Lowercase Capital billionaire investor Chris Sacca says, you need to give your potential investor a "fear of missing out" on a huge opportunity that only you can provide them. If you can't do that within two minutes, it's almost guaranteed that you won't be able to with an hour more.

Herjavec tells us that the production process of "Shark Tank" exacerbates this fact. "We film 12 hours a day, seven days in a row sometimes," he says. "We're cold. We're hungry. We're miserable."

"So like anything in life, if you can't sell yourself, you're not going to be able to sell your business. So that's what we look for. You gotta engage us. You gotta go out there and you gotta make an impact right away."

They are unrealistic about the value of their company.

Herjavec respects a "controlled aggression" in a businessperson selling the merit of their company. But a business' value is based on research and performance. Too often, entrepreneurs will pitch a company to Herjavec and his fellow "Shark Tank" investors at a valuation "far beyond the amount that the real world will accept."

This is a signal to Herjavec that the entrepreneurs either don't know what they're talking about or that they're being greedy.

"They forget that we are Sharks because we do measure and watch how we spend our money, and are realistic about the profits we hope to earn from it," he writes in his book. "In many ways, we are not spendthrifts; we're tightwads."

They don't listen.

Savvy investors appreciate entrepreneurs who have spent time crafting succinct elevator pitches, practicing product demonstrations, and memorizing their financials. But the point of rehearsing a pitch should be that its material becomes second nature, not an act.

Herjavec writes that he'll often see entrepreneurs so wrapped up in what they've practiced that they don't actually engage the investors or answer their questions.

"I know they're nervous, and I know it's intimidating to stand in front of us and explain why their gizmos or companies can't fail, but they have to overcome their nervousness, listen carefully to our questions and understand our response to their answers," he writes.

They look for a handout.

Herjavec grew up in Halifax and Toronto as the son of impoverished Croatian immigrants. And as an adult, he told us, he started his first company, BRAK Systems, because he was fired from his job and needed to make a mortgage payment.

A fundamental value that his father instilled in him at a young age that got him through financially difficult times was that any money he received he needed to earn, and that he should not accept handouts. Herjavec wishes more entrepreneurs understood that investors exist not to help people achieve their dreams but to make both sides wealthier. Herjavec looks for both a solid product and a passionate entrepreneur.

"If the people looking for our money are apathetic, or appear to be treating the process as a joke, they're probably not going to work as hard as possible to make their ideas successes," he writes. "That's a deal-killer in itself. My dad often said that working hard doesn't guarantee you will be rich, but not working hard means you're sure to stay poor."

SEE ALSO: What 'Shark Tank' investor Robert Herjavec learned from legendary UFC fighter Georges St. Pierre

Join the conversation about this story »

NOW WATCH: Turns out 'Shark Tank' investor Robert Herjavec doesn't value advice at all

Billionaire entrepreneur and "Shark Tank" co-host Mark Cuban stopped by the office to talk about a number of topics. He's heard hundreds of pitches over the years and says these are the things that make a perfect pitch. 

Mark Cuban is the creator of Cyber Dust, a private messaging app. His user name is +blogmaverick.

Produced by Joe Avella and Graham Flanagan

Follow BI Video:On Facebook

Join the conversation about this story »

Billionaire entrepreneur and "Shark Tank" co-host Mark Cuban stopped by the office to talk about a number of topics. Here, Cuban tells us when it's time to go "all in" on your business.

Mark Cuban is the creator of Cyber Dust, a private messaging app. His user name is +blogmaverick.

Produced by Joe Avella and Graham Flanagan

Follow BI Video: On Facebook

Join the conversation about this story »

Mark Cuban launched his #SHARKTANKWITHMARK charitable campaign with this hilarious video parodying "Shark Tank" by replacing all of the judges with clones of himself.  The video was launched in partnership with Prizeo to help raise money for Austin Street Center, a therapeutic homeless community in Dallas.

Those who contribute to the campaign have the chance to win an exclusive trip to LA to spend with Cuban on the set of Shark Tank. 

Visit Prizeo.com to donate

Video courtesy of Chideo

Follow BI Video: On Facebook

Join the conversation about this story »

The next season of ABC's "Shark Tank" will feature three new "guest sharks" in addition to the show's regular investors.

The guests include actor Ashton Kutcher, who's also the founder of VC firm A-Grade Investments; Chris Sacca, a former Google executive and the founder of VC firm Lowercase Capital; and Troy Carter, the founder of entertainment management company Atom Factory, who has managed the careers of musicians like Lady Gaga, Recode reports.

Kutcher's investment portfolio includes tech startups like Foursquare, Spotify, Airbnb, and Uber. Sacca was an early Uber, Instagram, and Twitter investor. And Carter has backed Uber, Dropbox, Spotify, and Warby Parker.

The new season, which starts in September, is in its 7th season. It features entrepreneurs pitching their company and product ideas to a group of investors, who either broker a deal right there or turn down the entrepreneurs on the spot.

Sacca tells Fortune that he'll be investing with his own money on "Shark Tank," but that if Matt Mazzeo, his partner at Lowercase, wants to invest, he'll be able to do so as part of Lowercase's funds. “That was the way I felt it was fairest for LPs,” Sacca told Fortune's Erin Griffith.

Sacca has been skeptical of "Shark Tank" in the past — even going so far as to call out a few of the show's investors on Twitter:

In a new blog post, though, he says that meeting with the show's producers  and talking to investors who watch the show have changed his mind. 

"What I had thought was a carnivalesque send-up of the world of venture capital is actually wildly popular among my investing peers. I had no idea," Sacca said on his blog.

He says he agreed to be on the show because it reminded him of the simplicity of investing when he was just starting out. "It was all about the product itself and musing about how to make it awesome. I have missed that simplicity, focus, and purity so much," he says.

In addition, Sacca adds that Shark Tank lets him meet a more diverse group of entrepreneurs than he'd ever get to meet in Silicon Valley. "As you have likely read or experienced firsthand, Silicon Valley startup founders tend to be male, and many ethnicities are very underrepresented in our industry," Sacca says on his blog. "Yet, Shark Tank has already given me the chance to mix it up with brave women and men from across the country and from staggeringly diverse backgrounds. It has been so refreshing."

SEE ALSO: Uber investor Chris Sacca thinks Carl Icahn made a 'big mistake' backing Lyft

Join the conversation about this story »

NOW WATCH: Beautiful time-lapse shows over 3,000 planes flying in and out of the UK in 24 hours

"Shark Tank" investor Robert Herjavec's cybersecurity firm, the Herjavec Group, brought in $140 million in revenue last year. But he tells Business Insider he was not a born entrepreneur.

"Mark Cuban and I always argue about this," Herjavec says. "He's always, 'Oh, when I was 12 I knew I was going to start my own business.'"

"When I was 12," he says, "I didn't know anything. I just wanted to go outside and play."

Herjavec writes in his 2010 book, "Driven," that after he graduated college he lacked direction. He decided to get two jobs as a waiter, one at an upscale restaurant and one at a casual one, to support himself until inspiration struck. The jobs impacted him more than he ever expected.

He writes that "over the course of 25 years since then, I have often reflected on things I learned about people, about business, and about myself while waiting on tables. I won't say the experiences were totally responsible for my business success, but I draw upon them from time to time when making a business decision or assessing a situation."

Herjavec lists six business lessons he learned from having to deal with people every night as a waiter.

You can't choose all of your customers.

Diners are assigned servers according to what part of the restaurant needs to be filled, not according to how skilled the server is. That means that each server has a variety of customers on any given day.

Herjavec had to learn that some people will be more agreeable and generous than others, but that all will expect their needs to be met.

"Selling to people who share your interests is easy," he writes. "Selling to people with whom you have nothing in common isn't, but it's necessary."

The customer isn't always right.

Herjavec says he'd often deal with customers whose anger or frustration with their order would be directed at him. And while he knew it wasn't his fault, he learned that it was necessary to always have a customer leave happy, through the help of a complimentary drink or dessert.

As in business, a "sincere show of concern on my part" can win over unhappy customers, whether their unhappiness is justified or not.

Empower employees to handle problems on their own.

Most customers, Herjavec says, want to have their server address their problem rather than have to go to a manager. "They want to focus on someone who understands their concern and can solve it on the spot."

In a business setting, this means having the CEO empower employees to handle crises without always seeking the help of a superior.

Take responsibility for both successes and failures.

In a restaurant, a server is often rewarded or penalized for a great meal, regardless of the fact that they had nothing to do with the food. Similarly, business managers need to take responsibility for all of their team members' work, regardless of how involved they were.

"Success as a waiter and as a business operator consists of reaching an ideal goal in an imperfect world," Herjavec writes.

Be polite to rude customers.

Reacting to a rude customer never yielded a good result, Herjavec says.

"Managing to be pleasant and civil in the presence of rudeness, on the other hand, can provide surprising rewards," he writes.

Never appear overwhelmed.

"Diners and customers alike value coolness under pressure," Herjavec writes. He says that if he had to take a breath or throw a tantrum, it would always be in the kitchen, not in the dining area. The same principle applies in an office setting or public appearances representing your company.

SEE ALSO: 20 successful entrepreneurs share the most important lesson they learned in their 20s

Join the conversation about this story »

NOW WATCH: 'Shark Tank' investor Robert Herjavec reveals the one trait successful entrepreneurs share

We all know Mr. Wonderful. He’s the shrewd and sometimes insolent shark on ABC’s "Shark Tank."

Whether you love or hate him, there’s one thing we can agree on: he speaks the unfiltered truth.

I recently met with Kevin O’Leary to talk about business, entrepreneurship and life.

The best part of our meeting was that I left with five of the most memorable business mantras ever.

1. If it’s got rabies, kill it.

O’Leary says that he can’t stand when his fellow sharks endorse terrible business ideas. He notes that the other sharks don’t want to hurt the feelings of a budding entrepreneur, so they will send them off the show with a pat on the back and kind words about their business idea. This type of coddling, O’Leary says, is an absolute disservice to that entrepreneur.

Related: 10 Kevin O'Leary Quotes Every Entrepreneur Can Learn From

Sure, the truth hurts sometimes, but O’Leary says he has no problem telling someone that their idea is bad and doomed to fail. He says that if an animal has rabies, you don’t send it off to get better, you kill it. He feels it’s his obligation to do that for contestants who come on the show with really awful business ideas.

2. Work for the white space.

O’Leary keeps a crazy schedule. He gives all credit to his assistant, Nancy, for keeping his life on track. She color codes his calendar based on what type of appointment it is. He says that the goal of every entrepreneur should be to control the space on your calendar.

Some of the calendar should remain white each month, O’Leary insists. This is his time to do what he wants. He says that what every entrepreneur really wants is freedom, and so the goal should be to get to a point in business where you have plenty of white space on your calendar to do what you love.

3. Killing money is a crime.

This is one of the reasons why O’Leary has no problem telling an entrepreneur when they have a lousy idea. He hates seeing good money being thrown out the window. That being said, as a shark he’s always looking for entrepreneurs who have solved a problem that nobody else has solved.

For example, O’Leary says that Wicked Good Cupcakes is one of the most successful businesses he has invested in on "Shark Tank."

Its cupcakes are sold in glass mason jars. Not only are they the best cupcakes you will ever eat, he says, they stay fresh in the jars and are easy to ship for gifts across the country.

Related: Robert Herjavec: 'The World Doesn't Reward Mediocrity.'

4. I’m your best friend. I don’t care about your feelings.

In seeking advice for any business, O’Leary says to find mentors, coaches and business advisors who don’t care about your feelings. This is the strength that O’Leary says he brings to the table on "Shark Tank." He notes that it’s important to find people who will tell you real advice, based on the business idea at hand, not on the emotions of the entrepreneur.

5. If you want something done, hire a busy mom.

At the start of 2015, O’Leary wrote off one-third of the 27 businesses he still held in his business portfolio from "Shark Tank." He then analyzed the remaining businesses to see what they had in common so that he could make better investing decisions in the future. What was the one common thread that all of his high performing businesses had? They were all lead by women.

O’Leary says that he’s come to believe that if you want to find entrepreneurs who get things done, then find busy moms who are juggling a million things at once, because somehow they also manage to run and grow great businesses.

For example, Tracey Noonan and Dani Vilagie, the co-founders of Wicked Good Cupcakes. They are constantly traveling and doing media while also growing the business, improving processes, inventing new products and helping other family members who need them personally. O’Leary says he holds a deep admiration for working moms and when it comes to entrepreneurship, often sees their business ideas as a sound investment.

SEE ALSO: The 3 principles 'Shark Tank' investor Kevin O'Leary used to build his investment company came from his mother

Join the conversation about this story »

NOW WATCH: 11 ways to avoid distractions and stay focused

Kevin O'Leary is the millionaire "Shark Tank" investor known for his blunt delivery and realist attitude, but had he not listened to a piece of advice he received from his step-father at an early age, his life might look a lot different today.

The advice that carried him through his 20s concerned the tough question he needed to ask himself about whether or not he had what it took to pursue his love of photography full time, O'Leary tells us.

It made him realize that even though he was passionate about the art, he wasn't prepared to be a starving artist.

O'Leary explains to Business Insider:

After I finished high school my step-dad George sat me down for the "Talk About My Future," and asked me "What do you want to do with your life?"

I told him that I was going to be a photographer.

That's when he told me "To be or not to be?" isn't the question. The question is: "What are you willing to do in order to be what you want to be?" It's not enough to say you want to be a photographer, or an actress, or a writer. You have to want to do all the necessary difficult things that are required to support that goal.

I simply wasn't willing to take the risk of all the tasks and jobs required to support my dream of becoming a full-time photographer. I wasn't willing to work days as a bricklayer or at a mall, shooting and developing photos on weekends. I didn't want to inch toward my thirties accumulating debt and rejection, just to build a portfolio of work or a string of shows where most or all of my photos would go unsold.

O'Leary decided he was going to take the academic route, and began to develop an interest in business. He went on to receive his MBA in 1980.

It was his second business, software company Softkey, that made him a fortune. It acquired The Learning Company in 1995 and then was acquired by Mattel four years later for $4.2 billion. O'Leary and his business partner left shortly afterward with severance packages of $5 million. O'Leary then became a popular television personality and investor in both his native Canada and the United States, without abandoning his camera along the way.

Today, he says, his career has given him "ample time and resources" to further explore his "real passion" of photography.

In October 2013, the Financial Post reports, O'Leary held his first photo exhibit and raised $97,000 from his work that he gave to the Future Dragon fund for young Canadian entrepreneurs. He tells the Financial Post he'd like to hold another exhibit of his work soon.

You can check out his photography in his digital portfolio.

SEE ALSO: 20 successful entrepreneurs share the most important lesson they learned in their 20s

Join the conversation about this story »

NOW WATCH: This is the greatest business lesson 'Shark Tank’s' Kevin O’Leary ever learned

She calls herself a mixologist, but you won’t find Melissa Butler crafting signature cocktails behind the bar.

Instead, Butler serves up bright and bold colors for the perfect pout as the creator and owner of the Lip Bar, a paraben-free, vegan lipstick company.

From Amaretto Sour (cool camel) to Kamikaze (a Tiffany & Co. teal), the brand, which started in 2012 and has a celebrity fan in Jordin Sparks, will make any pucker pop.

The Lip Bar’s success — the business raked in $107,000 in its first two years — landed Butler on the popular entrepreneurial reality show, "Shark Tank."

The sharks, however, wouldn’t bite. One even snubbed the brand when he said, “I can see a massive market share in the clown market,” and called Butler and her creative director “colorful cockroaches” before they walked away without a deal. Whoa. Cringe-worthy TV.

The experience didn’t halt the Lip Bar’s growth. Soon after the episode aired in February, the Lip Bar had a spike in sales and an increase in traffic on the company’s website. Butler then hit the road when she launched the Lip Bar mobile — a truck outfitted with Lip Bar cosmetics, touring across the country to give customers a one-on-one retail experience and to increase the brand’s reach. Take that, sharks!

Butler didn’t get a deal, but she learned a few things about redemption after rejection. As Elizabeth Taylor once said, “Pour yourself a drink, put on some lipstick, and pull yourself together.” In the spirit of the Dame, Butler did just that. Here are her top tips for moving from rejection to re-invention.

1. Tighten your message. 

“Being on the show made me realize we were sending too many messages. We had the whole natural and vegan theme and the bar theme. The sharks noticed that it was too much. You can only get one sticky message out there. The reason why the Lip Bar exists is to empower women through self-expressive cosmetics that are responsibly made. Our message kind of got lost in promoting our wide range of colors and the bar theme.

"The 'Shark Tank' experience made me hone in on our messaging a lot more. We’re doing a lot of new branding initiatives. Right now we are revamping our entire website and focusing on empowerment. The whole idea is that all women are beautiful and they don’t have to settle for less.”

2. Not everyone will understand your vision (and that’s OK). 

“I started the Lip Bar because I was extremely frustrated with how beauty is one-dimensional and how beauty brands reaffirm that there is a certain standard of beauty. The Sharks didn’t agree with my vision. They didn’t think my brand would be able to grow because the market is saturated. They are a group of people I have to prove wrong.

"There are still women out here who think that they aren’t good enough or think they have to change their entire face in order to be considered beautiful. I want to fight that. Not everyone is going to get your vision and that’s OK. When you start a business, it’s very easy to get caught up in numbers and validation from others. The key is to always remember why you started.”

Related: How to Overcome Impostor Syndrome

3. Your work is not your worth. 

“When you work on a business like this, it becomes a part of you. It’s very important to remember the Lip Bar is the Lip Bar and Melissa is Melissa. So when someone is being critical of the Lip Bar, it may seem as though they are being critical of me. I think it’s important to understand your work is not worth. You have to separate the two.

"That’s a big takeaway from an experience like this. Remember you are a person. You don’t know everything. There will be criticism about your business, but you don’t suck!”

Related: An Open Letter to All Young Women of Wall Street

4. Own the moment. 

“When we found out that our episode was going to air, my heart dropped. I remembered thinking, Oh my God, it was terrible! Will being on the show ruin us? Am I going to look like a babbling idiot? I was legitimately nervous and didn’t watch the show when it aired. After the third day, I watched it. It was a stab to my ego to share that moment with the world, but I learned it could be good for the brand. So we started promoting the video all over social media and we did a reaction video and put it on our website.

"Owning the moment allowed us to take the momentum and build on it. The experience connected us to customers. People say, ‘Oh wait, I know that girl. I know her story. I want to support her journey.’ That’s one of the benefits of the sharks being so harsh. With the Lip Bar truck and our tour, so many people have told me how brave I was to go on the show.”

5. You can bounce back — stronger than ever. 

“Of course it would have been nice to get a deal. It would have been nice to work with an investor with so many connections. We didn’t get a deal, but we did get a lot of exposure that helped us grow. [The night our episode aired] our website got 30,000 hits. It brought us new customers too — we received 500 orders in one night. Retailers like Nasty Gal and Frends Beauty picked us up. 'Shark Tank was not a defeat.' It was actually the ultimate win.”

SEE ALSO: 6 'Shark Tank' companies that are crushing the competition

Join the conversation about this story »

NOW WATCH: Why we have to give our business partners the power to destroy us

Busy entrepreneurs: Treat your marriage like a business or it will fail. So what if it's not the sexiest approach? It's practical and it works, says Shark Tank star Kevin O'Leary. (They don't call him "Mr. Wonderful" for nothing, ladies.)

"The number one reason for divorce is not infidelity or falling out of love," the 61-year-old Canadian mutual funds magnate tells Entrepreneur on the set of the hit reality show. "It's money. It's one partner outspending the other. It's going into debt. It's not respecting the joint finances. If you avoid doing all of that, you're in it for the long haul. If not, forget it."

The shrewd Canadian billionaire tied the knot with his wife, Linda, in 1990, all of a quarter of a century ago. He credits their lasting union with one thing — and it's not necessarily love, passion or sex. The real reason they're still going strong: They're on the same page about money, and they'd better be. O'Leary's other half is an actively involved executive at their successful wine company.

Related: 9 Signs of Financial Infidelity

Together the pair have two grown children, Savannah, a college student, and Trevor, a music producer, neither of whom will inherit their parents' fortune by design. They weren't always a perfect or even whole family unit. O'Leary admits that he was largely "an absentee parent" while building his empire, which nearly ended his marriage.

For two years he and his wife lived separately and came extremely close to divorcing each other. "We were at the point of dividing the assets," O'Leary told a Canadian news outlet last year. "But as we neared it, we decided not to do it. We have reunited and kept the family together. I'm glad we did that." 

While O'Leary recommitted himself to his wife, his friends left theirs. The author of Cold Hard Truth: On Family, Kids and Money (Doubleday Canada, 2011) says "all" of his friends are divorced and he's learned a lot from watching their marriages crumble.

Related: 5 Things to Consider for Entrepreneurs, and Their Spouses, to Have a Healthy Marriage

The worst mistake he says most of his divorced friends made was failing to thoroughly financially vet their partners, just as they would a potential business partner, well before popping the big question. Doing so, whether on your own or with the help of a professional, is something he highly recommends to anyone considering coupling with someone, in sickness and ideally in fiscal health, til death do them part.

Don't stop at running a financial background check on your future husband or wife. Demand a prenuptial agreement, O'Leary further advises. "It forces you [and your betrothed] to tell the truth about your financial past...It'll save you hundreds of thousands of depression and grief and it may save your marriage to find out." A prenup can also make it easier to divide your assets clean in half should you exhaust your options and eventually split, which he thinks you should never do if you have children together.  

Related: Great Entrepreneur, Lousy Lover?

"If you have kids, you should absolutely not get a divorce because it's never better the next time," he says. "It's the same thing over and over again, except now you don't have a family any more. It's awful for everyone, especially the children."

Instead, if your goal is to stay together for good, tighten up your collective purse strings, respect the family budget and hang in there through the tough times. "When your marriage hits the rocks — and they all do — treat it like the business partnership that it is and you'll pull through. I've seen it happen." 

For more straight-up life and financial advice from O'Leary, tune in to the Shark Tank Season Seven premiere, airing Friday, Sept. 25, at 9 p.m. ET/PT on your local ABC station.

Related: Reality Check: You Need to Care About More Than Your Business

SEE ALSO: How rich people raise rich kids

Join the conversation about this story »

Anytime someone walks into the pitch room on "Shark Tank" wearing a costume or making a spectacle, you can expect investor Mark Cuban to say, "Are you kidding me?"

The show's producers may like when entrepreneurs put on a show, but it immediately sets off a trigger in Cuban's mind, he tells Grantland writer Zach Lowe in the latest episode of Lowe's podcast.

His reaction is based on a principle he heard from Union Square Ventures cofounder Fred Wilson: "The longer the backstory, the worse the deal."

"If someone starts a pitch with a sob story, no matter how horrific and how heartbreaking it is, if you want to help them because they need personal help, great — but if they start with a sob story, always walk away," Cuban says.

"If they start with pomp and circumstance and all kinds of misdirection ... have a second thought," he says. "That's why you see me roll my eyes when all that stuff comes out, because I want to get right to the business. I want to get to the things that help me make a decision one way or the other."

Cuban says fellow Sharks Lori Greiner and Robert Herjavec eat that stuff up — and he knows it makes for great television — but it just doesn't make for good business.

You can listen to the full podcast episode at Grantland, where Lowe and Cuban discuss Cuban's pro basketball team the Dallas Mavericks, the NBA, and investing.

SEE ALSO: 'Shark Tank' investor Robert Herjavec shares 6 business lessons he learned from waiting tables

Join the conversation about this story »

NOW WATCH: Mark Cuban's advice for his 20-year-old self — and millennials now

While the celebrity lifestyle may appear to be filled with glitzy red carpets and A-list events, there's plenty that goes on behind-the-scenes that isn't quite as glamorous.

Behind most celebrities is a team of people working to make sure everything looks perfect and runs smoothly in the hectic life of a star. In addition to agents, managers, publicists, and a glam squad, many stars also have a personal assistant managing the logistics of their hectic lives.

From booking flights to planning meetings and anything in between, assistants are the backbone of the busy schedules of many stars and entrepreneurs..

In New York, assistants for many leading celebrities and business moguls participate in a professional group called New York Celebrity Assistants.

We spoke with seven assistants from the association and learned about what it's like to work for a high-profile employer in New York City.

SEE ALSO: The 11 assistants who run Hollywood

MORE: 9 things I learned working as a celebrity assistant

Meghan Herd helps handle the chaotic life of "Real Housewives" mogul Bethenny Frankel

"No two days are ever the same" when working for Skinnygirl Cocktails founder Bethenny Frankel, Frankel's executive assistant, Meghan Herd, tells Business Insider. 

Herd began working for the entrepreneur and star of Bravo's "The Real Houswives of New York" in 2013, after deciding that she "needed a change" from her job as an assistant to a number of leading musicians.

As Frankel's assistant, Herd says she now wears "many hats." 

"Whether I am trying to get a seat on a flight an hour before take-off, getting a table at the hottest new restaurant or making sure the office is running smoothly," Herd says, "I am proud of getting things done when somebody says it can’t be done." 

Herd occassionally appears alongside her employer on "Real Housewives," and in an interview with Hollywood Life, Herd describes the experience of handling Frankel's chaotic travel schedule as being "like that scene in 'Home Alone' — we're just running to the gate everytime."

Vanessa King has worked closely with Julianne Moore for nearly ten years

2014 was a busy year for actress Julianne Moore.

As the assistant to Moore and her husband, filmmaker Bart Freundlich, Vanessa King acted as a “sort of Mission Control” for the actress’s travel plans and schedules during the hectic award season that culminated in Moore’s Oscar win for Best Actress.

King started the job nearly a decade ago, after leaving another assistant gig with the family who lived across the street from Moore. “I ran into Julie on the street,” King says, “and she asked if I was interested in working with her.” 

Today, King works out of her employers’ luxurious West Village apartment, acting as a contact point for business matters and charities — such as The Children’s Health Fund and the Tuberous Sclerosis Alliance, in which Moore is actively involved.

Gail Abrahamsen is the right-hand woman to "Shark Tank" star and real estate mogul Barbara Corcoran

Gail Abrahamsen became the personal assitant to real estate mogul Barbara Corcoran in 2005, and her job has grown in responsibilty as Corcoran's star has risen in recent years with her recurring role as a judge on ABC's "Shark Tank."

Handling Corcoran's three email accounts, Abrahamsen responds to over 300 emails per day. "Many hours are spent managing her endless media/TV appearance requests and making sure all are on the calendar (our bible)," Abrahamsen says. 

When Corcoran requested a lavish launch party for her book, "Shark Tales," in 2011, Abrahamsen managed to come through with all of her employer's eclectic demands — including finding a model to dress up as a mermaid and two twin girls to greet her guests in swimsuits. 

Whether planning out her employer's many speaking events or tracking down a "lost heirloom pearl necklace at the XpresSpa in JFK airport," Abrahamsen admits that there's "never a dull moment" on the job.

"Every day is a new adventure at Barbara Corcoran Inc.," she says.

NOW WATCH: What Adderall is actually doing to your body

While the celebrity lifestyle may appear to be filled with glitzy red carpets and A-list events, there's plenty that goes on behind-the-scenes that isn't quite as glamorous.

Behind most celebrities is a team of people working to make sure everything looks perfect and runs smoothly in the hectic life of a star. In addition to agents, managers, publicists, and a glam squad, many stars also have a personal assistant managing the logistics of their hectic lives.

From booking flights to planning meetings and anything in between, assistants are the backbone of the busy schedules of many stars and entrepreneurs..

In New York, assistants for many leading celebrities and business moguls participate in a professional group called New York Celebrity Assistants.

We spoke with seven assistants from the association and learned about what it's like to work for a high-profile employer in New York City.

SEE ALSO: The 11 assistants who run Hollywood

MORE: 9 things I learned working as a celebrity assistant

Meghan Herd helps handle the chaotic life of "Real Housewives" mogul Bethenny Frankel

"No two days are ever the same" when working for Skinnygirl Cocktails founder Bethenny Frankel, Frankel's executive assistant, Meghan Herd, tells Business Insider. 

Herd began working for the entrepreneur and star of Bravo's "The Real Houswives of New York" in 2013, after deciding that she "needed a change" from her job as an assistant to a number of leading musicians.

As Frankel's assistant, Herd says she now wears "many hats." 

"Whether I am trying to get a seat on a flight an hour before take-off, getting a table at the hottest new restaurant or making sure the office is running smoothly," Herd says, "I am proud of getting things done when somebody says it can’t be done." 

Herd occassionally appears alongside her employer on "Real Housewives," and in an interview with Hollywood Life, Herd describes the experience of handling Frankel's chaotic travel schedule as being "like that scene in 'Home Alone' — we're just running to the gate everytime."

Vanessa King has worked closely with Julianne Moore for nearly ten years

2014 was a busy year for actress Julianne Moore.

As the assistant to Moore and her husband, filmmaker Bart Freundlich, Vanessa King acted as a “sort of Mission Control” for the actress’s travel plans and schedules during the hectic award season that culminated in Moore’s Oscar win for Best Actress.

King started the job nearly a decade ago, after leaving another assistant gig with the family who lived across the street from Moore. “I ran into Julie on the street,” King says, “and she asked if I was interested in working with her.” 

Today, King works out of her employers’ luxurious West Village apartment, acting as a contact point for business matters and charities — such as The Children’s Health Fund and the Tuberous Sclerosis Alliance, in which Moore is actively involved.

Gail Abrahamsen is the right-hand woman to "Shark Tank" star and real estate mogul Barbara Corcoran

Gail Abrahamsen became the personal assitant to real estate mogul Barbara Corcoran in 2005, and her job has grown in responsibilty as Corcoran's star has risen in recent years with her recurring role as a judge on ABC's "Shark Tank."

Handling Corcoran's three email accounts, Abrahamsen responds to over 300 emails per day. "Many hours are spent managing her endless media/TV appearance requests and making sure all are on the calendar (our bible)," Abrahamsen says. 

When Corcoran requested a lavish launch party for her book, "Shark Tales," in 2011, Abrahamsen managed to come through with all of her employer's eclectic demands — including finding a model to dress up as a mermaid and two twin girls to greet her guests in swimsuits. 

Whether planning out her employer's many speaking events or tracking down a "lost heirloom pearl necklace at the XpresSpa in JFK airport," Abrahamsen admits that there's "never a dull moment" on the job.

"Every day is a new adventure at Barbara Corcoran Inc.," she says.

NOW WATCH: What Adderall is actually doing to your body

If you look forward to Friday nights to watch new episodes of "Shark Tank," you're hardly alone.

Since it debuted in 2009, the reality TV show, in which aspiring entrepreneurs pitch their businesses to millionaire and billionaire investors, has developed something of a cult following.

Fortunately, there's a lot more where "Shark Tank" came from.

Here, we've rounded up reality TV shows that will satisfy your need for drama — and make you savvier about business.

SEE ALSO: 12 documentaries on Netflix that will make you smarter about business

'Kitchen Nightmares': A chef takes the reins at a struggling restaurant.

Based on a UK TV series called "Ramsay's Kitchen Nightmares," the Fox series "Kitchen Nightmares" features chef Gordon Ramsay working with failing restaurants across the US. Ramsay makes suggestions about the menu, the staff, and the aesthetic, and the restaurant owners must decide whether to heed his advice.

After seven seasons, the series ended in May 2015. You can watch it on Hulu.

'Undercover Boss': Execs see a new side of their companies.

It's every employee's nightmare. In the CBS series "Undercover Boss," a high-ranking exec or the company owner shows up to work disguised as an entry-level employee in order to learn how the business really functions. At the end of each episode, the boss reveals his or her identity, promoting deserving staffers and sometimes firing others.

The sixth season ended in spring 2015, and a seventh season has yet to be announced.

'Bar Rescue': A restaurant consultant does recon in failing bars.

In each episode of the Spike TV series "Bar Rescue," restaurant and bar consultant Jon Taffer helps bring a struggling business back to life. Taffer's team starts out by doing reconnaissance work at the bar to figure out exactly what needs to be improved, then works with the owners on making serious changes to salvage their business.

The series is currently in its fourth season.

NOW WATCH: The Dalai Lama reveals the most interesting man he's ever met

Kevin Harrington is the inventor of the Informercial, an original shark on "Shark Tank," and the CEO and founder of StarShop.

Over the years I have launched over 500 different products across just about every consumer category, including pets, golf, housewares, health and beauty, fishing, electronics, fitness, food, and toys, to name a few.

Throughout all of these launches, the habit that has proved to be most valuable for me is NETWORKING.

Networking across all industries has allowed me to stay connected to the latest trends.

Over the past 30+ years, I’ve made it made a priority to attend as many trade shows as possible, both domestically and internationally, which has given me the opportunity to network with a variety of people in various categories including invention, distribution, product development, and media. These relationships are invaluable to my success as an entrepreneur.

But just showing up is only half of the picture. I engage with peers and colleagues by speaking at these conferences and trade shows, hosting events, walking the floor, and attending media rooms.

Every year I host “The Big Pitch” at over 20 big shows, where I invite budding entrepreneurs for the opportunity to pitch their products directly. Having a hands-on approach is important in getting to know the products and people you work with.

Additionally, I founded two global associations — ERA (Electronic Retailers Association), which is now in 45 countries, and Young Entrepreneur’s Association (now EO – Entrepreneurs Organization) which boasts combined member sales of over $500 billion. Both associations provide members with a network of like-minded professionals they can tap into.

Regardless of what industry you work in, always network.

Take the time and make the effort to develop meaningful relationships through networking. No amount of advertising or marketing can outdo referrals and word of mouth in ROI.

The Success Series is a collection of the best advice from some of our favorite writers, thinkers, and leaders. This week, we asked: "What is the one habit that has made you more successful?" See other articles in the series here.

SEE ALSO: Dollar Shave Club CEO shares the twice-a-day habit that rejuvenates him more than coffee

Join the conversation about this story »

NOW WATCH: People were baffled by 50 sharks circling in shallow waters off the English coast

Mark Cuban has repeatedly said the real reason he has stayed in the cast of "Shark Tank" is that he strongly supports the way it inspires people, especially kids, to become entrepreneurs. He likes to call the show "the New Age lemonade stand."

But despite saying he loves the way the reality show unites families around an interest in business, he has some strong feelings about kids who appear in the Tank.

"I hate when we have kids on,"Cuban tells Grantland writer Zach Lowe on Lowe's podcast. "Hate, hate, hate. Kids and animals. Kids and animals are the worst. The worst, the worst, the worst."

It's not that he's a curmudgeon, exactly. It's just that he thinks these aspects of "good TV" get in the way of business.

He adopted a rule from the renowned venture capitalist Fred Wilson: "The longer the backstory, the worse the deal." This has made Cuban start getting wary whenever there is a sob story about an entrepreneur's struggle, or an inspirational tale of a child prodigy, or a cute dog brought in with the intention of making the investors smile.

He especially hates the way so-called child entrepreneurs are often merely mascots for the company their parent created and operates.

It's also frustrating, he tells Lowe, that he feels the need to censor himself when a kid is in the room. He says he will not call a father an idiot in front of his child even if that's what he thinks.

"You just can't be honest," Cuban says.

You can listen to the full podcast episode at Grantland, where Lowe and Cuban discuss investing as well as the NBA and Cuban's pro basketball team, the Dallas Mavericks.

SEE ALSO: Mark Cuban explains one of his top investing rules, courtesy of star venture capitalist Fred Wilson

Join the conversation about this story »

NOW WATCH: This is what 'Shark Tank' investor Mark Cuban looks for in the perfect pitch