Robert Herjavec on The Truth About Success, Shark Tank, & Entrepreneurship - THE ED MYLETT SHOW

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This is the Ed Milan show.
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Welcome back to the show, everybody. It's, it's odd to introduce this person because all of you know who he is, but since some of you are listening on audio and can't see him. What I think? Oh, it's just a fact. I think of a serial entrepreneur. I think of somebody who, I'm going to tell you what I see in you from a distance. Having we just met, I like the fact that you treat people so kindly when you give real feedback. I think you're like the kind shark, the one with real wisdom and poise. There's like an elegance about the way that you communicate. And by the way, that's why he's such a great speaker on stage. So if you've seen him on Shark Tank, you've seen him there. He's a tremendous stage speaker, best selling author, serial entrepreneur. But overall he is somebody that I've admired from a distance for a very long time. And I want to have a different type of conversation today. So I'm looking to get into the brain of Robert Herjavec. Welcome to the show.
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A
Thank you very much. Incredible intro. You're way too kind. It's true. And you know, people always say to me when they meet me, you're, you're the nice one, you're the tall one, you're the good looking one, you're the tall one. Well, relative to Kevin and Damon, all this other stuff, not relative to Mark. And I always say it's a very low bar on the show. You know, it's funny, I did the Australian version of Shark Tank.
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B
Yeah.
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A
And in Australia, I'm the mean One
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B
you are, you're the Simon Cowell of
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the Australia because they're so nice there.
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Well, you know the one thing too, I want to tell you, and I'm saying this off camera to you, you look great. Which we should talk about towards the end today. Like, I've watched you over the years, you look better than when the show started. So I want to kind of pick your brain about a little of that too. But when I got you here, I want to talk mainly about business and love business. I want your mind a little bit around this. You got the cybersecurity background, you've had exit, you've invested in all kinds of different businesses. It's no secret. We're in this era of real innovation and it's accelerating now. Right. And so you have guys that are in the trades now, aren't earning doctors in some cases. And I'm wondering from a business perspective, if you were to advise somebody where they're deploying time and capital, what are the places you would say you're spinning your wheels there. This is not going to go. And what are the industries or places overall that you go? I think there's a bright future there.
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A
Yeah. So I obviously, my background is cybersecurity. I've been doing it since I was 21, just kind of fell into it. But in the last few years, I've really gotten very deep into AI. So I think we're going through a technological revolution that'll be the greatest technology revolution in our lifetime. And I was there at the beginning of the Internet and I thought, in my lifetime, the Internet AI will transform everything. And just like anything, just like business, there'll be huge winners and big losers. And I think it's going to be very uncomfortable for the next three to five years. The places that I would stay away from are anything that's repetitive, anything that's mundane.
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B
What do you mean? Give me an example, if you don't mind.
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A
Law clerks. You know, the basis of law clerks, law at a lower. So if you think of a typical law firm, you've got clerks, you've got research analysts, and then you've got the lawyers up top. Everything up to the actual litigator, the relationship component is going to get outsourced by him. Case studies, what does it mean, all of that kind of stuff. So any kind of those administrative type tasks, hugely valuable. But the key used to be who can find the best research. That's no longer a competitive advantage. On the flip side, anything that is mechanical plumbers, I'm with you. You said earlier, plumbers are earning doctors. I think you're going to see trades double in income over the next five to 10 years because, number one, so few people want to do them.
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B
That's right.
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A
And it can't be replicated with AI.
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B
Is that a yet? Is that a yet? It can't be replicated with AI. Could you see a day where I have a guy right now that's exiting that I coach and he'll actually be on the show, so I'll wait to have him on, but he's having a billion dollar exit from the trades, garage door, plumbing, things like that. And I asked him, I said, you know, right now those are safe. Do you see a day where there's some sort of robotics doing even that type of work? I'm just curious what you would think about that.
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A
No, he'll never. It'll never happen. And I'm hesitating with the never because I think certain tasks up to the actual work can be replicated. The scheduling, the timing, the customer service. But that's not plumbing. The art of plumbing is understanding the infrastructure of a house.
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B
Good point.
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A
What's going on? That kind of stuff.
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Good point.
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And I also think human relationships become more valuable.
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B
I agree.
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The guy or girl who can sit down, talk to people, build a bond. AI is never going to replace that boy.
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B
I thoroughly agree with that. I just did a whole coaching call on it. I've had most of the sharks on, fortunately.
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A
Yeah, I've had Barbara on.
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B
I've had Barbara on. I love Barbara.
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A
I love Barbara.
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B
Yeah, she kind of flirted.
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A
She was just on my plane. She flirted on? Yeah, yeah. She just flew on my plane this morning from Miami.
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B
Oh, she did?
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And I'm like, how dare you use my plane.
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B
I think she's wonderful. I think she. No pun intended. I enjoyed our conversation and I did her show too. But I've asked them all this and I reached this conclusion. This is a hard question. I love Shark Tank. It's been so good to bring entrepreneurship front and center in the world. Right. And it's made it a cool thing to do. It's made it something that more and more people are intrigued by. I think it's less mysterious than it used to be. But I wonder your thought. And I asked Damon this. I don't feel like he answered it completely sometimes. I think it's done a little damage in this sense. So just stay with me and I want your feedback on it. Everyone thinks they're an angel investor now. There's so many people I know that have frankly lost a lot of money. It's also made entrepreneurs that are startups in a big hurry to raise money all the time prematurely, it seems like to me. And I'm wondering if most people wouldn't be more successful redeploying their capital in their own business or in something they understand and control and not so much angel stuff or VC type investing all the time because so much risk is associated with it. And I wonder if everyone understands that from watching the show.
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A
So, best comment about Shark Tank anybody's ever said to me. I mean, really, really astute of you. First of all, undeniable what Shark Tank's done for America, right? And globally. And the show runs in 54 countries. You know, I'm the George Clooney of Portugal. It's great. It's demystified being an entrepreneur. It's. It's taught America the language of business. I mean, think about it. I had never met anybody who'd started a business until I was 26 years old.
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B
Likewise.
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And then I was like, you own the business, like the government, like, wow, all of those things are positives. There's two negatives of the show. And by the way, the positives far outweigh the negatives.
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B
I agree.
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A
But there are two negatives and the first one is a general negative. With social media, we have made it. We have made the pursuit of wealth seem like that's the goal of business and we have made it seem like it's easy. And so you look at these social influencers, they're flying around in a private jet and they've got a Lamborghini and there's all kinds of people that are, look at me, I'm successful on my jet and on my fancy car.
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B
Yes.
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A
That is not the purpose of business. It is very rare, in my opinion, that I've met people who have built great businesses for a bigger paycheck.
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B
You're right.
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There's nothing wrong with money. And I love money and I love toys and I love to spend it, but I love creating value, not just for customers, but for the people I employ. So that's the downside, because it seems so accessible. It's made it seem easy for the wrong reason. The second part of it, as you say, is like, I just had lunch with somebody yesterday. They wanted me to go into their business with him. And I was thinking of maybe I'll go in as a partner and buy 50% of it. And the guy's telling me about it and he's like, you know, we'll get it up to, like, 10 million arrows, and then we'll raise equity. And I'm like, why do we need to raise money?
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B
Right, right.
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And he looks at me, goes, well, you know, we could go out and raise 50, 100.
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B
That's what you do, right?
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Yes. I think, why wouldn't we just fund it? Like, why won't we just use the cash flow from the business to fund it? And that is the downside of our show is I think I used to work for Warren Davis, the guy who started Avis Rent a Car. And he was this old, scraggly guy, and I was just a young kid, didn't know anything. But he gave me an incredible piece of advice. He said, kid, if you ever start a business, your only payback is your equity. Yeah. Hang on to as much as you can, as long as you can. And on Shark Tank, people are giving up 40%. Like, why would you start a business and give up that much equity?
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B
I know.
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A
So I'm with you.
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B
Okay.
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But in the light of having ignorance and understanding business, there's far greater good than bad. But. And Kevin and I argue about this all the time. Every business I've sold, I owned 100% of.
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B
There you go.
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A
I funded it with credit cards.
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B
There you go.
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A
The other thing is, if you ever watch the show, people come on and they'll say, I use my house as collateral. And the shark's like, oh. Oh, my God. And I'm thinking, every business, I started
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B
thinking, I love that. Exactly.
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I love that.
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B
Right. I do, too.
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Because if it didn't work, it was my ass on the line. Yes. I have no problem.
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B
We had the guy on recently. I feel bad that I'm not remembering his name, but he was the president of Tesla for about a decade. And he shocked me on the show, saying that they. They ran the company for a decade on three months operating cash. And I thought. And his theory with him and Elon was that that kept them lean and mean. It made them. They had to make strategic decisions all the time of where to deploy capital. But I'm sure they could go into reserves when they needed to. But the point was, it wasn't r cash all the time from raising money from people, and sort of sometimes it can dilute the value. I think a lot of people don't even know what the term dilution means. You hear someone exited their company for. That's the other thing on social media, so. And so had an exit for $60 million or 100 million. You don't know how many other investors there were. You don't know what their debt was. You don't know a lot. Right. And that's one of the things that concerns me, too. But I love. I love the show. I asked Damon this and Barbara, so I'll ask you, would you be wealthier had you not ever invested in any of the shows on Shark Tank and taken that capital and just deployed it in businesses that you controlled completely yourself?
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At the risk of sounding incredibly arrogant, it's such a small amount of money relative to what I deploy. That. No, not really.
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B
I don't think that sounds arrogant.
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A
But I think the primary goal of Shark Tank, if all the sharks are being honest, is. And there have been some huge winners and I've had a couple of big winners, but really it's to help entrepreneurs. Most businesses that come on the show don't need the money. They need help. You know, when you're starting out and you're 0,5 million, 10 million is 500,000, 200,000, is it going to change the course? What you need is guidance. Which way do I go? Money wouldn't have helped me grow my business faster. If I look, I mean, my last company, I built it to what we were about 400 million from zero with my own money. Awesome. Would I have grown it faster if I had an investor? Absolutely not. Would I have grown it faster if I knew what I know now? Absolutely. Like if I had you sitting there with me or Mark or somebody along the way, it would be a bigger business.
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B
See what I thought you were going to say there? By the way, again, just acknowledge. I agree that finding. There's that Chinese proverb, if you want to know the road ahead, ask those coming back. Right. To find somebody.
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I've never heard.
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It's good.
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Right.
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And so have some sense of direction. But what I thought you were going to say, because I do think there's a lesson in this day and age. You and I are both feeling the same way about the influencer entrepreneur space. It concerns me about people not understanding how hard it is and how long the hours can be. And I. Here's what I think. I thought you were going to say. One of the keys for the show is that they're getting exposure through the show. Undeniable and relationship or connections that you all have. And the lesson in that to me and I want to ask you about this is business, when I was growing up was more about who you know. And I feel like now in this age, it's almost Sometimes. Sometimes who knows you, right? And so do you. Would you give someone advice that's listening today to be growing their brand online or do you think that's industry specific where someone should be working on growing their brand in notoriety?
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A
Gosh, that's such a great question, Ed. So first of all, undeniably, that the platform of Shark Tank amplifies your business. Undeniable. Maybe in the first couple of seasons, but now just getting on Shark Tank is a big deal. So that's undeniable. It's funny, when I started my own business, there's two sage pieces of advice every smart person told me. It's not what you know, it's who you know. In order to make money, you need money. I had no money. My mom was a receptionist, my dad was a blue collar worker sweeping factory floors. I was screwed before I started and I believe that. And that was my mindset. And I thought as long as I'm great at what I do, people will find out. And I carried that for a while. And then one day I realized, no, that's not true. There is no thing as genius in the darkness of a basement. The world is not going to be the path to your door. You have to tell the world who you are. Now there's a line, I think a lot of social media people go too far. There's a line between branding, marketing, amplification and arrogance. So I don't think you have to be arrogant about it. But man, you got to market yourself. So yes, the world needs to know who you are and where to find you. Now the flip side of that is there's such a micro economy and all these things. If you sell a product geared to a very niche industry, it's easier to market to those people and they can find you. So for what you want to do, the world needs to know that's you.
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B
That's a great nuance right there. That's really good. I'm really glad we're doing this today, actually. This is such a good conversation. Do you feel that everyone could learn to be an entrepreneur or do you think some people. There's just. I feel like if you cut you open or you cut me open or you cut most entrepreneurs that have some success.
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Such a great question.
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You know, there's something in there. I don't know what it is. If it's a relentlessness or a hunger, I don't know what that thing is, but I don't know that. I don't know that everyone has that.
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What do you think everyone has that.
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Okay.
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A good friend of mine was a priest and he gave me a great. One of my best friends. And he said when I was going through a really, really rough time, I actually ended up living at the homeless shelter in Seattle for a while. That's a long story.
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B
Wow.
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And he was there and he said to me, you will never see anything in life as amazing as another human being. And I really believe that. And I believe if you cut me open, if you cut you open, if you cut everybody here open, everybody has that in them. What everybody doesn't have is the willingness to endure the pain that's required to get to those goals. Everybody wants to be successful. Very few people are willing to pay the price. So good. And it's so true. So good. So good. So good.
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A
When I was younger, I wanted to be rich. I mean, who doesn't want to be successful? Nobody wakes up purposely and says, I want my life to suck. That's a defense mechanism. Anybody who says to me, oh, you know, I wouldn't want that, that's a defense mechanism. But I think eventually you get to a point in your life where the pain of how you're living.
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B
Yeah.
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A
You're either willing to accept and, and complain or endure or you got to change it. I wasn't born an entrepreneur. I just, I just didn't want to live like I was living. Like I just. The pain of it was too great. And so you learn and you, you screw up and you're bad at it, but you keep going. So to your point. Yeah, it's in every. You don't have to be a great athlete. You know, we talked about Tom Brady before. I'm pretty sure Tom Brady was born with a certain physical skill set. I'm sure he worked really hard and was really determined. But to be an entrepreneur, you don't have to have any skill set. You don't have to be able to sing, you don't have to be able to dance. You don't have to have any physical ability. There's fat ones, skinny ones, good looking ones. I mean, it ranges the entire spectrum. The commonality is the willingness to endure pain for a greater purpose. And so if I cut you open, do you have a greater purpose? Are you doing it to make a paycheck? Because those things are very superficial.
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B
You're right.
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A
So if you want to make 100 grand, you're making 50. And then you get to 100 grand. What do you do? Then you change your goals to make 200. It's empty.
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B
It's funny, I wonder if this is you now too. I did it in the beginning. I wanted to be rich just like you said. But then I found out you better have a greater purpose through the dark times. Because the absence of that thing you want is going to endure for a really long time. So there have to be other reasons, right? As I've gotten a little bit older because you just said I don't sing or dance or anything to some extent. And I really like it this way. My entrepreneurial journey now is almost like my art form, my form of expression almost. In other words, I can't sing or dance, but the things that come with being an entrepreneur has sort of become like a form of expression for me. Teaching it, living it, coaching people, mentoring people.
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A
Interesting.
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B
I think I see that in you though too.
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A
Same like I find my ability to see the world and the disassociated pieces and have it come together. I think of that as an art form now. Now do I, Do I think that or because I'm not good at anything else? I think that maybe. But listen, I always say to my wife, who's an incredible artist, I mean, thank she is.
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B
That's right.
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A
God, I had no talent for singing because if I had even a little bit of talent, I'd be super broke. But happy singing Eagle songs in a bar.
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B
By the way, my son's here today and I've told him all this time I'm really. I don't have any great talent to fall back on. So I had to learn to really work hard. I mean, I think I have certain superpowers in terms of my strength or resiliency or those things. I think that's pretty.
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What is your. What is your greatest superpower?
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B
I was going to ask you yours, which is far more interesting than mine.
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I'm curious to see what you're going to say.
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B
Well, I got to tell you, maybe this sounds. I hope this sounds with the humility that I mean it to sound. I think it's my ability to connect with people and I love people. Meaning whether that's one on one in this sort of environment here or stage. Being on a stage and speaking or being in a boardroom or back in the day being able to sell. I think it's my ability to connect with people and sincerely believe in them. Like I sometimes my family will tell me one of my great strength is how much I believe in people, see them as they're going to be. And oftentimes they'll tell me, yeah, but dad, that's not who he is right now, you know, and so I think it's. I think that's probably my. I don't think I have super high iq. I think I have pretty good eq, though. I would say that it's very, very
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good with people, obviously. I mean, you're very engaging.
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B
What do you think yours is?
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Adaptability? 100%. I mean, I'm very good, but you
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B
are, you're tremendous with people.
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A
That was a skill set I had to learn because I was really bad at it. But the one thing I did have naturally, just through being beaten down all the time, was the ability to get up. And Damon and I talked about this. I think if you threw me in the middle of a jungle or in an environment I didn't know, I'm highly confident I would survive and figure out the game. So it's not about how you do. It's about, you know, what's the Muhammad Ali saying? It's not how many times you get knocked down, it's how quickly you get up. And the amount of pain and negativity that was thrown at me when I was starting out, never. I mean, it affected me, but never shook me to my core. It never stopped me from getting up the next day.
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B
You never quit? You never had this impulse at some point to go, hands up, done?
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A
No, never. I've had really crappy days. I've cried. I've been in physical pain because I was so scared, but it never stopped me. And I developed this mindset because it was so hard, that success wasn't about big steps. Success was one inch at a time. Yes. So on the days where it seemed like the world was against me, where the pain was so great that it was physical, as long as I Moved an inch, like even a half inch. Constant forward momentum. I've been saying that in my mind since I was 22 years old.
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B
I love you, brother. We're kindred spirits. My book, the last book I wrote, is called the Power of One More. And it's about being one more decision away. One step at a time, one day at a time. I got it from my dad. My dad got sober when I was 15. And remember when my dad got sober, I said, dad, you never going to drink again? And he said, eddie, I can't promise you that, but I can tell you I'm not going to drink for one more day at a time.
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Oh, my God, I love that.
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B
And when I was going to quit once, I was going to quit once, like all the evidence said I probably should. And my old man, wise in his sobriety, and my dad never made a ton of money in his life, but he was a confidant and a wise man. And he said, you know, just don't quit for one more day. Just wait till tomorrow.
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See how you feel about. It's funny. My dad was an alcoholic for many, many years. And I always remembered, and I'm the only kid, and, you know, we came here on a boat when I was eight years old, the whole nine yards.
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B
What a story.
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A
And I always remember my dad could never quit. And the consistency in his inability to quit was grand statements. I'm going to stop forever. I'm never going to do this. Like, every time, it was a big gesture. And I think that got ingrained with me when I started out in business. It'd be like, oh, we're gonna do blah. And you learn life is not about grand gestures. Life is about consistency. It's about all the stuff that people don't see. You know, it's like one day you wake up and you sell a business for 500 million or 10 million or whatever it is, and people think, wow. What they don't see is the 18 years, the 10 years of every little half inch of steps that took you to get there. It's hard.
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B
This is such a good conversation. By the way, just as a friend, I'll tell you, your face really changed when you said that about your dad.
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Oh, it was hard, man. Like, it was really like, I think, you know, we talked about purpose. And my dad was a complex, tough guy.
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B
So was mine.
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A
But what I realized somewhere in my 20s, because I started the business and it wasn't super successful, and I started getting envious. Not of others. I started getting envious of why not me? Why is that guy driving a Ferrari and not me? Why is it easier for them to get to 10 million? I'm stuck at 2 million. The why the envy. And then I just kind of sat back and I realized that my parents had given everything to me to have this opportunity. So when I couldn't do it for me because I wasn't focused enough, I said, I gotta become successful, whatever that meant then for them. My dad escaped the communist country at 37 years old with one suitcase, crossed the border to Italy, we came on a boat. He left the country with no money, didn't know anybody, and left his entire world to give me an opportunity. And there I am bitching about how hard I'm working. It just changed my entire filter. I mean, eventually you have to have deeper goals. But yeah.
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B
What an unbelievable answer. You have something that I love in people and I wonder if you aware that you have it and then maybe describe it your way. You are a very confident man. However, you carry a tremendous amount of humility with you. And I think it's one of the secret formulas for first off, good people and good friends, but also longevity in business. Let me tell you what I mean. You and I both know very confident people who don't have humility. They usually. They usually make a mistake at some point to blow themselves up financially or otherwise. Or they just don't have the sort of peace and happiness that I'd see in someone like you.
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I wouldn't agree with the first. I would definitely agree with the second. And there's a differentiation between success in business and success in life.
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B
That's what I'm referring to.
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Yeah, I know. And I think this is hard for most people because business is not always fair. I know not very nice people who are successful financially.
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B
Yes, right.
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I know not very nice people who've built big businesses.
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B
So do I.
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And I wouldn't want to have dinner with them, I wouldn't want to hang out with them. I don't want to associate with them. I respect that one narrow part of what they've done. But it's not a successful life.
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B
That's what I mean.
[29:56]
A
And what I'm. I always wanted to have a successful life, which means a certain amount of money. I mean, that's just the reality in America.
[30:04]
B
One of the boxes.
[30:05]
A
Yeah, you gotta have a certain amount of money. It doesn't have to be a billion, but it can be whatever you need. But if my kids hated me or my wife didn't love me, or if I was Never home. Like, why would any of that money matter?
[30:19]
B
That leads me to believe we do agree. We're just. I think you thought I meant just financial success.
[30:23]
A
I did, yeah.
[30:24]
B
Yeah. And I don't. You had that mentoring when you were young about how much people my mentor when I was young kept repeating to me. Cause I need simple concepts. He'd say, eddie, people matter. Things don't. People matter, things don't. And it's not that having things isn't great. You and I both have a lot of things, and that is cool to have things.
[30:41]
A
It is cool.
[30:42]
B
But I have found that that's not sustaining joy for me. Sustaining joy for me is the people in that home.
[30:47]
A
Same. It's so funny you say that, because people that don't know me always think I'm about, you know, the cars, because I used to race cars. And I love airplane. Like, I. I love to play.
[30:58]
B
Yeah.
[30:59]
A
But what I love more than the things is the joy of life. Like, you know, another thing my priest said, you can wake up every day and believe everything is a miracle, or you can wake up every day and believe nothing's a miracle. I am full of joy. You are. I love to play. I love my family. Like, I. Like I just go all the time. But I think I wasn't this. In my 20s or 30s. I was always full of joy. But I worked really hard to get here. Like, there's no balance for it.
[31:37]
B
Yeah. And that's the question. And so I think I know what you're going to say, but really, you know, pause for a second on this one. Is it worth it? And I know your initial reaction will be definitively, yes, and maybe after some thought, it will be as well. But what I mean by is it worth it? Is you and I are both, you know, we're not 23 anymore. It's a Saturday. We're in Boston today. We both travel a bunch. We're on the road a lot. There's a little scrutiny that comes with being a public person. Your phone blows up every single day, just like mine does. Right. And so there's a lot that comes with being an entrepreneur and continuing down that journey all the way, continuing to climb the metaphorical ladder of life. Do you ever evaluate, is this worth it at this pace? Cause you do seem to be very joyful and very happy. But if someone asks you that, like, truly, Robert, is this all worth it? Or was there a level where it was definitely worth it to there? But maybe there's diminishing returns beyond a potential point Gosh.
[32:34]
A
Great questions. Thank you. Yes, it's worth it. And I cannot not think it's worth it because I feel it would be disrespectful of me to feel that way to God, to the universe. I am so fortunate to be sitting here with you that. To say, oh, it was good until here and all the goodness that came with it, but now it's not good. Like, I just. I am so grateful for all of it. Some of it becomes uncomfortable after a certain point. Like, I've been on Shark Tank or a version of shark tank for 22 years.
[33:19]
B
My goodness.
[33:21]
A
And so, sure, I go out to Fenway 50 people want to take a picture. If I'm with my kids, is it uncomfortable? Would I want to do that? Not really. Do I do it with joy every single time? Yes, I do it with joy every single time. Because I don't know what my discomfort means to that person. I'll tell you. The other day, I did a speech in Phoenix, and like you, I'm done with the speech. I'm rushing out. And as I'm leaving, the sound guy is taking my mic off and he whispers to me, I'm really, really sorry, man. Like, can I get a picture? And, you know, last thing you want to do is take a picture after you've just spoken.
[34:08]
B
Adrenaline's pumping, right? Like.
[34:11]
A
And I'm like, I almost feel bad. I'm like, oh, man, sure. Right. And I take a picture and the guy's got a tear in his eye, and it's like, oh, thank you so much. You won't. You don't know what this means to my son.
[34:26]
B
Yeah.
[34:27]
A
And as I'm like, I'm like, great, thank you. I'm literally trying to get out the door. And he says, yeah, he just had brain surgery. Oh, my gosh. And so I stop and he shows me a picture. And it's this 10 year old kid, he's got half his scalp gone. He's in the hospital. So I'm like, let's call him.
[34:47]
B
Oh, I love you.
[34:48]
A
So we call him Ed. You should have seen the look on this kid's face. Like, so what? What did it take for me for that little level of discomfort and what did it mean to him?
[35:02]
B
Yeah.
[35:03]
A
And so I always think of every situation like that, you know, and I have friends. Oh, gosh, I wish I didn't have this much money. I wish I had less. And I'm like, it's. It's just the way you've managed your life. God bless you.
[35:17]
B
I'M so glad you're who you are. This is really good for me. No, I'm serious. I'm serious. I've done 900 or something conversations. You and I have met everybody I know when I'm in the presence of a really good man.
[35:29]
A
Thank you.
[35:29]
B
You're a really good man. You're obviously very smart and have had so much success, but you're good in your evidence, everyone that's listening or watching. Good things can happen to good people long term.
[35:40]
A
I do believe that to a point. People misunderstand that statement. I've always tried to be good. I've always tried to lead my life from a place of goodness. What I didn't understand is just because you're good doesn't mean you you lose the need to be strong. Uncovered windows can make your home feel up to 20 degrees hotter. Stay cool and save up to 45% off custom window treatments during the 4th of July VIP access sale at blinds.com from Outdoor Shades to room darkening blinds, finding the perfect fit is easy. Get free samples, expert design help and professional measure and install services or DIY it with confidence and support every step of the way. Shop up to 45% off site wide right now during the 4th of July VIP access sale@blinds.com this episode is brought
[36:37]
B
to you by State Farm. Listening to this podcast instead of doom
[36:40]
A
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help from one of State Farm's 19,000 local agents when you choose to bundle home and auto bundling. Just another way to save with the personal price plan. Prices are based on rating plans that vary by state. Coverage options are selected by the customer. Availability, amount of discounts, and savings and
[36:59]
A
eligibility vary by state. Just because I'm good doesn't mean that there aren't bad people out there. And I used to assume if I'm good, I don't need to protect myself against the bad. What I've learned in business is, dude, just because you're a good human being, you've got to build up your strengths physically, mentally, business wise. And when I started my business I was like, oh, he won't compete with me. I've had people steal from my company. I've had employees leave my company take my entire customer base. I've had people sue me like, just like you. I'm sure there's a lot of bad out there. It never changed who I am, but I've become stronger over the years.
[37:45]
B
By the way, I just had that conversation with my daughter who's getting into business and I said I don't like telling you this because I used to not view the world this way. But you do need to protect yourself. You need to be vigilant. And there are a lot of people that are going to try to do harm to you and hurt you, and you need to really work on your discernment. The mistake I made young and I told my daughters, I said, and I'm not saying I'm a perfect person, because Lord knows I am, definitively, definitely not. But I projected my own value system onto other people all the time.
[38:13]
A
I can't believe you're saying same.
[38:15]
B
Yeah.
[38:15]
A
I just assumed that the world would treat me like the world. And the way I'm treating the world.
[38:22]
B
Me too.
[38:23]
A
And for a while, I went through a phase where, like, maybe I'm not mean enough. Maybe I need to change.
[38:29]
B
Right.
[38:29]
A
And how often do people. I mean, probably not to you, but because of Kevin. People always say to me, oh, I couldn't be good in business because I'm not mean enough. Like, you don't have to be mean.
[38:38]
B
You don't have to be mean.
[38:39]
A
Yeah.
[38:40]
B
You have to be firm.
[38:40]
A
You have to be strong.
[38:41]
B
Yep. I totally agree with that. I've enjoyed today. I'm going to ask you one more question. This flew by, by the way. It flew by. We ought to do this, like, once a year together.
[38:50]
A
It would be great.
[38:52]
B
We're at a faith conference you and I are speaking at now. I'm just curious of everything in your life, if you don't mind me asking, what role or reliance have you had in your life on your faith? Has it helped you as an entrepreneur, as a father, as a husband, as a son, or any of it?
[39:07]
A
Yeah, I mean, I. It's been a journey. Same here. So I was an altar boy for many years. You were, too. And I think I got to a point because I was forced to do it. I didn't want to do it. And then I went through a phase where I became a convenient Christian, meaning when I needed God, I was a Christian. But when I felt I didn't need him, I wasn't a Christian. I mean, I was never bad. I just. My faith wavered. Yeah. I think I went through a really difficult time. And I got back to Christ during that. And I think it felt to me like I had nothing to give and I had no future and no hope. And he helped me. And then was I going to abandon him when things got better?
[40:24]
B
Wow.
[40:24]
A
And I think it really realigned me and brought me back to that foundation that I've always had. So I have a lot of faith. I mean, I never tried to force my faith on others, but I also don't let others undermine my faith.
[40:46]
B
Bro. There are so many similarities. I'm just.
[40:49]
A
I can't believe you're an altar boy.
[40:51]
B
Really?
[40:51]
A
Yeah. Yeah.
[40:51]
B
I'm just pondering in this town, by the way, I was pondering a lot of the things you said today. There's so much depth with you. I really do hope we do this more than another, you know, more than just today, because I really enjoyed it. It was good for me.
[41:06]
A
I appreciate you saying that.
[41:08]
B
Yeah, it really was good for me.
[41:09]
A
You have such a great platform. Thank you for hope.
[41:13]
B
Thank you.
[41:14]
A
I think what I love about your platform is that you give people real guidance and hope. Thank you. Because I think a lot of people try to talk down on business with a. Not reality. It's easy. And look at this. And look all the stuff you could get. But I think your platform is all about guidance and hope, and I think anybody can do it.
[41:39]
B
Thank you. I named our place here Hope Island.
[41:41]
A
You did?
[41:42]
B
For that reason, I want to bring hope to the world. I mean, this is like, a really synergistic conversation here today.
[41:46]
A
Would your kids say that you're a motivating person?
[41:52]
B
That's a great question. One of them's here. What would you say? Be honest.
[41:55]
A
Definitely.
[41:56]
B
Yes. Definitely what he said. Yes. But why? Why are you a motivating person?
[42:02]
A
I see how you transform others and
[42:04]
B
how you always carry yourself. Thank you.
[42:06]
A
Oh, my gosh. How you motivate is what I want to be like and how you carry yourself and serve others.
[42:12]
B
Thank you.
[42:12]
A
Okay. That's success.
[42:14]
B
Agreed. So would your kids say that?
[42:17]
A
My kids are seven. I know they're little, so the greatest moment I've had in the last few years. So my son's 7. He's got ADHD. He has a very difficult time with anxiety. So I was doing a speech in Vegas, and out of the blue, I said, you're coming with me. Good. So I put on a jacket, we hopped on the plane, we went to Vegas. You know, it's like, everybody wants to meet you. And big crowds were hard for him. He had to sit in the crowd with thousands of people. Sat there for an hour. And then afterwards, there's like a photo line. It was chaotic, like it always is, which is really hard for him to stay focused through it all. He comes up to me and he puts his hands on me, and he says, daddy, I'm so proud of you.
[43:02]
B
Oh, gosh.
[43:03]
A
I mean, I was like, high five.
[43:06]
B
It's no better than that because I think if you.
[43:10]
A
It's. It's the consistency of character. Agreed. Right. Agreed. Your son thinks you're motivating. I think you're motivated.
[43:17]
B
Thank you.
[43:18]
A
It's not because you're put on an act. It's the consistency of your character.
[43:21]
B
Yeah.
[43:21]
A
Thank you.
[43:22]
B
And I think you're motivating so good today. Anything you want to promote anywhere, send them.
[43:27]
A
No. Visit Australia. It's a great.
[43:31]
B
Well, at least go follow him on Instagram if you're not. I feel like there's probably a pretty big overlap between our world, so I'm sure most of them do. But please go follow Robert. Thank you for today.
[43:39]
A
Thank you.
[43:39]
B
It's tremendous. All right, everybody, I don't think I have to ask you to share this one. I'm pretty sure this one's getting shared everywhere, so God bless you. Max out your life.
[43:51]
A
This is the ed milan show. Ryan Reynolds here from Mint Mobile with a message for everyone Paying big wireless way too much. Please, for the love of everything good in this world, stop with Mint. You can get premium wireless for just $15 a month. Of course, if you enjoy overpaying. No judgments. But that's weird. Okay, one judgment anyway. Give it a try. @mintmobile.com Switch upfront payment of $45 for 3 month plan equivalent to $15 per month required.
[44:23]
B
Intro rate first 3 months only, then full price plan options available, taxes and fees extra. See full terms@mintmobile.com.

Summary6 min read

THE ED MYLETT SHOW
Episode: Robert Herjavec on The Truth About Success, Shark Tank, & Entrepreneurship
Date: June 30, 2026

Overview:

In this episode, Ed Mylett welcomes Shark Tank star, entrepreneur, and author Robert Herjavec for a deep and insightful conversation. They explore the realities of entrepreneurship, the impact of Shark Tank, investment philosophies, personal growth, and the role of faith and family in lasting success. The discussion is candid, warm, and filled with actionable wisdom for anyone seeking to understand what it truly takes to create value and lead a fulfilling life and business.

Key Discussion Points & Insights

1. The Future of Work, AI, and Trades

[03:16–06:02]

AI & Technological Revolution: Robert emphasizes that we are entering the "greatest technology revolution in our lifetime," predicting massive change, winners and losers, and a discomforting transition over the next 3–5 years. (03:16)

"AI will transform everything... there'll be huge winners and big losers." — Robert Herjavec [03:32]
Jobs at Risk: He cautions against careers based on repetitive, administrative tasks (e.g., law clerks, research analysts), as these are susceptible to automation.
Trades Are Thriving: Conversely, trades like plumbing and mechanical work will see increased earning potential since "it can't be replicated with AI" (yet), and human relationships/diagnostics are irreplaceable.

"The art of plumbing is understanding the infrastructure of a house..." — Robert Herjavec [05:28]
Human Connection: As tasks become automated, the value of building real relationships will increase in importance.

2. Shark Tank's Double-Edged Sword

[07:28–10:53]

Making Entrepreneurship Accessible: The show has demystified business, teaching the language of entrepreneurship.

"It's taught America the language of business." — Robert Herjavec [07:56]
Two Main Downsides:
- Chasing Wealth Over Purpose: Social media glamorizes financial success without showing the effort behind it.
  
  "We have made the pursuit of wealth seem like that's the goal of business." — Robert Herjavec [08:19]
- Premature Capital Raising: Many now rush to raise outside capital instead of focusing on cashflow, often giving away too much equity.
  
  "Kid, if you ever start a business, your only payback is your equity. Hang on to as much as you can, as long as you can." — Warren Davis via Robert [09:49]
Most successful companies Robert has built were self-funded.

3. The Reality of Investing and Exit Windfalls

[10:53–13:25]

Owning vs. Raising: Robert reveals that on Shark Tank, the primary goal is to help entrepreneurs with guidance, not just capital, as most businesses need mentorship more than funding.
Dilution & Exits: Many misunderstand that publicized exits don’t always reflect the founder's real payday due to dilution and debt.

4. Branding, Influence, and Social Media

[13:36–16:21]

Who Knows You: Exposure through platforms like Shark Tank can amplify business, but personal branding is crucial in most fields.

"There is no such thing as genius in the darkness of a basement... you have to tell the world who you are." — Robert Herjavec [15:01]
Avoid arrogance; let marketing and amplification be authentic and audience-specific.

5. Are Entrepreneurs Born or Made?

[16:21–17:59]

Innate Drive vs. Pain Tolerance: While everyone possesses potential, not all are willing to endure the necessary pain.

"Everybody wants to be successful. Very few people are willing to pay the price." — Robert Herjavec [17:46]
Success comes from willingness to endure hardship for a greater purpose (not just the paycheck).

6. Purpose and Motivation

[18:50–22:09]

Purpose Beyond Wealth: Both Ed and Robert started with a desire for financial security, but lasting fulfillment comes from deeper goals—family, expression, legacy.

"You don't have to be a great athlete... The commonality is the willingness to endure pain for a greater purpose." — Robert Herjavec [19:15]

7. Resilience and Superpowers

[22:09–24:59]

Superpowers: Ed sees his ability to connect and believe in people as his greatest strength, while Robert identifies adaptability and relentless persistence.

"Success wasn't about big steps. Success was one inch at a time." — Robert Herjavec [24:10] "Constant forward momentum. I've been saying that in my mind since I was 22 years old." — Robert Herjavec [24:43]

8. Family, Sacrifice, and Immigrant Drive

[25:39–28:29]

Robert shares his family’s tough journey escaping communism and starting anew, using their sacrifices as motivation during tough times.

"My dad escaped the communist country at 37 years old with one suitcase... He left his entire world to give me an opportunity." — Robert Herjavec [27:19]

9. Humility, Goodness, and Strength

[28:29–38:39]

Confident Humility: Ed admires Robert's mix of confidence and humility, observing its role in fulfilling, lasting success.
Strength with Kindness: Robert underscores that while being good is vital, you also need to be strong, discerning, and sometimes firm in business—even as you keep your values.

"Just because you're good doesn't mean you lose the need to be strong." — Robert Herjavec [35:39] "You have to be firm. You have to be strong." — Ed Mylett [38:39]

10. Faith and Guidance

[38:51–40:46]

Faith’s Role: Both recount their faith journeys, with Robert crediting Christianity—and a return to faith during hard times—for grounding and helping him.

"I was a convenient Christian, meaning when I needed God, I was a Christian. But when I felt I didn't need him, I wasn't...I got back to Christ during that." — Robert Herjavec [39:07]
Values are refused to be undermined no matter external influences.

11. Success Defined by Family & Character

[41:17–43:09]

What Kids See: Both reflect on how their children view their legacy, with a touching anecdote from Robert’s son:

"He comes up to me and he puts his hands on me, and he says, daddy, I'm so proud of you." — Robert Herjavec [43:01]
Consistency of Character: True motivation and impact come from consistent, genuine character in public and private.

Notable Quotes & Memorable Moments

On AI & Trades:

"The art of plumbing is understanding the infrastructure of a house... And I also think human relationships become more valuable." — Robert Herjavec [05:28]

On Purpose of Business:

"We have made the pursuit of wealth seem like that's the goal of business... That is not the purpose of business." — Robert Herjavec [08:19]

On Branding and Exposure:

"There is no such thing as genius in the darkness of a basement... you have to tell the world who you are." — Robert Herjavec [15:01]

On Endurance:

"Everybody wants to be successful. Very few people are willing to pay the price." — Robert Herjavec [17:46]

On Success:

"Success wasn't about big steps. Success was one inch at a time." — Robert Herjavec [24:10]

On Goodness and Strength:

"Just because you're good doesn't mean you lose the need to be strong." — Robert Herjavec [35:39]

On Faith:

"When I needed God, I was a Christian. But when I felt I didn't need him, I wasn't...I got back to Christ during that." — Robert Herjavec [39:07]

Major Timestamps

[03:16] Technological revolution: AI and trades
[07:28] Shark Tank's positive and negative impact on entrepreneurship
[13:36] Branding: "Who knows you" vs. "who you know"
[16:21] Born or made entrepreneurs; pain tolerance
[22:09] Defining superpowers; adaptability and resilience
[25:39] Immigrant story—family, sacrifice, and purpose
[28:29] Humility, confidence, and true long-term success
[35:39] "Goodness" and strength in business
[39:07] The role of faith in Robert's journey
[43:01] The powerful moment: Robert’s son says, "I'm so proud of you"

Tone and Takeaways

The episode is a blend of hard-won wisdom and personal warmth, with both Ed and Robert candidly discussing the grind behind the glamor, the importance of humility and goodness, and why deeper purpose and relationships matter most—both in entrepreneurship and in life. Listeners gain actionable advice on business, leadership, branding, and self-growth, all grounded in lived experience and sincere conversation.

Loading summary

Transcript214 lines

[00:00]
A
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[01:03]
A
This is the Ed Milan show.
[01:06]
B
Welcome back to the show, everybody. It's, it's odd to introduce this person because all of you know who he is, but since some of you are listening on audio and can't see him. What I think? Oh, it's just a fact. I think of a serial entrepreneur. I think of somebody who, I'm going to tell you what I see in you from a distance. Having we just met, I like the fact that you treat people so kindly when you give real feedback. I think you're like the kind shark, the one with real wisdom and poise. There's like an elegance about the way that you communicate. And by the way, that's why he's such a great speaker on stage. So if you've seen him on Shark Tank, you've seen him there. He's a tremendous stage speaker, best selling author, serial entrepreneur. But overall he is somebody that I've admired from a distance for a very long time. And I want to have a different type of conversation today. So I'm looking to get into the brain of Robert Herjavec. Welcome to the show.
[01:56]
A
Thank you very much. Incredible intro. You're way too kind. It's true. And you know, people always say to me when they meet me, you're, you're the nice one, you're the tall one, you're the good looking one, you're the tall one. Well, relative to Kevin and Damon, all this other stuff, not relative to Mark. And I always say it's a very low bar on the show. You know, it's funny, I did the Australian version of Shark Tank.
[02:22]
B
Yeah.
[02:23]
A
And in Australia, I'm the mean One
[02:24]
B
you are, you're the Simon Cowell of
[02:26]
A
the Australia because they're so nice there.
[02:28]
B
Well, you know the one thing too, I want to tell you, and I'm saying this off camera to you, you look great. Which we should talk about towards the end today. Like, I've watched you over the years, you look better than when the show started. So I want to kind of pick your brain about a little of that too. But when I got you here, I want to talk mainly about business and love business. I want your mind a little bit around this. You got the cybersecurity background, you've had exit, you've invested in all kinds of different businesses. It's no secret. We're in this era of real innovation and it's accelerating now. Right. And so you have guys that are in the trades now, aren't earning doctors in some cases. And I'm wondering from a business perspective, if you were to advise somebody where they're deploying time and capital, what are the places you would say you're spinning your wheels there. This is not going to go. And what are the industries or places overall that you go? I think there's a bright future there.
[03:16]
A
Yeah. So I obviously, my background is cybersecurity. I've been doing it since I was 21, just kind of fell into it. But in the last few years, I've really gotten very deep into AI. So I think we're going through a technological revolution that'll be the greatest technology revolution in our lifetime. And I was there at the beginning of the Internet and I thought, in my lifetime, the Internet AI will transform everything. And just like anything, just like business, there'll be huge winners and big losers. And I think it's going to be very uncomfortable for the next three to five years. The places that I would stay away from are anything that's repetitive, anything that's mundane.
[04:05]
B
What do you mean? Give me an example, if you don't mind.
[04:07]
A
Law clerks. You know, the basis of law clerks, law at a lower. So if you think of a typical law firm, you've got clerks, you've got research analysts, and then you've got the lawyers up top. Everything up to the actual litigator, the relationship component is going to get outsourced by him. Case studies, what does it mean, all of that kind of stuff. So any kind of those administrative type tasks, hugely valuable. But the key used to be who can find the best research. That's no longer a competitive advantage. On the flip side, anything that is mechanical plumbers, I'm with you. You said earlier, plumbers are earning doctors. I think you're going to see trades double in income over the next five to 10 years because, number one, so few people want to do them.
[05:01]
B
That's right.
[05:01]
A
And it can't be replicated with AI.
[05:04]
B
Is that a yet? Is that a yet? It can't be replicated with AI. Could you see a day where I have a guy right now that's exiting that I coach and he'll actually be on the show, so I'll wait to have him on, but he's having a billion dollar exit from the trades, garage door, plumbing, things like that. And I asked him, I said, you know, right now those are safe. Do you see a day where there's some sort of robotics doing even that type of work? I'm just curious what you would think about that.
[05:28]
A
No, he'll never. It'll never happen. And I'm hesitating with the never because I think certain tasks up to the actual work can be replicated. The scheduling, the timing, the customer service. But that's not plumbing. The art of plumbing is understanding the infrastructure of a house.
[05:48]
B
Good point.
[05:48]
A
What's going on? That kind of stuff.
[05:50]
B
Good point.
[05:50]
A
And I also think human relationships become more valuable.
[05:55]
B
I agree.
[05:56]
A
The guy or girl who can sit down, talk to people, build a bond. AI is never going to replace that boy.
[06:03]
B
I thoroughly agree with that. I just did a whole coaching call on it. I've had most of the sharks on, fortunately.
[06:09]
A
Yeah, I've had Barbara on.
[06:10]
B
I've had Barbara on. I love Barbara.
[06:12]
A
I love Barbara.
[06:12]
B
Yeah, she kind of flirted.
[06:13]
A
She was just on my plane. She flirted on? Yeah, yeah. She just flew on my plane this morning from Miami.
[06:18]
B
Oh, she did?
[06:19]
A
And I'm like, how dare you use my plane.
[06:21]
B
I think she's wonderful. I think she. No pun intended. I enjoyed our conversation and I did her show too. But I've asked them all this and I reached this conclusion. This is a hard question. I love Shark Tank. It's been so good to bring entrepreneurship front and center in the world. Right. And it's made it a cool thing to do. It's made it something that more and more people are intrigued by. I think it's less mysterious than it used to be. But I wonder your thought. And I asked Damon this. I don't feel like he answered it completely sometimes. I think it's done a little damage in this sense. So just stay with me and I want your feedback on it. Everyone thinks they're an angel investor now. There's so many people I know that have frankly lost a lot of money. It's also made entrepreneurs that are startups in a big hurry to raise money all the time prematurely, it seems like to me. And I'm wondering if most people wouldn't be more successful redeploying their capital in their own business or in something they understand and control and not so much angel stuff or VC type investing all the time because so much risk is associated with it. And I wonder if everyone understands that from watching the show.
[07:29]
A
So, best comment about Shark Tank anybody's ever said to me. I mean, really, really astute of you. First of all, undeniable what Shark Tank's done for America, right? And globally. And the show runs in 54 countries. You know, I'm the George Clooney of Portugal. It's great. It's demystified being an entrepreneur. It's. It's taught America the language of business. I mean, think about it. I had never met anybody who'd started a business until I was 26 years old.
[08:03]
B
Likewise.
[08:04]
A
And then I was like, you own the business, like the government, like, wow, all of those things are positives. There's two negatives of the show. And by the way, the positives far outweigh the negatives.
[08:19]
B
I agree.
[08:19]
A
But there are two negatives and the first one is a general negative. With social media, we have made it. We have made the pursuit of wealth seem like that's the goal of business and we have made it seem like it's easy. And so you look at these social influencers, they're flying around in a private jet and they've got a Lamborghini and there's all kinds of people that are, look at me, I'm successful on my jet and on my fancy car.
[08:51]
B
Yes.
[08:52]
A
That is not the purpose of business. It is very rare, in my opinion, that I've met people who have built great businesses for a bigger paycheck.
[09:01]
B
You're right.
[09:02]
A
There's nothing wrong with money. And I love money and I love toys and I love to spend it, but I love creating value, not just for customers, but for the people I employ. So that's the downside, because it seems so accessible. It's made it seem easy for the wrong reason. The second part of it, as you say, is like, I just had lunch with somebody yesterday. They wanted me to go into their business with him. And I was thinking of maybe I'll go in as a partner and buy 50% of it. And the guy's telling me about it and he's like, you know, we'll get it up to, like, 10 million arrows, and then we'll raise equity. And I'm like, why do we need to raise money?
[09:43]
B
Right, right.
[09:45]
A
And he looks at me, goes, well, you know, we could go out and raise 50, 100.
[09:49]
B
That's what you do, right?
[09:50]
A
Yes. I think, why wouldn't we just fund it? Like, why won't we just use the cash flow from the business to fund it? And that is the downside of our show is I think I used to work for Warren Davis, the guy who started Avis Rent a Car. And he was this old, scraggly guy, and I was just a young kid, didn't know anything. But he gave me an incredible piece of advice. He said, kid, if you ever start a business, your only payback is your equity. Yeah. Hang on to as much as you can, as long as you can. And on Shark Tank, people are giving up 40%. Like, why would you start a business and give up that much equity?
[10:31]
B
I know.
[10:32]
A
So I'm with you.
[10:33]
B
Okay.
[10:34]
A
But in the light of having ignorance and understanding business, there's far greater good than bad. But. And Kevin and I argue about this all the time. Every business I've sold, I owned 100% of.
[10:51]
B
There you go.
[10:52]
A
I funded it with credit cards.
[10:53]
B
There you go.
[10:54]
A
The other thing is, if you ever watch the show, people come on and they'll say, I use my house as collateral. And the shark's like, oh. Oh, my God. And I'm thinking, every business, I started
[11:05]
B
thinking, I love that. Exactly.
[11:06]
A
I love that.
[11:07]
B
Right. I do, too.
[11:08]
A
Because if it didn't work, it was my ass on the line. Yes. I have no problem.
[11:12]
B
We had the guy on recently. I feel bad that I'm not remembering his name, but he was the president of Tesla for about a decade. And he shocked me on the show, saying that they. They ran the company for a decade on three months operating cash. And I thought. And his theory with him and Elon was that that kept them lean and mean. It made them. They had to make strategic decisions all the time of where to deploy capital. But I'm sure they could go into reserves when they needed to. But the point was, it wasn't r cash all the time from raising money from people, and sort of sometimes it can dilute the value. I think a lot of people don't even know what the term dilution means. You hear someone exited their company for. That's the other thing on social media, so. And so had an exit for $60 million or 100 million. You don't know how many other investors there were. You don't know what their debt was. You don't know a lot. Right. And that's one of the things that concerns me, too. But I love. I love the show. I asked Damon this and Barbara, so I'll ask you, would you be wealthier had you not ever invested in any of the shows on Shark Tank and taken that capital and just deployed it in businesses that you controlled completely yourself?
[12:13]
A
At the risk of sounding incredibly arrogant, it's such a small amount of money relative to what I deploy. That. No, not really.
[12:22]
B
I don't think that sounds arrogant.
[12:24]
A
But I think the primary goal of Shark Tank, if all the sharks are being honest, is. And there have been some huge winners and I've had a couple of big winners, but really it's to help entrepreneurs. Most businesses that come on the show don't need the money. They need help. You know, when you're starting out and you're 0,5 million, 10 million is 500,000, 200,000, is it going to change the course? What you need is guidance. Which way do I go? Money wouldn't have helped me grow my business faster. If I look, I mean, my last company, I built it to what we were about 400 million from zero with my own money. Awesome. Would I have grown it faster if I had an investor? Absolutely not. Would I have grown it faster if I knew what I know now? Absolutely. Like if I had you sitting there with me or Mark or somebody along the way, it would be a bigger business.
[13:26]
B
See what I thought you were going to say there? By the way, again, just acknowledge. I agree that finding. There's that Chinese proverb, if you want to know the road ahead, ask those coming back. Right. To find somebody.
[13:36]
A
I've never heard.
[13:37]
B
It's good.
[13:37]
A
Right.
[13:38]
B
And so have some sense of direction. But what I thought you were going to say, because I do think there's a lesson in this day and age. You and I are both feeling the same way about the influencer entrepreneur space. It concerns me about people not understanding how hard it is and how long the hours can be. And I. Here's what I think. I thought you were going to say. One of the keys for the show is that they're getting exposure through the show. Undeniable and relationship or connections that you all have. And the lesson in that to me and I want to ask you about this is business, when I was growing up was more about who you know. And I feel like now in this age, it's almost Sometimes. Sometimes who knows you, right? And so do you. Would you give someone advice that's listening today to be growing their brand online or do you think that's industry specific where someone should be working on growing their brand in notoriety?
[14:30]
A
Gosh, that's such a great question, Ed. So first of all, undeniably, that the platform of Shark Tank amplifies your business. Undeniable. Maybe in the first couple of seasons, but now just getting on Shark Tank is a big deal. So that's undeniable. It's funny, when I started my own business, there's two sage pieces of advice every smart person told me. It's not what you know, it's who you know. In order to make money, you need money. I had no money. My mom was a receptionist, my dad was a blue collar worker sweeping factory floors. I was screwed before I started and I believe that. And that was my mindset. And I thought as long as I'm great at what I do, people will find out. And I carried that for a while. And then one day I realized, no, that's not true. There is no thing as genius in the darkness of a basement. The world is not going to be the path to your door. You have to tell the world who you are. Now there's a line, I think a lot of social media people go too far. There's a line between branding, marketing, amplification and arrogance. So I don't think you have to be arrogant about it. But man, you got to market yourself. So yes, the world needs to know who you are and where to find you. Now the flip side of that is there's such a micro economy and all these things. If you sell a product geared to a very niche industry, it's easier to market to those people and they can find you. So for what you want to do, the world needs to know that's you.
[16:21]
B
That's a great nuance right there. That's really good. I'm really glad we're doing this today, actually. This is such a good conversation. Do you feel that everyone could learn to be an entrepreneur or do you think some people. There's just. I feel like if you cut you open or you cut me open or you cut most entrepreneurs that have some success.
[16:41]
A
Such a great question.
[16:42]
B
You know, there's something in there. I don't know what it is. If it's a relentlessness or a hunger, I don't know what that thing is, but I don't know that. I don't know that everyone has that.
[16:53]
A
What do you think everyone has that.
[16:56]
B
Okay.
[16:59]
A
A good friend of mine was a priest and he gave me a great. One of my best friends. And he said when I was going through a really, really rough time, I actually ended up living at the homeless shelter in Seattle for a while. That's a long story.
[17:17]
B
Wow.
[17:17]
A
And he was there and he said to me, you will never see anything in life as amazing as another human being. And I really believe that. And I believe if you cut me open, if you cut you open, if you cut everybody here open, everybody has that in them. What everybody doesn't have is the willingness to endure the pain that's required to get to those goals. Everybody wants to be successful. Very few people are willing to pay the price. So good. And it's so true. So good. So good. So good.
[17:59]
B
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A
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B
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A
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B
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A
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[18:46]
B
Compatibility and availability varies. 18.
[18:50]
A
When I was younger, I wanted to be rich. I mean, who doesn't want to be successful? Nobody wakes up purposely and says, I want my life to suck. That's a defense mechanism. Anybody who says to me, oh, you know, I wouldn't want that, that's a defense mechanism. But I think eventually you get to a point in your life where the pain of how you're living.
[19:15]
B
Yeah.
[19:16]
A
You're either willing to accept and, and complain or endure or you got to change it. I wasn't born an entrepreneur. I just, I just didn't want to live like I was living. Like I just. The pain of it was too great. And so you learn and you, you screw up and you're bad at it, but you keep going. So to your point. Yeah, it's in every. You don't have to be a great athlete. You know, we talked about Tom Brady before. I'm pretty sure Tom Brady was born with a certain physical skill set. I'm sure he worked really hard and was really determined. But to be an entrepreneur, you don't have to have any skill set. You don't have to be able to sing, you don't have to be able to dance. You don't have to have any physical ability. There's fat ones, skinny ones, good looking ones. I mean, it ranges the entire spectrum. The commonality is the willingness to endure pain for a greater purpose. And so if I cut you open, do you have a greater purpose? Are you doing it to make a paycheck? Because those things are very superficial.
[20:28]
B
You're right.
[20:29]
A
So if you want to make 100 grand, you're making 50. And then you get to 100 grand. What do you do? Then you change your goals to make 200. It's empty.
[20:39]
B
It's funny, I wonder if this is you now too. I did it in the beginning. I wanted to be rich just like you said. But then I found out you better have a greater purpose through the dark times. Because the absence of that thing you want is going to endure for a really long time. So there have to be other reasons, right? As I've gotten a little bit older because you just said I don't sing or dance or anything to some extent. And I really like it this way. My entrepreneurial journey now is almost like my art form, my form of expression almost. In other words, I can't sing or dance, but the things that come with being an entrepreneur has sort of become like a form of expression for me. Teaching it, living it, coaching people, mentoring people.
[21:18]
A
Interesting.
[21:19]
B
I think I see that in you though too.
[21:21]
A
Same like I find my ability to see the world and the disassociated pieces and have it come together. I think of that as an art form now. Now do I, Do I think that or because I'm not good at anything else? I think that maybe. But listen, I always say to my wife, who's an incredible artist, I mean, thank she is.
[21:45]
B
That's right.
[21:45]
A
God, I had no talent for singing because if I had even a little bit of talent, I'd be super broke. But happy singing Eagle songs in a bar.
[21:55]
B
By the way, my son's here today and I've told him all this time I'm really. I don't have any great talent to fall back on. So I had to learn to really work hard. I mean, I think I have certain superpowers in terms of my strength or resiliency or those things. I think that's pretty.
[22:09]
A
What is your. What is your greatest superpower?
[22:12]
B
I was going to ask you yours, which is far more interesting than mine.
[22:16]
A
I'm curious to see what you're going to say.
[22:18]
B
Well, I got to tell you, maybe this sounds. I hope this sounds with the humility that I mean it to sound. I think it's my ability to connect with people and I love people. Meaning whether that's one on one in this sort of environment here or stage. Being on a stage and speaking or being in a boardroom or back in the day being able to sell. I think it's my ability to connect with people and sincerely believe in them. Like I sometimes my family will tell me one of my great strength is how much I believe in people, see them as they're going to be. And oftentimes they'll tell me, yeah, but dad, that's not who he is right now, you know, and so I think it's. I think that's probably my. I don't think I have super high iq. I think I have pretty good eq, though. I would say that it's very, very
[23:03]
A
good with people, obviously. I mean, you're very engaging.
[23:07]
B
What do you think yours is?
[23:08]
A
Adaptability? 100%. I mean, I'm very good, but you
[23:13]
B
are, you're tremendous with people.
[23:14]
A
That was a skill set I had to learn because I was really bad at it. But the one thing I did have naturally, just through being beaten down all the time, was the ability to get up. And Damon and I talked about this. I think if you threw me in the middle of a jungle or in an environment I didn't know, I'm highly confident I would survive and figure out the game. So it's not about how you do. It's about, you know, what's the Muhammad Ali saying? It's not how many times you get knocked down, it's how quickly you get up. And the amount of pain and negativity that was thrown at me when I was starting out, never. I mean, it affected me, but never shook me to my core. It never stopped me from getting up the next day.
[24:07]
B
You never quit? You never had this impulse at some point to go, hands up, done?
[24:11]
A
No, never. I've had really crappy days. I've cried. I've been in physical pain because I was so scared, but it never stopped me. And I developed this mindset because it was so hard, that success wasn't about big steps. Success was one inch at a time. Yes. So on the days where it seemed like the world was against me, where the pain was so great that it was physical, as long as I Moved an inch, like even a half inch. Constant forward momentum. I've been saying that in my mind since I was 22 years old.
[24:59]
B
I love you, brother. We're kindred spirits. My book, the last book I wrote, is called the Power of One More. And it's about being one more decision away. One step at a time, one day at a time. I got it from my dad. My dad got sober when I was 15. And remember when my dad got sober, I said, dad, you never going to drink again? And he said, eddie, I can't promise you that, but I can tell you I'm not going to drink for one more day at a time.
[25:20]
A
Oh, my God, I love that.
[25:21]
B
And when I was going to quit once, I was going to quit once, like all the evidence said I probably should. And my old man, wise in his sobriety, and my dad never made a ton of money in his life, but he was a confidant and a wise man. And he said, you know, just don't quit for one more day. Just wait till tomorrow.
[25:39]
A
See how you feel about. It's funny. My dad was an alcoholic for many, many years. And I always remembered, and I'm the only kid, and, you know, we came here on a boat when I was eight years old, the whole nine yards.
[25:51]
B
What a story.
[25:51]
A
And I always remember my dad could never quit. And the consistency in his inability to quit was grand statements. I'm going to stop forever. I'm never going to do this. Like, every time, it was a big gesture. And I think that got ingrained with me when I started out in business. It'd be like, oh, we're gonna do blah. And you learn life is not about grand gestures. Life is about consistency. It's about all the stuff that people don't see. You know, it's like one day you wake up and you sell a business for 500 million or 10 million or whatever it is, and people think, wow. What they don't see is the 18 years, the 10 years of every little half inch of steps that took you to get there. It's hard.
[26:50]
B
This is such a good conversation. By the way, just as a friend, I'll tell you, your face really changed when you said that about your dad.
[26:57]
A
Oh, it was hard, man. Like, it was really like, I think, you know, we talked about purpose. And my dad was a complex, tough guy.
[27:07]
B
So was mine.
[27:07]
A
But what I realized somewhere in my 20s, because I started the business and it wasn't super successful, and I started getting envious. Not of others. I started getting envious of why not me? Why is that guy driving a Ferrari and not me? Why is it easier for them to get to 10 million? I'm stuck at 2 million. The why the envy. And then I just kind of sat back and I realized that my parents had given everything to me to have this opportunity. So when I couldn't do it for me because I wasn't focused enough, I said, I gotta become successful, whatever that meant then for them. My dad escaped the communist country at 37 years old with one suitcase, crossed the border to Italy, we came on a boat. He left the country with no money, didn't know anybody, and left his entire world to give me an opportunity. And there I am bitching about how hard I'm working. It just changed my entire filter. I mean, eventually you have to have deeper goals. But yeah.
[28:29]
B
What an unbelievable answer. You have something that I love in people and I wonder if you aware that you have it and then maybe describe it your way. You are a very confident man. However, you carry a tremendous amount of humility with you. And I think it's one of the secret formulas for first off, good people and good friends, but also longevity in business. Let me tell you what I mean. You and I both know very confident people who don't have humility. They usually. They usually make a mistake at some point to blow themselves up financially or otherwise. Or they just don't have the sort of peace and happiness that I'd see in someone like you.
[29:09]
A
I wouldn't agree with the first. I would definitely agree with the second. And there's a differentiation between success in business and success in life.
[29:20]
B
That's what I'm referring to.
[29:21]
A
Yeah, I know. And I think this is hard for most people because business is not always fair. I know not very nice people who are successful financially.
[29:33]
B
Yes, right.
[29:35]
A
I know not very nice people who've built big businesses.
[29:39]
B
So do I.
[29:40]
A
And I wouldn't want to have dinner with them, I wouldn't want to hang out with them. I don't want to associate with them. I respect that one narrow part of what they've done. But it's not a successful life.
[29:55]
B
That's what I mean.
[29:56]
A
And what I'm. I always wanted to have a successful life, which means a certain amount of money. I mean, that's just the reality in America.
[30:04]
B
One of the boxes.
[30:05]
A
Yeah, you gotta have a certain amount of money. It doesn't have to be a billion, but it can be whatever you need. But if my kids hated me or my wife didn't love me, or if I was Never home. Like, why would any of that money matter?
[30:19]
B
That leads me to believe we do agree. We're just. I think you thought I meant just financial success.
[30:23]
A
I did, yeah.
[30:24]
B
Yeah. And I don't. You had that mentoring when you were young about how much people my mentor when I was young kept repeating to me. Cause I need simple concepts. He'd say, eddie, people matter. Things don't. People matter, things don't. And it's not that having things isn't great. You and I both have a lot of things, and that is cool to have things.
[30:41]
A
It is cool.
[30:42]
B
But I have found that that's not sustaining joy for me. Sustaining joy for me is the people in that home.
[30:47]
A
Same. It's so funny you say that, because people that don't know me always think I'm about, you know, the cars, because I used to race cars. And I love airplane. Like, I. I love to play.
[30:58]
B
Yeah.
[30:59]
A
But what I love more than the things is the joy of life. Like, you know, another thing my priest said, you can wake up every day and believe everything is a miracle, or you can wake up every day and believe nothing's a miracle. I am full of joy. You are. I love to play. I love my family. Like, I. Like I just go all the time. But I think I wasn't this. In my 20s or 30s. I was always full of joy. But I worked really hard to get here. Like, there's no balance for it.
[31:37]
B
Yeah. And that's the question. And so I think I know what you're going to say, but really, you know, pause for a second on this one. Is it worth it? And I know your initial reaction will be definitively, yes, and maybe after some thought, it will be as well. But what I mean by is it worth it? Is you and I are both, you know, we're not 23 anymore. It's a Saturday. We're in Boston today. We both travel a bunch. We're on the road a lot. There's a little scrutiny that comes with being a public person. Your phone blows up every single day, just like mine does. Right. And so there's a lot that comes with being an entrepreneur and continuing down that journey all the way, continuing to climb the metaphorical ladder of life. Do you ever evaluate, is this worth it at this pace? Cause you do seem to be very joyful and very happy. But if someone asks you that, like, truly, Robert, is this all worth it? Or was there a level where it was definitely worth it to there? But maybe there's diminishing returns beyond a potential point Gosh.
[32:34]
A
Great questions. Thank you. Yes, it's worth it. And I cannot not think it's worth it because I feel it would be disrespectful of me to feel that way to God, to the universe. I am so fortunate to be sitting here with you that. To say, oh, it was good until here and all the goodness that came with it, but now it's not good. Like, I just. I am so grateful for all of it. Some of it becomes uncomfortable after a certain point. Like, I've been on Shark Tank or a version of shark tank for 22 years.
[33:19]
B
My goodness.
[33:21]
A
And so, sure, I go out to Fenway 50 people want to take a picture. If I'm with my kids, is it uncomfortable? Would I want to do that? Not really. Do I do it with joy every single time? Yes, I do it with joy every single time. Because I don't know what my discomfort means to that person. I'll tell you. The other day, I did a speech in Phoenix, and like you, I'm done with the speech. I'm rushing out. And as I'm leaving, the sound guy is taking my mic off and he whispers to me, I'm really, really sorry, man. Like, can I get a picture? And, you know, last thing you want to do is take a picture after you've just spoken.
[34:08]
B
Adrenaline's pumping, right? Like.
[34:11]
A
And I'm like, I almost feel bad. I'm like, oh, man, sure. Right. And I take a picture and the guy's got a tear in his eye, and it's like, oh, thank you so much. You won't. You don't know what this means to my son.
[34:26]
B
Yeah.
[34:27]
A
And as I'm like, I'm like, great, thank you. I'm literally trying to get out the door. And he says, yeah, he just had brain surgery. Oh, my gosh. And so I stop and he shows me a picture. And it's this 10 year old kid, he's got half his scalp gone. He's in the hospital. So I'm like, let's call him.
[34:47]
B
Oh, I love you.
[34:48]
A
So we call him Ed. You should have seen the look on this kid's face. Like, so what? What did it take for me for that little level of discomfort and what did it mean to him?
[35:02]
B
Yeah.
[35:03]
A
And so I always think of every situation like that, you know, and I have friends. Oh, gosh, I wish I didn't have this much money. I wish I had less. And I'm like, it's. It's just the way you've managed your life. God bless you.
[35:17]
B
I'M so glad you're who you are. This is really good for me. No, I'm serious. I'm serious. I've done 900 or something conversations. You and I have met everybody I know when I'm in the presence of a really good man.
[35:29]
A
Thank you.
[35:29]
B
You're a really good man. You're obviously very smart and have had so much success, but you're good in your evidence, everyone that's listening or watching. Good things can happen to good people long term.
[35:40]
A
I do believe that to a point. People misunderstand that statement. I've always tried to be good. I've always tried to lead my life from a place of goodness. What I didn't understand is just because you're good doesn't mean you you lose the need to be strong. Uncovered windows can make your home feel up to 20 degrees hotter. Stay cool and save up to 45% off custom window treatments during the 4th of July VIP access sale at blinds.com from Outdoor Shades to room darkening blinds, finding the perfect fit is easy. Get free samples, expert design help and professional measure and install services or DIY it with confidence and support every step of the way. Shop up to 45% off site wide right now during the 4th of July VIP access sale@blinds.com this episode is brought
[36:37]
B
to you by State Farm. Listening to this podcast instead of doom
[36:40]
A
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[36:44]
B
help from one of State Farm's 19,000 local agents when you choose to bundle home and auto bundling. Just another way to save with the personal price plan. Prices are based on rating plans that vary by state. Coverage options are selected by the customer. Availability, amount of discounts, and savings and
[36:59]
A
eligibility vary by state. Just because I'm good doesn't mean that there aren't bad people out there. And I used to assume if I'm good, I don't need to protect myself against the bad. What I've learned in business is, dude, just because you're a good human being, you've got to build up your strengths physically, mentally, business wise. And when I started my business I was like, oh, he won't compete with me. I've had people steal from my company. I've had employees leave my company take my entire customer base. I've had people sue me like, just like you. I'm sure there's a lot of bad out there. It never changed who I am, but I've become stronger over the years.
[37:45]
B
By the way, I just had that conversation with my daughter who's getting into business and I said I don't like telling you this because I used to not view the world this way. But you do need to protect yourself. You need to be vigilant. And there are a lot of people that are going to try to do harm to you and hurt you, and you need to really work on your discernment. The mistake I made young and I told my daughters, I said, and I'm not saying I'm a perfect person, because Lord knows I am, definitively, definitely not. But I projected my own value system onto other people all the time.
[38:13]
A
I can't believe you're saying same.
[38:15]
B
Yeah.
[38:15]
A
I just assumed that the world would treat me like the world. And the way I'm treating the world.
[38:22]
B
Me too.
[38:23]
A
And for a while, I went through a phase where, like, maybe I'm not mean enough. Maybe I need to change.
[38:29]
B
Right.
[38:29]
A
And how often do people. I mean, probably not to you, but because of Kevin. People always say to me, oh, I couldn't be good in business because I'm not mean enough. Like, you don't have to be mean.
[38:38]
B
You don't have to be mean.
[38:39]
A
Yeah.
[38:40]
B
You have to be firm.
[38:40]
A
You have to be strong.
[38:41]
B
Yep. I totally agree with that. I've enjoyed today. I'm going to ask you one more question. This flew by, by the way. It flew by. We ought to do this, like, once a year together.
[38:50]
A
It would be great.
[38:52]
B
We're at a faith conference you and I are speaking at now. I'm just curious of everything in your life, if you don't mind me asking, what role or reliance have you had in your life on your faith? Has it helped you as an entrepreneur, as a father, as a husband, as a son, or any of it?
[39:07]
A
Yeah, I mean, I. It's been a journey. Same here. So I was an altar boy for many years. You were, too. And I think I got to a point because I was forced to do it. I didn't want to do it. And then I went through a phase where I became a convenient Christian, meaning when I needed God, I was a Christian. But when I felt I didn't need him, I wasn't a Christian. I mean, I was never bad. I just. My faith wavered. Yeah. I think I went through a really difficult time. And I got back to Christ during that. And I think it felt to me like I had nothing to give and I had no future and no hope. And he helped me. And then was I going to abandon him when things got better?
[40:24]
B
Wow.
[40:24]
A
And I think it really realigned me and brought me back to that foundation that I've always had. So I have a lot of faith. I mean, I never tried to force my faith on others, but I also don't let others undermine my faith.
[40:46]
B
Bro. There are so many similarities. I'm just.
[40:49]
A
I can't believe you're an altar boy.
[40:51]
B
Really?
[40:51]
A
Yeah. Yeah.
[40:51]
B
I'm just pondering in this town, by the way, I was pondering a lot of the things you said today. There's so much depth with you. I really do hope we do this more than another, you know, more than just today, because I really enjoyed it. It was good for me.
[41:06]
A
I appreciate you saying that.
[41:08]
B
Yeah, it really was good for me.
[41:09]
A
You have such a great platform. Thank you for hope.
[41:13]
B
Thank you.
[41:14]
A
I think what I love about your platform is that you give people real guidance and hope. Thank you. Because I think a lot of people try to talk down on business with a. Not reality. It's easy. And look at this. And look all the stuff you could get. But I think your platform is all about guidance and hope, and I think anybody can do it.
[41:39]
B
Thank you. I named our place here Hope Island.
[41:41]
A
You did?
[41:42]
B
For that reason, I want to bring hope to the world. I mean, this is like, a really synergistic conversation here today.
[41:46]
A
Would your kids say that you're a motivating person?
[41:52]
B
That's a great question. One of them's here. What would you say? Be honest.
[41:55]
A
Definitely.
[41:56]
B
Yes. Definitely what he said. Yes. But why? Why are you a motivating person?
[42:02]
A
I see how you transform others and
[42:04]
B
how you always carry yourself. Thank you.
[42:06]
A
Oh, my gosh. How you motivate is what I want to be like and how you carry yourself and serve others.
[42:12]
B
Thank you.
[42:12]
A
Okay. That's success.
[42:14]
B
Agreed. So would your kids say that?
[42:17]
A
My kids are seven. I know they're little, so the greatest moment I've had in the last few years. So my son's 7. He's got ADHD. He has a very difficult time with anxiety. So I was doing a speech in Vegas, and out of the blue, I said, you're coming with me. Good. So I put on a jacket, we hopped on the plane, we went to Vegas. You know, it's like, everybody wants to meet you. And big crowds were hard for him. He had to sit in the crowd with thousands of people. Sat there for an hour. And then afterwards, there's like a photo line. It was chaotic, like it always is, which is really hard for him to stay focused through it all. He comes up to me and he puts his hands on me, and he says, daddy, I'm so proud of you.
[43:02]
B
Oh, gosh.
[43:03]
A
I mean, I was like, high five.
[43:06]
B
It's no better than that because I think if you.
[43:10]
A
It's. It's the consistency of character. Agreed. Right. Agreed. Your son thinks you're motivating. I think you're motivated.
[43:17]
B
Thank you.
[43:18]
A
It's not because you're put on an act. It's the consistency of your character.
[43:21]
B
Yeah.
[43:21]
A
Thank you.
[43:22]
B
And I think you're motivating so good today. Anything you want to promote anywhere, send them.
[43:27]
A
No. Visit Australia. It's a great.
[43:31]
B
Well, at least go follow him on Instagram if you're not. I feel like there's probably a pretty big overlap between our world, so I'm sure most of them do. But please go follow Robert. Thank you for today.
[43:39]
A
Thank you.
[43:39]
B
It's tremendous. All right, everybody, I don't think I have to ask you to share this one. I'm pretty sure this one's getting shared everywhere, so God bless you. Max out your life.
[43:51]
A
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[44:23]
B
Intro rate first 3 months only, then full price plan options available, taxes and fees extra. See full terms@mintmobile.com.