"Stop, fix it, do it again": When Shark Tank Australia investor Nick Bell opened up about "overthinking"

Shark Tank Australia investor Nick Bell opened up about how entrepreneurs "overthink" while appearing on Jane Lu's podcast. The episode aired via her YouTube channel on November 24, 2024.

As fellow Sharks discussed how there are entrepreneurs who need help managing their businesses and making quick decisions, Nick stated:

"Someone's gonna do it. And I find if entrepreneurs overthink and don't get things done. And then it's not gonna do well. Like, never overthink. Just make a decision. If it...if it's a wrong decision, stop, fix it, do it again. Like, you've gotta work with speed. I think you agree with that. Yeah. Speed is, for me, critical in business."

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Shark Tank Australia mentor Nick Bell in discussion with Showpo founder Jane Lu: They discussed businesses and how everyone can't become an "entrepreneur"

During the segment, fellow Shark Tank Australia judges talked about managing things after one business fails. They referred to it as "pivot" and stated that how quickly an entrepreneur can "pivot" from a failed business would make a lot of difference. Nick mentioned that "keeping moving" is one of the essential things to do.

"And then but if it's wrong, okay, let's just cut our losses, pivot, and then just go hard."

He then recalled how sometimes entrepreneurs have been running their businesses for over a decade and have a staff of five. When such individuals ask Nick how they "scale," he states:

"I'm like, you're the problem. Yeah. Because you're you're the one holding the business back. It's not everyone else. It's you. But and somebody would just haven't got it. Like, I don't think everyone can be an entrepreneur."

Listening to that, Shark Tank Australia's Jane Lu said it would be Nick's "inspiring speech": 'Not everyone can be an entrepreneur.' However, he stood by his views and stated they were "true" and "hard."

"It's so true. So but but some people, they're not the entrepreneur, but they're really good at kind of supporting the the entrepreneur. So they're...they're the right hand person, and they're just as as valuable as as the entrepreneur itself," Nick added.

Listening to him, Jane Lu stated that such important people who greatly help entrepreneurs are also part of their "journey." Hence, they could be an "intrapreneur" within the company.

However, some individuals for whom being an entrepreneur is not their cup of tea because of everything that needs managing. For them, Shark Tank Australia investor Jane Lu stated that those who love "craft" could become "graphic designers."

For such individuals, they won't need a creative agency, but they can be:

"A freelancer so you're not stuck to the accounting and the sales."

Agreeing to that, Shark Tank Australia invstor Nick added that being a freelance, they could make a "really good income." He the mentioned how these days, everyone is looking and doing remote work.

Nick mentioned that he has a "guy" in Melbourne who handles all his stuff. Without him, the Shark Tank Australia mentor confessed that he would "crash and burn." He added that he looked after him financially and was very happy.

In addition to that, that person also knows that he couldn't "build businesses." However, being "very good" at this and supporting someone like Nick has benefited him.

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Fans can stream the podcast episode on Shark Tank Australia mentor Jane Lu's YouTube channel (@Jane Lu) and learn more of Nick's thoughts on businesses, entrepreneurs, and more.