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Shark Tank's Robert Herjavec shared a video via his YouTube channel on November 14, 2025. It was titled How Billionaires REALLY Think: 20 Questions Answered! The tech entrepreneur answered various questions on the matter while sharing essential insights.
One of the questions he answered during a segment was about the "biggest rookie mistake" entrepreneurs often make.
"I have seen a lot of businesses start and I've seen a lot of businesses fail. One of the most common mistakes that in my experience people make when they start a business is they're not clear what the value proposition to the customer is." shared the Shark Tank mentor.
Shark Tank's Robert Herjavec shared insights on mistakes that entrepreneurs come across
Entrepreneurs starting their own businesses tend to get valuable insights and tips from experienced business people like Robert Herjavec. He often shares tips and essential information that can be quite helpful to them.
In a video that the Shark Tank mentor shared on November 14, 2024, he answered 20 questions about how "billionaires" think. Questions such as how to start a business, how to manage work-life balance, red flags in a business, and mistakes that most entrepreneurs made were covered.
Sharing more about the mistakes, Robert mentioned entrepreneurs should focus on the "value proposition" to the customer rather than entrepreneurs.
In his unique way, Robert shared an example to help entrepreneurs understand it better.
"So let me give you a quick example. You heard the famous 'Sell me this pen.' You know the right answer to that is? It's not selling the pen. It's before I sell you the pen, tel me who I am selling the business to. Value is not through your eyes. Value is through the eyes of the customer."
The investor emphasized how entrepreneurs should not look at the "value proposition" through their POV but through the customer's POV.
Further in the video, Robert shared more insights related to various essentials. One was about how one can know that they have a "good product." While answering that, the Shark Tank mentor recalled an old saying from a Steve Jobs video, where is shared:
"Steve Jobs said, 'People don't know they need a product until you tell them about it. Other people say you shouldn't create a product until you have an identified customer experience.'"
According to Robert, the important thing is not how much the product is sold during the initial phase because it doesn't necessarily identify a "hot market." However, fanatical customer experience identifies it.
He talked about whenever selling a product, if the customer feels that they can not "live" without it, it would mean you are on to "something." His advice for the entrepreneur emphasized focusing on "fanatical experience" and "customer engagement."
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Fans can witness Robert Herjavec on Shark Tank Season 16, streaming on ABC.
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