Shark Tank Secrets to Success by Michael Parrish DuDell

Author:Michael Parrish DuDell
Language: eng
Format: epub
Publisher: Disney Book Group
Published: 2016-04-08T04:00:00+00:00

SHARK BITE

It’s hard to be self-critical. This is especially true for entrepreneurs, since you need confidence to take risks. But it’s because you take such risks, often with your family’s money, that you owe it to yourself to face up to your strengths and weaknesses.22

—Kevin

THE WICKED GOOD CUPCAKES PLAYBOOK FOR SUCCESS

There’s no doubt that appearing on Shark Tank greatly helped Wicked Good Cupcakes grow its brand and business. But it takes more than appearing on national television to be successful.

“A lot of people think that just because you get on the show you’ll be successful,” says Scott. “What they don’t understand is that it’s an opportunity. And like any opportunity, you can either make the most of it or screw it up.”

In order to achieve sustainable success, Wicked Good Cupcakes has developed and cultivated a series of basic philosophies that, combined, keep the organization on track and have become a critical part of their Playbook for Success.

KNOW THE DIFFERENCE BETWEEN WILL AND WANT

In the early stages of starting or growing a company, it’s common to feel a slightly euphoric sense of invincibility. With a seemingly endless reserve of inspiration, the newly minted entrepreneur may feel as though he or she can muscle through any challenge. But the team behind Wicked Good Cupcakes believes there’s a difference between determination and perseverance.

“Having the will to succeed isn’t enough,” says Scott. “That eventually wears off. But if you have the ‘want,’ you’ll always be able to break through those sixteen-hour days.”

For Tracey, the “want” is about producing the very best cupcake she can. For Scott, it’s the day-to-day process that feels the most meaningful.

“I’m not super passionate about a cupcake itself,” says Scott. “But I am super passionate about growing a company that people love. My ‘want’ is to make every single customer happy.”

This principle impacted Danielle both personally and professionally as a first-time entrepreneur, especially during the initial stages of building the business.

“Those early days were super hard,” says Danielle. “My friends didn’t understand why I couldn’t hang out as much. I really had to give the company all of my attention.”

The Wicked Good Cupcakes team believes in this concept so much, they’ve even coined their own spin on a popular adage: “if there’s a want, there’s a way.”

Assess Whether You Can Be the Best in the World

No matter what kind of enterprise you choose to build, there’s bound to be a steady dose of cutthroat competition, which in reality can actually end up being a positive thing. A competitive market proves there’s a built-in need for your product or service. Without it, you’d be creating an entirely new category, and that means it’s your job to educate the consumer—a costly and time-intensive task.

In order to stand out from the crowd, the Wicked Good Cupcakes team believes you must first determine whether you’re capable of being the best in the world. And, like many small-business owners, they often had to learn that the hard way.

“When we first had success with the cupcake jar, I foolishly thought we could expand into brownies,” says Scott.

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