This week, Robert Herjavec is the guest on the Ranker Podcast. In this list created on the air, Herjavec, with an assist from Podcast One founder Norm Pattiz, runs through the three signs you should stop running a business.
These two very successful men offer up some quick tips to any budding entrepreneurs. This is your place to read and listen to what the Shark Tank all-star and broadcasting titan have to say about those business moments when it's just not working.Don't forget to buy Robert's book here!
When the Market Is Declining
RH: It's very difficult to grow in a declining business unless you're consolidating or doing a roll-up strategy. Look at what Norm did with the roll-up strategy and became the big guy.
Norm Pattiz: You're so right. When Westwood One was a little company, all we had to do was take share away from the major players. Then, all of the sudden, we needed to keep growing. Then we started acquiring the major players. Then we were a big dog in the marketplace and then you become a slave to the marketplace because you can't adjust by taking advantage of your competitors.RH: It's interesting and goes back to another point. To run a successful business, you have to have very little ego. What I mean by that is that you have to have a lot of ego about your confidence and your ability, but you need to have very little ego about truth and sales and what the business is telling you.
When You Don't Want to Do It Anymore
RH: The minute you don't want to do it, there's some kid waking up somewhere that's ripped your picture out of a newspaper magazine and put your picture on a wall and he's throwing darts at you every day saying, "I'm going to take him down."