At the recent Startup World Cup Finale hosted by Pegasus Tech Ventures during San Francisco Tech Week, Robert Herjavec, a prominent figure from Shark Tank, delivered an inspiring message to startup founders in a session moderated by Justin Jackson, Partner at Pegasus Tech Ventures. Herjavec began by emphasizing the importance of taking action rather than just talking about ideas. He praised the attendees for showing up and taking the initiative, noting that “most people fail because they’re good on talk and rhetoric, but they’re short on action.” For founders, this message underscored the need for relentless execution in turning ideas into reality.
Lessons From an Immigrant’s Journey
Herjavec shared deeply personal stories about his immigrant background and the sacrifices his family made. Born into poverty, Herjavec recounted his upbringing in a world where he didn’t realize how poor his family was until they moved to Canada. He humorously recalled trying to explain what an outhouse was to his children, illustrating the dramatic difference in his upbringing compared to their lives today.
One particularly poignant moment was when, at 18, Herjavec told his father he wanted to start a business. His father, a factory worker, introduced him to a man who had more seniority in the factory as a sign of success. Herjavec realized that in his world, success was measured by small, tangible markers like job security, which limited his ambitions.
Dream Bigger, Think Beyond the Tangible
Reflecting on his journey, Herjavec said that if he could do it all over again, he would have “dreamt bigger.” His advice to founders is clear: don’t limit yourself to what you can see or touch. His own ambitions were initially shaped by his environment, but as he grew, he learned to dream beyond the immediate and tangible. This lesson resonates deeply with entrepreneurs who often struggle with self-imposed limitations. Herjavec’s message encourages founders to push beyond what they believe is possible and dream on a larger scale.
Building a Billion-Dollar Business
Herjavec also shared the story of building his cybersecurity company, the Herjavec Group, which grew from a small team into a billion-dollar enterprise. “I started about 20 years ago with two people, built it to a billion dollars, and just three years ago, sold it to private equity,” he said. His success illustrates the importance of finding and dominating a niche. Herjavec pointed out that industries like cybersecurity or AI evolve rapidly, and those who enter early often become leaders. For startup founders, this is a valuable insight: focus on a niche, innovate, and stay ahead of the curve.
The Power of Pitching
As a founding shark on Shark Tank, Herjavec has seen countless pitches. He was impressed by the bravery of founders pitching in front of large crowds. “Amazing! Can you imagine getting up in front of a bunch of people and pitching an entire minute?” he remarked, acknowledging the courage it takes to present your business idea publicly.
Herjavec also shared insights into Shark Tank’s impact on consumer behavior. In America, where consumerism is particularly powerful, products featured on the show often experience immediate sales spikes. “Before the pitch is over on TV, people are buying it,” he noted. For founders, this highlights the incredible market opportunities in the U.S., particularly if they can effectively capture consumer attention.
Balancing Discipline and Entrepreneurship
On a more personal note, Herjavec discussed the importance of discipline and balance in life. He revealed that he runs five miles every day, even when traveling. “Some days, the only good thing about my day is that I completed the run,” he shared. This daily routine, while difficult, helps him maintain focus and discipline, especially in the face of entrepreneurship’s challenges.
His advice to founders is to find their own version of this discipline. He noted that struggling businesses often reflect a lack of balance in the founder’s life. Herjavec believes that maintaining personal discipline is crucial to creating and sustaining a successful business.
