Shark Tank’s Herjavec: 6 Things I Know for Sure
LAKE BUENA VISTA, Fla. — During his freshman year of college, it was a threat from his father that left Robert Herjavec with no choice but to make some decisions about his life – fast.
The celebrity judge on the ABC television show “Shark Tank” had enrolled in school to study business, but after a few months, he started having second thoughts.
1. Acceptable payments are age related.
“I have a lot of experience with credit unions and not-for-profits. I work with a small credit union in Winnipeg that deals mainly with the farm industry. It’s a very interesting industry you’re in because the entire idea of cash is really at a crossroads," he said.
In the world of bitcoin, what does that transaction mean? It’s such an age-related thing. I still have a hard time using a card at Starbucks. I actually know where my physical branch is. My kids don’t understand why daddy has to go to a branch. We have this argument all the time on what is an acceptable form of payment today, will it be tomorrow?”
2. Education divides the haves and have-nots.
“If you can’t talk money and technology, you’re going to be left behind in America," Herjavec said. "One of the biggest obstacles to people getting ahead is feeling disenfranchised. Most of the Shark Tank judges have MBAs. I have a classic English literature degree. The great divide is between the educated and the not educated; not the rich and poor. If you don’t have a degree, you’re already behind. It doesn’t even matter what your degree is in.”
3. The status quo doesn't cut it.
“In my world, fast is fast," he said. "Every industry is a little different. In my world, you either grow or you die. In my world, there are no companies that sit around and say, ‘I like things the way they are.’ There are those types of companies but they are bankrupt. There are no great ideas, it’s all about execution.”
4. Returns can be huge in the U.S.
“How many investments across the world have made money – a substantial return of 20% a year? Only five companies have done this," Herjavec said. "In the (U.S.), the returns are huge. The business of America is consumerism. If you hit, baby, you can really hit big. There was one company (on Shark Tank) that made, shall we say, inappropriate Christmas sweaters. They pitched it on Friday and by Sunday, they had made $350,000.”
5. Technology is still evolving.
"There will be a day when there won’t be any more desktops. People buy laptops," he said. "We don’t realize it, but Facebook was only started 10 years ago. There are over one billion people on Facebook. But most of the world is still not connected to the Internet. In places like Africa, there’s only 6% penetration. And, where are they going when they get access? They’re going immediately to high speed fiber.”
6. Don't restrict social media access.
Shark Tank was the first show to do live tweeting, Herjavec said.