kevin O'Leary: how much do you love money? Do you love it as much as I do
kevin O'Leary: don't cry about money it never cries for you.
Robert Herjavec: Kevin's wrong, if you're emotional and you're great at something the money will follow
Robert Herjavec: I'm afraid if I give you the money you're going to start cutting corners and trying to expand too quickly again like you did before and and I'm not sure that this business can be ramped up by an infusion of cash.
I have put over five hundred fifty thousand dollars of my own money I've mortgaged my home twice I've mortgaged my home twice I've taken my kids college funds my 401k all my savings and a mom are dead and my credit cards.
here's how I think of my money _ soldiers I send them out to war every day I want them to take prisoners and come home so there's more of your army every soldier dies that you send out every day when you have no soldiers you're wiped out that's the game of life
Robert Herjavec: my mom and dad and I can't were immigrants the country we came here with nothing on a boat. I'll tell you my dad's a factory worker never made any real money but I learned something from him you always have to save your money so you don't put your family at risk. You've got to take care of your family first. Here's belief and here's being a fool don't cross that line
this year alone 56 million laptops will be sold here in the United States
Kevin O'Leary: every one of them doesn't need your sticky our
This year alone over 400 million laptops will be sold worldwide
Robert Herjavec: I can't tell you how many people come to me and say if I can get 1% of 1% of the billion you zero from zero is still zero
Then I can't give you my money two years from now we're gonna be sitting around you gotta have a million reasons and a million excuses why my money's gone and we're not gonna have any orders I'm out
What do you do when you lose a sock well I have a solution three socks one two three when you lose one you still have a piece the competition by a foot
Listen Edwin if you actually started to takeany market share from the established sock maker they could crush you like the vampire cockroach you are in two seconds
if it works and your sales get to 10 million dollars and I'm a large soft guy and I say you know hey there's three socks here they're selling a lot get my secretary in here get the head of production of marketing you see this it's taking share from us crush this cockroach have you patented this
you cannot patent a package of three socks right I am out
Daymond you've been in the fashion business you've seen how quickly it can go from zero to a crazy number so I don't see why this could
because valuing you one today and not the crazy number
then it's only as you're asking for is gambling there's a difference between investing and gambling gambling is you throw your money down and maybe it rides maybe you lose it investing is you take the value of the business today add some multiple for the future and make a decision
why can't we have some upside we're taking over
you have no outside of five
that's my point that's my point you're not giving us any upside you're just taking our money and screwing us
now here's the killer question Andy? what is the cost of acquiring that customer
that is the killer question and I'll be honest I don't have the answer to that and
wrong answer
your business model is predicated on getting customers but you don't know the cost of getting those customers
right but I'm I'm here today because I need money to spend on marketing
How much you put into it so far Andy
I personally have about fifty thousand dollars into it
but Andy think about that you're saying mr. sharp give me a hundred and fifty thousand dollars so I could go find out the answer to the most important question in my life now what happens if the answer comes out and
it's two hundred and fifty dollars to acquire the customer Andy here's the
thing I like to take risks that's how I make money but they're calculated
unfortunately without knowing the answer to that number the only number that
matters you're a crapshoot
don't you think you should start a business test the market and then go out to try to expand you're trying to do it completely backwards you're gonna use my money to test the market it's crazy
have you learned anything today
absolutely
what did you learn
oh you can have all this confidence in yourselfdoesn't mean that you know you can't walk in without the sales
Wow there's a lot smarter than we can work support
it's all about the money all of the time that's what you've learned today
don't misunderstand that because I think Kevin is absolutely we've been sitting in the 75th floor of his money tower for far too long we are going down the right path
oh really
you simply have to build a great business you've got the passion don't ever lose that because that's infectious and you go a long way
excellent kid you just had nothing
he is the perfect example of why when you dump on people it's so dangerous
it's not dumping on let me just have a true
image of this guy maybe in the wrong vehicle today but if he keeps that passion and he keeps that energy he'll find a path this was not the right path
there's a million guys with
really is it really you believe that
yes I do
I think a lot of businesses have failed because people don't have passion
they have a you investors want Robert we're investors here what do they want what do they want back passion talks about the world saving the planet they want their money back I'm sorry talking cuz I wasn't listening that's what you should
they don't know any better and they want to make the perfect product too fast
they went for the Hollywood approach instead of the off-broadway
if they do it small they will grow and they will be a success
a franchise is built on a success that you have gotten all the bugs out and that you have a beautifully well-oiled machine and now you're gonna say I'm gonna take this and duplicate it times 100 I don't think you've got that oiled machine yet
catching this is why we got to have the honks hey that may not sound right on TV hang on
the first time that you heard of breast implants what did you say I love it
right
Vocab:
infusion of cash : bơm tiền
mortgaged : thế chấp
excuses: lời bào chữa
vampire: ma cà rồng
gambling: cờ bạc
ludicrous: lố bịch
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