Robert Herjavec on Larry King Now

on Larry King now Robert Herjavec we're known as the night shark well why can't I be known as the successful shark or the Gersh Ark or something I am the night shark what makes a good pitch the person we film on average two pitches in front of us for over an hour we make up remind 50% of time in the first two minutes do you think you use your immigrant mentality as a force for your success good and bad as people say to me I'm a I'm a great guy to know I'm a little hard to live with at times because I always have this chip on my shoulder it's not your ability to be happy when the sun is shining the determined success it's your ability to absorb failure on the days where everybody hates you it's raining people are mean to you your dog doesn't even like you if you can be happy on those days and move forward you got something plus people think that when you become rich you become a jerk the people that I've met are wealthy were jerks before they had any money great well amplifies who you are all next on Larry King now welcome to Larry King now our special guest is Robert Herjavec the celebrated entrepreneur best-selling author founder of the Herjavec group Robert is one of the stars of ABC's emmy-winning series shark tank and its Canadian counterpart Dragon's Den his latest book you don't have to be a shark creating your own success we have it right here it's a terrific read I didn't know there's a Dragons Den yeah all over the world it actually runs in 40 countries the show is owned by Sony and everywhere the dragon does in all dragons then when they brought it to America Mark Burnett who produced the show said what's a dragon some mythical fluffy creature it's never going to work in the States and he changed the name to Shark Tank which is a great name what is Dragons Den work do they call you what the hello dragon you know dragons were not cool until Game of Thrones now that game of thrones' made dragons kind of cool it's different but everywhere in the world it's called dragon lane because that's a mean you know fire-breathing girl creature but I like Shark Tank you're enormous ly successful you made a dream of an immigrants the immigrants dream why'd you have to write a book actually this is my third book and reason we wrote the first book was I'm Eastern European and you're Europeans respect education and authors more than money so my mom always used to think maybe one day you'll write a book it was a book well maybe you're right it wasn't make a million dollars or buy a big house and so the reason we wrote this book was after doing shark tank for seven seasons what I've learned is people are deathly afraid of sales they're afraid to put themselves out there they think you have to be a real jerk about it or pushy don't understand sales and so this is a sales book for the non salesperson one known as the nice shot well why can't I be known as the successful shark or the Gersh arc or something I am the nice shark I'm a pretty nice guy and I try to be really respectful to the people that come out because it's their dream I mean as crazy as the idea is it's someone's passion you emigrated from what was then Yugoslavia to Canada to Karen why Canada my dad wanted to come to America that America wouldn't take us yeah it was really hard again to America we applied and the immigration wouldn't let us in but Canada took us in with open arms that's why I'm so touchy about the whole immigration thing I you know I'm everybody in this country is an immigrant from some we all are cept the American natives absolutely so I'm always about open the borders let the people in and to a degree but this is the land of opportunity my dad always thought America Monday Monday we go to America winded up in Canada we're together so my dad escaped from jail my dad used to say Larry he was a political prisoner but he was an 18 year old kid who got up in a bar and said the wrong thing against Tito and communism and he got thrown in jail so most people would say okay don't do that again he did it all the time and he was in jail 22 times and the last time they said if you come back you will never come back because you know they had an island called ble old hook which is when you were a really bad political guy they sent you there and you never came back so we crossed the border to Italy my mom and I my dad one suitcase we land in Halifax on a boat called the Christopher o Colombo how mentor mad ik is that my mom remembers she has a friend in Toronto we take the train to Toronto and we live in their basement for two years what did dad do in a mo in Canada my dad swept floors in a factory and he worked his way up to become a millwright but was a blue-collar guy which was really hard for him because back in Yugoslavia he was a singer entertainer did he get to see your success um to a degree he he always saw me when we did the show in Canada he never saw the success here in the States passed away passed away from cancer you didn't speak English right back then there was no English courses they took you to school they threw you into a classroom and they just started speaking English to you and the kid I sat behind is still one of my best friends the very first day I came to Canada it's incredible do you think you use your immigrant mentality as a force for your success good and bad as people say to me I'm a I'm a great guy to know I'm a little hard to live with at times because I always have this chip on my shoulder about being an immigrant you know I think that once you don't fit in you always have this need to fit in I always feel like I'm working towards something that is probably never going to get there so I always feel this need to work harder run harder push harder do more was your goal financial success my goal was lack of poverty mark same thing in it Mark Cuban I had this talk when he was 12 years old he said he knew he wanted to be rich I just didn't want to be poor I think they're different things you know I think Mark wanted to make a lot of money and he's worth more than I am so maybe there's something to that I just don't want to live like we were living you were on Dancing with the Stars didn't really well married the girl or are married about to marry the girl marry the girl you dance that's what a good salesman I am you write in the book that there's a link between dancing and selling explain when I got on the show I said to Kim her name is Kim Johnson asked him how do you know when someone can't dance and I thought it would be in their feet and their arms how they hold their body and she said surprisingly well probably not surprisingly to you it's in their eyes people that don't think they can dance because it's all about confidence their eyes look everywhere they look like a deer in the headlights people that maybe can't dance but think they can look directly at the audience they project an air of confidence the book is you don't have to be a shot the guest is Robert Herjavec up next we're talking to shark tags nicest investor but what makes a good pitch when to cut your losses stay with that was Robert Herjavec the book you don't have to be a shot creating your own success what makes a good pitch the person we film an average the pitches in front of us for over an hour the longest pitch was two and a half hours the shortest was 40 minutes it all gets edited into seven to eight minutes we make up remind fifty percent of the time in the first two minutes it's how you stand the cadence of your voice how you walk out all of those things I want to invest in somebody who's confident without being arrogant I don't want to invest in a Wallflower but I want somebody who's arrogant and over-the-top how have you personally done with your investments on Shark Tank I like to say I've got the best track record my average return is twelve point eight percent but there's some who are on life support I mean the challenge is not so much finding the successful businesses what we've learned is how do you gain exit because a lot of these businesses are relatively small who's going to buy them so now we try to structure a dividend or something where we can actually get some of the money back so it's been the most success for me it was a product called tipsy elves inappropriate ugly Christmas sweaters doctor and a lawyer tired of being a doctor and a lawyer so they want to start a business inappropriate ugly Christmas sweaters they come on the show they're doing six hundred thousand a year four years ago now we're doing 17 million some for $80 making for six bucks where they sell that's a good business online it's pure online there's no retail stores nothing it's it's eight employees it's incredible and what did you invest and what do you get I think it was 200,000 for 20 percent or something yeah we they just keep sending us money it's the best investment in the world would they just send us checks do you when the deal is made do you get together within the next day and how's it well let's say you make the deal for 200,000 what's the modus operandi what happens yes sir we usually like to wait till we're done filming right the whole show we film in June we film in September but once the deal is done our team gets involved with them the lawyers the accountants we like to verify everything and then we get involved finished negotiating the deal sometimes it changes and then we're often running what didn't work that you thought we'll definitely would there's been a few there's been a few you know the funny thing is people think when they get an investment it's the finish line they think it's over I mean I'll never figure out one year we gave somebody some money and we said what are you gonna do with the money and she said I'm gonna buy a car and we're like no no no the money is for the business you've got to grow your business and she was like what do you mean I can't buy a car with it we're like no those are always tough people that aren't sophisticated enough I enjoying doing it yeah I love it I love it I think your principal source of I mean you make good money but it's not the principal so we make awful money what are you talking about we don't make good no we don't get we make money off the investments I mean I so you don't get paid a lot to do the show we don't get paid a lot no we get paid but we don't get paid a lot it's shocking I know you'll see negotiate another you would think I would negotiate a better deal but I think it's an honor and a privilege to do the show I mean I think back to you know where I started we're talking about immigrants when I think back where I started and I'm on TV and the show is so inspiring for so many people especially kids kids kids were one of the top shows for family viewing I was at a charity event in Orlando runway for hope and it's kids with cancer and there were kids from two years old to nineteen years old you would be amazed how many eight-year-olds knew everything about our show they loved the show what was your personal first success computer company I've always been the computer business I produced the Winter Olympics for Canada when I was 19 in 1984 my head got this big couldn't make any money in the film business so I got a job in the computer business and built a company and sold it for $65,000 and so on top of my income that year I made I think it was a hundred fifty thousand and I remembered getting the check going home and thinking oh my god really happy and then I was really sad and my friend said why are you so sad I said this is it I will never make more money in a single year than this doesn't long time ago how much have you personally invested in Shark Tank Oh millions Millions all right this book is for everybody it's where the average modular salesman well it's for a Salesman but I think there's really great sales books this is a sales book for the non sales person the person is afraid to do sales you know why they're afraid to do sales learn why do you think most people are afraid to do sales afraid of here no they're afraid of rejection they take it extremely personally they think that someone's saying no to them people would rather wallow in mediocrity then get to a point where they hear a yes or a no I want to hear no if you're not going to buy something from me don't waste my time my friend Herbie Cohen who wrote you can negotiate anything which is a great book said that you're selling yourself every day and you're negotiating every day and everything in every negotiate with your wife soon as the day begins right really want to go tonight she goes you're negotiating for a raise you know a moms negotiating with her kid to eat more vegetables sales is everything up next we'll talk about Robert's guilty pleasure childhood crush and the characteristics he thinks is most important to succeed in business even some politics stay with us the backward Robert Herjavec you don't have to be a shark is the book as a Canuck like to get your take woody what are they talking about in Canada I know you live in LA but what they do what are they saying about Trump American politics somebody in Canada said to me what's your favorite TV show and I said my favorite reality show is American politics they're amazed you know the whole Trump or on the election is really incredible it's fascinating for the rest of the world what do you think of him as a successful businessman into this world of politics and the impact he's made I met him a number of times and met Hillary a number of times you regard you what you feel about Donald Trump you cannot deny that man has a persona and a character you get him in front of a large group of people it's a party you know he reminds her of the cool kid in high school everybody wants go to his party I mean it's incredible to us he could even change his opinions that don't matter it's like look at the things he says Larry who else could say those things and other people are like ah it's a trumpism do you vote with your heart or your pocketbook both both I vote with my heart to begin because I have to be emotionally invested in something I mean I think at a certain point in life you get to do the things you want and you can stop doing the things you have to well you think of Justin Trudeau I was good friends with the former prime minister Antietam and Stephen Harper and he him and his wife supported us during Dancing with the Stars of course I have to say he was a better Prime Minister but I love Justin Trudeau all right Robert we're going to play a little game of if you only knew Justin question throughout childhood celebrity crush Raquel Welch secret talent accordion I can play a mean accordion guilty pleasure french fries can't resist them if you could trade places with someone for a day who would it be Larry King if you could trade places with another shock who would it be barber business person you'd most like to guess judge on Shark Tank Oh Carlos one company you wish you'd invested in uber while the Sharks did invest in uber he wrote round the first tracks Chris Sacca they didn't appear on Shark Tank no no no they didn't would you have bought it I wouldn't have and I'm very honest about that because the idea that I I didn't understand it at the time but sometimes you get these out of whack incredible businesses and they just take off I have to think that there's an element of luck to that well the best example that is the guy who founded Federal Express Oh Smith yeah have you met him yeah yeah incredible I had the pleasure of meeting him once an incredible got a c-minus in business at Harvard I didn't know that his project was FedEx right he will by the Railway Express Company which is a transit ruk transport and turned into FedEx with planes and the FedEx location would be Memphis and you all the packages would go to Memphis and the teacher said this house is going to work I'm sending a package from LA to Chicago and it goes to Memphis it can't work but he picked Memphis cause that's never they never have fog for the airlines yeah so you always get into Memphis Wow you always get into Memphis you know amazing Stan he told me that the largest airline in the world is actually FedEx that's right yeah I didn't know that and they also fly the mail you send something airmail FedEx as the for the US Post Office yeah that X has the contract hmm something you're bad at how I'm bad at so many things from golf to accounting to all kinds it last time you were starstruck when I met you stop now seriously a week and a half ago hmm I always loved your show and I loved your ability to interview people and make them appear human when you interview people as serious I'm not saying that because you're here but when you interview people I always felt like I was in the room think and I thought that was an incredible call last time you cried uh-huh over the weekend I was hosting a charity event for called runway to hope for kids with cancer and there was a young girl she was eight years old and she had taken a turn for the worse and she had less than a month as she was in a wheelchair I don't care how human you are or how strong you are in and her parents were there and they were so happy and she was so happy to meet me like I if that doesn't get to you you you're not alive if you are in a business man what do you think you do I talk about being a professional soccer player I'm actually very good at soccer what do people get wrong about Canada we are good business people we're not nice all the time we have a backbone what a Canadians get wrong about America we think they're all mean biggest regret no regrets Lumos what characteristic is most important to succeed in business perseverance the ability to absorb failure you're going to hear no way more than you're going to hear yes and that's when I start that's what I thought I thought you know you go out good things happen well you learn pretty quickly in life crap happens it's not your ability to be happy when the sun is shining the determined success it's your ability to absorb failure on the days where everybody hates you it's raining people are mean to you your dog doesn't even like you if you can be happy on those days and move forward you got something Derek Jeter said understanding baseball is understanding failure wow you don't hit 500 well what's the top baseball player hit 345 345 36 and a half times yeah and tell me something people don't know about you I'm much taller in real life no Robert Valencia social media questions after the rain that's funny stay with us we're back with Robert Herjavec you don't have to be a shot creating your own success you have a penchant for spensive cars right I love cars you race cars I do you know I love cars why my dad and I come to Canada we come from Yugoslavia the hottest car in Yugoslavia was something called a Yugo yeah they used to give you a Yugo when you bought a Cadillac in Texas so my dad and I were walking down the street this car goes by and I'm like wow dad what's that he says to me but you know mind that Cadillac and I'm like because he signed the Elvis movies and everything and I said dad what's a Cadillac he says ah Cadillac dot for rich people and ever since then I've loved cars I swear even when I had no money I would get a car like a boy on my first cars was a 1987 Mazda rx-7 it was gold the doors didn't close had to hold the handle when I turned loved it same passion just bigger taking I do race I did I used to race quite a bit I was pretty good at it are you ever scared or the always feeling control I always feel like I'm in control of my own destiny I feel like anger create any situation in life but I'm smart enough to know that's not true it doesn't matter I feel that way social media questions yeah Chloe Martinez on our blog says what motivates you in business and in life doing better I just want to be successful Sebastian Smith writes would you do a deal with someone you think lacks integrity no because eventually they'll screw you can you develop integrity uh yeah you can I believe in second chances Penelope black writes I need to ask for a raise but I'm terrified give me a pointer don't ask for a raise offer value the biggest mistake people make an ass room for a raises they start with I get the I out and talk about we here's what we did in the last year never ask for a raise in the beginning of the week because people are in a miserable mood never ask at the end of the day because everybody wants to go home find the right time use the right words it's a good advice Jane McAvoy writes the path to success is spotted with failure what do you consider your biggest failure the path to success is not spotted with failure the path to success is constant failure spot it with some success you got to let your winnings ride and you got to absorb your failures quickly I get off the floor right you got to get up off the floor I never think of anything as a failure I think everything you do get you to this point I think the minute you think of failure it's over I've never thought I was a failure even in the worst crappiest days I never thought of myself as a failure in anything Woody Allen said the key to success is showing up I believe that how many people are willing to do that you know hard Schultz when he started Starbucks had to go to 342 banks to get funding think about that I have an idea I'm going to sell coffee for three dollars give me some money how many people after 341 times would get up the next day and show up the 340 second I think the boys you once said my uncle invented a soft drink called it one up then he's right 2 up 3 up 4 up 5 up 6 up and gave up little did he know how close he came then I just got that at Vaughn sick what was your first big splurge once you made your first million I bought a house for my mum and dad I paid off their house I went to the bank and I paid off the mortgage on the house and gara in Canada four months later my mom realizes she's not getting the bills anymore she goes to the bank and says something wrong with bank we know get in we know get bills what's going on bank manager says Oh mrs. herd you back your son paid off your house she cashed the amount that she owed she got a check that day drove to my house gave it to me and said don't you ever do that to us again we're so proud of you we don't need anything from you I love my mom Judy Smith wants to know when the wedding is uh end of the summer do you ever go back to Croatia I do I only have I don't have any family North America besides my my kids so I have 50 cousins aunts uncles everybody there you grew up poor what are the pitfalls of becoming rich when you grew up without money there are no pitfalls to being rich rich is good it's been poor and I really mean isn't it greed is not good but rich is better than poor I always think Larry that people think that when you become rich you become a jerk the people that I've met they're wealthy were jerks before they had any money great wealth amplifies who you are if you're a jerk and you kick your dog when you have no money guess what you're gonna do the same thing why do people with inherited wealth sometimes have problems inherited wealth is completely different all the wealth I talk about is earned when you earn something when you accomplish something when you create something from nothing and you make it happen nobody can ever take that away from you even if the money goes away earned wealth it's a whole different game you didn't earn that well you lose the sense of accomplishment and without accomplishment you have no stamina and you have no confidence you can't fake accomplishment anything you want to ask me yeah all kinds of thing of all the successful people you've met I'm not just talking about business I'm talking about sports athletes everybody what's the one characteristic that they have over people who are just there they all had Drive they could have been shot it could have been Bob astok they could have been you know withdrawn or but they all had an inner drive and they all strove they all strive they Ted Turner once told me could have been toothpicks didn't have to be money art I just I just wanted to have more toothpicks are all successful people true are extroverts are they all of the extras No now do you think that the the average person who never becomes successful why what holds them back they don't get off the porch really they talk about others see that guy want a boy if I could have been like him well I could have been like him do you have to be born with the characteristics to be successful I don't know the answer to that or can you make those either you can make it now I always say that when your current life and the pain of it is so great you'll make the change do you think what's the difference when people with extreme wealth billions and people with tens of millions the tens of millions want to be 2/5 thank you thank you I guess Robert Herjavec you don't have to be a shark as available wherever books are sold you can find me on Twitter with kings things that I'll see you next time you

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Keywords: Robert Herjavec

Id: yjGdgIIYFmI

Length: 28min 2sec (1682 seconds)

Published: Sun Oct 30 2016