Opening Insights
Pocket Wisdom Insights (PWI) invites you to explore the following Co-Lab Blog.
This blog features parts of influential and insightful article written outside of the PWI Co-Lab
by Lisa Binderow on February 6, 2017, published by Entrepreneur.com.
We have republished this content in respect of the author’s vision, message and research.
Informational Insights
One entrepreneur reveals how a moment of clarity led her to walk away from a life-changing offer.
Two weeks ago, I went from being Lisa Binderow, yoga teacher turned entrepreneur and mom-to-be, to contestant and survivor of ABC’s Shark Tank. Barbara Corcoran made me an offer for 40 percent off my business. However, after negotiating back and forth, I politely declined and walked away from the deal.
Some might say that I’m crazy to pass on what could have been an amazing opportunity to work with an incredible mentor, not to mention someone who I deeply respect and admire. But, under those hot lights and with the cameras rolling, I had a moment of clarity — I didn’t start nicepipes to make a million dollars. I didn’t start a business looking to reach some inflated valuation only to sell to a VC and have a pingpong table in a fancy lofted office. I started nicepipes because I had an idea for a product that solved a problem. I thought others in the workout community might have this problem too and I wanted to offer them a solution. So, I designed nicepipes — performance fabric leg and arm warmers, made from the same amazing material as yoga pants. They are sweat wicking, offer mild compression to enhance performance, four-way stretch for a personalized fit, do not slip down and they are UV 50+ SPF. Unlike the old acrylic knit warmers of the past, you can wear your pipes before, during and after any workout.
In the weeks leading up to the taping, I thought long and hard about who I wanted to make a deal with to seal my future. Lori Greiner and Barbara Corcoran were definitely at the top of my list. For me, it was all about finding a mentor. I don’t have a business background, and a Shark represented a guiding light for an entrepreneur who often feels she has fallen overboard.
However on that day, at the Sony Lot in the Shark Tank studio, my reaction to Corcoran’s offer was one I did not expect. I realized that if I said “yes” to this deal my life would take a turn that I could never come back from. Yes, it would bring me amazing opportunities. Yes, nicepipes would benefit from Barbara’s knowledge and contacts. The force that is “the Tank” would carry me and nicepipes into a new realm of success. But what would happen to my life?
[..]
My experience made me realize that there is a meaningful challenge, for all of us, to look a little deeper than usual, past our Google docs and analytics, and ask, “What makes you feel proud and valuable?” For you, it could be dollars in the bank, and that’s great. For me, my success is not being fearless but daring to stare fear in the face and say, “Sorry, no deal.”
Possibilities for Consideration
Take a moment and examine…
- As you reviewed the material above, what stood out to you?
- What is the potential impact, economically and/or socially?
- What action is needed to stop or support this idea?
- You may want to consider whether you:
- want to be aware of,
- should become supportive of,
- would want to be active in this topic?
Add Your Insight
I have been impressed with the urgency of doing. Knowing is not enough; we must apply.
Being willing is not enough; we must do.
LEONARDO DA VINCI