I’m a ‘Shark Tank’ Entrepreneur: 5 Incredible Lessons I Learned From Lori Greiner
Written by
Gabrielle Olya
Edited by
Molly Sullivan
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What does it take to turn an idea into a multimillion-dollar business? Kelley Higney, founder of Bug Bite Thing, did just that — with help from “Shark Tank” investor Lori Greiner.
Higney pitched her chemical-free, reusable solution for treating pesky mosquito bites on “Shark Tank” in October 2019. With Greiner’s help, Higney has since transformed Bug Bite Thing into a multimillion-dollar enterprise. The suction tool is Amazon’s No. 1 selling product for insect bite relief, with nearly 100,000 reviews.
GOBankingRates spoke with Higney about the lessons she learned from Greiner that helped take her business to the next level — every entrepreneur and aspiring entrepreneur can benefit from these.
1. Set Up Smart Systems Before You Scale
Before scaling, ensure your processes and workflows are in place so you are set up for success.
Simplify operations whenever possible. That means streamlining processes, cutting out unnecessary steps and focusing on what drives results. Overcomplicating slows growth — focus on what works and repeat it.
2. Build a Lean, Agile Team That Shares Your Vision
A lean team allows for direct communication, reduces complexity and helps you stay agile. Everyone should understand the direction and the different stages of your business.
For roles that are seasonal or need to scale quickly, contractors are a great way to add talent on an as-needed basis.
3. Don’t Scale Too Soon
The business should be operating smoothly and profitably before taking on the next chapter, whether that’s adding new product lines, expanding into new markets or taking on bigger retail partners.
Slow and steady wins the race. Sustainable growth is always better in the long term than rushing into expansion and risking being unprepared.
4. Keep Cash Reserves for Strategic Growth
Business can be unpredictable. You may need to pivot depending on customer demand or shifts in your industry. The key is to continue building carefully and strategically, focusing on what’s already working instead of chasing every new idea.
5. Find the Business Model That Works for You
What surprised us most is Lori’s reminder that there isn’t one “right” way of doing business. Every business and founder is unique. You can build it in the way that works best for you.
For our business, this means listening to our community — for example, paying attention to their feedback, the questions they ask and which products they continue to repurchase. Then, focus on putting your efforts behind those things.
It’s a powerful reminder that you don’t have to reinvent the wheel — just keep building on your strengths.
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