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What does it take to drop $100,000 and put your house on collateral to start a business? Hanna Lim from Lollaland joins us this week to talk about her journey in finding manufacturers, getting retailers on board, and her success following an appearance on ABC’s Shark Tank in Season 3.
Topics Discussed:
- 03:30 – Background of Lollacup and being a first-time mom
- 08:00 – Is writing a business plan useful?
- 09:30 – Putting $100,000 of personal money to start the business
- 11:30 – Learning the industry terminology from scratch
- 13:00 – Spending 12-months on execution, prototyping, and manufacturing
- 15:00 – Getting the first batch of orders made (3,000 units)
- 18:00 – Pounding the pavement for retail distribution
- 22:30 – Applying to be on the Shark Tank
- 25:00 – Deciding on valuation and maximum equity % to give up
- 29:00 – Working with Mark Cuban and Robert Herjavec
- 33:00 – Blogger outreach and building community relationships
- 37:30 – Handling feedback from family and friends starting out
Mentions in the Episode:
Episode Length: 44:36
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Comments
Absolutely love the behind the scenes stories about Shark Tank! It’s my favorite show and it’s great to hear the real deal about it. This was a great story start to finish!