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'Shark Tank'/ABC

The Newest Sharkette in the 'Shark Tank'

Lori Greiner talks about her endeavors, other sharks and best advice

By Minh Nguyen
Special to MSN TV

Lori Greiner is a true entrepreneur. She started out by designing a jewelry organizer in 1996, and she has since created 350 products and has 110 patents. If you're a fan of QVC, you probably have seen her hosting her show "Clever & Unique Creations by Lori Greiner." She's coming to "Shark Tank" on Friday, Feb. 10, at 8 p.m. ET/PT on ABC. MSN TV had the opportunity to speak with her about her background, the other sharks and the best advice she gave to an entrepreneur with an idea.

Bing: More on 'Shark Tank' | Lori Greiner | Watch full episodes and clips

Could you please tell us your background and why you were picked to be the newest guest sharkette?

I'm a self-made entrepreneur. I had one product and I turned that into 350 products. I have 110 patents and I have manufacturing resources all over the world. I understand the entrepreneur and know what it's like to be one, how important the product is and to get it out there. I also know how to do the entire process, from patenting to creating to manufacturing to market. I think that makes me the perfect shark.

Do you consider yourself a shark?

No, actually I consider myself a very tiny shark. I am business-savvy and have everything I need to run a business and make it happen. I think at my heart I'm a warm-blooded shark. I have a soft side to me, and with my position in life now, a lot has to do with giving back. I care a lot about entrepreneurs and giving back to help them achieve the success I've had. When it comes to going head-to-head with other sharks, I'm there and I'm able to do that.

How do you think Lori will contribute to the show? Share with us on MSN TV on Facebook and Twitter.

 

 

 

What's been your favorite pitch?

I don't think I am supposed to talk about the pitch (because it hasn't aired yet). My most memorable one was a woman who came before us. I really liked her a lot and related to her story. I liked her drive. I knew she would have what it takes to help me make her product profitable. I did a "Shark Tank" first with her; it's never done before: I wrote a check right on the spot.

How was it working with the other sharks? Could you use one word to describe each one of them?

They're all very sharp, brilliant, shrewd, savvy, super-nice guys that are tough negotiators that really know their stuff. Cuban "fast," Daymond "funny," Kevin is "money" and he is also very funny, Robert "orchestrator." I can't say anything about Barbara because I didn't work with her.

What kind of advice can you give someone who has a great idea but doesn't know where to start?

The best advice for the very beginning is to find out if your product is really wanted. I think there is a similarity in all entrepreneurs in that they think their product is the most innovative, greatest product out there. You have to really find out and do market research to see if that is the case. Before you invest ... a lot of money or put in a lot of hope and time into something the market doesn't want. Once you've done that and you know from people that aren't friends or family the product is great and there's a need and people really want it, then I would start to do all the process it takes to get it out there.

If you were starting out and pitching your first idea, which shark would you want to invest in your product?

[Laughing] Oh no, that's a hard one. I don't think I can answer that. I am not objective enough anymore at all.

"Shark Tank" airs on Fridays at 8 p.m. ET/PT on ABC.

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