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How A Single Invention Made Shark Tank’s Lori Greiner Into A Millionaire

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Lori Greiner is the most complete package individual in the world. She is an inventor, a book author, an impeccable investor, and many more; she had also been through many adversaries in the past and she overcame them all on her own. She went from making and selling her own jewelry organizers into a billionaire and TV personality that is beloved by many because of her attitude of helping young entrepreneurs to make the big step.

Who Is Lori Greiner?

Lori Greiner is an American television personality, inventor, and entrepreneur. She grew up in Near North Side, Chicago. She majored in communications and journalism at Loyola University Chicago and worked for The Chicago Tribune while she was still in college. Not much is known about her personal life maybe because she wants to keep her personal life private.

Her Journey to Become Successful

In 1996, Lori was, at the time, making and selling her own jewelry when she suddenly had an idea that the market could use a product that helps people organize their jewelry in a nice way. With this in mind and the idea of an invention fuelling her, she dived into the process of bringing this invention into the market. The product was a plastic container with sliding shelves that could hold over a hundred pairs of earrings. She got a loan of $300,000 from the bank and she began her head-hunt for manufacturers that could make molds and sample products. Lori was always precise when it comes to market research as she would stop random women on the streets to gain valuable customer perspectives about her product. After perfecting her invention, she relentlessly pressed JC Penny, the departmental store company, to display her product in their Chicago store outlets. Once persuaded, the company signed a deal with her to invent products for them. It was in this same year that she started her own company called, For Your Ease Only Inc., in order to encompass all the future products and patents to come.

After her success with J.C. Penney, Lori expanded her company, with her product appearing on Home Shopping Network and in the retail store Bed, Bath and Beyond. Now because of this newfound success, Lori was able to pay off her loan of $300,000 within 18 months. In 2000, she started her own show on QVC called “Clever and Unique Creations”, which established her ability to craft an influential sales pitch because of the audience it held. By then it was clear that Lori was a natural-born businesswoman, and she went on to be known as the ‘Queen of QVC’. It was in 2012 that Lori made her entry into Shark Tank as an investor. She was clearly one to stand out because two years into the show, she invested in a company called Scrub Daddy (that made texture-changing household sponges) which remains, to this day, the biggest success story in Shark Tank history, with a whopping revenue of $75 million.

In March 2014, Lori wrote her first book entitled, “Invent it, Sell it, Bank it! – Make Your Million Dollar Idea into a Reality”, This book shows you how to take your idea from concept to prototype, market research to manufacturing, patents, and trademarks, retail & TV sales, funding, etc. It was named one of the top 10 business books by Amazon.com and made Wall Street Journal’s top business books of 2014

Humanitarian Works

Her accomplishments come from her sharp instincts and strong business sense. Well known for telling instantly if a product is a “hero or a zero”. Aside from her success in entrepreneurship, she never forgets the hardships she overcame just to be where she is now. Lori is well known for giving back to her community. She and her company annually donate a substantial amount of their profits to a diverse variety of charities.

From sponsoring full-ride 4-year scholarships to college for underprivileged women, programs to uplift and encourage our youth, or supporting first responders and health care workers and everyday heroes to name a few. Many of her most gratifying moments have come when she has been able to help budding entrepreneurs achieve the same success she feels lucky enough to enjoy.

3 Tips on How to Be Successful by Lori Greiner

“A brilliant idea doesn’t guarantee a successful invention. The real magic comes from a brilliant idea combined with willpower, tenacity, and a willingness to make mistakes.”

“I was fearless, I knew I would make it work, and that’s the difference between successful entrepreneurs and people that don’t get somewhere – it’s that tenacity and drive.”

“There are always things that are needed. There are always ways to do things better. It’s all about offering solutions.”

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