A Shark Tank Success Story
Myself Belt's Talia Goldfarb shares how she knew when she needed to ask for more mentorship.
Writing by David Strom. David Strom runs his own freelance writing and professional speaking business from the Central West End and has lived in St. Louis for a decade. He is a volunteer mentor with ITEN and writes about technology for a number of national business-to-business magazines and is the author of two books on computer networking.
I am a big fan of the show โShark Tankโ and find it both entertaining and educational. Itโs also the the one place on network TV celebrating entrepreneurs. Over the years, the show has funded many ventures some that have become quite successful.ย One venture I’ve followed evenย before it swamย in the Tank is Myself Belts.
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Myself Belts is a St. Louis company started inย Talia Goldfarbโs living room as a direct result of having to help her toddler make the move away from diapers. What Goldfarb realized in caring for her son became the genesis for a one-handed self-tightening belt that could make it easier for kids to keep their pants on. When the founder appeared on the show, she received an investment from Daymond John and has been closely involved with him ever since.
What I didnโt realize, until I interviewed her recently, was how the continuum of mentorship changes as the founder acquires new skills and new challenges. The choice of your mentoring team is important, but just as important is understanding when you have outgrown your mentors and when you must seek out new advisors.
But I am getting ahead of things. Myself Belts has been in business for 11 years, and while it only employs a few people, the company has seen success with revenue continuing to increase. But about halfway through its existence, Goldfarb knew she needed help. At the time there wasnโt a โShark Tankโ, and there were few resources in St. Louis offering mentorship for entrepreneurs. Still, Goldfarb tapped the Gateway Venture Mentoring Service for guidance.
โIt was a great first introduction to having outsiders look into my business,โ Goldfard says. โOur mentors were helpful to talk through our partnership with what my sisterโwho isnโt actively involved currently with the businessโand I should have done when I first created my business. They gave us advice on how our books were kept and how we operated. We met with them several times a year for two or three years.โ
After working with Gatewayโs mentors, she moved on to the Entrepreneurs Organization (EO) and their Accelerator program.
โWhen I first opened my business, I wasnโt able to spend [monetary fee]. Later on, I realized that this investment was worth it, and I got a lot of great suggestions and really appreciated their support system.โ
While she was with EO, the idea of applying for Shark Tank was brought up and it seemed like the right time.
In doing the extensive preparation and application work for the show, Goldfarb honed her business skills even further.
โThey have a very long questionnaire and in the process of filing it out I realized I had to streamline my business practices and potentially look at ways to be more productive with customer service,โ She says. โThe process really made me look at my business through very different eyesโimproving and changing almost everything we were doing. It made me think bigger, and try to understand my goals and how I want the business to grow and change.โ
Part of her preparation before appearing in the Tank was getting a lot of practice in front of people she knew were going to be critical of her presentation.
โI was prepared for every question that they asked me in the Tank,โshe says. โIn the real world of pitching, no one is trying to screw with you for the sheer entertainment value. But the show is so editedโI was in the Tank for 50 minutes and it was edited down to just six minutes.โ
Though it was a long process, Goldfarbโs preparation and paid off.
โBe comfortable with getting your work marked up with a red pen and have an attitude that you are going to listen and incorporate feedback,โ she says. ย โIt isnโt just a thick skin, but fine-tuning what you are doing, and using this feedback to get better. You need that mentality if you want to improve and present yourself in the best way you can.โ
Since appearing on the show her business has grown, in large part due to Johnโs assistance, which occasional came in unexpected ways.
โHe has many people who I work with either daily or weekly on issues like licensing, web work, product development, buyer relationships, as well as expert designers and manufacturing,โ she says. โThe list goes on and on. For me, itโs been surprising how helpful and how focused his staff has been and how they all sincerely want to support my business.โ
Another thing sheโs learned from Johnโs mentoring is that money canโt always buy success.
โThere are a lot of creative and cheaper ways to get press, for example,โshe says. “You donโt have to hire people if you can do it yourself and have a more strategic impact. And donโt forget that partners; leveraging their relationships holds tremendous value.โ
Overall, Goldfarb looks back on the growth of her business as well as her own knowledge and says she finds it hard to believe how far sheโs come, although there is always so much more to learn.
โI didnโt realize how much Iโve learned in those 11 years, because you are just in your own little bubble,โ she says. โSo it feels good to be able to help someone else along their own startup path. Itโs amazing how different the St. Louis startup scene is now, and how much more information and mentoring are now available to entrepreneurs. Todayโs entrepreneurs are very dialed in to what resources are out there and how to best tap into them. Startups are much more top of mind these days!โ