148: What Mark Cuban saw in this Test Prep Business Founder… Shark Tank

Background on Shaan Patel of Prep Expert:

Shaan Patel is the Founder of Prep Expert. Shaan grew up in Las Vegas in his parents' budget motel, attended inner-city public schools in the worst school district in the nation with a 40% dropout rate, and was clueless about standardized tests. After spending hundreds of hours studying for the SAT, he was able to raise his score from average to perfect — a feat achieved by only 0.02% of all high school students. His life completely changed because of his perfect SAT score! He was admitted into prestigious universities, received a quarter-million dollars in scholarships, and even got to meet the President.

He created Prep Expert to help high school students achieve their own dreams. Prep Expert is the nation’s fastest growing test preparation provider. The company offers 6-week SAT & ACT preparation classes in multiple cities around the country and online. Thousands of Prep Expert students have have improved their SAT and ACT scores, gotten into the Ivy League, won millions in scholarships, and some have even gotten perfect SAT/ACT scores themselves.

Shaan completed his Bachelor of Arts Degree in Biology (BA) at the University of Southern California, Master of Business Administration (MBA) at Yale University, and Medical Degree (MD) at the University of Southern California. He has published 10+ books in SAT & ACT prep, entrepreneurship, and self-improvement. Shaan is currently completing a medical residency to specialize in dermatology. In addition to his academic endeavors, he continues to act as the Founder & President of Prep Expert. He recently appeared on ABC's Shark Tank and closed a deal with billionaire Mark Cuban for an investment in the company. Shaan was also honored to be named on INC Magazine’s 30 Under 30 list in 2019.

Time-Stamped Show Notes:

[0:54] Shaan Patel is the founder of Prep Expert. He is only 29 years old and currently based in Philadelphia.
[2:03] After high school, he was able to get a perfect SAT score just by self-studying. This totally changed his life and led to creating his own SAT prep course.
[4:31] In terms of revenue, they made about $500,000 in sales per year before they were featured in Shark Tank. After the show, their sales increased to $6 million per year.
[6:12] Shaan explains why he wants to share his story through this interview.
[8:34] According to Shaan, there are ways on how you can add at least forty hours to your work week.
[9:44] Shaan provides some tips about increasing productivity. Phone, internet, and emails can be a huge distraction that can lower productivity
[15:22] One of the biggest failures that happened to Shaan was getting his book deal rejected by publishers.
[19:04] During the early years of Prep Expert, Shaan encountered a major problem when he hired one of his relatives. He advises against letting family members join the business.
[21:53] Another frustrating hurdle that happened within the company involves a major licensing deal that almost did not push through.
[26:36] Shaan recommend another useful tip when pitching an idea to the management, CEO, or someone offering a good deal.
[29:45] Putting in a lot of work and effort can always lead to success. Before he reached the success he has today, Shaan put hundreds and thousands of hours into his craft.
[35:14] When it comes to hiring and keeping people motivated and happy, Shaan believes that his employees should really believe in their company mission.
[39:05] When the company only had 5 employees, Shaan decided to make a flat organization, which meant everyone was a director. It turned out to be a complete disaster.
[42:09] Mark Cuban gave some brilliant advice to Shaan since he became a key investor to the company.
[44:26] Shaan emphasizes on the importance of self-control.

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Fabulous 4 Questions:

📖 📚 Favorite Book(s)? My own book — Self-Made Success! 😉
🙌😎 Favorite Amazon.com purchase? Definitely books. I have learned millions of dollars in knowledge from books that cost just $10.
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