• SHOP
  • SITES
  • NEWSLETTER
  • CEO HACKS
  • GLOBAL SEARCH
  • WEB SUPPORT
  • CONTACT
Hearpreneur
  • Inspiration
    Monday Motivation: WHEN LIFE BREAKS YOU

    Monday Motivation: Discipline Yourself – BEST Motivational Video (ft. Eric Thomas)

    Monday Motivation: WHEN LIFE BREAKS YOU

    Monday Motivation: When All Is Lost, You Have Everything To Win

    17 Entrepreneurs and Business Owners Reveal Their Favorite Business Leader

    17 Entrepreneurs and Business Owners Reveal Their Favorite Business Leader

    Monday Motivation: WHEN LIFE BREAKS YOU

    Monday Motivation: BEAST MODE – Motivational Speech

    Monday Motivation: WHEN LIFE BREAKS YOU

    Monday Motivation: Nothing Changes If Nothing Changes

    Monday Motivation: WHEN LIFE BREAKS YOU

    Monday Motivation: Your Belief-System is Everything

    Monday Motivation: WHEN LIFE BREAKS YOU

    Monday Motivation: The Beast Attitude

    16 Entrepreneurs Share Advice That’s The Complete Opposite of What They Learned Before Starting Their Venture

    16 Entrepreneurs Share Advice That’s The Complete Opposite of What They Learned Before Starting Their Venture

    Monday Motivation: WHEN LIFE BREAKS YOU

    Monday Motivation: NO MORE EXCUSES, YOU EITHER WANT IT OR YOU DON’T

  • Storytelling
    30 Entrepreneurs Explain What They Love About Being an Entrepreneur

    29 Entrepreneurs Explain What They Love About Being an Entrepreneur

    17 Entrepreneurs Describe Their Morning Routine

    17 Entrepreneurs Describe Their Morning Routine

    9 Entrepreneurs Share How They Use TikTok for Their Business

    9 Entrepreneurs Share How They Use TikTok for Their Business

    28 Entrepreneurs Reveal How They Came Up With Their Business Name

    28 Entrepreneurs Reveal How They Came Up With Their Business Name

    29 Entrepreneurs Reveal How They Came Up With Their Business Name

    29 Entrepreneurs Reveal How They Came Up With Their Business Name

    30 Entrepreneurs Explain What They Love About Being an Entrepreneur

    30 Entrepreneurs Explain What They Love About Being an Entrepreneur

    21 Entrepreneurs Share How They’re Incorporating Corporate Service Responsibility (CSR) In Their Businesses

    21 Entrepreneurs Share How They’re Incorporating Corporate Service Responsibility (CSR) In Their Businesses

    26 Entrepreneurs Explain What They Love About Being an Entrepreneur

    26 Entrepreneurs Explain What They Love About Being an Entrepreneur

    30 Entrepreneurs Reveal the Pivots They are Making in Their Business in 2023

    30 Entrepreneurs Reveal the Pivots They are Making in Their Business in 2023

  • Entrepreneur
    21 Entrepreneurs Share Views on Whether Leaders are Born or Made

    21 Entrepreneurs Share Views on Whether Leaders are Born or Made

    18 Entrepreneurs Reveal How They Came Up With Their Business Name

    18 Entrepreneurs Reveal How They Came Up With Their Business Name

    16 Entrepreneurs Share Advice That’s The Complete Opposite of What They Learned Before Starting Their Venture

    16 Entrepreneurs Share Advice That’s The Complete Opposite of What They Learned Before Starting Their Venture

    15 Entrepreneurs Share How They Continue to Learn and Sharpen The Saw

    15 Entrepreneurs Share How They Continue to Learn and Sharpen The Saw

    10 Entrepreneurs Reveal The Economic Outlook of Their Industry

    10 Entrepreneurs Reveal The Economic Outlook of Their Industry

    18 Entrepreneurs Reveal How They Deal With Economic Uncertainty

    18 Entrepreneurs Reveal How They Deal With Economic Uncertainty

    30 Entrepreneurs Explain the 2023 Trends They See in Their Industry

    30 Entrepreneurs Explain the 2023 Trends They See in Their Industry

    30 Entrepreneurs Discuss Whether or Not Business Success is Overrated

    30 Entrepreneurs Discuss Whether or Not Business Success is Overrated

    28 Entrepreneurs Reveal The Entrepreneurs They Consider to be Successful

    28 Entrepreneurs Reveal The Entrepreneurs They Consider to be Successful

  • Ideas
    18 Entrepreneurs Reveal How They Came Up With Their Business Name

    18 Entrepreneurs Reveal How They Came Up With Their Business Name

    15 Entrepreneurs Share their “Secret Sauce” aka USP that Sets their Companies Apart

    15 Entrepreneurs Share their “Secret Sauce” aka USP that Sets their Companies Apart

    9 Entrepreneurs Share Innovative Ways They Are Marketing Their Business

    9 Entrepreneurs Share Innovative Ways They Are Marketing Their Business

    9 Entrepreneurs Share How They Use TikTok for Their Business

    9 Entrepreneurs Share How They Use TikTok for Their Business

    18 Entrepreneurs Reveal How They Deal With Economic Uncertainty

    18 Entrepreneurs Reveal How They Deal With Economic Uncertainty

    30 Entrepreneurs Answer What has Been Their Favorite Technology Innovation

    30 Entrepreneurs Answer What has Been Their Favorite Technology Innovation

    30 Entrepreneurs Share Their Takeaways From 2022

    30 Entrepreneurs Share Their Takeaways From 2022

    30 Entrepreneurs Reveal the Companies They are Starting in 2023

    30 Entrepreneurs Reveal the Companies They are Starting in 2023

    30 Entrepreneurs Share Their One Prediction for Business in 2023

    30 Entrepreneurs Share Their One Prediction for Business in 2023

  • Posts
  • MORE
    • START
    • FAQ
    • NEWSLETTER
    • HACKS
    • ABOUT
    • SITES
    • GUEST POSTS
    • WEBSITE SUPPORT SERVICES
  • Community
    • FREE CBNation Buzz Newsletter
    • Premium CEO Hack Buzz Newsletter
No Result
View All Result
Hearpreneur
  • Inspiration
    Monday Motivation: WHEN LIFE BREAKS YOU

    Monday Motivation: Discipline Yourself – BEST Motivational Video (ft. Eric Thomas)

    Monday Motivation: WHEN LIFE BREAKS YOU

    Monday Motivation: When All Is Lost, You Have Everything To Win

    17 Entrepreneurs and Business Owners Reveal Their Favorite Business Leader

    17 Entrepreneurs and Business Owners Reveal Their Favorite Business Leader

    Monday Motivation: WHEN LIFE BREAKS YOU

    Monday Motivation: BEAST MODE – Motivational Speech

    Monday Motivation: WHEN LIFE BREAKS YOU

    Monday Motivation: Nothing Changes If Nothing Changes

    Monday Motivation: WHEN LIFE BREAKS YOU

    Monday Motivation: Your Belief-System is Everything

    Monday Motivation: WHEN LIFE BREAKS YOU

    Monday Motivation: The Beast Attitude

    16 Entrepreneurs Share Advice That’s The Complete Opposite of What They Learned Before Starting Their Venture

    16 Entrepreneurs Share Advice That’s The Complete Opposite of What They Learned Before Starting Their Venture

    Monday Motivation: WHEN LIFE BREAKS YOU

    Monday Motivation: NO MORE EXCUSES, YOU EITHER WANT IT OR YOU DON’T

  • Storytelling
    30 Entrepreneurs Explain What They Love About Being an Entrepreneur

    29 Entrepreneurs Explain What They Love About Being an Entrepreneur

    17 Entrepreneurs Describe Their Morning Routine

    17 Entrepreneurs Describe Their Morning Routine

    9 Entrepreneurs Share How They Use TikTok for Their Business

    9 Entrepreneurs Share How They Use TikTok for Their Business

    28 Entrepreneurs Reveal How They Came Up With Their Business Name

    28 Entrepreneurs Reveal How They Came Up With Their Business Name

    29 Entrepreneurs Reveal How They Came Up With Their Business Name

    29 Entrepreneurs Reveal How They Came Up With Their Business Name

    30 Entrepreneurs Explain What They Love About Being an Entrepreneur

    30 Entrepreneurs Explain What They Love About Being an Entrepreneur

    21 Entrepreneurs Share How They’re Incorporating Corporate Service Responsibility (CSR) In Their Businesses

    21 Entrepreneurs Share How They’re Incorporating Corporate Service Responsibility (CSR) In Their Businesses

    26 Entrepreneurs Explain What They Love About Being an Entrepreneur

    26 Entrepreneurs Explain What They Love About Being an Entrepreneur

    30 Entrepreneurs Reveal the Pivots They are Making in Their Business in 2023

    30 Entrepreneurs Reveal the Pivots They are Making in Their Business in 2023

  • Entrepreneur
    21 Entrepreneurs Share Views on Whether Leaders are Born or Made

    21 Entrepreneurs Share Views on Whether Leaders are Born or Made

    18 Entrepreneurs Reveal How They Came Up With Their Business Name

    18 Entrepreneurs Reveal How They Came Up With Their Business Name

    16 Entrepreneurs Share Advice That’s The Complete Opposite of What They Learned Before Starting Their Venture

    16 Entrepreneurs Share Advice That’s The Complete Opposite of What They Learned Before Starting Their Venture

    15 Entrepreneurs Share How They Continue to Learn and Sharpen The Saw

    15 Entrepreneurs Share How They Continue to Learn and Sharpen The Saw

    10 Entrepreneurs Reveal The Economic Outlook of Their Industry

    10 Entrepreneurs Reveal The Economic Outlook of Their Industry

    18 Entrepreneurs Reveal How They Deal With Economic Uncertainty

    18 Entrepreneurs Reveal How They Deal With Economic Uncertainty

    30 Entrepreneurs Explain the 2023 Trends They See in Their Industry

    30 Entrepreneurs Explain the 2023 Trends They See in Their Industry

    30 Entrepreneurs Discuss Whether or Not Business Success is Overrated

    30 Entrepreneurs Discuss Whether or Not Business Success is Overrated

    28 Entrepreneurs Reveal The Entrepreneurs They Consider to be Successful

    28 Entrepreneurs Reveal The Entrepreneurs They Consider to be Successful

  • Ideas
    18 Entrepreneurs Reveal How They Came Up With Their Business Name

    18 Entrepreneurs Reveal How They Came Up With Their Business Name

    15 Entrepreneurs Share their “Secret Sauce” aka USP that Sets their Companies Apart

    15 Entrepreneurs Share their “Secret Sauce” aka USP that Sets their Companies Apart

    9 Entrepreneurs Share Innovative Ways They Are Marketing Their Business

    9 Entrepreneurs Share Innovative Ways They Are Marketing Their Business

    9 Entrepreneurs Share How They Use TikTok for Their Business

    9 Entrepreneurs Share How They Use TikTok for Their Business

    18 Entrepreneurs Reveal How They Deal With Economic Uncertainty

    18 Entrepreneurs Reveal How They Deal With Economic Uncertainty

    30 Entrepreneurs Answer What has Been Their Favorite Technology Innovation

    30 Entrepreneurs Answer What has Been Their Favorite Technology Innovation

    30 Entrepreneurs Share Their Takeaways From 2022

    30 Entrepreneurs Share Their Takeaways From 2022

    30 Entrepreneurs Reveal the Companies They are Starting in 2023

    30 Entrepreneurs Reveal the Companies They are Starting in 2023

    30 Entrepreneurs Share Their One Prediction for Business in 2023

    30 Entrepreneurs Share Their One Prediction for Business in 2023

  • Posts
  • MORE
    • START
    • FAQ
    • NEWSLETTER
    • HACKS
    • ABOUT
    • SITES
    • GUEST POSTS
    • WEBSITE SUPPORT SERVICES
  • Community
    • FREE CBNation Buzz Newsletter
    • Premium CEO Hack Buzz Newsletter
No Result
View All Result
Hearpreneur
No Result
View All Result

How A Stolen Coat Turned Into A Multi-Million Dollar Idea

in Profiles
Reading Time: 2 mins read
Looking Back 2 Move Forward: Brownie Wise, The Tupperware Queen

From this incident was born the idea of Coatchex, a simple, yet innovative system of checking coats at bars, restaurants and other venues that is hassle free and safe for the customers and business owners alike.

Derek Pacque is the founder of Coatchex and Hearpreneur asked a few questions about the origin of his business, his partnership with Gerry Hays and his experience on the popular TV series “Sharks” where he first pitched his idea to a nationwide audience. Here is what he had to say about promoting his business idea.

RelatedPosts

Founder Goes Full-throttle With the Concept of Data Leadership

CEO on a Mission to Combat Issues of Misconduct in the Workplace

Co-founder Engaging Florida's Innovation Ecosystem

It’s vital when pitching your business to have a few things down pat first:

  • Know Your Business: This means knowing your business model and industry completely.
  • Get the Right Partner: Are you looking for money or a business associate? Be sure to arrive at a fair split of ownership.
  • Present your Business: Be clean, efficient and a little flashy. You want to stand out without losing your professionalism, but being enthusiastic helps tremendously.

Know When to Turn Down a Deal

When deciding on whether to take the offer from Mark Cuban, my partner and I came to the decision that while it was good, it was simply not good enough. That judgment was based on knowing our business inside and out and understanding that Cuban’s offer was simply not enough to cover the costs. Had we not been as educated about our business, it would have been really difficult to turn him down.

This means that we knew what we wanted, how much it was going to cost and what the potential benefits were going to be. Going on “Sharks” was a no-brainer in that 7 million people got to see our business idea, but the offer was just not enough. Still, being on the show got us offers and hundreds of requests from around the world which helped us establish our business. Companies like ESPN, Maxim and even the Super Bowl XLVI in Indianapolis have used Coatchex.

Inspiration Can Come from Anywhere

The idea for Coatchex was born when I was decided whether to wear a pricey coat to one of our local bars, knowing that I might lose it because there was no coat check system. After asking around, I found that the liability was simply too much for many restaurant and bar owners to be bothered with so I started my own local Coatchex business. I made a great deal of money, but the ticketing system I used didn’t work very well.

Thanks to my business partner, Gerry Hays, I began the ticket-less Coatchex system, a turn-key business that allows for coats to be checked conveniently without having to use tickets. This meant that the process is hassle-free, uses simple, yet advanced technology and is very secure so people can check their coats without worry. Today, Coatchex is being used worldwide and is still expanding.

Derek Pacque is now enjoying a fantastic amount of success that stemmed from a single unfortunate incident. The power of being an entrepreneur is knowing when to pursue your ideas and make the right choices for your future.

See also  Former Asset Manager Returns to Help Family Business Expand

This post is from a contributing writer to CEO Blog Nation. 

Tags: coatchexderek pacque
Previous Post

Why Did You Start Your Business? Week of December 2nd

Next Post

Monday Morning Motivation: Opportunities

Related Posts

Founder Goes Full-throttle With the Concept of Data Leadership
Inspiration

Founder Goes Full-throttle With the Concept of Data Leadership

After years of working in data, Anthony J. Algmin realized there was something missing to the overall approach when solving...

CEO on a Mission to Combat Issues of Misconduct in the Workplace
Inspiration

CEO on a Mission to Combat Issues of Misconduct in the Workplace

#NotMe is a mobile resolution-seeking platform that serves both individuals and organizations to combat workplace misconduct. #NotMe founder and CEO,...

Profiles

Co-founder Engaging Florida’s Innovation Ecosystem

Brian Kornfeld is President and Co-Founder of Synapse, an innovation hub for entrepreneurs, investors, and governments in the state of...

Founder Solves Inefficiencies in DIY and Home Improvement
Profiles

Founder Solves Inefficiencies in DIY and Home Improvement

David Xing is the founder and inventor of Plott, a line of Extended Reality (XR) integrated tools to help DIY’ers...

Next Post
Looking Back 2 Move Forward: Brownie Wise, The Tupperware Queen

Monday Morning Motivation: Opportunities

20+ Entrepreneurs Explain Why They Started Their Businesses

Why Did You Start Your Business? Week of December 7th

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Join CBNation Buzz

Name(Required)
Email(Required)

Welcome to CBNation Welcome to CBNation powered by Blue16 Media (Web Design & SEO). We are a B2B brand that is exists to help over 1M business owners succeed. Our philosophy and foundation is based on resources, visibility & connections (Visibility + Resources x Connections = Success). We are focused on being the #1 business resource for CEOs, entrepreneurs and business owners.

We hope you enjoy this site, and please let us know if we can be of any help!

Please note in the sake of transparency our sites do contain affiliate links that pay us a small commission at no extra cost to you. Read our Affiliate Disclaimer.
CBNation Library
CEO Hacks
I AM CEO Volume 3

RSS Our Latest CBNation Content:

  • Unlocking Growth: The Power of AI and Automation in Modern Business Marketing
  • IAM1874 – CEO Helps the Underrepresented Communities to Improve Health Care Issues
  • IAM1873 – Coach Trains People to Think Like High Performers and Modernize Sales Process
  • 10 Entrepreneurs Explain How They Use Their Blog for Business
  • IAM1872 – Fitness Coach Introduces the Anti-Diet Nutritional Program to His Clients
  • IAM1871 – Fintech Founder Helps Entrepreneurs Access Competitive Financing Fast

Our Sponsors

Subscribe

Join thousands of subscribers & be the first to get new freebies.

Name(Required)
Email(Required)

What is CBNation?

We're like a Global Business Chamber but with content...
LOTS OF IT

CBNation includes a library of blogs, podcasts, videos and more helping CEOs, entrepreneurs and business owners level up

CBNation is a community of niche sites for CEOs, entrepreneurs and business owners through blogs, podcasts and video content. Started in much the same way as most small businesses, CBNation captures the essence of entrepreneurship by allowing entrepreneurs and business owners to have a voice.

CBNation curates content and provides news, information, events and even startup business tips for entrepreneurs, startups and business owners to succeed.

+ Mission: Increasing the success rate of CEOs, entrepreneurs and business owners.

+ Vision: The media of choice for CEOs, entrepreneurs and business owners.

+ Philosophy: We love CEOs, entrepreneurs and business owners and everything we do is driven by that. We highlight, capture and support entrepreneurship and start-ups through our niche blog sites.

Visit CBNation

RSS Our Latest Content:

  • Unlocking Growth: The Power of AI and Automation in Modern Business Marketing
  • IAM1874 – CEO Helps the Underrepresented Communities to Improve Health Care Issues
  • IAM1873 – Coach Trains People to Think Like High Performers and Modernize Sales Process
  • 10 Entrepreneurs Explain How They Use Their Blog for Business
  • IAM1872 – Fitness Coach Introduces the Anti-Diet Nutritional Program to His Clients
  • IAM1871 – Fintech Founder Helps Entrepreneurs Access Competitive Financing Fast
  • 21 Entrepreneurs Share Views on Whether Leaders are Born or Made
  • IAM1870 – Coach Helps Leaders in Making Sustainable Changes in their Thinking, Behaviors and Actions
  • IAM1869 – Law Firm Founding Member Offers High Mission of Service to Clients
  • Monday Motivation: Discipline Yourself – BEST Motivational Video (ft. Eric Thomas)

©2023 CBNation | Powered by CEO Blog Nation & Blue16 Media | Terms of Service | Privacy Policy | Affiliate Disclaimer | Website Support Services

No Result
View All Result
  • Inspiration
  • Storytelling
  • Entrepreneur
  • Ideas
  • Posts
  • MORE
    • START
    • FAQ
    • NEWSLETTER
    • HACKS
    • ABOUT
    • SITES
    • GUEST POSTS
    • WEBSITE SUPPORT SERVICES
  • Community
    • FREE CBNation Buzz Newsletter
    • Premium CEO Hack Buzz Newsletter
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
SettingsAccept
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
 Share This
 Facebook