If you want to achieve success, you must be willing to learn from your mistakes, says self-made billionaire and star of CNBC's "Billion Dollar Buyer" Tilman Ferttita.
Fertitta is the owner and CEO of hospitality group Landry's, one of the largest restaurant corporations in the world, and owner of the Houston Rockets basketball team. According to Forbes, his estimated net worth is $3.6 billion.
In this week's episode, Fertitta meets with Richard and Kate Hanley, the founders of a Louisiana-based salad dressing startup called Hanley's.
The company is known for its all-natural ingredients and unique flavors like "creole ranch," "sweet creole mustard" and a signature "sensation" dressing."
"We make everything from scratch," Richard tells Fertitta. "Big large companies don't make dressings like that anymore. They use prepared products. They use the cheapest soils."
Last year, the company only netted about $3,000 and the founders paid themselves just $10,000 for the whole year. "To say that we've struggled is an understatement," says Richard.
With Fertitta's help, he hopes to become Landry's go-to salad dressing company. However, Fertitta thinks this goal is too "lofty." He currently buys about 120,000 gallons of salad dressing a year and Hanley's only produces 12,000 a year.
The self-made billionaire advises that they go about their business goal a different way: Show him a few of their salad dressings and prove to him that customers will like it. He invites them to his Golden Nugget Hotel and Casino in Lake Charles so his chefs can sample a few of the dressings.