When Kobe Harris started his lip balm company on his bedroom floor in 2019, he wasn't necessarily looking to immediately drop out of college. Then, he sold $15,000 worth of lip balm in one day, and decided to take the leap, Harris said on Friday's episode of ABC's "Shark Tank." He asked his mom for $200 to purchase some ingredients on Amazon, and used them to experiment with lip balm formulas on his bedroom floor at home while working a summer lifeguarding job, he added. It's the advice Harris' mom, a multi-time business owner, gave him when he told her he wanted to drop out of college to make lip balm, he said. Sign up for CNBC's online course How to Earn Passive Income Online to learn about common passive income streams, tips to get started and real-life success stories.

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Persons: Kobe Harris, Harris, salve, Harris didn't, Kendra Scott, Lori Grenier, Daymond John, Mark Cuban, Kevin O'Leary, O'Leary Organizations: Loyola University Chicago, CNBC Locations: Las Vegas, Kobee