Category: Enterpreneur Wisdoms

Entrepreneur Wisdoms: Kevin O’Leary

Here are some excepts from Kevin O’leary’s book: Cold hard truth on Business, Money and Life.

I was not built to be an employee but that does not mean I am better than the people I employ

…As long as my employees interests align with mine, we’ll be fine. The minute they don’t, they’re gone, whether I like them or not

What are you willing to do, in order to be?

What level of rejection, fruitless meetings, disheartening developments and failed phone calls are you willing to make in order to get the 1 or 2 clients that will start or continue to grow your business.

You need to be ruthless and have heart and commitment to your ideas.

If you can’t monetise a skill, it’s a hobby

The key to growing wealth is not only having the skill but owning the place where that skill / skills are applied

The was no doubt in my mind that I would never be happy being an employee. But my goal at the time wasn’t happiness – it was experience. En route to working for myself, I was fully aware I was going to have to work for other people from time to time.

There will come a time where you will need to leave the nest and make money on your own terms

Use your time working for others to figure out what team you need

How to Spot Winners

  • They have proof of money making and a plan to secure new ways of generating money
  • Money requires face time
  • Don’t candy-coat screw-ups, demonstrate the lessons learned.
  • Winners lack defensiveness and have a relaxed humility

You need to solve a problem first

Distribution channels are key. Don’t let great ideas die because you are too scared to face rejection. Pick up the phone. You will be rejected, Plenty of times. That is how entrepreneurial calluses are formed. The only people that mattered are those that accept the deal. If they don’t, they are dead to you.

Licensing

Don’t do mundane shit, that other companies are experts at.  If they have perfected that part let them do that work and you focus on what you are good at.

To grow a company you have to live, breathe and sleep your business

Have multiple clients and investors, don’t rely on one. It gives you options and leverage and ensures you are not on the short side of the equation.

Everyone is replaceable

I’m not making friends, I’m making money

Perfect Team

  • Have a business partner that compliments skills you don’t have
  • A numbers expert

Code writers were a dime a dozen. It was like a game of Whack-a-Programmer

Rules for sucesssful Partnerships

  • Find someone whose strength are your weaknesses
  • Leave your ego at the door
  • Establish a common goal
  • Never undermine your partners in public, even when you think they’re wrong
  • It’s always about the company

Focus on the Best, Dump the Rest

If you want to buy a company don’t talk to the president of CEO. He or she is often just an employee. Go straight to the shareholders.

People are infinitely greedier than they are competitive

Adapt or Die

Money is the motivator, plain and simple.

How to be a Star Employee

  • Pace Yourself
  • Take stock if offered – It is impossible to get rich without owning stock
  • Think more than your company, think what competitors are doing
  • Don’t brown nose the boss