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Kevin O’Learyor “M. Merveilleux” for you Shark aquarium fans, is a seasoned entrepreneur and investor who does not shy away from giving advice to candidates who appear on the hit show.
Like it or not, his advice is perfect. Here are 10 quotes from O’Leary’s that every entrepreneur can learn from.
1. “It hurts me to see good entrepreneurs chasing bad opportunities.”
Successful entrepreneurs constantly find bad ideas and many continue to pursue them because they are blinded by passion. Past success does not necessarily guarantee that the next idea will be a home run. While this helps, it is not always guaranteed.
Seek out honest comments and opinions on your idea outside of those around you. Family and friends will not always be brutally honest for fear of discouraging or disturbing you. Feedback from your target market in the early stages can help you pause on a bad idea before you get too deep.
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2. “Everything you pay attention to grows!”
This applies to everything in life. Imagine if you didn’t pay attention to your significant other – this relationship will eventually fall apart, not develop.
Your business requires all your attention with the same respect. Everyone knows that a person is full of good ideas, but nothing ever comes to fruition because they pursue too many things. They disperse their attention too thin and no idea ever receives the amount necessary to grow.
3. “I like to take risks. This is how I make money. But these are calculated risks. “
Without risk, there is no reward, but that doesn’t mean you have to jump into a blind situation and hope for the best. For example, if you plan to quit your job and devote 100% of your time to a new business, you need to make sure that you have safety nets.
Waiting until you have several months of professional and personal expenses in reserve will be useful if you experience a bumpy launch. Taking this risk without planning the financial reserve is almost suicidal – a single hiccup could spell disaster and complete failure.
4. “No one has a monopoly on good ideas.”
Anyone can come up with a good idea – past experience, success, equity, and relationships have nothing to do with it. Those who want it enough will do whatever it takes to bring this idea to life. Those who apologize will say, “I had this idea – I just didn’t have the resources to make it happen” when someone else steps in and delivers.
Never think that your idea is too small or that you do not have the capacity to bring your vision to life. The only thing that can stop you is an apology. And if you find out that someone has already taken your idea, don’t worry – find something else. There will never be a shortage of brilliant ideas.
5. “I have probably heard over 10,000 locations … and to tell the truth, most of them were zero.”
It seems like everyone has a startup these days, which leads to bombing of investors and members of the media all over the place. No matter what you are trying to attract – investment or pressure to start – before looking for one or the other, you need to make sure that you are fully prepared.
You may only have five minutes for a single presentation opportunity and you are only in media exposure search mode before launch once. Never assume that you will receive a second chance.
6. “People know very well what I represent on television. No one gets rich on TV, but a chance to build their brand. This is what I try to do. “
O’Leary receives about $ 30,000 per episode of Shark aquarium, according to the TV Guide Industry Annual Wages Report for 2020. While it may sound like a lot of money, they are peanuts relative to one’s equity. He’s not on the show for the money – he’s there for the brand exhibit.
While O’Leary has been a successful entrepreneur for some time, his personal brand has really taken off due to exposure Shark aquarium provides.
Look at all the branding opportunities in the long run and not necessarily an immediate increase in revenue.
Related: Robert Herjavec: Success Is Not Measured On Days When The Sun Shines
7. “It’s a stupid idea, it’s going to zero, take it behind the barn and pull it.”
We constantly hear from entrepreneurs on Shark aquarium talk about how they took out a second mortgage or borrowed absurd sums of money from family members to start a business based on what O’Leary called a stupid idea.
Not all ideas are stupid at first, but when it becomes clear that there are problems ahead, knowing when to remove the card can help minimize the financial disaster. The sooner you leave a bad idea, the sooner you can start another idea that looks more promising.
8. “Assholes get rich because they’re not afraid to ask for what they want.”
You can sit back and think about what you want or you can go ahead and ask for what you want. It’s pretty simple – and if you don’t ask, someone else will.
“I wonder how he got on with this business?” “How did they get this deal?”
Don’t be afraid to ask for what you want. What’s the worst that can happen? If you are refused, come back and ask again. If you are afraid of rejection, you are going to have problems. You should be able to rebound immediately after being hit on the ground.
9. “Never let them see you sweat … and never pay with credit.”
I will focus on the second part of this quote. There are several ways to raise the funds needed to start a business, including starting up, which is easier if you have a business model that generates immediate income, or if you can undertake an investment cycle, raise funds. via a crowdfunding effort or maximum credit. cards.
The credit option is the most dangerous. While this may seem like the simplest option, you need to consider the consequences. If you accumulate $ 20,000 in credit card debt, you will have to pay back high interest payments. If the business fails, you are still responsible for this mountain of debt, while if you start and fail, you would not be faced with this negative balance.
10. “My partners … taught me that to create wealth, I had to team up with people whose strengths made up for my weaknesses.”
You’re not going to be great in everything – it’s just not doable. The sooner you can identify your own weaknesses, the sooner you can put people in place to fill those gaps. This is how successful organizations are built.
Not only will you lose your mind if you try to do it all yourself, but your business will suffer. Align with others who share your same vision and work ethic – but specialize in the areas where you are weak.
If you have any favorite quotes from Kevin O’Leary to add, leave them in the comments section below.
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