In an interview Kevin O’Leary gave published on Fast Company’s website by Marc Wayshak, Kevin aka Mr. Wonderful on ABC’s hit show Shark Tank revealed 5 startup success tips for entrepreneurs.
Kevin O’Leary is an accomplished entrepreneur, who sold one of his ventures for $3.8 billion. He is also one of the more outspoken investors (sharks) on the Shark Tank show. Whether you love or hate O’Leary’s comments and attitude on the show, he knows business and is a successful entrepreneur and venture capitalist.
In the interview, O’Leary gave these great 5 startups success tips for entrepreneurs.
5 Startup Success Tips From Shark Tank Host Kevin O’Leary
1. Business idea is either good or bad.
O’Leary states that there are no grey areas in business. It’s pretty much black and white. Business ideas are either good or bad. He says, “And when it’s bad idea, I’m going to tell you.” Many entrepreneurs fight to keep bad ideas alive. This is a waste of time and resources.
2. Making money is the objective of business.
Kevin O’Leary discusses how other objectives, which can cause damage to a business and be the undoing of many great companies, can sidetrack entrepreneurs. Kevin states that he invests to make money and to get clear on what the goal is.
3. Entrepreneurs should be more realistic.
Mr. Wonderful explains how entrepreneurs often set unrealistic financial goals for themselves and their business. Kevin cautions business owners to be more conservative about the targets they set. Measurable and achievable results are critical for business growth.
4. Starting a business is time consuming.
Forget the nine to five workdays. Being an entrepreneur takes a little bit of more effort in order to achieve great success. Kevin O’Leary states that to succeed with a business, there is a discipline required about working to optimize the business. You have to expect to consume your life for a period of time.
5. Have the ability to fire people.
Sometimes partners, investors, and employees simply do not work out. In those times, it is the job of the entrepreneur and business owner to know when a relationship should end. Furthermore, entrepreneurs must be able and willing to fire the people that are not working out.
To get help with a business startup, entrepreneurs can always work with experienced people and professionals. When entrepreneurs need help, often assistance is provided through business consulting services. Business owners work with consultants to get specific tasks accomplished and business goals achieved.