✎ Kevin O’Leary’s Top 10 Rules For Success Volume 2: In this video we’re going to learn how to improve our lives by analyzing our take on O’Leary’s rules for success.
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-= O’LEARY’S RULES =-
1. Work for yourself
2. Focus on what matters
3. Appreciate genius
4. Always bring your A-Game
5. Articulate clearly
6. Get financial freedom
7. Pursue your passion
8. Be a skeptic
10. Have fun
-= BONUS =-
* Know your product
* Be motivated by failure
* Go to WIN
✎ Many of his investment lessons came from his mother, including the admonition to save one-third of his money. He had aspired to become a photographer, but on the advice of his stepfather attended university, and developed his interest in business. He rearned an MBA in entrepreneurship from the Ivey Business School at the University of Western Ontario. After selling his share of SET, O’Leary started Softkey in a Toronto basement. In 2003, O’Leary became a co-investor and director at Storage Now, Canada’s leading developer of climate controlled storage facilities. In 2008 he co-founded O’Leary Funds Inc.,a mutual fund company focused on global yield investing. Since 2009 he has been a shark on the American version of Dragons’ Den, Shark Tank, which airs on ABC. In September 2011, O’Leary released his first book, Cold Hard Truth: On Business, Money & Life. In 2017 he campaigned to be the leader of the Conservative Party of Canada.
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Massachusetts Conference For Women
BigSpeak Speakers Bureau
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if you think you can have a balanced life as an entrepreneur that's just all bull what I've learned about business over all these years and all these deals it's never as good as it sounds but it's never as bad as it looks this land is mine I screwed it up we'll start again hello belief nation I'm Evan Carmichael my one word is believe and I believe that entrepreneurs are going to solve all of the major problems of the world so to help you on your journey today we're going to learn from shark tank investor Kevin O'Leary and my take on his top ten rules for success volume 2 rule number one is my personal favorite and I'd love to know which one you guys like the best and as always guys as you're watching if you hear something that really resonates with you please leave it down the comments below put quotes around it so other people can be inspired and when you write it down it's much more likely to stick for yourself as well enjoy I was working once in an ice-cream parlor when I was about 15 years old my first real job and on the second day I was asked to scrape the gum off between the Mexican tiles on the floor and I said to the woman who owned the storms called the goose ice-cream parlor you didn't hire me to spread gum you hired me to scoop ice cream and this this girl the shoe store across the way that's looking at me I don't want to see her you scraping the gum and she said what are you talking about I own the store I'll do anything I want when you get down to your knees and scrape that gum I said I'm not doing it she said you're fired last job I ever had I owe that woman everything I don't like to work for people many of you would hear I hope in here that there's nothing wrong with it if you want to control your own destiny you work for yourself that's how it works I'm trying to inspire those of you are on the tipping point take the chance you're young go for it there's nothing better than being able to wake up in the morning 10 years or 20 years so now into whatever you like it is about freedom that's what matters I'm not saying the employees bad but believe me being an entrepreneur is better I'm a little ice unfortunately one of the great benefits of technologies productivity one of the big downsized it's incredibly distracting people check their Twitter account or they'll answer a Facebook message or they'll do something that has nothing to do with making money and the reason you go to work in the morning is to make money that's what you're there for all the other wonderful things you can do with your time are based on your ability to create an income for yourself and your family so why spend any time doing all that crap which is distracting and so that's the number one thing I find in my companies is when you see someone failing and you look at how they manage their time you'll see right there what's going on they're not focused on what matters last thing here we talked about your ear meeting with Steve Jobs and I've heard a lot of what Steve Jobs since he passed away and people talk about he was so unbelievably difficult and tough in a way yes you what would you characterize in that way yeah he was a prick yeah but do you have to be that way to accomplish what he's done you know I respect him for the tremendous success and the vision he had I was proud to work for him because that's what I was doing supplying education software I always thought in person he could have been a nicer guy but would that have changed the outcome maybe he was a genius and I remember him saying I asked him about what maybe was just some market research on this before we spent two million dollars on a particular product we're doing for reader rabbit he said we don't do market research we tell them what they want and I thought wow not only is that arrogant but it's brilliant it and it works right and so I said okay big guy let's do it and it was very successful I said whatever you do somebody can do it better you have to bring your a-game in every single day there's nothing unique about any one individual what you need is their passion their ability to execute to meet artists and exceed them the minute you lose that ability in capitalism you're gone it's a fair trade the engine that makes you rich can take it all the way from you there are no guarantees I think that's incredibly important what's a deal that you missed that one of your fellow sharks was able to secure that you look back on and say wow I didn't know that was going to work out that well but it has proven to be a big success and there is one and I remember the moment it was a deal called sponge daddy it was a yellow sponge with a smile in its face and I thought what a piece of crap this is the guy wanted $500,000 for like 50% of it and Laurie was beside me you know the queen of crap as I like to say she'd get the Junction's here and the she started bidding on it and I looked over at her I said are you out of your mind this thing is a sponge it's a sponge she said leave me alone no Laurie I forbid you to do this I can't watch you kill money like this this is a shame you're going to teach America had a waste cache he said shut up I'm doing the deal and she did sponge daddy did 50 million in sales last year it's a little piece of crap I mean that taught me a but I have a lot of respect for her now that shows you the power of a shark tank platform simple product simple message there's actually a great corporate lesson to be learned in watching shark taken and I urge anybody that's listening to this now to think about this for their own career if you go back and look at 6 years of data of all the deals that got funded regardless to what the product was and this does not detail the outcome of the company just the ones that got a check from a shark what are the common trades or threads it turns out there's three in a hundred percent of the cases the entrepreneur is able to articulate the idea in 90 seconds or less here's a sponge under cold water it's hard scrapes eggs off plates under warm water you can suppose silver again right very simple number two it's usually a team are able to articulate why they're the right team to execute the business plan they have a plan they tell you what it is and they tell you why they are the accredited you know managers for it that's interesting you find it in every case with a success and here's the one that really matters in a hundred percent of the cases the entrepreneurs knew their numbers inside out you ask them about break-even analysis margin analysis market share growth competition in every answer they have it they nailed it it turns out in corporate America today and I teach this now you know I taught at Notre Dame and MIT the graduating cohorts I explained this to them when you're leading when you want to be a leader you have to articulate your idea in 90 seconds or less you have to explain why you're the right person to lead and above all you have to know your numbers you can see it happen on Shark Tank it works in the real world too and frankly Shark Tank is the real world because it's real capital so I use that and I teach it and I think everybody should think about that explaining your vision clearly succinctly in a short period of time is up being really important if you think you can have a balanced life as an entrepreneur that's just all bull there's some other guy would want your customer that's working 25 hours a day right that's what I found and so I don't I don't even talk about that anymore saying look it's a great you have to decide it's a path you either going to control your own destiny or you're going to be an employee they're both they're both noble one gives you time to be with your family one gives you a more balanced life and the other one is balls to the wall and the reason you do it is to eventually have personal freedom because you've been successful and I think most people in this room fall into that second category balls to the wall and going to make it or they're not and that's why I come here because I was the kindred spirit I like to see entrepreneurs that are willing to risk it all but but have to realize there is no balance the reason you do and pursue an entrepreneurial career is to provide financial freedom one day for yourself in your family the sacrifice is there's no balance during the period you're growing a business if you're successful the reward is financial freedom which is the essence I told the young entrepreneurs don't do it for the greed of money do it for financial freedom do it for freedom make yourself free one day so you can do whatever you wish with your time and the only way you can do that in our society is you have to be well and so the rewards of a great entrepreneur they achieve that wealth and they're free to do whatever they wish which may be more entrepreneurship you don't know if you're passionate and you're successful you will wait them you'll wake up one day rich it won't really be going for the cash it must happen to you everybody I talked to the said success doesn't remember the day they became a millionaire no idea not important to them they remember winning they remember building a business of being successful again the pursuit of freedom manifests itself in passion that's really what it's about and my exposure most of the business people I've met the successful ones the CEOs or whatever they are at their core optimistic can you be a pessimist and be a successful entrepreneur you have to be optimistic I think you have to view the world in a way that assumes success otherwise you'll never have the energy maybe not a pessimist but a skeptic is a good thing to be because what I've learned about business over all these years and all these deals it's never as good as it sounds but it's never as bad as it looks either you know every day I've got 32 portfolio companies now something wildly bad is happening to one of them and the cell phone rings at 6:00 in the morning and something fantastically great is happening to another one and it seems to me the random serendipitous nature of it all is really intriguing to me because if I could only show the pessimistic or very you know depressed entrepreneur that is calling me saying oh my goodness we just lost Walmart or whatever it is it's the nightmare of their day versus we just got Walmart on the other business well I'm trying to get everybody in the same universe to realize it's never as bad as but never as good either you have to get up in the morning go back to work great entrepreneurs are able to delegate the successful women CEOs are remarkably good at this remarkably good at it and the way it works is Sarah give giving examples the way Sarah works she hire somebody she sets a goal for 90 days and gets out of their way gets completely out of their way lets them achieve it if they achieve it she moves them up the organization if they don't they get three tries until they're out if you can't achieve your goals in business that's what happens but her whole thing is let them do the work themselves let them figure it out I don't want to use my time for it that's what I hired them for how do you want to play if I think Kevin O'Leary you know what I want you to play for me I want you to think this land is your land Oh classic pro-labor political subversive song we are bring the lyrical things I would I got on the lyric so they'd never say business when it court absolutely against everything I am remember this to publication ready we're going to go this land is mine I screwed it up a start again that's how much I hate this I thought it is your land this land is my land from California right let's try it again I want you to sing with me – you're not getting away with this all right there we go this land is your California log Island this land was made for you and me thank you guys so much for watching I hope you enjoyed if you want to get your pick of who I should profile next in the top tens check out the link in the description and go and cast your vote I also want to give a quick shout out to amy schmittauer amy thank you so much for picking up a copy of my book your one word and doing that awesome podcast on your channel and you tweeting it out I appreciate all the support and I hope you enjoyed the read so thank you guys again for watching I believe in you I hope you continue to believe in yourself and whatever your one word is much love I'll see you soon great entrepreneurs have a tremendous amount of knowledge of what they're selling they know a lot of it everything but they better know a lot about what they're selling you never want to be caught explaining yourself and not knowing your product that's because you're so passionate you're spending all your time doing it that's exactly what matters I actually think what motivates entrepreneurs is fear of failure and it certainly happened to me you start a deal it's not working you work harder to make it work you pivot you figure out what you're doing wrong here a failure is is the is the ultimate motivation and I think many every entrepreneurs failures your job is to go out into the world and understand who you serve it is not your responsibility to solve all the society's problems you pay taxes to a government to do that your job is to go to war everyday and win to win market share to solve the earth or competitors walk on to steal their customers and to take their profits and win that's your job and to make profits for your shareholders so they give you more capital to create more jobs to be more successful to pay more taxes to provide the standard of living that we have in America today your job is not to solve everybody's problem is to solve your customers problems your shareholders problems your employees problems I'm very distressed when people tell me a business should give a third of its profits to charity that's not gracious it should give all of it to in shareholders who then give to charity think of all the great things that are done today by the Bill Gates of the world the warren buffett's of the world the only reason they can do that is they make money for their shareholders don't get lost in this debate stay focused and true to the mission business is war you have to win and you take the spoils with your profits and you help your fellow man but first you make money