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Any fans of Kevin O'Leary? Words of Wisdom from Mr. Wonderful

ApparentHorizon

Gold Contributor
Speedway Pass

tl;dw

- Be able to fire your mother
- Fire non-fits (cultural, attitude, public perception) in your company. Different from non performers
- Be able to explain your idea SIMPLY in 60-90 seconds
- Invest in teams that solve for the leader's weaknesses
- - Great entrepreneurs know their weakness
- - If the head of sales knows more about the company/customer than the CEO, the CEO is getting fired
- - Sales always highest paid person, without a cap
- Don't BS your business behind a cause. "For every X widget you buy, I'll donate Y to charity"
- - Create a sustainable growth and scalable machine that provides jobs first.
- The longer you're in the game, the more your gut feeling is right (subconscious decisions from cumulative experience. That 6th sense)
- He loves failure in people he invests
- Passion is not mutually exclusive from entrepreneurship. Most of the people he meets are passionate about what they do.
- - Execution trumps all
- - Stop daydreaming vision all day (He's equating vision to ideas. Everyone has ideas)
- - Set realistic goals you can actually meet, on top of the vision
- KNOW YOUR CUSTOMER ACQUISITION COST (CAC) AND LIFETIME VALUE (LV), regardless of how long you've been operating
- - Market size doesn't matter - sustainability does
 

minivanman

Platinum Contributor
Speedway Pass
Sounds like me all the way! Know those numbers!

I've fired my sister, good friends... never a problem firing anyone. I've even fired myself a few times! My nephew's son wouldn't go in to a business with me a few months ago because he said he was scared I'd fire him. I said, "I can't fire you, we will be partners.". He still said no. lol
 

Xeon

All Cars Kneel Before Pagani.
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
He's my favorite shark in terms of his style of humor and doing things (though I won't want a friend like this).
I love how "machine-like" he is. e.g: thinking purely in terms of figures and facts instead of emotions.

"Nepotism is what kills the golden goose"
"I feel it's like my moral obligation to send them (shark tank pitchers) to hell".

- Don't BS your business behind a cause. "For every X widget you buy, I'll donate Y to charity"
This is a trend I've been seeing lately on IG. There's all these ads that go "We donate 10% of our net profits to X charity". In fact, I've been thinking of using that myself but the video made me see things in a different light.
In fact, some of the pitchers on Shark Tank are these sort of companies that have a "social mission" and "to give back to the sea or save the cows/birds/sharks/...."
 

ApparentHorizon

Gold Contributor
Speedway Pass
He's my favorite shark in terms of his style of humor and doing things (though I won't want a friend like this).
I love how "machine-like" he is. e.g: thinking purely in terms of figures and facts instead of emotions.

"Nepotism is what kills the golden goose"
"I feel it's like my moral obligation to send them (shark tank pitchers) to hell".



This is a trend I've been seeing lately on IG. There's all these ads that go "We donate 10% of our net profits to X charity". In fact, I've been thinking of using that myself but the video made me see things in a different light.
In fact, some of the pitchers on Shark Tank are these sort of companies that have a "social mission" and "to give back to the sea or save the cows/birds/sharks/...."
I don't think there's anything wrong with it if it comes from a good place. Toms Shoes does it very well, by matching every shoe bought, to another person. Plus a couple of other charitable deals, with a for-profit model.

The problem these big players are seeing, is groups of bro-marketers just using it as a "look at me I'm doing good, right guys...look at me." It comes off as disingenuous.

There's a perception problem with a for-profit charity, vs a for-profit business doing charity.

Take Budweiser for example. During natural disasters, they're sending out thousands of cans of drinking water, and people on social media are loving it.
 

jazb

Silver Contributor
Read Millionaire Fastlane
Speedway Pass
He has fantastic communication skills
 
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