Kevin o Leary also known as Mr.Wonderful, is the famous and richest entrepreneur in Canada. He co-founded O’Leary Funds and Softkey and is known for helping startups at ABC Shark Tank. He has entrepreneur gems from the start but his life took a twist when his boss fired him from the job. That’s when he realized he shouldn’t work for slavery but rather enjoy the freedom of being an entrepreneur.
Married to Linda O’Leary for 28 years, they both have outnumbered the challenges and celebrate their successful ventures together. Kevin has three best selling titles under his umbrella, which includes his life journey, entrepreneurship and how to make money.
With his ongoing success, his life has been a roller coaster of challenges, but he never gave up and always empowered others to grow. When asked about the secret sauce of success, he shared seven pieces of advice for aspiring entrepreneurs. Let’s take a look.
1. Focus on Bringing Sales for your Business
When your company is born, the starting two years are the most important to increase revenue for the business. It’s the best time to interact with your customers and work with them. When you wake up, think about how you can get creative in thinking strategies that increase your company’s value.
Even if you are earning small revenue, don’t let it go. First, take the small part and then later learn how to make it bigger. He emphasized to work with customers and make their minds for your business.
2. Learn from Failures
The failure in Kevin O’ Leary’s life was a turning point which molds him to success. If his boss doesn’t have fired him, he would be working as an employee for the same company and he wouldn’t be successful as today. He prefers to invest in entrepreneurs who have failed once in life because he belief failure teaches the best lesson in life.
Success isn’t easy, it comes after a long struggle, sacrifice, and failures. If you don’t fail, you won’t learn. Kevin generally don’t spend on the entrepreneurs who haven’t failed and move on.
Take the note, failures are essential; stand up and move on.
3. Chase Money
It’s good to follow your passion but if your passion isn’t earning you money then choose another field. If you look at Kevin’s life, he started his journey as a fashion photographer but later realized that his snaps aren’t going to take him further so he started thinking out of the box to accomplish something great.
For an entrepreneur, it’s hard to know which ideas will work even if you follow your passion, you aren’t going to make it big. So, you must study and spend time thinking about the ventures that are going to be successful for long-term and help you to make money. If your business doesn’t start earning in the first 36 months then it was a hobby you chase not a source of business.
Think about it.
4. Anything Can Happen
Entrepreneurship brings unexpected turns and disappointments so you should stay prepared for it. So, instead of lamenting about the opportunity to learn how you can improve the product and get better with your business.
Don’t try to be too small, build your vision and focus on broad opportunities. In addition, you should also start exploring interest that is beyond your business. If you combine business and go beyond with your interest you can become more powerful.
5. There’s no such thing as Work-Life Balance
Kevin doesn’t believe in work-life balance but instead say that entrepreneurs should work smart and focus hard. Success comes at the cost of sacrifices, struggles, and dedication. There’s no balance, you must be given to become successful.
When you run a business, ideas are coming to your mind every time, there’s no fixed time to work. So, even if your business demands work at midnight, get ready for it and show up.
Above all, invest in your marketing and if you have an online business then SEO services should be your priority. Kevin is an inspiring personality and the lessons he shared are inspiring too. If you want to be successful like him then you should always keep his lessons on top.