Remember the pink, plump face of Kevin O’ Leary, one of the most endearing faces on ABC’s “Shark Tank” who mesmerized both audience and contestants alike with his quirky remarks and single-minded devotion to balance sheet figures? Well, this endearing businessman who is a self-confessed workaholic views business differently from his peers and competitors.
Kevin O'Leary is worth an estimated $400 million with investments primarily in ETFs, gold, startups, crypto and collectables.
On February 15 this year, the Chairman of O’Leary Ventures and Beanstox tweeted, “The only ‘special’ thing about any one individual is their passion, their ability to execute, to meet targets and exceed them.” Deeply passionate about business, entrepreneurship and life, the Mr Wonderful of American Shark Tank fame shared investing ideas that are a must to be successful and steer ahead in daily living.
Show them the mirror
Mollycoddling someone for a bad idea does not help. This is evident from his honest reviews of the business ideas presented by some contestants. Not all hosts have the stomach to tell them the truth about the possible future of their business. However, O’Leary treats a bad business idea like rabies that must be rid of without a second thought. The truth may hurt but coating a lie with honey before gifting it will do the receiver more harm than good.
Keep time on your side
What would you do if you did not know which activity to prioritize? What if you miss out on those important dates reserved for meetings or investments? Life may be a crazy schedule but marking your intended activities on a calendar can help. However, a lot depends on how far you can control the space on your calendar. For best results, colour code the dates, do remember to leave some white space to mark your freedom in the calendar. After all, what use is money if you cannot have the desired freedom? Every entrepreneur seeks freedom, which is why you must have enough white space calendar to do what you love doing best.
Your business should solve a problem
Thinking big does not always help, especially, if you have a lousy idea. Whenever and wherever you invest, check if the business is solving a problem. If the idea does not solve a problem, chances are that the business won’t survive or succeed in the long run. Investing in an idea that won’t stand the test of time is like throwing good money out of the window. Entrepreneurship matters, so park your money on entrepreneurial ideas that solve a problem gone unnoticed by most others.
Grab your audience by their ears with good storytelling. Everyone loves to hear a good story. Even if the story is told, repurpose it and put it differently but do not be dishonest. Your prospective customers can tell when you are bluffing so do not even think of being fake. There are so many ways to put forth your brand; storytelling is one way. A good story will go a long way in helping customers take notice of what you are selling through what you are telling. Make use of social media to tell your story and sell your products through regular promotions. Tell your brand story willing to hear and take notice of what you have to share.
Not all can sell or deliver great pitches. The only way to sell your product is to continue being genuine about your product and your brand. Be honest with your product. Pitch your product by learning how successful entrepreneurs behave. To sell your product, be ready to sell yourself first. Be aware of your numbers including sales figures, product margins and break-even point. Apart, focus on quality management. Hire people who can manage well. Great management at the helm is a sure-shot way to alleviate sudden and unforeseen risks.