Kevin O’Leary is one of the most famous folks from Dragon’s Den. To put it mildly, he is definitely not afraid to share his opinions on pretty much everything – whether you asked him or not!
But, it’s that same brash personality that has made him a millionaire many times over.
So when someone who has succeeded and failed, and then succeeded again tells you 5 things you need to be successful, it’s definitely worth listening.
For entrepreneur week Kevin spoke at The Ted Rogers School of Management (Ryerson University) on Tuesday night, and here’s what he pinpointed as the 5 things you need to be successful.
1. You need to admit your weaknesses to yourself.
Only focus on your strengths, give someone else the work that you’re not good at. And you can’t be good at everything!
2. Communication Skills
You need the ability to stand up in front of a big crowd and share your vision with confidence, to articulate what you are trying to do, and inspire others to take action.
3. A Laser Focus On Shareholder Returns
Your bottom line should be your bottom line. As Kevin says “If you have to fire your mother, fire your mother”. It seems harsh, but it’s painfully true.
Here’s how Kevin put it, “If you’re an employee, the CEO is always looking for way to fire you, because you are a cost, and the CEO’s job is to cut costs and make more money”.
When he puts it that way it kind of makes sense, doesn’t it?
4. No conscience.
According to Kevin “You don’t make friends, you make money. If you have to, fire your best friend”.
When I raised this point to fellow entrepreneur he came back with an interesting story.
Brad mentioned “It makes sense. My best friend and I started a venture a few years back and decided to fire each other. We realized we were bringing the same things to the table rather than complementing each other as we always had outside of business. We each run our own successful biz’s today and remain best friends.”
That situation does take a lot of maturity, and also confidence to believe that you can do it all again.
But that’s the kind of belief you need to be a successful entrepreneur.
You need nerves of steel!
5. You need luck
Kevin believes there’s just something…an energy, or some sort of karma, that successful people have.
And that’s pretty true, too. Successful people inspire success. They are normally confident, and they normally have lots of interesting stories and they know how to embrace opportunity. Look at Kevin, he’s just got it. He’s crazy wealthy, but he’s smiling and having a good time during the presentation. He’s convinced all of us at the presentation that we can be successful!
That something, that luck/karma/energy….he’s just got it!