Shark Tank's Kevin O'Leary has one simple piece of advice for young entrepreneurs — and it’s brilliant
Since its launch in 2007, 'Shark Tank' has empowered rookie business owners to grow their ventures with the guidance of some of the world’s top business moguls. Now, Judge Kevin O'Leary, or 'Mr. Wonderful, as he is popularly known, has a piece of advice for young aspiring entrepreneurs who are unsure where to begin. His blunt but practical suggestion, however, may not be what eager founders want to hear, as per Business Insider.
Speaking on the 'Diary of a CEO podcast', O’Leary's advice was for 21-year-olds who are unsure where to begin. "Go work for 24 months in a sector you love, that you are passionate about. Even if they don't pay you, go in there and be an apprentice," he urged, adding, "Do that first. To those reluctant to work under someone else, O'Leary insisted, "You have to understand how all the cogs work." He explained that this kind of experience could lead to meaningful recognition from others in the industry, which will prove valuable later on. After gaining that foundational experience, O'Leary recommends launching one's business with a modest $10,000 loan from friends or family. He said, "Start your business with the baseline knowledge of your industry." But he also offered a sobering dose of reality: "The first one will probably fail."
Nevertheless, O'Leary emphasized that knowing "who’s who and how it works" in one's chosen field significantly improves their odds. Regardless of the outcome, he insists the time to start is in your early to mid-20s. "That’s when you do it." O’Leary continued, "You need to burn a few years failing, and that matters." O'Leary, in conversation with host Steven Bartlett, added that failure is a necessary part of growth.
The Canadian businessman also stressed that projecting confidence is just as critical as competence, often communicated through body language before a single word is spoken. "It helps," he said. "If you have an 'aura of confidence.' It's in the way you're standing. It's in the way you're dressed." According to him, these nonverbal cues can signal whether someone has the potential to succeed. "You have to learn how to project yourself in front of your peers," he added. "If you don't have it, you're going to fail."
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On another occasion, O'Leary also shared money advice for youngsters, as per Yahoo Finance. "What piece of advice do I give my kids over and over and over again about money? Don’t spend it, save it, invest it, let it compound, that’s the gift the market gives you," O'Leary shared. He encouraged consistency, no matter the source of income, saying, "Take 15% of all your paychecks, all your side hustle, any cash Granny gives you, and put it in the market and just let it compound." Though saving 15% may seem small, O'Leary stressed its long-term power. "If you make $68,000 a year, the average salary, and you do this your entire life, just 15% of your paycheck, you’ll end up a millionaire at retirement at 65."