Lessons From Shark Tank’s Mr Wonderful
Lesson 1: If you want to control your own destiny, work for yourself
Lesson 1: If you want to control your own destiny, work for yourself
A few months ago I binge-watched Shark Tank on Netflix.
Despite being from the UK, I found their offering more insightful and entertaining than our British counterpart, Dragons’ Den.
The stand out character for me was Kevin O’Leary aka Mr. Wonderful. The no-nonsense, straight-shooting entrepreneur that always tells it like it is.
After following up with a few videos from his YouTube channel, I thought I would compile a few of my favorite lessons here.
Both learning and executing a business strategy can be tough. So taking the advice of someone who has ‘been there, don’t that’ could really propel you further in a short space of time.
Here we go…
Lesson #1: “If you want to control your own destiny, you work for yourself.”
When giving a keynote at Notre Dame, Kevin tells a story about the last job he ever had, working at an ice-cream parlor.
After being asked to scrape gum off the floor, Kevin refused.
“You didn’t hire me to scrape gum, you hired me to serve ice-cream” he shouts.
His employer responded aggressively. Telling him he was hired to do whatever they said and to “get down on your knees and scrape that gum”.
Upon refusal, Kevin was instantly fired.
He knew, from that day forward, he never wanted to work for anyone ever again. The lesson he learned then was, if you want to control your own destiny, you need to work for yourself.
The takeaway = Don’t put anyone else in control of your future. Their priority is them, their business and their income. You need to take the reigns and make you, your #1 priority.
Lesson #2: “Business is war. Never underestimate a competitor.”
I’ve experienced a fair share of ruthless competitors in my time. Tactics include:
Shameless copying.
Undercutting my prices.
Rushing similar products to market to compete with my own.
It’s a natural and common occurrence for any business.
It’s no surprise then, that Mr. Wonderful thinks that “business is war”.
Despite your good intentions, you need to be stern and ruthless. Business is black & white.
You can’t be surprised at the lengths a competitor will go to, to steal your customer.
It’s your job to fire back – and win.
The takeaway = Gaining market share isn’t a static task. You need to be consistently growing. Taking as much of the ‘pie’ as you can. If you don’t, your competitor will and they’ll leave you with nothing.
Lesson #3: “When you see someone failing and you look at how they manage their time. You’ll see right there what’s going on.”
Does technology help, or hinder us?
In Kevin’s view, people are far too distracted by things like social media.
In his series ‘Ask Mr. Wonderful’ a caller asked for one piece of advice that Kevin would give to every entrepreneur”.
Kevin responded with “Entrepreneurs need to be myopic with their vision. You can’t get distracted by the noise.”
He believes that people’s lack of focus is damaging and that if you were to look at someone failing and dug deep into how they spent their time, you’d see the cause of their failure.
He continues “They’re not focussed on what matters.”
There are only so many hours in a given day and wasting valuable time by not positively contributing to your business is eventually damaging.
Could you afford to watch less TV? Be on your phone less?
I’ve replaced my addiction to endless Instagram scrolling with writing during my free time.
What positive substitution could you make for more work?
The takeaway = Ditch distractions and stay focussed on what matters… Your business.
Lesson #4: “Whatever you do, somebody can do it better.”
Mr. Wonderful’s famous line is “There’s always someone else willing to work 25 hours a day.”
This hyperbole rings true. No matter who you are, they’ll always be someone who can do something better than you.
Even talent is transient — it fades over time.
Accolades are eventually reclaimed. Records are eventually broken.
It’s important to not become complacent with your success.
Knowing that relative success is temporary will ensure you’re always aware of your competition. They want what you have… and if they’re willing to work harder than you for it, they deserve it.
The takeaway = You need to be constantly improving yourself. Reading, learning and expanding your knowledge. There will always be someone willing to work harder and thus, more deserving of success.
Lesson #5: “If you’re passionate and you’re successful, you’ll wake up one day – rich.”
Kevin says in almost every episode of ‘Shark Tank’ that he loves money. He only wants to “invest in a business with the best return”. All investors do.
However, it’s not just for greed. Kevin emphasizes the importance of freedom. Freedom can only be gained through wealth.
Enough money ensures you don’t have to work for anyone else… Ever.
If he wants to take the day off to go shopping, wine tasting or sailing, he can. That’s where his drive comes from. His success pays for his freedom.
While listing all the world’s most successful CEO’s he draws attention to the fact that despite their wealth, they still work.
It was their passion and drive that made them rich. Not their desire for only money.
The takeaway = Don’t be so focussed on money. Being rich is a by-product of succeeding at your passion.