"The 4 THINGS Poor People DO That The RICH DON'T!" | Kevin O'Leary

if you're a ceo and you're just driven by business which you know entrepreneurs really are you've got to find a passion she wanted to diversify her risk is what she wanted because she didn't she knew you were great but she didn't know which one of your ideas was going to hit i'm so passionate i'd like to show you how good i am as someone who can create value for you i know this sounds what do you mean don't pay me do you think there are common successful attributes in people and i guess what she's asking is can you find a string of things that that is the same for people that are successful do they all do the same thing well of course they don't all do the same thing but i have found over time in working with lots of ceos and that's business but also artists musicians photographers you know those kinds of watch collectors there are some elements of their lives that i find are consistent i want to share them with you today first of all this this concept of priorities now i learned this from you know a woman's ceo years ago to actually carry with you all the time and i have it right here if i don't have my big notebook i carry a small one with me paper just paper and what i've got in here are notes and i carry a pen with me all the time i love to collect pens this is a new egyptian moblong when i know i when somebody hits me wherever i am i remember to write it down and the reason i do that is i build a priority set that i put down each night and out of all the priorities of the day i carry three into the next day because you can even see here's a day you can see that a bunch of stuff has been a bunch of priorities there but i've i basically done them i got them done but this idea of prioritizing ends up being a really big deal so that's attribute number one politicians teachers generals ceos they build a data set in their heads of things they've got to get done and they don't do anything else until they've achieved those for me it's sticking out on the mirror each night i've talked about this countless times and i don't do anything else till i get those three done and they're built from the list that i generate during the day so definitely for all successful people regardless of what their discipline is that idea of priority really matters number two you may find this interesting but it's it's looking good and feeling good you know i don't go out into the sun and i've talked about them before tiege hanley skin creams and things that are really healthy for you particularly for me spf at least spf 20. you know i got the chrome dome i got to make sure it's looking good all the time before i came out here i put some moisturizer on so i dip into my kit my teach handling kit i find my morning application it's all right on here it says moisturizer with spf 20. exactly what i need protect the dome don't let it burn around the nose and the eyes that easy and what i like about them is they send me a kit it's got an instruction card in it i don't have to think it through basically each vial or bottle or you know tube tells me exactly what it's for it's really easy to implement it doesn't have any smelly perfumes which i hate so i'm constantly using it you know because they're sponsoring this this youtube video today i obviously ask them for a deal they're going to include a free toiletry bag if you go to the first link in the description you can get it there check that out tiege hanley i endorse it because i use it i don't endorse products i don't use but hey you got to have the dome looking good all the time and skin you've got to keep it moisturized and you've got to keep it out of the sun i don't care who you are that really matters now something else that's really important is and i can't stress this enough and the more i experience this with people the more i believe it to be true you have to have another passion besides the one that is your discipline in other words if you're a teacher you have to do something else but that's not teaching if you're a ceo and you're just driven by business which you know entrepreneurs really are you've got to find a passion that's really important and i don't care whether it's music or whether it's playing an instrument or it's collecting watches i love to do that too you can have multiple passions i you know i love pens i love watches i love guitars i love photography they distract me from the intensity of my core discipline which is business i'm an investor you know i'm an entrepreneur i invest in companies i try and help them work and that gives me financial freedom which of course is very important but i got to do something else i have to and you know that i find more and more is a really big deal with successful people they're very disciplined in what they do well in their main focus in life yes but they've also got other passion it can be a single passion or it can be multiple and that ying and yang which i've spoken of so many times is so important there's no question about that you know when i really think through uh what what has helped me so much and and those that i really follow and that i admire you know everybody's got a mentor and there's always somebody that's more successful than you and you can learn from them i don't care how successful you are there's always somebody that's better and you should realize that in your life and that's okay there's always something to learn but those people to me look good they feel good they have priorities and they make sure that they attempt some kind of yin and yang i didn't say balance because if you're an entrepreneur there's no balance you're going to be working 25 hours a day eight days a week i mean that's just the way it is but you can find the time to be productive in that way it doesn't mean you know you abandon your family and all that stuff i'm talking about the intensity of your focus and so i wanted to get that out i really i really felt that you know answering i've got so many questions along the same line that that's basically the way i feel about it it's not it's not something that you immediately find intuitive but you will find over time that these attributes matter so let's summarize prioritization putting that list together writing it down really works looking good feeling good taking care of yourself no question about it you know being extremely focused on your own discipline is great but have other passions watch collecting love that i've talked about music all that stuff you got to do all that you have to find that ying and yang and all of a sudden you'll find a new energy that comes up if you try and follow these disciplines life's really interesting that way you're always learning from it [Music] you know because we talk about entrepreneurship so much in the journey and the talent the challenge of doing it i thought we'd bring on someone who's actually been on shark tank not once twice this guy's a crazy chicken and even to talk yourself on a shark tank twice is impossible so he's done it and who knows he might be the only person to come on three times he's got the energy i'll let him introduce himself and then we're going to take a whole bunch of questions from us mr wonderful viewers but we've got an entrepreneur here extraordinaire erin kevin thank you so much no problem so my name is aaron marino i have the youtube channel alpha m and basically from this channel it allowed me to start different verticals and different businesses i think that at my core i'm an entrepreneur it just happened that my business that i wanted to basically start from the age of 12 was a fitness center i knew at 12 years old what i wanted to do for the rest of my life you know everything leading up to the point at which i actually opened a fitness center that's what it was about from 12 years old i wanted to help people change their lives and you know as as you know entrepreneurship is not a straight line and it was it was the most devastating thing that happened when i had to end up shutting the business down back in 2006 because poopoo happens well it happens and it happened a lot i think there there should have been an omen we signed the lease to our facility on the september 11th that was pretty much a telltale sign of how everything was going to unfold i think that's a very important list for everybody listening because just because you assume success just because you have the energy just because you have the desire doesn't mean it's going to happen for you in the first time in fact i believe that entrepreneurs that go through the sting of failure are motivated in a very special way afterwards and clearly in your case that's been exactly what's happened because there's been a lot of [ __ ] hits you and somehow here we are you're very successful now which is i'm so happy to have you on my channel because i want to talk a little bit about that journey but you actually have a unique amount of aura and energy and that's the reason that you've been on shark tank twice because when you came on the first time i thought you were a real dick i mean the idea was so preposterous the idea that you were going to sell a style system 300 bucks i know but dvds yeah and the whole idea was so crazy but because your your storytelling was so compelling you actually got people seriously considering it i nearly had to go down the line the other sharks and say look no one's giving this guy any dough this is way too crazy but you were very good at explaining why it might have value to somebody and that's part of the challenge of being an entrepreneur to be able to explain your opportunity in a very short concise period of time which you were very good at but after that you came back and which is remarkable and let's talk about that experience what was that like first of all being one i think it's less than one percent ever get back yeah no shark tank is is is amazing and it's a it's a shame that that people don't really understand like what really goes into it they only see a small window of what happens well here's a chance for you to it is brutal it is i mean and the one thing that you're going to notice if i tell you this it sort of ruins it you your mouth gets so dry when you're out there because you're scared [ __ ] you're scared shitless yeah and so you're there and and and lights camera action and there is no stop there is no okay do that again it's like go go go and and you get grilled and that's what i was not expecting i was not expecting even though i watched it hundreds of times i was not expecting the questions to be not only as direct and and sort of cut through all the [ __ ] like it was this is what it's about you know and i wasn't prepared for that even though i knew my numbers i was prepared and so the first time was kind of a disaster i was so excited to be on and i knew that i was gonna it didn't matter what you guys said i knew that i was going to sell a ton of style systems afterwards and the night the shark tank aired i had all my friends and family there everybody's there and i'm sitting there and i had my my computer out and i was ready to see that that that dollar amount to start to to ring and i sold one unit the night the shark tank aired like 80 million which by the way is probably the worst performance of any product ever in shark tank history because the idea sucked that's why and i think i told you because i am mr wonderful i tell the truth it sucked but you came back but so the reality hit me in the face all right this is not good this is not working and so there i was about a month later i knew that i needed a lower price point product something that every guy needed because the deal was 300 bucks right yeah 300 bucks crazy it was it was an information shame on you crazy i sold one shut up you made hundreds of dogs exactly i did i made hundreds and so i was i was styling my hair when inspiration struck my youtube channel was all about helping guys look and feel great and hair products were one of those things where i was passionate about and i loved and so i thought you know i'm going to start a i'm going to start a hair product business and it's been sort of a wild ride ever since the youtube channel continues to grow i came back on shark tank for the hair product and nobody wanted to invest in the product no because first of all your premise was for men right yes which is a brutally competitive space and everybody's question was the same what's your customer acquisition strategy because you're competing with some of the giants on earth some of the biggest companies on earth are in this space and they're beating each other up and here you are aaron saying hey hey i'm here for a second time on shark take i've got another crazy idea please give me some money but i got it i got to defend myself for a second if anybody else would have gone in the shark tank if they if i didn't have the the backing or the reason i was selling was because of my youtube channel if i went in there or entrepreneur went in there with a business that in two years made a million dollars it does and and the margins were great growing at a fast rate everybody would have been throwing money at them but because i had this we didn't have the future in front of us we only had your second idea the first one absolutely sucked we all remembered that and we're thinking why is this guy back the reason you were back is you are tremendously good television which is a great message to everybody out there you have such energy in such an aura and the camera likes you so much that the producer said one more time with feeling from the sky because everybody knows sometimes the second time up at bat is when you hit the home run and so i did i i got a deal with barbara but she didn't want to invest in the in the hair product business yeah because she still thought it sucked no she didn't think it sucked she but she was investing into your point she wanted a piece of my my youtube channel now this was she wanted to diversify her risk is what she wanted because she didn't she knew you were great but she didn't know which one of your ideas was going to hit which is fair i'll speak for her i would have done the same thing with you in fact i would have been much tougher but the point was that she was saying look i know something's going to work for this guy because he's got such an incredible amount of energy i don't know what it's going to be and that's exactly what happened so fast forward i didn't end up taking the deal um since then i've been able to start a few other businesses um basically leveraging my my ability to you know communicate and and have a large following so which ones actually worked the hair product business worked it's uh what are the sales of that thing right now this past year barbara you bozo you let that get away i can't believe it shame on you let's imagine that dog that piece of poopoo was doing a million dollars that's it i didn't think we were gonna get to the numbers so that was one why not i'm all about nothing that's not and so that's that's that's not so i have other businesses as well um i don't want to go into the numbers with all of them that's a pretty good number that's a pretty good number for a product that we thought was going to suck so then my largest business is a skincare company called tiege hanley that is a men's skincare subscription business i have a advertising agency that i started as a result of not being able to sell my i didn't want to sell advertising to my channel i wanted somebody else to do it and so i hired my best friend from high school terry who is a car salesman an amazing car salesman and from moment one everything took off in terms of you know sponsorship so just just tease us what's the big nut what are you gonna do in sales this year across all this stuff a lot like just give me a number i mean a lot come on see see here's where here's where listen a lot is can mean two dollars it's more than one dollar that's a lot or it can mean something substantive what do you got what about you come on listen i'm asking you you're the one that got out of the team yeah yeah and i want barbara to hear just how yeah you know eight figures in that and that and that more than 10 million more than 10 million more than 20 million more than we'll just get let's just leave it there barbara barbara barbara i'm going to buy you a new broom so you can fly here right now to meet aaron again new broom for you barbara right over here you can fly she can fly on a broom she could hey you know what love barbara but uh but no everything everything is great um i am incredibly fortunate that i get to do what i love every day which is create content and the fact that you know being an entrepreneur and having that in my dna in my blood you know you never know where opportunity and the you never know which one is going to work exactly and you got to keep your eyes open because but that's why i'm glad we're here today together because we've got i get thousands of questions from entrepreneurs that we're actually at the beginning of your journey maybe they've failed once maybe they haven't even started yet that's why i want to tap into you today on these ask mister wonderful questions i got a bunch of them here let's listen and then i want us both to answer them from the different perspectives we have because you have come out of a hole you have a little story on this watch before we start right this is a beautiful rolex you know i'm a watch collector i really appreciate that it's a gorgeous rose gold piece but it's got an inscription on the back of it what does it say yeah um most people it's funny most people celebrate victories or wins or benchmarks in their business by by buying nice watches or they'll buy a watch to represent some some deal that's what i do that's what i do something good and a celebration of success i bought this watch when things were bad in terms of and and bad is relative because that's not a cheap piece no but i i had my eye on it and i was going through sort of a low point in terms of emotionally you know things with youtube weren't going in the direction that i wanted but i bought it to remind myself that as long as i keep trying as long as i don't stop it'll get better and i can do this and so on the back i i uh i had inscribed get to work and so everybody told me well that devalues get to work it says get to work figure it out i initially i would have said that would have devalued the watch except since then maybe that watch is your lucky timepiece because look what's happened to you and you look at it every day and you remind yourself what you put on the back of that at your low point i love that story watches are about conversations we just had one so that's a very successful piece for you because every time someone looks at and says oh i really like that watch you can tell them the story of that absolutely that's great i love it i love that too that's great let's get to some questions okay cause we're gonna have some fun here i mean i love the fact that you can relate and i i've not listened to these questions so they're me neither so we're ready let's go hi mr wonderful big fan of the show and all the great insights you've always given i'm a 24 year old recent business school grad working as a business development representative at a fashion tech startup that uses ai to automate the fashion photography process here in new york city i finished college with more debt than originally planned around 21 000. i want to save and invest in the future so i can start my own business one day i believe i need to eliminate all my debt before saving and investing and of course eventually starting my own business do you recommend someone in my opinion my position to focus all their extra money their savings and commissions towards my student debt or is it advantageous to do a little bit of both save and invest as well as pay off the debt even if it'll take more time thanks mr wonderful i've always resonated with your story growing up as an expat with you and myself i love your videos any advice would be great thanks you know what's cool about this question it's in your space it's in fashion a little bit yeah but the guy is 21 000 in the hole he hasn't even brought any revenue in doesn't have a business yet what do you tell so for me i think it really depends on for one interest rate on that on that on that student loan seven percent seven percent um i would probably not wait to start saving for both my my future in terms of my my business it sounds like he's an entrepreneur he has an idea that he wants to go after um i would pay down the debt but i think that i would be utilizing my my funds to try to start that business that i that i ultimately feel will propel me towards success but so that freaks you out is what you're saying i i don't have any debt once i i had to file bankruptcy so you you felt i felt oh god you felt the terror of that there's nothing there's nothing that takes the fun out of life like debt and not knowing how you're going to pay your well said and and for me when i had my fitness center and it was failing i was taking money off of my credit cards to pay my staff i mean it was bad and at that point i had to drive i was driving a beer cart to put gas in my car at a country club and here i am a 30 year old guy who has a business a fitness center that i was trying to franchise and i'm driving a beer cart and the worst part about it kevin i didn't have a plan b i'm the type of entrepreneur that i don't have a safety net on plan a all the time direct and when that exploded i knew a [ __ ] idea what i was gonna do and that was the scariest part for me so i totally agree with you in that i share i have no debt zero and every time my credit card comes in every month every cent is paid off because i live in fear of debt i've been through that too i didn't get to bankruptcy but i got very close and it scared the living [ __ ] out of me and it made me feel unhealthy it put so much stress on you so i think both of us giving the same advice number one focus is pay down that 21 000 but don't give up your dream you have an interesting idea in fashion using ai i love entrepreneurs with disruptive ideas he's got one but that debt thing is a real message in that question it is absolutely and so to you know that's for everybody with with college debt it's between six and seven percent most of these loans they kick up to that rate pretty damn fast and you've got to start focusing on whatever you're doing take 20 10 and pay it down there's also but there's something also exciting about that because he's in this new space and so you know there's with startups there's there is that entrepreneurial spirit and so you know that there there's also the idea that if this hits it could hit big but there's also a tremendous amount of risk may not hit exactly the risk with a startup or something that's unproven you know everybody's looking for that exit and i really think that with certain businesses you really just need to be smart and disciplined with the way that you spend your money and not think that and not assume that it's going to hit super big and so just be careful pay your debt down because being debt free is the most liberating feeling you'll ever have well said let's get another question here i'm sorry am i talking more than you though i'm cool with it i love the fact that we're doing this together because at the end of the day you've lived that ride you've gone through it and so this is great advice let's listen to this one again i've never heard these questions so i love the fact that just hey mr wonderful joe here huge fan you're my favorite shark i was just wondering what you do when the woman you love will never love you back thanks mr wonderful whoa joe baby you know this is a good question it's a great question you know i'll tell you something in life when you fall in love with somebody and they don't return that that can be a bad affliction because it really drags your energy down but at some point you have to be honest with yourself particularly when you have that conversation with them say look is there any chance between the two of us all of us have been there people try and say oh it's never happened to me [ __ ] it happens to everybody but that makes you realize they're not your partner they're not there for you they don't love you back and that's just the nature of love it's a [ __ ] that way but you have to have that conversation with him this is my advice to joe and say look i really have some strong feelings for you but if you if you can never reciprocate that this is a bonnie rate song by the way it's a classic which professors are love to somebody and they're never gonna love her back broke her heart what do you do joe my advice to you is you gotta be honest the fact is you are amazing right you're an incredible guy and you're gonna make some woman the luckiest woman ever but one of the issues that we fall into as men is that we do get sort of tied in and preoccupied with that one person right and really it's because of something that we can't have right the truth is you need to read the writing on the wall and and it's time for you to take care of yourself and understand that you're never ultimately going to find that perfect person that's out there for you until you are able to shut the door on on this this person that that obviously is not worthy of your love and affection do you think you should get a little older aaron that you understand the pitfalls of love and you start to realize i don't want to drag myself maybe you maybe you become more of an oyster you protect your emotions because they know how much it hurts but if you've never been hurt you can never really fall in love absolutely that's the issue that's the issue so i think for joe you got to write this one off and you got to move on aaron has the right advice there there's always another fish in the ocean somewhere by the way is she really smoking hot that's breaking your heart that's the problem you know you know usually that's yourself i'll never meet someone that hot you will you absolutely you will joe it's you will uh that's that's a tough one okay here we go number three i'm having fun are you i'm having a blast it's great all right here we go hi mr wonderful thanks for taking my question i wondered when do you know when is it a good time to add a co-founder to your company and how much do you offer them i have a company that i started about a year ago and i think i am ready to add a co-founder to the company but not sure how much i should offer them and so i thought i would ask you mr wonderful thanks so much you know it's a great question what is it co-founder is it really a co-founder no it isn't it's a partner she's talking about it but i mean here's the real debate that i've learned you know you're really good at some things and not good at others every entrepreneur is exactly that way so i'm i'm a good sales marketing person i hate logistics and manufacturing bores the [ __ ] out of me but without that skill set i can't really scale so along the way in my businesses i've always found someone who can make up for my weaknesses and i've made them partners by giving them equity they're not really co-founders as you've said but in order for them to stick to the hard times and really suffer the pains and slings and arrows of building a business you've got to give them a piece of the action that's the way i look at it so if you are actually growing and it's working and you realize you have weaknesses you've got to find someone else to fill those holes now maybe you can find employees we're going to have to pay them a lot i prefer to have people with skin in the game soldiers beside me we're all fighting the same war together and we're in for the mission and we all get the upside so i think if you're asking me this question right now and i'm dying to hear what aaron has to say i think you're ready for a partner but make sure you're not greedy don't be a greedy pig pigs got slaughtered if you're if you're giving away equity make sure it's the right person take a long time to make that decision but together you'll make a much bigger pie and that equity will be worth a lot to both of you what do you say the one thing i would say i have some businesses that i have partners in some businesses that i don't and there are upsides to both both scenarios the one thing i would say whenever you are considering adding somebody to the team to something that you're building your baby you want to make sure that it's not only the right fit now but it's the right fit moving forward and what i mean by that is i think too often people are thinking i need to give away too much too soon and they think it's you know it has to best like immediately i would say that in this scenario find somebody that is going to add value that's going to fulfill or fill the voids in which you know you're not good at and um and then do it over time do it gradually there's nothing wrong with seeing how this person performs because the worst scenario so give them the equity as they perform as they perform have it best over two years a year give them you know certain a little bit of equity you know after year one year two have different benchmarks and really because everybody's going to sell you how great they are everybody is going to tell you i'm amazing i can do this i can do that but the truth is it's put up or shut up and in business you know talk is cheap you've got to actually execute and and you've got to make sure that the person that has told you how excellent they are at executing is actually able to do it and help your business move forward and if it's not well then that's not you're you're cool with giving a piece of the play oh absolutely you see the merit in doing that oh 100 i do too but i like your strategy if you if you layer it in that's fine but by that time it may be more employees or maybe more people that have to share and that's what options generally companies put about 15 of their equity into people are coming on to grow it you love to have that problem if you're actually giving away equity because you need more help that means you're growing that's a wonderful outcome i wish them good luck on that one that's very cool all right let's go to the next one i'm having so much fun with this all right here we go me too kevin hi mr wonderful my name is tara and i was wondering if you could give me well me and my husband a little bit of advice on dressing for job interviews we're both actually interviewing at new companies this month and neither of us have been in the job interview game for for probably five years or more i've heard that wearing a suit and tie or a blazer and heels for a woman used to be the way to go but that some new companies can think that you're stuffy or won't fit the job culture um yeah we would love your advice is it better to overdress or is it better to be cool and approachable you're always fashionable and i know you've talked a lot about dressing for your job before so we would love to get your advice thank you well tara you've come to the right place i have the fashionista man right beside me here erin i'm going to let you take a stab at this sure she's raising a really good question for both men and women yeah they're back in the job market they want to look sharp they want to win the job basically i think the the first thing you need to do is do your research figure out what the corporate culture is like at the the place that you're actually applying for because one of the issues if you're going to like a cool like tech startup i i really feel like it does to some degree depend on the the the business that you're actually going and applying for um and so do your research if it's a cool tech startup in the valley what are you saying you're going to be a little hipper in terms of what clothing you're wearing a little more free you don't have the pressure to dress it might not require a suit and tie a something super professional it might be a business casual or a business casual type of environment but i always would say err on the side of overdressing versus under dressing 100 of the time that is your one shot and your employer knows that it doesn't get any better than right now like this is the best if you are going in for an interview you know that if this person didn't shave if you know this person didn't you know didn't wear pantyhose or whatever the situation is it's never getting any better and so i would say that you if you want to dress and be cool and hip later that's fine that's for hr to work out but right now you need to be respectful of the position you're going after but also do your due diligence in identifying what the corporate culture is because if you go in in a three-piece suit and it doesn't require that you may be overdressing for the potential job or interview it's a great answer i'm going to take a stab at it too because i actually interview a lot of people and and i've learned that the the key words you just brought up there and you only get first time to do a first impression only once that only happens once when you walk in that room and you look at each other so clothing is really interesting because it's different for men and women men have fewer choices particularly if you're going for a job in financial services what's happened on both the east and the west coast over the last five years is the tie has come back as a sign of respect that you care if you're in the financial services you're in an industry of trust and the styles have become very very clean and the tie and also you know the the colors have become more muted it's very interesting to watch that happen it happens in san francisco los angeles i see it in new york miami chicago and i travel all those cities people are looking crisp clean and subtle for them for the side of men now women this is very controversial because if you look at some of the codes that are now written by large corporations about women's clothing they're putting in the concept of not showing too much chest they don't want controversial dressing they don't want it to be flirtatious because of all the me too things that are going on in the world and they're trying to tone down and believe me in big companies people meet each other and stuff happens that's just men and women doing their thing but how you clothe if it's caught if you clothe yourself in a controversial way that's going to hurt you in a job interview are they risking something that's the employer saying themselves and they make notes about this stuff i can guarantee you and very often they're asking for a picture of you before you show up just so they can see what you're wearing women have to be very careful that they look professional that's what matters whatever that means to you taking into account your idea about the company you're going to work in but if you come in with anything controversial that hurts and that's why they're dress codes and that's why companies as they grow just past 25 people hr starts to put in place dress codes because they don't want to cause tension in the workplace great question though i loved it never had one like that before and good it came when you were on the set because you're the fashionista guy you keep telling me that you overestimate my abilities yeah come on you told me twice on shark tank remember all right hi mr wonderful this is andres from colombia at the moment my brother and i have a hamburger and a hot dog business with three outlets my question is if it is better to grow slowly or seek funds to grow faster we are selling over a million dollars a year we've been open for two years only thank you a million bucks and three stands the kid knows what he's doing you can live off that you're good you're probably making about 30 margin on product like that i would think you know bringing in 300 000 maybe it's between 200 300 000 i'm going to give him that if he's running it so that's a good question you first you go all right you borrow money to expand or you just grow slow and steady so here's the thing that you got to figure out if you raise money how are you going to use that money in order to take your business to that next level one of the big mistakes that i see a lot of entrepreneurs and businesses get into is they take money because they think hey i need more money but they don't know how they're going to spend it in order to actually generate more revenue i am a firm believer that you never you know it sort of goes back to the whole debt thing i don't want that on my personal life i don't want that in my business unless i know if i can use and you've said this all the time i just want to add fuel to the fire right or or cash to the fire and make it burn bigger gasoline to the phone that's what it is and so unless you know how you're going to spend that money and you've got the the infrastructure in place in order to be able to scale your business bigger stronger more profitable based on you taking money i say until you know how you're going to do that until you have a roadmap of i'm going to spend x i'm going to get this back don't take the money do not fall into the trap because if you take money from friends and family they'll let it slide but once you go into that institutional money then they're calling you and they're like hey why aren't you selling 27 more burgers a day and do you want to answer to those people that's my question to you i i think it's a great question because clearly they figured out the model three stands doing a million bucks i'm going to say that they're probably making 250 000 pre-tax on that it can be a pretty good margin business you're selling direct to the customer cash so you don't have a lot of credit you have to worry about or bad loans or anything else what i would do is i would open one more stand using the cash flow of the other three in a very close geography in other words just make it a place that you can actually go visit every day i love businesses that spin cash and you can live off i hate debt so it's just what happens is you have to start hiring people relying on them to have the same fire you have that maintain these stances sounds like a bit of a family business which i think is terrific you don't have to become mcdonald's to have a successful business so i would cool it i'd open one more with the cash you've got then one after that grow it slowly zero debt that's for other people not you my friend but a great question great answer yeah great answer kevin it's like you've done this before yeah well i hate that just like you do okay here we go one more time with feeling erin i'm here what is the biggest deal you made on shark tank that's a simple question right saying no to aaron that was my biggest deal and it was a huge mistake the guy's rocking around with maybe 20 million in sales it's more of barbara's problem she's the one that missed it the largest deal in shark tank history actually is mine it's the the company called plated um and it's measured by the biggest accident it was 300 million dollars they came on shark tank did not get a deal they were asking for such a ridiculous valuation two guys just like you we ran into them a year later in the streets of new york they taught they told me where they were at and they said look we'd love to get a shark into the deal and i then did the deal a year afterwards and that was sold only 24 months after that to albertsons for 300 million so they had nothing when they came on shark tank that's the biggest acts that we've seen so far in shark tank history but it just shows you the dream is alive you can come on shark tank with a great idea you know get an investment from a shark and together we can use the platform to blow it up big there's been so many cases of that and great entrepreneurs show up every day and you know all joking aside aaron's probably one of the best examples of what it takes to get on shark tank you need energy you need you need to show that you really care and are passionate about the business as he was and he got on twice now barbara screwed up that's her problem hi mr wonderful my main question is how do you make money with no money also how do you come up with a good business idea it seems like there's just too much competition everywhere and all the good business ideas are taken andrea don't sound depressed i don't like that tone i'll tell you something nobody has a monopoly on great ideas nobody there's always somebody with a problem that needs to be solved and that is the essence of a great business opportunity look around you in the world and see the problems people are having keep your eyes open and when you discover one that you think you can fix that is the beginning of a business my friend that's how it starts so don't be down and don't say that all the great ideas are taken that's never the case there's always the next great idea and that's what's wonderful about being an entrepreneur you got to keep sort of your mind open and your eyes open and always be looking for opportunity and don't be depressed i don't like that tone let's get happy and let's get focused and let's get to work and by the way the greatest companies ever started were many that were started with no money it's not about money it's about solving somebody's problem if you can solve a problem you can start a business even with no cash you're going to provide as much as you can for the little as you can to start it and prove it out you got a product or service that people are buying and they're saying this works for me you're solving a problem that's the beginning of a great journey good luck my friend [Music] [Music] [Applause] [Music] [Applause] [Music] hello mr wonderful if you were mid 20s again with no debt and 300k liquid cash that's currently being invested uh what would you do with it oh definitely i mean look it's a great question 300k that's a lot of dough i'm impressed i don't know how you got that but it sounds pretty good um at that young age i would generally go into more equities than fixed income because you've got a very long horizon but the key is the market's at all-time highs these days so you've got to layer in you can't put it all to work at the same time i would put 15 to work today and wait three months then put another 15 to work you know you kind of you just don't know when there's going to be a correction and if you go in over a long period of time you'll buy some at lower prices than than they are today maybe and i don't know this nobody does that's the whole point but the key to successful investing is diversification that's why i like to use etfs exchange traded funds that have many many stocks in one ticker they're inexpensive and very low cost and what i like about them is they're transparent they're very tax efficient that's probably the easiest way to do it but definitely prices have really gone up quite a bit and you kind of want to wait um i think and put in fifteen percent fifty percent three months later maybe fifty percent three months after that and keep some cash around because you don't know what's going to happen great investing is around you know investing when things are low and waiting for them to go higher but you never know what the market's going to do so larian over time great question though thank you [Music] instead of an almond brother's kind of bluesy kind of thing perfect to set up for george let's see what he's got hello mr william my name is george kuchi shreely calling it from california i'm 21 years of age and i've always known that i've wanted to be an entrepreneur the only issue is i cannot find my passion if you watch any youtube video this the main advice they give you is find your passion and excel in it the thing is i know i can excel in anything i put my mind into but i don't know what to put it into so my question would be how can you identify this passion what's the best way of exposing yourself to to certain situations that may give you a spark or something george well i should call you passionless george don't worry about finding the passion the the key to entrepreneurship is to really look for opportunity and what i think is great is instead of just saying i'm going to start up on my own when you find something you're interested in whether it be technology or manufacturing or the arts or whatever it is be an apprentice for a year this is old school that way you can find out if the passion is really in you you can actually steep yourself in and say look i'm a really good worker let's say you find a company you want to work for you go and see the ceo the man or woman running and say you don't have to pay me i'm so passionate i'd like to show you how good i am as someone who can create value for you i know this sounds what do you mean don't pay me when when i you know when i meet somebody comes up to me says i want to work for one of your companies and i'll do it for free because i'm so good at what i do and i can make things much better for you i can solve problems i can enhance profits i can help you achieve your goals you don't think i listen to that there's somebody that's got passion passion to try and work and help and of course if they can actually achieve the things they're talking about i'm going to hire them apprentice gets you in the door is my point and you don't have to know with certainty what it is that you love but you've got to go try and the key is apprenticeship i got lots of people that work for me for nothing just because they get exposed to all the things that we do around all the companies i'm an investor in and those are the men and women i think are just terrific because they're they're they're in it because they want to try you think about that [Music] this is from cindy rose hi mr wonderful i got into your channel recently and have watched the last seven episodes you spend a lot of time talking about the traits of successful people and for the most part i have enjoyed the shows but you really leave a lot out what about diet what about exercise what about fashion what about grooming what about drugs what about alcohol what about sleep i'm interested in where all these fit into a successful lifestyle i really think you should take the time to answer these questions because i'm going to bet many other people want the same information okay grooming this is an interesting one i feel that when you get up in the morning and you work out you know my routine is i get up i work out i have breakfast i get it pretty early i get a lot of work done early on i get my three things done but before i go out particularly if i'm gonna spend time outside one of the problems i've got is i'm always putting on makeup i have makeup on right now generally i put it on and i got a lot of real estate you don't want to be shiny on tv so i'm putting this stuff on my you know my my golden dome a lot and a ton of it under my eyes like this and around my nose and here where it gets shiny if you see people that are on tv they look great on the camera when you see them in person they come off the set they look like they're dead they got so much makeup packed on you know i don't endorse products that i don't use personally i just don't want to do it if i'm going to get a sponsor which i have you know on my youtube channel i'm going to use the product i want to know all about it and i want it to work for me why would i endorse it for somebody else if i don't try it on myself you got to eat your own cooking i really believe that teach hanley has a scrub that i've really started to use and i'm particularly around you know my eyes and my nose and i mean you know it sounds crazy talking about this but it actually become part of my routine the wash is a basic wash for your face morning or night for me and the scrub takes all the crap out of my pores skin care for men who knew i'm using it now because i want to keep looking like mr wonderful and naturally when i invite tiege hanley to be a sponsor of my video because they use their products i want them to give a little certain sequoia to my base i want them to give you a deal i want them to give you something extra special so they're sponsoring this video today they're hooking up my viewers with a special offer just click on the first link in the description to get a free toiletry drop bag with your first box so i you know i do a shout out for their products because they work and i hate perfumey stuff and theirs isn't so i i don't want you know a smell coming off it it's just clean good stuff so i'm you know i'm shameless endorsement for them but it's good i bring it to the idea of grooming i'll tell you why in your career in doing deals and being an entrepreneur and being a leader in being a great employee whatever you're gonna do you want to walk into a room and you want to feel good you want to look good and that involves grooming and fashion finding out what you like to feel like what you how you want to present yourself when it comes to financial services like oh shares and bean stocks and all the fintech stuff i invest in and i'm in new york i'm in la or i'm in zurich or i'm in london and i travel to these places for business i like the crisp suit look i got a classic look some people think i'm nuts it's always the same i got 25 of the same suits 25 of the same shirts 25 type ins 25 black ties i vary my watches as you know they all have red bands and i've got a very broad collection of watches but consistency is the red band that's my thing and i you know change my watch almost every day sometimes three times a day depends where i'm where i'm what i'm doing you know i travel with watches and i like to have a sort of a fashion look and people say well that's kind of nuts why would you need more than one watch why would you need to watch it all why don't you just um use your phone and get the perfect time off your phone it's always accurate i get that i like the fashion statement i like the the art in the dial i like the way it works with the cufflinks so that's that's a that's a grooming slash fashion thing and you got to find your groove you got to find your look you can shake it up but people get to know you about whether you've got that that vibe that fashion vibe you know take barbara corcoran i know about her she always is dressed real sharp i mean she always looks spectacular lori the same way these women know how to present themselves and they have a look barbara's different than lori but i'm just making an example of people i've been working with for 12 years i know when they walk out i'm not just talking about on the shark tank set you go to anywhere with either of them and they are dressed to kill i get it that's a certain persona that they're projecting that's a certain look i look around the other sharks damon really into some eclectic style but that's his thing means the fubu guy robert has a west coast breezy kind of thing these are all and of course cuban likes to just wear sweats because he's saying something with that he can wear anything he wants that's what he's saying and i get that too but the point is it becomes a little bit about who you are and i think you should spend some time thinking about it and and you don't need a lot of really expensive stuff and i always air towards buying something really good and having less of it you don't need like 15 jeans you need three fantastic pair you don't need 20 leather jackets maybe you need two i mean that's my whole point my suit thing i like the consistency of my look so i wear that you know i've gone overboard on watches but that's just my own thing but i'm trying to make a point about something here that becomes part of who you are and it happens to you in your late teens you start to get a feel for the way you want to project yourself and i think that's very cool i think it's really really worth thinking about make that decision consult with others there's so much stuff online obviously but it's it's what makes you feel good you know that's that's what really matters what makes you feel good what makes you confident to walk out there and do your thing that's how you should groom and that's how you should fashion up you kind of have to make up your mind how you want to present yourself and if you're comfortable with the way you look be cool with it that's it i mean look it doesn't it doesn't mean it's going to affect your performance that's not the case unless you're some kind of fine-tuned athlete or something but i also don't want to let it drag me down in terms of how i feel and how much energy i've got i care about energy levels that's what matters if you're an entrepreneur if you if you really want to if you want to run you got to have some energy and sometimes and when i mean run i mean you want to run through your day i don't mean running around you can do that too as exercise energy to me and weight are somehow combined and you know i like everybody else tried dieting i tried all the apps what i found works is you have to get into a lifestyle groove um because weight is really very simple equation calories in calories out and depending on how much you burn a day whether you're burning 1600 1800 2100 whatever it is you're going to either gain or lose weight but you want to keep constant weights so you got to kind of think about that in the context of what you're eating all day long because maybe i want only 2 000 calories a day i don't want it to be 50 in wine so i have to constrain myself in terms of how much wine i actually drink but my point is if you get into a groove where you have to me i have a normal breakfast i got to eat something in the morning right after i work out and then i don't eat anything again until lunch and it's those in between periods of snacking and eating crap that's no good for you that really helps you keep weight off or packs it on over a long period of time you've got to look at it that way i don't really buy into the super diet taking all the supplements and all that stuff i believe in good food i believe in food and moderation but i really want to be able to try everything wherever i go and just be pragmatic about it you know if there's certain things that you're allergic to or you know non-dairy and all that and then everybody says to me why don't you become a vegan well i am a vegan i'm a modified vegan i don't eat meat on tuesday from breakfast till noon hey it's my my tip of the hat to vegans i eat less red meat i eat more fish i eat more chicken i moderate it all but yes i'm modified vegan i like to say that anyways my point is you got to eat well not too much of any one thing and if you can you know and if you want to modify your weight you have to do it over a really long period of time like set a goal of losing seven or eight pounds in six months that's my you know you all these diets you crash diet loses crash diet with that that's all you can do is crash you got to just modify your eating habits slightly and it has a big impact over a period of time okay so let me tie that to alcohol for a second because i want to talk a little bit more about that and i like cindy rose's question about how this fits into a successful lifestyle let's talk about alcohol let me give you some do's and don'ts just from my point of view okay i'm in the wine business i drink but i never do it when i'm working why because it only takes one mistake and you get cancelled and i don't mean just cancelled off tv you can get canceled out of life you've seen it happen social media is cruel people get drunk they say stupid things maybe you shouldn't tweet maybe you shouldn't go to insta when you're drinking maybe you should really think it through before you become public while you're relaxing i'm not saying getting drunk but just some rules about drinking here's some other rules i've interviewed thousands of people in my time i've never hired anybody where i could smell alcohol on their breath not because i think they're alcoholics not at all in my view this is a personal opinion they didn't take that interview very seriously if they had a drink beforehand or maybe they had nerves and they couldn't do the interview without having a drink that also i don't like in life you're going to have to make decisions about this stuff and when you drink and basically for most stuff you drink people can smell it if no one else in the room has had anything to drink and you have people are going to smell it what does that say about you in my view not good things because you've done it during the work day now in europe sometimes when i go over there to do business around wine and i'm in with with others in the winemaking industry yeah we drink at lunch i mean that's you know it's sometimes a burgundian or you know if you're in bordeaux that that's happening but you're dealing with the craft of making wine and you're in the wine business slightly different i'm in new york city having a meeting with an executive or talking to a producer about something i'm working on a television at one in the afternoon i'm not drinking i'm just not going to do it i can wait and when the market's over for me my routine is 4 4 30. i've been doing this ever since i've been involved in financial services yeah i'll go have a drink with somebody and that's after the market's over i don't drive anywhere after that i'll tell you that but this thing with alcohol is kind of weird and i'll tell you why i say it i've got lots of friends that have completely stopped drinking altogether and i know why not necessarily full-blown alcoholics but it changed their personality they were different people even after a couple of glasses of wine they were not their original self and what would happen is the next day someone would say to them you know hey listen um you know last night were you drunk do you remember saying this or that if that starts happening to you alcohol is actually changing your behavior if it happens consistently and people comment about it to you you could have a problem not necessarily being an alcoholic but letting something like that change other people's perception of you alcoholism breaks up families destroys wealth causes huge fractions between friends sometimes for lifetime periods nothing tastes that good that it's worth destroying your life over i don't care what booze you're talking about do not let alcohol define who you are that's my advice on that great segue into drugs okay now drugs is a whole different ballgame i don't do drugs because i don't like what it does to my abilities to process information my day is packed with stuff that i deal with sometimes it's problems sometimes it's opportunities i don't want to make decisions when my thinking is altered now i know there's a huge debate about cannabis and the merits of it and all that i never invested in cannabis why because all the companies that showed me deals never were able to separate the medicinal opportunities should there be one with cbds etc and recreational i don't invest in recreational marijuana because it's not legal in every state and i do business in every state and there's something called the rico statute and it's a schedule one narcotic i don't want to fight with that stuff i don't want to be involved in it so i don't do it and i don't invest in it someone said to me recently hey wait a minute didn't you invest in psychedelics yeah i did i i have invested in a company called mind mad which does it's now public and it basically um is doing scheduled trials with the fda level one level two level three in micro dosing psychedelics to see if in some way it can help with opioid addiction or anxiety or alcoholism and all these afflictions that there really haven't been any new drugs for in 35 years that intrigues me because it's legal and it's not being done recreationally but that's different than drugs same thing in that interview thing i talked about earlier and i said okay wait a sec you come to me and this has happened you know sometimes very interesting engineers come in i know they're stoned i can smell it if it's you know if they've blown a joint they've had it i can smell it it's just me the answer is no i don't care for in a state where it's legal i don't like drugs because i'm pretty happy just marching on the way i am and i don't want to change but i also want to i don't take any risks i don't want to mess with stuff that messes with my head just a personal opinion and you could say well you know i like to smoke spliff once in a while i get all that i'm just telling you what i do generally speaking the people that i've known to be very very successful they get high on winning they get high on moving forward they get high on business and being successful i will say this about one drug that you know i've been around for years because in the television industry you see this all the time you see it in the bathrooms or whatever cocaine that's a bad drug it's a bad drug in every way i don't know anybody that's been able to manage that drug anybody that i know that's gotten into it for a long period of time it's been a real bad outcome including death really sucks but destroyed lives discouraged marriages destroyed businesses i mean talk about changing behavior talk about unhealthy i mean it's just brutal and i get people's attraction to it but i don't believe that that's a drug that you can have a little bit of that's not how that one works so you're gonna have to make your own decision but for me i don't want anybody working in any of my companies that's doing coke because i know the outcome it's never good and when i find out they are i'm sorry that's you know i try and get them help but very often it's not a drug you can get off easily and i'm just i'm just saying i understand addiction i got it but if you have a choice is what i'm saying and we're still on the cocaine issue you don't find cocaine associated with success you just don't you don't not over a short period of time or a long period of time so my advice to you don't mess with it it's that simple if you can completely avoid it do that if you have to try it be very cautious and conscious of where it takes a lot of people to a really bad place okay last on cindy rose's list was what about sleep now i never thought about sleep it was not a big deal to me sleep when you can get some rest then i joined this group called the longevity league it's it's a bunch of uh entrepreneurs that gather together every couple of months sometimes it's a zoom call sometimes it's a dinner depending on what city they're all from different places so sometimes they meet you know but they're interested in understanding how to maintain a really healthy lifestyle both for balance of work you know in life and everything else but there are certain things you can do that are very very healthy and one of them is sleep now i never really got into it but rem sleep deep sleep how much sleep you know i used to think i don't need eight hours sleep well you do actually it really really helps you become a much better and more productive person now there's all kinds of devices on the market um you know there's there's watches i don't wear those electronic watches i wouldn't be see den with one i prefer the art of a hand-crafted piece obviously but there's rings and other things and you put them on this is one of them and it basically tracks your sleep and it's there's there's dozens of devices you can choose whatever you like but the point is monitoring sleep is really interesting because you start to realize certain things about your lifestyle i'm really good at taking a 20-minute snooze in the middle of the day when i'm traveling somewhere and i'm in a car you know back of a limo or and i'm on a plane flying somewhere and i would have thought that's the same valuable sleep that it would be in the middle of the night it's not now one of the things about sleep you should know um and this is i found this out just you know by just monitoring my own sleep i love wine i'm in the wine business i've talked about that a lot i love to drink wine with dinners it turns out the later you drink any alcohol the more it screws up your sleep which is heartbreaking for me because i just love wine and i've had to modify a little bit instead of you know drinking wine let's say i'm gonna have dinner at eight o'clock or something or even worse it's gonna be much later because miami where i hang up quite quite a bit it's a very late lifestyle sometimes dinner's at 11. i don't drink at 11 o'clock at night anymore because it totally screws up my sleep it reduces my rem sleep and reduces my deep sleep and you can see the results off any device that monitors your sleep it's brutal so you know maybe you have a drink at six or seven i mean i don't know if you can do this but i'm just telling you over a long period of time screwing up your sleep every night because you're drinking is really stupid that's my view so you have to modify maybe your weekends you ignore this but at some point you really don't want to mess up your rem sleep and your deep sleep with alcohol that's the one big change that i've put into my life and it's really helped me quite a bit it gives me a lot more energy in the morning you'd be amazed how fantastic you feel after a solid eight hours sleep with a good cycle of deep sleep and rem sleep i mean you get up bouncing out you're just ready to take the world on it's fantastic what screws that up too much alcohol late at night or any alcohol really close to when you go to sleep and i don't it's just the way it is i mean you know it technically you'd be better off drinking wine at nine in the morning which is crazy not recommending that but you want to get it as far away from when you're sleeping as you possibly can either you give up alcohol completely which i'm not prepared to do because i'm in that business or you modify your use of it so i've got a couple of reasons for this the sleep thing i don't want to do too many calories knowing it's 160 calories a glass so maybe a couple of glasses of wine three maxerino like that's max because that's a ton of calories but it takes a toll on your sleep so that's kind of a little bit of a snapshot about um how for you know cindy rose all these things fit together you're going to find that successful people have one way or another dealt with drugs dealt with alcohol worked out the whole sleep thing and figured out grooming and fashion they found a path through all that and they've made a lifestyle choice you can too but it's got to be conscious you're going to want to do that and and for the guys that are you know constantly worried about their weight ah get over it i mean look as long as it doesn't make you unhappy about the way you feel about yourself you can be any body style or any weight that's cool but if you want to modify it which seems to be an obsession with about a third of the population you have to change your lifestyle there's no for me dieting just doesn't work you know and i've and it doesn't really work for most people starving yourself making yourself miserable really stupid changing your lifestyle small modifications watch over months how you shed the pounds so we talked about a lot of stuff on this um i've dealt with all these issues myself i've kind of found my path bottom line let's end it this way you want to get up in the morning and feel great about the day you're going to be in whatever it is you do and so much of that is based around things you have control over what you eat what you drink the drugs you take you know how much sleep you get you were gifted with control over those things in many many many ways and it's really up to you to make the decision to do it or not but that's the part i like the most about cindy rose's question pretty well everything on that list she can do right or she can do wrong if you like that video wait did you see my next one don't forget to click right over here and subscribe

Channel: Kevin O'Leary

Views: 349,491

Keywords: Kevin O'Leary, Kevin O'Leary interview, Kevin O'Leary speech, Kevin O'Leary top 10 rules for success, how to become a millionaire, how i became a millionaire, how to make millions, money, wealth, cash flow, entrepreneurship, entrepreneur advice, success tips, success habits, millionaire habits, millionaire tips, how to make money, how to invest, shark tank Kevin O'Leary, ask Mr. Wonderful, things poor people do that the rich don't, success secrets, best rich habits, wisdom

Id: 9SpF2YbXxEE

Length: 67min 28sec (4048 seconds)

Published: Sat Feb 13 2021