Kevin O’Leary: ‘Being an Entrepreneur Is a State of Mind’ — How To Get There
Kevin O’Leary is one of the most recognizable entrepreneurs in the country, thanks to the success of the hit TV show “Shark Tank.”
Over the course of his time on “Shark Tank,” O’Leary reportedly has made 40 deals and invested $8.5 million. Suffice to say, he knows a thing or two about what it takes to be an entrepreneur and build a business.
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O’Leary is known for his take-no-prisoners attitude, often telling entrepreneurs when he believes their business ideas simply won’t work. Recently, O’Leary tweeted that “being an entrepreneur is a state of mind.” Here’s what he meant by that statement, along with several other pieces of advice he has given recently about business and entrepreneurship.
The Entrepreneurial Mindset
When O’Leary discussed entrepreneurship as a state of mind, he explained further that, “You have to sacrifice everything for some period in your life to be successful.”
Entrepreneurship isn’t the same as a 9-to-5 job. O’Leary points out that to become successful, being an entrepreneur should become your state of being. Essentially, for a period of time, being an entrepreneur should be your personality.
Sacrificing everything is necessary, according to O’Leary. That might mean late nights, early mornings and risk taking. Entrepreneurs should note that O’Leary doesn’t mean entrepreneurs have to give up everything for their goals forever. Rather, he says you must sacrifice for “some period of time.”
That means building a business will require significant upfront work if you want to meet your goals; but, eventually, you can scale, outsource and, hopefully, sell your business for a profit.
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Embracing Change
Another piece of advice O’Leary recently gave entrepreneurs is to remain flexible. In fact, he recently told The Street that the worst business advice he has ever heard is to stick to your original idea and never change your mind.
O’Leary said this is problematic because “great entrepreneurs learn how to pivot when the world around them changes.”
O’Leary said the world changes constantly. Laws and regulations change. Technology changes. New competitors come into play.
Your original idea might have been sufficient in a different set of circumstances, but the world changes every day. A great entrepreneur is willing to adapt to that world. Sometimes, pivoting is necessary to have business success. Changing your original idea doesn’t mean you have failed; it means you have adapted.
Expect Failure and Setbacks
Many people wrongly believe that successful people have had significant luck or big breaks. However, O’Leary says that’s not the case. Not only that, he explains that many of his deals fall through, even at this stage of his career.
In a 2023 article published in the Harvard Gazette, O’Leary said, “Eight out of 10 deals I do go to zero for various reasons.”
Because of his experience with numerous startups, he does not expect every company he invests in to succeed. He recommends investors do as much research and ask as many questions as possible prior to working with entrepreneurs. But often that still won’t guarantee big returns.
Many people consider O’Leary to be one of the more aggressive sharks, but he explains that he challenges entrepreneurs because he wants entrepreneurs to think through their business plans and their finances.
O’Leary explains that sometimes things simply don’t work out. That’s expected.
His advice: “Deal with it. Get over it, pick yourself up off the floor, and start again. That’s what entrepreneurship is all about.”
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