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Advice for Entrepreneurs – Kevin O’Leary

Focus On Money Or Not – Advice for Entrepreneurs

Shark Tank Kevin O’Leary has some advice for entrepreneurs, and he says do not focus on the money!

He certainly is qualified to give out entrepreneurial advice.

Kevin O’Leary is a star on ABC’s Shark Tank, which is now in its tenth season.

Back in 1986 is where O’Leary got started. In his basement with no money, he started Softkey Software Products, later called The Learning Company. This company he grew to the point where it became a huge operation.

This operation with nine other co-founders ended up selling for $4.2 billion in 1999 to Mattel Toy Company.

O’Leary during this time learned many lessons, his ultimate favorite which he shares with all entrepreneurs is, “Don’t focus on money. Focus on Freedom!” That’s his cornerstone piece of advice for entrepreneurs.

Shortly after O’Leary sold his company, he and his co-founders found themselves very wealthy.

You would think that a shopping frenzy would ensue but not for O’Leary.

O’Leary did what almost every entrepreneur does, in his words, “What do we do? We’re right back to work. We don’t know anything else.”

This business you build, if you are lucky enough will be your freedom and liquidity, this is what it is all about. That’s what you focus on.

It does get to a point in your life where you really don’t need more money; all you need is the freedom to be able to do what you want.

Yes, money will allow you to do more of what you want, but it’s not the focus you need to have. You put your head in that business and keep building it until you get that freedom you want.

Think when O’Leary was young he didn’t have the freedom to do what he was passionate about. Growing up he loved photography. But he soon found out to do this as a full-time career, it wasn’t going to pay the bills or put much food on the table.

It was O’Leary’s father who suggested maybe he should learn how to run a business first. Sound advice for entrepreneurs.

So that is what O’Leary did and got his MBA at Ivey Business School at Western University.

Once he got his MBA he then pursued entrepreneurship.

After his successes, now he can go back to what he was passionate about, which is photography.

Because O’Leary pursued his dream of entrepreneurship and was successful at it, he can now pursue other dreams and offer sound advice for entrepreneurs.

You will hear O’Leary say every time, “Don’t focus on the cash. It’s nothing about greed. It’s all about personal freedom”.

Being your own boss isn’t what does it for O’Leary, to him it is about the sport of entrepreneurship and not for money. O’Leary says, “What does it mean to be wealthy in America? It means you’re personally free. That’s what’s important.”

Just good advice for entrepreneurs.

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