Business Coaching: 8 Tips To Getting Your Money’s Worth


– So you’re starting to think about hiring a business coach to help you grow faster and speed up your results,
but you’re a bit nervous. It’s a big investment
and you want to make sure that you re ready for this big step and that honestly you’ll see a strong return on that investment. So in this video I’m gonna
give you eight steps, eight specific tips to help you make sure that you maximize your results and get a great return on
your coaching investment. Hey, this is LeahRae
from ToddAndLeahRae.com, and if this is the very first time finding our channel, welcome. We are here to help you,
the online entrepreneur create the time freedom that you and your family truly, truly deserve. So if that is what you are looking for, make sure that you subscribe and turn on the bell for notifications. Now, tip number eight, know exactly what you want out of coaching. You should have a pretty good
reason for hiring a coach, ’cause a good one isn’t cheap. Do you need help starting
to build an online presence and start generating leads? Are you ready to add
selling digital products to your business and
need guidance with that? Have you got a bunch of
stuff that you’ve worked on but don’t have a single
clear path to follow? Great, a coach can help with all of that. Now having a very specific
reason for hiring a coach, not only is it gonna
allow you to make sure that you’re hiring the
right person to work with, but that you are able to work together to create a road map to where you want to go in your business. Now Todd and I hired our very first coach to help us get started
building our online presence, building an audience, generating our very first leads and sales online. Then, later on we were read to launch our very first digital product. We hired a coach specifically to do that. The goal in that coaching relationship was to help us successfully launch our own digital products and create a solid new income stream in doing so. Navigating all of the challenges and the bumps on the road in the process. Number seven, hire the right coach. While this should be pretty obvious, it’s very, very important. You need to work with someone not only that you resonate with, someone that not only you like their style, but also someone who has
the expertise that you need. So ask yourself: Do you want to leverage the same types of strategies that you see your potential coach using? This is very important in making sure that you see the end results
that you’re looking for from this relationship. Now in our business, we came to the point that we were generating
leads and making sales but we were really struggling
to close sales on the phone. I was anywhere from a zero
to maybe 20% closing rate getting people to actually make a purchase when I got on the phone with them. So we sought the help of
someone who was a master closer. This was one of his primary skill sets, being able to close sales on the phone. And we hired him to teach
me how to do better. And man oh man did it work. In just a very short
coaching relationship, we tripled our income,
going from maybe 20% tops to 50 to 75% closing. Imagine you’re doing
the same amount of work, generating the same amount of leads, making the same number of phone calls but you’re making three
times the amount of money. That right there is the power of coaching. You bet your bum that we very quickly saw a very strong return
on that investment. Because had a specific issue
that we needed help with and we hired the right coach to help us. Tip number six, write down
everything and stay organized. When you are having a coaching session, you should be taking lots of notes. You should be writing everything down. You are paying for all of the
wisdom, the golden nuggets, the knowledge coming from your coach, that they’re giving you
during this session. Doesn’t it make sense to write it all down so number one, you can
remember it, but also number two, you can come back to it to refresh your memory later. I’ll give you some insight as a coach. Those folks that
automatically start writing everything down during our sessions, those are the people who typically do excellent with coaching. The ones that are just kind
of sittin’ back and listening to me talk, typically don’t do so hot, ’cause they’re just not as engaged and they really don’t feel as
a partner in the relationship. And I think they feel like
they are less of a partner and it’s just something that
I’m supposed to give to them. Well that’s not how this works guys, it’s a partnership between
you and your coach. So keep notes but also make sure that your notes are organized somehow. You should at the very least
have a file on your computer where you save everything
related to coaching or maybe a specific
notebook where you compile all of your notes if you’re
a writing-type person. And part of writing everything down is that at the very end
of each coaching session, you should be reviewing the action items laid out for you with your coach. So you can write them down in a clear list to keep you on task during
the next week or two before your next session. Tip number five, have a committed work schedule for your business. Most folks have more responsibilities than just building an online business. They have jobs or family obligations that take up a good portion of their day. So before you invest in a business coach, you need to make sure that
you have enough time allotted each and every day, or
specific days during the week, to actually build your business. Your business coach is
going to lay out for you all of the steps that you need to take to get to your desired result. But you have to have the
time and the dedication to actually do them or
it’s a total waste of time. There is nothing more
frustrating as a coach than to see someone
with a ton of potential just not prioritize their business, not block off time to get
what they need to done and just not do the work. As a coach there really isn’t anything I can do to help you create
a return on an investment if you aren’t putting in the
work that needs to be done. And personally, that is now
what we screen people for when I’m interviewing them as
a potential coaching client. That they have enough time
to work on their business and that they are action-takers
and will do the work. Tip number four, ask questions. If you are not 100% crystal
clear on what your coach is saying or telling you
to do, ask questions. It’s their job to make
sure that you get it. But they can’t do that well
if you aren’t asking questions and letting them know that
you aren’t crystal clear. Yes, this can sometimes
require some humility. But don’t let your pride get in the way of creating the results
that you’re looking for and the ability to maximize that return on your coaching investment. Just a slight
misunderstanding can lead you down the wrong path or cause
you to waste precious time. So when in doubt, ask
them to clarify further. Tip number three, ask for
examples or resources. When you are doing something new, something you have never attempted before, one of the most helpful
things you can have is an example of it from someone else. An example that is already working. And when you’re working with a coach, who is using the same strategies that you wanna use in your business, this is a massive benefit. They can often share with you examples of things that they have put together that are working for
them in their business. Say a downloadable PDF giveaway. Their sales page, their
sales funnels, etc. It can be daunting to
put that stuff together the very first time and
it’s incredibly helpful to have an example to draw from. So don’t be afraid to ask for them. And you can bet that when
we were putting together our very sales webinar to
sell that first course, that we were not only
going through training to teach us how to do it,
but we also went through the webinar that our
coach was currently using to sell one of his courses, to see exactly how he applied
it to his specific business. Now these types of insights are priceless. They truly help you speed
up your learning curve and get you to bigger and
better results faster. Number two, understand that it takes time. Nothing happens overnight. There is no easy button. You have to consistently
put in the work over time before you start to see results. And the results are likely to be slower than you had hoped, they always are. You should plan to work with
your coach for several months, really at least six months. Yes, coaching really is the shortcut but even the shortcut takes time. The last coach we worked
with helped us to go from just over five figures
a month to well over six figures a month. Did that take six month’s of work? Nope, I can’t even say that
at the six month’s timeframe that we’d even see a solid return on that coaching investment. We worked with him for over a year, yes, paying him a hefty amount
each and every month. Was it worth it? Absolutely. Did we eventually see a very good return on our investment? Yes. But if we had only
focused on the short term instead of focus on our long-term plan, we could’ve gotten
nervous about continuing to spend monthly on coaching
after those first six months and just stopped without getting
the results that we wanted, and without getting a
return on investment. So always remember that it takes time. More time than we always want. Tip number one, be coachable. If you are working with
someone that you trust, who’s successfully leveraging
the types of strategies in their business that
you want to see in yours, and you’ve agreed on a path to
get you to your desired goal, then you need to follow where they lead and do what they say. They have the benefit
of years of experience and they see the potential
pitfalls and challenges that you aren’t even aware of. And they are giving you
the steps to avoid them. So don’t buck heads with them,
leverage their experience and expertise to create
a smooth path to follow. When Todd and I launched
that very first product with the help of our coach. You can bet that we wanted to just work on getting a really good
recorded, reusable webinar up and running right away. I mean, who wants to
take their Tuesday nights and give them to doing
live webinars each week. But we were advised against it. Our coach told us that we
had to do several weeks of life webinars before
trying to automate anything. While we didn’t like it, we did it. And guess what, he was right. We learned so much about our audience and we were able to continue
to refine our webinar each and every time that we did it live. So that a couple months
later when we really had it streamlined, we were able to create a killer automated
webinar, so be coachable. Now you should see a video
in the top right corner of this screen or in the
top link in the description. Watch this video next. Here’s where we further help you flush out if you are ready for one-on-one coaching or what other possibly more affordable options you can pursue. So jus click on that
video to watch it next. Again this is LeahRae
from ToddAndLeahRae.com and I’ll see ya soon.

Sadhguru, What Is The Secret of Your Success? #UnplugWithSadhguru


Moniha Shree: Hello sir. I have a question. Sadhguru: Yes ma’am! Moniha Shree: So, you are able to come to many colleges and give many, many, more speeches and I think it’s just a single life, right? And you are able to achieve more than
what one can imagine, a big foundation Isha Yoga and
many more centers, many more disciples. It’s all in a single life right? If a common man wants to take this by
simple efforts and hard work I think it would take at least up to three generations and
you have done it within a single life. So what’s the secret behind your success? Sadhguru: As a child did you blow soap bubbles? Soap bubbles? So when you blew soap bubbles have you seen
somebody got this big(Gestures) bubble, you got only this (Gestures) big bubble. Moniha Shree: We must hold our breath and
leave it slow then we will get a big bubble ( Sadhguru Laughs), everything has some _(Unclear). Sadhguru: Everybody had air in the lungs but
somebody got a big bubble, somebody got a small bubble. What is this about? See when it comes to body, this is my body,
that is your body, hundred percent clear. No confusion about this, isn’t it? This is my body, that is your body. This is my mind, that is your mind. But when it comes to life, there is no such thing as my life and your life. This is a living cosmos, how much life will you capture within your system
will determine the size and scope of your life. Somebody got a big bubble, somebody else got a small bubble. Poop it went off. You cannot identify where is my air and
where is your air, isn’t it? So similarly when it comes to life there is no such thing as my life and your life. But distinctly my body and your body,
my mind and your mind but no my life and your life. There is life, abundant life, this is a living cosmos. How much life will you capture within yourself
will determine the scope and range of your life. What one person can do in hundred years, somebody may do in ten years because of the sheer intensity of life. When I say intensity of life, it may translate in many different ways. See, there are times, for example certain businesses have grown. Let us say some business like, you know in United States this has become a fad, within three years somebody’s
billions of dollars of worth of business, let us say Microsoft has grown or Facebook has grown
or something like this has grown. This is largely because of technological breakthroughs
and somebody rides that technology. At another time that would not have happened. So that is different. But if you want to create something really large, really significant, large or small is not the point – significance,
then you need intensity of life. One thing is the scale of life that you capture,
there are… this is what I said earlier when I said yoga obliterating in
boundaries of individuality means in a way you are allowing universe to invade you. When universe is not against you but it invades you or it’s a part of you then you have abundance of life. When you have abundance of life,
you will not hesitate to share. When you share big time your life with everybody else, people will naturally value it immensely because everybody is trying to hoard it. Somebody is willing to share it so naturally
there will be a big upsurge around you. This will lead to many things. This will make many friends and many enemies
(Laughs). A lot of people whom you have never met, they are your sworn enemies but you don’t know why. You never met them, you never had a word with them but they are swearing that I’m his enemy,
I don’t know why. But it goes on in the world. So when we talk about how so much can be done
in a short span of time. It’s not a short span of time,
it’s thirty-seven years’ incessant work, seven days of the week, twenty hours a day. Almost for twenty-five years more than twenty-five years. On an average I slept only for
two-and-a-half hours a day. Not deprived of sleep, just kept my life energies
so intense that sleep was not even a issue. There are times when I’ve gone without sleep
for three days, four days – full-scale working. Not because you are on some kind of a drug and not sleeping, simply because of the intensity of purpose and
commitment to what you are doing. Today I can proudly say I have created
thousands of people around me, all of them have gotten crazy like that (Laughs). They all beginning to work like this. Most of them, you don’t know when they will sleep, when they will wake up – on, on, on! Seven days of the week! No holidays, no vacations but everybody is joyful. If you come to the yoga center and see, you will see the most joyful faces but they’ve never been on a vacation. They don’t own a damn thing! They don’t have money in their pockets but they’re just joyful (Laughs) because drunk with life, literally! Well, it’s like this have you noticed on a certain day,
if you’re very, very joyful and blissed out you are willing to do whatever is needed,
no problem, isn’t it? Any amount of work. But little frustration, your feet will drag. So I’ve not know frustration at all
in the last thirty-seven years. Not that everything goes right, many things don’t happen the way I want. In fact nothing happens the way I want. That’s a fact (Laughs). Because what I want is up there (Gestures). It is always in incremental success of everything. But because of the sheer intensity of
purpose and focus. When some movements we started and
people gathered in millions, somebody told me, a very prominent person
in the country, “Sadhguru, this kind of crowds happened only
when Mahatma Gandhi came.” I said, “No, see don’t compare because Mahatma Gandhi had a huge advantage,
he had a enemy. There was somebody to fight. When you have a enemy you can gather masses. Now, my whole thing is I’m constantly reminding people there is only one enemy in your life, that’s you. If you fix this one person, everything is fine with you. Yes or no? You have only one enemy, that’s yourself. If you fix this one person this is a wonderful life.” So, when there is no external enemy, moving people towards a purpose is very difficult. But people have moved wonderfully
not just in India, around the world. People are putting lot of pressure (Laughs)
in various countries. “Sadhguru, you have done enough in India,
you must come and stay here, stay there, do this, do that.” Why I am telling you this is
you are young people, each one of you if you become a dynamo
of energy and activity, this country which is a nation of
young people will prosper and become a miracle like no other because we have the largest number of young people. If you get the necessary intensity and
balance within you, this is important, intensity without balance will make you go crazy. If you have intensity and balance.
we can make a miracle out of this nation. All the problems that we are seeing in this country can be a thing of the past in a matter of
ten years’ time, not too long. If you look at nations, if you look at the history of this world the only country which has moved a
large segment of population from poverty to affluence in one generation is the China. But they did it with lot of force and pain,
too much pain. Millions have died, so much pain,
so much force. But today India as a nation, we are sitting on a threshold
that through a democratic process if all of us do the right things in
the next five, ten years’ time, through a democratic process
without a gun, without bloodshed we can move a billion people from
one level of living to another. This kind of thing has never happened
in the history of humanity. Right now India is sitting on that cusp that if we do the right things in the next five, ten years’ time,
you will see this nation transforming. Without guns, without blood,
without those kinds of revolutions, simply through democratic process we can do. We are sitting on the threshold. It is just that we should not sit
on the threshold for too long. We must take the next step and the next step. And that is in our hands as a generation of people, we need to do that.

Traits of A Successful Business Owner


We’ve been lucky to work with over 300 business owners now. And what we found is success leaves clues. So here I’m going to share with you 10 traits or 10 things we see in the most successful business owners. So, the first thing is a clear vision or goal, like, where do you want to go? If a space shuttle takes off and it’s going to the moon, if it doesn’t have clear coordinates, there’s no chances that it’s going to get there. So you really, really do need to know where you want to go and document it, you know, that kind of thing? Do you have a good business vehicle? So here we’re talking about Amazon because it’s leverage on a global scale. So with traditional business, you know, selling in a market and then whoever came past that were your customers. Here we’re talking about, well, if we get on a winner, we can literally scale this thing around the world. And very, very quickly, like within a year, realistically. Number three, and you guys are all ticking the box on this, continual learning. So this is so, so, so important. I see some people that think, you know, once they get a certain way along, I’m too good. I don’t need to keep doing this stuff. But I just think just be a continual student of it and just keep getting better and better all the time. Number four, an ongoing focus on mindset. So remember, I said before that your mindset is really your most important part. Tony Robbins says success is as much as 80% mindset. So really, really important. Number five is manage your emotions. So you might think, well, why is he talking about emotions in an Amazon conference? The reason is because business isn’t all smooth sailing, it’s not all just going up like that. You’ve got some real peaks and you’ve got some troughs. And the most successful business owners we meet, they actually manage their emotions like this. They’re not like from really stressed and really, you know, like that kind of thing. So manage your emotions.

Owning My own Business For 2 Years / Would I do it Again? / Should i quit the job i don’t like ?


yoyoyo was goody with it I am super
proud to present this video hold on I know is it label as a AFB is that label
accounting for beginners it’s not accounting for beginner so if that’s
what you want to watch click off now it’s fine this is only my own business
for two years whoo still here baby still be paying our
rent I had a client come in this year and I was doing a personal tax return he
said it’s like the friends parents they might be watching so I just saw you last
weekend what up he’s my friend’s parent he’s like 65 70
years old and he’s awesome he’s he’s a he’s a Jonathan Doran supporter so he’s
one of the few of those around so I got mad love for the guy and his liver
starts all his videos off with yoyoyo and I’m like how do ya like bro howdy oh
my god he doubled I started real up with he’s like whoa subscribe click I will
leave a comment in dogs totally off thing but this is this video is owning
owning my own business after two years and what it’s like so I went back at
first I was like this is kind of weird for a visa but you usually do a cutting
for beginners I’ve been just those are you before I talk about it I talked
about the accounting I love accounting and people watch those so it’s like
those are the easiest for me to make and they get the most views by far right so
every idea when I watch I would such as actually I made a video – I made a video
owning my own business two months in just watch that then a year later about
a year later actually was last October 22nd
Oh first first onto my own business I made was two minutes two months in it
was like August 2015 then like 14 months later it was owning my own business
after one year and that was in October 2016 now we’re just about August 2017
let’s just say another year later I’ve had my business right now uh for about
two years I think August 1st 2015 was like my last day of work I gagging my
two weeks notice for the first time ever felt like a big guy you know like I
wanted to come back the person out who who gave me my CPA license so as you
notice I got my subscribers right there I’m super passionate about the YouTube
that is part of my business and it’s been able to flourish because I left my
job and I’ve been owning my own business so I’ve been able to grow my youtube
channel without fear of somebody saying I don’t like that I’m not I’m not paying
you any more you got to change it because as someone says I don’t like it
no way I’ll give up that y’all will curse a little bit on this one this is
not in kind for beginners this is automotive business this is what you see
are coming for beginners is like CPH strength you know that’s that’s a
character of mine um you know I’m Jonathan Dorn CPA that’s who I am you know I think yeah I used to be a
rapper my Rattray mjd blaze so jumpy left Iraq that’s my my little Slugger
personas J dizzle z’ my machismo best everything I’m saying most money best
women best clothes said so you’ve done for six minutes and you haven’t really
talked about what your business is like in the second year old well let’s go I
watch the first two I watched the first two videos I watched the first two
videos I made about automotive business at first I was like I don’t have to have
those a lot I did because I watched I watched the first one and I noticed from
the first the second one and hopefully I made progression on this just my my
camera presence just the way I’m talking in my cadence it was very hard for me to
watch the first one and I thought it was such trash I was very happy that I made
progress on my second one and I hopefully I make progress on this one
which I think I will because I’ve been filming a lot lately and the only way to
really get better my opinion filming on camera is just to do it just to practice
practice practice practice like hitting up the team I used to play baseball bro
– but that’s what I came to you know lots of practice and hard work they
don’t hit up a tee one thing that caught me by surprise
Oh anyways the gentleman you keep it the gentleman came in who watches my youtube
channel says hey he’s been here for two years you must must be successful at
some degree because you have to rent you’re paying the rent I’m thinking you
know what brah you’re right you right you know I’m saying
despite everybody despite the world try not to let me be great I’m the great
over it’s been great over this know me be great okay I lost two subscribers since I’ve
been talking to you man life is crazy you just gotta keep going I noticed
everything’s everything’s temporary you know you get high man that’s going to
but you’re going to be um below so just try to when you’re really hard to try to
be humble you know try to be humble to try to be nice to everybody and when
you’re low when you’re feeling depressed just just try to get through it try to
be home to try be humble try be nice to everybody and you know just try to get
through it because you’re going to you know you’re gonna be happy again it’s
fine just ride the wave what up I know remember I don’t even care because my
accounting pregunta social structures is supposed to be fun but one of the main
things I said in my own my own business for two months video in 2015 and I would
guess I would know back then I said I was miserable going to my job every day
and I wanted I had I had a passion I was miserable I was miserable going to the
job even though I was making a lot of money I don’t only make much money now –kavitha I’m 40 and I live with my dad
and it is a struggle so in a few years when you’re like Daymond you know he
didn’t in Harry he’s he just ranch in a desert anymore Ackerman man let me tell
you I put other things out of the way I’m in my office I’m in this office like
12 14 hours a day and I love it I love it so I was miserable for and I love it
now I wake up before my alarm at five o’clock half of my days now half of my
days I get up at 3 4 o’clock and I’m just like I’m just so excited about my
day so that’s a that’s a win right there in itself you know was it worth it over
in my own business you have yeah yeah who cares how much money I
mean yeah money’s only thing that matters I mean yes but it’s like money
is the only thing that matters but it’s like are you enjoying getting it that
matters too I mean is that me of all he does a person so check I was miserable
before when I didn’t know my own when I didn’t know my own job check I wanted I
had a passion for YouTube power lifting and accounting and I said hopefully I
can combine all those and make a living you know what it’s two years later and
I’m doing that and yeah the only the thing is so YouTube is my new is my just
new passion I wake up I learn better i love youtube I don’t know if independent
anybody I did a whole process by myself from the idea to filming the idea to
having the furnished product on YouTube I don’t have to wait for anybody on
confer with anybody it’s just however hard I want whatever the work I want to
put into it is the results that I get and I haven’t really found too many
things in life like that cpa test yes so i was miserable before when i was those
before and i have passion for youtube account and power listener i want to
combine all those well yes i’m doing that because if i used to most of my
youtube is teaching accounting and accounting for beginners and so and no
my now my youtube is about a third of my monthly take-home as as much as my
regular business so the youtube’s growing and i’m so passionate about that
and i get to talk about I love accounting and passing road so
thanks to the third one powerlifting well paraffins taking a little backseat
right now because I really just want to make I really just want to grow my
youtube channel in essence make more money so I can afford to kind of get out
of this office get out of my dad’s house and just have one you know a nice place YouTube studio / house / everything and
that’s what I’m working towards everyday and I’m just I’m just so happy I know
this was kind of a roundabout way but a roundabout video I just I feel like
making notes for it I did just want to catch those the facts that call you by
the first ones like I was saying you know the reason why I made a change in
everybody am I going to follow my face or I had no idea two months in I was I
had about a thousand dollars in bills a month and I was making I don’t know like
two or three hundred a month so I was so upside down how do I get clients that’s
that’s what someone will you know how do you get clients how did you get the
money coming in well I’m consistent I get up i I never missed anything when I
first started I answered I answered every phone call and know half of it was
trash every Facebook message every every everything every everything I answer
every email every you know I followed up with everything I said what I would do
I went above and beyond a little – I was a little cheap you know I he every oh
you’re too cheap you’re too cheap well I would rather
I wasn’t doing anything I’m just sitting here twiddling my thumbs and I have
bills I’d rather be doing something you know honing my craft sharpening my
skills you know games play GP you know referrals for a cheaper price instead of
nothing you know like I would rather I would rather charge somebody 150 bucks a
month to do a bunch of things they think that’s a great deal and they do it as
opposed say oh I need $500 a month and then not find anybody or but I guess I
went artificially low then I turned to wait people last year’s oh so busy and
now now next year or from from now on where I don’t need any more clients
because I’m paying my bills making a teensy bit of money now the price will
go up I only taught this is 16 minutes long generally talking about on my own
business for two years but if maybe I’ll have a better maybe I’ll have a better
video next year some more precise or something like that but you’ve even
talked about the business fine I mean I guess I guess I did the feeling the
feelings of it I think you know I think the main thing is I look back and that
was I made that video the first video two months in you know two months I’ve
quit my job I worked at that job for about two years
hated it hated it hated it yeah and so those were all my job you spend most
time at your job you have so much time at your job so as visible my job
miserable my life now can’t I love my job I can’t wait to get up in the
morning so that’s a win till next time till next year deuces

27 Qualities Of All Successful People


Hey, this is Leo,
for Actualized.org. And in this episode,
I’m gonna speak about the 27 qualities
of all successful people. ♪ (Intro music) ♪ So, the other day, I started thinking: What are the common patterns
and characteristics of people who are very successful in life? One of my personal hobbies
is to study success, and I’ve studied a lot
of psychology material, but also biographies and histories
where I just sit down and I dissect people from the last several
thousand years of human history, and I take a look at
what ticked in their life, what went on behind the scenes?
How did they actually work? How did they get to some of
these amazing positions that they were able to get to? Whether it’s an artist,
or a performer, or an actor or a political leader,
or a bussiness person, or an entrepreneur or whoever. And so I came up with the
following list of 27 characteristics; which I think is quite accurate because, basically what I did, is I kinda crossed
reference of a lot of stuff that I`ve read over the last many years. And I wanna present that to you here. And if you’re someone who’s
been struggling with success or who wants to really
make it big in life, then these are the points that you wanna
be really mindful of going forward, making sure that you plug any
holes that you have in this list. So here we go, these are
in no particular order; I’m not saying that the first
ones are the most important, basically I think that
they’re all important. So, the first is passion. Successful people are passionate people. Not only are they just
passionate about what they do, which is kind of a cliché,
you probably knew that already; but here’s something that you might
have not thought about before: I think that what’s going on
deep on someone’s psychology, if they’re successful, is that they’re inspired on
some level by life. Somewhere. Are you inspired by life? Maybe you’re inspired
by art, or by nature, or by music, or by
writing, or by speaking, or by other… examples of amazing people, or you’re inspired by technology,
and science and human knowledge… Something about life has to inspire you! This is kind of a deeper point. For example, I think about like,
an amazing mathematician. If you think about
an amazing mathematician, the reason he is amazing is not
just because he is good at math! That’s a mediocre mathematician. Anyone can just be good at math;
an amazing mathematician LOVES math! He doesn’t just love math,
he’s not just passionate about… Something in math inspires him
on a almost spiritual level. And I think that this is true
across the board with successful people. Another characteristic is that
they’re hardworking. Very, very hardworking.
Abnormally hardworking! Mediocre people, which is the
opposite of a successful person, is a mediocre person; these people are not hardworking! They’re lazy, and they
work 40 hours a week and that’s about it.
They put in the bare minimum. To get by. That’s no the case with successful people. Successful people are obsessive
about how they work. They’re almost workaholics. And this can become a negative trait. Not all the characteristics I’m gonna be
listing here are all positive traits, some of these can backfire on you
and you can take them to one extreme where they become actually quite toxic. A lot of very successful people can’t
stop doing work! They can’t stop. So this is kinda, like,
of one of their weaknesses. But it’s also a very important STREGHT, because you’re not gonna get successful
without massive amounts of hard work. Strong work ethic!
Is absolutely necessary. Also, successful people
are extremely persistent! Now, this is probably another
cliché you’ve heard a lot, you know, “be persistent,
persistence is important”, but you don’t really fathom
the importance of persistence until you’ve actually tried to
accomplish something big in your life. Something that had low odds of success. Like, you try to become an actor, or you try to start a business;
you try to do these things and then you see how easily
and how often you fail. And how hard it is to keep
working in the face of failure, over and over again, you just fail
again, and again and again, and you just have to keep going!
If you wanna be successful. See, successful people have a
high tolerance for failure, they don’t take it personally,
they don’t get depressed about it, they just keep going forward.
Plowing forward every single time. Until they get to their goal. This is a very rare
characteristic in people. Which is why success is quite uncommon. Also, successful people are iconoclastic, which means that they’re rule breakers! These people do not follow the rules! Of society, of the organization,
of the family unit, or of the religious
structure or whatever. This doesn’t mean that they do
illegal stuff, necessarily. It just means that they are
kinda flexible with the rules, They’re able to skirt around the rules,
they’re able to bend the rules, they’re able to think outside the box! And this is important! Because, to get stuff past
through the system, requires thinking outside the box a lot. If you’re thinking inside the box, then you just get the results
of the mass, of the herd. And the herd doesn’t really
get extraordinary results. You wouldn’t wanna
call them sucessful; you’d call them mediocre. More accurate. Also, this is kind of a secondary point, but i put as a whole independent
characteristic here on the list; is cleverness. I think succesful people are
abnormally clever than the bunch. And they’re manipulative! They’re good at manipulating
situations and people to get what they want past through. So maybe this person
is good at manipulating a bureaucracy, manipulating a government system,
manipulating their family, manipulating their friends, manipulating people in their
company, you know? Manipulating giant masses of crowds, the way that politicians sometimes do. And manipulation could of course be bad. It doesn’t necessarily have
to be used towards evil, it could also be used
towards good. So manipulation is kinda like a
tool or tactic that can be used. It’s an ability that people
have, you know. Some people are good manipulators,
other people are bad manipulators. If you’re a bad manipulator, it’s gonna
be hard for you to become successful! And if you’re not very clever
about how you do your manipulations, and if you’re not very clever at thinking
around obstacles and problems, then you’ll just gonna hit an obstacle, and it’s gonna look to you
like just a giant brick wall. And you’re not gonna be
clever enough to realize: “Oh! I can walk around it! Or I can dig my way under it! Or I can bash my way through
with a sledgehammer!” See? That requires some cleverness. Very important, because you’re
gonna have a lot of obstacles on your journey towards success. Another characteristic is creativity. Successful people are
highly creative people! And I don’t just mean here a
creativity on the artsy sense, of like “He’s very
imaginative and poetic”. I don’t mean creative in that sense.
Although that’s a great atribute to have. I mean more in the more
fundamental definition of creativity; meaning like, you can create stuff. That’s what it basically means.
The ability to create. Not just in the arts, but anywhere!
In business or anywhere else. Successful people are creative people,
they create lots of stuff! And speaking of which, another point
that goes along this, is that creative people
generate massive value. What this means is, they don’t
just impact tens of people, or hundreds of people; they impact thousands, or milions,
or even bilions of people! With their work, or with their ideas,
with their speeches or with whatever. You need to generate massive
quantities of value in today’s world in order to become successful. Also, successful people
have a training in technical skills. STRONG training in technical skills. They’re willing to train hard
to develop their technnical skills. In whatever field they are trying
to master and become successful at. This is a big obstacle for many people,
’cause many people just assume that “If I just put in my time, if just go
to work and punch the clock then that’s gonna be enough
to make me successful!”. And the truth is that it won’t. What you need to do is something
called “deliberate practice”, where you deliberately, methodically
practice certain set of skills over and over and over again,
until you master it finally. And this takes a lot of hard work. Which most people are not willing to do. But successful people are, and they invest thousands of hours
mastering the technical skills. What do I mean by “technical skills”? Well, if you’re a computer programmer
it’s the programming skills, if you’re a speaker, it’s speaking skills,
if you’re an actor it’s acting skills, if you’re a secretarious, typing skills;
you know, whatever. Every single carrier or field
that you’re gonna be successful in has a certain set of technical skills
that needs to be mastered to perfection! And that takes a lot of
deliberate practice to do, which most people are not willing to do. Most people are mediocre because
they have mediocre technical skills. Also, successful people value excellence
above the mediocre people. They really want to do excellent work. They take pride in their work. They have this sense of being
the best at what they do, or doing something
really exceptionally well. That gives them a certain joy
and a certain satisfaction that the mediocre person,
I don’t see having! To the mediocre person, doing a
average, piss-poor job is good enough. And that just doesn’t cut
if you wanna be successful. Also, successful people have vision! They are visionaries! This means that they can see
a big, bright picture of what the future should look like. For them, for their life,
for their followers, for their businness partners,
for their customers. They see into the future. That’s a very powerful skill to develop. Also, they’re leaders! Because they have this vision,
now they lead people. And they don’t necessarily need
to be leading milions of people; there are successful people
who lead very few people. But nevertheless, they are leaders! Because what they’re
doing, fundamentally, is they’re carving their
own path through life. And they are on the
cutting-edge of their field. And they’re not content
to just be followers. They don’t just pick someone to follow
and follow that person to success. No, they do a bit of that, but ultimately they have to break off
from anyone they followed in their life, and they have to break off on their
own, and do it themselves! Their own way! And that usually means some new unique way
that hasn’t been done before! That where the iconoclasm comes in, that’s where the clever thinking comes in. See, all these points,
they all synergise together. One requires the other in many cases. Also, I found that
successful people are intuitive, more so than the average person. They know how to use their intuition. They are guided by their heart
and by their gut, more than just by their logical mind. They’re right brain thinkers,
they’re holistic thinkers; they can take in and assess
multiple variables, in a kind of a complex, holistic way. And then they can get this big picture
view of what needs to be done. And sometimes it just comes
as a gut feeling! They don’t even know
where it comes from, but you know, a good entrepreneur
just get this gut feeling, like: “We need to enter
this new market place”. Or, “We need to change
our marketing this way”, or “We need to launch this new product
that nobody says people would want, but I just feel like the market
wants this product!”. And then they end up being right, because
they’re using that intuition there. Also, successful people are decisive! This is a huge point! Most mediocre people
are highly indecisive! They don’t know how to choose
between this career, or that career. This major or that major. “I have 10 different majors,
which major should I choose?” Or, “I can go into 5 different lines
of business, which one should I choose?” Or, “I can go do this carrer or
that carrer, which one should I choose?” Most people really hesitate there, they don’t make a firm decision, and they’re not clear about
what they really want in life! And so, they get just that!
They get a muddled result! A mediocre result! If you want a excellent result,
you need to be very, very, crystal-clear about what you want. And that’s what successful
people manage to do. Also, they don’t do what they do
because of the money. If you think that you’re
gonna become successful because you’re
putting money first, and money is you top priority
and your top goal, and that this will motivate
you to become successful, you’re really putting the
cart before the horse. And you’ve got this whole
equation backwards. And you’re actually
selling yourself short, and you will be far less sucessful
than you could have otherwise been. For successful people
it’s not about the money! Sure; money can come as a byproduct, in fact lots of money
can come as a byproduct, but that’s not why they do what they do. Successful people are motivated because… They wanna impact the world. They wanna have a positive
contribution to society. Maybe because they got a big
ego and a lot of pride. And they wanna grow and expand,
and aggrandize that ego. Which is not necessarily
a very healthy drive, but still, that’s superior to being
driven by money alone. And of course, most successful people
just love the actual work that they do! They’re passionate about it! So it comes
more or less naturally to them. Not because of the money. Also, successful people are focused!
Highly focused. They are able to select one field
or domain and invest years of time and build up a lot of experience
in that one field. Whereas mediocre people
bounce around and dabble a lot, and they never master any one field
because they lack focus. Think of successful people
like a laser beam, and mediocre people like a
diffuse light bulb. Shining in all directions. Also, successful people are ambitious! They have a desire to be the best. This point might sound very similar
to the point I made earlier about valuing excellence. But I think there’s something
unique and different here, about this point of ambitiousness. What I see is that to be successful
you have to have a sense of ambition. It’s like you wanna rise to the top. It’s almost an ego thing. And I’m not saying that this is
necessarily the healthiest drive; but there’s this kind of desire to be the best,
to be the top of your field. To be the one who accomplishes
something really great and extraordinary. That’s what we call ambition. You need that, in order to
actually rise to the top! ‘Cause how can you compete
with other ambitious people if you yourself are not ambitious? It’s not gonna work. Also, successful people have a
rapid speed of implementation. Which means that as soon
as they hear an idea, or they have a great idea, they go off and they immediately
start to implement that idea. They don’t just sit around
and philosophize, and theorize, and do armchair philosophy
with their social circle. They don’t just talk about it;
they actually go out and do it! They implement it! They have a bias towards action.
Rather than sitting and thinking. ‘Cause when you sit and think a lot,
you get into paralysis by analysis. Right? And if you get into that situation, then
you’re not actually out there doing stuff, which means you’re not
actually creating success. So they avoid that trap.
And a lot of mediocre people do the whole paralysis by analysis thing, and they also sit around and
mull over ideas for years, without actually doing anything. Also, I find successful people
are opinionated! They have firm and strong opinions. Because they have firm
and strong values and beliefs. Because, of course, they are decisive! And the other point
that goes along with this, is that they have a spine!
Successful people have a spine. Which means that they
stand up for themselves, and their values, and their
beliefs, and their ideas. They don’t just meekly sit in a corner, while everybody else is out there
talking and implementing and you know, taking charge. They’re the ones who
stand up and take charge. It’s the mediocre people
that sit in a corner, and quietly think about their
own values and ideas and never have the courage to stand up and
fight for what they really believe in! It’s quite important. Because, if you don’t have spine, then what will happen is,
other people will just overpower you! Institutions… popular culture…
your friends, the media, all this kind of stuff will just
come in and then overpower you! And you will never have a chance;
it will be like a tidal wave hitting you and knocking
you down, to the ground. You need to have a very firm spine. Also, successful people
are optmistic and hopeful. Fundamentally,
they believe in themselves. They believe that they can! And they believe that…
people around them can! And they believe that society can. Now this is a subtle point
which is different from depression. So when I say “optimistic” and “hopeful”, I don’t mean that this is
to the exclusion of depression, a lot of successful people
are actually quite depressed! A lot of successful people kill
themselves from depression! But I still think that
fundamentally they’re hopeful. Because they still belive,
at least in some capacity, that either they can do it,
or somebody else can do it, or they have some kind of
positive outlook in the sense that like, they believe in science,
or they believe in technology, or they believe in arts,
or they believe in the power of writing, or they believe in the power
of humanity to reform itself. Something hopeful like that. Because, if you can’t believe
in any of these things and you can’t
believe in yourself, then how are you
gonna accomplish anything? You’re not gonna become successful
if you don’t honestly believe that you can become successful! You have to have at least that much hope! Even if you’re depressed! Depression is kind of a separate issue. Also, successful people are courageous. Which means that they are willing
to act in the face of fear. It doesn’t mean that they don’t
have fear; they have plenty of fear. But the difference is that they’re gonna
ACT even though they’re afraid. They don’t let the fear paralyse,
or stop them, or scare them away. Also, successful people value
knowledge and learning. In some capacity. It doesn’t necessarily need to
be book smarts, it could be street smarts. It could be learning from your coworkers.
Or learning in a social environment. Or learning from brute
trial and error experience! But they have to value
learning and knowlege, because without learning and knowledge
you’re not gonna get very far, you’re not gonna master anything, you’re not gonna be able
to develop technical skills! And you’re not gonna be good at anything! So you have to value knowledge
and learning, at least in some capacity, at least within your field. If not across the board. Successful people are willing
to endure the cost. And they’re willing to make
sacrifices to get success. Success comes with certain
sacrifices in many cases. Not always, don’t
make it a limiting belief; but there generally are sacrifices! People who work hard and long
usually don’t have as much fun, they don’t socialize as much,
they don’t have as much sex, they don’t party as much,
they don’t drink as much, they don’t do a lot of
entertaining stuff as much, they don’t spend as much time with family! Their relationships could suffer. Are of these things are sacrifices that
successful people are willing to make. And when it comes down to a choice
between all of these things and success, they will select success. Whereas to mediocre people,
usually this trade-off goes the other way. They would rather have the socializing,
the partying, the fun, the entertainment, and the relationships than success. And that’s exactly usually what they get. Also, successful people are
highly self motivated! Intrinsically motivated
versus extrinsically motivated. Intrinsic motivation means that
you’re fueled from the inside. Nobody has to kick you
in the ass to tell you what to do. You do it yourself,
you kick yourself in the ass! And this is where successful people
can actually turn this into a neurosis, is that they actually
beat themselves up too much! They guilt themselves too much,
they push themselves too hard! Then they have a heart attack,
or something like this. Or they burn out. But they have this very strong
self motivation streak. Also, successful people
are long-term thinkers. They think ten years down the road. Not just one year down the road,
they way most people do. You have to be a long term thinker
in order be successful, because to be successful
you need to spend at least five or ten years developing
some sort of proficiency or excellence in
some kind of field! How are you gonna do that, if you don’t plan five,
ten years down the road? It’s almost impossible! Which is why mediocre people
struggle so much with this, is because they only think
1 year down the road! If even that far. And so, they’re no able to master,
basically, anything of value. And so, they have nothing of
value to offer to the world, and so the world offers them
no success, back in return. I also find that successful
people are pragmatic. What does this mean? This means they’re practical! They’re more practical than they are
ideological or idealistic. They don’t just sit and espouse
grand theories of politics, or religion, and business,
and all this kind of stuff. All the theories, those are nice. But when you actually go out
into the real world and you try to create
real success and real results, you realize very quickly that
if you’re not willing to be pragmatic and align yourself to the
realities of the market place, the realities of the political climate, the realities of the time
you’re living in, the realities of the organization
you’re trying to create change in, then nothing happens! All your wishful thinking and
all your philosophies and theories, they mean very little,
if you’re not willing to be pragmatic! If you’re not willing to compromise
certain elements of your ideology to get stuff push through! Sometimes, this means compromising
your integrity a little bit, in favour of pushing something through. Not always will you get it YOUR way! Not always will the perfect scenario
just materialize for you, and this is exactly
how it’s gonna be, and it’s gonna be the perfect movie,
the perfect project, the perfect business situation,
the perfect loan, the perfect financing, rarely do you get the perfect! When you’re trying to
achieve something big. Usually, you have to cut corners
and make sacrifices there. And this requires a willingness
to be practica! Versus ideological. And lastly, successful people
work for themselves. This point is interesting, because certainly there are
a lot of successful people who are not just self-employed. So, I don’t mean that all successful
people are self-employed, even though many are. What I mean is, even if they’re
working for a organization, or they’re working in the
government, if they’re successful, they’re not working FOR the
government or FOR the organization, they’re really working for themselves! WITHIN the government or
WITHIN the organization. They’re fundamentally advancing
their own agenda! Not the organization’s agenda! People who are loyal to the
organization’s agenda usually are like cogs in the machine. And they don’t make it very far. They don’t make the best leaders! The best leaders are
a little bit egotistical, and they’re a little bit narcissistic,
and they’re a little bit selfish! And these qualities
turn out to be effective when you’re trying to rise to the top. Those are the 27 points. How did you compare? Take a look, write them down. Make a list of notes. And then maybe you can even
make an assessment and see, rank yourself in a scale of 1 to 10, how good are you on
each one of these 27 points? And I guarantee that
if you’re good across the board, and you only miss
a couple of them, then you’re in line for a
big success in your life. And if you’re missing many of these, then you’re gonna struggle
with success a lot! A lot, a lot. The good news is that
all this stuff is changeable! You can work on all this stuff. Through self actualization work.
Which is what this channel is about. My videos are about all of this. So if any of these points,
you find like you’re really deficient in, and you need to work on
your self motivation, or your pragmatism, or you need to work
on your courage, or your need to work
on your passion, all of these things I have videos that
talk about how to do this kind of stuff. So search around, find them. And if you don’t find them,
there’s books about this, all this stuff is well
known and well studied! So don’t fret. Don’t feel like just because you don’t
have one of these characteristics then you’re stuck and
screwed and that’s it. It’s not it! There’s much, much,
that you can do. Here I just wanted to
give you a quick summary of what it takes to really be successful. Alright, that’s it.
I’m signing off. Please, click the “like”
button for me! Post your comments down below.
Share this video with a friend. And lastly, come to actualized.org, right here.
Check out my website. You can browse all the videos there. I have a free newsletter.
Subscribe. You can stay on board
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the resources you’re looking for. They can help answer questions for you. You can also contribute
to the community yourself, if you have some good wisdom,
some golden nuggets to share. They would appreciate that. So, it’s a free community,
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growing, it’s gonna be big, and I look forward to seeing you there. I chime in there and I answer
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Kevin O'Leary Gets Real About Why You Must Be Ruthless in Business | Inc.



so let's talk about your mother okay then we'll talk about how your mr. wonderful I've tried to get my wife to call me mr. wonderful I'm not having much luck with that but do you really literally mean that if you are in business you have to be willing to fire your mom you know it's true you do because in the end when you create a business and you start one many entrepreneurs in this audience will understand this comment your allegiance has to be to the business first because without that all the good things that you want to do are going to fail and so as your business grows and you make decisions about individual people you can't let your emotion get in the way of what you really need to do which is to drive success of the business and so the minute you get your first customer you now become number two the minute you get your first investor now you're number three the minute you hire your second employer you're number four it's still your business but now you know who you have to serve and I think a lot of entrepreneurs that fail don't understand that you're always serving someone a shareholder a customer the business and if you lose sight of that by letting your emotions get in the way and this often happens certainly happen to me in early days many people hire their friends they start a company with their friend or with their brother good way to end a friendship or your it's a family business and very often nepotism is what kills the Golden Goose because very often the better manager is not your sister brother uncle cousin whatever and I lived through this all the time in the companies that I'm an investor and I have 32 portfolio companies now I watch this happen every day and I don't let emotion get in the way of the true pursuit of what matters the success of the business whether it's your mother or not let's take it away from the idea of firing your mother but just because it's sort of as a conversational thread that I could pick up on you've had to fire people how do you do it I'm sure people here it is the thing they probably dread doing the most yes and how do you do it fairly without inflicting undue hurt the key to ending a relationship is to explain to the person that you're doing it to why it's happening because they won't learn anything from it unless you do that and in my companies particularly ones where I have a control position I do that myself it's the hardest thing to do I'll make two comments about it and I see this happen with weak managers all the time the moment you realize that that person isn't right for the job is the time to take them out of it it because it's not fair to them it's not about you it's not fair to them and the people they're working with and the team that they're part of that the biggest challenge and I generally find this at sort of the 10 million dollar sales role many people have to change in going from ten to twenty five million in sales it's the natural Darwinian forces of business and if you don't have the balls to make those cuts and you can't deal with it you're the wrong leader in other words the skills that it takes to go from zero to ten million yeah are very different from the skills it takes to go from ten million to 25 25 stupid I've after decades of investing in companies that go through those transitions it's extremely difficult and it takes different skill sets and you have to be able to you know work with people the key is you don't want bad karma in business when I terminate somebody I make sure they get a fantastic package I make sure they get counseling I make sure that we do everything we can to find them another job just not with us because they're the wrong person how what are take me back to someone you've fired that that comes to mind how did you know they weren't the right person for the job what was the tell-tale or what are some of the Telltale's that you have seen over your years that tell you this person isn't right I have to let her or him go that's a good question and I'll answer it with an analogy of fact I carry two phones with me this small one is only known by my family and very very close friends and when it rings I'll always answer it because it has to do with something going on with my kids or my family or my brother or whatever this phone this larger one probably 10,000 people have this number I'm a believer that if you are an entrepreneur or a major shareholder of a company every single customer should know if they have a problem who they can call and when I say this this concept of access in other words many managers think well you know if I give my number out to my employees they may call me and and the truth is you want to hear from them you want to hear the bad news first and what I found is the more people I give this number to the less it rings I tell them simply look I want you to have this access because I respect you and I want you to know that you can come to me and in that trust I find that most people never use it this thing does not ring as much as my family phone does but when it rings it's a big deal and the reason I know it's time to terminate somebody in one of my companies is when my customers and my shareholders call me three times about that person it's always the same mm-hmm it's always the same when a customer's complaining about a CEO or a head of sales or the head of R&D or employees are not happy and I keep getting that phone call I get on the plane and I get my whack and stick out because there's something wrong and you can and no matter how you try and fix it the markets talking to you you are you have to make that decision it never gets easy but and you do it personally I do it let's do it faced in the companies I have 51% equity into it personally I don't do it when I'm at 3% shareholder because that's not my job in in the law Oh shares on the 50% shareholder in if I have a problem with somebody in there I take care of it myself I care a lot about that company because I don't have to as you look at all of the businesses that come across the the palette of Shark Tank and their what a hundred thousand applicants this time around yeah a hundred thousand who does the initial winnowing people at at the production company or you know I I have to give credit to the producers now because if you think about the first thirty six months of Shark Tank the first three seasons nobody watched it I mean maybe a cat or dog somewhere but and and then in season four a fundamental change occurred many people don't know this previous to that the producers took a five percent equity stake or two and a half percent of free cash flow in perpetuity from any company that came on the air and got airtime it was a product integration idea and the Sharks most of us said this isn't working because we can't get real companies to come on the show because they have shareholder agreements and they can't just issue equity to anybody mm-hm and so when the decision was made and I'll give credit so that rule was an impediment it was a huge impediment and it occurred we used to get what we called turbo basters in other words a woman came on once in season three maybe it was two and she had a piece of paper with a turkey baster on it and a battery taped to it and she said this is a million dollars this is a million dollar turbo baster and I looked at it and said this is fucked I mean this isn't working we're never gonna get anything going here and that is known as the turbo based a problem and we went and fixed that in in year four and took away all the covenants on equity and all that stuff and all of a sudden that's the year the show went geometric we got incredible entrepreneurs amazing deals venture backed angel backed you name it and the show went geometric but the key there is the producers over those first three years became very hip to figuring out how to work with me saison which deals to bring what were to bring to the set does what entrepreneurs what was their history how did they work on television and so the most valuable asset inside Shark Tank are those hundred and twenty plus producers and pas and assistants and showrunners that actually look at that that those hundred thousand videos and say that one and that person and that one and somehow when we get there which we will on June 13th this year it'll just sizzle like an isotope when we show us so how long I think the audience might be interested to hear obviously each one of the pitches is is heavily edited down to the to the best parts yes and and for it's it's edited down for narrative it's edited down for conflict and collision of ideas how much time so it's how long is an average segment and how much time do you actually spend interrogating the pitcher that's a good question and I'll tell you and this is probably one of the most important lessons I teach I teach graduating cohorts now in engineering schools to try and convince a third of them to start their own business place like Notre Dame MIT getting those entrepreneurs out of those engineering classes is important just to be globally competitive but I always tell them about my shark tank experience after seeing thousands of pitches for all these years and I whenever I talk about shark tank these are the three attributes you find in every successful pitch by the minute let me give you the time mm-hmm the ones that work the ones that get a check does not determine the outcome of the business these are the ones that get a check that actually start their journey funded on Shark Tank that go into the ecosphere shark tank that get followed every year by all the networks that get all the daytime television and all that stuff because they got an investor in every case they're able to articulate the idea in 90 seconds or less every single time they were able to send most of them are 60 seconds they say look I'm from Cohasset Massachusetts I put cupcakes in a jar and a FedEx them to people I get it the ones that ramble on and can't get the idea out and it's still ten minutes later and we're still wondering what are they talking about they never get funded so that's number one that only isn't it's 90 seconds the next segment is the part of discovery where they explain to you and I generally only invest in teams now I like the yin and yang of two partners that bring different skill sets but they explained over let's say a ten minute period why they're the right people to execute the business plan and this ends up being very important because when those two come together you can start to see I could see Cuban over on my right starting to make noise and Barbara's started to get excited over here because wait a minute these guys know what they're doing I love the idea they know what they're doing they have a high probability of success but here's the killer and this is where you can spend an hour two hours and sometimes you do we do there are some legendary cases that have gone past two hours by now there's a competition going on there's going to be an investment it's just who's going to do is going to do it and what do we get what are the terms but then the discovery and the one where they fall I've seen so many presentations crash and burn here the numbers they don't know their numbers and if you show up in front of me and shark take and you get past phase one and two and we spent an hour and you don't know what the gross margins are you don't know what the break-even else is you don't know how many competitors you have you don't know how fast the growing market is growing if you don't have the answer to all those questions I should put you in hell in perpetuity you should burn in hell because you got there you're on the carpet you're there about to start your journey and you don't know your numbers immediate execution I mean that's unbelievably stupid but that's the one and that's the many who get that far did it falls there or often than you would believe because the confidence of the investor you can see it just like like the soul of a body drifting out that's exactly what's happening I thought I can't believe this these morons don't know their numbers and I just I feel it's my moral obligation to send them hell yeah I really did yeah I mean it's just it's so that is very important and that discovery can take a long time when you're a confident they know their business model and they're the right people to execute the plan and you get the opportunity that's two hours now the editors have to cut that down to eight minutes and they've got to find those moments that define what that deals all about and they become masters at that too I mean I watch shark tank just to see how they edited it because I was there and I went that deal was two and a half hours and I just the they're amazing editors they're really good how do you get it down to that to that level that is really their their skill you talked we talked last night about the success rates that you have found in your portfolio companies and the fact that in terms of return of capital who does best yeah so this happened to me and it's got quite a bit of press lately but it's a fact 2014 what happens is when you most sharks now have their own VC firms so you set up a company mines called alare ventures you staff at you bring in interns during the shoot so you can have a bunch of people doing due diligence mines run by a guy named Alex Kenji who is an IP lawyer from Boston MBA Russian poet very strange dude but but he he is a master at this and so at the end of 14 we said let's do a going concern on it we had about twenty seven portfolio positions then in private businesses because the auditor said look some of the stuffs gonna have to be written off I mean you don't get a hundred percent successor but he knows that so they said let us do a study we'll determine which ones you're either gonna have to fund or take to zero on a mark-to-market basis but we'll also try and find for you because you're doing so many I mean 27 positions is more than most VC companies have today I have 32 on the books and they said let's try and figure out what the common attributes are of the ones that are successful in returning capital and lo and behold about two months later and I'd never noticed this because I wasn't looking but not some of my returns 100% came from companies either owned a run by women now what and I'm not I'm not I'm not you know trying to be star gender warfare here I don't care about that I would give money to a turtle if I could get it doesn't matter to me but the point is what is it about because the after the companies are generally at the small end five million in sales to the high end maybe 350 Serralunga lasat honey funds doing the 380 of origination of 380 million and that's another company run by women that's been a monster success for me so the point is what do they what attributes do they have that are different than their that then they're you know compatriot men managers and I'd argue that that old adage if you want something done give it to a busy woman time management skills and small cap companies remarkable number to setting goals that are achievable on a quarterly basis because when what companies achieve their goals the morale lifts up the propensity to succeed again is higher and so they set more realistic goals yeah they do because the guys are swinging for the fences all the time it's setting ridiculous goals that they don't achieve and then saying well we did okay we we did 50 percent of our goal that is not the same as achieving a goal and succeeding it so I'd argue that's better but I think the real key is risk mitigation I find that the use of capital which is always scarce in a growing company is better managed by women who diversify the risk but the only thing that matters is the return of capital and you know I'm now gathering these companies together we did last year's it at in then takut I brought all the companies into one place because somebody was kind of a funny story somebody came on Shark Tank and said you know will you marry me mr. wonderful and I thought that's different and then there did somebody in Boston figured out that you could get for 12 hours from the governor of Massachusetts the right to marry somebody and they got me that and I married somebody on Nantucket was very cool but we also got on our companies there at the wedding and I had the guys talking to the to the women saying why are they returning me so much money and you guys aren't like because we're agnostic geography here we're agnostic to sector or agnostic the product what did the guy say I said they said well you know me you have to think long term Kevin I said bullshit look at this look at the returns here what are you doing and so I'm very I'm an activist now to try and and translate these success features from these companies and I'm going on the road in a couple of months starting to bring some of them around I recently shot something Arianna Huffington and brought Sarah from honey funds there because I want to celebrate their success because I think they're getting a bad rap we need more women in management positions all over America they're doing a great job and this is not about this is about making money my favorite thing yeah so so so with that in mind do you either on Shark Tank or in other parts of your your far-flung far-flung ventures why don't you only invest with women run companies or do you well I obviously if I had two options and I had a women management team and a men in the same product how do you would I would see me because just the success I've had I talked to Alex about this all the time I said look at these returns why are we just giving it to you and I you'll see a bunch of deals this year I've done with with women teams but every once in a while something comes along like love pop which which is a 3d card to Engineers marine engineers that made attack boats I mean if you're smuggling drugs and they're chasing you it's in a boat that these two guys designed with ordinates on it they can blow you up and all this stuff and then they go to Harvard then they go to MIT they're engineers and then one day they say let's make love pop cards so these are 3d cards that's a left turn it is a left turn and I saw their pitch on Shark Tank last year and I thought I must be dreaming like why would two guys from MIT and Harvard make greeting cards and I listened to their story and how their they believe that everything is going to come back to the old ways when you write a card and they were designing these beautiful cards that when you open them up they're 3d and they're all laser-cut by their designs because their designers and then they're they're cut in Vietnam and fit in FedEx back anyways the business is on fire two guys so they're I invested in two because I didn't see any women making 3d cards like this mm-hmm so it's it's um you know Shark Tank is a consumer goods and services platform that's what it is and so if you have a product that's already in distribution you get on Shark Tank your sales are going up thirty thousand percent I want to turn to to the to the the whole topic of fusing social purpose with business purpose because I know you have some thoughts about that but I also want we were at dinner last night and and and you sell your wine through QVC yeah how important a selling tool is QVC it feels to me like I'm not sure whether it is necessarily applicable to the entrepreneurs in this audience but it is a truly powerful tool yeah I was introduced to QVC from Lori who came on the show a few seasons ago is the queen of QVC and I never believed in it until I realized and I tried it once I went on there to sell O'Leary wines which was a shark tank deal and in 3 minutes and 40 seconds sold a million dollars of wine and I went whoa because you're sitting there with a little thing in your ear an IFB and the producer is saying to you okay we've got a hundred thousand to two hundred thousand I'm thinking to myself what is he talking about but they've got millions of people watching this and making decisions live and so it's completely changed my mind their model is incredibly interested and they're very sophisticated about how the product is presented how you present and so I've taken this whole thing to a new level Laura used to be the queen of QVC now she remains the queen but I am the king and so the rules of the monarchy are very strict she must walk three steps behind me and not speak unless I speak to her first so you can imagine how tough next season shark tanks it's gonna be brutal all right so let's let's get to the question which I which I know we talked about at at iconic in Washington at the end of last year there is a growing sense I think maybe partly driven by the business interests or the consumer interests of the Millennials that it is part of a business's calling to either give something back to do something good to have a bigger social purpose or impact then merely to make money for the founders and the shareholders it's a huge debate in America it's a huge debate in this room it's a huge debate in every graduating cohort of engineers in America it's a it's a global debate going on now I think there are some issues here and I'll explain what they are the backbone of success of of our country and capitalism and the most noble thing you can do in your life in my opinion is to start a business and create a job there is nothing more noble than that but when you take on that journey you also after you hire your first employee and have your first customer and your first shareholder is you have a responsibility of sustainable of the business because you're now servicing customers you have employees that were that actually that you're responsible to maintain their jobs their standard of living their ability to have a family comes from you now when you introduce a new mission because the primary mission of a business is to take care of its customers its employees and its shareholders that is the DNA of business when all of a sudden you introduce a new cause now let's just make it generic we're gonna save the world whatever that means to somebody you cause a mutation in the DNA of the business now you could say going to the Darwinian theory that mutations creates success that you morph into something that's very successful and there are analogies in business across multiple sectors shoe companies other companies that bring a cause into the model and it's very successful because it's a connection to the customer in a way that's unique if you can sustain that you have brought it into the marketing aspect of what you are to your customer and you've built it into your income statement and it allows you to remain competitive and raise capital against your competitors and you found a way to do something that they didn't do that model I appreciate understand and believe is a wonderful idea because it's clearly the Ben & Jerry model they cared a lot about their community but when Ben and Jerry wanted to grow and become a behemoth in the ice cream business they ran into the ultimate problem of scale scalability of this and they don't own it anymore because it was bought by someone who said well there's a cost of capital to making ice cream that cost the protein the cost of distribution my question to everybody that pursues this is is it sustainable enough that you can create a competitive entity that goes beyond your vision it to be something that creates a service or good in perpetuity for all of your customers and what I find very often is people BS themselves they say to themselves I'm gonna game the system I'm gonna tell everybody that if they buy a pair of socks from me I'll give a pair to charity I'll get lots of free press the buyers at Walmart will want to see me because I'm doing something good and I'll actually stay in business even though my costs are twice as high as my competitors and you know what you've got a problem with that you've got a you know why I have a problem with your whoever is doing that as part of their business I have a problem with it cause it's bullshit it's not sustainable it doesn't work those companies are still calling me up saying I need to raise more money but don't worry profitability is right around the corner no it isn't it isn't the thing to understand about business in society is this last year and part of it comes from right here in Seattle was the largest amount of capital given back by entrepreneurs in the history of the planet Earth from the profits of their successes of their companies after the company had paid it back to the shareholders they turned around and gave it all back they didn't break the DNA of their business to do that they created massive successes in Amazon in Microsoft in Google in Facebook and then they took the profits and paid it forward and that's where they did it they didn't make it a party evaluation they didn't try and check say in the world why is it why does it matter why does it matter whether you are a Tom's shoe company very successful very successful they made an example of a company that actually incorporated into their business model and was able to raise capital and build it in a way that kept them competitive and scaled but what I find is and this is why I give a big warning sign is to take the social mission and say it's the primary mission of the business and its DNA has now been more modified and has morphed into something else and make that secondary to the shareholder the customer and the employee that is not a successful model so it's really it's a question am i hearing you say it's a question of the magnitude of the social mission so that it it's in its place versus the real mission of the business which is to take care of the customer the shareholder the employee or is it is it something different and that you've seen I'm saying you know I get it but but you what you're gonna define and flip it and I say my business's mission is to do good in the community and and give you that that is a very important mission it's called charity and there is a very important aspect of what every entrepreneur I give the same use integer every year but I don't confuse that with the mission of my businesses this is the challenge and I'm not scared to say this business is war there are competitors winners and losers it's binary you either make money or you lose it you need to understand that as an entrepreneur you have to embrace what that means to you and understand what it means to society your job is to make that business successful it's the steel market share from your competitors it's to salt the earth things to walk on it's to make sure you put them out of business and you achieve success then and only then after you have got all of those profits is being a successful business model you give it back and you pay it forward that is the model that's how it works and it's never going to change I want to bring up the house lights because I can well imagine that some of you in the audience might like it to take a whack at a shark right so we have mic runners I don't I haven't been in the car been on TV so I haven't seen some of the earlier sessions we've got about 10 minutes before we're going to break for lunch I would merely ask as you ask questions would you mind introducing yourself very briefly and just say what you do for a living or what company you're starting or work for very quick introduction and please keep your question a question and keep it taut go ahead hi my name is that Kramer I run a company called IT assurance in Portland Oregon we do outsource to IT support that doesn't suck Kevin my question for you is how do you make difficult decisions you always seem very certain of yourself and very certain of the decisions you've made can you take us through the process you use to make the hard choices I listen to my gut it's not scientific I've learned over time and I think every entrepreneur should trust their feelings because I've learned every time I don't listen to my gut I lose money every time I say to myself knowing you're wrong with that I second-guess myself I lose money you have to listen successful entrepreneurs have a spider sense I really believe that they know what's right they know what's wrong they have to listen to themselves and it doesn't always work out but the minute you second-guess yourself you're screwed you really are you you were no longer a leader people that follow you into dark places have to trust you and you have to trust yourself we we had on one of the prior ikonics in Chicago your fellow shark Mark Cuban was it was very interesting that he said and he said it a couple of times I visit basically I've made lots of mistakes in in my career I said well what do you do with those music are you trying to learn from you carry your mistakes with you and he said no I cut them off and I try and learn from them but I don't let them weigh me down yeah I agree with them and then we talk about that a lot gotta let it go well because it's the same as investing I spend a lot of time investing a lot of capital in in the public markets and debt markets globally you make mistakes it's impossible to make a hundred percent success in every stock you buy it's the minute you start losing you've got to take it behind the barn and shoot it you have to sell it and you have to realize I hope I learned from that mistake but you don't always I rather invest in entrepreneurs that have had multiple failures before I meet them I love the sting of failure as a motivational tool for somebody that wants to succeed versus somebody that says to me well I've never run a business isn't like my first turbo baster I'm showing you and that's to me that person isn't ready for prime time I love I love what failure does to your way of thinking it brings fear into it and it's great do we have a question down here there one a turbo baster actually hi Kevin my name is Andrea and I own and operate outpatient therapy clinics for children and my question is about with making money I'm all for making money it's why I'm doing it my entire staff are all people that are in health services and so the idea of making profit in healthcare to them is a dirty word and I'd be interested to know how you would talk to people that that have that belief that they should be there just to do good not to make money how you would address that interesting question this interesting question you find that also in education in an area that I was very involved in for a long time there these two things can be in parallel the reason is if you provide great goods and services by hiring people that are very good at what they do and the reason you can do that is you're growing a successful business and you're basically reinvesting back in people what I say is to them look people that are concerned because we were very focused in my case in math and reading scores and many many teachers very good ones in phonetic reading or whatever they're there they're tools are I would try and hire and they've said to me one a little uncomfortable about doing this for profit cuz you're making millions off read a rabbit and they say yeah yeah the rabbit is a very rich rabbit and the reason you should do this is you're going to help hundreds of thousands of kids around the world and you're gonna help me hire more people like you to do this good work and we are going to give back because we were doing a lot of that as shareholders into education after we paid our dividends out and you're doing it because you're gonna help the next dyslexic child because I was dyslexic and the people that helped me they also were they had to make money doing it and I'm so glad that I met them so the point is you can put both a moral social educational mission right beside profit we have made a big mistake in the last ten years vilifying capitalism I'm one of the people that want to take that back with in I would just say and I want to get into politics here but the last two administrations were about redistribution of wealth and solving for health care and we've done a masterful job with that it's now time to focus on what makes America work which is business to make it easier to start a business sustain a business we get you have to fix our corporate tax rates the next president he or she this will be the primary mandate it has to happen because we're not competitive anymore and these things can always work together you can do great things and make money and the two of them can work hand-in-hand let's go back here to the aisle there my name is at UM co-founder of yoga Panda which is a startup that helps people find yoga clothes in Seattle and my question is to mr. wonderful chasing opportunity versus chasing compassion which one do you think is more important well you know every entrepreneur I meet is very passionate that's just part of the equation I actually argue that what matters most is executional skills every entrepreneur is passionate everybody that's an entrepreneur is ready to to take that journey and go down that road and that's great but the ones that are still doing it three years later have executional skills so that's what I think matters above everything else I meet lots of teams i fund lots of companies I see lots of failure and lots of successes the difference is men and women primarily women these days that can really execute that set goals tell you what they are talk to every three months saying I achieve this goal or I didn't and why and to me that's the building block of a business there's nothing worse than vision all day long vision is easy execution is hard let's go back there on that side how many MS John Stefano and the CEO of Garmin Tori were a start-up in Seattle were the Etsy for young luxury so we're a marketplace for young Audrey contemporary fashion hundred to six hundred dollar items our business is growing really well when we talk to venture capitalist and I talked to a lot of venture capitalists my question specifically for you is how did how do excellent entrepreneurs break preconceived notions that you have and then give you what they think is actually the reality so for example we're in a forty billion dollar market people here boutiques or contemporary fashion and they think ah that's a small market but it's not a small market so how do you what have you seen from entrepreneurs that's been really if you want to successfully raise money because I've heard pitches from your space a hundred times now and the where they make a mistake every time is what we've all learned about building that I love that space by the way because what I find so remarkable about men and women that are passionate about fashion they throw caution to the wind on price and larger they don't give a damn if they see something they want they'll kill for it and I think that's fantastic you find that also in the marriage business and you find it in the burial business all three of which I invest in and so yeah you don't care about price when you're dead or when you're getting married that's great but what you never answer when you're pitching is the first question you should answer before you're even asked it is you've figured out customer acquisition costs because in fashion acquiring the customer and making them loyal has in most cases ninety-nine percent of the time is actually more expensive than the lifetime value of the customer and so I immediately go to that and say what are your customer acquisition costs and what is the lifetime value even though your business has only been around for eight months or something and that's where I find the models broken because unless you can find a way to acquire a customer and the ones that have been successful have you think of those in the bridal business for example that sell dresses rent dresses and in groomed you know gowns and everything else they have found a way to get that that equation nailed down and anybody in here that's pitching an online business answer that question first the first in your deck after you've explained what the business does let the second slide say customer acquisition cost lifetime value that's how you're gonna get an investor interested that you've somehow solve for that everything else is secondary so if my cacked LTV is 40% how do I change your mind about market size or some other thing you don't have to change my mind about market size that's not my number one question my question is sustainability of your business model I don't care if your markets 10 billion 1 billion 500 million am I gonna get you know sustainability to get 10% 15% share of the market I'm a quick study on this stuff I can figure it out in a couple of minutes whether it's gonna work or not based on your customer acquisition cost what do you know that I don't know about getting a customer because I've done it in multiple sectors now I know it works and what doesn't the reason companies like you know bottle breacher which makes they take ordnance bullets and turn them into wedding gifts I mean how crazy is that but they know how to acquire customers and they're wildly profitable same with cupcakes same with wedding gifts the question is if you talked to Sara who were on this honey fund all she talks about is customer acquisition cost that's it that's 99.9999% of her business challenge after that she knows what to sell them work on that last question goes to that one that I hi my name is Ahmad from University of Washington and we're starting a business in virtual reality education so my question is you highlighted that team is the most thing your interests you know you will be investing in what kind of characteristic or dynamic you look into the team's before you invests in a company oh that's a great question a good way to end it so what I look for is teams that augment or solve for the leaders weakness because if you come and tell me you're the CEO you're the founder you're the largest shareholder that you know and you're perfect at everything I know you're full of crap that that is so not true great entrepreneurs know their weaknesses and surround themselves with solutions the logistics person the marketing person the accounting person the saleswoman the salesman and I'll tell you guys a little secret here when I look at new deals existing companies that I'm being asked to either fund with debt or equity the first thing I do is I don't take the meeting with the CEO I asked to go and drink good wine with the man or woman sails and I say look you know I'm not available in that city so I'll pay to fly her or him out to New York and I'd like to just have dinner with them and often the CFO was trying to broker the deals is not an all come with him I said no no no you know I like to meet with the head of sales and I so it's just kind of a ritual that's how I work and good wine I'm talking good wine and the head of sales and three hours and I can tell you everything about that company because the head of sales knows where this where things are buried they know where the problems are with the customer base to know where the opportunities are and my point is the CEO the next meeting is with the CEO and the CFO and if they know less than I do about their company from the salesperson I know who to fire when I get control of that company and it's not the head of sales in my companies there's no cap on the compensation for the man or woman that runs sales ever they're always the highest paid person always and so talk about a team you want to interview from the sales down without sales another company get to know the sales team then meet the logistics people then meet you know I tell you the truth CEOs are fungible you can get a new one any time they are the captain and if they can't lead the ship you got to swap them out and I know that sounds terrible but I help CEOs that are large shareholders get out of the way of success sometimes I've done it multiple times now because they're not the right person teams team leaders like great quarterbacks understand what they're not good at there's nothing worse than arrogant CEO that thinks they're good at everything I just can't wait to shoot them and on that cheerful note I just want to say on a personal note Kevin and I have gotten to spend a little bit of time together and he's the nicest shark I've ever met I mean there's just no doubt about it and I know he has a directness which you can sense in this in this room today and you see on Shark Tank but what are your best friends do they tell you like it is they tell you about yourself maybe things that you don't want to know about yourself and that's what Kevin does with respect to entrepreneurs he tells them what he sees in an honest and direct way and in that sense he is the entrepreneurs best friend kevin O'Leary ladies and gentlemen