'If You're Hungry for Money, I Guarantee You'll Fail 100%', 'Shark Tank' Investor Kevin O'Leary Warns Entrepreneurs

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Chasing wealth is 1 of the fastest ways to neglect successful business, warns "Shark Tank" capitalist Kevin O'Leary.

"If you're bare for money, I warrant you'll fail. 100%," O'Leary said successful a clip from "The Iced Coffee Hour" podcast past month. "If each you attraction astir is getting rich… you volition neglect miserably."

According to O'Leary, entrepreneurs who yet execute monolithic outcomes aren't focused connected the payday portion gathering their companies.

"Every entrepreneur… that achieved immoderate monolithic liquidity event… they don't adjacent retrieve the time it happened," helium said successful the clip. "They conscionable woke up and said, ‘Oh my goodness, I'm filthy rich.'"

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Instead, O'Leary said those outcomes travel from gathering thing invaluable capable that others privation to buy, alternatively than trying to technologist an exit from time one. "It's due to the fact that they created thing of specified worth idiosyncratic said, ‘We privation to bargain that business,'" helium said.

In the clip, O'Leary pointed to his ain acquisition selling The Learning Company for $4.2 cardinal arsenic an illustration of however outcomes often travel unexpectedly.

"I woke up 1 time and we sold the company… I wasn't adjacent reasoning astir that the nighttime before," helium said. "Then they came backmost and I was like, ‘Oh my god.'"

Trying to commencement a concern with a planned payday successful mind, O'Leary added, is simply a losing strategy.  "If you deliberation you tin cipher the exit… and commencement a concern due to the fact that you cognize you'll get rich… fail. 100%."

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O'Leary has repeated this connection for years, consistently framing entrepreneurship arsenic a pursuit of autonomy alternatively than wealth.

He made a akin constituent past twelvemonth connected the "The Diary of a CEO" podcast. "It's not astir the greed of money, it's the pursuit of idiosyncratic freedom. I don't deliberation you tin thatch that. It lone shows up successful astir a 3rd of the population," O'Leary said.

He has agelong tied that doctrine to his ain acquisition gathering and yet selling the business, saying it was driven by passionateness alternatively than a absorption connected fiscal outcomes.