- Shark Tank’s Kevin O’Leary had advice for everyday Americans trying to get by
- He also gave three pieces of advice for entrepreneurs looking for investments
Shark Tank star Kevin O’Leary has offered advice to entrepreneurs and everyday Americans looking to streamline their finances.
The Canadian investor, also known as Mr. Known for dispensing words of investing wisdom, Wonderful is now starring in the show’s 15th season.
His latest comments came during an appearance on Rent Free – an online game show hosted by Ankur Jain, founder of Bilt Rewardsa loyalty program that rewards Americans for paying their rent on time.
First, O’Leary was asked to comment on how entrepreneurs can pitch their ventures to investors with maximum success.
“Number one, be able to articulate your opportunity in 90 seconds or less,” he said
Shark Tank star Kevin O’Leary appeared on the Bilt Rewards online show wearing a watch on both his left and right wrists. He encouraged entrepreneurs to develop 90-second pitches for their companies
The Canadian investor (photo center), also known as Mr. Known for dispensing words of investing wisdom, Wonderful is now starring in the show’s 15th season.
“Number two: What is it about you that can execute this idea? Because the truth is that great ideas are a dime a dozen, but execution skills are very rare,” he added.
‘You have to combine both to work together. So a great idea with great execution, then you diminish the deal for the investor.
“Number three, and this is the killer, you need to know your numbers,” he said.
According to O’Leary, this involves answering questions such as: ‘How big is the market? How fast does it grow? How many competitors are there? What is breakeven analysis? What are the costs of customer acquisition?
“If you don’t know your numbers and get the first two right, you deserve to burn in hell forever and I will personally put you there.”
And for people who want to save, O’Leary also made suggestions.
“Pay off (your) credit cards immediately,” he said, before adding that many Americans are wasting money on unnecessary products.
O’Leary suggested that if Americans have credit card debt, paying it off should be one of their first priorities
“What people should do is focus on what they’re spending on because most people don’t need a lot of the crap they buy,” he said.
Last month, O’Leary offered similar advice during an appearance on Good Morning America, suggesting how the average American should approach saving.
‘Stop buying all that junk you don’t need. You have to adjust your lifestyle to ensure you put 15 percent aside,” he told viewers.
He noted that if the average American with a salary of about $60,000 a year were to save 15 percent of his income, he could save $1.5 million in retirement.