

Kevin O'Leary Responds to Grade 12 Student's Letter - run4yourlives
http://www.theglobeandmail.com/servlet/story/RTGAM.20090330.wENTkevinolearly0330/BNStory/specialSmallBusiness

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dcurtis
Here's a very interesting quote:

"If you want to be rich one day, fall in love with a business that you own. Be
passionate about its success and love it like you would a child. Don't worry
about getting rich, that is something that happens while you are not
watching."

~~~
Hexstream
He seems to contradict himself:

"I measure my success by answering a very simple question. Did I make money
for my investors? If the answer is yes, I was successful and if it is no I
failed. Every time I sell a business and I make money for my shareholders I
consider that a great success. That's the thing about money, there is no grey
zone. When I hear a CEO say their company lost money on an investment and then
try and chalk it up to experience, it frustrates me that they don't apologize
to their shareholders and admit a mistake.

Losing money always gives me great pain, I will never get used to it."

So the absolute goal is making money but you shouldn't worry about getting
rich?...

Also this seems nonsensical:

"A very good friend of mine and a legendary entrepreneur, Ron Posner once said
to me, "When someone wants to buy your business, sell it to them." It's a
philosophy that has served me very well during my career. I have started
multiple businesses over the years and I have had my share of success and
failure but when approached to sell I always do."

Guess I'll buy his businesses for 1$ each. Personally I'd rather sell my
business when I decide I'm "done" with it.

~~~
run4yourlives
To be fair to him, he didn't mention anything about price. One would assume
that a fair price would be a conditional concern.

 _Personally I'd rather sell my business when I decide I'm "done" with it._

I think this speaks exactly to his point - that because you're never "done",
you never sell, and (in his mind) miss out on a good deal of the business'
value. Certainly, a certain Facebook owner would have been fared better had he
followed this mantra.

I don't agree with a lot of his take, but this one I thought was a great
little nugget.

~~~
Hexstream
I'd probably think I'm done when I have no more
strategies/energies/willingness to grow the company further. If you sell too
early, you miss out on a good deal of the business' (future) value too.

------
coglethorpe
"Don't even think about coming into work on Sunday if you don't show up on
Saturday."

That's an interesting perspective. I think it's related to the "fall in love
with a business" phrase in the quote already mentioned. I just couldn't see
devoting that much effort to something I didn't love.

