Shark Tank investor Kevin O’Leary believes that only a select few have the determination to succeed as entrepreneurs and experience true freedom. According to O’Leary, about one in three people have the grit to thrive in the entrepreneurial world.
The Reality of Entrepreneurship
- Only a Third Can Make It: O’Leary stated, “In life, only a third of people can become successful entrepreneurs. That’s it.” He emphasized that the rest can still achieve great success as employees, enjoying a fantastic life without the challenges of entrepreneurship.
- The Cost of Freedom: However, O’Leary noted that employees will never be truly free, as they are bound to the structure and security of a corporate job. In contrast, entrepreneurs face the ups and downs of their ventures, but they have the potential to taste true freedom.
No Shame in Being an Employee
O’Leary insisted that there is nothing wrong with choosing a corporate path and a steady paycheck. For the two-thirds who prefer salaried positions, he argued that being an employee can be a great way to live a comfortable and successful life.
The Traits of Successful Entrepreneurs
- Mastering the Signal-to-Noise Ratio: O’Leary believes that true builders have a razor-sharp “signal-to-noise ratio.” He cited Steve Jobs as an example, saying that Jobs was “80 signal, 20 noise.”
- The Power of Focus: O’Leary also mentioned Elon Musk, saying that Musk has “no noise” and is completely focused on his goals. This unwavering dedication has enabled Musk to achieve great things.
Why It Matters
Kevin O’Leary’s words carry weight, given his own success as an entrepreneur. He built Toronto-based SoftKey into an educational-software powerhouse and sold it to Mattel for $3.7 billion in 1999. O’Leary’s estimated $400 million fortune is a testament to his business acumen.
The Path to Success
- Harvard Business School Insights: Even at Harvard Business School, O’Leary observed that two-thirds of students want to become consultants and lead a life of mediocrity. In contrast, the top third is willing to take on the challenges and risks of starting their own companies.
- The Importance of Work Ethic: Other successful entrepreneurs, like Mark Cuban, emphasize the importance of a strong work ethic in achieving success. Cuban believes that a strong work ethic is a key trait of high achievers.
Conclusion
In conclusion, being an employee is not a barrier to success. While entrepreneurship can offer a path to true freedom, it is not the only way to achieve a fantastic life. By understanding the traits of successful entrepreneurs and the importance of a strong work ethic, individuals can make informed choices about their own paths to success.