Kevin O'Leary, famously known as Mr. Wonderful from 'Shark Tank', advises aspiring young entrepreneurs to spend the first two years gaining industry experience. He emphasizes the importance of working in a sector of passion, even as an unpaid apprentice, to understand business intricacies and build valuable connections. After this phase, he suggests using a small loan from friends or family to start a business, accepting that failures are part of the journey. O'Leary concludes that starting entrepreneurship in one's early twenties is essential for future success.
Mr. Wonderful's key to success for young entrepreneurs may not be the answer that aspiring startup founders want to hear. 'Go work for 24 months in a sector you love, that you're passionate about. Even if they don't pay you, go in there and be an apprentice,' he said. 'Do that first.'
After two years, it's time to launch, O'Leary said. With a $10,000 loan from friends and family, start your business with the 'baseline knowledge of your industry.' Even with knowledge and financial backing, O'Leary cautioned that 'the first one will probably fail.'
'You need to burn a few years failing, and that matters,' he told the podcast's host, Steven Bartlett. A background in the industry increases your chances of flourishing, he emphasized.
'It helps if you have an aura of confidence, which is often projected through your body language. Your eye contact and stance can show if you have what it takes to be a successful entrepreneur 'before a word.'
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