Kevin O’Leary says young entrepreneurs should spend 24 months working before starting their business.
Gaining industry knowledge and connections, he said, increases the probability of success.
A few years of failure early on “matters,” O’Leary said.
Mr. Wonderful’s key to success for young entrepreneurs may not be the answer that aspiring startup founders want to hear.
“Shark Tank”‘s Kevin O’Leary, who goes by the nickname, appeared on a Monday episode of the podcast “Diary of a CEO,” where he shared his advice to 21-year-old entrepreneurs who are wondering where to start.
“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.”
To those who don’t want to work for someone else, he says it’s necessary to do so if you want to understand “how all the cogs work.” It could also lead to recognition from someone at the company that could be useful down the line, he added.
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.”
Assuming that’s possible, O’Leary said that even with knowledge and financial backing from your parents, don’t expect success right away because “the first one will probably fail.”
However, a background in the industry — knowing who’s who and “how it works” — increases your chances of flourishing. Regardless of how your first launch goes, the key is to do it in your mid-to-early 20s, O’Leary said.
“You need to burn a few years failing, and that matters,” he told the podcast’s host, Steven Bartlett.
It helps, O’Leary added, 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 is spoken,” the investor said.
“It’s in the way you’re standing. It’s in the way you’re dressed,” he said.
“You have to learn how to project yourself in front of your peers,” O’Leary said. “If you don’t have it, you’re going to fail.”
The “Shark Tank” judge did not immediately respond to a request for comment from Business Insider.
His company, O’Leary Ventures, is a venture capital platform that invests in early-stage companies. In his “Shark Tank” gig, he and his fellow Sharks hear out business owners looking for financial backing.
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