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Transcript of Kevin O'Leary
What is Cold Hard Truth
“Cold Hard Truth” is a non-fiction account on O’Leary’s journey to the top and making it big with his business truths that turned his ventures into fortunes. Along the way, he also shares life-changing moments, personal pressures, and powerful lessons that shape his business philosophy for money, investing, growing wealth, and becoming financially secure, topping it with other invaluable practical advice on entrepreneurship, pitches, and life. Its a brutally honest business memoir that Kevin hopes to help people become the best in the business world.
So, What Happens
The book begins with O'Leary sharing lessons taught from his mother, Georgette.
Top Qualities for Entrepreneur
Everyone serves someone
O’Leary shares his first job as an ice-cream scooper, and how he got fired for disobeying one his boss’s commands. His dad teaches him, “
you are hired to not only serve customers, but to serve the person who owns the business. And, even if you’re self-employed, you’ll be serving your clients or your customers. You’ll never be successful thinking you’re serving yourself only.
" (O’ Leary 45)
Some Tips on business
Can you make millions just by “visualizing yourself rich” as some business prophets suggest? Don’t buy it, says Kevin O’Leary. If you want to be a successful entrepreneur and amass wealth, you’re going to have to work for it. But the good news is: with the right guidance, focus and perseverance, you can turn dream into a lucrative reality and have the personal freedom that only wealth can buy.
Kevin O’Leary, a.k.a the multi-billionaire Simon Cowbell of business and Mr Wonderful, as we all know it is among the most successful people to be known.
born in 1956 in Montreal Quebec
Developed an interest in money at young age
Gad dyslexia and struggled in school
Born to parents with rewarding knowledge on business
Obtained MBA degree and started "Special Event Television"
With a $10,000 loan, O'Leary started Softkey and sold it for $4.2 billion dollars from his basement
Today, Kevin O' Leary is the Chairman of O'Leary Funds, a $1.5 billion mutual company
Appears on Dragon's Den and Shark Tank
Many consider him to be the Voldemort of capitalism, and tells the truth no matter what
WHO IS HE?
Who is this book for?- In essence- those wanting to make
innovative, curious and dedicated
too see if they want to be an entrepreneur
learning how to make
, spot a good
sell a product
, present the
best business model
looking for direction or guidance on business and its contents
steps to becoming
entertainment and appreciate O'Leary's business acumen
Major Overall Topics Covered
The top qualities of a true entrepreneur
Powerful teachings of his mother
Some Life Events-detailed in discussion
perfecting your pitch and succeeding
successful business plan techniques.
Other key points are in testimonials
Significance of Title and Main Message
The main message of the book is money creates freedom, and that through wealth, one can overcome life's many shackles, but only the truth can result in the outcome of money. He calls his book the Cold Hard Truth, because he considers himself to be the merchant of the truth. To him: " the truth saves money and in turn lives," ( O'Leary 194) and he is a money lover. Money can go to bad people, but never bad ideas, and therefore, sugar-coating is distasteful. In essence, the cold hard truth about money will help understand money and will allow it to thrive and grow, amassing wealth and achieving freedom.
Don't Have Debt
His mother also taught him how debt is like cancer, that it will consume you if you are not on top of it. It is the root of problems known to man. She teaches him to always take third of his paycheck and put it an bank account for future because money grows best when left alone. She says:
"That way, you'll always have money. And if you always have money, you always have freedom"
O'Leary talks about his career in Nabisco as an assistant brand manager and though he was very good at the job, he quit and said it is for experience: "
If you want to be an entrepreneur, know there will be stretches of time when you will have to work for other people. Gather skills, learn how the industry works, learn the people and then go
" ( O' Leary 67).
Execution is everything
The innovation may be wonderful, but can they move on: "
Does this person have the ability to execute? Can I ride this pony, or do I have to whack the rider because he or she can't execute this great idea that I've fallen in love with.
" ( O'Leary 191). The entrepreneur has to be ready because the whole thing is about what will happen next, and are they ready for the battle yet to come.
Perfecting Your Pitch from his learning in Dragon's Den
O'Leary talks about dragon's den, the various deals that he appreciates, or strongly dislikes. He even talks about the phone-calls and the meetings he went to come on the show. Along this section, he even gives some practical, yet important advice on pitches.
A great story with a happy ending
The first 30 seconds of a pitch should be intuitive, visceral and from the point of view of the investor. Then, they introduce the opportunity and the execution of how to make money, while also knowing margins, market share, advertisement costs and et.c.
In essence, to describe the best pitchers, he says: "
brave lieutenants coming to borrow my soldiers for a battle they know they can win. If they show up sweating bullets and stammering, with no plan of attack, I'd be sending innocent monies to slaughter, a crime for which I should be court-martiliated
" ( O'Leary 188).
Never mix emotion with money
Spend the Interest, Never the Principal
Kevin teaches invaluable philosophies of perfect investments, and when to spot it. He teaches his way of investing: "
I only invest in bonds and stocks that pay a yield or divdends because they spend the interest, not the principle
"(O'Leary 230). Overtime, this can accumulate a lot of money, giving his mother as the perfect example, who was born average, but died wealthy because she implemented this philosophy.
Quotations and headlines
Maintains His Personality
Analogies and Checklists
This much feared Dragon, who turned his
, and other personal struggles
into a fortune
should be trusted. His
own success and $560 million net worth
is the evidence to the book's value. You don't become CEO and chairman without doing it all. So, why wouldn't you
trust this man
, it makes sense and he himself is a
Cold Hard Truth is guaranteed to help people reach success, and help them realize their
financial goals and desires
. As the man says himself,
money equals freedom
, and this book empowers them to
hat only wealth can buy. On top of it, its very
. It's the next big thing that that will help so many business people, so why wouldn't you buy it?
Only the Cold Hard Truth Will Get you the Cold Hard Cash
Kevin Loves Money
The journey begins: 20/1/14
Listen to the Market
To Kevin, entrepreneurs are capitalism's superheroes, even superior than the government because they inspire the next generation of wealth-builders. Here are some of the various tips he includes:
First, lets get to the point. Business is war, where money is the army, and every dollar is the soldier. Kevin says when money flows, everyone feels it, the venture capitalists, the entrepreneur, and even the consumer. And, that is the power of money. Money should be the only motivator for success, says the man himself.
From his own successes and failures in his own investment company, O'Leary Funds, and teachings from his mother, he gives some helpful advice on investments, but it really cuts down to: "
money grows where it multiplies
" (O'Leary 41).
Funding companies to invest in is tough. Investing in growth markets is an ideal choice because then, stealing market share doesn't become an issue. This is simply because its part of a company that is already intact,moving forward and is constant around the world. He gives example such as infrastructure investing is safer and even as it helps with leveraging out of debt.
''I really found how to select the perfect partnership really helpful. I now know that just because I have a weakness, life isn't over. I just need to find someone else to fill it in for me to be successful. Also, his dyslexic struggles in school, and family separations were motivating, as he still got a good kick at life. It motivated me to pursue my dreams and overcome my struggles A compelling, and a must-read book with a powerful message that money creates freedom. Great book.''-Helen Maven
becoming wealthy is about " wanting it" or " trying hard to visualize an opportunity."
Mr Wonderful however knows that isn't the case for cash-flow, but he's here to save the day.
It gives the
cold hard truth about money
, where it thrives, growswhere it dissipates, and allows us to understand what money really is, which can really helpful to many.
It also teaches how to
, presenting pitches, and when to spot the
The man is
, which itself accounts for the book's validity
Don't miss out on this wonderful opportunity.
Final Verdict - It's excellent
gets it message across of money giving freedom
gives great advice on entrepreneurship, money and life, and is effective in reaching that goal
the strengths do outweigh the weaknesses
quotations, analogies, checklists and bias towards making money just adds to the already-compelling book
' Kevin talking about his ice-cream scooping job and his dad's lesson on serving others really taught me. Let it be a CEO or McDonald's employee, the principle for sucesss remains untouched. Really remarkable. His account on how business is war really gave a good laugh and really matched the title "Cold Hard Truth". Great book and a life-changing read.' -Sedrick Digory, book critic.
Money is black and white: you either make it or you loose it. Kevin being a huge money-lover, in his book, he will help you make money, something we all desire.
Weaknesses are the flip side of strengths
In business, one doesn't have to be perfect, just finish the race and get up if something doesn't work. Kevin's mom tells him this to motivate him for having dyslexia. One should never worry about your weaknesses, but only identify them. If they can't be fixed, then hire people to fill in the gaps. Compensating for your weakness will create wealth and avoid unnecessary attention.
''The rollar coaster days for investing are over, and I think investors feel a healthy caution. Giving advice on investing in stocks that produce yield and growth markets really help me save money and build wealth. Truly remarkable book that I can never forget, teaching me invaluable life-lessons.''- Wanye Timothy
Business isn't a popularity contest
Business is about making money, not friends.
"O'Leary's Cold Hard Truth is an awesome read, the best memoir on business, money and life. Never less than compelling and at times brilliant with its powerful philosophies makes it worth it."
The book is getting a phenomenal response from the public and many people are eager to learn some invaluable secrets on entrepreneurship, life, and money. There you have it, his expertise and philosophies will surely shine wealth over new faces.