Last month I got to spend some time with Kevin O’Leary and talk shop with him about what makes small businesses successful. He sees entrepreneurs trying to make it all ALL the time on Shark Tank, so taking into consideration all the questions that were emailed in, I asked him what he thinks is the #1 trait that WINNING entrepreneurs have.
The common traits among the companies that are winning, the entrepreneurs that are successful is…
1. Time Management Skills
Time Management Skills above all else. The ability to take the working day and determine how it is going to be used not only by themselves, but by their employees. This is the number one factor that determines success or failure, because great entrepreneurs understand the value of their time and their employees time and how they are going to interact with their customers.
2. When You Want Something Done, Give It To A Woman
After 7 years, taking a close look at all of Kevin O’Leary’s companies the ones that give the greatest return are the ones that are run by women. Why??? Because that old adage is true when you want something done, give it to a busy mother. Sara Margulis, who manages Honeyfund for O’Leary and earns 38 basis pts on 400 million every year, gave O’Leary this tidbit that he uses:
Everyday put three tasks on the table to get done before noon, before answering an email, taking a call, or talking to your spouse. Don’t take any noise. Don’t do crap that is distracting, just stay focused on what matters.
3. Sacrifice
If you think you can have a balanced life as an entrepreneur that’s bullshit. There’s some other guy that wants your customer who is working 25 hrs a day. You have to decide. It is a path where you can control your own destiny or you can be an employee. Both are noble. One will give you more time with your family, a balanced life and the other is balls to the wall and the reason you do it is for personal freedom because you have been successful.