Business Tips from Shark Tank's Mr. Wonderful



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Hey everyone, thanks for joining us once again. I actually just returned from visiting with Kevin O'Leary, better known as Mr. Wonderful on ABC's Shark Tank. He gave me some great tips for me and other business owners and entrepreneurs out there. I want to share a few of my favorites with you today.

The first tip I want to share with you is to never pass the buck. If you make a mistake, own up to it. You're human, we all are, and we all make mistakes. When you own them and fix them, that's how you learn.

Another tip he offered was that service always trumps price. How many times have you gone to a place like Nordstroms and paid more than you would at another place because of the service you receive.

Mr. Wonderful said that it's very important to be accessible. If you are in sales, you already know this. You must answer your phone when someone calls, otherwise you might miss out on a sale. 

Here are a few of the tips I received from Mr. Wonderful:
  • Great Businesses
    • Prepare to make life-balance sacrifices.
    • Have knowledge about everything that they are selling.
    • Put customers and shareholders first.
    • Love what they sell.  Have a passion for their product or service.
    • Use technology to make themselves more efficient.
    • Understand that business is global.
  • Great Leaders
    • Understand who is in charge of what area of the business.
    • Delegate, delegate, delegate.  Don't take it back, don't second-guess your team.
    • Don't procrastinate when you need to make the hard decisions. 
    • Life is not fair, especially in business.
    • Business is war.  There are winners and losers.
If you have any questions for myself or my team, feel free to give us a call or send us an email. We can't wait to hear from you!