Kevin O'Leary: 10 Secrets to Being The Best Boss You Can Be

Now, I know what you are thinking. Why is Kevin O'Leary giving advice on how to be a good boss?! There's no way he treats his employees with respect! Well, just because he is tough in the Tank doesn't mean he is a bad boss. Check out his latest LinkedIn Influencer article:

Over the years, I've worked for others and I've worked for myself. Through trial and error, I've figured out a few key character traits that helped hone my leadership skills. Directness, transparency, and decisiveness are three essential traits of a good boss. It’s also important to remember the rules outlined below.

1. Employees are not your friends. Even if you like them, even if you hired them because they are your friends, while they are working for you they are not your friends. They are your employees. The problem with socializing with your employees is that it makes it hard to be objective about their performance, and harder still to crack down on them if they’re under performing.

2. Maintain a clear line of command. In most of my endeavors, I've had a partner, and we've helmed our companies side by side. But I weigh in on issues that fall outside the realm of my command only when completely necessary. Employees always knew which problem to take to Michael Perik and which to take to me. Overlap of authority can get confusing, muck up productivity, and cause unnecessary delays, if not out-and-out grief.

3. Be accessible. You’re not building a fiefdom—you’re building a company. Don’t alienate, isolate, or separate yourself from your partners and top earners. Don’t put them on hold, don’t fail to return their calls, and don’t make them feel like they cannot approach you. I've seen this phenomenon firsthand. It’s toxic, and it’s usually the product of fear or the inability to cope during troubled times. If your first instinct is to bury your head, you are not a leader.

4. Delegate, delegate, delegate. You cannot—nor should you—do everything. CEO's who think that they should weight in on every single aspect of their company get too bogged down in the details, much to the detriment of the overall health of the company. If a ship’s captain is overseeing the catering, he’s going to hit an iceberg.

5. Don’t procrastinate. When an employee is problematic, you must act. Now. Do it right. Do it by the book. But do it.

6. Never pass the buck. Blame stops with you. It always stops with you. Even if you think you had nothing to do with the decision that got your company into trouble in the first place, you’re wrong. You likely had something to do with hiring the person who did screw up. Take immediate responsibility, do what you can to fix the problem, and then whack the knucklehead who couldn't keep pace. If your name is on the product, business, or marquee, that’s especially important.

7. You’re not their parent. Employees will only bring their drama to work if you let them. If you don’t want to be treated like a parent, don’t act like one. If employees are having squabbles, let them figure it out among themselves. I also try to steer clear of giving personal advice. My employees problems are their problems to solve. And it’s up to them not to bring those problems to work. By the way, if one of your employees is suffering from a genuine issue—addiction, depression, that kind of thing—don’t suggest they get help, insist upon it.

8. Life’s not fair. Some people will simply make more money than others in the same job. Some people will work harder. Some will get higher sales. You will trust one over the other to get the job done. You will likely have favorites. That’s life. If someone complains about it, tell him or her to get over it.

9. The boss doesn't always make the most money. Find stars and pay them well. If you want to attract those stars, you’ll have to lure them with dollars. Remember that money’s the great motivator, and if it means you take a hit financially, take it. Talent will always bring in more money for the company, and that has got to be your number one priority always. Which leads me to…

10. The company comes first. This is the most important tenet. Have a singleness of purpose—the health and welfare of the company—keeps things clean and clear. Employees never question your priorities, nor do they have to guess at their goals.

Barbara Corcoran: Here's How To Reinvent Yourself

Here is a great article by Barbara Corcoran on how to reinvent yourself. You can find the original article here.


The start of the New Year is a great time for a fresh start. But change is tough.

When I sold my real estate business, which I had built for 30 years, I was unprepared for the personal challenges I’d need to overcome. Reinventing myself in a new career was so much harder than I expected. If you've been dreaming about totally changing your career, here are a few things that will help you along the way.

1. There’s no such thing as a total reinvention.

The best you can do is “repackage” yourself!

When I sold my real estate business, I needed to figure out who I wanted to be in my next chapter, so I sat down and wrote a list of every job I ever held and what I liked and disliked about each.

There were 23 different jobs on my list and to my surprise, I found I liked the same two things--I love an audience and I’m really good at marketing! So my list of potential new careers that could build on my strengths was a short one. I decided I was either going to start a PR company or an advertising firm or I was going to make myself a talent on TV. I took a shot at TV because I knew it would give me my biggest audience and I would have the chance to market myself instead of a whiny client. You’ll have a much greater chance at success and happiness in your new career if you know what you like and what you’re really good at and if you can manage do a lot more of it. Remember, you can repackage yourself but you can’t change your wiring.

2. Expect to be lonely. 

When I sold my business, a major piece of my identity went with it. I missed my 1,000 adoring brokers and my management team that had become my family. I was no longer part of a work community— of course I missed the parties and good times, but I even missed the endless stream of emails that used to be the bane of my existence. In my search for connecting with a new community of people, I plugged into the social media world and found that Twitter and Facebook made me friends with a whole range of new people and they became my stand-in community. I built myself a circle of support.

3. You have to reinvent yourself in stages.

Successful reinvention can’t happen overnight. So instead of trying to reach my end goal as a business expert on TV, I built my new persona in small steps. I started as an occasional on-air guest on local TV, then got paid as a real estate contributor on morning talk shows, and finally landed as a Shark/Investor on ABC as a business expert. Landing your first gig in your new space will serve as confirmation that you’re on the right track and will increase your confidence so you’re able to reach your end goal.

4. There’s no such thing as part-time. 

Even if you’re a pro at the top of your game in your industry, once you switch to a different field you’re starting from scratch. Building a successful new you takes the same long hours as your first career and you’ll still have to give it 150% of your time. At first, I thought I could give half my energy to reinventing myself and the other half to having fun, but it didn't work out that way. I had to work just as hard at building my second career as I had my first and this time I didn't have the advantage of youth.

Change is tough and you can always come up with 100 reasons not to do something or quit in the process, but reaching a goal that you bravely fought and won, is invigorating and a worthy reason for doing it.

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Kevin O'Leary: 3 Money Mistakes You Must Fix to Get Rich

In a previous post, I shared a list of my top five Influencers on LinkedIn. It took some time, but LinkedIn finally extended the Influencer title to all of the Sharks, at least to those who have an active presence on LinkedIn. Here is an article written by Kevin O'Leary just a couple of days ago which I thought was worth sharing here on Blog Shark Tank. I think the topic is critical especially for millennials and the younger generation, and is blunt and to the point, just like everything that comes out of Mr. Wonderful's mouth. So here it is:

3 Money Mistakes You Must Fix to Get Rich 

By: Kevin O'Leary


I get a lot of questions about how to get rich, and I always give the same answer.

Don’t spend too much. Mostly save. Always invest.

Seems simple enough, right? Yet so many people do the exact opposite—invest poorly, spend way too much, save almost nothing, and remain willfully ignorant about their finances.


Why? Because they don’t understand their relationship to money.

The first step in changing money habits is taking a cold hard look at your financial input and output. Here’s what you need to do: boil your money matters down to one simple number by adding up all your earnings and subtracting all your expenditures over three months. I call this your 90-day number.

Once you write that 90-day number down you’ll be faced with one of two truths.

Your number is positive. Congratulations, you’re one of the few people taking in more money than you spend!

Your number is in the negatives, and like the majority of men and women, you spend more than you make.

The good news is that no matter what your 90-day number teaches you about your relationship with money, there’s always room to improve. I’m going to help you do exactly that by pointing out 3 money mistakes everybody makes at some point in their lives, and teaching you how to fix them.

Money Mistake #1: You’re drowning in credit debt.

The Fix: READ THE FINE PRINT

Spending too much is a disease, and credit card debt is a cancer. The first time you get a credit card bill and don’t pay off the full balance, you’ve let the first financial cancer cell into your life.

Next time you get a credit card bill in the mail, put your glasses on and take a good, hard look at the fine print.

Credit card companies are required by law to tell you how many years it will take you to pay off your balance if you pay the minimum each month. In most instances, this number is a monstrous thing to behold.

With typical compound interest rates averaging around 16%, this black hole of debt keeps growing, and growing, and growing.

Once you take a look at the fine print, you MUST start dedicating every spare penny you have to paying off your credit. If you want to get rich, you need to eliminate your debt first.

Money Mistake #2: Spending makes you happy

The Fix: GET A HANDLE ON EMOTIONAL SPENDING

Most men and women who spend too much do so because it feels good, temporarily. But as I always say, mixing money with emotions is a toxic combination.

Don’t go shopping to change your mood. It might make you feel better in the short term, but I promise: the long-term fulfillment of saving and growing your money far outweighs the temporary satisfaction of retail therapy.

Recognize when you’re about to spend with your emotions, and go for a walk, cook, or read instead. Do anything; just don’t head for the mall!

Money Mistake #3: Frugality isn’t fun

The Fix: CREATE A “FUN MONEY” FUND

Many people who commit themselves 100% to eliminating debt and saving money find that a certain joylessness creeps in after a while. The same thing happens to dieters who deprive themselves of all their favorite foods for months, and then cave to late-night binges.

That’s not a way to live, and that’s not what I advocate. Austerity, yes; deprivation, no.

The key is to include spending on fun things in your budget. Set aside a manageable percentage every week in a fund that will let you splurge with cash. Go out for lunch, get your hair done, or use your fun money to go on a vacation—do whatever you want, as long as you pay for it outright. This way you can enjoy your splurges without feeling guilty!

You can read the original article here.

Five Incredible Business Influencers to Follow on LinkedIn

One of the greatest resources on the web for entrepreneurs is LinkedIn and their Pulse news app. Business influencers from around the world contribute qualitative and informative articles on various topics, each which gets read by thousands, if not millions, of subscribers and news readers. Trying to keep up with each influencer's postings can be quite arduous and time consuming, so I've put together a list of my Top Five LinkedIn Influencers which I strongly recommend following::



1) Jack Welch. As one of the world's most respected CEO's, Jack needs no introduction. Like his leadership, his articles are filled with guidance and advice which is easy to take to heart. And if you find that you want to keep learning under him, you can always enroll in the Jack Welch Management Institute to advance your education.

2) Mark Cuban. Being that this is Blog Shark Tank, it would have been almost hypocritical to exclude Mark Cuban from my Top Five List. Mark usually posts once or twice a month to his blog, Blog Maverick, and shares those articles with his followers on LinkedIn as well. Although most of his recent articles have been about his battle with the SEC, they are worth reading if you appreciate his unique articulation of opinion and style when it comes to doing business.




3) David Sable. The CEO of Y&R, one of the largest marketing firms in the world, brilliantly combines current events, brands, and philosophies in his Weekly Ramble. His perfect-length articles are filled with humorous phrases and quotable quotes, and usually end with engaging, open-ended questions for his readers to ponder.





4) Jonah Berger. Jonah is a marketing professor at the Wharton School of Business, and the author of a best-selling book on viral marketing, entitled Contagious. His passion for analyzing why things go viral surfaces in every one of his articles, all of which are enjoyable to read.





5) Arianna Huffington. Although Arianna's articles are not always strictly about business, she has a very unique perspective on all worldly matters ranging from politics to entertainment to culture. She is no doubt a high-profile influencer and the brainpower behind the wildly successful Huffington Post.