Success is often the result of taking
a misstep in the right direction.
Al Bernstein
Kim Lachance Shandrow
Mark Cuban opened a bar before he was of legal drinking age. The brazen college campus venture lasted six short months. A scandalous snafu with a wet T-shirt contest led to the watering hole’s “sorry end.” The former bartender’s later business bets — legal ones, of the tech-related kind — fared exponentially better, eventually landing him in the millionaire club. Then, not long after, into the three commas club, the realm of billionaires.
Kevin O’Leary came into his first millions after spinning a $10,000 seed investment from his mother into an edtech startup. In not too long, Mattel scooped it up for $3.6 billion. Daymond John stitched a $100,000 seed investment from his mom (who mortgaged her house to give it to him) into FUBU. The fashion startup cleared hundreds of millions in sales within six years.
Chris Sacca’s path to millions — and later to billions — is tied to incredibly successful startups, too, though, interestingly, none of his own. He lucked out with some very early and very wise investments in Uber, Instagram, Twitter and Kickstarter, and that’s just the short list.
Lori Greiner spun her love of inventing solutions to everyday annoyances into a multi-million-dollar retail operation. Robert Herjavec, also a multi-millionaire entrepreneur, went from rags to astronomical riches within a few years of emigrating from Croatia to Canada in the pursuit of a better life. And, after failing at 22 jobs, former diner waitress Barbara Corcoran turned $1,000 she borrowed from a boyfriend into a $6 billion-dollar New York City real estate empire that’s still going strong.
We recently caught up with all seven Shark Tank star investors on the Culver City, Calif., set of the hit show. There, from behind the scenes of Sony Pictures’ Stage 30, they shared their advice on how to become a millionaire. Here’s what they told us:
BARBARA CORCORAN: BE COMPETITIVE AND PIGHEADED.
“If you want to be really rich, you better decide early to start a business of your own. It’s only when you put yourself in charge that you have a shot at becoming rich.
Every business is born out of an individual’s intense passion and a real need to succeed, so you’ll need enough passion to get started, but also enough to get through the intense 12-hour days when the chips are down and everything and everyone seems against you. But, if you’re competitive and pigheaded enough to get over the failures without wasting time feeling sorry for yourself, and if you can inspire enough good people to join you, you can pretty much become as rich as you want.”
MARK CUBAN: WORK HARD AND DO WHATEVER IT TAKES.
“There’s being wealthy and doing well and having your dreams come true. And there’s being in a situation where things escalate. Whether it’s me or Chris Sacca, the stock market had gone nuts. I was rich and I was happy, but I don’t know that I’d have multiple billions of dollars.
“To become a millionaire, you’ve really got to find something that you love to do because it’s going to take so much work that you can’t just say, ‘OK, this is the one industry I can make a lot of money in.’ Or, and I get this all the time, which is crazy: ‘I want to be rich. What kind of company should I start?’ You can’t do that. It doesn’t work like that.
“You’ve got to be good at something and not only be good at it, but you’ve got to love it, and then you’re willing to work and do whatever it takes. Then, if you’re fortunate, that turns into something that creates wealth for you.
“I found out I loved computers and I taught myself how to program. I had no problem working 20 straight hours learning something or coding. That led to building and selling my first company. But it wasn’t like, ‘How am I going to get rich? Let me just start that company in that industry’ because there’s going to be somebody who’s going to know that business better than you do and is going to kick your ass.”
LORI GREINER: DO WHAT YOU LOVE AND DO IT WELL.
“Find something you love to do, that you are passionate about and also good at. Don’t have the goal to be a millionaire. Have the goal to be successful and plan to give it all you’ve got. Critically important, make sure you are hands-on and the one driving things because no one will care about your business like you do. Be involved in all details and be aggressive at attaining your goals, and know how to pivot when necessary.”
KEVIN O’LEARY: WORK FOR YOURSELF AND WORK LIKE A DOG.
“First of all, you’re not going to become a millionaire working for someone else. That’s a highly unlikely outcome, unless it’s an entrepreneurial situation where you’re getting some equity in the company. If you can afford to take a risk and you’re young enough, either start your own company or be involved with one where you’re racking up equity. There’s no other path to becoming a millionaire. No employer is going to let you make a million dollars off of their business. They don’t have to.
“Realize that if you want that path, that journey to becoming a millionaire, you have to sacrifice a lot and work like a dog. I did. There was no balance in my life. I wasn’t even around when my kids were young. But today, I can afford to gather them with me every weekend anywhere on Earth I want to.”
ROBERT HERJAVEC: FIND A NEED AND SOLVE A PROBLEM.
“You don’t become a millionaire because you’re singularly focused on making a lot of money. You’ve got to go back to the basics. Find a need, solve a problem and, most importantly, make sure you have a customer. If those things are in place, and you have the ability to scale, now we’re talking. It’s going to be incredibly hard work. Harder than you’ve ever imagined, but it’s the best time in America to start a business. The time is now!”
DAYMOND JOHN: FIND YOUR PASSION AND PURSUE WHAT YOU LOVE.
“Don’t think about the money. Go out there and do something that you really, really love, even if it’s not something you went to school for. Find out what your passion is. I can’t guarantee that you’re ever going to make a dollar doing anything, but do something that you absolutely love and you’re going to look back over the years and say that you enjoyed life.”
West Coast editor. Frequently covers celebrities, future tech, social media, startups, gadgets and apps.
Kim Lachance Shandrow is the West Coast editor at Entrepreneur.com. Previously, she was a commerce columnist at Los Angeles CityBeat, a news producer at MSNBC and KNBC in Los Angeles and a frequent contributor to the Los Angeles Times. She has also written for Government Technology magazine, LA Yoga magazine, the Lowell Sun newspaper, HealthCentral.com, PsychCentral.com and the former U.S. Surgeon General, Dr. C. Everett Coop. Email her at kshandrow@entrepreneur.com and follow her on Twitter at @Lashandrow. You can also follow her on Facebook .
https://www.entrepreneur.com/slideshow/278607#0
FROM ME:
Are you ready to sell your Commercial Building in Phoenix – Maricopa County , please call me.
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http://walter-unger.com/why-phoenix-2/
Phoenix Commercial Real Estate and Investment Real Estate: investors and Owner / Users need to really know the market today before making a move in Commercial Properties or Investment Properties in Phoenix / Tucson / Arizona, as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land in Phoenix / Tucson / Arizona. Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial Properties and Investment Properties.
I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also international. Click here to find out what is a CCIM: https://en.wikipedia.org/wiki/CCIM
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Interactive Map Of All 10+ Unit Apartment Listings in Metro Phoenix
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Interactive Metro Phoenix Map of New Apartment Construction by Completion Status
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4rd QTR 2015 GREATER PHOENIX APARTMENT OWNER’S NEWSLETTER Kasten Long Commercial Group.
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Apartment Vacancy Rates – Greater Phoenix Area – 50+ Units (Stabilized) 2013, 2014, & 2015
http://klcommercialgroup.com/wp-content/uploads/2016/03/Vacancy-Rpt-Q4-2015.pdf
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AZREIA Market Update | March 2016
Walter Unger CCIM – walterunger@ccim.net – 1-520-975-5207 – http://walter-unger.com
2016 Official Arizona Visitors Guide
http://walter-unger.com/why-phoenix-2/
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Timeline of Phoenix, Arizona history
http://en.wikipedia.org/wiki/Timeline_of_Phoenix,_Arizona_history
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http://en.wikipedia.org/wiki/Phoenix,_Arizona
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Facts of Arizona – year 1848 to 2013
http://walter-unger.com/?p=9507
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.
walterunger@ccim.net 1-520-975-5207
Check out my professional profile and connect with me on LinkedIn.
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http://www.easymapmaker.com/map/28cb3b8b3206c377a6f282d980dc7974
http://www.easymapmaker.com/map/955edc17e00b08ce270fb7afb1523cc2
Kasten Long Commercial Group tracks all advertised apartment communities, including those advertised by other brokerages. The interactive map shows the location of each community (10+ units) and each location is color coded by the size (number of total units).
Click here for Map of Apartments for Sale (10+units)
Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
Please reply by e-mail walterunger@ccim.net or call me on my cell 520-975-5207
Walter Unger CCIM
Senior Associate Broker
Kasten Long Commercial Group
2821 E. Camelback Rd. Suite 600
Phoenix , AZ 85016
Direct: 520-975-5207
Fax: 602-865-7461
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The information in this blog-newsletter is for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your