“Shark Tank” investor Kevin O’Leary delivered a reality check to aspiring business owners in a post on X, identifying a mindset he describes as a “horrible disease” that leads many founders to financial ruin.
O’Leary, known for his no-nonsense approach to venture capital, began by addressing the fundamental hurdle of business: customer acquisition.
Regardless of the industry, competition for consumer dollars is stiff, and the biggest challenge for businesses is convincing people to part with their money, he said.
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However, the core of O’Leary’s message focused on the psychological trap of falling in love with your own concept. Many entrepreneurs cannot look at their businesses objectively. Instead of adapting to feedback, they double down, he said.
Entrepreneurs must have “the ability to recognize what you’re doing isn’t working, letting it go emotionally,” O’Leary said.
Founders often convince themselves that they are right even after the market has proven them wrong. Their inability to “read the room” results in a refusal to modify the product or strategy, leading to a slow, painful failure.
O’Leary said founders should “step out of their own body” to realize when a product isn’t resonating with consumers.
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Despite his harsh delivery, O’Leary’s message provides a roadmap for redemption. Admitting failure is a humbling yet necessary daily practice for a CEO — just because an idea isn’t working doesn’t signal the end of a career, he said. Instead, it’s a crucial data point.
“The learning experience of failure is part of the process by which you become successful,” he said.
Several of O’Leary’s followers posted examples of their own experiences when a business idea didn’t work, and they had to pivot.
“My experience in sales and business is that we learn more from our failures than our successes,” one person wrote. “But, many are afraid to fail. Our family’s saying is that ‘experience is what you get when you don’t get what you want.'”
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Another follower posted, “Unless ideas are turned into products or services that the market actually wants, startups rarely take off. Humility plays a huge role in making that happen faster.”
