welcome back to segment 3 with kevin o’leary all right two words Steve Jobs
o’leary all right two words Steve Jobs
o’leary all right two words Steve Jobs the toughest bastard you’ve ever met he
the toughest bastard you’ve ever met he
the toughest bastard you’ve ever met he is tough he was you know I went to his
is tough he was you know I went to his
is tough he was you know I went to his his saw I called him up I said to him
his saw I called him up I said to him
his saw I called him up I said to him listen Steve you have two and a half
listen Steve you have two and a half
listen Steve you have two and a half percent of the market and we are you’re
percent of the market and we are you’re
percent of the market and we are you’re nuts right what year is this
nuts right what year is this
nuts right what year is this this is 1998 before Apple ruled the
this is 1998 before Apple ruled the
this is 1998 before Apple ruled the universe they were in a wobbly situation
universe they were in a wobbly situation
universe they were in a wobbly situation two and a half percent share my
two and a half percent share my
two and a half percent share my development cost for 54 million a year
development cost for 54 million a year
development cost for 54 million a year for his titles you know I was the number
for his titles you know I was the number
for his titles you know I was the number one title on the Mac platform for
one title on the Mac platform for
one title on the Mac platform for reading in math and I called him up and
reading in math and I called him up and
reading in math and I called him up and I said look Steve I need to meet with
I said look Steve I need to meet with
I said look Steve I need to meet with you the economics not working for me he
you the economics not working for me he
you the economics not working for me he said sure I’ll take a meeting with you
said sure I’ll take a meeting with you
said sure I’ll take a meeting with you so we go out to Cupertino and job shows
so we go out to Cupertino and job shows
so we go out to Cupertino and job shows up with probably seven other executives
up with probably seven other executives
up with probably seven other executives in the room I’m there with my head sales
in the room I’m there with my head sales
in the room I’m there with my head sales guys it’s at Steve thanks for coming out
guys it’s at Steve thanks for coming out
guys it’s at Steve thanks for coming out I’d have a very simple request you’re
I’d have a very simple request you’re
I’d have a very simple request you’re gonna have to give me fifty four million
gonna have to give me fifty four million
gonna have to give me fifty four million dollars if you want me to develop the
dollars if you want me to develop the
dollars if you want me to develop the next cycle of titles for the Mac because
next cycle of titles for the Mac because
next cycle of titles for the Mac because it’s not there’s no economics that make
it’s not there’s no economics that make
it’s not there’s no economics that make sense for me he looked at me and he just
sense for me he looked at me and he just
sense for me he looked at me and he just started to braid me for all ik every
started to braid me for all ik every
started to braid me for all ik every swear word in the world just he said are
swear word in the world just he said are
swear word in the world just he said are you out of your beep and they just got
you out of your beep and they just got
you out of your beep and they just got up and out of his charity circled around
up and out of his charity circled around
up and out of his charity circled around and said you be some Fifi Pete I’m
and said you be some Fifi Pete I’m
and said you be some Fifi Pete I’m looking at him I’m stunned like the guy
looking at him I’m stunned like the guy
looking at him I’m stunned like the guy is just beating me up verbally I’m used
is just beating me up verbally I’m used
is just beating me up verbally I’m used to hard time so you know whatever I said
to hard time so you know whatever I said
to hard time so you know whatever I said hey listen this is all great but are you
hey listen this is all great but are you
hey listen this is all great but are you gonna give me the 54 minute laughs and
gonna give me the 54 minute laughs and
gonna give me the 54 minute laughs and he said just abusive like crazy I said
he said just abusive like crazy I said
he said just abusive like crazy I said okay this is over I walk out to the
okay this is over I walk out to the
okay this is over I walk out to the parking lot and there’s one of these
parking lot and there’s one of these
parking lot and there’s one of these windows you have to roll up to the
windows you have to roll up to the
windows you have to roll up to the bottom and he rolls up he’s yelling at
bottom and he rolls up he’s yelling at
bottom and he rolls up he’s yelling at me from down in the parking lot hey I
me from down in the parking lot hey I
me from down in the parking lot hey I looked up and said so do we have a deal
looked up and said so do we have a deal
looked up and said so do we have a deal or not call me tomorrow like the guy
or not call me tomorrow like the guy
or not call me tomorrow like the guy just wanted to beat me up he was I guess
just wanted to beat me up he was I guess
just wanted to beat me up he was I guess frustrated that he had a lot of pressure
frustrated that he had a lot of pressure
frustrated that he had a lot of pressure all that good so anyways at the end of
all that good so anyways at the end of
all that good so anyways at the end of the day we remained in
the day we remained in
the day we remained in number one player on the Mac platform we
number one player on the Mac platform we
number one player on the Mac platform we built a business often years later I met
built a business often years later I met
built a business often years later I met Wozniak and who was a completely
Wozniak and who was a completely
Wozniak and who was a completely different kind of guy but I understand
different kind of guy but I understand
different kind of guy but I understand how jobs work there’s a certain amount
how jobs work there’s a certain amount
how jobs work there’s a certain amount of fear in that organization for him I
of fear in that organization for him I
of fear in that organization for him I mean he tears into people after he looks
mean he tears into people after he looks
mean he tears into people after he looks at the AI air or anything of a product
at the AI air or anything of a product
at the AI air or anything of a product and he’ll rip their heads off yeah like
and he’ll rip their heads off yeah like
and he’ll rip their heads off yeah like people don’t want to get in an elevator
people don’t want to get in an elevator
people don’t want to get in an elevator with them okay so you have this line
with them okay so you have this line
with them okay so you have this line about if you don’t come to work on
about if you don’t come to work on
about if you don’t come to work on Saturday don’t bother coming to work on
Saturday don’t bother coming to work on
Saturday don’t bother coming to work on Sunday or Monday are you serious or do
Sunday or Monday are you serious or do
Sunday or Monday are you serious or do you value some balance for your
you value some balance for your
you value some balance for your employees no no there’s no balance we
employees no no there’s no balance we
employees no no there’s no balance we work for me and look here’s the whole
work for me and look here’s the whole
work for me and look here’s the whole point
point
point see I’ve discovered that this is the way
see I’ve discovered that this is the way
see I’ve discovered that this is the way it works if you want balance go work for
it works if you want balance go work for
it works if you want balance go work for a company that’s nine-to-five buy a dog
a company that’s nine-to-five buy a dog
a company that’s nine-to-five buy a dog go see your kid play baseball but you’re
go see your kid play baseball but you’re
go see your kid play baseball but you’re never gonna get rich you’ll work for me
never gonna get rich you’ll work for me
never gonna get rich you’ll work for me generally speaking you get options in
generally speaking you get options in
generally speaking you get options in the company I expect you to work 24/7
the company I expect you to work 24/7
the company I expect you to work 24/7 like an animal until we’re successful so
like an animal until we’re successful so
like an animal until we’re successful so that you can cash out you’re trying to
that you can cash out you’re trying to
that you can cash out you’re trying to get some form of freedom when you work
get some form of freedom when you work
get some form of freedom when you work for me so my employees only when I meet
for me so my employees only when I meet
for me so my employees only when I meet with them say look here’s how we work if
with them say look here’s how we work if
with them say look here’s how we work if this is gonna work for you give it a
this is gonna work for you give it a
this is gonna work for you give it a shot maybe you work for three years four
shot maybe you work for three years four
shot maybe you work for three years four years you cash out that’s great don’t
years you cash out that’s great don’t
years you cash out that’s great don’t come here to make friends I’m not gonna
come here to make friends I’m not gonna
come here to make friends I’m not gonna be your friend come here to make money
be your friend come here to make money
be your friend come here to make money it’s that simple not everybody can take
it’s that simple not everybody can take
it’s that simple not everybody can take that but the ones that do come in we
that but the ones that do come in we
that but the ones that do come in we form powerful teams
form powerful teams
form powerful teams we’re vicious competitors that’s the
we’re vicious competitors that’s the
we’re vicious competitors that’s the kind of guy I want work for man or woman
kind of guy I want work for man or woman
kind of guy I want work for man or woman okay so one thing is you have been
okay so one thing is you have been
okay so one thing is you have been called a lot of bad words you’re right I
called a lot of bad words you’re right I
called a lot of bad words you’re right I will say this everyone has an ego it’s
will say this everyone has an ego it’s
will say this everyone has an ego it’s how you manage it but I did not detect
how you manage it but I did not detect
how you manage it but I did not detect the single hint of arrogance in this
the single hint of arrogance in this
the single hint of arrogance in this book which is I think surprising people
book which is I think surprising people
book which is I think surprising people would have expected you to be somewhat
would have expected you to be somewhat
would have expected you to be somewhat arrogant but my question is you did one
arrogant but my question is you did one
arrogant but my question is you did one thing with Michael Parekh which I think
thing with Michael Parekh which I think
thing with Michael Parekh which I think even I’m not man enough to do which is
even I’m not man enough to do which is
even I’m not man enough to do which is when you brought him on to be your
when you brought him on to be your
when you brought him on to be your partner you made him CEO and an equal
partner you made him CEO and an equal
partner you made him CEO and an equal partner now mind you you had vested I
partner now mind you you had vested I
partner now mind you you had vested I guess to some extent so it was easier to
guess to some extent so it was easier to
guess to some extent so it was easier to do that but that’s a big thing to do I
do that but that’s a big thing to do I
do that but that’s a big thing to do I mean because the company had been around
mean because the company had been around
mean because the company had been around so what is your view on partnerships and
so what is your view on partnerships and
so what is your view on partnerships and why are they so important so here’s the
why are they so important so here’s the
why are they so important so here’s the way I look at it you know the key to
way I look at it you know the key to
way I look at it you know the key to success as an entrepreneurs not to
success as an entrepreneurs not to
success as an entrepreneurs not to understand your strengths it’s to
understand your strengths it’s to
understand your strengths it’s to understand your weaknesses
understand your weaknesses
understand your weaknesses now here’s what I knew I was weak at
now here’s what I knew I was weak at
now here’s what I knew I was weak at logistics manufacturing and shipping
logistics manufacturing and shipping
logistics manufacturing and shipping logistics bores the crap out of me
logistics bores the crap out of me
logistics bores the crap out of me I just not interested in it when Walmart
I just not interested in it when Walmart
I just not interested in it when Walmart came on board and said look we’re gonna
came on board and said look we’re gonna
came on board and said look we’re gonna change this whole
change this whole
change this whole we’re gonna make you our guys in
we’re gonna make you our guys in
we’re gonna make you our guys in education software we had the challenge
education software we had the challenge
education software we had the challenge of moving 80 million units I can’t do
of moving 80 million units I can’t do
of moving 80 million units I can’t do that that’s not my skill set Michael
that that’s not my skill set Michael
that that’s not my skill set Michael Parekh on the other hand is myopically
Parekh on the other hand is myopically
Parekh on the other hand is myopically focused at that kind of thing and I knew
focused at that kind of thing and I knew
focused at that kind of thing and I knew that he’s one of our shareholders I went
that he’s one of our shareholders I went
that he’s one of our shareholders I went and approached me said listen why don’t
and approached me said listen why don’t
and approached me said listen why don’t you leave your PE firm okay I’ll give up
you leave your PE firm okay I’ll give up
you leave your PE firm okay I’ll give up the title of CEO you’re gonna be a CEO
the title of CEO you’re gonna be a CEO
the title of CEO you’re gonna be a CEO you’re number one role is going to be
you’re number one role is going to be
you’re number one role is going to be logistics because if we are not
logistics because if we are not
logistics because if we are not successful at this we’re gonna fail this
successful at this we’re gonna fail this
successful at this we’re gonna fail this is the only thing that matters is
is the only thing that matters is
is the only thing that matters is shipping these units all around the
shipping these units all around the
shipping these units all around the world he looked at me and said what’s in
world he looked at me and said what’s in
world he looked at me and said what’s in it for me I said you know what I own a
it for me I said you know what I own a
it for me I said you know what I own a ton of stock lots and lots of it I’ll
ton of stock lots and lots of it I’ll
ton of stock lots and lots of it I’ll make a deal with you I’ll make you us
make a deal with you I’ll make you us
make a deal with you I’ll make you us equal partners and this is how I’ll talk
equal partners and this is how I’ll talk
equal partners and this is how I’ll talk in the book and writing it I looked at
in the book and writing it I looked at
in the book and writing it I looked at every transit transaction where I’ve
every transit transaction where I’ve
every transit transaction where I’ve made money not just learning company
made money not just learning company
made money not just learning company storage now the O’Leary funds deals
storage now the O’Leary funds deals
storage now the O’Leary funds deals before that all the deals where I made
before that all the deals where I made
before that all the deals where I made money were partnerships all the ones
money were partnerships all the ones
money were partnerships all the ones where I had catastrophic failures are
where I had catastrophic failures are
where I had catastrophic failures are things I tried to do myself so I’ve
things I tried to do myself so I’ve
things I tried to do myself so I’ve learned now that it’s much better to
learned now that it’s much better to
learned now that it’s much better to partner with with somebody who actually
partner with with somebody who actually
partner with with somebody who actually fills in the holes or many people yeah
fills in the holes or many people yeah
fills in the holes or many people yeah many people of course but I in the case
many people of course but I in the case
many people of course but I in the case of Perak there was actually three people
of Perak there was actually three people
of Perak there was actually three people myself
myself
myself Perik and Scott Murray so Parekh was
Perik and Scott Murray so Parekh was
Perik and Scott Murray so Parekh was logistics I’m sales and marketing and
logistics I’m sales and marketing and
logistics I’m sales and marketing and Murray’s the CFO we were the most feared
Murray’s the CFO we were the most feared
Murray’s the CFO we were the most feared management team in the consumer software
management team in the consumer software
management team in the consumer software business if we got if we called you
business if we got if we called you
business if we got if we called you you know bad times are coming your way
you know bad times are coming your way
you know bad times are coming your way because either we’re buying your company
because either we’re buying your company
because either we’re buying your company or we’re going to compete with you you
or we’re going to compete with you you
or we’re going to compete with you you mentioned word if you’re better to be
mentioned word if you’re better to be
mentioned word if you’re better to be respected or feared both respect and
respected or feared both respect and
respected or feared both respect and Florida know both on this no no it’s
Florida know both on this no no it’s
Florida know both on this no no it’s over spirals the reason people respect
over spirals the reason people respect
over spirals the reason people respect you is they fear you that’s what happens
you is they fear you that’s what happens
you is they fear you that’s what happens okay actually are the same thing okay
okay actually are the same thing okay
okay actually are the same thing okay but again only one it can’t be both it
but again only one it can’t be both it
but again only one it can’t be both it what’s more important who you know or
what’s more important who you know or
what’s more important who you know or what you know that’s a good one who you
what you know that’s a good one who you
what you know that’s a good one who you know okay you’ve eaten and I say this
know okay you’ve eaten and I say this
know okay you’ve eaten and I say this very respectfully but you talk about
very respectfully but you talk about
very respectfully but you talk about them in the book you’ve eaten cat food
them in the book you’ve eaten cat food
them in the book you’ve eaten cat food amazing story as a former sales guy
amazing story as a former sales guy
amazing story as a former sales guy myself and you scraped gum off the floor
myself and you scraped gum off the floor
myself and you scraped gum off the floor which one changed your life more when
which one changed your life more when
which one changed your life more when you look back you’re like scraping gum
you look back you’re like scraping gum
you look back you’re like scraping gum off the floor cuz I got fired and it
off the floor cuz I got fired and it
off the floor cuz I got fired and it changed the direction for me forever
changed the direction for me forever
changed the direction for me forever fair enough fair enough you say money
fair enough fair enough you say money
fair enough fair enough you say money goes to bad people but not to bad ideas
goes to bad people but not to bad ideas
goes to bad people but not to bad ideas which i think is a very
which i think is a very
which i think is a very true and genius thing to say expand on
true and genius thing to say expand on
true and genius thing to say expand on that on you so the concept is that you
that on you so the concept is that you
that on you so the concept is that you know people say well you have to be
know people say well you have to be
know people say well you have to be really nice guy to make money that’s not
really nice guy to make money that’s not
really nice guy to make money that’s not true many assholes make lots of money
true many assholes make lots of money
true many assholes make lots of money money goes to the path of least
money goes to the path of least
money goes to the path of least resistance it doesn’t care about your
resistance it doesn’t care about your
resistance it doesn’t care about your personality it’s looking for an
personality it’s looking for an
personality it’s looking for an opportunity to grow and expand with the
opportunity to grow and expand with the
opportunity to grow and expand with the least risk with the least you know
least risk with the least you know
least risk with the least you know resistance to success so I’ve learned
resistance to success so I’ve learned
resistance to success so I’ve learned that I work with many people that I
that I work with many people that I
that I work with many people that I would never be friends with but I make
would never be friends with but I make
would never be friends with but I make money with them and I respect them for
money with them and I respect them for
money with them and I respect them for that many many many people I can
that many many many people I can
that many many many people I can certainly keep the emotion of that
certainly keep the emotion of that
certainly keep the emotion of that decision you mentioned that altruism and
decision you mentioned that altruism and
decision you mentioned that altruism and capitalism have to coexist my question
capitalism have to coexist my question
capitalism have to coexist my question is I see that to some extent but in your
is I see that to some extent but in your
is I see that to some extent but in your mind does everything have to make money
mind does everything have to make money
mind does everything have to make money yes everything everything has to make
yes everything everything has to make
yes everything everything has to make money or have performance metrics think
money or have performance metrics think
money or have performance metrics think about even a charity yeah I talked about
about even a charity yeah I talked about
about even a charity yeah I talked about the five four five sure my strategy is
the five four five sure my strategy is
the five four five sure my strategy is very simple because I get bombarded with
very simple because I get bombarded with
very simple because I get bombarded with requests to give away money and happy to
requests to give away money and happy to
requests to give away money and happy to do so I take the same percentage every
do so I take the same percentage every
do so I take the same percentage every year of my income after tax and I pick
year of my income after tax and I pick
year of my income after tax and I pick five charities for five years and they
five charities for five years and they
five charities for five years and they get the same amount every year for five
get the same amount every year for five
get the same amount every year for five years I mean that five years is over I
years I mean that five years is over I
years I mean that five years is over I get five new charities and that way I
get five new charities and that way I
get five new charities and that way I could stay focused make a difference
could stay focused make a difference
could stay focused make a difference they know that they’re gonna have some
they know that they’re gonna have some
they know that they’re gonna have some kind of return from me and it’s and that
kind of return from me and it’s and that
kind of return from me and it’s and that way I can I can do this in a way that
way I can I can do this in a way that
way I can I can do this in a way that I’ve got that deal done and I know it’s
I’ve got that deal done and I know it’s
I’ve got that deal done and I know it’s gonna work agree or disagree greed is
gonna work agree or disagree greed is
gonna work agree or disagree greed is good which is a quote from the fictional
good which is a quote from the fictional
good which is a quote from the fictional character Gordon Gekko you talk about
character Gordon Gekko you talk about
character Gordon Gekko you talk about greed is good but do you agree with
greed is good but do you agree with
greed is good but do you agree with disagree I did I agree and I think greed
disagree I did I agree and I think greed
disagree I did I agree and I think greed is not only good it’s wonderful it’s
is not only good it’s wonderful it’s
is not only good it’s wonderful it’s wonderful care to expand next question
wonderful care to expand next question
wonderful care to expand next question okay let’s go a nice question there’s a
okay let’s go a nice question there’s a
okay let’s go a nice question there’s a few more things there’s a quote from
few more things there’s a quote from
few more things there’s a quote from douglas iva store former CFO and brief
douglas iva store former CFO and brief
douglas iva store former CFO and brief CEO of coca-cola he basically says quote
CEO of coca-cola he basically says quote
CEO of coca-cola he basically says quote when your competitor is drowning stick a
when your competitor is drowning stick a
when your competitor is drowning stick a hose in his mouth
hose in his mouth
hose in his mouth end quote do you agree or disagree with
end quote do you agree or disagree with
end quote do you agree or disagree with that I agree but I would pour boiling
that I agree but I would pour boiling
that I agree but I would pour boiling oil into that holes ouch
oil into that holes ouch
oil into that holes ouch alright next quote dick Parsons former
alright next quote dick Parsons former
alright next quote dick Parsons former chairman of Time Warner current current
chairman of Time Warner current current
chairman of Time Warner current current chairman of Citigroup quote when you
chairman of Citigroup quote when you
chairman of Citigroup quote when you negotiate leave a little something on
negotiate leave a little something on
negotiate leave a little something on the table end quote in other words don’t
the table end quote in other words don’t
the table end quote in other words don’t get so much like every penny you could
get so much like every penny you could
get so much like every penny you could because it’s a short life you’re gonna
because it’s a short life you’re gonna
because it’s a short life you’re gonna run into the same business people and if
run into the same business people and if
run into the same business people and if they fuel you’ve had the massive upper
they fuel you’ve had the massive upper
they fuel you’ve had the massive upper hand and it wasn’t a fair transaction
hand and it wasn’t a fair transaction
hand and it wasn’t a fair transaction they’re not really going to want to deal
they’re not really going to want to deal
they’re not really going to want to deal with you again is Dick is mr. Parsons
with you again is Dick is mr. Parsons
with you again is Dick is mr. Parsons right or wrong well he’s right in some
right or wrong well he’s right in some
right or wrong well he’s right in some ways but I look at a different way the
ways but I look at a different way the
ways but I look at a different way the best deals are ones where both sides are
best deals are ones where both sides are
best deals are ones where both sides are unhappy
unhappy
unhappy Oh interesting okay not happy I’m happy
Oh interesting okay not happy I’m happy
Oh interesting okay not happy I’m happy both are unhappy that expand why because
both are unhappy that expand why because
both are unhappy that expand why because if you’re both unhappy
if you’re both unhappy
if you’re both unhappy you’ve both left both sides lots on the
you’ve both left both sides lots on the
you’ve both left both sides lots on the table in other words you never got what
table in other words you never got what
table in other words you never got what you wanted either the other side that’s
you wanted either the other side that’s
you wanted either the other side that’s a good deal and generally a beginning of
a good deal and generally a beginning of
a good deal and generally a beginning of a great partnership
a great partnership
a great partnership what is stronger and this I think is
what is stronger and this I think is
what is stronger and this I think is more investing question but it would
more investing question but it would
more investing question but it would apply to management entrepreneurship as
apply to management entrepreneurship as
apply to management entrepreneurship as well what is a stronger feeling greed or
well what is a stronger feeling greed or
well what is a stronger feeling greed or fear fear I think fear is a better
fear fear I think fear is a better
fear fear I think fear is a better motivator than greed is the stock market
motivator than greed is the stock market
motivator than greed is the stock market efficient in terms of information do you
efficient in terms of information do you
efficient in terms of information do you have massively more access to
have massively more access to
have massively more access to information than regular drove who’s
information than regular drove who’s
information than regular drove who’s looking at investing in IBM or Apple no
looking at investing in IBM or Apple no
looking at investing in IBM or Apple no the the market is not accusing you of
the the market is not accusing you of
the the market is not accusing you of Enzo
Enzo
Enzo I don’t do insider trading anyways I
I don’t do insider trading anyways I
I don’t do insider trading anyways I mean I don’t actually trade at all
mean I don’t actually trade at all
mean I don’t actually trade at all because I’m a fiduciary well Larry fine
because I’m a fiduciary well Larry fine
because I’m a fiduciary well Larry fine so I provide you know prohibited from
so I provide you know prohibited from
so I provide you know prohibited from trading
trading
trading so I look at it this way the market has
so I look at it this way the market has
so I look at it this way the market has become extremely volatile because
become extremely volatile because
become extremely volatile because there’s lots of transparency and lots of
there’s lots of transparency and lots of
there’s lots of transparency and lots of information and we now have high-speed
information and we now have high-speed
information and we now have high-speed trading programs that do this so I
trading programs that do this so I
trading programs that do this so I anticipate that we’re gonna have two or
anticipate that we’re gonna have two or
anticipate that we’re gonna have two or three percent moves every day for the
three percent moves every day for the
three percent moves every day for the rest of my life in the market okay you
rest of my life in the market okay you
rest of my life in the market okay you talk about business being in your DNA
talk about business being in your DNA
talk about business being in your DNA you’ve also heard about the line about
you’ve also heard about the line about
you’ve also heard about the line about you know Warren Bennis professor at USC
you know Warren Bennis professor at USC
you know Warren Bennis professor at USC he says leaders are they born or they’re
he says leaders are they born or they’re
he says leaders are they born or they’re made so my first question is you are a
made so my first question is you are a
made so my first question is you are a hell of a salesperson are salespeople
hell of a salesperson are salespeople
hell of a salesperson are salespeople born or are they made well everybody is
born or are they made well everybody is
born or are they made well everybody is born but the way I look at it is great
born but the way I look at it is great
born but the way I look at it is great salespeople are able to live with very
salespeople are able to live with very
salespeople are able to live with very strict metrics so when I hire all my
strict metrics so when I hire all my
strict metrics so when I hire all my salespeople and I what I try and look
salespeople and I what I try and look
salespeople and I what I try and look for in them is can they get up in the
for in them is can they get up in the
for in them is can they get up in the morning and say I want to go to bed at
morning and say I want to go to bed at
morning and say I want to go to bed at night richer than I woke up that’s the
night richer than I woke up that’s the
night richer than I woke up that’s the hallmark of a great salesman because
hallmark of a great salesman because
hallmark of a great salesman because they’re paid on commissions that’s how
they’re paid on commissions that’s how
they’re paid on commissions that’s how it works you know sales is tough and
it works you know sales is tough and
it works you know sales is tough and only two-thirds of your sales force are
only two-thirds of your sales force are
only two-thirds of your sales force are gonna work out long term most of my
gonna work out long term most of my
gonna work out long term most of my firings occur in the sales area because
firings occur in the sales area because
firings occur in the sales area because it’s clear to me it’s not working it’s a
it’s clear to me it’s not working it’s a
it’s clear to me it’s not working it’s a combination of relationships a little
combination of relationships a little
combination of relationships a little art a little science and in an
art a little science and in an
art a little science and in an organization the people I respect the
organization the people I respect the
organization the people I respect the most are not the CFOs the CFO’s it’s the
most are not the CFOs the CFO’s it’s the
most are not the CFOs the CFO’s it’s the salespeople that’s where I have a kid
salespeople that’s where I have a kid
salespeople that’s where I have a kid minspeak
minspeak
minspeak couple more questions don’t you say
couple more questions don’t you say
couple more questions don’t you say don’t let others determine your worth I
don’t let others determine your worth I
don’t let others determine your worth I totally get that now let me ask you
totally get that now let me ask you
totally get that now let me ask you something your best sales guy walks into
something your best sales guy walks into
something your best sales guy walks into your office and says boss it’s time
your office and says boss it’s time
your office and says boss it’s time for me to go start my own company do you
for me to go start my own company do you
for me to go start my own company do you a try to pan so much to stay be change
a try to pan so much to stay be change
a try to pan so much to stay be change his mind or see say I want to invest in
his mind or see say I want to invest in
his mind or see say I want to invest in you or D you’re a trader you’re not
you or D you’re a trader you’re not
you or D you’re a trader you’re not loyal to get out of my own no no but you
loyal to get out of my own no no but you
loyal to get out of my own no no but you know I look kind of pour hot oil on no
know I look kind of pour hot oil on no
know I look kind of pour hot oil on no no if people don’t want to stay I never
no if people don’t want to stay I never
no if people don’t want to stay I never try and keep them that doesn’t make
try and keep them that doesn’t make
try and keep them that doesn’t make sense I mean if he’s found a better
sense I mean if he’s found a better
sense I mean if he’s found a better opportunity but I would never invest in
opportunity but I would never invest in
opportunity but I would never invest in a Salesman because they’re not generally
a Salesman because they’re not generally
a Salesman because they’re not generally the best managers they’re the best
the best managers they’re the best
the best managers they’re the best salesmen never promote your best
salesmen never promote your best
salesmen never promote your best salesman to run sales yeah salesman
salesman to run sales yeah salesman
salesman to run sales yeah salesman which is a different different breed
which is a different different breed
which is a different different breed okay final questions are sort of sub
okay final questions are sort of sub
okay final questions are sort of sub questions regarding your investing right
questions regarding your investing right
questions regarding your investing right track record of on Dragon’s Den and
track record of on Dragon’s Den and
track record of on Dragon’s Den and Shark Tank so how many companies have
Shark Tank so how many companies have
Shark Tank so how many companies have you invested on the two shows oh about
you invested on the two shows oh about
you invested on the two shows oh about 20 by now okay 20 how much money have
20 by now okay 20 how much money have
20 by now okay 20 how much money have you invested in all of them I’d have to
you invested in all of them I’d have to
you invested in all of them I’d have to add it up the deals are in size the
add it up the deals are in size the
add it up the deals are in size the height the biggest one was 2 million and
height the biggest one was 2 million and
height the biggest one was 2 million and the smallest one was five thousand bucks
the smallest one was five thousand bucks
the smallest one was five thousand bucks what did you get what percentage for the
what did you get what percentage for the
what did you get what percentage for the 2 million that deals a royalty deal so
2 million that deals a royalty deal so
2 million that deals a royalty deal so it’s 51% but here’s something about
it’s 51% but here’s something about
it’s 51% but here’s something about thinking this statistics because you’ll
thinking this statistics because you’ll
thinking this statistics because you’ll guess this is an interesting line let me
guess this is an interesting line let me
guess this is an interesting line let me tell you the the stats venture investing
tell you the the stats venture investing
tell you the the stats venture investing this is gonna be shocking to you since
this is gonna be shocking to you since
this is gonna be shocking to you since from the from 1992 to 2001 in 10 deals
from the from 1992 to 2001 in 10 deals
from the from 1992 to 2001 in 10 deals got liquid and made their shareholders
got liquid and made their shareholders
got liquid and made their shareholders money they hear me on this since 2002 to
money they hear me on this since 2002 to
money they hear me on this since 2002 to today it’s 1 in 25 the returns on
today it’s 1 in 25 the returns on
today it’s 1 in 25 the returns on venture investing actually negative on
venture investing actually negative on
venture investing actually negative on Dragon’s Den and Shark Tank every time
Dragon’s Den and Shark Tank every time
Dragon’s Den and Shark Tank every time as a handshake when you see a deal like
as a handshake when you see a deal like
as a handshake when you see a deal like that only 1 in 3 of those clothes
that only 1 in 3 of those clothes
that only 1 in 3 of those clothes because two out of three knowledge
because two out of three knowledge
because two out of three knowledge survived due diligence of the investment
survived due diligence of the investment
survived due diligence of the investment portfolio including the British the
portfolio including the British the
portfolio including the British the American and the Canadian where there
American and the Canadian where there
American and the Canadian where there are hundreds of deals done one in 17 has
are hundreds of deals done one in 17 has
are hundreds of deals done one in 17 has made money I don’t doubt that its
made money I don’t doubt that its
made money I don’t doubt that its venture capital investing but I get a
venture capital investing but I get a
venture capital investing but I get a sense from the little I’ve seen of the
sense from the little I’ve seen of the
sense from the little I’ve seen of the show on what I’ve read and what I’ve
show on what I’ve read and what I’ve
show on what I’ve read and what I’ve heard it’s more almost like a bank loan
heard it’s more almost like a bank loan
heard it’s more almost like a bank loan or like asteroid well no it’s changing
or like asteroid well no it’s changing
or like asteroid well no it’s changing now because banks aren’t lending so real
now because banks aren’t lending so real
now because banks aren’t lending so real companies are coming on think of
companies are coming on think of
companies are coming on think of Dragon’s Den is this it’s the venture
Dragon’s Den is this it’s the venture
Dragon’s Den is this it’s the venture capital it’s the American Idol venture
capital it’s the American Idol venture
capital it’s the American Idol venture can yeah if you get your product on
can yeah if you get your product on
can yeah if you get your product on there two million people see it four
there two million people see it four
there two million people see it four times a week it’s like home shopping
times a week it’s like home shopping
times a week it’s like home shopping your sales are going up thirty five
your sales are going up thirty five
your sales are going up thirty five percent so I’d argue that I’d rather
percent so I’d argue that I’d rather
percent so I’d argue that I’d rather invest in a company that’s a consumer
invest in a company that’s a consumer
invest in a company that’s a consumer good or service and have it on dragons
good or service and have it on dragons
good or service and have it on dragons then get the free advertising but making
then get the free advertising but making
then get the free advertising but making money with it now
money with it now
money with it now the deals are being tailored with
the deals are being tailored with
the deals are being tailored with royalties or some percentage of cash
royalties or some percentage of cash
royalties or some percentage of cash flow pay back to the investor form a
flow pay back to the investor form a
flow pay back to the investor form a factor yep so okay I want to just two
factor yep so okay I want to just two
factor yep so okay I want to just two more sub questions on this any exits yet
more sub questions on this any exits yet
more sub questions on this any exits yet from your investment on the shows yes
from your investment on the shows yes
from your investment on the shows yes there was one called
there was one called
there was one called IQ zone in season 2 which was an app one
IQ zone in season 2 which was an app one
IQ zone in season 2 which was an app one of the early apps for Nokia cell phones
of the early apps for Nokia cell phones
of the early apps for Nokia cell phones that was an exit it was a good outcome
that was an exit it was a good outcome
that was an exit it was a good outcome there’s another one that’s coming along
there’s another one that’s coming along
there’s another one that’s coming along very very well called diggit gloves
very very well called diggit gloves
very very well called diggit gloves which is from two seasons ago went from
which is from two seasons ago went from
which is from two seasons ago went from zero to four on a thousand in sales this
zero to four on a thousand in sales this
zero to four on a thousand in sales this thing is taking off it’s building a
thing is taking off it’s building a
thing is taking off it’s building a brand
brand
brand the rest are living dead basically you
the rest are living dead basically you
the rest are living dead basically you know I’m writing checks and that frankly
know I’m writing checks and that frankly
know I’m writing checks and that frankly that’s gonna be the ratio it’s gonna be
that’s gonna be the ratio it’s gonna be
that’s gonna be the ratio it’s gonna be two in eighteen all right we could chat
two in eighteen all right we could chat
two in eighteen all right we could chat for hours fascinating
for hours fascinating
for hours fascinating you do a great job of telling your life
you do a great job of telling your life
you do a great job of telling your life story is probably from a buy up like
story is probably from a buy up like
story is probably from a buy up like biography perspective this book was
biography perspective this book was
biography perspective this book was probably more entertaining than most
probably more entertaining than most
probably more entertaining than most BIOS and from the money and business
BIOS and from the money and business
BIOS and from the money and business lessons it was great cold hard truth
lessons it was great cold hard truth
lessons it was great cold hard truth it’s available in bookstores online many
it’s available in bookstores online many
it’s available in bookstores online many great places kevin o’leary thank you
great places kevin o’leary thank you
great places kevin o’leary thank you very much thank you very much
”
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