Kevin O’Leary has written a book so engaging and sympathetic that he risks losing his claim as the Mean One on the hit reality show Dragons’ Den.
In his autobiography Cold Hard Truth, he tells of a difficult Montreal childhood.
When he is 6, his parents undergo “a devastating, acrimonious split,” ending with his father’s early death from alcoholism.
At school, O’Leary discovers he is dyslexic — good with numbers but unable to read — until he enrolls in a revolutionary program that builds his other talents and self-confidence. More: Dragons’ Den star Arlene Dickinson on the art of persuasion
At university, he parlays an aptitude for winning handsomely at barroom shuffleboard into his first business, Special Event Television, featuring the talk show Don Cherry’s Grapevine, precursor to Coach’s Corner on CBC’s Hockey Night in Canada.
Then the real work begins. From his basement, O’Leary launches a computer software firm, which he builds it into The Learning Company, which he eventually sells to the Mattel toy corporation for $4.2 billion.
“Getting rich feels like joy,” O’Leary writes. “A hot burst in the heart.”
Now he runs the O’Leary Funds mutual fund company and appears in the television business shows Dragon’s Den, Lang & O’Leary Exchange on CBC News Network, and Shark Tank on ABC.
At a Toronto coffee shop this week, he spoke about his book. Here is an edited excerpt of his talk with Star business reporter John Goddard.
What does it take to get rich?
Real entrepreneurs who have had success tell me the same thing — they are not pursuing cash wealth. They are trying to be successful in their business and then one day they wake up and they’re rich.
That’s what happened to me. I was living and breathing The Learning Company. I was working 25 hours a day and I loved it.
I was running all over the world doing deals — and I mean everywhere. We had 3,000 employees. We owned the consumer educational software market in reading and math worldwide personal loans for bad credit. Every company like IBM and Apple, and every hardware manufacturer, wanted to do business with us. It was amazing.
I remember waking up one day and looking at the software we were selling to Mattel and saying, “Wow, where did all this come from? Look what we’ve created. Look at this beautiful thing.” (The Learning Company) was very big and very valuable.
Is it true that an entrepreneur must discard the idea of a balanced life?
Yes. If you are an entrepreneur, there is no such thing as balance.
There are periods of time when you need to be myopically, intensely, focused on your business and if you are successful — it may take five years, or three years or 10 years — you are free. You are wealthy. You can start a new business. You can be a philanthropist. You can do whatever you want.
It doesn’t mean that during your whole life you’re imbalanced. It just means that during that period your business will consume you.
What attracted you to Don Cherry?
I formed Special Event Television and I said, “This Don Cherry is a very gregarious guy, very interesting to watch. Let’s let him build his personality, make the show all about him and his dog, and see if people will watch. And it was a monster hit.
In the book, you say that Cherry “uses his opinions as a branding mechanism.” Did you adopt his idea for Dragons’ Den?
Don taught me the value of candour. He would say, “Look, that goalie is no good and here is why.” And he would list three reasons — the guy can’t take a low shot or whatever.
I thought, “Boy, that’s tough,” but people would perk up. And I thought, “Why can’t I apply that same approach to business? Why can’t I have candour in business, because that’s how I feel, too.
Don taught me that — candour and honesty. I believe that it’s important to be factual and honest with people and not to dress it up, just tell it the way it is.
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