Kevin O'Leary, known for his no-nonsense attitude on Shark Tank, has a simple yet powerful rule for building a successful team: "Hire slowly, fire quickly." Although this may sound harsh, O’Leary thinks it’s necessary to establish a high-achieving corporate culture.
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When it comes to selecting new hires, O’Leary is patient. He carefully considers whether their skills and mentality make them a good fit for his company. He's looking for people who are not only talented but also aligned with the company's goals and values. This systematic approach helps him build a team that is not only competent but also cohesive.
"I don't want anybody inside our organization that's not moving in the same direction," O'Leary says. He won't hesitate to let someone go if they aren't contributing positively.
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O’Leary acknowledges that there's a lot of "infighting" in his companies, but he thinks that's normal in any successful business. He likens his team to a big family, where disagreements are inevitable. What matters most to him is that everyone is great at their job and respects each other’s skills.
"Sure, we have lots of infighting but that's just natural in a big family like that," O'Leary explains. He believes that a certain level of conflict is healthy, as long as it's about pushing the company forward and not personal attacks.
O'Leary's strict approach to hiring and firing might seem tough but it helps create a team of high performers. He says his companies have a close-knit team of people who are good at their jobs and that naturally attracts more talented people who want to work in that kind of environment.
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He also ensures his employees are well-rewarded for their efforts, saying, "I'm not greedy. We give it to everybody so everybody gets to wet their beak." By sharing the company's success with his team, O'Leary ensures they stay motivated and loyal.
O'Leary knows people work to make money – "They’re not greedy but they want to be rewarded for their work." That's why he believes in paying well and sharing the company's profits with his employees to keep them happy.
As Kevin puts it, he is the same person off-screen as on Shark Tank. His blunt, no-nonsense style that made him famous on TV is simply who he is in real life. He didn't have to change a thing to land his role on the show because that's how he operates – straightforward and brutally honest. Whether he's evaluating a business deal in private or grilling an entrepreneur on TV, he tells it like it is.
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