Mr. Wonderful Is Actually More Wonderful Than I Thought

hey there it’s David H Lawrence the 17th
and I just got back from seeing a number
of people speak at Cal State Northridge
at their beautiful theater there one of
whom was from shark tank
Kevin O’Leary and I gotta tell ya he
really changed my opinion about him
after watching him speak tonight the
first two people were among the most
polished polished pitchman I’ve seen one
guy was pitching a real estate course on
what was called snap flipping okay not
for me
and the other one was talking about
options trading which I found
interesting both of them were like hey
come up on stage and and buy our stuff
and a lot of people did it was a free
event so it was packed there were 1,500
people there and kevin O’Leary was the
last one to speak and I gotta tell you
I’ve watched Shark Tank for the last ten
years and I knew that kevin O’Leary was
the guy who brought it to ABC having
done it in Canada he purchased the
concept from or licensed the concept
from the dragon dens people in the UK
which I also have watched for a long
time I loved the whole idea and the
thing is when I would watch Shark Tank I
just I hated Kevin I mean who would want
to work with a guy like that he was so
nasty all the time I even told Betsy if
we ever took rehearsal Pro on Shark Tank
the first thing I would say it was
sharks hang on one second mr. wonderful
you’re out just so you know and then
just pitch to the other ones probably
wouldn’t work out really well for me but
it would feel really good anyway so I
did I wasn’t expecting much the first
two guys were really really aggressive
in their pitches the first guy was one
of the most polished manic pitch guys
I’d ever seen and very very very
systematic and it showed because people
streamed on stage for his 997 product
probably hunt 200 people 100 or 200
people bought
so then the second guy pitched and a
bunch of people came up and bought that
and I thought well I wonder what Kevin
O’Leary is pitching and it turns out
Kevin O’Leary
didn’t pitch anything I I wrote a bunch
of notes oh here’s my my VIP badge and
my lanyard that I just took off but I I
wrote notes
I didn’t write notes with the first guy
and I wasn’t expecting to write notes
with kevin O’Leary but I did and I want
to share some of them with you he really
really emphasized how important it is to
do storytelling when pitching on an idea
whether it’s an idea for a startup
company or to fund a company or anything
whether it’s you know I want to do a new
project or I want to I want to you know
get you to you know contribute to a fund
or to a charity telling a story really
makes all the difference in the world
and he played a video of the wicked
cupcakes mother and daughter team who
told a great story and changed as he put
it changed everything about Shark Tank
forever he said to do this you have to
do a great story you have to tell that
story in 90 seconds or less when you’re
introducing it not the whole story but
just that intro story has to be 90
seconds or less the explanation of to as
to what it is and why you’re the right
team to execute that plan and you have
to know your numbers you have to know
your numbers and understand your
business model if you don’t have those
three things it’s really hard to get
anybody to be persuaded to do what you
want them to do and knowing your numbers
and knowing your business model isn’t
just for business it’s understanding
anything that you would stand up in
front of a group of people and do if
you’re teaching if you’re promoting if
you’re if you’re trying to persuade
people to follow you down a path with
your with your your career all of those
things demand that people have faith in
you and that people get the story and
they connect with the story right so
this was the first of several things
that made me change my mind about kevin
O’Leary right he says that he does a
yearly going concern test I wrote
a lot of notes a going concern test
where he kills his babies if they’re not
working out if he’s not making any money
with them he may love the idea but if
it’s just not working out every year he
does what’s called a going concern test
is it a going concern is it something
that he can continue doing he said he
did a study and he said that 95 percent
of his income in his portfolio of
companies 95 percent of the income is
from companies run by women now the vast
majority of his companies are run by
women but that means that 5% of his
income is from companies run by men
that’s really interesting he said the
reason is time management and having
reasonable targets men tend to say oh
next year we’re gonna increase by 30 40
percent and then they’ll miss that
target but we got 18 percent that was
pretty good women on the other hand will
say we’re hoping for 15% would be great
if we got 18 percent and then when they
get 20 percent and they constantly
exceed those things he’s like I love
this I love this they’re not he said he
called them testosterone laded laden
targets that men come up with and he
said the biggest thing that he sees
women doing that he doesn’t see men
doing in meetings in management meetings
is shutting up and listening not just
shutting up but shutting up and
listening women are much better
listeners than the men are in his group
and he’s trying to get them both to
learn from each other there are certain
advantages that men have on a regular
basis over women acceptance by other men
things like that but he sees this
cross-pollination happening and you know
like when is he gonna pitch something to
me what is he gonna say you know come do
the kevin o’leary learn how to play the
guitar thing or come buy my cupcakes or
whatever he never pitched anything
didn’t do anything and then he laid
something on me on the whole audience
that I thought was just amazing I had no
idea that it was this widespread or that
it was this dangerous or this important
to him but he said there’s a brand new
line on the budget for businesses that
work on line and that line is social
media warfare and reputation protection
you know he said in the old days if
somebody had a complaint they call up
1-800 customer service and they’d
complain about a product or service that
they had purchased from you today
they don’t call toll-free numbers they
don’t ask for help maybe they’ll send
you an email if they have your email
address but the first thing they do is
get on social media and destroy your
reputation and he said he did a study of
all of his companies and their social
media interactions and he found out that
between 25 and 30 percent of all of the
negative posts that are being posted
about his companies they weren’t coming
from customers they were coming from
organizations that were paid for by his
competitors and he got really deep into
this stuff and he said most people who
have high profiles on social media are
target’s of this there are companies out
there that you don’t know who their
names are you don’t know what they
they’re available online you can find
him and put him be used to kill your
competition and a lot of people do and
he said I employ a professional wrestler
a 27 year old female professional
wrestler to do my social media stuff
because she’s the one that understands
it I don’t understand it and she’s the
one that showed me all of these fake
accounts and all that they were doing
and who they were tied to and he
realized just how pervasive this problem
is and I gotta tell you I walked away
thankful that my profile is either low
enough that nobody cares to destroy my
reputation or that I do a good enough
job that destroying my reputation isn’t
something that my competitors want to do
or my competitors aren’t competitive
enough or sophisticated enough to know
how to do I don’t know something there
but when I heard that I was like wow
that is so true
that today your reputation is almost
more valuable than your product or
service
and you want to think about that I mean
I’m gonna ask you to do that in the
comments I got a lot more things here
that I may be sharing with you in in
future videos but already I’ve
overstayed my welcome tell me in the
comments below as you watch this what
you do when you get upset with a
customer with a with a product or a
service as a customer do you try to
contact the company to try to have them
rectify it
or do you just complain on social media
and if somebody complains about you on
social media without giving you a chance
to make it right how does that make you
feel let me know in the comments below
I’d love to do that
I feel really dressed up so I’m gonna go
change but in the meantime if you want
to sign up for my my youtube channel go
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they’re really good at that I’m David H
Lawrence the 17th thinking much better
of mr. wonderful and I appreciate you
watching and I will talk to you tomorrow.