When you're an investor, you can look at the quantitative and qualitative elements of an investment, but there's a third aspect: What you feel in your gut.
Kevin O'LearyRead
Downturns are the best time to start businesses because you develop discipline that's very lean and mean in terms of how to spend money. And those habits serve you very well in good times.
Interpretation
What this quote means
Starting a business during tough times fosters financial discipline and efficiency.
In this quote, Kevin O'Leary emphasizes that initiating a business during economic downturns can lead to the cultivation of strong financial habits and discipline. This experience of managing resources wisely prepares entrepreneurs not only to survive difficult periods but also to thrive during more prosperous times, as they develop skills to operate efficiently and make prudent financial decisions.
Themes
BusinessDisciplineDownturnSuccessEntrepreneurship
In practice
Example use cases
During a business seminar to highlight the importance of resilience in entrepreneurship.
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I have met many entrepreneurs who have the passion and even the work ethic to succeed - but who are so obsessed with an idea that they don't see its obvious flaws. Think about that. If you can't even acknowledge your failures, how can you cut the rope and move on?
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