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Cold Hard Truth: On Business, Money & Life

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Kevin O’Leary shares invaluable secrets on entrepreneurship, business, money and life.
 
Can you make millions just by “visualizing yourself rich” as some business prophets suggest? Don’t buy it, says Kevin O’Leary. If you want to be a successful entrepreneur and amass wealth, you’re going to have to work for it. But the good news is: with the right guidance, focus and perseverance, you can turn entrepreneurial vision into lucrative reality and have the personal freedom that only wealth can buy.  

Kevin O’Leary would know. The much-feared and revered Dragon on the immensely popular show Dragons’ Den (and Shark Tank in the U.S.) started his company in his basement with a $10,000 loan from his financially savvy mother. A few years later, Kevin sold that company for more than four billion dollars. In this compelling, candid and, above all else, brutally honest business memoir, Kevin provides engaging, practical advice and lessons that will give anyone a distinct competitive edge.

256 pages, Hardcover

First published September 27, 2011

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About the author

Kevin O'Leary

22 books99 followers
Librarian Note: There is more than one author by this name on the goodreads data base.

Humble Beginnings
Kevin O’Leary was born to a middle class family in 1954. The combination of Kevin’s mother’s family heritage as merchants and his father’s Irish charisma truly meant that O’Leary was born for business. Kevin learned most of his business intuition from his mother. She taught him key business and financial insights from an early age. These became Kevin’s core philosophies, and the pillars upon which he would one day build his empire.

The Turning Point
Kevin’s approach to business went through major changes as a teenager. During his second day on the job at a local ice cream shop, his boss came into the front of the store where Kevin was scooping ice cream. She looked at Kevin and asked him to perform a task that he wasn’t expecting. What happened next had a profound effect on Kevin – one that stayed with him for the rest of his life.

Foundations of an Empire
As a university student, Kevin’s innate business sense led him along several different paths – including some very unusual, very entrepreneurial ways of making a profit.
Not long after he finished his MBA, Kevin had a meeting that changed his life forever. He met a man who had a strange idea for a software product – an idea with huge, high-profit potential that Kevin immediately recognized.
After years of ups, downs, sacrifices, challenges, and lessons learned — not to mention a critical phone call that nearly cost him everything — the opportunity that Kevin saw eventually turned into a computer software giant that was acquired for more than $4 billion dollars.

Investor Extraordinaire
After his extraordinary success at the software company he founded – and a difficult period of obstacles and legal disputes – Kevin eventually found himself on television, quickly becoming a sought-after host and personality on a range of shows – including Discovery’s Project Earth, CBC’s Dragons’ Den, and ABC’s Shark Tank.
Kevin has since launched O’Leary Funds, an investment fund company; O’Leary Fine Wines; and a best-selling book series on financial literacy.
In 2014, Kevin founded O’Leary Financial Group – a group of brands and services that share Kevin’s guiding principles of honesty, directness, convenience, and above all, great value.

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5 stars
274 (24%)
4 stars
438 (38%)
3 stars
330 (29%)
2 stars
69 (6%)
1 star
20 (1%)
Displaying 1 - 30 of 112 reviews
Profile Image for Josephine.
139 reviews15 followers
December 31, 2011
I’ve never watched Dragon’s Den,but I have heard Kevin O’Leary on John Tory’s talk show from time to time — and you know what? I can’t help but respect a guy who tells it as it is when it comes to business.

In his book, Cold Hard Truth, he writes about how, one of the hallmarks of being a great boss is to never consider your employees your friends — it just makes it tough to reprimand them or fire them.

I know I continually harp about this, but over the course of my career so far — and we’re wrapping up a decade now in the work force — the one thing I’ve come to hate the most is cronyism and nepotism.

It just completely flies in the face of what we were taught in school and by our parents — that notion that, as long as you work hard, you’ll succeed. But you know what? Time and time again, I’ve seen people hired because they’re friends of someone in a position of power; and I’m sorry, but I think that’s an abuse of power and shouldn’t be allowed to happen…but it does and I’m old enough and smart enough to know by now that only losers crave equality.

Another thing that O’Leary points out in his book?

Everybody is replaceable. Only delusional people like to think that they’re not — but almost anybody can be replaced.

I love reading books like this and often wish that more executives would read them, too — because I think someone as successful as Kevin O’Leary definitely knows a thing or two about how to run a company.

His secret to success?

It’s really very simple: you work for it.

You know, I’d really love to meet the man — though, I have no idea what to say to him.

The CEO that I used to work for — he just retired this past month — actually had the opportunity to appear on The Lang and O’Leary Exchange on CBC (though, I don’t think that Kevin O’Leary was actually on that episode) and I think it would have been amazing to have been on the set of that. (Though, O’Leary advises against having an entourage accompanying you wherever you go.)

In this book, O’Leary talks about how he’s often perceived as “the mean one” on both Dragon’s Den and the American version, Shark Tank — but I think that people who don’t mince words and who call a spade a spade are often labelled as “mean” simply because people don’t like hearing the truth.

Some takeaways:

In the real world, interpersonal skills often trump academic achievements. (This is so true. I’ve known a couple of people who’ve had Masters degrees who acted like they were above doing certain tasks — despite the fact that this was what they signed up for when the accepted the job offer. Having a Masters degree means squat if you can’t even make a simple photocopy right.)
If you make mistakes, own up to it — and show that you’ve learned from them and that you won’t let them happen again.
Don’t fear change — the only constant in life is change; so accept it and move on.
Tears don’t add value — life’s hard. Get over it.
Execution is everything.
Profile Image for Hilary.
133 reviews35 followers
February 28, 2014
Picking up this book is all the evidence I need that I enjoy Shark Tank more than I should. I’ve never read an investing or money-themed book before (sorry, Martin Amis), because I’m just not the target demographic (I imagine people who know about stocks and bonds and...whatever else people invest in don’t buy as much ramen as I do). I’m not really sure how much any book like this can offer - like any diet book, which has to spin “diet and exercise” into two hundred plus pages, most of the points here are as simple as “spend less and save more,” which isn’t terribly insightful. There were a few interesting points, like focusing on paying off debt over investing, and that renting can be better than buying a home, but most of these tips weren’t particularly applicable to me. After all, it’s a bit late for a prenup, and thanks to student loans, I won’t be worrying about a mortgage or home remodeling until there are flying cars and (hopefully wisecracking) robot manservants.

Still, this book has a good amount of possibly semi-intentional comedic value. It’s amusing to read the self-anointed Mr. Wonderful’s shameless self-promotion (there are two full-page ads for his companies at the end of the book, because 250 pages of his brilliance and tales of how he earned his money aren’t enough), his comically cold, robotic fixation on money (the book begins, “This book is the story of my money, and the personal journey I went on to make it”; he recommends that all couples sign a prenup or cohabitation agreement, because “[c]ontract talks are a fantastic vetting process”; he calls pets “an expensive story, with an expensive ending”), his failed attempts at humor (calling his imaginary wedding planning company “Love Don’t Cost a Dime, Inc.”), his strange reminiscences (“Going to the mall wasn’t a twice-weekly trip. It was saved for special occasions. Times are different now.”) and ridiculous phrases (“cars are here to stay”).

There’s also a strange blend of cheapness and complete Rich Guy out-of-touchness that’s pretty hilarious. In one section, O’Leary sets up several compound interest charts while decrying any expenditures us suckers make on off-the-rack magazines, alcohol or coffee, pointing out that a $6 per week coffee habit over 10 years costs $3,120, and instead, if that amount were invested with a 3% return, you could have $3,920 - an extra $800! That’s a lot of charts and hypotheticals to tell us that when you buy things, you longer have that money. Also, $3,000 for ten years of coffee sounds like a pretty amazing deal, though I appreciate that some billionaire is recommending I “[i]nvest in a thermos, a vinyl lunch bag, and a good coffee maker,” because the idea of a billionaire taking the time to pack his own lunch in one of his many homes before taking his private jet to work is great.

In other sections, O’Leary shows that, despite his familiarity with the concept of a “thermos,” he hasn’t interacted with an actual human being in decades, like when he demands that all couples get a prenup that will cost “anywhere between $5,000 and $25,000,” and he adds, “don’t forget vacation property, timeshares, and lake houses.” Remember, Kevin, we’re the people from a few chapters ago who apparently can’t afford our $6 per week coffee habit, much less our $10 per week magazine habit. Even though we’re now saving that cool $6k over the next decade thanks to your hot tip of not buying those things, we’re not exactly in the lake house market, unless it’s a copy of The Lake House on DVD, because everyone’s emotionally wealthy if they give two hours of their lives to a movie where Sandra Bullock and Keanu Reeves somehow interact through a mailbox that sends love letters through time. Since Mr. O’Leary spends a bunch of time bragging about “only” spending $10,000 on your wedding and honeymoon, where does he get off advising people to spend up to two and a half times that on the prenup? What partner is going to be excited about marrying someone who places an equal or greater value on the financial fallout from the end of a marriage that hasn’t happened yet than on the ceremony that is the beginning of that marriage?

The possibly semi-intentional comedy (chastising people who gave a friend of his their used baby stuff because it was high quality and they “might have made a buck on the resale,” complaining about the expense of his lake house and Porsche - though they’re okay because those are “indulgences,” not “investments”) made this more fun than I would have thought, but still not something I’d recommend.
Profile Image for Jeffrey  Sylvester.
111 reviews10 followers
December 17, 2011
It didn't have a lot of substance but it was okay. Initially, I expected O'Leary to come from poverty and be entirely self-made which isn't the case. Although, it was interesting to trace through his entreprenurial tale. It evoked the business side of my youth, and marks the beginning of my own journey back from a stray into public service and academia. Plus, it gave some personal insight into a controversial Canadian figure I knew little about. It gave him a soft spot, which was cool and intrigued me to learn more about his investment strategy.
Profile Image for John Magdaraog .
31 reviews2 followers
July 5, 2014
Most of the given information on this book was based on making financial wise decision.
My main concern is it doesn't help you acquired assets. Instead, the book tells you to do is SAVE.SAVE & SAVE and live in a frugal lifestyle. All in all, it is simple to understand.
Profile Image for Chase.
120 reviews
May 13, 2021
I enjoyed the inside look into Dragon's Den and some sound investment advice, but I still think Kevin is an asshole who prioritizes money over all else. Not cool.
Profile Image for Tosin Omotoyinbo.
2 reviews2 followers
June 18, 2018
Mr. Wonderful is such an interesting character. His simple no-BS approach to business and ultimately making money in general is so interesting, coupled with his sense of humor and wit, fully expressed in the book, you could almost hear him affirming the cold hard truth of business wisdom into your ears, with the aim of preventing you from disrespecting money, this the best time investment I've made in any book this year.
Profile Image for Sue.
1,369 reviews5 followers
October 6, 2011
Kevin O’Leary "Cold Hard Truth" shares invaluable secrets on entrepreneurship, business, money and life.It is not easy to review this book and do it the kind of justice it deserves.This is the story of the memoire of Kevin O'Leary's journey, the path that he followed, the lessons that he learned, the discipline that he adhered to be a successful entrepreneur and amass wealth.He told us that you have to work for it. But the good news is: with the right guidance, focus and perseverance, you can turn entrepreneurial vision into reality and have the personal freedom that only wealth can buy.

Kevin O’Leary would know. The much-feared and revered Dragon on the immensely popular show Dragons’ Den (and Shark Tank in the U.S.) started his company in his basement with a $10,000 loan from his financially savvy mother. A few years later, Kevin sold that company for more than four billion dollars. In this compelling, and honest business memoir, Kevin provides practical advice and lessons that will give anyone a distinct competitive edge.He composed a Bible of skills, lessons learned, and lessons to follow for the entrepreneur to succeed in being financially truly free.

I live in Toronto, work from home and really enjoyed reading this novel and the insight it gave.Very thought provoking.But most of all he stuck to the simple rule of Keep it simple.A definate 5 star rating.
December 5, 2013
What a jerk!!! Ha, just kidding. For anyone who's watched Dragon's Den or Shark Tank has seen "Mr. Wonderful" be a jerk to people pitching their ideas. After watching Shark Tank now for a couple of seasons I've got to say that Kevin O'Leary does start to grow on you, particularly when even I can see the that someone has brought in a dog of an idea. So after reading his book I now understand why he comes off as an asshole to some. Simple put, he tells it like it is. Actually, I don't think he's a jerk, he simply doesn't sugar coat the truth. If someone has a bad idea he tells them so. People who come up with an idea for something will treat that something as their baby and will take it personally if someone tells them that their baby is stupid. Yea, of course they would get pissed. Some ideas and products are simply bad ideas.

Mr. O'Leary has certainly had his own failures but learned from them to the point of correction to still come out on top. He describes his journey from building a small business out of his house into a large corporation, and into TV history telling people that some of their ideas suck and some ideas are fantastic. If you are a fan of business, a fan of Dragon's Den or Shark Tank, then you will enjoy this book.
Profile Image for Karolina.
74 reviews
January 7, 2018
I picked this book up because, at the time, I was really into Dragon's Den, I actually like Kevin, and because someone in the family bought it. For a book with such a bold title, it really didn't say much. It read very much like a dictated autobiography clearly ghost-written by someone else and lightly edited.

It's very vague when it comes to talking about what exactly Kevin did while building his first business, and attributes much of it to his character. That is fair, however that makes the book title and summary pretty misleading. I'd be happier reading this without such grandiose pretentiousness. You can't call a book Cold Hard Truth, and not offer the cold hard truth.

Most of what this book has to offer in terms of information can be found on Wikipedia, as it is not even nearly intimate enough to qualify as a true biography. It's pretty clearly ghost-written and printed to profit off the success of the show at the time. If you really want to give it a try, at least it's easy to read and follow.
Profile Image for Richard Podsada.
24 reviews1 follower
July 29, 2012
I was interested in reading Kevin's book simply because he's such an interesting character. His seemingly single-minded focus on money seems so far removed from what most normal people experience. It's interesting to dive into his head and see how he thinks. But like most people, Kevin's an onion with many layers. You can see he is quite artistic and even has a soft side (which he seldom reveals in his public appearances.)

This is a great book to learn about Kevin's life story and pick up a few general lessons about money and business along the way. Of course, not everybody will agree with his strict management style or all of his philosophies, but it seems to work for him.

If you are looking for a step-by-step guide to financial freedom, this probably isn't the best book to buy. He rarely dives into instruction and tactics and mostly focuses on anecdotes from his life story. 'Rich Dad, Poor Dad' or 'Increase Your Financial IQ' by Robert Kiyosaki would be a better read if you are looking for something more instructional.
Profile Image for Laurie.
345 reviews34 followers
September 27, 2011
I went into this book with a different idea of what it was going to be, I liked it. Not mean I didn't want to read the book or I didn't think it would have good information but the life part was very interesting and told in a way that was witty and a little funny. Most Interesting was to find that the seeming cold hearted dragon had to over come disabilities and family separations in a few very hard ways that help him separate the feelings from business. Thought out the book at the end of each chapter there are summaries of the main points made and what you should have taken from it. So if your really lazy I'm sure you could get the point by read each one of these, but I would recommend the read.
Profile Image for Leah.
691 reviews100 followers
September 11, 2019
Kevin is actually a pretty cool guy, he seems so harsh and cold on tv but reading his words changed my opinion of him. He's so driven and ambitious it's infectious. It was interesting to see where he's come from and his background. He has a lot of set values that I admire and he inspires me.

Notes:
- what every you focus on grows
- even though money does't care about me or you, to make money requires us to care deeply about it
- spend the interest - never the principal
- assholes get rich because they're not afraid to ask what they want
Profile Image for Willi Braun.
Author 22 books1 follower
April 22, 2015
What a great book. Learned so much from it and couldn't stop reading until I finished. I can recommend that book to everyone who is open to learn about business from people who actually made it. Kevon O'Leary is one of them. I enjoyed the Shark Tank a lot and now, thanks to this book, I can understand his devisions on that show even more.
Profile Image for FAIZAN KHAN.
70 reviews3 followers
November 12, 2019
This Book Isn't For The Timid,
Contains A Lots of Facts That Might Be Difficult For Some To Swallow.
I'd Rather Suggest, A Fictional Noval...


But If You Can handle The Truth, Honestly & Appreciate Mr. Wonderful's Thought Process You'd Really Enjoy This One.

Must Read! No, Dont Read... Study It!
100 % Worth Your time,
Profile Image for Kendra Kleiner.
8 reviews3 followers
August 2, 2013
Five Reasons I Love Kevin O'Leary

1) He doesn't have a ghost writer.
2) He gives very sound advice.
3) He's proud of his accomplishments and failures.
4) He's "mean" for kind reasons.
5) He's never boring.
Profile Image for Pulak Mehta.
2 reviews2 followers
June 28, 2016
Any shark tan fan would love this book.(Shark tank is an American business reality TV show)
The books details his key turning moments that made him successfully. Written in a blunt fashion, any shark tank fan can relate with the book.
Profile Image for Justin.
6 reviews
September 3, 2017
He is a great storyteller that doesn't hold anything back. What I mean by that is it feels like he is sitting in front of you telling his life story. As he is retelling his life, he talks about the lessons he learned at every moment in his life and how it helped him later on. Although he lets you in on some cool tricks, such as investing in things that pay yields, his book is more for entertainment than practical advice
Profile Image for Michael.
Author 5 books6 followers
January 12, 2021
Solid. As an entrepreneur and investor, I really appreciate every page. I really think this was well written and well done. I appreciate his no-nonsense talk. And his solid money management rules.

It's also a delightful story because much of his success in money management and investing comes from his mother. Which is endearing and also beautiful. I'm really glad I got this and read it. Insightful and inspiring
Profile Image for Mark Donovan.
Author 1 book15 followers
November 12, 2020
An interesting life story with many life lessons. I know he worked hard and made some great deals, but I'm left wondering how much of his success was luck. Meaning there are lots of other talented hard working business geniuses who never make it by happenstance. Lots of great insights, but some of the axioms need to be taken with a grain of salt.
January 17, 2023
Talks to much about is life, went I just wanted to learn information about business. Okay yeah he talks about is experiencing and what he learned form it but in the book theirs more like Story about his childhood, what school he went to ,the type of stuff he like to do with his friends.

Don’t recommend if you want straightforward information about business and of to invest.
Profile Image for Loveteiab.
7 reviews1 follower
June 1, 2019
This book allowed me to understand why Kevin act like a jerk on Shark Tank. I respect him a little more although still not the behavior but it’s good for tv ratings. It was motivating to read however. Recommended if you’re into biography style tip books.
Profile Image for Nubia Souza.
403 reviews7 followers
May 6, 2021
This book is, overall, a biography. Yes, there are some tips and helpful suggestions to entrepreneurs, but I believe his main idea was to teach the reader with his own experience. Something like “learn from my mistakes”. It wasn’t exactly what I signed up for, but I still appreciated.
31 reviews
July 6, 2021
Well written. An engaging, easy read with plenty of practical application even for a non-entrepreneurial person. Would definitely recommend as reading for high school and college age students - BEFORE they make huge money mistakes.
Profile Image for Chanel.
396 reviews5 followers
March 7, 2018
It was real, funny, practical & honest! It was really enjoyable:)
8 reviews
June 1, 2018
The best thing I learnt from this book is that do what you're good at as that is the only choice you have in order to succeed.
Profile Image for Bill Zawrotny.
392 reviews7 followers
December 20, 2018
By far my favorite shark on Shark Tank and, as expected, had a good story to tell and a lot of interesting insights...but the writing just didn't grab me.
January 2, 2020
Filled with typical O'Leary humor and million dollar tips about business investment partnership life etc...do not take it as a financial literacy book it is much more than that
Author 3 books8 followers
March 28, 2020
Telling it like it is even in his bio. Enjoyed learning about where he came from.
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