Shark Tank's Kevin O'Leary reveals the fastest way to earn $1 million — and it could work for you too

The thought of making $1 million is far fetched for most Americans in an economy where people are living paycheck to paycheck and resorting to side gigs to make ends meet. But it's also a reality that 1 in 15 people in America are millionaires, according to UBS Global Wealth Report, 2024. For those looking to enter the club of entrepreneurs who've made millions, the star investor from “Shark Tank,” Kevin O’Leary has some solid advice.

How to Reach Your First Million

According to “Mr Wonderful,” achieving this goal requires entrepreneurs to make some smart choices. “The fastest way to make a million dollars is to make the first $10,000,” the Shark Tank alum said in a video shared on his social media channels. “But really, it’s not about anything else except focusing on what people want and how to solve their problems,” he explained. He then went on to add that all successful businesses in the world solve problems for people and customers want to pay those who save their time and money in the long run. “People don’t want to walk around in bare feet, so they buy shoes,” he said.

“Try to find a pain point that you know everybody has, and then provide a product or service that solves that,” he suggested as the final piece of advice. He described it as the way to make the first million, the first ten million, or even the first billion dollars. “It sounds simple but it’s not. It’s very hard work,” he says. In the end, he advised people to use the various tools available in the modern world, the biggest of which is social media.

Ace Investor's Two Cents on Building Businesses

O’Leary’s advice on making the first million and solving a “problem” involves starting a business and making it profitable. However, the odds of achieving that are slimmer for most. According to LendingTree’s analysis of data from the U.S. Bureau of Labor Statistics (BLS), about one in four new businesses fail within their first year of operation.

Since the risk of failure is high, O’Leary has shared advice on building successful businesses too. Appearing on an episode of “Rent Free” with Ankur Jain, CEO and founder of Bilt Awards, O’Leary gave away some key information for entrepreneurs to kick-start their businesses and avoid failure. Sharing tips on how to “woo investors,” O’Leary said that it is vital for entrepreneurs to be able to describe their business in a succinct and powerful manner. Time is very valuable and ideally people should be able to describe their proposition within a minute. Furthermore, entrepreneurs need to prove that they have the skills to turn an idea into cash. "The truth is that great ideas are a dime a dozen," he said. With great ideas and great execution, "you're de-risking the deal for the investor," O'Leary added.

Moving forward, the veteran investor said it is essential for entrepreneurs to know their numbers. "How big is the market? How fast is it growing? How many competitors are there? What’s the break-even analysis? What’s the cost of customer acquisition?” these are important questions to answer, he says.

"If you don’t know your numbers and you get the first two right, you deserve to burn in hell in perpetuity and I will personally put you there," he concluded.