Customer Reviews

Cold Hard Truth: On Business, Money & Life

5 star:		(13)
4 star:		(9)
3 star:		(1)
2 star:		(2)
1 star:		(1)

 

 

I was debating whether to buy this book or not when a friend of mine lent me one. I would actually rate this book 3.75 stars. There is a lot of good information in it, it is easy to read, and can be widely useful for many people.

The book begins with his life as a child which had a profound effect on his future life. He then talks about building up Softkey which ended up buying The Learning Company. The book then explains how TLC failed under Mattel management. Clearly from other case studies outside this book, Mattel really failed in its management. O'Leary discusses how blame was laid on him and his management staff by Mattel when Mattel was actually at fault.

The book then goes into his life on television including the Dragon's Den, The Shark Tank, and several other stints. The information in this section is useful for entrepreneurs who are somewhat myopic or are thinking of applying to the show. In fact, there are several chapters that will help with this.

Finally he discusses how he feels free by having the wealth he has and provides information about his funds.

The positive points are as follows:

1. The author illustrates, throughout, that money is a tool that can be used to grow more. He places a high emphasis on cash and that it should be carefully managed as a scarce resource. His illustration of dollars being soldiers that are risk adverse and must be employed efficiently was very well done and was a great teaching point. His style of management and investment reflect the underlying concept of market efficiency
2. The main lessons from each chapter are summarized as a review in the back of the chapters.
3. The author presents several questionnaires to help the reader determine if they are a good fit to be an entrepreneur.
4. He provides an excellent background to his life. This important because concepts he learned as a youth have now translated into his investment mentality. The experiences he had reflects in his style. Malcolm Gladwell in his book Outliers has similar thoughts on what happens when people have a bit of luck, some skill, interest in what they are doing, and are born at a suitable time and how it all comes together. That being said, both of these authors highlight the need for personal initiative.
5. It is inspiring to the degree that it motivates the reader to use their money more efficiently.
6. Mr. O'Leary delineates his concept of risk very well. From this, the reader can determine if they have the intestinal fortitude to be a entrepreneur or not.

Some of the main lessons, and there are many more, I took away from the book (many of which I already know and practice) were:
1. There is no substitute for work, hard work and that is what you have to do to get to the top. Nevertheless, effective and efficient work must be done. This second statement is implied throughout.
2. There will always be naysayers and critics that will say "it can't be done."
3. There are opportunities around no matter what the circumstance for those that look.
4. Image is a factor in success.
5. Command ability will make one more successful.
6. Sacrifice is needed to win. In this case, O'Leary's sacrifice included most of his hobbies, friends, and family. The question then remains: Is it worth it?" To him it would appear so.
7. Match your weaknesses with a partner's strengths.
8. Loving what you do is a factor relating to the degree of success you will have. However, hobbies don't make money.
9. Time is precious so use it wisely.

The drawbacks in this book include the following:
1. Although he states that freedom is his ultimate goal, what do you do with it once you have it? For him, and many entrepreneurs, it appears that making money is a game. Perhaps there is no end state.
2. Other wealthy individuals such as Gates, Buffet, Zuckerman, Omidyar, have put a heavy emphasis on philanthropy. Although O'Leary states he contributes to five charities per year, there is only one paragraph in the entire book relating to this topic and by default what freedom can mean for others (he does say he makes his shareholders money, however). In this regard with the next point, the book seems unbalanced.
3. The focus is entirely on money and how he was able to get more of it. Although the lessons learned are good, it seems unbalanced compared to other wealthy persons approaches (e.g., Seymour Schulich) and does not deal with soft touch approaches. He states that the only thing that motivates people is money. I don't necessarily agree based on my own experiences as a businessman.
4. His perspective is very Machiavellian. Perhaps this is his media persona or perhaps not. But is certainly looks that way in this book. In this case, leadership is not a strong focus but quick, decisive action is.
5. Finally, if readers had only this book with which to learn management styles, this would not be a good choice. I have found the Jack Welch biography much better and he seems to achieve the same effect (if not better) using more soft touch techniques with the hard knock ones. This book is good to provide one perspective on a leadership style but should be accompanied by examples from other leaders.

All in all, I recommend this book to readers who enjoy learning about differing leadership styles, people who are in business, people looking to appear on Dragon's Den or The Shark Tank, and people who invest, want to work with, or are or will be associated with Kevin O'Leary.

Lots of useful advice on money, investing and making a successful business.
If you know nothing or very little about financial stuff, this book is definitely a good starting point. It will not teach you any particular skills, but rather will show you a correct mindset you should have in order to become a successful entrepreneur.

I thoroughly enjoyed reading this book. It is easy reading and like a good novel is hard to put down once you start going through it. This is due to the successful blending of family history and upbringing with business accomplishments. Nothing theoritical or boring, anecdotes and stories from the real business world are distlled at the end of each chapter with lessons to be learnt and guidlines for aspiring entrepreneurs.The underlying theme is that if you put your mind to it, you can accumulate wealth and reap the freedom that comes with it.Cold Hard Truth: On Business, Money & Life

As entertaining as the Kevin O'Leary we know. For someone who came from a broken home, Kevin has not let that stop him learning, and doing very well in this world. Using his ability to judge people and evaluate what they can do, is one secret of his success. The other is to listen and learn from others, especially his parents. Enjoyed the book tremendously. Wish it was longer.

When this book was announced it did not make it to the list of books I must buy before I die. But alas, I did buy it for $15. It is a quick read and does give interesting insights into this loud often over powering Canadian figure. Who'd have thought he was dyslexic? There is some good sound advice. Don't bother with the tests.They are pathetic and detract from the content.

This book gives some pointers and has a couple suggestions for you and me, but it's mostly about how Kevin got rich, and what he had to do to achieve success. I'm pretty sure you will not be able to copy/paste most of his suggestions into your own life, but it might give you some direction if you're an entrepreneur.

I thought this book was more "entertainment" then "learning something", and even then, it's more about entrepreneurship than anything else.

Go read The Richest Man in Babylon, Millionaire Teacher and The Wealthy Barber for "personal finance learning".

Best book that teaches you how to become a somebody, even if you think you are a nobody. BEST book I've read in a long time.

If you're a young struggling wannabe entrepreneur in need of some comfort food, read this, and then read it again. You'll feel better and do better the next day.

Here is what surprised me: to find so much valuable information, as a young entrepreneur.

I hadn't given much thought to distribution and my own business model until I read this book.
What I took away from his story is that he managed to democratize software by undercutting (yes, you'll say he's brutal) everyone in the software industry, adopting a volume and licensing strategy.

I'm 26, so I can definitely remember growing up and seeing all those 2-5$ games and software disks by the counter. I personally found most were total crap, yet I now realize it brought down a lot of giants who would otherwise charge software by the thousand.

In my opinion, his personal brand was built on the same principal. His personal brand is only as strong as the TV rating can be... and the rating is pretty high (in major part due to his own "Mr Wonderful" nature).

I took away something: when I have a kid of my own, I'm making him build a lemonade stand by the golf course, so he learns that Distribution Is Key.

I only read the first couple chapters and have learnt so much already! You'll be happy with this purchase! It's such a great price too!