Shark Tank's "Mr. Wonderful," Kevin O'Leary, talks with Detroiters about success

Posted at 5:05 PM, Nov 18, 2016
and last updated 2016-11-19 17:54:20-05

He is called Mr. Wonderful. We are talking about Kevin O'Leary from "Shark Tank." Contestants either sink or swim in front of O'Leary.

The successful business man gives advice to budding entrepreneurs on the show and sometimes it's hard to hear.

Now, O'Leary is talking with Detroiters about his success.

"Detroit now is a like a new place to do deals that wasn't here 10 years ago, so whatever you are doing, keep it up," he said.

The event is hosted by a financial media company called Benzinga.

CEO Jason Raznick said, "I think what he does is a true service to people. He doesn't hold back. He says the truth."

O'Leary became a multi-millionaire after building and then selling a tech company.

"You need a little luck but you have to realize being an entrepreneur, it's a lifestyle," O'Leary said.

What the one key advice does he for young entrepreneurs?

"Number one explain your deal in 90 seconds or less. Tell me what the opportunity is, don't ramble," he explained. "Number two, explain why you are the right person of execute the business plan."

And thirdly, he said, "If you don't know your numbers I will send you to hell and perpetuity."

"Mr. Wonderful" says to keep watching Shark Tank because the deals are getting bigger and better than previous seasons.