If you had to start your wealth creation process all over again, would you be able to do it? And what's more, do you know how you would get wealthy if you didn't have the option to build your wealth the same way twice?
“Shark Tank” investor Kevin O'Leary has the answers to both questions. If Mr. Wonderful had to rebuild his fortune from scratch, here's what he'd do next.
“Find and solve problems”
In an interview with CNBC Make It, O'Leary said that if he lost everything and had to start again, he would start thinking like an entrepreneur.
“I find a problem that everybody has and I solve it,” O'Leary said. “There's always a problem to solve.”
Where should I start a business? O'Leary says he gets asked this question all the time, and he recommends starting a business in India because the market is expected to grow significantly over the next 20 years.
Even if you're operating in the U.S., you need to be mindful of international markets from a domestic perspective, O'Leary said.
Current problems that O'Leary solves
We know O'Leary is focused on finding solutions to problems, but what problems is he trying to solve? His answer is a solution that has to do with healthy food.
For the past 30 years, health foods hasn't necessarily been considered the best industry to go into for someone looking to make money.
But that's all changing with what O'Leary calls a “myopic focus on health.” Americans are living longer, so they're investing more in their personal health and wellness, from being more selective about the grocery stores they shop at to tailoring their exercise regimes to stay in shape.
Even pets want healthy food and owners are willing to pay for it, and O'Leary says the focus on healthy food is only set to grow.
“People are really caring about what they eat,” O'Leary said. “I love this space.”
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