Think making your first million is out of reach? According to "Shark Tank" investor Kevin O'Leary, the real mistake might be starting with the wrong number.

"The fastest way to make a million dollars is to make the first $10,000," he said in a recent YouTube video. "That's really how it works."

It sounds deceptively simple. But for O'Leary, it's about momentum — and problem-solving. "It's not about anything else except focusing on what people want and how to solve their problems," he added.

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In other words: find a need, fill it, get paid. "Successful businesses solve problems for people and [customers] want to pay because it saves them time and money," O'Leary said. "People don't want to walk around in bare feet, so they buy shoes."

His advice? Don't overthink it. "Try to find a pain point that you know everybody has, and then provide a product or service that solves that."

Millionaire status: More common than you think

So O'Leary's theory isn't just motivational fluff — millions of Americans have done it.

But there's a catch.

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Starting a business? Prepare for a fight

While entrepreneurship offers flexibility and upside, the road is crowded — and full of potholes.

The U.S. saw over 5.2 million new business applications in 2023, according to the U.S. Census Bureau — a record high. People were launching everything from cleaning services to ecommerce stores, hoping to become their own boss.

The boom cooled slightly last year. In 2024, new business applications dipped by 4.76%, signaling that while the entrepreneurial spirit is still alive, the path to self-made success remains as competitive — and uncertain — as ever.

Most startups don't succeed. According to Harvard Business Review, more than two-thirds of startups never deliver a positive return to investors. And according to Startup Genome, about 90% of startups fail, with 10% flaming out in the first year.

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The biggest culprit? A lack of market need — which ironically circles right back to O'Leary's point.

If you're not solving a real problem, customers don't care. And if customers don't care, your dream dies — no matter how clever your logo or how passionate your pitch.

So… is $10,000 the magic number?

For many, yes. That first five figures proves your idea has legs. It tells you someone besides your mom is willing to open their wallet. But O'Leary's advice glosses over one key thing: You're going to need grit, a learning curve, and likely a few failures before scaling to seven figures.

Still, if you can build something people want — even a little something — $10,000 is more than a milestone. It's proof of concept.

And in O'Leary's world? That's when the meter starts running.

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