'Shark Tank' star hosts Team Wonderful Summit in Miami Beach

'Shark Tank' CEOs to learn how to tackle social media without going broke

MIAMI BEACH, Fla. – Kevin O'Leary, of ABC's "Shark Tank," is bringing his entrepreneurial CEOs to Miami Beach.

"This is the essence of the American Dream happening right here. These are some of the brightest, smartest, young entrepreneurs America has to offer," O'Leary said. 

O'Leary, also known as Mr. Wonderful, is teaming up with booming companies like Amazon and Facebook to teach his entrepreneurs the smart way to tackle social media without going broke.

"When companies get passed $5 million in sales, is when you start to see fragmentation and management skills -- when they start to fail. It's very hard to get from $0 to $5 million, but when you get past $5 million, you have to be a really good manager," O'Leary said. 

According to social media guru Kim Walsh Phillips, when you start to monetize the traffic you're getting, that's where real profits begin.

"Number one thing as a business owner is we need to do every day is pick one thing to tackle, right?" Walsh Philips, CEO of Elite Digital Group, said. "If you try to tackle 100 things, nothing is going to get done. So when you hear a great idea, sometimes they go on the week's to-do list and sometimes they just need to go in a notebook of great ideas."

Florida native Sara Margulis and her husband started their own company, Honeyfund.com, in 2013 -- a site for friends and family of newly married couples to gift them an experience rather than a traditional household item.

"We walked into the tank in June 2014 – my husband and I. And at that time our site had raised $200 million for couples. Today, three years later, we're more than half a billion (dollars) raised all time for 800,000 couples who've used Honeyfund," Margulis said. 

In hopes for future Team Wonderful summits, O'Leary said he wants his CEOs to be equipped with the best marketing experience to be winners.

The Margulises will appear on "Shark Tank" Sunday night on ABC, where they will make a huge announcement to newly married couples looking to go on a honeymoon.

About the Author:

Nicole Perez is the the primary co-anchor of Local 10 News at 4 p.m., 5 p.m., 6 p.m. and 11 p.m. She first joined Local 10 in July 2016 as the morning traffic reporter.