Iβve found that as a founder, you need to be both a visionary and a realist. You have to be able to see the big picture, but also be willing to make tough decisions and deal with the nitty-gritty details. Stay on your toes and pivot if something's not working.
It's becoming more and more common where the valuation of a founder is more valuable than the company they started.
Personal brands of founders can be great and a huge asset to their business however if their business hits hard times, the founder starts to think "I could easily raise money for a new business that isn't this challening" and starts putting their effort into doing just that.
Do you think founders should be putting as much or more effort into their personal brand as they do into their business brand?
Planet Fitness - "we're a gym" - $15/mo
Equinox - "we're a fitness club" - $300/mo
Kollective - "we're a social performance club" - $500/mo
A single word can drastically change your outcome
$6,000 of fireworks, 50 pounds of wagyu ribeye, 8,000 paintballs and a 175 acre ranch.
Every year 26 of our friends gather on a ranch in rural Wisconsin for Weekend Of Man.
It's like summercamp for adults centered around fun competitions.
We play paintball, pickleball, basketball, bags, paddleboard jousting etc.
We all sit around a bonfire at night. We only eat meat.
We don't talk about work.
It's pure bliss.
If I had met myself 20 years ago I would have thought "he isn't going anywhere"
First job: Shoveling snow
Second: Cart returner at a regional grocery store
Third: Cashier at an organic grocery store
Fourth: Host at a sushi restaurant
Fifth: Sold home security systems door to door
Sixth: Bartender at a local college bar
Seventh: Start Up Founder
Eighth: Start Up Founder
Ninth: Start Up Founder
Tenth: Managing Partner, Venture Fund
The path is rarely linear. Don't write someone off because they haven't hit their potenital yet.
Most entrepreneurs are playing defense their entire careers and don't realize it.
When you live in a major city it's easy to spend time with people that don't benefit you purely because it's convenient. Go to the dinner party only because you're free Friday night. Agree to the coffee meeting because you don't want to hurt someones feelings and you need a coffee anyway.
That's called playing defense. Extremely low leverage.
What if you were to move away? Make a list of the people you want to get to know or deepen your relationship with and invite them to come stay with you.
That's extremely high leverage. That's playing offense. It's exaclty what Chris Sacca did.
A few weeks ago I attended an exclusive conference with some of the wealthiest families in the world.
Owning professional sports teams was a big topic of converstion.
Sports team valuations are continuing to skyrocket due to a few factors. I think the biggest however is that there aren't enough professional teams for the amount of billionaires that want them.
Take Josh Harris, Co-Founder of Apollo Global Management who bought the Washington Commanders for $6B last year. It was the highest price ever paid for a sports team and $1.35B higher than the Denver Broncos were bought for a year earlier.
With the new league ruling allowing PE firms to own up to 10% of NFL teams, I think we will see valuations continue to climb. You'll also see family offices pouring into PE funds focused on sports.
A life-changing lesson I've learned about business and marketing:
Storytelling is the real key to success in business.
Good products have become table-stakes requirements in most markets.
The real winners are the ones that can most effectively communicate ideas & get customers excited.
Woke up Saturday feeling underslept and exhausted. I remebered that one of my best friends just did a 58 mile run for fun.
Having friends around you who are constantly pushing physical boundaries is the best motivator.
One of the quickest level ups for young entrepreneurs and founders is to join a peer group.
Many are structured like group therapy where you meet once a month for 4 hours and share your business and personal struggles, your highs and lows.
What you end up realizing is that everyone has similar problems. Hearing how others approached them and what they learned can help you navigate your life, relationship and business decisons with much more confidence.
I can say definitively that I wouldn't be where I am today without them.
Some of the most popular are @YPO@TIGER21@vistage@HamptonFounders
"But I don't have any real job experience" "I'm too young"
Don't make the same mistake everyone else does.
Youth and inexperience is your single biggest advantage in the business world.
People with power and influence want to help you because they don't see you as a threat. You have the opportunity to learn from people that nobody else has access to.
But you need to understand how to leverage it.
I feel fortunate to teach hundreds of students the formula I used to build a world class network and co-found 7 companies by the age of 30.
@noahsfriedman@thesamparr The Uncharted dinners are a great opportunity to discuss challenging topics like this with other high caliber founders and entrepreneurs ππ»
Got upgraded to business on a flight from NYC to LAX yesterday. If you buy business for that flight would have been $3k+ one way. Couldn't help but notice guy sitting next to me is googling "how to file chapter 11 bankruptcy without a lawyer".