Published 31 July 2017 Category: Entrepreneur, Startups

6 Entrepreneurial Lessons from Gary Vaynerchuk

There is no magical formula that will turn your business into an overnight success. It’s a combination of factors that make a difference: hard work, patience and self-awareness, to name a few. Even though every entrepreneur’s path is different, knowing what has worked from other successful entrepreneurs can help you take your own business on the path to success.

Gary Vaynerchuk, the entrepreneur, social media guru, and founder of VaynerMedia is known for his brashness and ability to capture the attention of an audience. Gary’s path as an entrepreneur and his knowledge on social media has been widely covered by notable publishers. He was interviewed on CNN by Piers Morgan, featured on the cover of the June 2017 issue of Entrepreneur Magazine and did a podcast interview on Business Insider. From selling baseball cards to working at his dad’s wine store, he came from humble beginnings and is on his way to achieving his dream of buying the New York Jets.

 

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6 Lessons to Becoming a Successful Entrepreneur

Learnings and Advice from Gary Vaynerchuk


About Gary Vaynerchuk:

 
  • Entrepreneur, social media guru, founder of VaynerMedia

  • Led his father’s wine business to success from $3 million in revenue per year to $60 million per year within 5 years

  • 4 time New York Times bestselling author

  • Featured on Forbes, Business Insider, CNN, and was most recently on the cover of Entrepreneur Magazine


Lesson #1: Patience & Persistence

There’s no secret to success. There are no formulas. Nothing worth building was done overnight.
In 2006, Gary promoted his father’s wine store online by creating Wine Library TV. He created videos in which he tasted and reviewed 4 different wines, and promoted them on YouTube. He made 25-minute episodes 5 times a week and did this for 10 years. Success comes from patience and persistence.



Lesson #2: Empathy

Include empathy in your HR & management strategy.
Gary attributes empathy to being the key to VaynerMedia’s success. Empathy helped the company create and maintain a culture that people want to be part of.

If there is a problem, and a team member doesn’t communicate it directly, you should empathize with them to find out the root cause and work with them to overcome it.

 

Lesson #3: Self Awareness

Self-awareness is the ability to recognize and accept your weaknesses while focusing your attention on your strengths.
Gary knows that his weakness is reading out loud – he admits that reading bedtime stories to his kids is intimidating. However, he knows that his strength is being able to speak candidly. When he developed audio versions of his books, he didn’t read it word for word. Instead he often went off script and gave different examples around the same idea.

 

Lesson #4: Give 51 Take 49

51/49 is something I’ve always lived by. I think there’s enormous leverage in being more valuable in every relationship.
Whenever possible, you should always give more without expecting anything in return. Gary gives out so much free advice and doesn’t ask for anything in return. However, when he releases a book, people are more likely to buy it as they gained value from his free content, and buying the book would be a way to thank him.

 

Lesson #5: Put Yourself Out of Business

Putting yourself "out of business" is better than allowing someone else to do it.
You should constantly be trying to put yourself out of business because eventually someone else will. You need to find ways to reinvent your business in order to stay relevant to market demands. In an increasingly fast-paced environment, it is especially easy to get left behind.

 

Lesson #6: Focus on the Clouds and Dirt

Know the philosophy, know the details, and ignore everything in the middle.
The clouds are the big picture strategy and the dirt is the execution you need to do to reach the clouds. This means getting your hands dirty, understanding your business and being a practitioner, with the high-level picture in mind. Don’t worry about anything in between the clouds and dirt that will distract you from reaching your goals.
 

A Few Last Words…

Whether you’ve been contemplating taking your side hustle full time or you’ve already made the leap to being an entrepreneur, you need to put in the work. As Gary Vaynerchuk says, “All your ideas may be solid or even good… But you have to actually execute on them for them to matter.”