How to Succeed In Business with Gary Vee and Kevin Rose

TL;DR

To take a new business idea from $0 to a million, identify what you do best, work relentlessly, and approach unfamiliar industries with humility. Gary Vee describes starting from zero in the tech space despite already having a $50 million business, then building relationships by attending events and providing wine. Read on for his specific lessons about talent, networking, competition, and entitlement.

Transcript

what can you do from a marketing perspective to take your you know new idea from $0 to a million like what are the things you got to do yeah so you know business is hard right like like I feel like Kevin I sitting up here is just the same reason that him and I are going to lose a lot of money in Angel Investing For Every Google there's like eight d... Read More

Key Insights

• 👨‍💼 Building a successful business requires identifying your strengths and working hard to excel in those areas.
• 🤗 Networking and making connections with influential individuals can open doors for growth and opportunities.
• 👨‍💼 Many people have a sense of entitlement and underestimate the work required for success in business.
• 💦 Hard work, dedication, and perseverance are essential for achieving success in a competitive market.
• 💗 Starting from zero and being willing to learn and grow is important when entering a new industry.
• 👋 Being talented and good enough to build a million-dollar company is a great accomplishment in itself.
• 👨‍💼 The competition for business is intense, and standing out requires relentless effort.

Questions & Answers

Q: How can you take a new business idea from $0 to a million?

Figure out what you are best at, then commit to working extremely hard at it. Gary Vee says talent gives you a chance, but success also demands sustained effort because many people are competing for the same dollar and attention.

Q: What role does natural talent play in building a successful business?

Gary compares entrepreneurship to becoming an NBA player: natural talent matters, but it is not sufficient by itself. Even someone capable of building a million-dollar company must work relentlessly to realize that ability.

Q: Why is a million-dollar company considered a meaningful achievement?

Gary calls building a million-dollar company a great number and an amazing accomplishment. He rejects the fascination with believing that every entrepreneur must create a trillion-dollar business.

Q: How should an established entrepreneur enter an unfamiliar industry?

They should recognize their role and be willing to start from zero. Although Gary already had a $50 million business, he entered the tech space without acting superior or dismissing people who had not built profitable companies.

Q: How did Gary Vee begin networking in the tech community?

He approached Kevin Rose at a London conference and introduced his wine show after it appeared on the first page of Digg. He then kept meeting as many people as possible and talking with contacts online, including conversations on AIM at 3 in the morning.

Q: What practical step did Gary Vee take to build relationships at an event?

After the London conference, Gary flew to San Francisco for a Leo Laporte and Jau meetup. He paid for his flight, supplied $1,000 worth of wine, and stood behind a table serving attendees as a bartender.

Q: What common mistake do people make when entering a new business space?

Gary says people often bring a sense of entitlement instead of proving themselves. Reading TechCrunch for two years is not the same as building something, so newcomers should accept starting from zero and demonstrate what they can do.

Q: Why does business success require so much work?

Business is hard because many people compete for the same money and attention. Gary also points to angel investing as evidence of the difficulty, noting an example in which one successful investment out of 187 companies made the difference.

Summary & Key Takeaways

• Building a successful business requires identifying your strengths and working tirelessly towards your goals.

• Networking and making connections with influential individuals in your industry are crucial for growth.

• Many people have a sense of entitlement, but achieving success in business requires hard work and dedication.