#AskGaryVee Episode 187: Communication Between Co-Founders & Understanding My Business Competition

TL;DR

In this episode, Gary Vaynerchuk discusses his thoughts on competition, scaling a business, and the importance of self-awareness.

Transcript

• On this episode, I'm a little under the weather but it made me thoughtful. (upbeat music) ♫ Gary Vee ♫ You ask questions ♫ And I answer them ♫ This is the #AskGaryVee Show ♫ What's up everybody, this is Gary Vay-ner-chuk, and this is Episode 187 of the #AskGaryVee Show. I've been a little bit under the weather. Mike, Mike the trainer, got me sick... Read More

Key Insights

• 💪 Being mentally strong can help fight off sickness and maintain focus.
• 📔 Support from the audience is crucial for authors and content creators during book releases.
• 🪛 Gary's ability to drive sales and overinvest in the company has contributed to the rapid scaling of VaynerMedia.
• 🥺 Honesty and transparency are essential in the business world, as faking experience can lead to negative outcomes.
• 👨‍💼 Hustling and actively engaging with potential clients on social media can help attract business opportunities.
• 🥶 Misalignment of ambition between co-founders can be a significant issue, which may require renegotiating ownership percentages.
• ⚖️ Entrepreneurs should find a balance between monitoring the competition and maintaining focus on their own growth.

Questions & Answers

Q: How did you scale VaynerMedia so quickly? Do you do joint ventures or partnerships?

Gary attributes the rapid growth of VaynerMedia to his ability to drive sales and overinvest in the company. He emphasizes the importance of being a top-line revenue driver and combining it with HR capabilities and a focus on company culture.

Q: How does publicly documenting your journey affect your ability to attract paying clients?

Gary advises against faking experience or expertise. He believes in being truthful and transparent, as that ultimately builds trust with clients. It is essential to have the relevant skills and knowledge to back up your services.

Q: What is the best approach to finding buyers for custom animated Instagram videos when it's not widely adopted by companies yet?

Gary suggests hustling and using social media platforms to reach out to potential clients. He recommends offering a lower price or even doing free work initially to build a portfolio and gain exposure. Actively engaging with the target audience can lead to future business opportunities.

Q: How would you deal with a co-founder who lacks ambition compared to you?

Gary advises having an open and honest conversation with the co-founder about the misalignment of ambitions. It is crucial to address this issue early on to prevent resentment or stagnation in the business. Depending on the situation, renegotiating ownership percentages may be a potential solution.

Q: What are your thoughts on competition and how should entrepreneurs approach it?

Gary shares his personal view on competition, stating that he doesn't spend a lot of time focusing on it. He believes it is important to know oneself and align one's approach accordingly. Some entrepreneurs thrive by closely monitoring their competition, while others prefer to solely focus on their own growth.

Summary & Key Takeaways

• Gary Vaynerchuk talks about being under the weather but staying mentally strong to fight off sickness.

• He discusses his upcoming book and the importance of support from his audience.

• Gary shares his strategies for scaling a business and the role of ambition in a co-founder relationship.