A BUSINESS LESSON FOR EXPERIENCED ENTREPRENEURS


– You talked a little while ago
about a 19-year-old entrepreneur their biggest asset is patience. – [Gary] Yes. – What is the
older entrepreneur? What should they
have as their asset? ‘Cause I’m not patient. Three years ago I started a
business with some other guys we’re now 80 people
turning over £10 million. – [Gary] Amazing. – [Frank] I am not patient. – You want more. – Absolutely. It’s fantastic. – [Gary] It is amazing. – What’s my biggest asset now? – Your asset is all
the cliché stuff. It’s just cliché.
Everybody said it. What I think though is do
I think instead of saying “experience” I’m going to
tweak it a little bit. Do I think a 46-year-old man
has a better chance of knowing himself than a 19-year-old man?
Yes I do. I think we’ve all
gone through it, right? Even think about your transition
from high school to university. You just get there. You get more comfortable
with yourself the second more comfortable you start being
more honest with yourself. So at this point in your life
and my life and your life we should really know ourselves. And so it’s even interesting for
me to hear that you started with a couple other gentlemen. To me, my hope for my own kind
of personal picture that I’m trying to paint here is that the
three of you had some crossover skills but you’re all
maintaining your core skill and that is what’s
helping the business. You’re taking care of this, that
person is taking care of that, and the other person is there. That is a very common thing for
older entrepreneurs because at that point they’ve shed their
wants and their romance about being the best sales guy or the
best salesgirl and now they know I’m really good at
CFO, finances I’ll never let us
go out of business. I got the numbers.
Don’t worry guys, you go be crazy ’cause I’m gonna
make sure that we pay our bills. You go make sure the staff
loves us and now we’ve got this. I was gifted that I do a
lot of the principles well. All of them. Finance probably being my
weakest, it’s probably the one that’s most commoditized when
your business through your dad and your brother if they steal
from you it’s a good story. (laughter) I think that your biggest
advantage is that you got, it’s probably the narrative
to why you are succeeding. Now the question becomes
a more interesting one. I’m going to take you in a
different place that’s probably more grounded in
the actual energy. I think the big thing now at
this point in your life is to really try to figure out very
quickly what you want to happen. And the problem is you have
two other people that may want different things. But if you’re able to align
that you guys want to sell the company soon because that’s a
real cash out on that kind of revenue then all of
your behaviors have to go in that direction. You have to the figure who you
can sell to you, you have to start becoming a
media company to them. When the great misplays of a
brand is if I wanted to sell VaynerMedia tomorrow it
would happen in 30 minutes not onrevenue, on the fact that
I would market to the people that could actually by me. I don’t think Martin Sorrell
knows who I am, in 20 minutes he would want to rip his
arm off the buy us. That’s what I’m good at. What I would love to know is how
aligned are you guys and if you’re aligned make all your
actions go in that direction. That’s interesting to me. Right? That’s where you can be
something amazing happen. So I think that’s something
to really give some serious thought to. But I think it’s
self-awareness at this point. You got so much more
history in your 20, 30 years of entrepreneurship that allows you
to and you should shed whatever pride you have left in
principles that you don’t bring to the table as well as you know
partners do the more you could shed down to only
focusing on what you do. Me and AJ are so efficient
’cause we not discuss the things that we know the other
person is better at. We don’t even talk about it. You know? Big. When one broaches the
subject, the other gets pissed. Right? ‘Cause why would
we even waste time? You know I’m better
at this than you and we have become efficient. Like fucking
efficient, you know? And time is the asset. So why debate? Got it? – Yeah, that’s great.
That’s great. We’re on the path. – [Gary] And the other
thing I would tell you I would highly recommend that you
forcing your other two partners to over communicate with the
three of you at all times. Force communication right now. You’re successful and
you’re at this age. This is an interesting time. Force communication. Anything that you think is
sitting in your heart that needs to be talked about with the
other two partners I would tell you to
do that tomorrow. The quicker you get it out
the better you’re gonna be. – [Frank] Yeah, thank you Gary. – You’re welcome. (applause)

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30 thoughts on “A BUSINESS LESSON FOR EXPERIENCED ENTREPRENEURS

  1. I'm only 24 but being patient is hard. I am patient but I have to tell myself everyday that overnight succes don't excist. So I keep hustling!

  2. Brilliant advice and riff and being successful at an older age. What often looks like experience we need when we're young is actually disguised as wisdom when we get older.

    Good shit Gary!

  3. know yourself. stay in your lane. what is legacy? so important to understand to know where to go. trust is extremely critical. over communicate.

  4. G-dawg you're killing it! Your IG is on fire, your books are amazing (haven't read Crush It yet though) and I make everyone in our company watch your vids and now they're all fans! I'm a software developer/entrepreneur living here in Manhattan, I'm hoping to attend one of your talks here in the city sometime soon!!

    Oh and #60secondclub & #5minclub lol

  5. I'm so glad I can now leave voice messages in the comment section now!!!

    My opinion below:

    ▶ 🔘──────── 00:17

  6. Self alignment has been the key marker for life coaches for years. No body, I mean nobody, except you is talking about business alignment. Knowing your business's weakness and strengths is key to a business, and woking on business alignment is a key marker for a successful business. Knowing and growing on each person's strength that are involved in your business is important. That is a great take away from this video. At 1:40 secs. the soles of your shoes are exposed, putting in the miles bro. Keep putting in the miles bro., "Honey Empire" wasn't built in a day. LOL. Thanks bro. All the best.

  7. Hooray for us Old Folks! I'm 52 and my co-founder is 47! We are very self aware and we get that it takes time to solidify our own self awareness. Not only are we self aware, we are Exes – X husband and wife. Talk about knowing your co-founder inside and out!

  8. Really like the way you explained the older Entrepreneurs. at 51, I have 2 partners and we know what each of us is good at and we strive to meld those together. Seriously good point of focus of vision of "what we want to happen" and where we are headed; growth, expanding, selling the biz, etc. Another really good point to "over communicate" and be very clear of where each of us in at internally. Simple and profound. Thank you.

  9. 29 y/o, 5 years deep in a business here, Great Advice, communication (sometimes forced), aligned visions, and knowing the strengths and roles of the partners are all keys.

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