BEING AN ENTREPRENEUR | Gary Vaynerchuk With Larry King 2016

Summary

In this engaging interview, Gary Vaynerchuk shares his insights on entrepreneurship, social media, and the evolving landscape of digital business. He emphasizes the importance of emotional intelligence in leadership and parenting, advocating for authentic self-expression over traditional notions of success. Vaynerchuk discusses the balance between personal and professional life, his views on political engagement, and his thoughts on emerging apps like music.ly and Anchor. With a candid approach, he underscores the need for value-driven content on social media and highlights the significance of growth in business, leaving viewers inspired about navigating the challenges of modern entrepreneurship.

Takeaways

• 😀 True entrepreneurs feel an intrinsic need to start their own businesses and typically know when they're ready.
• 💰 Both profitable companies with few users and unprofitable companies with many users can be viable investments, but lack of growth is a red flag.
• 📱 To avoid being perceived as spam on social media, businesses should focus on providing real value rather than pushing sales.
• 📰 Print media must innovate and offer unique content that digital platforms cannot to maintain relevance.
• 👶 Parenting should focus on emotional intelligence, allowing children to pursue their passions while teaching them about winning and losing.
• 🧑‍🤝‍🧑 Strong boundaries between work and home life help maintain healthy family relationships and prevent work stress from affecting family dynamics.
• 🔍 Continuous monitoring of emerging apps and technologies is crucial for identifying potential game changers in the digital landscape.
• 🚀 The essence of entrepreneurship is to create something new that addresses unmet needs, similar to music genres evolving through creativity.
• 🏆 There is a fine line between encouraging participation and teaching the value of competition; no eighth place trophies are part of that philosophy.
• 🤝 Partnerships in business and personal life can thrive when boundaries are respected, as seen in Vaynerchuk's approach to family and work.

Q & A

What mindset does Gary Vaynerchuk believe is necessary for entrepreneurship?

Gary suggests that true entrepreneurs feel suffocated by the idea of doing anything other than running their own business. If someone is questioning their readiness to start a business, it indicates they might not be ready yet.

How does Gary recommend avoiding spammy social media presence?

He advises providing real value in social media interactions and behaving like a media company instead of a salesperson. The key is to be genuine and not overly promotional.

What insights does Gary provide regarding investment in digital companies?

Gary emphasizes that both user growth and profitability are important. However, he prefers companies with millions of users but no profit if there's potential for growth.

Why does Gary think print media is declining?

He points out that as younger generations shift to digital consumption, print media is losing its audience. He suggests that print products need to offer something unique that digital cannot provide.

What is Gary's view on new apps and emerging technologies?

Gary is optimistic about new apps like music.ly and Anchor, which he describes as a voice-based social platform. He believes these innovations are created by young people who are driven by their vision.

How does Gary apply his business principles to parenting?

He focuses on emotional intelligence and allows his children to pursue their passions. He stresses the importance of competition, stating he does not believe in participation trophies.

What boundary does Gary maintain between his family and work life?

Gary keeps a clear distinction by not involving his wife in business matters, as he feels that discussing negative issues at work would be burdensome for her.

What is Gary's opinion on political involvement?

Gary tends to stay neutral in politics, citing that he has voted for both major parties and prefers to make decisions based on practicality and the current situation.

What advice does Gary give regarding maintaining a print audience?

He advises that to keep a solid print audience, it's essential to build a digital audience and deliver unique content that cannot be replicated digitally.

How does Gary view the relationship between winning and losing?

Gary believes life is binary in terms of winning and losing. He stresses the importance of recognizing that to excel in any field, one must be genuinely skilled and competitive.