The Key to Success Is Learning From Failure

Summary

In this insightful interview, Gary Vaynerchuk discusses the transformative role of social media in business and entrepreneurship, reflecting on his early experiences with platforms like Myspace, YouTube, and Twitter. He emphasizes the importance of failure as a foundation for success, the need for emotional intelligence and kindness in hiring, and the value of understanding personal communication styles for social media success. Gary also shares his perspective on the evolving nature of platforms and stresses the significance of embracing change and focusing on what’s most effective in the present.

Takeaways

• 😀 Social media's huge impact on business entrepreneurship became evident in 2006-2007, especially with YouTube and Twitter, though Myspace in 2005 was an early sign of the shift.
• 😀 Gary learned to embrace failure early on, considering it the foundation of his success, and believed failure should not scare people in business or life.
• 😀 A common misconception about social media today is that it's only for young people or that it isn't as powerful for business as other mediums.
• 😀 When hiring, Gary values perseverance, emotional intelligence, kindness, and relevant experience, often looking for a mix of objective skills and personal chemistry.
• 😀 Underutilized social media platforms include Instagram story ads, LinkedIn organic reach, YouTube pre-roll ads, and podcast pre-roll ads, which offer valuable opportunities.
• 😀 To build a personal brand on social media, individuals should first identify how they communicate best—through writing, audio, or video—before selecting the appropriate medium.
• 😀 Social media platforms are constantly evolving, and newer platforms will emerge as the future of engagement and communication shifts away from the current giants like Facebook and Instagram.
• 😀 People, especially younger individuals, should prioritize living their own lives instead of constantly conforming to others' expectations, such as those of parents, to lead fulfilling lives.
• 😀 Although it is difficult, defying parents’ expectations in youth may lead to a better relationship with them later in life, and it’s essential to follow one's true passions rather than societal pressures.
• 😀 There will always be new social media platforms and technologies like virtual reality, augmented reality, and audio-focused platforms that will continue to shape the digital landscape.
• 😀 Instead of worrying about what’s next, focus on taking advantage of what's current and most effective, as opportunities can emerge unexpectedly from platforms that have been around for years, like LinkedIn.

Q & A

When did you realize that social media would have a huge impact on business entrepreneurship?

Gary realized the impact of social media on business entrepreneurship around 2006-2007, particularly with the rise of YouTube and Twitter. He also recognized the potential of Myspace in 2005, although he didn't fully grasp its business potential at that time.

How did you handle failure, especially in your early years?

Gary was used to failure throughout his life, particularly as a bad student and someone who struggled in sports. His early experiences with failure, including dealing with rejection in business and struggles with early ventures, helped him develop resilience. He views failure as a foundational element of his success.

What is a common misconception about social media today?

One common misconception is that social media is only for young people and that it doesn't significantly impact business. Gary emphasizes that social media is actually the foundation of modern communication and is far more powerful than many realize.

What do you look for when hiring an employee?

Gary looks for qualities such as perseverance, emotional intelligence, and kindness in employees. While talent is important, he also values people who show grit and possess a strong work ethic. He is also open to hiring individuals based on personal fit and intuition, even if they don't have traditional qualifications.

Which social media platforms do you think are underused for business purposes?

Gary mentions several underused platforms for business, including Instagram story ads, LinkedIn organic reach, YouTube pre-roll ads based on search queries, and podcast pre-roll ads. These platforms are either underpriced or underutilized, offering great opportunities for businesses.

What advice do you have for people starting their personal brand on social media?

Gary advises people to first determine how they communicate best—whether through writing, audio, or video. Once this is figured out, they should choose the appropriate medium, such as blogging, podcasting, or creating video content. He also suggests repurposing content across multiple platforms to maximize reach.

How should people approach balancing parental expectations with their own goals?

Gary suggests that people should not let parental or societal expectations dictate their lives, especially in their youth. While it may be difficult to break away from these pressures, doing so will ultimately lead to personal happiness and success. He believes that struggling with parental expectations in younger years can lead to a more fulfilling relationship later in life.

What do you think about the future of social media platforms?

Gary believes that new platforms will continue to emerge and that Facebook and Instagram won't last forever. He’s excited for the future, especially for innovations in audio, virtual reality, and augmented reality. He also acknowledges that social media platforms often have limited lifespans, similar to TV shows, with some lasting only a few years.

How should people prepare for the inevitable evolution of social media platforms?

Gary advises people to focus on what is effective right now rather than constantly worrying about what’s next. He believes that staying ahead of trends is important, but taking full advantage of current platforms, such as LinkedIn, is a smarter strategy than worrying about future platforms.

Do you think that social media devices and platforms will continue to evolve over time?

Yes, Gary predicts that the evolution of social media will continue with new devices and platforms. He suggests that new innovations, such as a robot following us around, could replace current phones in the future, much like how the smartphone replaced previous technologies. Social media will continue to evolve, with some platforms gaining brief popularity and others lasting longer.