The Key to Success Is Learning From Failure

Summary

In this insightful conversation, Gary Vaynerchuk reflects on the early impact of social media on business, discussing platforms like Myspace, Twitter, and YouTube. He emphasizes the importance of failure as a foundation for success, shares advice on hiring employees, and highlights underused social media tools like Instagram story ads and LinkedIn. Gary also explores the evolving nature of social media, encouraging individuals to embrace new platforms while focusing on effective communication. He stresses the importance of staying true to oneself, not succumbing to external pressures, and adapting quickly to change.

Takeaways

• 😀 Social media's business potential became clear to Gary between 2006-2007 with YouTube and Twitter, following early experiences with Myspace in 2005.
• 😀 Gary's life was shaped by failure, from academic struggles to rejection in sports and early business ventures, which helped him develop resilience and perseverance.
• 😀 A common misconception about social media is that it's only for younger people, and its business value is often underestimated.
• 😀 When hiring, Gary values perseverance, emotional intelligence, kindness, and experience, emphasizing both logical and intuitive decision-making.
• 😀 Gary sees underutilized social media tools like Instagram story ads, LinkedIn organic reach, YouTube pre-rolls, and podcast pre-rolls as powerful but underpriced opportunities.
• 😀 Building a personal brand starts with understanding your preferred communication style (writing, audio, or video) and selecting the appropriate platform for it.
• 😀 Gary encourages young people to prioritize their own goals, even if it means challenging parental expectations, to ensure future happiness and independence.
• 😀 The future of social media will continue to evolve with new platforms and technologies, such as audio-based networks and augmented reality.
• 😀 Gary advises against worrying about what's next in social media and instead recommends focusing on the most effective current platforms.
• 😀 While platforms like Facebook and Instagram may eventually lose prominence, new platforms will emerge, and Gary keeps an open mind to new trends like virtual reality and AR.
• 😀 Gary believes the harder something is, the more likely it will be rewarding in the long run, which is why he encourages youth to make bold decisions despite challenges.

Q & A

When did Gary realize the impact of social media on business entrepreneurship?

Gary realized the impact of social media on business entrepreneurship around 2006-2007, particularly with the combination of YouTube and Twitter. He also started using Myspace in 2005 for his wine library page.

How did Gary cope with failure during his early years?

Gary learned to cope with failure from a young age due to his struggles in school and sports. As an immigrant with little resources, he faced rejection in various situations, such as selling cars or running a lemonade stand. He considered failure as part of his foundation for success.

What is a common misconception about social media?

A common misconception is that social media is only for young people and is not significant for business. Many still underestimate its power and importance in communication and marketing.

What qualities does Gary look for in potential employees?

Gary looks for qualities like perseverance, grit, emotional intelligence, and kindness in potential employees. He values people who have a proven track record in their field or have demonstrated a strong work ethic.

Which underutilized social media platforms does Gary recommend for business?

Gary suggests focusing on Instagram story ads, LinkedIn organic reach, YouTube pre-roll ads based on search queries, and podcast pre-roll ads as underpriced or underutilized opportunities for business growth.

What advice does Gary give for people wanting to build their personal brand on social media?

Gary advises individuals to first figure out how they communicate—whether through writing, audio, or video—before selecting the appropriate platform. If you're a great writer, consider blogs or LinkedIn; if you're skilled in audio, podcasts are ideal; and if you excel in video, a vlog or YouTube show can help build a personal brand.

Why does Gary believe it's important for young people to not always follow their parents' expectations?

Gary believes that while it's important to respect parents, it's also crucial for young people to live life according to their own terms. Following others' expectations, particularly from parents, can hinder true happiness and fulfillment, especially if it leads to pursuing careers or paths they don’t genuinely want.

Does Gary believe social media platforms like Facebook and Instagram will remain dominant forever?

Gary does not believe that platforms like Facebook and Instagram will last forever. He anticipates new platforms emerging, including advancements in audio, virtual reality, and augmented reality, and views social media as constantly evolving, similar to television shows that only last for a season or two.

How does Gary approach new social media platforms or trends?

Gary prefers to observe new platforms or trends, such as TikTok, without feeling pressured to adopt them immediately. He focuses on what is currently effective and valuable, rather than worrying about what’s next. He also recognizes the potential for older platforms like LinkedIn to gain unexpected traction.

What is Gary's stance on the constant evolution of technology and devices?

Gary is excited about the future evolution of technology and anticipates that new, more efficient devices will replace current ones, like the phone. He envisions breakthroughs, such as a robot following us around, and believes the world will continue to innovate with new technologies, much like how phones once seemed revolutionary to earlier generations.