Many LA Lakers fans may know Magic Johnson as a famous basketball superstar, but the renowned athlete says he didn’t solely rely on his sports career to make a fortune for himself. He knew his basketball career was only temporary, no matter how popular he got.
Sooner or later, he’s bound to retire, and he would be left with nothing unless he does something about it. So while he’s still at his peak, Johnson makes sure to learn a thing or two to engage in business ventures.
Let us uncover the valuable lessons Johnson wants to impart (that even the CEO of Starbucks himself follows) to become successful in any business you venture in.
Taking Opportunities most People Ignore
Johnson reveals the first lesson he learned to have a successful business is to seek opportunities in sectors people most often ignore, especially when it comes to urban communities.
Most industries today only want to surround themselves with big things such as the central business district where they can maximize their profit.
While this may be an easy route, he says your idea won’t likely survive if you have competitors. So he started selling out some Pepsi bottles in underserved markets until it expanded into malls and movie theaters.
He also gave an idea to Starbuck’s CEO, Howard Schultz, to start a coffee shop business since most Latinos love to drink coffee. They partnered on the said venture and started putting a coffee shop in underserved locations until Starbucks became a hit worldwide.
The Shift of Power
Nowadays, Johnson says he’s now focusing on investing in tech and infrastructure industries. The former basketball superstar has raised a staggering $1 billion to fund his new business.
While the big bosses in Silicon Valley are enjoying their peak of glory, he warns their business may fall soon, if they don’t change their business to cater to the changing demographics.
Johnson reiterates your business must not only accommodate the underserved communities, but you must make sure it’s also available for everyone.
Johnson reveals the tech spaces we have now doesn’t possess the American looks. Sooner or later, the Americans might lose interest in these tech giants if they don’t change their business strategy soon. He gave an example of why Starbucks continue to prosper until today is because they change their music and desserts.
The Passion
No matter what business you’d like to do, Johnson says you must also have the unwavering spirit to pursue it. The basketball superstar says it takes years of hard work and perseverance before you see any significant returns. So you must be prepared to invest your money, effort, and dedication to doing all the tedious job in your business.
