Magic Johnson was a famous NBA basketball player who has made a highly successful transition from sports to business. Since leaving NBA, he has started several businesses focusing mostly on densely populated yet underserved urban communities. And oh, yes, he’s got HIV, yet this disease has not deterred him from pursuing his entrepreneurial dreams.
Today Magic Johnson Enterprises is a multimillion dollar company.
In his book “32 Ways to be a Champion in Business,” he shares the lessons he has learned as he stumbled and succeeded in his business journey. Though personally, his most important lesson is:
You will face your own challenges as you chase your entrepreneurial dreams. Know that as long as you build your business around your passion and make solid
business decisions, you can find a way to make it happen. If you believe in what you are doing, others will pick up on it and support you.
Here are some of the lessons he shared in the book:
- The Mission: Whatever you do — whether it is running a fast food franchise, a dress shop, or an online enterprise — should be more than a job for you. It should be a passion and a mission. In the long run, that is what makes it all worthwhile.
- Guiding Vision: Create a guiding vision of where you want to go and what you want to do with your life.
- Entrepreneurial Passion: To reap the rewards of business, you have to jump into the game and pursue it passionately.
- Conquering Fears: Get past fears and insecurities by understanding that the feeling is usually worse that the reality.
- Focus on Strengths: Build on your strengths and you will overcome your weaknesses.
- Seizing Opportunities: Always be prepared to jump on business opportunities.
- Risks and Rewards: Smart entrepreneurs don’t avoid risks, they manage them.
- Creating a Strong Business Plan: A good business plan is money in the bank
- Mentors and Role Models: Know what you don’t know and listen to those with the knowledge you seek
- Building a Brand: Your brand is your greatest business asset
- Brand Maintenance: Zealously protect and build your brand
- Bank Financing: Make your bankers believe.
- Private Investors: The big money lies with the big players in private funds
- Partnerships: A good partner can help you build your business faster and further.
- Finding the Right Employees: The quality of the people you hire determines how successful you become.
- Handling Lawyers and Accountants: Top of the line role players will put your business on top (hire the best you can afford).