Posted by Tasnim Ahmed
May 7, 2021 | 4-minute read (738 words)
Gary Vaynerchuk, an iconic marketer, entrepreneur and social media baron with 8.9 million Instagram followers and 2.3 million Twitter followers under the handle @garyvee, is perhaps best known for his prolific angel investments in tech giants such as Facebook, Twitter, Uber and Venmo.
Vaynerchuk is also the chairman of communications firm VaynerX and CEO of VaynerMedia, a digital ad agency that serves a plethora of Fortune 500 clients. Additionally, he is the founder VaynerSport, the athlete representation agency of VaynerX, and VaynerTalent, an agency offering talent representation and consulting.
As the host of The GaryVee Audio Experience podcast and #AskGaryVee Q&A show on YouTube and Facebook, Vaynerchuk shares advice and answers questions on entrepreneurship, running a business and marketing.
Described by some as the embodiment of hustle culture, the business tycoon is also a sought-after public speaker and a five-time New York Times bestselling author. Given his years of experience and obvious business savvy, his books share brilliant lessons and tips on how to succeed as an entrepreneur.
Vaynerchuk’s NYT bestsellers:
Crushing It! How Great Entrepreneurs Build Their Business and Influence-And How You Can, Too
#AskGaryVee: One Entrepreneur's Take on Leadership, Social Media, And Self-Awareness
Jab, Jab, Jab, Right Hook: How to Tell Your Story in A Noisy Social World
Thank You Economy
Crush It! Why Now Is the Time to Cash in On Your Passion
7 key pieces of advice for entrepreneurs from Vaynerchuk:
- When it comes to money, be practical.
As an entrepreneur, you must understand the importance of generating money and managing profits. Be practical and focus on the existing financial requirements instead of thinking about how much money you’ll make in five years. The golden rule is cash is oxygen. First-time entrepreneurs need to carefully weigh expenses like rent, supplies and inventory. Do you have enough money to pay a year’s rent? How much money is needed to stay afloat? There can be two instances—either your business isn’t funded, or you have a very well-funded business in which case you don’t pay attention to building a profitable business as you’re busy thinking about the next investment round. In either situation, you need to be very focused and practical where finances are concerned.
- Business Is about commitment.
Every minute is important, and you need to be committed to your business from day one. This likely means a substantial amount of sacrifice, such as tossing off your favorite show, late night parties or family time. You are the creator here. So, question yourself as to how big a business you want to build. The bigger the business, the higher the level of commitment.
If you give your word or make a commitment, no matter what, you must stick to it. If you fail to deliver what you commit, it’s not just your brand but your personal image too is at stake. So, hold yourself to your word.
A number of businesses don’t succeed because they don’t employ marketing to its full potential. The best or ideal marketing plan is to devise an overall strategy that works in an effective manner in stages. The formula here is to maximize each stage of the strategy and then move to the next one. This applies to every business tactic.
- Harness the power of social media.
Social media is much more than pushing content out. As an entrepreneur, you need to constantly monitor your audience, pay attention to what is viral and make sure you are heard. Harness the power of social media to create a successful business or an influential brand. Provide value to your audience and don’t expect returns. This can turn your audience into endorsers. They’ll start sharing your content. Businesses can also leverage from co-branding.
- Never underestimate your competition.
They day you start underestimating competitors, you lose the game. Competition is a strong motivator. You need to be on your toes all the time and prepare yourself for the worst. If you aren’t vigilant, your competition can take over a huge chunk of market share.
As an entrepreneur you need to value and consistently engage your employees. There are three crucial things to consider: being empathetic, encouraging and communicative. Recognizing and appreciating every member of the organization matters and can be intrinsically motivating.