Gary Vaynerchuk is an entrepreneur, CEO, author, and internet personality, known for growing his father’s liquor store from $1 million to $50 million a year and offering honest business commentary online.
These are some of his most notable pieces of advice to young entrepreneurs!
1. There are a ton of bad days being an entrepreneur
Most young entrepreneurs don’t understand the difference between optimism and endurance - being an optimist (like Gary promises he is) is no guarantee that you won’t have bad days. In fact, that’s mostly what you’re going to have.
The point is to remain an optimist despite that and keep working.
2. It’s not about the idea
It’s about the execution. People have great ideas every day, but especially when it comes to the business world, great ideas fail miserably often due to poor execution.
Recently, Gary exemplified this by reminding us that Uber was not a new idea at all, it had been tried before, but with Uber, the execution was good, so it worked.
3. Stop making excuses
This point comes across in many of Gary’s speeches and Q&A’s. As an entrepreneur, you can never rely on excuses to dictate what you should or should not do.
“There are a million reasons why not, but there’s one great reason why.” - Gary Vaynerchuk
On the topic of business, many things can go wrong every day for many reasons - sometimes you’re in the wrong place at the wrong time, sometimes you mess up, sometimes something bad happens to a family member, and so on. If you tried to make a list of everything that can go wrong on a business day, you would never stop making that list.
So, when asked what is harder between lack of capital or lack of time for success, Gary answered that it’s lack of optimism. Asking something like that is by itself a sign of negativity - of course you will face both challenges of time and money. It’s not important which is the hardest; you will need positivity to deal with both.
4. Patience is grossly underestimated
To Gary, patience is often forgotten when talking about the greatest qualities of great entrepreneurs.
Many young entrepreneurs have emailed him in desperation asking for advice, saying their business isn’t going well. When asked for how long the business has been running, the answer is usually the same: “Four months.”
There is no way you can make the business of your life generate considerable profit in only four months - even worse, would you seriously consider giving up after only four months?
Gary says patience is vital here. “You need to hustle”, is something he likes to say. Keep fighting, keep taking the punches, and stay optimistic. It will never happen if you give up after trying for just a few months.
“There is no overnight success. Period.” - Gary Vaynerchuk
5. One is better than zero
Following his advice of optimism, patience, and persistence, he calls attention to the idea of little result being better than no result.
As said before, there is no overnight success and working hard for years to reach that goal can feel very discouraging to young people. Gary recommends you cherish your progress and enjoy the ride - you will never reach a point where there’s nothing else you need to do.
The hard work never stops, so neither can your persistence. To motivate yourself when facing little progress, just know that it’s still progress!
“Without hustle, talent will only carry you so far.” - Gary Vaynerchuk
Did you know about Gary Vaynerchuk before this article? What other business advice of his can you tell us? Be sure to share it all in the comments and follow us on Facebook for more articles!