In the 1980’s entrepreneurship had no place for youth. It was difficult. Taking a business from 3 million dollar to 60 million dollar and contributing it to family, Mr. Vaynerchuk moved to a different entrepreneurship game from his earlier venture Wine Library on YouTube.
Some of his tips for the young entrepreneurs are:
CEO is the jockey, Business is the Horse: Entrepreneurs run business in a way that it evolves and adapts to the changing times. Adjusting to the reality of what the business has to do is vital. The biggest fear for today’s entrepreneurs is they are working either for money or just because ‘it’s cool to be an entrepreneur,’ not because they cannot live without it.
Patience: An instant gratification proves to be a loss as life is long and it is important to have patience in whatever a person is doing.
How Much Do you Enjoy Losing: Not caring about what other people think is important as failures happen all the time.
The biggest businesses today buy and save time: Everyone is addicted to speed and consuming whatever content they want, whenever they want and wherever they want is the trend. The upcoming time would have audio as a very interesting industry as podcasts and radio helps people save time and multi task. So it is important to understand the audio industry and any industry that is saving time. Billion dollar industries like Uber are in the business of saving time for transport.
Also check out Alexa (an intelligent personal assistant developed by Amazon) https://www.alexa.com/siteinfo
Do not work to Appease Your Parents: Follow your passion, so that you do not resent your decisions later, just because you were forced into something you did not want to become. This is will strengthen your relationship with your parents later instead of ruining the emotional attachment at a later stage of life and playing the blame game.
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