💰From Basketball to Billions

Good Evening, Hard Knocks community! 💰 

We're getting this session in right before the buzzer this week at the School of Hard Knocks - where we keep you up to date on what’s going on in the business world, wisdom from today's top entrepreneurs, and key takeaways to apply in both your business and personal life.

Today’s Schedule

• Jumpman, Jumpman, Jumpman: How One the Greatest Athletes of All Time Became a Business Mogul

• Free Game: Lessons From an Entrepreneur Making 7-Figures Per Month

• From the Hard Knocks Library: Atomic Habits by James Clear

• In Case You Missed It: Asking Las Vegas Super Car Owners How They Got Rich

3…2…1…Let’s Ride!🔥

Jumpman, Jumpman, Jumpman

In the halls of sports history, few athletes have solidified their influence in the business world quite like Michael Jordan. He dominated the NBA in the 1990’s winning 6 Championships & 5 MVP awards. While many legendary athletes have made great investments over the years, Jordan's strategic moves stand out as key lessons for entrepreneurs.

At the outset of his NBA career, Jordan had several shoe brands eager to capitalize on his rising stardom. Despite competing offers from Adidas and Converse, it was Nike that sealed the deal with a groundbreaking proposition: his own shoe brand, complete with a distinctive logo. This moment birthed the Jordan Brand. Jordan shoes became a cultural phenomenon that transcended standard footwear. What began in 1985 with modest expectations of $3 million in merchandise sales soon skyrocketed to over $70 million within two months and nearly $100 million by year's end. Today the Jordan Brand is worth Billions!

Michael leveraged his financial success from the Jordan brand to diversify his investment portfolio. He pursued co-ownership of the Charlotte Hornets and a NASCAR team. He also had ventures in sports betting, tequila, and fine dining. With an estimated net worth of $3 billion, as reported by Forbes, Jordan's entrepreneurial journey serves as a testament to the rewards of using your talents to create generational wealth.

So how can we learn about entrepreneurship from one of the greatest athletes to walk the earth? Here are some key business lessons from Michael Jordan:

Have the Mind of a Competitor: Michael Jordan's competitiveness on the basketball court not only made him a legend in sports but also translated into a powerful asset in his entrepreneurial career. He had a relentless drive to win and an relentless determination to outperform his opponents. This instilled in him a mindset of excellence and a refusal to accept mediocrity. This fierce competitive spirit served as a driving force behind his success in business. Entrepreneurs can draw inspiration from Jordan's competitive nature by adopting a similar mindset. Embrace competition as a way to grow your company by improving your company to be the best. Fearing competition only causes you to be ignorantly comfortable. In business, it's survival of the fittest. If you don't have that competitive edge when competition comes knocking, you might very well find yourself out of the market.

No Time For Excuses: Michael Jordan's refusal to make excuses, even in the face of adversity, was a hallmark of his legendary career both on and off the basketball court. Michael, who most regard as the greatest basketball player of all time, was initially cut from his high school basketball team. If he would have made excuses for this setback instead of persevering, we may not have gotten to see one of the most legendary sports careers of all time. In the world of entrepreneurship, this trait is invaluable. 

Instead of blaming external factors or circumstances for setbacks, successful entrepreneurs, like Jordan, focus on solutions and personal responsibility. When you take full responsibility for the setbacks in your company, instead of blaming anyone or anything else, you give yourself the power to overcome those challenges.

Success Through Collaboration: Jordan's championship-winning career exemplifies the importance of teamwork and collaboration. Many people may overlook the teammates or business partners that helped Jordan get to where he is today. In business, success often falls back on the ability to build strong teams and leverage multiple skillsets. Surround yourself with talented individuals who complement your skills, have that competitive drive and work together towards shared goals to achieve greatness.

Words of Wisdom

Free Game

This past January we were filming a video in Houston, Texas and we approached a man in a Mercedes G-Wagon and asked him how he became successful. That man ended up being Augustine Degorl, a 27 year old cybersecurity entrepreneur whose company is making 7 figures a month.

When you are 27 years old making 7 figures a month, you are clearly doing something right, so we had a conversation with him and this is what we learned:

Study those who came before you: The biggest mistake you could make as an entrepreneur is thinking you have to have everything figured out. The reality is, unless you are in a revolutionary industry such as artificial intelligence for example. There are people before you who have already blazed a trail, became incredibly successful and are willing to share lessons about how they did it.

This is exactly what Augustine did. He stopped making decisions on his own and started to seek out advice of those who came before him to guide him in the right direction. Whether it’s books, YouTube or in-person - the resources are out there. You just have to seek them.

You Are Paid in Direct Proportion to the Value You Provide: One of the things Augustine said is “if you can go into an organization and protect it, you will get the money you are looking for”. Although this advice is primarily referencing cybersecurity, this principle applies to any individual working inside of a business.

If you are apart of a growing company and you make yourself an asset to that business whether that is by protecting the existing business or by helping it grow - you will get rewarded for your effort. A key thing here is, you have to grow alongside the company and we’re not just talking about your salary, we’re talking about your skills. As the business grows, the needs will evolve over time so make sure you continue to learn so you don’t get left behind.

Only the paranoid survive: Business requires a balance of optimism and pessimism. You should be optimistic during hard times that things will get better and you will get through your current challenges but you should be pessimistic when everything is going right. The worst thing you could ever do in business is get comfortable.. Because the moment you get comfortable and you take your foot off the gas is the moment your business starts to decline. Always remember - if you’re not growing, you’re dying.

From the Hard Knocks Library

In Case You Missed It

Earlier this week we dropped a new YouTube video where we went all over Las Vegas and asked supercar owners how they became successful. We met people in a variety of different industries such as trading, real estate, manufacturing and Airbnb. This episode features successful entrepreneurs from all walks of life so you aren’t going to want to miss it. 🔥

Let Us Hear From You

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