#1
The first has to do with culture, and the inevitable shifts it makes. And of course you want to maintain culture if it’s good; you want to keep that sense of family and everything good that came with being smaller. A natural response to that might be to try and instill the love you have for your company in everyone at the company.
But let me tell you this: as the founder of the company, if you think anyone is going to love the company as much as you do, you are out of your mind.
You own the business. How can you expect them to love it as much as you do?
Here’s what you do instead.
Get over the fact that the employees will never love it as much as you. If you’re lucky, there will be people who love it half as much as you. Even if someone loves a fraction as much as you do, you’ve won.
#2
This second one is quite simple: don’t try and cash in too quickly. It can be very alluring to start getting yourself nicer things. A nicer lifestyle. But the way to scale and grow is to have the dollars. I run my businesses early on at no profit. Some people say “Easy for you now, you’re rich.” But that’s bullshit. I was twenty-eight years old, running an enormous business, making $40,000 a year. But it let me build a $30 million business. That’s eating your own dog food.
There are so many different directions a company can take. But if you focus on remembering the two things above, good things can happen.
Gary Vaynerchuk builds businesses. Fresh out of college he took his family wine business and grew it from a $3M to a $60M business in just five years. Now he runs VaynerMedia, one of the world's hottest digital agencies. Along the way he became a prolific angel investor and venture capitalist, investing in companies like Facebook, Twitter, Tumblr, Uber, and Birchbox before eventually co-founding VaynerRSE, a $25M angel fund.
The #AskGaryVee Show is Gary's way of providing as much value value as possible by taking your questions about social media, entrepreneurship, startups, and family businesses and giving you his answers based on a lifetime of building successful, multi-million dollar companies.
Gary is also a prolific public speaker, delivering keynotes at events like Le Web, and SXSW, which you can watch right here on this channel.
Find Gary here:
Website: http://garyvaynerchuk.com
Wine Library: http://winelibrary.com
Facebook: http://facebook.com/gary
Twitter: http://twitter.com/garyvee
Instagram: http://instagram.com/garyvee
Medium: http://medium.com/ @garyvee
The first has to do with culture, and the inevitable shifts it makes. And of course you want to maintain culture if it’s good; you want to keep that sense of family and everything good that came with being smaller. A natural response to that might be to try and instill the love you have for your company in everyone at the company.
But let me tell you this: as the founder of the company, if you think anyone is going to love the company as much as you do, you are out of your mind.
You own the business. How can you expect them to love it as much as you do?
Here’s what you do instead.
Get over the fact that the employees will never love it as much as you. If you’re lucky, there will be people who love it half as much as you. Even if someone loves a fraction as much as you do, you’ve won.
#2
This second one is quite simple: don’t try and cash in too quickly. It can be very alluring to start getting yourself nicer things. A nicer lifestyle. But the way to scale and grow is to have the dollars. I run my businesses early on at no profit. Some people say “Easy for you now, you’re rich.” But that’s bullshit. I was twenty-eight years old, running an enormous business, making $40,000 a year. But it let me build a $30 million business. That’s eating your own dog food.
There are so many different directions a company can take. But if you focus on remembering the two things above, good things can happen.
Gary Vaynerchuk builds businesses. Fresh out of college he took his family wine business and grew it from a $3M to a $60M business in just five years. Now he runs VaynerMedia, one of the world's hottest digital agencies. Along the way he became a prolific angel investor and venture capitalist, investing in companies like Facebook, Twitter, Tumblr, Uber, and Birchbox before eventually co-founding VaynerRSE, a $25M angel fund.
The #AskGaryVee Show is Gary's way of providing as much value value as possible by taking your questions about social media, entrepreneurship, startups, and family businesses and giving you his answers based on a lifetime of building successful, multi-million dollar companies.
Gary is also a prolific public speaker, delivering keynotes at events like Le Web, and SXSW, which you can watch right here on this channel.
Find Gary here:
Website: http://garyvaynerchuk.com
Wine Library: http://winelibrary.com
Facebook: http://facebook.com/gary
Twitter: http://twitter.com/garyvee
Instagram: http://instagram.com/garyvee
Medium: http://medium.com/ @garyvee
Eat the dog food, got it.
When NICE Businesses Grow Too Quickly
Hopefully this help's me with my DECA project 🙂
I really need to pause, repeat, pause and repeat to really understand and make sure the gold in your thought process. Love it man !!
Awesome!
That is insane the value Gary Vee just dropped
Amen Gary, mold-able and talented people… Even at my age of 18, I can see that the people I hired were such, but maybe I need to uptake this quality to expand business and grow myself. Thank you so much for the content you put out
That was a refreshing and super solid, tight insight, thanks Gary!
Alex seems wimpy… I like his Sapiens book review though.
How come you didn't suggest profit share as a way of getting your employees closer to a 10? Are you against that idea?
good content. thanks!
I still don't think he really understood what you were saying. I loved this answer.
This is a typical example of a fantastic business lesson for every entrepreneur. Many but really many treat their employees like rubish in the bin. And then they wonder why they do not get results in any area . Thank you Gary. A smashing video.
Lol, this answer turned into an 8 min. consulting session!