Podcast Summary
Investing in Sports Cards: A Lucrative Opportunity Amidst Economic Downturns: During economic downturns, high-end sports cards can increase in value due to scarcity. Understanding cultural relevance and potential future impact is crucial for informed investment decisions.
Investing in collectibles, specifically sports cards, can be a lucrative opportunity due to the limited supply and enduring cultural significance of certain items. Gary Vaynerchuk, who has invested heavily in sports cards in the past year, shares his experience and insights from the market. He emphasizes that during economic downturns, the high-end collectibles might not decrease in value, but rather increase due to the scarcity of supply. For instance, basketball cards, particularly rookie cards of popular players like Giannis and LeBron, have seen exponential price growth. Vaynerchuk suggests that understanding the cultural relevance and potential future impact of the collectibles is crucial for making informed investment decisions. He also mentions his recent investment in Rodman and Pippen rookies, driven by the upcoming documentary on the last season of the Bulls. Overall, the conversation between Vaynerchuk and Mark Lohr highlights the potential rewards of investing in sports cards, but also the importance of being knowledgeable and strategic in the process.
From car washes to carols: Lore's early hustles shaped his leadership style: Lore's entrepreneurial spirit and work ethic were honed through various businesses as a child, shaping him into a charismatic leader who believes in hard work and determination for success
The current head of Walmart's e-commerce business, Marc Lore, grew up with a strong entrepreneurial spirit and a relentless work ethic. From a young age, he ran various businesses, including a car washing service and a snow shoveling business. One of his most memorable hustles was going door-to-door during Christmas time, singing carols in exchange for donations. These experiences shaped him into a charismatic leader who could rally his friends to work long hours, even during snowstorms. In high school, he started a sports card business called The Mint, which bought cards directly from manufacturers and distributed them to kids for Hanukkah and Christmas. Despite starting in the worst possible year for sports cards, the 1987 set, he managed to provide a set to every kid in his junior high. These experiences instilled in him a belief that success comes from hard work and determination, and he didn't need to read business books to learn. Instead, the entrepreneurial mindset was in him from a young age.
Collecting baseball cards: Thrills and Challenges: Though collecting baseball cards brought excitement and potential wealth, challenges like theft and grading systems impacted value. Passion for the hobby returned with more resources and knowledge, while entrepreneurial journey began with a college hedge fund.
Collecting baseball cards was a formidable hobby during our youth, filled with excitement and potential wealth. However, the game evolved, and we faced challenges such as theft and the introduction of grading systems that devalued ungraded cards. The speaker's experience included going to trade shows, ordering directly, and even investing in advanced graded cards, only to see their value plummet when they weren't graded. Despite the setbacks, the speaker's passion for the hobby was reignited when they had more resources and knowledge, leading to a more refined approach to collecting. The speaker also shared their experience of starting a hedge fund during college, which marked a significant leap in their entrepreneurial journey.
From unconventional student to successful financial professional: Passion and determination can lead to unexpected successes, even if initial plans don't work out. Identify and leverage your strengths and interests, even if they don't fit societal norms.
Passion and determination can lead individuals to unexpected paths in life, even if they don't fit the traditional mold. The speaker, who was an unconventional student with a love for stocks and derivatives, used his knowledge to start a hedge fund as a teenager, despite facing challenges and eventually shutting it down due to stress. He then went on to work in a bank and pursue a career in financial risk management. While the outcomes may not have been what he initially planned, his passion and persistence allowed him to find success in unexpected ways. Additionally, the anecdote highlights the importance of identifying and leveraging one's strengths and interests, even if they don't align with societal expectations.
Two friends identified a gap and created a financial risk manager certification exam: With a clear vision, solid plan, and willingness to take risks, young entrepreneurs can achieve remarkable success despite limited resources or experience.
With determination and a unique idea, even young entrepreneurs without significant resources or experience can make a significant impact. In this case, two friends identified a gap in the financial management industry - a lack of certification for financial risk managers. Despite skepticism, they decided to create their own certification exam. They started by setting up a website, marketing it, and administering the exam to the first group of candidates. Their initial success led to the exam's widespread adoption, with thousands of people taking it annually in over 50 countries. This story demonstrates that age and resources are not the only factors that determine success in entrepreneurship. Instead, having a clear vision, a solid plan, and the willingness to take calculated risks can lead to remarkable achievements.
Believing in oneself and taking calculated risks: Believing in your dreams and taking calculated risks, even during uncertain economic times, can lead to significant rewards. Seek advice and ensure passion for your venture.
Having the courage to pursue your dreams and take calculated risks, even when faced with skepticism, can lead to significant rewards. The speaker, who was making a substantial income as a chief risk officer in a bank at a young age, felt unfulfilled and desired to become an entrepreneur. Despite his boss's initial disbelief and laughter, he persisted and eventually raised funds from angel investors to start a business. The business, which was a sports stock market where athletes could be bought and sold like stocks, proved to be successful, and the speaker made a profitable exit within a year. This experience taught him the importance of believing in oneself and taking risks, even during uncertain economic times. It's crucial for individuals considering quitting their jobs to start their own businesses to thoroughly consider their ideas, seek advice, and ensure they are passionate about their ventures.
Balancing data and consumer emotions: Understanding consumer emotions and needs is crucial for business success, alongside data-driven decision making.
Success in business often requires a balance between data-driven decision making and understanding the emotional needs and passions of consumers. The speaker, who had a successful run in the sports card industry, shared how he learned this lesson the hard way when he tried to save costs by reducing the size of a game board at his new company, Wizkids. Despite his mathematical and analytical background, he was met with resistance from the passionate gaming community who valued the product's quality over cost savings. This experience taught him that the "gray matter" of understanding consumer emotions and needs is just as important as the "black and white" of data and analytics. The speaker also mentioned his own pivot from the sports card industry to comic books and toys before the market collapsed, which further illustrates the importance of adapting to consumer preferences and trends. Overall, this discussion highlights the importance of a balanced approach in business, combining data-driven insights with an understanding of consumer emotions and needs.
Identifying customer needs and pain points: Successfully identifying unmet customer needs and addressing them can lead to significant business growth. Use loss leaders strategically and focus on delivering excellent customer service to drive sales.
Successful businesses often require looking beyond the numbers and identifying unmet customer needs. The speaker, Jeff Bezos, shared the story of how he and his team identified the opportunity for an online diaper retailer, diapers.com, by noticing a high search volume for diapers on Google and recognizing the pain points of high prices and inconvenience in purchasing diapers in physical stores. Despite skepticism about the viability of selling diapers at a profit, they saw potential in using diapers as a loss leader to drive sales of other products and focused on delivering excellent customer service with overnight delivery. Starting with a small investment and bootstrapping the business, they grew it to a significant revenue stream before raising external funding. This story highlights the importance of identifying customer needs, persevering in the face of challenges, and leveraging loss leaders as a strategic tool for growth.
Starting a diaper business: Overcoming sourcing challenges: Experience and persistence pay off. Overcome sourcing hurdles by making deals, negotiating directly, and proving doubters wrong.
Learning through doing and experiencing is invaluable. The speaker in this conversation shares a story about starting a diaper business and the challenges they faced in sourcing diapers in bulk. They initially relied on buying from retailers like BJ's, but hit a limit of 1,000 cases a day. To overcome this, they made deals with the retailers to leave them diapers in exchange for taking all their excess diapers. When this wasn't enough, they went directly to Procter and Gamble to buy in bulk. The speaker emphasizes the importance of doing the work and learning the intricacies of the business, rather than just staying in classrooms or relying on books. They also share the satisfaction of proving their doubters wrong and turning the situation around to their advantage. Ultimately, the speaker believes that the thrill of the challenge and the "I told you so" moment make it all worthwhile.
Unique skills can lead to unexpected opportunities: Discovering and honing a unique skill can lead to unexpected successes and opportunities in life. Even seemingly insignificant skills can prove valuable in the future.
Having a unique skill or insight, even if it seems insignificant at the time, can lead to great opportunities and success in the future. The speaker shares his experience of figuring out how to beat the odds in gambling and how it gave him a sense of accomplishment. He also expresses his belief that certain skills, like card counting, never truly leave us and can be valuable in unexpected ways. The conversation then shifts to discussing the entrepreneurial journey of Marc Lore, who started with diapers.com and eventually sold it to Amazon, and moved on to Jet.com. The speaker expresses his admiration for Lore's accomplishments and how he has always respected his entrepreneurial spirit. The conversation ends with a reflection on the longevity of their friendship and the possibility of continuing to have impactful conversations in the future.
Taking risks for happiness: Regret from inaction can last decades, so take risks for a happier life, even if it means stepping out of comfort zones, and taking advantage of opportunities provided by the internet
Starting a business is a worthwhile endeavor, even if it comes with the risk of failure. Regret is often scarier than failure itself, and fear can drive us to put in our best effort. However, it's essential to consider the role of happiness in our lives. We may have material comforts, but if we're unhappy with our jobs, we may need to take a risk and make a change. Failure can lead to regret, which can last for decades. It takes courage to disappoint our kids, look stupid in front of our friends, and confuse the world, but the potential reward is a life filled with happiness and fulfillment. The internet has opened up opportunities for entrepreneurs that didn't exist before, and we should seize these opportunities while we can. The speakers' experiences are a testament to the importance of taking risks and pursuing happiness, even if it means stepping out of our comfort zones.
Exploring Unexpected Opportunities with a Side Hustle: Investing time and effort into a side hustle can lead to unexpected opportunities and personal growth. Stay persistent, patient, and reflective to maximize potential.
Investing time and effort into a side hustle can lead to unexpected opportunities. Hank, from the discussion, was encouraged to reconsider his weekend activities and explore a potential side business in sports. The key to success lies in putting in the time and effort, even when it feels tedious or unproductive. Many people underestimate the value of their time and fail to recognize the potential in their ideas. The podcast hosts also expressed their appreciation for listener reviews, which provide valuable feedback and help spread the word about the podcast. Overall, the conversation emphasized the importance of perseverance, patience, and self-reflection in pursuing personal goals and passions.
