Magic Johnson, photo via Instagram
Magic Johnson is not only renowned for his legendary basketball career but also for his success as a businessman. From earning millions on the court, Johnson has transitioned into a mogul with an estimated net worth of $1.2 billion. However, his path to business success was not without its challenges and failures.
Here are seven business lessons from Magic Johnson’s journey to billion-dollar success.
Upon retiring from professional sports in 1996 after revealing an HIV diagnosis, Johnson, THE chairman and CEO of Magic Johnson Enterprises, delved into entrepreneurship by immersing himself in market research. He recognized the importance of understanding his target audience intimately. By focusing on the underserved American minorities market, Magic identified a lucrative opportunity in the entertainment industry. This led to his successful investment in a movie theater and mall, catering specifically to his target demographic, Entrepreneur reported.
Johnson attributes much of his creative business ideas to his rituals of stillness and introspection. Whether it’s through what he calls early morning “thinkitating” sessions or retreating to serene environments, the ex-basketball star finds clarity amidst the chaos of life. This clarity has enabled him to seize groundbreaking opportunities, such as his innovative partnership with Starbucks.
Johnson stresses the importance of surrounding oneself with top talent and mentors. Drawing from his mentor, Dr. Jerry Buss, he advocates for connecting with the best professionals in finance, law, and management, Entrepreneur reported. This will help you elevate your game.
“If you believe you’re the best, always run with the best,” Magic said. “Because if you don’t, you’re gonna end up paying for it and come back to get them anyway!”
Johnson’s commitment to preparation and punctuality has been instrumental in his success. Whether it’s arriving early for meetings or outworking his opponents on the basketball court, his dedication sets him apart.
He grew up with this ethic as his father was never late, nor ever missed a day of work, for General Motors in 30 years, Entrepreneurs’ Organization reported.
Johnson says he’s committed to excellence and he refuses to accept defeat. His approach is to meet a challenge with a winning mindset.
Drawing from his experience under the leadership of Coach Pat Riley, Magic underscores the importance of motivating and empowering teams. By fostering a culture of excellence and accountability, leaders can unlock the full potential of their employees and achieve collective success, Entrepreneurs’ Organization reported.
Johnson emphasizes the importance of leading by example and instilling passion and dedication in one’s team. By embodying the values and work ethic they wish to cultivate, CEOs can inspire their employees to excel and become brand ambassadors for their company.
Magic Johnson, photo via Instagram, https://www.instagram.com/p/C46HqgePKfq/?hl=en&img_index=1
