Magic Johnson will always be best known for his NBA Hall of Fame past as a five-time champion point guard for the LA Lakers. Magic retired from basketball over twenty years ago in 1996. In the time since he built an empire using his name and his considerable wealth.
Very few people who own investment companies have the name recognition as extensive as Magic Johnson does, which might have been enough to get his foot in the door. Many professional athletes leverage their name this way, creating a secondary income through endorsements or investments. But far fewer have successfully grown, developed, and expanded their brand vision.
Magic Johnson has invested in many different types of companies, including movie theaters, Burger King restaurants, health clubs, Starbucks, team ownership, and more. Magic Johnson leveraged his name, but he took his brand to the next level by doing what many professional athletes couldn’t do: learning business and proving he had another skill set in addition to basketball.
Today, Magic embraces his NBA past but is devoted to the work he does. His enterprise supports organizations that work for urban investment and development, diverse hiring practices, health care for individuals with HIV/AIDS, and GED graduation programs for high school dropouts. His net worth is estimated to be $500 million and he is one of the most successful African-American businessmen within the United States. Magic earned this recognition on his own merit, putting in the work and proving that he was capable of being a boss on the court and in the boardroom. He said that athletes who are interested in transitioning to business have to be prepared to come to their new roles with the same passion, dedication, and discipline that they bring to their sport.
What can those of us who haven’t won a couple of championships learn from Magic Johnson? He visits one key message over and over again: locating, hiring, and listening to the people who know more about what they are doing than you do. Magic stresses the importance of having the right people manage and protect your money and constantly listening to others to learn how to improve yourself.
As solo business owners, we have a tendency to wear as many hats as we can fit on our head. But running a successful company can take a lot of different skill sets. When you run a department that you don’t have much experience in or aren’t sure how to improve, reach out to an experienced professional for advice. Some solo entrepreneurs seek advice when it comes to the accounting of their companies, while others struggle more with marketing, sales, client management, or more. Find the right people, keep them by your side, and learn as much as you can from them. You’ll see your company thrive and your brand develops to the powerhouse you dream it will be.