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GARY VAYNERCHUK'S STEPS TO TURBO-CHARGE YOUR IDEA
1) FIND YOUR “HOOPLA” FACTOR
• Your product/service/store needs to be EXCITING, which means YOU have to be exciting
• Gary started a video-blog to educate wine consumers, but its FUN, and costs NOTHING to produce, just set up a camera
2) GET AHEAD OF THE PULSE
• You have to understand the market you’re in – KNOW what’s up and coming – think forward to see new trends
• Gary was able to see the up and coming Australian wines, while everyone else was focused on California – he had the connections before anyone else
• Follow the market – fish where the fish are
• Accept the changes in your industry – like the WEB
3) PUT YOUR CHIPS ON TALENT
• You may have to pay yourself NOTHING and put every dollar back into the business
• While taking the business from $4M to $15M, Gary paid himself just $27K / year
• You must save money at EVERY corner and the easiest place to start is you
• But you must INVEST in TALENT… at one point 3 of Gary’s employee’s were making MORE than him
4) SPREAD YOUR BETS AROUND
• Your business is bigger than your single store or product – you are MARKETING A BRAND
• Gary changed his father’s store’s name from Shoppers Discount Liquors (so generic) to The Wine Library
5) “SOCIAL EQUITY” TRUMPS “PRIVATE EQUITY”
• Gary believes in this day and age, he would rather have a MILLION friends than $10M dollars
• He could grow a business to a $5M business through social equity alone in 24 months
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