In this episode of the Business Lunch podcast, host Roland Frasier and guest Magic Johnson discuss their experiences and strategies for success in both sports and business. Magic shares his journey of wanting to play in the NBA and become a businessman, highlighting the importance of mentorship and surrounding oneself with the right team. 

The conversation delves into various topics, including Magic's early investments and his approach to problem-solving. Magic explains how he found opportunities in problems and capitalized on them. The discussion touches on Magic's experiences with acquiring capital for his ventures and the challenges he faced, especially as a minority entrepreneur. He shares his journey of securing funding for projects such as building Starbucks in urban communities and emphasizes the importance of understanding and overdelivering to one's target customer base.

This episode provides valuable insights and practical strategies from Magic Johnson's successful career in both sports and business, offering inspiration and guidance to aspiring entrepreneurs.

HIGHLIGHTS

"Mentors were the key to my success. But I knew from an early age I wanted to be in business." 

“The best thing that happened to me was I was smart enough to befriend the owner of the Lakers, Dr. Jerry Buss. And I asked him to be my first mentor. That business lesson that he gave me really helped me to start my own business.”

"I don't fall in love with nothing. I want to build it, grow it, and sell it, and say good luck to the next people."

TIMESTAMPS

00:00: Introduction

02:00: The Childhood Dream

02:43: Jerry Buss

04:28: The Challenge 

05:41: Mentors 

07:38: Portfolio Diversification

10:28: Exit Plan Man

12:13: Family & Business Separation

16:23: Alternative Routes

21:12: Starbucks

25:57: Takeaways

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Roland Frasier is co-founder and principal of three current Inc. Magazine fastest-growing companies and he has founded, scaled, or sold 24 different 7 to 9 figure businesses ranging from consumer products to industrial machine manufacturing companies with adjusted sales ranging from $3 million to $337 million. 

Currently growing Scalable.co, DigitalMarketer.com,...