Arvin “Magic” Johnson has advice for dreamers To start. A basketball star and a successful businessman, the former North American athlete spent some of his life outside of the sport supporting the younger Entrepreneurs In low-income communities in the United States.
During 2020, Inc. Says that Johnson was responsible for helping hundreds of black, Latino and women entrepreneurs access credit lines to be able to survive the epidemic crisis. In parallel, he leads some of the biggest franchises in the NBA, as well as large businesses such as investments in technology companies.
By Inc., Johnson shared some “secrets” that he believes are essential for all those who dream of doing business. Check it out below:
Plan your loan well
It is common for entrepreneurs to use credit lines to open their businesses. But the former athlete believes that planning has to be done before seeking money from any financial institution. According to Johnson, entrepreneurs need to look at their finances and seek professional advice from more experienced accountants or entrepreneurs. “Make a plan for the future, not to repay the debt. Don’t wait until you need to,” says the former athlete.
For Johnson, the entrepreneur cannot be afraid of new ideas. And the same goes for those who want to start an epidemic in this challenging time or see themselves as the owners of a business. In his view, you need to dive into finance to at least plan your next three months. And from that, if necessary, think about new approaches to business. “Often, small business owners are afraid to change. If it’s not working, you have to do it differently. “
You don’t have all the answers
Gaurav is not a word that is part of the vocabulary of the entrepreneur. For an NBA star, calling a friend or looking for an expert is proof that the entrepreneur is ready to seek a solution. “Asking for help brings new perspectives on difficult problems,” Johnson says. In the same way, the entrepreneur believes, promotes innovation. In his view, sharing ideas with others is a business investment.