Stop Taking Opinions from Your Friends!
Earvin “Magic” Johnson’s first business venture was buying an AM radio station for $1.5 Million.
He asked all of his teammates to pitch in $100,000-$200,000 and none of them joined in. HE CAST THE VISION OF WHAT THEY COULD DO WITH IT AND THEY ALL STILL SAID NO. The risk they wouldn’t take, he takes alone. He buys the radio station for $1.5 million without any of his teammates, and then he later sells the land by itself for $1.5 million and the radio station for $4 million.
Impressive right? Equally impressive is that his first venture helped educate him and set up the home run for more business ventures including co-ownership. and partnerships in movie theaters, Starbucks, the Lakers (bought and sold at the highest peak), the Sparks and then ownership of the Dodgers!
Moral of the story is if you buy your friend’s opinion, you are also choosing to buy their lifestyle.
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