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Magic Johnson: Superstar in the Business Arena

Written by: Ilya Bodner

Article Overview: What does a former L.A. Lakers point guard and five-time NBA champ do when he retires from pro sports? Why he gets an office with an assistant and a $700 portfolio of companies of course!

Magic Johnson: Superstar in the Business Arena

What does a former L.A. Lakers point guard and five-time NBA champ do when he retires from pro sports? Why he gets an office with an assistant and a $700 portfolio of companies of course!

It Takes Dedication

49-year old Earvin “Magic” Johnson says it’s all about dreaming. “If you can’t dream it you can’t live it.” The star basketball player admits that he never really thought a lot about playing college ball or getting drafted by the NBA when he was younger, but he did spend time acting out his fantasies about being the CEO of a successful company one day.

As the CEO of Magic Johnson Enterprises he does plenty of public speaking events, posturing himself as an authority on doing business. His book Thirty-Two Ways to Be a Champion in Business is scheduled to be released in late 2009. Naturally, he used his sports success as a launch pad for his business career but he does not use his fame as an excuse to rest on his laurels. The philosophy behind his entrepreneurialism reflects the dedication and commitment he held while on the basketball court.

“If somebody says no to you, or if you get cut, Michael Jordan was cut his first year, but he came back and he was the best ever. That is what you have to have. The attitude that I’m going to show everybody, I’m going to work hard to get better and better.”

Johnson’s company holds ownership of several fitness clubs and restaurant franchises, including Starbucks, T.G.I Fridays and Burger King locations. He owns a few AMC Magic Johnson Theatres and has various deals going on with companies such as Best Buy. Much of his wealth is channeled into the Magic Johnson Foundation that addresses education, health and social needs. The company motto is to the point – “We are the communities we serve.”

Johnson knows the value of company branding and has put extensive effort into contributing to the community and getting his business name known above and beyond his past fame. He targets communities that need economic revitalization urgently and he becomes an invaluable resource for them.

Get Up and Do It!

Johnson’s upcoming book promises to be a winner. However, if you were to ask him, he would advise you to get off the sidelines and start your business now. Don’t wait to read his book before starting or expanding your business.

“Research your idea. See if there’s a demand. A lot of people have great ideas, but they don’t know if there’s a need for it. You also have to research your competition.”

Any entrepreneur with the commitment to do what it takes can make it happen. Yes, after his sports career, Johnson had money to invest but venture capital need not be an issue.

Building business credit comes in all sorts of shapes and forms. For different levels, there are different options.

Sincerely,

Ilya Bodner

Related Articles
  A Champion is Born: The Early Years of Earvin “Magic” Johnson
  Lesson #4: A Great Businessman is Only as Great as His Vision
  Turning the Magic On: How Johnson Built an Empire
  Lesson #5: Do What Cannot Be Done
  Teamwork

Article Tags: basketball court, best buy, burger king locations, company branding, company motto, earvin magic johnson, economic revitalization, entrepreneurialism, fitness clubs, lakers point, launch pad, magic johnson, magic johnson foundation, magic johnson theatres, michael jordan, nba champ, restaurant franchises, star basketball player, t g i fridays, time nba



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Update on profiles to come - Here is a list of the upcoming entrepreneurs that we will be featuring. Thank you Kevin for the feedback! Vera Wang Magic Johnson Joyce Hall Wayne Huizenga Martin Lindstrom (Toblerone) Peter van Stolk (Jones Soda)
Re: Update on profiles to come - [quote="Evan":3e19sx5g]Here is a list of the upcoming entrepreneurs that we will be featuring. Thank you Kevin for the feedback! Vera Wang Magic Johnson Joyce Hall Wayne Huizenga Martin Lindstrom (Toblerone) Peter van Stolk (Jones Soda)[/quote:3e19sx5g] Just a quick fix: Theodore Tobler (Toblerone)
Who to profile next? - It's time to get your suggestions again for which famous entrepreneur to profile next on the website! We are looking for suggestions for success stories that are inspiring as well as those that are recognizable. Ideally the people are brand name entrepreneurs who people recognize (at least their companies are recognizable if not themselves individually). Some initial sugestions are: Joyce Hall (Hallmark) Vera Wang Nolan Bushnell (Atari & Chuck E. Cheese) Magic Johnson James Kimsey (AOL) Wayne Huizenga (Blockbuster) Mike Ilitch (Little Caesars) What do you think? Who would you like to see profiled?
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Re: Entrepreneur Heroes Trading Cards - How is this project going? If you could turn the cards into a game like Magic-The Gathering you might hit the jackpot!


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