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
Small Business Owner
Initial Underwriting Group