Today’s Show Recap
Thanks for listening to Makin’ It. On this week’s episode, we talk about Major League Baseball and how they are trying to grow the market, how a popular social media company is looking for $200 million in funding, creating a $20 billion evaluation, two new profiles in the Makin’ It Success Stories featuring Robert Downey Jr. and Michael Dell and, on Makin’ It or Breakin’ it, whether or not you work while you’re on vacation. Let us know what you think of the show in the comments section at the bottom of the page!
Let’s suit up and start the show!
Tommy, Todd and Brittany start the show by discussing Major League Baseball and how the organization is trying to grow their market by adding two more teams to the 30 already in their organization. However, expanding sports teams isn’t as cut and dry as it would seem. There are many factors to consider that aren’t all that obvious, meaning a town can’t just be randomly selected for a new team. What is most important is what kind of television market the team can attract in a city followed up by how many Fortune 500 companies are in the area. For example, Las Vegas has good companies and a large population. However, the city is 40th in the television market. Another impediment to a sports team is having a stadium. In order to have a team in today’s market, a state-of-the-art stadium is required, and a stadium can’t be built today for $600 million dollars, as was done when the Montreal Expos moved to Washington DC. Moreover, you have to have the support of the community to have a team, which is difficult to achieve because you have to factor in political, financial, population and television considerations. While it is considered glamourous to have ownership in a team, with people such as Jennifer Lopez and Lebron James having ownership, no one who is just starting out as an entrepreneur starts out owning a team. You have to already have billions in order to invest. What do you think of all it takes to start up a sports team? What do you see as hidden factors? Let us know in the comments section.
Next up, the gang discusses how the popular social media platform Snapchat is putting feelers out for a $200 million in additional funding, which could enable them to be evaluated at $20 billion despite not having made a profit since they began in 2011. While they have recently had some earnings, they still don’t have enough to value them at $20 billon.
What is valuable about internet social medial properties such as Snapchat is the number of users they have obtained, and Snapchat has approximately 100 million users. In comparison, LinkedIn has 200 million users; Twitter has 300 million users; and FaceBook has 1.4 billion users. The number of users is critical to advertisers because all of them want to get in front of all these sets of eyes.
With all that said, Snapchat is expected to make $100 billion a year sometime in the next 10 years if they continue their trajectory, which can be considered a comparable to FaceBook’s path of similar numbers and choosing not to monetize at this time. What do you think of Snapchat’s evaluation despite not having made much of a profit? Do you think a healthy user base is worth $20 billion? Let us know in the comments section.
OMG Fact of the Week:
An average person laughs 13 times a day.
In the next segment of the show, Tommy, Todd and Brittany do another installation in the Makin’ It Success Story Profile Series. This week, they feature two profiles: Robert Downey Jr. and Michael Dell.
The first Makin’ It Success Story Profile for the show features Robert Downey Jr. Otherwise known as Iron Man/Tony Stark from the Marvel franchise, Downey Jr. is one of the highest paid actors today, taking home $80 million last year. However, his rise to success, like so many others, required commitment and focus and an extreme amount of dedication.
Downey Jr., a true comeback artist, has certainly had his share of ups and downs. Born in Manhattan to parents in show business, drug use was a way he and his father bonded, having started smoking marijuana at age 10. Having been arrested several times for events surrounding his drug use, Downey Jr. was facing serious prison time when he finally made the choice to not continue down the path he was headed and began to do what it took to get his life and career back on track. He went to rehab and decided to actually participate, wanting to get better. He had help from mentors like Mel Gibson who paid his completion bond to a movie studio, and he went on to help Gibson when he had his own troubles. One of Downey Jr.’s most important influences is his wife and business partner, Susan Downey. Initially reluctant to date an actor, she went on to support him and helped keep him accountable for his choices.
Downey Jr. went on to make a series of good choices, especially when he performed in the first Iron Man movie taking home $500,000. Because he proved he was such a good box office draw, for his second Iron Man movie, he made $10 million, and for his next three Iron Man appearances, he made $50 million for each appearance, cementing his cinematic value. Downey Jr. focused on improving himself and his talent by fully committing to his craft. For example, to play Iron Man, he had to put on 20 lbs. of muscle, and for “Chaplin,” he had to learn how to play the violin and how to play tennis with this opposite hand. Downey Jr. is a prime example of how you choose to spend your time directly reflecting your success as well as realizing that just because you hit bottom and you fail, you don’t have to stay there. What do you think of Robert Downey Jr.? Let us know in the comments section.
Two Minutes with Tommy:
Next up is a new segment of the show called Two with Tommy where Tommy takes two minutes and explores things that have recently come to our attention. This week, Tommy talks about something we all face in life even though we might be hesitant to talk about it: The emotion of fear. While fear can be seen as an acronym for False Evidence Appearing Real, it is the reason thousands of businesses never get started, inventions never get made and relationships that could have happened, never begin. Fear is the most neutralizing force on Earth. It keeps us safe, prevents embarrassment and failure. However, it also keeps us stagnated without accomplishment and, often keeps us broke.
Success is not about great ideas or superior intellect or lucky breaks. Success is about overcoming fear and a willingness to step out into the unknown, taking risks and being willing to fail. Each failure brings us one step closer to success. People need to be afraid in life; they need to be afraid of missing out and not achieving their full potential. When you get fear in perspective, it’s a motivator, not an inhibitor.
So, get started, feel the exhilaration of progress and achievement and know that each day you have a setback or failure, you’re one step closer to success and self-fulfillment. You are closer to reaching your true purpose in life and certainly closer to financial freedom because there certainly aren’t that many people who overcome their fears and become all they can be. However, being all you can be pays very well in life.
So, remember what fear really stands for: False Evidence Appearing Real. And, start today to overcome the lies and perhaps the things that have been taught to you for years. Quit telling yourself those lies and just go for it! For more great content, insights, inspiration and products go to tommyrunfola.com
Our second Makin’ It Success Story Profile for the show features Michael Dell. The founder and CEO of Dell Inc., Dell was destined to be an entrepreneur from an early age. At age 8, Dell took the high school equivalency exam because he wanted to get into business early. He stared his first computer business in his dorm room in college and sold magazine subscriptions, earning enough money to purchase his first condo in cash. He went on to start his own storefront business that was visited by another successful entrepreneur, Mark Cuban. He was so impressed by Dell, he wrote him a letter telling him he was destined for far better things. The letter turned out to be very prophetic, as Dell started Dell computers.
Realizing that he could buy the parts for computers, custom make them for people who paid in advance and sell them online, Dell got to a point where he was making a million dollars a day. Dell went straight up from there, and he is worth many billions today. Like many successful entrepreneurs, Dell is also a philanthropist donating millions to children’s causes. Dell is another example of a person who looked for his idea and made it happen in a big way. What do you think of Michael Dell? Let us know in the comments section.
Finally, Tommy, Todd and Brittany end the show with the Makin’ It or Breakin’ It segment. This week, they ask the question: when you are on vacation, do you work? The answer lies in whether you have a career or you are merely punching a time clock. Entrepreneurs often don’t see work as something they have to get away from because they are so passionate about what they do. If you love your work, you tend to love what you do and the creation process behind it. It merely is not work. However, if you are punching a clock, studies have shown that you do need to disconnect from work to regenerate, and it can be unhealthy not to do so. What do you think of working while on vacation? Do you do it because you love what you do or because it is expected? Let us know in the comments section.
Thanks for tuning in to Makin’ It. Let us know what you think of the show and if you have questions about your business, send us an email at email@example.com or leave us a comment below. We love to hear from our listeners and we read comments on the air. We just might choose yours for next week’s show (so don’t forget to tune in!).
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Additional Resources for Entrepreneurs:
For more information on Robert Downey Jr., click here.
For more information on Michael Dell, click here.
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