Prof G Markets: Scott’s Nine Businesses | The Prof G Pod with Scott Galloway

Intro

In this episode of “The Prof G Pod with Scott Galloway,” Scott Galloway shares insights from his career as an entrepreneur, discussing his various business ventures and the lessons he learned along the way. From starting a VHS delivery business to founding successful companies and navigating through failures, Galloway provides valuable advice and reflections on entrepreneurship.

Main Takeaways

Scott Galloway’s Entrepreneurial Journey

• Galloway’s first business, Stress Busters, was a VHS delivery service that he started by purchasing discounted tapes and offering home delivery.
• He faced rejection, humiliation, and logistical complexities while growing the business.
• Galloway’s business was eventually acquired by Allstate insurance, leading him to apply to business school.
• He emphasizes the importance of resilience and enduring rejection in entrepreneurship.

Lessons from Business School and Brand Strategy Consulting

• Galloway attended business school to pursue a career change and a salary increase.
• He discovered a passion for brand strategy consulting and started a successful consulting firm called Profit.
• Galloway shares anecdotes about pitching to clients and the challenges of running a services company.
• He eventually hired a new CEO to run Profit and focused on starting internet companies to monetize intellectual capital.

Challenges and Failures in Entrepreneurship

• Galloway discusses the challenges and setbacks he faced with companies like Red Envelope and Brand Farm.
• He reflects on the emotional toll of failure and the importance of failing fast rather than failing slowly.
• Galloway emphasizes the need to leverage opportunities, make strategic business decisions, and learn from mistakes.

Building ProfG Media and Reflections on Success

• Galloway founded ProfG Media to create a fun and creative company without raising outside capital.
• He highlights the importance of trust, generosity, and enjoying the work in business relationships.
• Galloway aims to build a profitable business while sharing profits with employees and focusing on impact.
• He reflects on the significance of achieving financial success and balancing it with reputation success.

Summary

Scott Galloway’s Entrepreneurial Journey

Scott Galloway shares his experiences as an entrepreneur, starting with his first business, Stress Busters, a VHS delivery service. Despite facing rejection and logistical complexities, Galloway grew the business and eventually sold it to Allstate insurance. He emphasizes the importance of resilience and enduring rejection in entrepreneurship.

Lessons from Business School and Brand Strategy Consulting

Galloway pursued a career change and a salary increase by attending business school. During this time, he discovered a passion for brand strategy consulting and founded Profit, a successful consulting firm. Galloway shares anecdotes about pitching to clients and the challenges of running a services company. Eventually, he transitioned to starting internet companies to monetize intellectual capital.

Challenges and Failures in Entrepreneurship

Galloway discusses the challenges and setbacks he faced with companies like Red Envelope and Brand Farm. He reflects on the emotional toll of failure and emphasizes the importance of failing fast rather than failing slowly. Galloway highlights the need to leverage opportunities, make strategic business decisions, and learn from mistakes.

Building ProfG Media and Reflections on Success

Galloway founded ProfG Media to create a fun and creative company without raising outside capital. He emphasizes the importance of trust, generosity, and enjoying the work in business relationships. Galloway aims to build a profitable business while sharing profits with employees and focusing on impact. He reflects on the significance of achieving financial success and balancing it with reputation success.

Conclusion

In this episode, Scott Galloway shares valuable insights and lessons from his entrepreneurial journey. From starting a VHS delivery business to founding successful companies and navigating through failures, Galloway provides advice on resilience, strategic decision-making, and the importance of enjoying the work. His reflections on success and failure offer inspiration and guidance for aspiring entrepreneurs.