The biggest fear I have is that when the big guys are coming in, they start going into, “Well it’s a gold rush, let’s make our money before we can’t.” I’m always a big fan of playing the long game and bringing the most value.
To me, my biggest advice is, if you’re in it to make money for the next year or two, then you might as well get out completely. If you’re in it for the next decade, I think there’s a lot of opportunity. So if you’re trying to make money within the next two or three years, then you might as well go figure out cryptocurrency or social media or whatever the hell else gets you excited about short-term economics.
If you’re actually in it, and you’re passionate about it and you believe in it, and you want to play out a 10-year window, I think there’ll be enormous opportunity.I feel like people are just unbelievably naïve in what it takes to actually be successful in business.
Just being passionate about marijuana is probably the most obvious recipe for not having long-term success. In the same way that I see so many sports agencies fail because they just are “jock sniffers” and they love athletes. They don’t have a business plan.
Smoking a bong for four years of college and now deciding to start a cannabis business is a really bad f***ing idea.
Gary Vaynerchuck is the founder of the leading New York–based media companies VaynerMedia and VaynerX. Now, he's an investor in the cannabis-friendly Green Street Agency. This very sound business advice comes from an interview in Green Entrepreneur.
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