Earvin “Magic” Johnson gave out key points on how to build wealth. Johnson stated facts there are more millionaires but less business owners. He gives clues to his successful business is to hire 9 and 10 people. They should have same mindset as the owner.
1. Build a Brand2. Customer Service or African Americans will go down the street
3. 3-5 year plan
a. Also, have an exit strategy just in case someone buys you out.
4. Buy some land
Johnson stated with Starbucks menu was changed to accommodate his customers. i.e. scones changed to pound cake and soke it to me cake.
In addition,he said money should be spent our community but if we are not business owners, then other business owners will spend money elsewhere.
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