On The School of Greatness podcast, billionaire entrepreneur Michael Rubin delves into his mindset for building massively successful businesses. He reveals key habits that fueled his successes, like an intense work ethic, resilience in the face of failure, and a relentless focus on delivering an exceptional customer experience.
Rubin shares insights into launching and scaling new ventures, evaluating market opportunities, creating high-performing teams, and capturing greater market share. He also emphasizes the importance of giving back, having shifted from passive philanthropy to actively using his platform to drive societal change.
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Michael Rubin embraces failure and challenges as opportunities for growth. He maintains a determined, resilient attitude, pushing through obstacles like near bankruptcy at 16. Rubin cultivates an intense, focused work ethic, continuously seeking improvement even after major successes like selling his company for $2.4 billion.
Rubin evaluates potential ventures to become billion-dollar profit centers, ensuring synergy with existing operations. He relentlessly pursues customer experience excellence through constant feedback and improvement.
Rubin thoroughly vets candidates beyond interviews, conducting backdoor reference checks. He aims to foster collaboration, minimizing ego-driven conflict. Though not explicitly stated, Rubin likely empowers teams through ownership, coaching, and honest feedback.
Rubin emphasizes deeply understanding the competitive landscape, identifying opportunities to deliver superior products/services. He leverages existing assets like brand recognition, customer bases, and past successes to gain advantages in new markets.
Rubin shifted from passive philanthropy to active involvement, believing success carries a responsibility to positively impact the world. He inspires others through leading initiatives like Reform Alliance. Rubin observes how generosity boosts businesses, creating positive "karma." He maintains an unrelenting commitment to societal improvement.
1-Page Summary
Michael Rubin reflects on his journey through business challenges and how he has cultivated resilience and a persistent work ethic that embraces failure as a foundation for success.
Rubin speaks about the financial challenges he faced, including almost being pushed out of his company during the financial crisis of 2009. Despite the severity of the situation, he found the experience to be an "adventure" and fun, demonstrating his enjoyment in facing difficulties head-on and striving to succeed regardless of the challenges.
Rubin attributes his thick-skinned nature to his parents, who always pushed him to do better. He recalls his first major business failure at 16 and subsequent lawsuits as pivotal moments that he thought spelled the end of his world. However, he managed to settle his debts and leveraged new opportunities, like purchasing inventory from a bankrupt ski shop, to bounce back. This illustrates his belief that every failure leads to the next success, as setbacks are necessary for growth.
During a meeting at Fanatics, when a colleague spoke of several failed tests in the company’s international expansion, Rubin saw this as a chance to learn and improve, suggesting a cultural understanding within the company that setbacks are opportunities for advancement.
Rubin's early experiences with academic struggles and feeling undervalued in sports became motivations for him in business. His resilience is further exemplified by his reaction to almost going bankrupt at age 16. Rubin used this massive setback to learn, working hard to liquidate new inventory and pay back debt. Such actions display his use of setbacks not as roadblocks but as chances to improve and refocus his energy.
Rubin's commentary and his professional history demonstrate an intense dedication to business.
Rubin recounts how after selling off the ski equipment and repaying his loan, he did not rest on his laurels. Instead, he continued to search for business opportunities, becoming the biggest buyer and seller of closeout skis and footwear, growing a business with annual revenues of $100 million. This relentless pursuit of business showed his undying hunger for progress.
After his company's value dropped to $250 million, Rubin was able to rebound and eventually sell it for $2.4 billion to eBay, showing his resilience and ability to learn from tough circumstances. His confidence during the risk of losing his company and his overall calm demeanor through poten ...
Entrepreneurial Mindset and Habits
Michael Rubin provides insights into what it takes to build and scale businesses that are not only successful but are structured to become billion-dollar profit centers.
Rubin stresses the importance of evaluating the potential longevity and profitability of a business venture before diving in. He zeroes in on the idea that a company should have the capacity to grow into a billion-dollar profit business over time. This forward-looking assessment is crucial in his decision-making process.
Moreover, Rubin emphasizes that for any new venture to be considered, it must be synergistic with the current operations of the business. This synergy is paramount to ensure that new pursuits complement and enhance the existing business without causing disruption or conflict.
Rubin’s Fanatics Commerce is an example of a company that continually seeks to evolve from good to great, deeply focusing on customer experience. Rubin himself actively searches for negative feedback on social media, leaving positive comments aside, to pinpoint and act on improvement opportunities. When he encounters justified grievances, he earnestly inquires about the cause and how they can prevent such issues from reoccurring, demonstrating an obsession with excellence.
By soliciting both positive and negative feedback, Rubin highlights the company's commitment to customer satisfaction. They scrutinize all ...
Building and Scaling Successful Businesses
In a discussion with Lewis Howes, Michael Rubin delves into the intricate process of assembling and steering high-achieving teams. The conversation reveals strategies for attracting and retaining the best people, while fostering a culture of collaboration and growth.
Howes and Rubin recognize attracting top talent as a key to successful team building. Howes probes into the initial steps of recruitment and the conversation required to inspire potential candidates to join and align with a company's vision.
Rubin emphasizes the necessity of a meticulous vetting process that transcends ordinary interviews. He discloses his technique of conducting "backdoor reference checks," tapping into a wider circle of acquaintances rather than just the provided references to uncover the candidates' deeper working traits. Rubin acknowledges that an interview uncovers merely 50% of what's required to understand a person, hence his preference for this comprehensive screening method.
Rubin also points out the importance of curbing over-sized egos and ensuring new hires fit harmoniously within the existing team framework. He specifies looking for individuals who acknowledge the larger picture of their roles and work cohesively towards the firm's objectives.
To lead a high-performing team effectively, it's not just about searching for talent; it's also crucial to create an environment that fosters accountability and growth.
While Rubin does not explicitly discuss gi ...
Hiring and Lead High-Performing Teams
Michael Rubin, entrepreneur and business magnate, shares insights into his strategies for researching new ventures and leveraging existing assets to capture market share.
Rubin delves into his meticulous approach to launching new ventures, emphasizing the importance of in-depth research.
Rubin approaches market analysis by engaging with a wide array of stakeholders—company meetings, talks with analysts, and garnering a macro-level understanding of competitors are crucial parts of his strategy. He insists that an essential component of any business decision is the delivery of a superior product or service to the customer.
Exploring the gambling industry, Rubin touches on Fanatics Sportsbook's expansion into 20 states. The focus is on seizing market share from industry giants like DraftKings. He suggests that providing a more attractive offering to customers is key, showcasing his determination to outperform incumbents in the space.
Rubin reflects on the importance of drawing from existing strengths to gain a market foothold.
While not explicitly outlined in the received content, Rubin's past achievements, such as successfully scaling Fanatics and repurchasing the company, hint at his strategy of leveraging brand recognition and a substantial customer base from earlier ventures. He points out a strategic edge in gaming with 110 million customers and 70 million annual transactions that can be extended into the realm of gaming.
Launching Fanatics events inspired by the success of Comic-Con exemplifies how Rubin intends to use the Fanatics brand to enter new markets, such as ...
Launching New Ventures and Capturing Market Share
Michael Rubin, in his insightful conversation with Lewis Howes, delves deep into the idea that success carries with it the responsibility to make a significant and positive impact on the world—a philosophy that underscores a shift from passive to active philanthropy and the belief that doing good is not just a moral choice, but a business one as well.
Rubin recounts his past approach to charity, where he would quickly write a check and move on. However, a personal event in 2017 involving a friend's experience with the criminal justice system was transformative, prompting him to become much more engaged in his philanthropic efforts. Rubin contrasts this to his previous strategy of donating money to causes and immediately returning to work, without deeper involvement.
Inspired by this eye-opening incident, Rubin took his philanthropy to new heights, including founding the Reform Alliance and hosting galas. His actions are fueled by a strong conviction that those who are fortunate have an obligation to try to improve the world, not solely with financial contributions but also with the investment of their time and personal involvement.
Rubin's involvement extends to initiatives like the Reform Alliance for criminal justice reform and partnerships with organizations such as the Make-A-Wish Foundation. By engaging more personally with these efforts, Rubin sets an example that inspires others. His work with Make-A-Wish, in particular, has proven to be not just fulfilling for him personally but also uplifting for his company's employees. The impact of helping children through sports-related wishes has been profound on his team.
Initially concerned that his engagement with social issues might negatively affect his business, Rubin was surprised to discover that his philanthropic work led to a "karma" that boosted the company's standing. For example, a fundraiser for food insecurity during the pandemic, which Rubin feared might harm his business, instead created a halo effect, enhancing the company's reputation. He remarks that b ...
The Importance of Giving Back and Doing Good
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