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This Entrepreneur’s Led An IPO, ICO, And Actually Did What The McMahons Couldn’t. (Penetrate China.) Here’s How He Did It

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In the world of startups and entrepreneurships, you have a lot of talk, a lot of dreams, a lot of hype and — ultimately — a lot of disappointments.

But that’s life. It’s a small world. And it doesn’t take long to get found out if you’re not the real deal.

In this Q&A, however, we brought the heat.

David Chen is a Millennial entrepreneur with the experience of a Wall Street retiree.

Billion-dollar merger? Check.

Awards? Check.

Multiple startup exits? Check.

Successful ICO? Check that, too.

And perhaps, most impressively, Dave’s managed to do something even the McMahons of the WWE couldn’t — penetrate the Chinese market successfully.

In this Q&A, we ask him why entrepreneurs fail to raise money, even if they have a good idea (hint: ideas ain’t shit), the first thing you need to do, and, finally, what the best industries were.

Enjoy. 

Let’s get right to it. What’s the main thing stopping entrepreneurs from raising money?

Knowing their audience. You can’t assume that you know something and that it works at one region, but not the rest. It’s a relationship—and most of the times there aren’t relationships out there.

Secondly, you don’t approach someone in esports like you would in commercial. So my FaZe Clan pitch is different from my commloan pitch. 

When is the right time to raise money — and what’s the first thing an entrepreneur needs to do?

There is never a right time, there’s only a right project. Know all your answers, make it simple. If a 10-year-old doesn’t understand it, redo the pitch.

You’re on a number of boards of startups. What’s one you’re bullish on at the moment?

I love them all. Sharebert was named Forbes’ top 23 in tech innovation. Commloan has done over a billion in funding—and I’m a customer.

FaZe Clan is the largest esports team with 300M subscribers and 10B views last year. And Micamp 20/20 does the best credit card processing.

What’s the best startup play — or sector — right now?

Sharebert is a great startup play because the tech is there. The management team is there. The need is there. It’s just there.

FaZe Clan is great because they have the global market, viewership—and they’re different.

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W-key? Nah 📺 @cloakzy #Fortnite #FaZeUp

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What’s the next frontier for start up world.

I see China as the next market.

Why do you say that?

I say that because they have 44% of the world’s population. And if you don’t work with them it, they’ll just do it themselves.

ENTREPRENEURS

4 Types Of People To Be Around That Will Make The Hustle More Fun

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(Editor’s Note: The following article is a guest post by superstar entrepreneur and tech investor Jonathan Schultz.) 

We all know that hard work and dedication are keys to success. The more you’re willing to sacrifice and go the extra mile, the greater your chances are of reaching your personal goals and passions.

While there’s no denying that hard work does play a major role in reaching success, surrounding yourself with the right people will always help. We’ve all heard the saying, “it’s not what you know, but who you know” … In my career, whenever I push myself to be around the positive thinkers and go-getters, it’s always up-leveled me and gave me more confidence to in turn fulfill my own dreams and ambitions.

Finding your network through all the different stages of your life and career is not only helpful in progressing your career, but it also creates amazing relationships and opportunities.

So, what type of people should you be surrounding yourself with?

THE PUZZLE PIECES

Find the network that is your perfect complement —the people that have the skills and abilities you strive for. Not only will this give you more confidence, it will help you learn the skills and abilities you may be lacking.

THE POSITIVE PEOPLE

Who doesn’t want to be around someone who’s happy and optimistic? Even though that doesn’t have to be all the time.

Surrounding yourself with positive and grateful people can have an incredible impact on your life, making you feel happier and more confident. Also, positive people are more likely to encourage you to take smart risks or move up the business ladder.

THE INNOVATORS

Dreamers and innovators are the people pushing society forward. They are the people interested in coming up with new and improved ways to solve problems and achieve success. Regardless of what field they’re working in, it’s never a bad idea to have a few outside-the-box thinkers in your social circle to help you look at things from a different perspective.

THE ANSWER SEEKERS

Just like innovators, people who constantly ask questions are the reason why we challenge old ways and come up with new ideas. When you’re surrounded by people who constantly ask questions, you’re more likely to come across the answers that you never knew you needed.

Ultimately, the people you keep in your inner circle can influence you in a number of different ways, including how you approach problems or whether you’re motivated to achieve greater things or not. Of course, this isn’t to say that everyone around you needs to be someone who’s working those extra-long hours to get to the next phase in life.

However, when you have a few business-minded people in your life, you’re more likely to inherit some of their drive, benefit from their knowledge, and even network in some of the same circles. For that reason, it’s always important to make friends who have the same goals and aspirations as yourself. It might just help you get to the top quicker.

Jonathan Schultz is an entrepreneur, real estate tech investor and influencer. He’s the co-founder of Onyx Equities, a leading private equity real estate firm, and has been voted one of the most powerful people in real estate. Follow Jon’s blog here

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ENTREPRENEURS

PODCAST: How To Make A Business Out Of eSports

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We’ve covered eSports in the past, the new billion-dollar industry.

What is eSports again?

Short for Electronic Sports, eSports equals professional competitive gaming. In other words, competitors play video games, while being watched by a live audience. Millions more watch the games online.

In this live podcast, former Deloitte partner and current investor/advisor of FazeClan—the top eSports crew in the world—shared some insights into how you can make a business out of eSports.

 

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ENTREPRENEURS

5 Bad Habits That Sabotage Success You Need To Avoid

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(Editor’s Note: The following article is a guest post by superstar entrepreneur and tech investor Jonathan Schultz.) 

At first glance, it would appear like everyone working in real estate has type-A personalities. After all, success is practically dependent on being organized, always prepared, and having a keen attention to the little details and always being ready to go.

In actuality, being prepared 100% of the time and remembering every important detail is easier said than done (and totally exhausting) so we make mistakes from time to time. After all, we’re only human. But sometimes those honest mistakes can turn into bad habits that chip away at our success.

Here are some bad habits that can seriously inhibit your chances succeeding professionally.

1. Putting Things Off Until Later

We’ve all procrastinated at some point in our lives – some of us more frequently than others – but getting into the habit of ignoring your responsibilities can cause you a heap of stress and heartache down the road.

If you’ve got a deadline looming over your head that you don’t want to do, don’t put it off – get it done so that you can get back to doing things you enjoy. I find if you put the “pain in the a$$” tasks first, it really clears your mind to be more effective doing all the other ones.

It’s that old saying of “get out of your comfort zone”, which also applies to the simplest things we do.

2. Tardiness

Everybody is a little late every now and then. Things happen beyond our control that can hold us up. But if you’re someone who’s constantly late for your appointments, you’re sending the message that you don’t care about your clients’ and team members’ time.

Not only are you probably annoying the other parties present, you could be costing yourself a big contract because you left a client waiting.

3. Poor Communication Habits

The key to succeeding in real estate is networking and staying in touch with your clients and connections. But if you’re known as the person who never returns an email or isn’t reachable by phone, you’re not doing yourself any favors.

Most people want to work with someone they can depend on. And even if you don’t have the answer, it’s better to respond by telling them you’ll get back with them rather than no response period.

Additionally, if you can’t make the time to reply to an email or return a call, you’re essentially telling your clients and team members they’re not important.

Lastly, being as clear as possible while communicating can also be a lifesaver. There are so many times where people think they hear what your saying but they aren’t fully.

In fact, a lot of times, the message is heard differently from its actual meaning. Talk about confusion! Now, I’m not saying you have to repeat yourself, but make sure you are really being clear when you are defining next action items.

4. Spending Too Much Time On Your Phone

Chances are, if you’re guilty of being a procrastinator you’re also probably guilty of losing focus throughout the day thanks to your smartphone.

For many people with focus-related problems, social media sites like Facebook and Instagram become massive time wasters. Break your cell phone habit by keeping your phone out of arm’s reach.

That way, you won’t be able to pick it up on a whim and check out social media when you’re supposed to be working. This is a tough one, but practice makes perfect!

5. Working Inefficiently

Work smarter, not harder. Don’t just dive into a task without coming up with a plan first. Think about ways to approach projects so that you maximize your productivity and get more done in less time. And most importantly, stay away from things that distract you.

You don’t have to be a type-A personality to succeed in the office, but you do need to make an effort to prevent yourself from falling into negative patterns of behavior. By nipping one or more of these bad habits in the bud, you’re well on your way to becoming the office superstar.

Jonathan Schultz is an entrepreneur, real estate tech investor and influencer. He’s the co-founder of Onyx Equities, a leading private equity real estate firm, and has been voted one of the most powerful people in real estate. Follow Jon’s blog here

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