#AskGaryVee Episode 141: How to Raise Money for Your College Club

- On this episode I give a Jets, Colts prediction, we talk sandwiches and when was I wrong last? ♫ Hey ♫ Gary Vee ♫ You ask questions ♫ Hey, and I answer them ♫ This is ♫ The #AskGaryVee Show ♫ (bass synthesizer) Hey everybody, this is Gary Vay-ner-chuk and this is episode 141 of the #AskGaryVee Show. Super pumped, uh, this is a Friday, it's really Thursday as you can tell I tape the night before and that's what was Thursday's episode and I'm leaving for a wedding on Friday. But Friday's episode, which is the official Jets prediction show so I'm excited to give you my two cents on that. I'll save that for the end of the show. I'm gonna be like a TV show where you save the good stuff for the end to make them watch all the way through for the ratings. I'm in a good mood and Stunwin let's get into the show. He expected me to do somethin' - [Steve] His show, - did you see that I got - [Steve] the show. that was good right? I killed him on that, - [Steve] Show. - I got you on that one 'cause you were tryin' to figure out when my cadence was I went in for it. - [Steve] You're a bad person. - Bad, I'm a bad. (people laughing) I'm a bad man (laughs).

- [DRock] Bad man. - [Voiceover] David asks, "What would you do "if you were the new CEO of Twitter? "How would you turn that ship around? " - David I would do a couple things. One I would recognize that the data that we're collecting on a daily basis is disproportionately valuable to a lot of real time marketers and real time data analysts. You saw Bloomberg Twitter JV come across the headlines for me I haven't read it yet but that's exactly where I'd go putting my money where my mouth is. I invested in the company called Data Miner years ago that I felt Twitter would or should buy or become a big company on the backbone of that. I would also recognize that normal people don't understand Twitter. Twitter as a product is not as easy to understand as Facebook and Instagram and that is a friction point. When you look at the data that shows how many people have signed up for Twitter but then have not been active that's a vulnerability. So I would hire the single best product guy that I could, or gal, and so product person would be very, very high on my list. I would not guess, I would poach with all my ability with disproportional economics and give them as much stock as I had to from a Facebook or an Instagram or things of that nature. I would probably make a very aggressive plan. I would change the logo of the bird. I would probably change it to a cat and have the cat eat the bird as a symbolic notion to it's a totally different company. So I think you'd need a branding play that would change the optics. So I would change the logo from a bird to a cat. I would tell Wall Street that they should start selling my stock now because I'm not gonna be a CEO that's gonna confine itself to making numbers on an every 90 day basis and that I have empathy for that's how they have their business and I probably only would have gotten the job as CEO of Twitter if I communicated that to the board and the biggest stockholders who then clearly, weirdly allowed me to go become the CEO 'cause they wouldn't care about their stock price over a 24 month period. 'Cause it would go way, way down because my behavior's more predicated on business building not so much Wall Street appeasing. So there's a lot of things that I would do. I would also recognize that Twitter is one of the true social networks. That the value in listening is very big on Twitter. Whereas Instagram, Pinterest, Facebook, Tumblr they are, Snapchat, it's pushing content out. It's more of a content management system, a CMS, where Twitter has a lotta listening capabilities. It is where you have a conversation. It is the place you go for now when something happens in the world 'cause people wanna talk. Starting to move a little bit in Instagram, there's some of that behavior. But those are some of the top line things I would do.

- [Voiceover] Kamil asks, "How would you raise money "for a college business club? "We'd love to bring more members "to a New York City competition. " - Kamil I think raising money is all about asking. I would, let's pretend Steve and I were partners. Steve we need to raise more money. - Okay. - Who do you know? Do you have a rich uncle? - Yeah actually I do. - (laughs) Weird, let's call him. And so that's basically, that was funny, that was basically what we would do. You'd have to, what I think you need to do is you need to map the 1,000 people that you could ask. All the way from and you know I said when uncle to hey, that kid in our school looks like he dresses extremely well, he might have some money. Like, I'm not kidding. Raising money is called asking for money so you have to get into the behavior of asking for money. So you map on piece a paper, hand written, you know collect the data, who are you gonna ask for money? You start with your mother and the people that you're closest to or for me one of the biggest things I do in business is I start with, you know I could think of three or four executives who I know that I could ask anything for 'cause I brought them so much value. Remember why I like jab so much? When you really need it, it's nice to be like hey Rick, I need a million bucks. And when Rick knows that I've disproportionately put 8 million in his pocket, he still may say no and remember if you ever read the article I'm still okay with that but it's nice to know that Rick would be at the top of the list along with Uncle Milford. - [Steve] Rich Uncle Milford. - Rich Uncle Mil, you know what a rich uncle... you know what, I want it. (Steve laughs and claps) Andrew, Andrew. - [Andrew] No I, I... - Get in here, next question. - [Voiceover] Alright, video question from someone I think you know. - Hey, VaynerMedia employee. - [ Voiceover] We're doin', - [Gary] Oh, we got it? - wait here's Andrew Get in here Andrew. - What's up? - The Vayner Nation's very excited about this moment. Don't worry I'm not testing you're Jet's fandom. I need you to make a new shirt for our collection. I want it for next week's episode. A rich Uncle Milford. - Rich Uncle Milford, alright. - We created a fake character here. His name is rich Uncle Milford. - [Steve] He's gotta be wearing a sweater vest. - It's gotta say rich Uncle, don't give him creative, rich Uncle Milford and then just, and you're good at drawing, draw rich Uncle Milford. Want some bucks. - [Andrew] Should we use - He's got a nice little chest. - [Andrew] Stunwin's uh-- - Alright get outta here. - Alright thanks. - [Steve] Sweater vest think about it. - Make him look like an old version of Stunwin. - [Andrew] Uh, that's what I was thinkin'. - [Steve] Alright on to the next. - Let's do this.

(people laughing) You're gonna wear it too. - Hey Gary, the sandwich enthusiast here. - Sale. - You talk a lot about how video is the future of social media. How do you decide which video content goes on which video platform? And secondly, if the New York Jets were a sandwich what type of sandwich would they be? - Ah, Jo's. You keep answering questions, I'll keep making sandwiches. - That's my man Shawn. (video keeps playing quietly) Oh, you always get caught with that. That is a wonderful VaynerMedia employee here, Shawn. Uh, ba, bum, ba. You know I reverse engineer audiences. So Facebook's incredible and I've a complete hard on for Facebook because if I wanna make a video for a 60 to 80 year old female, I know what kind of content goes there versus a 30 to 35 year old male whose a Jets fan, who lives in New Jersey. I can curse there, I can be Jersey right? Like if I'm doing a video for 52 to 58 year old females who are fans of Joel Olsteen and live in South Carolina it might not be the right video to be like f- you. That, that, that might not work right? So one I love Facebook for that 'cause I feel that gives me the whole breadth. Instagram skews 40 and under, Snapchat I get real silly, I can be really ridiculous, the rainbows, you know and so it's about reverse engineering the audience. Who's gonna consume it, where is it gonna be? Twitter because I think it's more news oriented, more things of that nature so maybe a video where I'm talking about breaking news or my thought. Like my thoughts on Snapchat or the other day. That would've been a video I would have definitely debated to go into Twitter because so many people newsworld are hard core on Twitter so if they saw that, they retweet it, I get distribution so it's reverse engineering, reverse engineering Shawn. If the Jets were a sandwich they'd be a Sloppy Jo. (people laughing) - [Voiceover] Excellent.

- Thank you. - [Voiceover] Kyle asks, "When was the last time "you were wrong and how did you handle it? " - Kyle this is a great question damn it Stunwin. I'm wrong a lot. I don't talk about being wrong a lot because here's the secret weapon. Guys it's taken 141 episodes to get to the secret weapon. Stunwin the secret weapon to why I am the way I am. Staphon I need massive graphics right now. Give me some like rockets coming up here. Secret weapon (whistles) (rocket engines roaring) I am wrong so much it's kind of scary. But for some unknown reason, I haven't fully quantified this, I'm not capable of giving it much thought and actually spend zero time post gaming it. I don't microanalyze for hours, days, weeks, months, years and this is for some of you out there, lives. For your whole life, you're microanalyzing why you made that mistake. You know here's a good mistake. I passed on Uber's angel round and left 200 million dollars cold hard cash out of my pocket in a world where my game is being a business man. I would argue that my biggest mistake is disproportionately bigger than any of my victories. I just don't you know, I'm just not crippled by it. I have friends who passed on things and they just can't ever get over it, get over it. So, what was my last mistake? I probably made one in my last meeting. I'm probably making one right now. I make tons of wrong hires, I say things that don't sell in a meeting, I make bad investments, I make wrong strategies. I started four massive initiatives for VaynerMedia this year, two crush, two are failing. Like, I mean, I you know, I make mistakes all day. I just don't respect my mistakes.

- [Voiceover] Best wine club asks, "How do you define value wine and what are a couple "of your favorites? " - The way I define value wine is by tasting it. I have a great palate, a deeply knowledgeable wine palate at this point I like to say so myself. But this answer's for anybody who's into wine. When I taste something that I know tastes a hell of a lot better than what I paid for it, it's obvious to me, it's very obvious. The Chocolate Box that we're selling today on Wine Library, big push, actually here comes right hook. Put the big label here and link it up Staphon in Facebook and YouTube, guys you should buy this wine it's $13. 88, it tastes like it's a $35 wine, the end, that's value. So to me when I taste, you know it's like that senator who said when they were defining pornography on the internet on Capitol Hill and he was like I don't know how to define it but when I see it I know what pornography is. I can't fully define it for you but the second I taste it, because I have context, that scale, I know what it is. And so to me the thing that you should be thinking about is tasting wines, if you like them and you feel good about what you paid for it. I'll give you a couple fun facts. So I gave you the Chocolate Box, I would say Portugal's a great region to try a lot of value for sure. The Italian reds, there's a ton of value in non chianti's, non Tuscany, non Piedmont, there's a lot of other stuff. But just try a lot of wines in the $8 to $15 range. It's an incredible sweet spot, there's a ton of wine. And Stunwin why don't we take this answer and this question and write an article on GaryVaynerchuk. com of my eight, uh let's do this, my 11 favorite wines at $11 and under. And then we'll link it to this and we'll catch up with it. That was actually fun, a little more wine once in awhile. That's it? Official prediction time guys. I predicted the Jets to be 10 and six in last episode. I had the Colts as one of the Jets' losses. But I'm affected by last week, we got to see everybody play in real time and I think the Indianapolis Colts are broken in the trenches on the offense and defensive line which is like the core of your, you know Mike the trainer taught me my core was very important. That to me is the core of a football team, the trenches. I think they're broken and I think the Jets ride the momentum of last week's win in second half and stun the Indianapolis Colts on Monday night football which I will be there. I'm gonna make a sign. Marshall and then the n's gonna be a d, and Fitzpatrick. So I'm gonna try to get on Tv, look for me and as a matter of fact, DRock can somebody make that sign for me, I can't make signs. Anyway, but real quick the official score of the game is I think the Jets score, I think the Jets score in this game. I'm goin' 26, 21 New York Jets. It's not over DRock. I'm doin' the whole, you know, statement of the day and then I, I gotta you know (laughs). I don't know if you missed the cadence of how we do it here. Statement of the day. What is your lock of the week? I like the football stuff and then please again feedback on today's show. What do you think about the questions, answers? Give me some feedback on the wine stuff. Is that fun to interject? Should we go in other directions? Trying to get a little more detailed in some stuff as well. You keep asking questions, I'll keep answering them. (hip hop dance music)