Three Things I Learned from Marc Lore

Join Jason Kelly and me this week on The Deal as we welcome Marc Lore to the show. Marc's journey is a testament to the power of blending passion with an entrepreneurial spirit and indefatigable work ethic. In this conversation, Marc unlocks his knowledge and shares his best advice on turning startups into major success stories, creating an incredible career path for young entrepreneurs to follow. Tune in for the full conversation at www.bloomberg.com/the-deal or wherever you get your podcasts.

Put the Cart Before the Horse

Marc is a born entrepreneur. At the age of four, he told his grandmother he wanted to be a farmer because they grow stuff from nothing. When launching a new business idea, his advice is to put the cart before the horse. This means proving out demand and then building the offering to accommodate. At the age of 24, he recognized a need for a financial risk management certification exam.?

Without an existing exam, he announced that he would administer the test, and checks started rolling in. Only then did he begin creating the exam. This bold move laid the foundation for the exam, and the rest is history. The lesson is: take the biggest step you can and what you learn from that will help dictate the future strategy. Repeatedly throughout his career, we've witnessed Marc take risks, embody this principle, and demonstrate its effectiveness time and time again. ?

Culture is Critical

For Marc, company culture is not ping pong tables. It is not about an individual. It is about the team and the value system of an organization. As a leader he focuses his energy on the vision, the capital, and the people (VCP). The people define the culture and he looks for people who are missionaries not mercenaries, transparent and trustworthy. Recounting the lessons he has learned throughout his career, Marc highlights his ability to put the right people in the right positions to create a winning culture.?

?Get Comfortable with Uncertainty

One question I consistently ask at the end of each interview is, "What advice would you offer to young individuals aiming to follow in your footsteps?" Marc's response stood out to me as a highlight of the season. He stresses the importance of not feeling pressured to have everything figured out at the start of your career. Instead, he emphasizes the value of living in the present, following your passion, and seeking out mentors you admire. Prioritize the work that makes you happy and success will come.

Marc has been more than just a friend to me; he's been a consistent role model. Marc's entrepreneurial spirit has been evident since childhood, always innovating and thinking outside the box. I’m grateful for every opportunity to work alongside him and learn from his journey. Make sure to catch our weekly episodes of The Deal, where we engage in discussions with trailblazers in both sports and business.