Dave Meltzer is currently the CEO of Sports Marketing 1, but before he became an entrepreneur he had the equivalent of nine professional lives. Growing up, Meltzer dreamed of becoming a football player, sports agent, doctor, and a lawyer, and finally, an entrepreneur. Over the course of his staggering career, he has been at the helm of Windows, the business behind the world’s first smartphone, the CEO of Leigh Steinberg’s company, (aka the man who is the inspiration behind a little movie called Jerry Maguire), and once infamously lost $100 million dollars – and made it all back.
As a serial entrepreneur, David Meltzer knows a thing or two about riding the wave of success and failure. Here are the three most important lessons David has learned along the way:
After graduating from law school, Meltzer had two opportunities presented to him. The first – follow through on his plans to become an oil and gas litigator. Or, he could seize a new opportunity offered to him – sell litigation information through the Internet. Confused about his options, he went to his mother for advice. Her words? “You need to become a real lawyer, because this Internet thing is a fad.”
Dave ignored his mother and went on to make his first million through the Internet, back in 1992. His takeaway from that experience? Be wary about who you ask for counsel. “Usually we go to the people we love the most for advice, but ask them something they know nothing about and they’ll give you really bad advice – and then we end up resenting the people we love most.”
Find a mentor who’s been in your shoes or on the path you want to follow, and follow their advice or actions.
Meltzer defines innovation as turning great ideas from the imagination into reality. But the crucial part of being an entrepreneur? Monetizing the innovation.
“For some reason when it comes to giving we have no problem. But when it comes to monetizing, we have this philanthropic type of attitude towards entrepreneurship: we’re doing it for the greater good, we have a passion project, we’re in love with our product…but the truth is, your product does no good for everyone if you can’t monetize it.”
If you want to become an entrepreneur, and not just someone with great ideas, monetization must be part of the plan for your product or service. Otherwise, all you’ve got is pie in the sky and a product or service that has no chance of changing the world or people’s lives for the better.
David has four kids and was recently reminded of the show, The Mickey Mouse Club by his youngest. On a whim, he looked up the show on YouTube, and was amazed to find the show had 420 million views. His takeaway from that? “That’s what great content does.”
Meltzer believes there are three steps to becoming a successful innovator, entrepreneur, or someone who turns a great idea into a money-making reality:
Watch highlights from Dave's talk at the 2017 Propelify Innovation Festival:
Want to hear more from Dave’s talk? Sign up for a complimentary Propelify Insider membership and receive access to our library of incredible content and talks from innovators, changemakers, and entrepreneurial geniuses like Al Gore, Marcus Weldon, Arianna Huffington, Jason Fiefer, and more.