Today I had the pleasure of talking to one of my idols, Gary Vaynerchuk. For all who don’t know about him, he started a social media agency called VaynerMedia and a successful wine business, WineLibrary. I wanted to get advice from Gary for young people today like myself. Here’s what he had to say in 10 lucky minutes:

Q: What areas excite you in the next 3-5 years to start a business in? 

The web is still growing and possesses a large amount of opportunity to start new businesses especially in media and mobile. The cost of starting a web business is very cheap.

Q: What’s the biggest reason startups are failing?

Gary says that a lot of people like him are throwing around money on the wrong people. The people who cannot execute. There’s a lot of people who talk and don’t know how to DO.

Q: What are a couple skills you think one should acquire to become a better startup founder?

Selling is very underrated. That’s something you have to know. Another skill is knowing how to make money. Some people just do not know how to make money. 

Q: What’s your advice for young people who want to join a startup?

Focus on providing value by knowing what your craft is. Don’t go to the place who pays you the most money, go where you can get the most learning and mentoring. 

Q: How can young people today build a brand online?

Two things: 1) Talk about something you really know well. 2) Keep working really hard on it.

Overall Gary thinks young people today have a lot of opportunities but he’s afraid they’re not all hungry enough. If you just want a job and a decent salary then going to school and doing the normal is fine. If you want to succeed and start your business, you have to give up everything. Whether it’s family life, social life, you just have to HUSTLE. There’s no substitute to hard work. 

Thoughts or feedback? Tweet me @thesmitpatel or email.

(Me with Gary V at Inbound 2012)