# 11 DON ’ T LET GOOD ENOUGH BE ENOUGH .
Whenever he starts a business or buys one , he does a SWOT analysis right away . ( A SWOT Analysis is a framework for identifying your Strengths , Weaknesses , Opportunities , and Threats .) This helps him improve and grow . When he bought a health care business in Florida , he did a SWOT and discovered it had growth potential , but the management team was weak . From this , he knew he needed to move in a new management team to grow the business . He bought the company with 17,000 members for $ 20 million and grew it to 300,000 members and sold for $ 900 million two years later .
Not only does he do a SWOT on his executive team to see if his companies are headed in the right direction but he also does a SWOT on himself . “ I run a personal SWOT on myself because I want to be a better man , a better husband , a better father , a better grandfather , and a better CEO ,” Magic said .
As he looks to the future , post-pandemic , he says the question he is asking is , “ Can this team take me where I want to go tomorrow ?” “ I ’ m asking myself that because I want to make sure when we get back to normal , I can get where I want to go ,” Magic said .
# 12 HAVE AN EXIT PLAN IN MIND WHEN YOU START .
No matter what the business , Magic always builds in an exit strategy from the beginning . “ You don ’ t have to use it ,” Magic said . “ But it puts you in the position to sell it if you ever want to .”
He revaluates the business to see if he likes the business well enough to keep it or WHY is he going to keep it . For example , he has businesses he is keeping for his kids because they are interested in them .
It doesn ’ t take athletic ability or name recognition to hustle . Using these strategies , you can follow in Earvin “ Magic ” Johnson ’ s entrepreneurial footsteps and be a true champion in your industry . Remember , don ’ t do things halfway . Keep your head up , a positive attitude , and always striving to do better , and you ’ ll come out ahead .
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