Follow Prof G Markets: Apple Podcasts Spotify Starting June 9th, we’ll be publishing a new episode every day of the week, exclusively on the Prof G Markets feed. Be sure to follow Prof G Markets if you haven’t already. For Memorial Day, we’re revisiting one of our favorite episodes where Scott shares the story of his entrepreneurial journey — from launching a video rental business in his 20s to building his latest venture, Prof G Media. He reflects on the lessons he learned, the surprises that shaped his path, and the most meaningful moments along the way. Subscribe to the Prof G Markets newsletter Order "The Algebra of Wealth," out now Subscribe to No Mercy / No Malice Follow the podcast across socials @profgpod: Instagram Threads X Reddit Follow Scott on Instagram Follow Ed on Instagram and X Learn more about your ad choices. Visit podcastchoices.com/adchoices
What was Scott Galloway's first entrepreneurial venture?
And then in 2020, you started Profiteer Media. And when you talk about why you started it and what you wanted to do, generally the theme that I've heard from you is that you just wanted it to be fun. You didn't want to go raise outside capital. Talk us through your approach to this company and why it's different to others.
Well... Barry Rosenstein, the founder of Janet Capital, said something really profound to me. He said, the key to economic security, once you have it, is the following. Life is about three buckets professionally. There's things you have to do. And Barry said, if my biggest investor is in town, I have to have dinner with him. There's things you want to do. He's like this rock and roll aficionado.
He goes to see the cars be inducted into the Rock and Roll Hall of Fame. He wants to. And there's things you should do. Well, I should go to my co-worker's daughter's wedding. I should go to this fundraiser and get FaceTime with some other powerful people. He said, the thing about being economically secure is that you get this incredible luxury, and that is you can eliminate the should bucket.
And so now I'm like, okay, there's things I have to do, but there's things— And I want the want bucket to get much bigger because I've spent a lot of my professional life doing things that were rewarding, but I didn't necessarily want to do. And I thought, okay, what do I want to do?
I want to do stuff that's fun, that's creative, really trying to extend and damage and build back stronger some creative muscles. and also have a positive impact specifically around some of the issues I'm passionate about, struggling young men, income inequality, what I would describe as the war on the young. And the podcasts have been a ton of fun.
Writing the newsletter has been a fantastic way to talk about relationships and express some creative muscles that I can get a chance to stretch and talk about things that are important to me. And it's been lucrative. We've built a really nice business. I don't think this business gets sold
I think it's the kind of business that can be very profitable and do well, and we can enter into really great lucrative long-term relationships with distribution partners. But basically, we have our podcast revenue, we have our revenues from books, and then we get revenues from speaking, and there's sort of a flywheel effect there.
And this is hands down the most profitable business I've ever been involved with in terms of just right away it started churning out capital. But we're sort of monetizing, to be blunt, my brand in the marketplace, brought together some incredibly talented people. We pay, you may not feel this way, but I think we pay people exceptionally well, do stuff we enjoy, but have fun and do something.
You know, I'm not driving towards success. a nine-figure investment at the same time, or I realize young people want to build economic security, so we're trying to figure out a way to share more of the profits, if you will. But this is... This is fun. I mean, you guys may not realize it. What we're doing here is, I think, incredibly not only rewarding economically, but we have a big impact.
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