Jay Shetty sits down with Michael Rubin, noted entrepreneur and CEO of Fanatics, to discuss mindset shifts for better goal-setting and recognizing patterns in business. They cover the evolution of entrepreneurship, building a successful business, the importance of financial success aligned with passions, personal experiences with criminal justice reform, fixing the probation and parole system, setting bold goals, and the power of mindset shifts for better goal-setting and pattern recognition.
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Quick takeaways
Setting bold goals is crucial for pushing oneself to achieve more in entrepreneurship, regardless of whether those goals are fully accomplished or not.
Michael Rubin is dedicated to making a positive impact in the criminal justice system through criminal justice reform, having successfully passed 17 bills in 11 states through his work with the Reform Alliance.
Pattern recognition is a valuable tool in the hiring process, as it helps identify important information about a candidate's work ethic, reputation, and compatibility with company values.
Deep dives
Setting Bold Goals and Embracing Failure
Michael Rubin emphasizes the importance of setting bold goals and not being afraid of failure in entrepreneurship. He shares his experience of setting ambitious goals for his businesses, such as achieving a billion dollars in revenue and working towards becoming the number one player in the online sports betting and iGaming industry. Rubin believes that setting challenging goals pushes people to innovate, improve, and ultimately achieve more, regardless of whether they fully accomplish the goal or not.
Making an Impact in Criminal Justice Reform
Rubin discusses his involvement in criminal justice reform and the need for change in the probation and parole system. Through his work with the Reform Alliance, he has successfully passed 17 bills in 11 states, creating a pathway for 700,000 individuals to get off probation and parole. Rubin shares his bold goal of helping a million people and challenges the status quo while working towards making a positive impact in the criminal justice system.
Balancing Work and Personal Life
Rubin acknowledges the challenges of balancing work and personal life and highlights the importance of having a supportive partner who understands and values his passion for entrepreneurship. He appreciates his partner's dedication to being an incredible mother and recognizes the sacrifices both of them make in order to pursue their respective passions. While Rubin admits that his personal life is not perfect and that he works like an 'animal,' he values the understanding and support he receives from his partner and recognizes the importance of being present whenever he can be.
Importance of Pattern Recognition in Hiring and Decision-Making
The speaker emphasizes the significance of pattern recognition in the hiring process. They mention that during an interview, they focus not only on the candidate's performance but also on gathering information from people they know in common to identify recurring patterns. They believe that this method reveals crucial information about a candidate's work ethic, reputation, and compatibility with the company's values. Pattern recognition is also mentioned as a valuable tool in other aspects of life, such as playing blackjack.
Criteria for Hiring Exceptional Talent and Work-Life Integration
The speaker highlights their dedication to finding and retaining exceptional talent within their companies. They prioritize finding individuals with subject matter expertise, intellect, and leadership skills who align with the company's values and can contribute to long-term success. The speaker also mentions the importance of work-life integration and acknowledges the need for personal routines and mental breaks, such as exercising and putting the phone down for brief periods. They stress the value of prioritizing and being present when it truly matters for both business and personal matters.
Do you want to see patterns before your competition?
Jay sits down with the CEO of Fanatics, Michael Rubin. Fanatics is a global digital sports platform that is reimagining the fan experience across many different businesses.
Michael Rubin is a noted entrepreneur, philanthropist, and social justice advocate who has built several multibillion-dollar direct-to-consumer companies. Driven by a deep passion for business and a life-long love of sports, As growth is constant and never ending, Michael shares the value in learning from those you admire, the biggest mistake many make when building a brand and the undeniable connection between financial success and loving what you do every day.
Michael shares secrets to his mindset of continuous learning and discovers the role of pattern recognition in achieving business success. Michael shares his tips for finding incredible talent and the importance of routines for productivity, learning how to define your worth, turning negatives into positives, and setting billion-dollar goals.
In this interview, you will learn:
How to be a successful entrepreneur
How to change your mindset when building a business
How to overcome challenges and naysayers
How to be financially independent
How to spot patterns in business
This episode isn't just about business—it's about family and finding what truly matters to you. It's about building empires but creating a life you love.
With Love and Gratitude,
Jay Shetty
What We Discuss:
01:03 Introduction
02:50 Pursue Your Passion for Entrepreneurship
05:05 Why Learn From the People You Admire
06:42 Evolution of Entrepreneurship
08:04 A Peek into the Trading Card Business
12:16 The Biggest Mistake when Building a Brand
14:45 Financial Success is Loving What You Do Everyday
16:17 You Don’t Stop Learning
17:32 The Role of Pattern Recognition in Business Success
19:01 The Quest for Incredible Talent
23:42 Routines to Help with Productivity
25:24 Can You Define Your Worth?
29:01 The Positive Impact of Turning Negative into Positive