In a recent special installment of The Yield Podcast, Yieldstreet’s Director of Product Marketing, Peter Kerr, CFA sat down with Joe “The Billionaire Boxer” Fournier to discuss entrepreneurship and how the principles of training for a big stage fight can be applied in the arena of finance. In addition to being a champion boxer, Joe is an entrepreneur who rose to prominence after selling his fitness business to a FTSE 100 company, and he currently owns a chain of nightclubs operating under the Bonbonniere trademark. Here are a few key takeaways from the conversation:
Talent Doesn’t Always Beat Hard Work
In one way or another, we have likely all experienced a hesitancy to try our hand at something new, and more specifically because we didn’t feel we possessed the inherent “talent” required to succeed. As a former basketball player with no early boxing training or experience, Joe was able to turn a simple urge to live a healthier lifestyle into an undefeated professional boxing career, complete with frequent multi-million dollar pay-per-view contracts. After working hard in the gym and winning his debut match by knockout in the first round, Joe realized that in the boxing ring, as well as in the business world, it isn’t necessarily talent that leads to victory, but rather a dedication and willingness to work hard to achieve our vision of success. “Boxing is one of those sports where hard work does beat talent, a lot of the time,” Joe said. “If you’re fitter and stronger and more consistent, and you don’t give up when it gets difficult, [winning] is something you can really achieve, which also aligns with business.”
Be Comfortable with Losses
Although people typically want to hear him talk about his various wins, both inside and outside the boxing ring, Joe will be the first one to tell you about all the times he has actually lost, and more importantly about what he has been able to learn from those losses. Joe never received a formal education in business or finance, and while he is now an expert on topics like brand building and cashflow, his expertise ultimately came from the losses he experienced in the absence of such an understanding. “If you’re investing, you have to invest, and you have to lose. That’s how it works,” he said. “And then you figure out what you’re meant to invest in, and you win.”
Investing in Yourself Means Investing In Experience
“Invest in yourself” is a piece of advice we hear repeated quite a bit these days, but very rarely do we hear the phrase clarified to reveal a deeper meaning or to suggest a specific course of action. For Joe, investing in yourself means investing in real-life experiences that bring you closer to realizing your true value and potential. To drive home this point, he recalls blindly trusting a bank to manage his money in the early days of his financial success. After the bank failed to deliver on its promises, Joe decided that he would never make an investment on the basis of trust alone, but only after he had taken the time to understand the mechanics of the investment for himself. As he reiterates more than once, “controlling the elements and factors that you can control” is critical for self-fulfillment in all areas of life, and the only way to do that in the investment world is to properly educate yourself regarding every opportunity, and use the knowledge gained from your experience to determine and leverage your unique competitive edge.
To access the full discussion and learn more about Joe’s attitudes toward business and investing, as well as the factors that he believes have enabled his ongoing success in all walks of life, check out the video here or subscribe to The Yield on the podcast-streaming platform of your choice.
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