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THE RELIGION OF A HUMAN BASED COMPANY | DailyVee 031

Supply and Demand

It’s really simple. If you have something people want, they’re going to buy it. Watch me explain that as it related to VaynerMedia back in the day.

This is a clip from #SoMix2012: http://www.youtube.com/watch?v=PyHKG1z8mQg

Explaining the fundamentals of supply and demand economics.

Life is very simple when you think about business and entrepreneurship. It is supply and demand economics, attention and storytelling. Simple. The reason that I have been a successful entrepreneur is because I’m stupid and I did not attend a lot of my classes or have an interest in going to school, meaning I just kept to my basic business instincts.

It is very simple: if you have something people want they will buy it and then you raise the price! Fundamental, supply and demand economics. How do you think I started Vaynermedia? When clients started coming to me they would ask me how much? I would say 5,000 dollars a month. Hearing their response and agreeing to my price I knew then that my company was in demand – it’s basic supply and demand economics. I started to raise my prices until 2009 when I told one of my clients 20,000 dollars a month and my client said “Fuck you”. That’s when I knew the supply of social media marketing and internet sales had matched the business demand.

Gary Vaynerchuk is a New York Times and Wall Street Journal Best-Selling author, self-taught wine expert, and innovative entrepreneur. Find more at http://garyvaynerchuk.com

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