While many of you are probably EXTREMELY familiar with the go to website for all things in the urban and ratchet news hemisphere, very few of you may know about the self-made millionaire behind the brand, Fred Mwangaguhunga. The son of East African immigrants and originally from New York, Fred graduated from John Jay College with a Bachelor’s degree and went on to earn his JD and MBA from Columbia University.
Originally following the traditional path of law school graduates and becoming a successful attorney, after a few years, Fred found himself bored, unfulfilled and looking for the next big thing. He went on to start two successful online businesses, making himself millions and planting the seeds to grow is media empire.
We recently had the chance to catch up with this accomplished businessman and find out just how he was able to create one of the biggest urban digital brands.
Read on for his top 4 tips on how you too can rise to the top!
Do your due diligence before jumping into any business venture.
Before starting his laundry business or Mediatakeout, Fred made sure to do the necessary due diligence to equip himself with all the information and strategy to position himself to succeed at both ventures. At first,Fred had little to no knowledge about either of their industries, but was able to earn millions in both by researching the markets and making sure he knew as much as possible about his customers, competition and exactly how and where he could enter the field and make his mark.
Dream big! Your success is only as big as your vision.
While many other entrepreneurs when asked, say that they never imagined that the little dream they first had and started working on could ever grow into a big organization, Fred is the first to admit that he always knew that both of his companies would be as big as they grew to be from the beginning. He knew to dream big and to only follow those that he knew were the most profitable and scalable.
Find an underserved market and find a way to provide a needed service to them.
Fred had 0 experience in both of his businesses, yet was able to make them highly profitable by following what many entrepreneurs see as one of the most important factors of starting a sustainable business. He found a market with an unmet need and created something worth value that met that need. In the case of his laundry business, he realized there were businessmen who didn’t have the time to have their expensive suits cleaned at a quality that reflected their value and created a no hassle, quick turnaround and top-notch service. In the case of Mediatakeout, he realized that the African American urban market had no online place to go to read news about celebrities who looked like them, so he created a website that provided them with just that – and readership gradually grew to the millions it includes today.
Take the job that will teach you the most even if it doesn’t pay the most. The skill set you build will eventually bring in the big bucks.
Fred says his best piece of advice for young professionals is what he wished someone had told him when he was first beginning his career after law school – chase knowledge and growth as opposed to money. When you first start out, building a strong, unique and marketable skill set that will benefit future employers as well as yourself (should you decide the entrepreneurial path is for you), is FAR MORE important than chasing the job opportunity that may initially pay you the most. Not only will you turn yourself into a more valuable employee, which will allow you to gradually surpass the pay of individuals who follow money and don’t challenge themselves to grow new skills, but you’ll be a stronger CEO, able to tackle issues from all the problems you’ve learned to solve along the way.
Fred is poised to create a media empire for himself through his Mediatakeout brand, which is so simple in appearance and lures in readers everyday with sensational headlines and guilty-pleasure stories. Goes to show you that if your passion is working for yourself, you really can create your own path through hard work (his days start at 3am) and always being ready to capitalize on opportunity!