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Fanatics: Michael Rubin

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January 27, 2025

TLDR: Entrepreneur Michael Rubin, an unschooled boy who ran a successful closeout sporting goods business and became CEO of a public company by age 20, built $25 billion sports brand Fanatics since 2011. Still actively running the company, he struggles with sleep.

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In this episode of How I Built This, host Guy Raz talks to Michael Rubin, the founder of Fanatics, a prominent player in the sports merchandise industry. Rubin's journey from a struggling student to a $25 billion company CEO is filled with entrepreneurial spirit, resilience, and a unique perspective on business. Here are the core insights and key takeaways from their conversation.

Early Entrepreneurial Ventures

  • Early Start: Rubin launched his entrepreneurial career at just 8 years old by offering snow shoveling services in his neighborhood. He later opened a ski tuning shop at age 12, demonstrating early instincts for business.
  • Ski Shop Success: By 15, he had built multiple ski shops, making hundreds of thousands of dollars annually buying and selling excess sporting goods and footwear from major brands.

Adapting and Overcoming Challenges

  • Facing Adversity: A setback in his business, including dealing with a tough season without snow, led to substantial debt and anxiety at just 16. Despite being overwhelmed by lawsuits, Rubin navigated this turmoil and learned valuable lessons about managing finances and business relationships.
  • Reading and Learning: Despite struggles with learning disabilities, Rubin emphasizes the role of instinct, street smarts, and a relentless work ethic over traditional academic success.

Building Fanatics

  • Acquisition of Fanatics: In 2011, Rubin acquired Fanatics, a company operating in a fragmented sports merchandise market. At the time, it was primarily a retailer that needed significant restructuring to compete with giants like Amazon and other major retailers.
  • Differentiation Strategy: Rubin recognized that to stand out, Fanatics needed to build direct relationships with leagues and teams, enhancing the customer experience and quickly reacting to trends in sports.
    • Real-Time Market Response: Fanatics adopted a model that allows rapid product development in response to sports events and player performances, enhancing fan engagement.
  • Expansion and Growth: Under Rubin’s leadership, Fanatics expanded significantly, now operating e-commerce for major leagues and owning various brands, including the headwear chain Lids and Mitchell & Ness apparel.

Lessons in Leadership

  • Focus on Relationships: Michael attributes his success to building strong connections within the industry, emphasizing that good relationships are crucial, especially in times of crisis.
  • Leadership Style: His natural leadership abilities allowed him to attract and retain talent, focusing on vision and strategy rather than micromanaging operations.
  • The Value of Perseverance: Rubin’s relentless drive perpetuates a startup mentality, even within an already successful business. He expresses that continuous improvement and learning are essential.

The Cost of Success

  • Sacrifices Made: Rubin openly acknowledges the personal sacrifices he has made along his journey, balancing work with family life. Although he works long hours, he strives to be present for important moments with his kids.
  • Mental Health Awareness: The episode touches on Michael's anxiety and the importance of finding balance, particularly as he faces health challenges related to stress. He now aims for more sleep to maintain his health.

Looking Toward the Future

  • Evolving Business Landscape: Rubin is optimistic about the future of Fanatics, particularly with new ventures in collectibles and sports betting, seeing substantial growth opportunities ahead.
  • Vision for the Company: Despite their significant achievements, he focuses on continuous improvement, aiming to build a more beloved brand within the sports community.

Conclusion

Michael Rubin's journey is a testament to the possibilities of entrepreneurship fueled by passion, resilience, and strategic vision. The insights shared in this episode highlight the importance of adaptability in business and the value of learning from both successes and failures. For aspiring entrepreneurs, Rubin's story serves as an inspiration: success isn't just about smart moves—it's also about the relentless grind and the willingness to embrace challenges head-on.

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