Magic Johnson’s Magic Johnson Enterprises

The basketball legend, Magic Johnson, started his investment company back in 1987 to help underserved communities. He wanted the enterprise to become an economic catalyst that would empower communities. In today’s definition, this would loosely fall under social enterprises, where profit comes second to solving a particular societal issue. Over the years, the company has purchased ownership in other businesses, including movie theaters, restaurants, and even the NBA team, Los Angeles Lakers.

It also has made deals with big firms like Best Buy, Pepsi, and TGI Fridays. When Magic started pitching his business ideas to tycoons, he was seen as “just” a basketball player — but Magic was able to work hard and prove himself to be an excellent businessman. Today, Magic Johnson Enterprises has a market value of more than $1 billion and provides the retired basketball player with a personal net worth of $600 million.