business start-up

Peppering his speech with boxing metaphors comes as naturally to George Foreman as breathing. But it sounds genuine, considering the two-time heavyweight champ’s dedication to the sport and the fact that his life has had as many ups and downs as some of the dramatic bouts he has experienced. It’s also fitting that Foreman, after retiring from boxing in the early ‘90s, became a spokesman for numerous products and services, ranging from Meinke Mufflers to his most popular, the George Foreman Lean, Mean, Fat-reducing Grilling Machine, a natural career choice for a man accustomed to promoting himself to further his boxing career. Home Business Magazine® recently spoke with Foreman about his ventures in entrepreneurship.

Home Business Magazine (HBM): How did you get into the grill business?

George Foreman (GF): Someone asked me why I didn’t get my own business. We formed a joint venture with this grill that no one wanted to bother with. I didn’t expect too much out of it. I did it because I wanted to get 16 grills for all the people who cook for me. I did an infomercial in 1994. 100 million have sold.  

HBM: Is it true that you’re more famous for the grill than your gloves?

GF: There’s a whole generation of people who know me for the grills, not for boxing. One time, this dad was trying to explain to his six-year-old son who I was [as a boxer], and the boy said, “No, Daddy, he’s the cooking man!”

HBM: What are the pros and cons of making one’s name the brand name for a product?  

GF: If it works, it’s a wonderful thing. But you’ve got to watch quality control. When it hits the market, that’s what you become, too. If you take one nap and the product goes down, people will no longer trust you. That can be scary!

HBM: What are the keys for successfully reinventing one’s self as an entrepreneur?

GF: Be afraid of “was.” You don’t want everyone saying, “He was.” You must get up bright and early with great ideas. Don’t rest on what happened yesterday, even if you made a billion dollars.

HBM: How did your experiences as a boxer prepare you for your next business endeavors?

GF: The promoters made me do interviews, which I hated. But the second time around, I was the driving force to have something to say. People know me as the man with the grill, but I tried hundreds of things and had just a few be successful. You must come out everyday swinging in business.

HBM: After becoming the heavyweight champ in 1973, you went bankrupt in the late ‘70s. How can entrepreneurs bounce back from that kind of disappointment and discouragement?

GF: [It was] an opportunity to recreate my whole life. Look in the mirror and have your cry. But brush your pants off and say, “I can go one more round.” In business and boxing, you can be on the bottom, too, but you can get back up.

HBM: What are your best tips for putting together a successful commercial or infomercial?

GF: Have honesty. If you’re honest, you’ll stick around a long time and be successful. Sometimes people will try to sell a product and they don’t believe in it. That’s one thing you don’t want to do.

HBM: What is your home office like?

GF: I do most of my business in my home. I have so many books. I need information all the time. I read, read, read to get information. I commit myself to this place and don’t come out sometimes until 3 a.m.

HBM: How do you balance work/family time?

GF: My wife balances the whole thing. She decides what I have to do. She knows when we have to show up for school meetings and so on.

HBM: How does philanthropy impact an entrepreneur’s success?

GF: No one is going to be successful unless you look back and see how you were able to give back.

HBM: You’ve described your younger self as “mean” and “crude” on your web site as a contrast to how you behave now. How does being kind impact one’s personal and professional life?

GF: I changed my behavior to be an example for my kids. Every time you do business, you must be nice. Being nice is the source of my success; not acting nice, but being nice. HBM

Foreman and his wife, Mary, live in Huffman, Tex. They have 10 children, seven of which are grown. The three at home are George VI, 8, George V, 16, and George IV, 18. Foreman is known as “Big George” to differentiate from his five sons named George. He won gold at the U.S. Olympic in 1968 and the heavyweight boxing championship in 1973 and, at age 45, in 1994. He has co-authored numerous cooking and motivational books. Beyond the grills, he has promoted brands that include Meineke Mufflers, Doritos, and Oscar Meyer.