Sneaker deals are one of many high-level brand deals that top-level NBA stars are sure to get. Multi-year contracts, signature lines, and money that can define one’s career, but only if they navigate it wisely. The spotlight is intense, especially when you’re a young star, and the stakes are high, and one misstep can turn a promising opportunity into a cautionary tale.

That’s where Los Angeles Lakers legend Byron Scott comes in. As a veteran who has seen countless stars rise and fall over the years, Scott’s guidance can offer a blueprint for making informed decisions amid the pressure that young players often face.

During an exclusive conversation with EssentiallySports‘ Tim Wood on More From the Floor Podcast, Scott highlighted various lessons that he learnt. He started, “I think the first advice I would give them is to make sure your circle is small and tight. These guys got too many people around them, too many people in their ear. Most of them got too many ‘yes men’ just telling them everything they want to hear instead of what they need to hear.”

Scott makes one thing clear: the right advisors will provide honest guidance, ask tough questions, and protect you from short-term mistakes.

Scott also stressed the idea of doing your due diligence: “When it goes into investing, make sure you get two or three other opinions. You got your own group of guys that you feel comfortable with that you trust. But always get somebody outside that has nothing to do with you guys that has no interest in making money off of you… All they want to do is give you advice on what they would do with that particular company that’s asking you to invest in it… You have to do your homework.”

Scott added, “Don’t leave it always up to your people. Do some of that work yourself so you feel comfortable in making that decision.” And he’s not the only one who isn’t willing to invest in opportunities he doesn’t believe in.

Scott also highlighted incremental, sustainable growth instead of looking for home-run deals. “It’s very important to understand that when you’re investing, make sure you don’t try to invest to think you’re gonna get rich off this one thing… Just moderately growing. And that’s going to last you a lot longer than the ones that everybody’s trying to hit a home run off these deals that just don’t happen that often. It’s like one in a million where you can hit a deal that bam, all of a sudden it earns you 10, 20, $30 million. It’s something that takes time.”

He highlighted that focusing on opportunities that grow steadily over time is wiser than trying to grab the next headline or viral sneaker. Scott also made it clear that investing in trends blindly or chasing flashy deals isn’t practical. He instead pushed for young stars to pick deals they understand and have personal interest in.

“It’s like anything else in sports. It’s a process, you know?… Make sure that you are investing in things you’re interested in because if you’re not interested, why would you invest?” Passion and alignment matter, and Scott’s message is simple: pick deals you’re invested in past the money.

Scott also emphasized the importance of character over appearance. The best deals aren’t flashy products, but people who are committed, relentless, and defined. “I always invest in people or companies, I look at, and I always say I bet with the jockey, not the horse. I want to bet with that person that I know that’s going to go out there and do the work, that’s going to grind, that’s going to have that Kobe mentality, that Mamba Mentality. I invest in people with that company.”

For young stars, this means choosing partners, brands, and advisors who embody the same dedication they bring to the court.

The stakes are clear. Around the league, young stars like Anthony Edwards, Cade Cunningham, and Shai Gilgeous-Alexander aren’t just navigating contracts, but long-term finances.

From signing sneaker deals to investing in off-court opportunities, all transactions have lasting consequences.

What Byron Scott’s Investment Experience Teaches Young Stars

Byron Scott was also asked about his best off-court investment, and he had a clear answer: a modest, strategic bet on pet food company Fresh Pet.

He said, “The friend that asked me to invest in it is my business partner. His name is Charlie Norris. He was the CEO of a dog food company called Fresh Pet… he said, he said, “B, you should get involved. He told me, ‘You should invest half a million dollars in this company and we’re giving it to your friends and family rate like $6 a share.’ And I was like, ‘Charlie, that’s a lot of money. I’ll invest $250,000 instead.’ And that stock is up to like $50 a share. The valuation of that company is close to a billion dollars right now.”

That investment highlights exactly what he highlighted for young stars in the league nowadays: someone he trusted, an idea he believed in personally, and investing carefully. He aligned himself with people whose work ethic and loyalty match his own, and he now calls the Fresh Pet investment “probably the best investment I’ve ever made.”

However, the Lakers legend didn’t just discuss the investment itself, but also how being around serial entrepreneurs has reshaped his mindset. “When you get to the point where you think you learned it all or know it all about that particular field, you know, it’s time to retire. I’m still very young. In my eyes, I’m still an infant in this business world,” he explained.

He pointed to the long work days in his current appearances on America’s Real Deal, and how he’s learnt from investors and founders: “Anytime I can pick up pointers and listening with the millionaire role… I get a great chance, which is good because it’s some long days. We’re there like 12-hour days, and so, when we have our breaks, and we have lunch and stuff like that, I get a chance to sit down with these guys and ask them questions.”

It’s not glamorous, but it’s worthwhile. Scott explained that he absorbs everything, including the reminder that expertise is earned, not inherited. He explained, “So, I’m learning every day on the set that I’m there, and I’m enjoying that to the fullest and I’m taking my notes and everything because, like I said, if I get to the point where I think I know it all, just like basketball, if I got to the point where I think I knew everything it is about this game, it’s time to retire.”

He tied everything back to the game that made him famous: “I’m not retired from the game because I still don’t know it all. I still love the game of basketball. But I’ve taken my interest in different areas, which has been fun, and this is one of them, and I’m enjoying it.”

For young stars, Scott’s messages are filled with wisdom: your earning power might peak in your 20s or 30s, but your learning curve never should.

Catch the full conversation with Byron Scott on the EssentiallySports YouTube channel below.