How To Learn About Business – Keys to Getting Started

So you want to learn about business maybe you want to start a business maybe it’s something you’ve been thinking about for a while Well, we’ve all heard things like in order to quit your job and travel the world You need a business or in order to reach financial freedom for the rest of your life. You need a business Well are all these things true maybe but for now I’m just going to assume that you want to get started in the business world and you’re wondering where do I start? So in this video, we’re gonna take a couple steps back We’re gonna talk about what business is What makes up a successful business how to get started how to choose the right business for you? And we’re going to talk about the ones that fail and the ones that are successful and the difference between those Glad you’ve landed on my channel. My name is James Weston And I teach people how to take what they have and create the life that they want I do this by helping people learn how to become more resourceful if you want to learn how to leverage your time your money your skills your habits and your connections to Create the life that you want go ahead and subscribe to my channel and hit the Notification bell so that you are notified when I drop a new video every week I’m gonna teach you the things that I’ve learned over the past seven years in business Building multiple businesses that have gone on to do over six and seven figures in revenue I’ve also coached several people in starting their first business and also bringing those businesses to the six and seven-figure level as well Alright, so let’s get started I think the first thing that we need to do is get really really clear about what this word business really means if you ask some people they may tell you a business is something that solves a problem or a Business is something that is a product or a service Well, the truth is those definitions are somewhat correct, but there’s something missing there now if you define a business as something that solves a problem then technically a Calculator could be a business right because calculators solve problems, but are they really businesses? No now if you define a business as a product or service Then simply a shirt or your shoes or just driving a car could be technically called a business But the truth is there’s something missing here the definition that I like to use for business this a business is an organized system That brings value to the marketplace Consistently through a product or service in exchange for money. Now. I know that may sound a little bit complicated So let me give you an example. Let’s take a restaurant for instance now We all know a restaurant is considered a business, but why well a restaurant consistently provides Value to the marketplace in the form of a product which is food and a service which is cooking and actually serving the food in Exchange for money so it fits that definition perfectly now the first myth that I want to bring up is something that I think a lot of people get caught up on and That’s the idea that every business requires a big investment It requires a lot of money to start now if we’re talking about a restaurant Yeah, you’re gonna need some money, right? You’re gonna need to rent or buy a location You’re gonna need to set up a kitchen you’re gonna need an oven You’re gonna need chairs tables all this equipment just to start the restaurant So yeah, there are some businesses that definitely require a lot of money But don’t get yourself caught there what you need to understand is this is there’s thousands of businesses that require little to no money to start for example, let’s take Someone that plays the guitar or let’s say you play the guitar and you’re really good at it And this is a skill that you have. Well, assuming that you already have a guitar You really don’t need much just start teaching other people how to play the guitar, really? All you need to do is create a curriculum, right? and then after that find some people that want to learn how to play the guitar and are willing to pay you to teach them and Then if you start doing that weekly you essentially have a business. So let’s put it through the definition We said that the business has three parts number one is it’s an organized system that consistently provides value to the marketplace Well, if you’re a guitar teacher and you have a business teaching people the guitar well You’ve got an organized system that’s bringing value the market place. It’s a product or service It’s a service teaching people and it’s in exchange for money. You’re not doing it for free So right there you’ve taken a skill hardly any investment and created a business so my point is this a business could be something as simple as taking a skill that you have and Offering it to the marketplace in the form of a service guitar lesson You don’t need a lot of money to start a business. You don’t need a huge investment. So don’t let that stop you But your next question is probably this what business do I start. Well that leads me into my next point What do businesses do well most businesses do one of two things either number one? They solve a problem or number two. They make life better So if you’re trying to get started in business, here’s something that I really suggest Make sure that the product or the service that you’re going to offer. The marketplace is something that you actually care about It’s not just some random business model that you see, you know a mistake that I see a lot of people make is they’re online and they get some ad That pops up on YouTube or on Instagram and it’s basically some guy in his Ferrari Or walking around his penthouse on the beach and telling you about how he started this business Maybe it’s an econ business or it’s a real estate business or some marketing agency And he was able to make a million dollars and you turn around you say wow. That sounds great I think that that’s something for me if he can do it so can I and then you end up paying this guy or buying his course to teach you a business model that may not actually fit you your lifestyle and the things that you care about but here’s the big problem with something like this if You start a business with the sole focus on the potential to make money Well, you’re leaving out the fact that you’re going to be with this business for hours days years building this business and if it’s something that you don’t care about it’s something that you’re not at all passionate about well It’s gonna be extremely hard to number one build it and to go through the tough times when the business is not making money and not Producing and that’s why most people quit before they have success So this is why whenever I’m coaching someone who is new in the business world trying to figure out where to get started I tell them to ask themselves two things number one is this What is a problem that I see a lot of people struggling with that? I know I can solve and then number two is what is something that I can do with my skills and my Experience that is going to benefit a lot of people and improve their lives now there’s something that a lot of people talk about which is Turn your passion into a business now. I want to differentiate between Building a business that you’re passionate about and turning your passion into a business These are two completely different concepts. So let me give you an example. Let’s just say that you love photography You love taking pictures of nature and action sports and your friends and your family But you you decide to turn this into a business now you’re getting hired to shoot weddings and corporate events and Portraits and baby photos and all these other things that you may not really care that much about now the problem here Is that your income is now dependent on photography? You’ve created your life so that your bills your livelihood your rent every month You need to go out there and do photography as a service Well, you may end up losing your passion for that as a result So that’s why I say to keep those things separate and build a business that you’re passionate about Instead of turning your passion into a business So I want you to think about one of your big passions in life And I want you to put it in the comments below and then give me one reason why you would not want to turn that Into a business. So when it comes to choosing the type of business that you want to start or get involved in I think it’s really important to look at yourself and understand four things Number one your personality Number two your skills number three your resources and number four your lifestyle and financial goals Now everybody has different personality traits for you. Are you more introverted or extroverted? Are you more of the left brained logical type person? Are you more of the right brained creative person? Have you ever taken a personality test see it’s important to really understand ourselves before we get involved in business Now, let’s talk about skills understanding what you’re good at is really really important one exercise that I like to do with my Clients is I have them take out a piece of paper. You can do this as well take out a piece of paper and I want you to write down the 20 things that come to your mind when I ask you this question What are you good at? So maybe the first thing comes your mind is cooking or organizing or math or science What are the things that you found in your life that you’re good at write them down? Now take that piece of paper and put it aside Grab another piece of paper and I want you to do the same exact exercise and write The next 20 things that come to your mind if you have trouble ask someone who knows you really really well Maybe a friend or a family member But the point here is this the first 20 things are probably more obvious and less unique when you start really digging into yourself and what you’re good at you’ll find that you have some skills that other people don’t so that’s The purpose of this exercise now, let’s talk about resources another common mistake that I see a lot of people make is they don’t take into Consideration the current resources that they have to create a business see I’m gonna break it up into three categories Let’s talk about your time your money and your connections now when it comes to your time Let’s just say that you want to build a business, but you currently work a normal 9 to 5 job Well, you’re gonna need a build a business that you can build after work after 5:00 p.m And on the weekends, so too often I see people that start businesses that require you to be available during normal business hours And they think they can just make up the hours during their free time or after work But then they end up losing customers losing opportunities and stunting the growth of their business. Don’t make this mistake So when it comes to money we talked about how some businesses do require money and some don’t But let’s just say the business does require money. The important thing here is to budget in advance You want to look at a three to six month budget? Don’t just look at what it costs to start the business the mistake that I see so many people make is they’ll go and they’ll spend $5,000 starting a business and then end up with no money to keep it running for the next two or three months and be forced To shut it down. So for example in my businesses I run them all on a six month budget So if one of my businesses requires, let’s say $10,000 a month in overhead expenses between my marketing and my employees Well, I’m gonna run a six month budget. I’m gonna budget for $60,000 and I’m gonna make my decisions based on a $60,000 budget not on just a one month $10,000 budget now Let’s talk about connections connections are literally one of if not the most important resources that you have in your life and in your business It’s really beneficial to have people around you that can support you and mentor you along this journey So I want you to think about and actually make a list of the people that you know in your life that are doing business Who do you know that is in a similar business to the one that you’re thinking about starting? This counts people that are in your life and also people that you can find online That can mentor you and show you the way it’s so important to find people that have done the things that you want to do in order to shorten your learning curve and make Sure that you are successful. All right, let’s talk about income and lifestyle goals See, it’s really really important to become clear about how much money you’re trying to make with a business if you don’t know how much money you’re trying to make it’s gonna be very hard to choose a business that’s gonna be able to produce that amount of money Now a lot of people are just gonna throw out this number and say I want to make a million dollars well That’s a great number to choose but if you don’t have anything backing that up If you haven’t actually come to that conclusion for a reason It’s not a very powerful number to work with so my suggestion is this work backwards. Let’s look at the lifestyle that you want Let’s look at how much that’s going to cost and then let’s reverse engineer a business that can actually do that So let me give you an example when I used to live in Miami the cost per month to live in Miami between my rent my car my food and my other Expenses was about five thousand dollars a month. So if you take five thousand dollars a month, you multiply it by twelve. That’s about $60,000 a year now $60,000 a year is a lot less than a million dollars and I’m not saying that you should stop there but what I’m saying is Start with a goal that actually makes sense for you and the lifestyle that you want Then look at whether the business can do more than that as well Become clear about what that number is and work towards that first Then work on scaling the business even bigger if you feel like you learned a lot in this video and you understand business better go Ahead and write helpful in the comments below. All right. So now you understand what a business is you know that you don’t need a lot of money just to start one and you also know a lot of the common mistakes that People make when they get started in business So if this video was helpful Please give me a thumbs up subscribe To my channel and share it with your friends and I will see you guys on the next video You

10 Replies to “How To Learn About Business – Keys to Getting Started

  1. Nice video! and explanation! this is really good and simple! Business! thanks for sharing, time money and connection! I like connection!

  2. A question I remember asking alot was what is the fastest way to learn about business, this video would have been so helpful for me a few years ago, thanks for the good nuggets today as well!

  3. Amazing video. Both in content and production quality. I've seen a lot in the business coaching world, and this video goes straight to the top for me. To answer your question, one of my passions that I would NOT turn into a business is consciousness research. It's one of my main drivers in life right now, and I want to keep it separate from business so that I can keep diving in without having any sort of attachments towards it. Keep up the good work!

  4. Awesome video! Loved the point about the difference between turning your passions into a business and starting a business you are passionate about! I understand this difference which is why although I love cooking I will never become a chef 🙂

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