Gary Vaynerchuk : An Inside Look At His Business Success


– My mom always said it’s rude to talk about people behind their back. So welcome to this video where you and I talk about Gary Vaynerchuk
behind his back. Come on in, grab a seat and a beverage. Let’s have some fun. (gentle chiming music) In 2008 I was 22 years old, and I was sitting at my
girlfriend at the time’s apartment and I watched this video
of this guy in the internet say that he wanted to
own the New York Jets. My dream as a kid, ever
since I was a little kid, was I wanted to own a baseball team. Specifically the Cleveland Indians. And I thought to myself, this
is somebody I need to watch, because if in 10 years he’s
closer to owning a team than I am, then he’s got
something figured out that I don’t have figured out. This to me is modeling success. Watching people who’ve done
amazing things and said, “What are they doing differently than me?” How are they thinking differently than me? And so in this video I’m gonna
tell you what I’ve learned from Gary Vaynerchuk after
spending a little bit of time with him one-on-one
and in a group setting. And also analyzing his
business thought process. And I’m gonna do the
whole thing while drinking some Empathy wines, one
of Gary’s companies. So let’s dive in. In 2015 we had our first
event at capitalism.com, and the first person that I
called to key note the event was Gary Vaynerchuk. And Gary was big, he was
a well-known entrepreneur, but he wasn’t big like he is today. But the thing that compelled me to him, was I wanted to find
out, what’s your strategy that you’re confident
is gonna have you own the New York Jets. And it was the first time
that I ever heard him describe the strategy, which was,
I’m gonna build an engine. I’m gonna buy companies,
put them to the engine, and I’m gonna sell them,
make a bunch of money, and buy the New York Jets. That was interesting. But something else was
more interesting than that. – You didn’t have anything,
you found an idea, you found somebody that
gave you a concept. You got something that worked,
and now you got something. Something that you were sold
by the American Media Machine that you want, like a
fucking watch, or a car. You got something, and the fear is, you don’t wanna go back to not having it. My greatest rationale for marrying my wife and the greatest thing
that I know about myself is not only am I capable to going back to Queens studio apartment,
I secretly want it to happen. Like you know, “Rocky V”
when it’s all sad and shit, ’cause he’s like back to the thing. And there was like, “Ah, too bad.” I’m like, “That’s fucking awesome.” Like for me it’s the game, right? And so like, I don’t need fancy shit. Like fuck, that stuff kills me. Yes, I wanna buy the Jets. But I won’t buy a jet
on the way there, right? I may, because it’s
actually time-efficient I’ve come to learn, but
it’s really interesting. I think the thing that makes me sad is people accumulate a little something and they don’t want to go backwards. And so they’re not willing
to change their behavior to go three steps forward. People are literally, literally crippled and scared to take one step
back, a place they’ve been, and they should understand,
that’s what scares them, though. Instead of going three steps forward, and they get into that hump. And that million they’re making
is now they’re handcuffs, and they’re stuck. And the reason I push hard work is, there’s a lot of people in here who are in that exact situation, and still have seven hours a
day to start something new, but aren’t putting in
the hustle to do that. – You see, at the same event I had Grant Cardone speak, and Grant made the entire experience about him. – So you know, you gotta be liquid, baby. You gotta be liquid, you gotta be ready, you gotta have more. – It was all about Grant. He had people chanting his name. – What’s my name? – [Audience] Grant Cardone! – [Grant] What’s my name? – It was the Grant show from day one. – Yeah!
Yeah! – Oh, dear. I immediately regret this decision. Gary, the person who I
thought was all about hustle, and grind, and killing
it, and bravado, and ego, humbly walked backstage. Quietly without drawing
any attention to himself. You said something, I
will never forget this, ’cause it changed my brain. When I asked you, I think
you were talking about 137. – [Gary] Okay. – You were talking about
the business that you build and acquire, and you scale the teams. I was like, Gary, like how do you manage all of the scale for that? And you’re like, well,
we don’t make much money. And then I said, how are you
comfortable just continually rolling all the profits back in? And you said this, “My only
fixed expense is rent.” And I was like, “Holy shit.” You have no fear in losing it all, because you can if it all goes away, your only fixed expense
is rent, and you’re fine. – That’s right. – There’s no ego in that. There’s like no ego in that. I have to understand how
like, that mentality. – Because I’m humility
disguised in perceived ego. My personality, my vibes,
my energy on camera makes people think I’m ego. My actions over the last 20 years, and the people that know me the best, know I predicate on humility. I have audacity, and
confidence, and fucking, I’m an alpha. But I’m built on the ground of humility. – So many times as entrepreneurs, we think that we have to
force ourselves into things. We have to dive into the
extra energy reserve, and force ourselves to do things in order to get the result. But the people who are
extraordinary performers are operating at a different gear, because they’re just
amplifying what is completely natural to them, they’re
doing what is unique to them. And what I learned after
spending some time with Gary, was that is really where
success comes from. I have spent so many years in my career trying to force things,
trying to make things happen, trying to hustle. But when Gary talks about
hustle, what he really means is doubling down on what makes you happy. I really believe that’s what he means, because I’ve observed that. The last time I was at Gary’s office, we were drinking some Empathy wines, and he sat down and looked up at me like we’d been there all day. And here I was, like
ready to go, all amped up. I had drank a bunch of coffee to get ready for this interview. And he just looked at
me like, “I’m ready.” He is constantly present,
which is why he’s able to work 17, 18 hours a day when he needs to. If you are present in what you are doing, your energy is infinite. If you are not present
in what you are doing, you’re operating from a drained battery. Most of the time we get
burned out and we get tired, because we’re doing things
that we don’t see as meaningful or inherently fun, and it’s
usually not how we succeed. If we don’t find it meaningful,
or if we don’t find it fun, we’re probably not going to
give it everything we have, which is what success requires. That is the biggest lesson
that I’ve learned from Gary, from spending time with him in person. The second thing that
I’ve learned from Gary from spending time with him, is that the way that you
get wildly successful is always operating in
service to other people. Here’s a clip of Gary sitting with me and telling me how his
strategy was not to monetize his audience, was not
to go for the big get, was not to cash in the chips, was not to give with the
expectation of getting. But here’s where he describes
that his real strategy is just to contribute as much as possible. Let’s watch. – I put out good content for the sake of putting out good content. I built VaynerMedia in
2011 to take advantage of K-Swiss or this. I never and still don’t anticipate having six million people, 5.5 million people on Instagram convert. Which is actually why I think it works. I’m comfortable asking my audience to, like my whole picture’s very simple. If you wear sneakers, if you drink wine, I’d love for you consider buying mine versus buying someone else’s. But it’s amazing. The reason I’m so happy
is the value I’ve brought versus the return on my investment. And what I’ve gotten is a terrible deal. Like the people that are
hucksters that I make fun of who are just converting
their audience from day one, they’re killing me in the short term. But I’m not playing for money. I want my audience to
show up at my funeral. I mean that. I don’t need their fucking money for my wine and my sneakers. I have a marketing capability. I’m gonna sell way more
Empathy wine to people that have never heard of
me than to the audience that has extracted
enormous value out of me. How much value I’ve given away, especially the last two years, and how big my audience has become. It’s a joke, I should be sold
out of all 30 thousand cases. I’m not, ’cause it’s not how humans act. Humans do not feel a
sense of responsibility to deliver back to somebody. This is why I keep telling everybody. You wanna be happy? Give without expectation. You wanna be super unhappy? Think you’re getting
something for your actions. You wanna get really unhappy? Do shit for the sake of
something else happening, which is what everybody does. I watch people gain me every day. The problem is they don’t understand that I understand what they’re doing. – I’m having what we call a brain-gasm here at capitalism.com. You see, what I though
Gary’s strategy was, was to build a big giant
audience so that he could launch the Empathy wines. And he admitted that there
was benefit in having a big audience when he
wanted to do a big launch. For example, I bought 100
cases of Empathy wines when it launched, I’m
talking about it right now, I’m drinking it right now. So of course, him producing
value in the world, produces business results
that are unrelated to the content that is created. But the reality is that
what his strategy was is just to continue creating things that he loves and enjoys. And to build the machine that
can scale these businesses. My strategy. My strategy for one day
buying Cleveland Indians, is very similar. It is to build the
relationships, the assets, the connections and the skillset. So that when you’ve got the thing that you wanna bring to the world, you have the capital, the relationships, the connections to be able
to bring that thing to life. I call it lighting a fire. My logo at capitalism.conm is
a C with a flame at the end. And it’s made that way
because I believe my purpose as a business owner is to light fires, is to start new things,
is to light the next idea and watch it catch. That’s what we do as
entrepreneurs and as capitalists. It’s our job to bring together resources, to bring together capital, to
bring together connections. So we can light the next great idea. So that we can create
the next thing of value, so that we can solve the next problem. So often we confuse entrepreneurship with the process of getting money. But our real job is to multiply resources. We do that by bringing people together, bringing ideas together,
and solving problems. And the byproduct of that is money. You said, you believe me 92%.
– Yes. – And you are saying
it from the context of. – It was more than the time
I saw you at the Core Club. That I remember, too.
– Yeah. – I don’t know if I said it out loud, but I remember that as well. – And you said that, and
it meant the world to me. And then you said, but
right now you still don’t believe me, 92% about,
there’s no ask, there’s no. – Yeah, yeah, yeah. – It purely is just a give
play ’cause it feels good and I believe you 100% now. So, it has been a lot of personal work to get to that point. – The fact that you’re
getting to this point now is so scary good.
– Thank you. – Honestly dude, it makes me so happy. – I just want you to know I get it now. I don’t know that I would
have gotten there as quickly without your example. And so one of the things like, the reason why I put a lot
of energy into seeing you once a year or so, is because you’re kind of
like a mirror of where I’m at, because I think you’re
really clear internally about who you are. And it acts like a mirror
to me of where I am. And so I just wanted
to thank you for that. – It makes me happy, bro. I really get it. And honestly, it feels so. It’s not the alcohol, it
feels warm in my body. And it’s actually, to think about the kid that I met at the event to this moment, is the actual dead example of the process that I’m trying to do at scale. I think something happened
where I get the great blessing to be the communicator that
takes a lot of alpha winners and eliminates the bad
behavior, and instills more. I don’t know what to say. It’s super heady, it’s
super in the clouds. It can even be consumed as obnoxious, it’s just actually I still believe it. I believe that it took a very unique voice to take guys that look like you and me and actually get them to think Empathy, and long game, and kindness
was actually the cool thing, not all the other stuff. – Serve first, give first. Make deposits first. Put deposits in other
people’s bank accounts. In your relationship bank accounts. And let there be interest
before you cash that check. That’s, “Jab, Jab, Jab, Right Hook.” That is really the philosophy
of creating content. So many of you are creating content to draw attention to yourselves. – The young people that are
trying to put out content for people are trying to trick people into their own money. And everybody who actually
is a great entrepreneur is selfish, they keep putting out shit. – I promise you that I will
at least try match that. – I believe you 100%.
I believe you 100%. – Thank you. – Because I believe
that’s actually my legacy, that I’m gonna frame it,
and the understudies– – I believe that about you.
– I believe that. – ‘Cause I think you turned that page. You’re the first person to turn that page. – I think so too. – And like my context–
– Really committed to it. – My context of growing
up was always about the, do this so that you can have that. – Correct. – And you are the first
example in my life, that it was just about doing it because it was the right thing. – And not being uncomfortable with asking, because there’s a level
of practicality to it. But being remarkably okay with a no. – Yeah, that’s one thing
that makes you special, man. I’ve known you for a while,
I’ve seen you grow up. And you were sincere. – Thanks, Kamal. – And you have all those fences here, that’s your rock-solid foundation. – Thanks, Kamal. – And in my opinion, the day I met you, you had subconscious
aspirations for sincerity, but you were it. – I think that’s a fair analysis. – That was my status-quo. – I can almost guarantee
that I won’t get it right. Thank you. I can almost guarantee I
won’t get it right every time, but I promise you that
I will at least try. Whatever change you wanna create, if you wanna create
change it starts with you. It doesn’t start with the government, doesn’t start with your neighbor, it doesn’t start with social media. It doesn’t start with
anything outside of you, it starts with you. Own that change, create something new, and always be in service to other people. That’s how you create change. My name’s Ryan Daniel Moran. I help entrepreneurs build businesses and create new ideas
and bring them to life. If you need some help,
we have some resources and some guides that will
help you create the systems for you to bring those ideas to life. To find your idea, to
create that first product to bring about that change that
you wanna see in the world. You can find out more
resources around this video, or you can just subscribe to the channel and we’ll keep throwing free stuff at you. Either way it’s an honor
to be of service to you. Thanks for watching, and
we’ll see you next time. (dramatic instrumental music)

6 Things to Consider in Your First Year of Owning a Business


– Do you think an investor
will give me some money? – If you have a well thought
out business plan (laughs) – I will now thanks to this video. – Yeah. – It’s going brutal (laughs) Alright so you got your
business up and running, it’s the first year, now what? What do you do besides, celebrate, celebrate? – Well, after celebrating, you really want to, really
figure out what the foundations are of your business, but before you jump in,
you’re running your business, it gets tough. You have to remember to give
yourself some self-care. – Get your z’s. – Get your z’s, get your zen. You’re probably working,
I don’t know, 40, 50, 60, possibly more hours a week. And you can forget about
you, and you are important. If you get burnt out, then
that business suffers. So Em, what do you do
to get that self-care? Do you sleep for 20 hours a day? What is it? – Okay that’s excessive, but I’m all about the eight hours. Also, eating a well-balanced meal. I’m a big plant-based gal
for all you vegans out there. That keeps me refreshed,
feeling healthy, spry, also making sure to balance
my social life as well. ‘Cause I know, I work remote personally, so I’m at home, it’s easy to get the clocks strike 5:30
and you’re still working, ’cause it’s just like, you’re
in that work mode zone, so you gotta make sure to
really schedule out your days and ensure that you get
exercise in, a social life – Yes, absolutely. Social life is huge. Many of us, solopreneurs who
are just working by ourself or maybe with a small team, we get trapped in our
bubble and then we look up, it’s bedtime, and when we
wake up, and then we work on the business, and we
go to sleep, and it’s just a never-ending cycle. – Yeah, and then you get burned out, and then your business is
also going to experience that which brings me to, I know you
have a lot of info on this, the team that you cultivate as well, ’cause those are like people
you’re gonna be around, day in and day out, fulfilling
your goal and your mission. – Right. Like even if you’re a solopreneur, you still wanna surround
yourself with like-minded people. – That’s why I surround
myself with Nealey. – So many of us, again solopreneurs, we don’t have that team but
there are lots of places where you can find those
like-minded people like Em here. There are meetups you can go
to, they’re absolutely free and you can find people that like the same stuff that you do, or check out maybe a
local coworking space. There’s a ton of people just like you
– And free coffee. – Free coffee, usually
free beer with membership. I may know (laughs). – What’s next? What should I consider doing next in my first year of business? – Yeah so stick to the foundations. The foundations are never any fun, it’s not the fun side
of running a business, but they are so so so very important, and probably the first
thing that you should do, even just starting a business, is to register your
business with your state. Many people do this by filing as an LLC or a sole proprietorship. Probably the most common though is LLC. It helps protect your business
from your personal assets. – Question. Okay, LLC, I’ve seen this, and when my friends were doing their taxes and I would start to brainstorm, okay I see LLC, why are you
LLC versus Inc. versus Co.? How do you decide on that? Does it matter the type of
business you’re running, or the state you’re in, or? – It really depends on the
business that you’re running, and the team that you have behind it. So what I would recommend
is your state will have some information on how
to file your business, and give you some information
on what’s right for you. Should you be an LLC? Should you be a sole
proprietorship or a partnership, or a corporation? What does that look like? – Alright Nealey, so I’m having
flashbacks to my childhood when I wanted to be an entrepreneur, and I’d think about
having a business plan, and that’s when my parents would ask me, “Okay so you wanna own
an amusement park, cool, but what’s your business plan?” And so I’m thinking
about now, as an adult, and the entrepreneurs listening in in their first year of business. Real talk. Business plan, is that something you need to be doing right now, and
how do you go about that? How do you organize that? How much information do you need to know, or can you wing it? – Definitely don’t wing it. There’s a lot of business owners, especially just starting out,
solopreneurs, they’re like “Cool I’m just gonna
start my business and go.” But the business plan
keeps them locked in, helps them really find that
foundation that they’re gonna need to stand on when they start to really grow their business. Now business plans are pretty lengthy and it does take a ton of time to create. There are plenty of sites out there that’ll help you generate those, but we’re gonna go over some
of the different sections of a business plan, hopefully it’ll help you out a little bit. Alright Em, so the first
section of a business plan is the Executive Summary. Now you can really think
of this as the cliff notes for the entire document. It’s gonna give a little bit
about what that business is, the market it serves, and some information so if anyone were to read
this, like potential investors for your business, they know
what they’re gonna get into. – Okay so number two, don’t worry, I got this one Nealey, you wanna have a Business Description. What is your concept? So let’s go back to my amusement park. – Okay, let’s do it. – I think it should be a pizza park, because
– A pizza park? – What else would you wanna
eat and possibly throw up after a roller coaster ride? Pizza of course. – Those tilt-a-whirls are – It’s going brutal, (laughs) but that’s my, that is my concept. – Alright so number three
in your business plan is the Industry Analysis. Now going back to your pizza park, it’s really just an
overview of your industry. Who are the major
competitors in your industry? How do you rank up in that list? And just the market
itself in that industry. Alright Em, so with your competition, can you give us a little insight of who your competitors might be, and how you would stack up against them? – Yeah, so no big surprise
in the amusement park world, a few that are my
competitors would be like a Six Flags or, Disneyland or, what’s one of your favorites? – I think as a kid I used
to go to Busch Gardens a lot in Florida. They had the Sheikra ride,
that 90 degree straight angle, scared the, everything out
of my mom, it was fantastic. – He threw up pizza. So back to my amusement park. What makes me unique is that
it is this pizza-themed park. So not just the best slices of pizza from all different kind of themes, like we have the New York style, the deep dish Chicago style. – What’s your favorite? What style? – This is a little embarrassing, because it’s really boring, but I just like a good cheese pizza, like I am Kevin off of Home Alone, it’s just, I prefer dairy-free. – Chicago style or New York style? – In between the two. – Okay, you heard it here first. – And then also what’s
unique about the park is that everything is pizza-themed,
even the rides. So there’s a bunch of, really bizarre-looking
rides because they’re shaped out of like pepperonis, and
dripping cheese for the slide, but it really sets me
apart from everyone else, and fun fact, all the prizes that you can win too, are also pizza-themed.
– Pizza-themed. Heck yes. I’m here for it. – Cool. Come on down. Get you a deal on your summer. – Come on down to pizza park. (laughs) – Okay so another thing that comes up, here I’m just one person, I’m gonna have an amusement
park to draw in a lot of people, I need a good team, how do you go about organizing that? Who’s gonna do what? What’s the organization
of this pizza park? – Right. And that’s number four. That’s the organization
in your business plan. Who’s gonna run it? Is it just you? Are you going to have a team? Are you gonna have a board of directors, and investors, and all this good stuff? And that’s where you map that all out, so you really have that
plan when you go to start your amusement park, ’cause
I know you’re awesome, you can do a lot, but you can’t be running
from ride to ride to ride stopping and starting it, plus running the business,
– That’s a lot of work. – Plus eating the pizza, I get it. You need people. – Yeah I worked at an
amusement park, fun fact, when I was 16, and it was just enough doing one ride, and you just pull a lever
and then you stop it, but kids are, – It’s riveting.
– they are a mind of their own. Mind of their own. – Alright so number five is
your Financial Projections. Now I’m not saying you’re gonna go with, “I’m gonna make a million dollars,” and that’s it. – What are you talking about? – My projection. Now this is
– That was my plan. – This is what your budget is, how much you’re gonna be spending, what you’re projected to make. Not every business is profitable in their first year of business, that’s more like two,
three, and five years. You really want to have that plan, that projection of what you think with the industry and the competitors and the market and your customers and how much you’re selling tickets for, all in that little projection there. So, do you have projections
on your business? Are you gonna be making a
million dollars that first year? What are we doin’? – Well, maybe we should sit down over some pizza and talk about this, but I just kinda feel really confident about my business model. I’m just thinking put it together, however much money it
costs to put this on, what have you, that’s fine. The customers are just
gonna come rolling in. – If you build it they will come? – Yes, field of dreams right? – Yeah. – Yes I got it, movie trivia point, Emma. So yeah I just hadn’t really thought about the exact numbers. – We’ll go over that. – Okay thanks. Thanks. Alright so with everything
we’ve talked about, now we are at number
six which is, investor, you have a great idea, you have a well thought out plan, now you gotta go and get an investor, get that money. Right? – Absolutely. That’s the whole point.
– Show me the money! – Show me the money, give me the money! But you want to, you’re building this business
plan to get investors, that’s one of the main key points of this, that investors don’t wanna just hand out their money anywhere. Have you seen Shark Tank? They’re not just saying yes to everyone. They have a plan.
– They’re very picky. – Very very picky, and that’s why you have your business plan, it’s well thought out, well written, and that last part, that investor request, or that finance request is really to say, here is exactly what I’m asking for, and then let the negotiation continue. – So with my idea being pizza park, and what we’ve discussed, the themes, the uniqueness, the vibe, the fun, do you think an investor
will give me some money? – If you have a well
thought out business plan. (laughs) – I will now, thanks to this video. – Yeah! – So let’s say good news,
the investor likes my idea, and I did in fact get the
money to pursue my idea. Next thing I’m thinking of is, keeping track of how
much I’m spending, where, how do I look for a return on investment? How do I keep that all organized, because I’m gonna be dishing money out in all sorts of places. What are your recommendations though from your experience, Nealey, with keeping track of ROI? – Yeah especially in your first year you have to keep track
of literally everything. And now what a lot of people
do is they go Gung-ho and crazy and start spending their
money on a bunch of things ’cause they think they
need everything right now. But what I would recommend is go lean, and really focus on your ROI, or your return on investment. Make sure the money
that you’re dishing out to your amusement park, you’re dishing out with your business is actually getting customers back. ‘Cause at the end of the day, if you run out of money, and there’s no more investors, there’s no more business. So focus on that, and you can do that with
some bookkeeping software, like QuickBooks is the
main competitor out there. There’s GoDaddy Bookkeeping, there’s many many other ones as well that’ll help keep track of your income, your expenses, and even
help you with tax time, or tax season rather. – I love that. Help you stay organized. Definitely check out
the resources you have, will make your life a lot easier, and, – So much easier.
– Your bank account happy. – Yeah we gotta keep
the bank account happy. How else are you gonna
buy all of this pizza? – Otherwise you’ll just be, at home sitting on the
couch eating cheap pizza, and that’s depressing. So I imagine with
everything we’ve discussed, and I know this comes up
a lot with social media when I’m educating on best practices, trial and error. Expect it. It’s going to be definitely something that you need to embrace, trial and error. Also just keeping in check
with how your team is doing and make sure they’re
on board with the goals and the success and your struggles, so open communication is key too. But expect to have some trial and error, would you agree? – Absolutely. One of my favorite little
quotes or whatever is, “Failure is feedback.” Failure is not the end of the road, it’s something that you learn to kind of grow and just becomes the
better you or better business. So fail early, fail often,
but always keep learning. – I love that. And if you love this, be sure to like this video. Also, subscribe to the channel, and – Ring that bell. – And comment below on
what you learned to do for your first year of business. – This is The Journey. We’ll see you next time.

5 MOST PROFITABLE Business IDEAS To Start In Late 2019


5 extremely
profitable businesses to start in 2019
with not a lot of money and not a lot
of overhead Got wisdom way
beyond his years The real deal He’s like a prodigy Hi, my name is
Beau Crabill leading expert for
selling products online And in this video, I wanna talk
about 5 different businesses that I know a good
amount about have done myself
and continue to do and how you can start them in 2019
to make a good amount of money The first business I wanna
talk about is an ad agency My company itself
has paid over $100,000 just in the last 12 months
to an ad agency So what is
an ad agency? An ad agency
is an agency who runs ads for other
business owners and companies The ads are typically
ran with social media ads and sometimes can even be
like newspaper print or billboard ads And with my company,
I actually have several different
businesses going on So one specific
business that I have is where I’m selling
video games online I have a site where I just sell
video games every single day and I pay an agency actually a percentage of
my sales to go run ads and get traffic
to my store So how an agency can make
money is several different ways Typically it’s
through a retainer that a company pays you monthly
to go run ads for them So if I wanted to go hire
someone for my business to, let’s say, you know, run traffic
to my YouTube channel for example Or let’s say, you know,
sell more video games or sell my software Whatever it is, I could
usually pay them monthly and that’s what
I typically do But then sometimes,
as an ad agency you can also get on top,
percentage of sales or just percentage of sales,
or percentage of profits Me as a business owner,
I like doing percentage of profits more
because it keeps the you know, agency
more incentified And what I’ve noticed
actually is, a lot of You know, agencies can
really be a huge rip-off and I actually try to not
use ’em as much And a little
pro tip to give you if you’re actually a business owner
looking for an agency, or You know, I’m gonna
tell this to you ’cause if you wanna run an agency,
you might wanna hear this to pay your people better is,
I’ve found that hiring ‘Cause what an agency usually does
is, there’s like a main person that’s running it,
a he or she And then they go
hire people under them So let’s say I pay an
agency $10,000 a month they will then go pay an employee
like $3,000 a month to do pretty much
everything for them And what I’ve noticed, that actually
finding those people that are being paid like a few
thousand dollars per month that are practically
running the entire agency but they’re not
the agency owner is they’re the ones
with all the skills They’re also limited
because usually the owner of the agency says,
oh, don’t do this, this and that And if you actually just
kinda go out your way hire that person, maybe train them
how you want ’em to be trained and get them on your team,
and just cut out the agency That’s actually
worked out very well So if you’re a business owner,
I would suggest doing that If you’re an agency you know, maybe try to
keep things a little better I mean, my company
has spent over $100,000 just on an agency
in the last 12 months So you can think about it an agency can take on
multiple different clients You know, if you got 5,
10 clients a year that could be over
a million bucks a year It’s a very profitable business And I see in the future and especially in 2019,
in 2020 going on is agencies are gonna be
so much more in demand because as ad costs are going
higher online with social media ads people not knowing
what they’re doing Facebook getting a lot more
complaints and issues going on is, a professional-ran agency
is gonna be more rare Which means more of a price
you can go sell your rates for and it’s definitely a good
business to get into in 2019 Another profitable business
to get into for 2019 is building out websites and designing funnels
and landing pages So, I always like to
invest for speed And me as a
business owner where I’m having several
different businesses going on When I first started my business,
I did the website-building myself I did the landing pages, and funnels,
and all that good stuff myself and designed it And what I realized,
as time goes on and as I’m making
more and more money more money typically means
more problems and more time And my time should not be
focused on creating up websites Myself, I’ve paid $2,000 for a website
that was built in about 30 days I’ve paid $7,500, and this,
just talking about this year I’ve paid $7,500 for a website
that took about 3 months It was a full custom-built out
e-commerce site And also this year, I’ve paid
$33,000 for a website I probably paid too much And actually,
it’s really funny, I think The website
I paid $7,500 for I think I was the most
happy with that one The $2,000 one, it was just
more of like a commodity We just needed a site up,
so it was It wasn’t that I was unhappy,
I was content with it And I was probably least happy
with the $33,000 website So, the reason
I’m bringing this up is business owners
love to pay for speed And actually, the $33,000
website spent so long and they just procrastinated
so much, which made no sense because they weren’t
getting paid per hour However, business owners
love to pay for speed Because if I can get
something done right now pay someone
to do it instead of spending so many hours
or even months to do it I can get so many
more things done So building out a website it’s a skill that many
people don’t wanna learn And what I’ve learned is there’s
things that people don’t wanna do and it’s, you know,
highly in demand you can charge
a lot of money for it So it’s a skill that’s not
going to be going away Business owners will
always be, you know, busy Also would not
have that skill and it’s a very high profitable
business that you can get into Another really
profitable business that you can get into for 2019
is selling products on Amazon There’s a lot of different ways
to sell products on Amazon and my favorite business model
is called online retail/wholesale Where I am sourcing
products from brands distributors, and wholesalers
of big name brands And I create
relationships with them Actually right before
I started filming this video I got on a call with a
wholesale supplier of mine I’m actually meeting him up
in New York tomorrow I source out a bunch of
different products from him And I go buy them low,
they’re in his warehouse I buy them from him,
and he buys direct from all the
different manufacturers And when I buy
the products they get sent to an
Amazon fulfillment center and then Amazon ships out
directly to my consumers So I’ve been in e-commerce
for quite a long time and I got started off
with eBay And the issues that I had
with eBay, it wasn’t scalable I was spending several hours
a day shipping out products And the beautiful
thing about Amazon If you didn’t know, if you
actually go on amazon.com over half the time on the
purchases you are making are coming from a third-party
seller like myself, alright? I’m talking about normal
everyday products this camera that
I’m speaking on You know, these lights
that are filming right here So Amazon’s a
really great business It’s scalable It does take
money to start So with like an ad agency,
you know, building out websites you just need that skill I see Amazon as more,
a little bit like, as investing If you know how to read
the supply and demand if you know how
to read graphs you can find a the right products
and make a good amount of money Myself, I’ve done millions and
millions of dollars in e-commerce I’m doing over hundreds of
thousands of dollars of profit per month right now So, it’s a good business If you wanna learn
more about it I have tons of information
on my YouTube channel Fourth business
I wanna talk about is actually an
offline business And it’s called, it’s kinda
hard to describe a bit selling diabetic
test strips to hospitals I know this seems very weird,
and you know The health system in the
United States is kinda wack and this really
kinda proves it here But there’s money to be made
in a lot of different aspects I have quite a few friends
that actually do this and the margins
are very, very high But it’s pretty much where
a hospital or a pharmacy who needs to provide
diabetic test trips Literally like people
who have diabetes test strips for them
to do all that stuff They need to provide
test strips to their clients or the consumers,
whoever it is, right? And, I guess ironically,
is the Not ironically, but the owners of
those pharmacies and the hospitals don’t buy from
the same source They’re not buying from
like the government they’re not buying from
one authorized distributor They’re just buying
from third-parties just random people
off the street I have several friends who just
have companies that they set up They got an LLC they got in contact with
manufacturers and distiubutors they go buy from there And sometimes,
they even buy from each other I know, I have literally one friend,
he’s under the age of 25 and he is the
main distributor in like this huge county
that has over a million people and he’s selling
to other people And he’s just buying from
a manufacturer and calling it good and those are the test
strips that people use, so You know, if you’re a if you have diabetes and
you’re kinda scared about that Well, sorry to hear that you know, your test
strips could be being wholesaled out by,
you know, a millennial However, it’s a very
profitable business I see that typically,
the margin’s around 200% It depends on the
conditions of the test strips and the volume,
and all that good stuff But pretty much
how it works is you get in contact with
manufacturers of test strips you buy ’em at wholesale and sell them for more to
pharmacy owners and hospitals The fifth business
I wanna talk about is another
offline business And it’s about having
a driver’s ed school Surprisingly, it does not
take too much of a degree or you know, expenses to really
start up a driver’s ed school My brother’s
actually running a successful driver’s ed
school right now And this is pretty much
how the model works is you sign a lease to
a place that maybe has at least one or two parking spaces,
and is practically a classroom And then you have to go through
a lot of government forms This is the really
tricky part here, with the only like kinda
time consumption that my brother explains,
is there’s just a lot of you know, regulations
you have to go through making sure that nothing’s
getting crashed, and liability However, you get it set up,
and then you charge a fee to have like
an 8-week class or 4-week class,
or 12-week class because kids have to go
get their driver’s license And for them, it’s a lot cheaper
to get their driver’s license because of insurance,
to go through driver’s ed than just go pass a test And you know,
people who are on the road it’s pretty unsafe for people
to not know how to drive So pretty much you
sign a lease to a place This obviously depends
where you get located I know my brother signed a lease
to a place for like $2,000 a month And before he even
set up the doors sold 50+ tickets to a class
that he charged $500 or more for So imagine if you got, you know,
20 classes three times a week 60 a week,
and you charge $500 The class lasts, you know,
let’s call it 8 weeks Right there,
that’s $30,000 Let me actually
do the math Yeah, so 60 times $500,
that’s $30,000 every 8 weeks If your expenses are,
you know, $2,000 a month and then maybe another
$2,000 or $3,000 for employees So let’s say $10,000
in an 8-week span you profit $30,000,
that’s $10,000 a month Could be a very profitable
business, and scalable Because if you’re in
a place that, you know there’s a good amount of population,
and there’s a demand for it you can set up
one driver’s ed school then maybe you can
even franchise it out There’s a little more like
liabilities and regulation with that where you can go
set up your other ones And before you know it It’s not really a complicated
business either to like hire employees for that I mean, it’s driving There’s a very high percentage
of the population out there that knows how
to drive, so yeah There you have it, 5 profitable
businesses you can start in 2019 And as you can see,
the upfront capital the overhead is
not too much What do you have to lose? And make sure you subscribe
to my YouTube channel and get notified
for any videos if you want to get more
content just like this And I’ll see you
in the next video

Use the B-I Triangle for Business Success -Robert Kiyosaki


– [Narrator] Another thing that sets the Rich Dad company apart, is that you know those
‘E’s, ‘S’s, ‘B’s, and ‘I’s. E for employee, S for
self-employed or specialist, and B for big business
entrepreneur, and investor. Well this here is called the B-I triangle, and it’s what my rich dad taught
me when I was a little kid, when I wanted to become an entrepreneur. So what I advise is keep your daytime job but start a part time business. You know more multi billion dollar and million dollar businesses have been started on kitchen tables. So keep your daytime job, keep the cash flow
coming in from your work, but if you want to be an entrepreneur, this is called the B-I
triangle, and out here, very simple, I’ll go through it. There’s eight parts to a B-I triangle. There’s a mission, your team,
leadership, there’s product, legal, systems, communications,
and cash flow or accounting. If you’re gonna be an entrepreneur, this is what you need to
know to grow your business. The reason so many businesses fail, I think nine out of 10 fail
in the first five years and of those that survive, 90% of them fail in the next ten years. And the reason they fail is because one or more of the parts of the
B-I triangle are missing. So it’s not what you know,
it’s what you don’t know. Another way of looking at it is this. I went to military school, the first thing they teach you
is the importance of mission, on being a team player, and leadership. The next thing when I meet somebody that wants to be an entrepreneur, they come up to me, “I’ve got a great idea for a great product “or great product I have a great idea.” Well if you look at this, product is only the smallest
part of the whole B-I triangle. Just because you have a
great product or great idea, doesn’t mean you’ll be successful. Legal here is this, like for instance when I
designed the CashFlow game, I had to have the board patented,
trademarked, and all that. That’s legal, comes next. Next are systems, I have
to have accounting systems, production systems, distribution
systems, marketing systems. So it’s almost like an
engineering type of point of view. Communications is marketing and sales, and next is cash flow, which if you’re very successful
you have lots of cash flow but if one or more of the
eight pieces are missing, the business has less cash flow. So this is what the B-I
triangle represents, it’s just kind of a
reference guide for you. Keep your daytime job, but
start your part time business. And that’s what makes the Rich Dad company’s
education different.

3 Marketing Mistakes You MUST Avoid | Marketing Tips and Tricks for Startups to Follow


one of the first startups that I ever created and I raced tons of money well over 10 million bucks for with KISSmetrics and guess what it didn’t do well financially especially in the early stages we burned over 4 million dollars before we even saw our first dollar in revenue hi everyone I’m Neil Patel and today I’m gonna share with you three marketing mistakes that you ought to avoid the first tip I have for you is don’t spend too much time building out your product without marketing it I kiss metrics what we would do is we’re like oh my god we want to quit this best analytics tool and software and then we’re gonna market it and then we’re gonna make a ton of money spent years building it and then when we market it and you know what we found out people like Neal I don’t understand why I need this that was a huge mistake not just a huge mistake on mine that was a huge financial mistake you’re talking about four million dollars that’s a lot of money the point I’m trying to make is if you’re gonna create a product or service go out there and test the market there’s nothing wrong with spending a few hundred dollars or a few thousand dollars or even just picking up the phone and talking people would be like hey John hey what’s up this is my idea what do you think about this would you pay for it and try to even collect money even if you don’t have your product or service and if people give you their money you could reap on them right away I’m not even saying yet to deliver the product just refund them say I’m sorry get on the phone with them apologize maybe give him a free Starbucks gift card and what you’ll find is if what you’re doing is gonna make you money or not so don’t go out there spending a ton of time and energy building something without marketing it if you don’t mark it whatever you’re planning on building and knowing if people are willing to pay for it you could be making a huge mistake don’t do what I used to do the second tip I have for you is don’t market to everyone I don’t care if you think everyone in the world would love your product that’s not the case pick one audience muscle you see detergent companies out there you know largely detergent marking two moms or four babies or kids or saying this is the organic one they’re picking a niche even a product that everyone needs out there they’re still picking a really specific segment of a market to market to and you should be doing the same thing to in which you shouldn’t be Arcanine to everyone so pick the audience that you want to market to and just focus on them good example of this is convertkit they built a marketing software that helps you with email marketing they tried competing with MailChimp and everyone being like oh this is better email marketing they didn’t do well once they picked a marketing software that was specifically focused on marketing just to people who have a blog they started hitting ten million dollars in revenue within two years that’s right 10 million a year in two years by just picking a specific segment and that’s what you needed to do so pick a niche go after it just market to them and then later on you could expand a market to more people but you need a first dominate that niche and the third tip I have for you is caring for branding over customer acquisition especially at the beginning and on a side note there’s rain right now in LA so if you’re hearing the rain you know on this video I do apologize never really expected this in sunny LA if you’re a new startup or a new company and you want to focus on branding that’s fine you can but why would you focus on building a brand we don’t even have any customers go out there and acquire the customers go test Facebook Ads go test Google hours go tes SEO go test content marketing and podcast advertising go do it all it’s like spaghetti go throw it on the wall see what sticks and if there’s a good ROI keep doing more of it but that’s the whole purpose of marketing why would you go out there and try to build a big brand be like I want to be the next uber or McDonald’s I want to be the next coca-cola if you don’t have any customers go acquire the customers first once you do you’ll be able to build your brand over time well most people don’t tell you about branding is when you acquire more and more customers and people use your part or service you’re building a brand so don’t think about a brand as like oh I need to get my logo everywhere that’s not just brand building the best brand building is people using your product or service they’re loving it and then telling their family and friends about it and be like oh my god you gotta buy snuggles or you gotta buy this toilet paper it’s really soft on your tushy you gotta be really picky about your customers and making sure the right ones love your product and that’s why it relates to tip number two which I already discussed mark it to a specific niche so if you get people to love what you’re doing you’re acquiring these customers under using it and they love it they’re much more likely to keep telling other people about your product or service and that’s what builds a brand you don’t see Amazon doing a ton of TV advertising back in the day but yeah there are multi-billion dollar company same with Google but how they build this huge brand everyone was using their products their services having amazing experience to me like oh my god this Google is so much better than Yahoo you have to use it Yahoo what right no one’s talking about Yahoo these days same with being her MSN and the same goes with your company you’ll build your brand by acquiring users getting to muse your parker service and providing amazing experience the key is to knock their socks off if you knock their socks off and delight them you’ll create an amazing brand over time so those are three tips that you need a fall if you don’t want to fail avoid the making the mistakes that I was making and you should be good to go if you like this content make sure you subscribe to the channel join the community I’m gonna be here every single week helping you girl with your marketing in your business and of course leave a comment if you have any questions I’m here to help you out

How To Get Started In Business


– How do I get started in business? I know a lot of selling
and marketing techniques. How can I implement them? (energetic music) (engine revving) It doesn’t matter how
many techniques you know. In business, nothing
happens until you make a sale. It’s not about how many
selling techniques you know, You need to go out there and sell something. Sell your product, sell your
service in exchange of money. It’s commerce. That’s what business is. It’s adding value to the marketplace, solving a problem, fulfilling a need in exchange of money, dollars. People vote with their wallets. What you say doesn’t matter. You might say your product’s
the best in the world. If no one is willing to buy
it, it doesn’t mean anything. You gotta pull the trigger. You gotta go ask for the sale. You can’t be weak and afraid and shy. You gotta go out and get it, and ask for the sale. So, you get some rejection. So, people say no to you. Who cares? So, you know all these techniques. So, you know 365 sex position. You cannot get laid on a Friday night. What difference does it make? What, you still go home alone, right? And now you say, “Oh, let me
learn the 388th positions.” Can’t even use one! Can’t even use one! You gotta go out and do it. All the theory you have,
you gotta prove it, to see if it’s valid or not. Not thinking about it,
not reading about it, not watching video about
it, you gotta do it! You got to do it, man.

Three Principles to Help You WIN at Marketing


choosing the right marketing principles and building the right knowledge is frequently the difference between success and failure. online, and offline. that’s why we’ve coined this mantra: in today’s video, I’m going to be sharing three of our marketing principles and the one non-negotiable so you too can have a better chance when it comes to winning at sales and marketing quick sidenote: these are our principles but there’s a lot more depth to them so please leave some comments and questions below. in my world, I often hear: “I’ve done marketing before
and it doesn’t work” to me, this is a marketing excuse. business owners keep dwelling on the bad marketing choices they made in the past they may have undervalued the importance of choosing the right agency to work with sometimes, agencies are too eager with businesses that aren’t the right match. one way we
can fix this is taking ownership of past marketing mistakes and focus on building
the right partnerships and marketing relationships. if you don’t have time to
do it right the first time, when will you have time to do it again? people want the result but don’t want to put in
the time. so how can we fix this one? at the beginning of any marketing project
or relationship both parties have to understand they need to be patient. marketing is no longer siloed and you can’t just focus on one thing: you have to understand your customers now rely on your online presence how they see you, and interact with your social channels and then learn and develop from your
website. marketing is a patience game not a get-rich-quick game. if it was, everyone would be smashing it. because of marketing excuses and
a lack of patience I find business owners can’t appreciate and be grateful of the big and small wins in marketing: the ones that immediately affect their
business performance. Marketing is, and will always be a two-way street between agencies and business owners. on one side you’ve got agencies: they need to embrace the business goals, the timeline, and the cost to the business to achieve them. On the other, business owners need to embrace the day-to-day challenges of an
agency and the way they work. so how can we fix this one? agencies and business owners need to work together from the beginning, and to learn, communicate, and
understand each other’s roles and goals. and finally the last one the
non-negotiable: this is the truth and the
reality behind marketing: it’s a risk because you’ve got to try and fail with a couple of marketing strategies first. these failures cause marketing excuses, lack of marketing patience, and lack of marketing gratitude. there are so many experts out there preaching marketing opportunity, and confusing that business
landscape. opportunity lies in business owners not listening to those experts, preaching those one-dimensional solutions. that’s like backing a donkey as opposed
to a stallion. here at my marketing brain, we have that stallion. it’s called design marketing. it covers it covers all the principles we’ve just talked about, and creates more opportunity for your business. if there’s one thing I’ll
leave you with, it’s this: Marketing is always going to be complex, competitive, ruthless, and fast-moving. so the key to this business success is understanding market excuses, patience, and gratitude, and accepting how risk/opportunity is a
shared experience between marketing agencies and business owners.

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