The 7 STEPS to DECIDING which BUSINESS to START to build YOUR empire!
Welcome, to the investment, circle I'm, your host a deal Anwar now in this video we're. Gonna talk about how. Do you figure out what. Business, to start, because. Crazy. Thing to. Be successful, in business you. Should probably have a pretty solid business, idea. Hit. That intro music. Alright. So number, one. Make. A list of all, of your skills, and all, the things that you're, bad at your weaknesses. So. I know like a lot of these other guys like you know Dan lock and, you know I don't say all their names Tai Lopez, they'll be like you. Know we, can make you, a millionaire ok I can I can make anyone a millionaire it doesn't matter if you've no marketable, skills it's fine I'll make you rich and, I'm. Sorry to say but, either. They're, just smarter than me or, that's a crock of beep. Because. Yeah, you need to have skills, that you. Can utilize to, make yourself successful ok. So what. You should do is get. Out a piece of paper and write down, what are. My skills and, if, you're like you know do nubs a business that's like in consulting, for example you should definitely have some marketable, skills because, if you can say that you know like I graduated, from this top 25, University it's. A lot easier for people to, listen, to what you have to say even, if you didn't learn anything in college ok I know, there's a lot of college haters on the internet I'm sorry I'm just not one of them College, has been great to me I met some of the greatest people I've known in life because caught up sorry going off on attend tangent, again, anyway. What. You need to do is write down what skills you possess because, as an entrepreneur you didn't have to wear tons, of hats right, when. You're first starting out the. Skills that you have will. Allow you to not have to hire for, those positions, right. Basically. If you're, a web designer, right while also being able to write great copy while, also being good at accounting if you're, able to do a multitude, of things right you're gonna basically decrease. The amount of money going out of your business and crazy. Thought to make a successful, business. You. Need more money coming, into the business than money going, out of the business, so. Number. One is make, a list of all, your skills and if you don't have that many skills that's ok you, can send the next one, to three months working, on learning and brush some of those skills you, know in beginner, web design is a very, easy skill that anyone, can learn you, know you can even take the cs50, classes, which, were the, exact same intensive. To intensive. Introduction, to computer science classes that, they teach incoming. Freshmen at Yale, Harvard, and I'm pretty sure MIT as well the same course that they teach you you can get for free through. EDX so, there's like no. Excuse, to not take it if, not code, Academy Khan, Academy these are all amazing resources, in which, you can learn a lot of the skills that you can then use in business and, shocker. YouTube. Has a lot of great information we'll, link to some of that boil. And, honestly. As far, as cs50 goes I'm really. Plugging it because I've taken the class and it is amazing. I took it at Harvard, University, super. Difficult a lot of studying that was required but it's an amazing, class and the professor David. Malan is he's, brilliant, absolutely brilliant if he can teach me computer programming trust. Me you can teach you computer programming. So. The, other thing I want to talk about is make. Sure to. Rock that subscribe, button hit, that like button for, us so we can get this video out in front of as many people, as possible the. Number two most important, thing in starting, a business is to figure out what your constraints are now.
Let's Be honest every person. Has, different constraints. Financial. Constraints, time, constraints, all kinds, of constraints and limitations that are put, on you are not, going to be put on every other person you, know some Peart some people have thousands, of dollars saved up tens, of thousands of dollars and you're. Going to be competing with those, people when you're starting a business and these, people that have billion-dollar. Budgets. In Silicon. Valley and in New York City as well right, so. You. Need to make sure that. You, have the, skills, if, you. Don't have the money right, so if you, don't have the money to pay for an account pay for like all the things that you're in need to make a great business then, you have to learn those skills so, that you can spend less money and be more of a bootstrap, shoe shoestring. Bootstrap, kind of guy right. It's. Difficult. To. Start a business with no skills, and no, awareness. Of your constraints, so there's the first two things that I think are the most important, so. What you should do is write, out how. Much money you have that you can allocate to your business and how, you're going to keep, your business alive, while, having living expenses, that you have to pay for for. At least two, years because. You know, 90% of businesses fail within five years it's. And, also, I think like 90% of statistics are made up on the spot. But. A lot, of businesses fail the advantage of being on the Internet is that once you have a web address that's, your address. So people from all over the world can find your. Store, your website at that a super. Confuse for some reason my, video. Just cut out stop shooting and had, a write error completely. Just wasted my time talk. For another 30 minutes for no reason so sorry. About that anyway, if you have a web address it's really easy for people to find you right so, I want, you to try to work on longevity, in all these businesses you want to just be around for, as long as possible because, it's honestly like the longer you're around easier. It's going to be to be successful. Number. Three you. Have to let go of certainty in business. You know we you can't think of things like we do with everything else in such a black-and-white, way where, you, know either I'm right or I'm wrong you. Can be 90 percent correct, about a problem and still, make boatloads, of, money I keep. On trying to you know when I started sometimes I'm like just to let you know it's because I'm so used to cursing, but, I want to keep this channel family-friendly. So, I'm trying not to at the, same time when starting a business if you, don't have boatloads, of capital right it, actually helps, because you can be a lot more agile, some, of these bigger companies and. I've worked them they, have so, much bureaucracy it's, like just to get the smallest thing done you have to talk to this manager who tells you hey go talk to this manager and go talk to this truck such. A headache and so because, you're, you know one two three five man shop you, can be very agile in all of your solutions to all the problems that may appear in your market so, that's a huge advantage that you have over the other guys so, even if you don't have that much capital you know even if you don't have any employees it's okay you, just have to use that to your advantage number. Four. Research. Some, markets that you're interested in we. Could have put this a little bit further down once, you already you know picked a few businesses. And you're starting to whittle them down but, honestly I think it's better to do a little bit of research in the, preliminary. Stages just so you can get a better idea of, you. Know what are people looking for in today's day, and age and these markets, you know how much are these markets making, because. You'd be surprised to know that some Marcus, that, you would think kept like you know really small total. Addressable markets, are actually humongous. Right I was, surprised as heck. When peloton again that's that was another time I was gonna curse right there you caught that. Heck. Why. Wonder that peloton was saying that their total addressable market for.
People That want a peloton, bike was, in the multiple, billions, and I was like per year in revenue and I was like what are you talking about are you saying that every person that exercises. Wants a peloton, bike to exercise, that. Is bat, insane. Cuz. There's no I've never biked, and I love going to the gym ever, I don't like biking it's just not my thing you know so it's it's absolutely. Crazy, but, that's how a lot of these Silicon Valley companies, work and that's, how they even get funding you know they tell. You what their total addressable market is and you, know sometimes it's a zany number that's a lot higher than their actual addressable, market when, be realistic in the, size of the total addressable market for. Yourself now when you're pitching people, I want. You to be as grandiose, as possible, you know just tell them you know you're addressable market, includes all people. That breathe air I'm. Kidding, not that bad but like free just whenever you got to change your pitch for, whoever you're pitching and that's just the truth you, know I heard. A really funny quote the other day that says that your accounting, is different, you know based, on whether it's in-house, accounting, for, your employees, and yourself the government. Or. Investors. And. That. You know it's a little weird to you but it's. The truth to. The government you, never want to be making any money ever because. Guess what then you're not paying any taxes, and that's. A good thing also. Walden, you're a research into the atonal Dressel markets for, whatever markets, are interested in trying, to also make sure that whatever idea you're making if you can try. To make it something that's a little different than what anyone else is doing the. First mover advantage is, huge in business and it's one of the best advantages that you can have I saw, this video one of these other youtubers, the other day and he was selling performance. Nut butter and you. Know I thought like that's. Funny, like that's like what performance nut, butter but, people, bought it like crazy and now he has competition, people, copying, him and you, know his the size of his pie even, though it's gone it's gotten bigger the percentage, of his pies actually got a lot smaller too before he was a hundred percent of the pie but that. Brings me to another copy. You. Need to add on other people, that you know and be, okay with making your size of the pie smaller. If that if that, means adding a lot of revenue for your company, number. Five, set. Goals that are, possible, with your constraints. To, me you. Should progressively, keep increasing your goals and make, your goals goals, that you can actually achieve because. When, you achieve those goals your, brain releases. Those, endorphins. That make you feel like you know you're rewarded, you feel good about yourself if you make these hi super. Far away goals, that, are like you know very difficult to be attained you're, never gonna feel good and in, business, and in life we.
Live To feel good I like being happy I don't know about you so, if, you can play your part and being happy try. To do the right thing and make yourself, happy make, goals that you can achieve and continually, adjust. Those goals and make them slightly larger, and larger as you, grow and that's okay you know you, should have those five-year goals that are large but, for the most part you want to keep your your goals that. Are like in the next few weeks in the next few months keep, them small like you know make, it for example just writing all the copy for your website you know writing out all your Facebook ads that, those can be goals you know and whenever you get them done give yourself a pat on the back a. High-five. Thumbs, up you know whatever works and. For. Me like three haagen-dazs ice creams because I love, those chocolate, bars with the almonds on them at. Costco man. I'm. Hungry right now, sorry. Anyway, also. You, need to make sure that, your. Goals allow, for you to, survive, and. Put. Money in the business okay so you need to know that like whatever goals you have for how much you earn that, you're able to you know take out whatever you need for your living expenses out of the business and still. Keep. It running for at least two, years whatever. Business you start I don't, want you to give up before the miracle right. You, can't give up before, two years no matter what business you start that has to be your number one goal I will, keep trying to. Get better at this for at least two years if you're not successful after two years all right man then you can put a pin in it you, can give up right there but, at least give yourself that much time because you never know it, could just be that one little break that you're waiting for that, you kept yourself from getting okay. So if you've gotten this far you. Figured out how much money you're, gonna want to make what. Skills that you have what. Your constraints are what your social constraints are what are the people around you that you can use for your business venture so. Now what I want you to do after doing all that research all those other steps. Think. Of three, business ideas, that, you can come up with that you, think will. Be profitable. Write. Down the name of the business the, market for the business and what, skills, that you have or, that you'll be learning in the next one to three months that apply to the business I promise, you right. Now you're sitting here you're thinking like there's no way but. If you just write out what. You need to do and what you need to achieve and what goals that. You've set for yourself then. It'll be a lot easier for you to achieve those goals. Visualization. Is a very important, thing and as, soon as I started writing down on paper what things I wanted to achieve I started. Achieving those goals and, so. I want you to do the same thing write, out your skills see you know point out like yeah I'm gonna be able to do the web design for this company for the last few companies I started I've cared, a lot more about accounting. Because in my old businesses, when I was a lot, younger accounting. And marketing always fell on the wayside and that, was a huge mistake because, even though my businesses were making money I didn't. Give a hoot about where. Money was going where was coming in I would take money out of the business whenever I wanted to you know hey you, want to go to this ridiculously, expensive restaurant, let's go you want to travel you know to Vegas for nine is for no reason, let's do it I want on vacation all the way around, the u.s. everywhere. And I didn't you know even though I was taking, business expenses, I wasn't. Doing it properly I did a terrible job, you know I didn't write off nearly, any of the expenses that I should have been when I was out there trying to get business and that. Doesn't make sense so, in. The future I know that I have skills that I'm good at I have skills that I'm not so good at some, of those skills I'm not so good at I have. Now put. Those in the hands of other people that actually can be successful. At achieving those goals for, me now, remember, the name of our game is longevity. Our. Goal is just to stay alive long enough so that we, are able to be ingrained. In people's minds, when, they think about you know whatever, you, decide your, business to be your. Company, should be one of the first names that pops in their head and the only way that's gonna happen is if you're alive long, enough so.
Just Look a nice end the other steps it's, the most important thing longevity. So, write, out the businesses, and after. You have get. A feeling for you know the size of the markets for all these businesses, how much money they'll be able to make and the. Likelihood, that they'll survive the. First few difficult, years in starting, a business, then. I want you to get down to number, seven, the, last number. That. Is Whittle it down to one, choice I want. You starting, out just, to start one business based. On the money that you can allocate to your business I want. You to make a decision on which business you're gonna start and guess, what, start. The freaking business, so. Many times I would just you know I'd put it off till tomorrow till tomorrow till tomorrow there were so many ideas that I thought were absolutely brilliant. Lo. And behold two, years later I didn't even start the business still I'm still you know thinking of another eighty five million businesses, we, have this huge issue in today's day and age in which we have so many choices you, know there's so many different things that you can do there's so many different ways that you can go you need to just buckle down and decide on one business and do, that business to the best of your ability and if you think of another business that's more profitable, more of this more, no, just, stick to that one business make, that success then move on to something else okay, I know. That you know we live, in this world with, all these choices all this temptations. Around us constantly, but if you want to be successful you cut, out all that other noise and focus. Down on. What. Truly, matters to you and if business, is what matters to you then, you need to make whichever business that you picked the. Top on your, priority, list everything. Else will fall into place the, people that loved you they'll understand, that for the next couple. Years you're gonna be dedicating. A lot more time to, business and they'll. Still love you okay, afterwards. And they'll, probably love you a lot more if you have a lot more money in your pockets because then you can spend it on them and it's a beautiful, cycle I like. Spending people money on the people I like you, know you should do I would. Come get, constantly, sope said that like you know I thought, of this personality. Matching. Job. Search, engine before right it was like about nine years ago I was like man you know based on your personality types, you. Should have like a search. Engine that tells you which jobs would meet your personality, the best right and you know Bay something like your IQ, where you went to school a few different factors well, lo, and behold two, kids from I believe MIT, and, two kids from another University, they made a program that was exactly, this and sold it to LinkedIn for, a hundred and fifty million dollars so. I've. Heard this a number, of times and I think it's very true ideas. Are like. Everyone. Has them so, what matters is execution, and for, execution, you need to drill down work. Hard on whatever matters, to you over. The long term, and if you do you, will be successful, all. Right guys that's, all we got for this video uh um. Super. Stoked that you guys if you guys listened up till here I'm really, grateful you know I hope that you. Guys see them getting a little bit better this not, much but you know they say your, first few videos are usually things you're embarrassed. By a few, months down the road but, anyway I promised, myself that I'm going to take out the time to make these videos for you guys May. The content, because, I'm hoping that over time I get better at this anyway. These guys I just want to say thanks. For watching the video you can please like and subscribe, it. Really helps to get our video output, as many eyeballs as possible, with. YouTube's new algorithm, I know we only have like. Subscribers. Right now but. On the be taking this really seriously and, I'm gonna keep trying you, know keep giving you guys free content, I will, never charge for a course I'll never charge for any of that you know hokey-pokey, nonsense.
I'm. Just gonna tell you you know what things work for me what, things didn't work for me in the past and you know how I can share some of my success, with you in. A couple weeks we're gonna have a guy, that he. Made, a business that was a quarter of a billion dollar business and he's. Absolutely, phenomenal. We're the best traders I know and for, my traders out there don't worry next week we're doing a training video but, Tom Basso will be on here in, two weeks talking about trading and. Along. The channel we're just talk about anything related to investing, you know like stock. Trading, investing, real. Estate investing, you know starting. A business, any. Time you're investing this, is supposed, to be a home for it so, I want to thank you guys for joining us at the investment circle and let's. Do this entrepreneurship. Together.