1 00:00:00.000 --> 00:00:03.510 Oz Konar: Hey, everyone, Oz Konar here. Listen, today I want 2 00:00:03.510 --> 00:00:07.050 to talk about a topic that's probably the most fundamental 3 00:00:07.140 --> 00:00:10.620 for anyone who considers themselves to be an 4 00:00:10.620 --> 00:00:14.670 entrepreneur. Right. And that's the topic of how to become an 5 00:00:14.670 --> 00:00:18.270 entrepreneur how to become a successful one. We live in an 6 00:00:18.270 --> 00:00:22.110 age that everyone is promoting this entrepreneurial dream life 7 00:00:22.110 --> 00:00:25.170 that you have unlimited amount of money, and you're driving 8 00:00:25.170 --> 00:00:29.430 fancy cars, and you live in big mansions. But this topic is kind 9 00:00:29.430 --> 00:00:33.060 of overlooked on how to become one. And when you're talking 10 00:00:33.060 --> 00:00:34.980 about how to become an entrepreneur, or a business 11 00:00:34.980 --> 00:00:39.180 owner, that in itself is such a broad topic, because that covers 12 00:00:39.210 --> 00:00:42.750 they can cover anything from how to come up with a business plan, 13 00:00:42.750 --> 00:00:45.300 how to choose your products and services, how to choose the 14 00:00:45.300 --> 00:00:48.660 business to start, how to hire someone fire, so so many 15 00:00:48.660 --> 00:00:52.110 different elements that I personally deal with, day in and 16 00:00:52.110 --> 00:00:56.670 day out. But those are all semantics on unless you have the 17 00:00:56.670 --> 00:00:59.550 fundamentals in place. So I'm going to handle this 18 00:00:59.550 --> 00:01:03.960 conversation in two separate parts within this video today. 19 00:01:04.680 --> 00:01:10.170 One part is the why before you get to how to become one, we 20 00:01:10.170 --> 00:01:13.350 need to understand why do you want to be an entrepreneur, 21 00:01:13.350 --> 00:01:16.920 that's the first part. The second part is what kind of 22 00:01:16.920 --> 00:01:20.100 entrepreneur are you, there are different categories of 23 00:01:20.100 --> 00:01:23.730 entrepreneurialshi without you understanding based on your 24 00:01:23.730 --> 00:01:27.060 personality in your life experiences or your skill set, 25 00:01:27.120 --> 00:01:31.110 which one of them, you're going to spend a lot of time treading 26 00:01:31.110 --> 00:01:34.560 water, and there's a lot of things will be trial and error. 27 00:01:34.650 --> 00:01:37.230 And maybe at the end, you'll find that that you don't really 28 00:01:37.230 --> 00:01:41.070 fit into any of those buckets. And this whole entrepreneurial 29 00:01:41.070 --> 00:01:44.460 thing might not have been be for you. Right. So because you're 30 00:01:44.460 --> 00:01:48.210 you admire the lifestyles from promoter constantly. But I can 31 00:01:48.210 --> 00:01:51.420 tell you that business ownership is not for everyone. So that's 32 00:01:51.420 --> 00:01:57.240 my goal with this video to help you understand the why part and 33 00:01:57.240 --> 00:01:59.670 also understand different categories of 34 00:01:59.670 --> 00:02:02.850 entrepreneurialship. So hopefully, by the end of that 35 00:02:02.910 --> 00:02:09.600 you can self analyze yourself and decide on your primary why 36 00:02:09.600 --> 00:02:11.610 and what what type of entrepreneur you are. And 37 00:02:11.610 --> 00:02:15.600 putting together, you can decide which route you want to go to 38 00:02:15.600 --> 00:02:19.440 start or grow your own business or if even if you try different 39 00:02:19.440 --> 00:02:22.860 businesses, and for some reason something is really not working, 40 00:02:22.860 --> 00:02:26.100 you can't seem to figure out what that is. Hopefully this 41 00:02:26.100 --> 00:02:29.910 video will help. Fair warning, this is not going to be a 42 00:02:29.910 --> 00:02:33.750 shorter video in comparison to my other ones. Because it's such 43 00:02:33.750 --> 00:02:37.080 a again, important and deep topic, I don't want to rush 44 00:02:37.080 --> 00:02:39.780 through it. So if you don't have the time, you can come back to 45 00:02:39.780 --> 00:02:43.740 it later. But if you do enjoy videos like this in my channel, 46 00:02:44.130 --> 00:02:46.890 if you can like it, and subscribe to my channel, that 47 00:02:46.890 --> 00:02:50.130 will be great. I also have an Instagram channel, if you can 48 00:02:50.400 --> 00:02:52.860 Instagram account, if you can follow me on Instagram, that 49 00:02:52.860 --> 00:02:55.620 will be great as well. All right. Without further ado, 50 00:02:55.650 --> 00:02:59.370 let's get started. How to become an entrepreneur. The first part 51 00:02:59.370 --> 00:03:03.330 of that is why do people go crazy about starting their own 52 00:03:03.330 --> 00:03:06.930 business? While I can almost hear you say, well as obviously 53 00:03:06.930 --> 00:03:09.750 people want to make more money. So the goal is to make more 54 00:03:09.750 --> 00:03:12.690 money. I certainly understand that. But it's not necessarily 55 00:03:12.690 --> 00:03:16.590 true for everybody. Right? So we're going to talk about the 56 00:03:16.800 --> 00:03:21.570 three reasons that someone wants to start a business. And this 57 00:03:21.570 --> 00:03:24.540 has to do with the personality, how you're brought up, what 58 00:03:24.540 --> 00:03:28.140 happened to you in the past, and your motivators, what ticks you 59 00:03:28.710 --> 00:03:31.230 various things. And now obviously there is no way for me 60 00:03:31.230 --> 00:03:34.290 to know all of that this is for you to listen carefully and 61 00:03:34.290 --> 00:03:38.820 decide for yourself, Which one, which one of these categories, 62 00:03:39.450 --> 00:03:42.960 provide you the why that you have why you do what you do. The 63 00:03:42.960 --> 00:03:47.190 first one and the most common one that most people start their 64 00:03:47.190 --> 00:03:51.690 own business is there's the lack of satisfaction. They're not 65 00:03:51.690 --> 00:03:55.050 satisfied with something they're dissatisfied. There's some 66 00:03:55.050 --> 00:03:58.530 elements of their life, a lot of times that's their job, they 67 00:03:58.530 --> 00:04:02.700 have a nine to five, and they kind of some people despise 68 00:04:02.700 --> 00:04:06.000 their job, honestly, their boss and what they do they really, 69 00:04:06.210 --> 00:04:09.360 really dislike it to the point of hating it and wanting to get 70 00:04:09.360 --> 00:04:13.680 rid of it, right? So the lack of satisfaction is the first reason 71 00:04:13.800 --> 00:04:17.700 that someone wants to get out of their current situation and 72 00:04:17.700 --> 00:04:21.420 start a business. Why do they want to start a business that 73 00:04:21.420 --> 00:04:24.990 way? Because it feels like it gives them a control on their 74 00:04:24.990 --> 00:04:28.890 lives, right? And this doesn't always have to be about your 75 00:04:28.890 --> 00:04:33.360 lifestyle. Sometimes. That is the satisfaction comes from a 76 00:04:33.360 --> 00:04:36.900 solution that you find. So let's say you have a problem, and 77 00:04:36.900 --> 00:04:40.440 there's a product that solves that problem. And you can't 78 00:04:40.470 --> 00:04:44.610 stand that product, the current solution to that and you notice 79 00:04:44.610 --> 00:04:47.850 that oh my god, I'm just not happy with the solution. There 80 00:04:47.850 --> 00:04:51.570 has to be a better way right? Necessity is the mother of 81 00:04:51.600 --> 00:04:55.320 mentioned. So something is not working and it just upsets you 82 00:04:55.320 --> 00:05:00.660 so much and you go ahead and find a solution to that but a 83 00:05:00.660 --> 00:05:04.170 lot of the time is within this category within the category of 84 00:05:04.170 --> 00:05:08.370 dissatisfaction, it comes down to the finances, there are 85 00:05:08.490 --> 00:05:13.170 millions and millions of people who are not happy with the 86 00:05:13.170 --> 00:05:16.290 paycheck they get, they're not happy with the amount of money 87 00:05:16.350 --> 00:05:19.470 they're making currently. And of course, being an entrepreneur 88 00:05:19.470 --> 00:05:22.950 gives you the control to decide how much you will be making 89 00:05:23.070 --> 00:05:27.180 granted that you're successful. Okay? So this category is 90 00:05:27.180 --> 00:05:30.750 definitely important to understand, for you to decide, 91 00:05:30.780 --> 00:05:34.650 why are you not happy? Are you not satisfied for the wrong 92 00:05:34.650 --> 00:05:38.130 reason, right? If you just want to start your own business to 93 00:05:38.130 --> 00:05:41.970 escape the current reality, that's a problem, because there 94 00:05:41.970 --> 00:05:46.680 might be an easier solution. For example, if you just dislike 95 00:05:46.680 --> 00:05:50.550 your boss, you might like your job, but it just can't stand the 96 00:05:50.550 --> 00:05:55.170 sky or a woman. And you want to start a business, that might not 97 00:05:55.170 --> 00:05:58.380 be the best motivation, right? Because maybe the motivation if 98 00:05:58.380 --> 00:06:04.290 you really like your pay, and if you really cannot stand the 99 00:06:04.350 --> 00:06:08.370 responsibility of being a business owner, and your only 100 00:06:08.370 --> 00:06:11.280 complaint is your boss, maybe it could be a good idea to just 101 00:06:11.280 --> 00:06:14.340 change your boss, right. But a lot of times, the reason is 102 00:06:14.340 --> 00:06:18.150 deeper than that you're angry at somebody, let's say your boss, 103 00:06:18.270 --> 00:06:22.740 because you don't want to be dominated by that person, you 104 00:06:22.740 --> 00:06:26.010 want to kind of practice or independence, you want to break 105 00:06:26.010 --> 00:06:29.250 through those chains and, and kind of take control over live 106 00:06:29.280 --> 00:06:33.270 your life and build something maybe we can pass down to 107 00:06:33.270 --> 00:06:37.380 generations or build maybe generational wealth, by certain 108 00:06:37.380 --> 00:06:39.930 families in the United States and in the world that they have, 109 00:06:39.930 --> 00:06:43.350 right? They have been rich for like forever, almost. But they 110 00:06:43.350 --> 00:06:44.610 all started somewhere. 111 00:06:44.790 --> 00:06:48.450 That's really, really important. That's the first part, which is 112 00:06:48.450 --> 00:06:52.620 lack of satisfaction, which is really, really important. If 113 00:06:52.620 --> 00:06:57.360 you're not happy with your current situation, I think the 114 00:06:57.360 --> 00:07:01.710 probably the worst thing you can do is to try to settle into it, 115 00:07:01.860 --> 00:07:04.920 and believe that just be optimistic and things will 116 00:07:04.920 --> 00:07:08.850 change by itself. I'm not a I don't submit to that belief 117 00:07:08.850 --> 00:07:13.560 system. If you leave things to their own accord, they don't 118 00:07:13.560 --> 00:07:19.110 usually solve themselves, they get worse. So things go from 119 00:07:19.110 --> 00:07:23.670 orderly to disorderly is as a physical rule, right? So that's 120 00:07:23.670 --> 00:07:27.420 really important. Being optimistic, especially in times 121 00:07:27.420 --> 00:07:30.480 like this is really, really important. But that should not 122 00:07:30.480 --> 00:07:36.090 turn into lack of planning. And just you know, spraying and 123 00:07:36.090 --> 00:07:39.360 praying is not the way to go. All right. So that's the first 124 00:07:39.360 --> 00:07:44.010 part first reason why somebody starts a business. Second 125 00:07:44.010 --> 00:07:47.310 reason, again, these types of people are a lot less than the 126 00:07:47.310 --> 00:07:50.280 first step majority of the individuals out there who want 127 00:07:50.280 --> 00:07:52.740 to start their own business are on the first category. The 128 00:07:52.740 --> 00:07:56.580 second, the second category is dreamers, these people have a 129 00:07:56.580 --> 00:07:59.490 big dream, they're not necessarily unhappy with their 130 00:07:59.490 --> 00:08:03.360 current situation. But they have this vision in their mind that 131 00:08:03.360 --> 00:08:05.670 they want to accomplish something massive with their 132 00:08:05.670 --> 00:08:10.500 lives. And they think that a business is a vehicle for that 133 00:08:10.620 --> 00:08:15.810 99% of time business is the vehicle for that anyone famous 134 00:08:15.810 --> 00:08:19.320 and anyone who's a celebrity, anyone who's a multibillionaire 135 00:08:19.980 --> 00:08:24.750 it, chances of them holding a job is rare to none, almost all 136 00:08:24.750 --> 00:08:27.990 of them own a business. So owning your own business. And 137 00:08:27.990 --> 00:08:32.040 being entrepreneurial is your vehicle to that a lot of the 138 00:08:32.040 --> 00:08:35.700 companies like this category specifically belongs to a lot of 139 00:08:35.700 --> 00:08:39.000 companies in Silicon Valley. So they start with something maybe 140 00:08:39.030 --> 00:08:42.390 doesn't even exist anymore. And there might not even be a demand 141 00:08:42.390 --> 00:08:45.150 for it. And people might not even know that, that they would 142 00:08:45.150 --> 00:08:48.780 need it if it existed. And these people have this dream of 143 00:08:48.810 --> 00:08:52.800 creating that and getting it out there. So a lot of the startups 144 00:08:52.830 --> 00:08:57.270 start with this idea. So two founders sit down and they lock 145 00:08:57.270 --> 00:09:00.240 themselves in a room and they focus on a problem and all of a 146 00:09:00.240 --> 00:09:02.550 sudden they come up with the solution. And they go to 147 00:09:02.550 --> 00:09:06.570 investors and you know, get some money from venture capitalists 148 00:09:06.570 --> 00:09:09.210 and things like that and start a business. Can this happen on a 149 00:09:09.210 --> 00:09:11.970 smaller scale? Sure, it can happen. But again, the 150 00:09:11.970 --> 00:09:14.850 motivation for those people are not so much the immediate 151 00:09:14.850 --> 00:09:18.570 solution to their problem, but more like I have this dream like 152 00:09:18.630 --> 00:09:22.920 Elon Musk, occupy Mars. That's his mission, right? That's 153 00:09:23.010 --> 00:09:24.360 bigger than life mission. 154 00:09:24.870 --> 00:09:28.588 So he wants to occupy Mars, is it about money? Maybe you can, 155 00:09:28.649 --> 00:09:32.368 you can argue that but I think it's more than that. Right? So 156 00:09:32.429 --> 00:09:35.965 that's the second type of category on why someone starts a 157 00:09:36.025 --> 00:09:39.744 business. Third one is usually overlapping or the other first 158 00:09:39.805 --> 00:09:43.585 two categories. It is the self discovery. One of the ways that 159 00:09:43.646 --> 00:09:47.060 you can learn a crap ton about yourself is when you face 160 00:09:47.121 --> 00:09:50.839 yourself. People are afraid to do that. A lot of times people 161 00:09:50.900 --> 00:09:54.863 are afraid to look at the person in the mirror. People are afraid 162 00:09:54.924 --> 00:09:58.277 to even be lonely with them. selves, like they would do 163 00:09:58.337 --> 00:10:02.117 anything, not to spend time with themselves. So when you start 164 00:10:02.178 --> 00:10:05.775 your own business, you all of a sudden take on this amazing 165 00:10:05.836 --> 00:10:09.554 responsibility because there is no person, no other person to 166 00:10:09.615 --> 00:10:13.456 blame. It's just you. So anyone who's kind of used to lunchroom 167 00:10:13.517 --> 00:10:17.175 gossip about their boss, and the company and all that stuff, 168 00:10:17.236 --> 00:10:20.710 anyone who wants to play the victim card, or they're not, 169 00:10:20.771 --> 00:10:23.941 they're not the reason why something is not working, 170 00:10:24.002 --> 00:10:27.538 they're live, and you take them and put them in a business 171 00:10:27.599 --> 00:10:31.196 situation, it doesn't work out really, really well, because 172 00:10:31.257 --> 00:10:34.427 they will have to face themselves, but that's on the 173 00:10:34.488 --> 00:10:38.206 negative and under positive, and it's one of the most amazing 174 00:10:38.267 --> 00:10:41.315 experiences, because I don't think there's such an 175 00:10:41.376 --> 00:10:44.851 experience, to get to know yourself better your strengths 176 00:10:44.912 --> 00:10:48.631 and your weaknesses and where you invest, to grow personally. 177 00:10:48.692 --> 00:10:52.593 I mean, I personally spent over six figures on my own education, 178 00:10:52.654 --> 00:10:56.312 it took me a while, but I come to peace with my own self, to 179 00:10:56.373 --> 00:11:00.153 understand my own weaknesses. And I figured out that for me to 180 00:11:00.214 --> 00:11:03.810 fix that is that I gotta learn from others who have done it 181 00:11:03.871 --> 00:11:07.529 before, right? So this is the third category self discovery. 182 00:11:07.590 --> 00:11:11.126 These individuals again, this overlaps with the first two, 183 00:11:11.187 --> 00:11:14.783 sometimes they maybe had a glimpse of success at some point 184 00:11:14.844 --> 00:11:18.502 in their lives, like you hear them say things like, oh, man, 185 00:11:18.563 --> 00:11:22.282 why things were crazy back, then we were having a lot of fun, 186 00:11:22.343 --> 00:11:26.244 we're killing it, this business was doing fine. Not anymore, but 187 00:11:26.305 --> 00:11:30.024 I missed those that I can tell you that I can't stand working 188 00:11:30.085 --> 00:11:33.682 for somebody else. Again, this can remind you reason number 189 00:11:33.743 --> 00:11:37.400 one, at the same time, they had this glimpse of success, and 190 00:11:37.461 --> 00:11:41.302 they know that they were in the zone personally back then, when 191 00:11:41.363 --> 00:11:45.020 they caught that moment, and they missed it not they miss it 192 00:11:45.081 --> 00:11:48.861 so much, they want to go back to it. Because their body, their 193 00:11:48.922 --> 00:11:52.885 self, their subconscious mind is definitely wanting to experience 194 00:11:52.945 --> 00:11:56.786 again, so they want and because why? Because people want things 195 00:11:56.847 --> 00:12:00.566 that kind of expands them, they know that it's going to teach 196 00:12:00.627 --> 00:12:04.467 them a lot, then they're gonna grow. And what's one of the most 197 00:12:04.528 --> 00:12:07.942 common reasons people leave jobs, they call it dead end, 198 00:12:08.003 --> 00:12:11.661 right? If you're a company that you work for, if your job is 199 00:12:11.722 --> 00:12:15.440 just flat, and there's no growth opportunity, or it's not fun 200 00:12:15.501 --> 00:12:19.342 enough, or you're or you're not developing yourself enough, one 201 00:12:19.403 --> 00:12:23.304 of the reasons that people look for a way out is that you're not 202 00:12:23.365 --> 00:12:27.084 you're not, you're not in the self discovery mode anymore. So 203 00:12:27.145 --> 00:12:30.620 these are the three reasons why somebody starts their own 204 00:12:30.681 --> 00:12:34.643 business. So hopefully, you were able to kind of imagine yourself 205 00:12:34.704 --> 00:12:38.179 on which one of them or maybe it's it can be all three of 206 00:12:38.240 --> 00:12:42.142 them. But there is always one of them that's dominant. And let's 207 00:12:42.203 --> 00:12:45.738 say you identify like most people, it's number one, you're 208 00:12:45.799 --> 00:12:49.213 just not satisfied with the current status of your life, 209 00:12:49.274 --> 00:12:52.627 then you got to get more specific. What does that mean? 210 00:12:52.688 --> 00:12:56.529 Like? What exactly are you not happy with? While I'm not making 211 00:12:56.589 --> 00:13:00.247 enough money? Okay? What is enough? How much is enough? That 212 00:13:00.308 --> 00:13:04.088 you're not making that? But do you know how much is enough? Is 213 00:13:04.149 --> 00:13:07.806 it if you're making five grand right now is a 10 grand is 20 214 00:13:07.867 --> 00:13:11.769 grand? Because if you don't know what that is, how are you gonna 215 00:13:11.830 --> 00:13:15.305 know if you can get there, right? So you have to set up a 216 00:13:15.366 --> 00:13:18.780 specific plan. So that's the purpose of this part of the 217 00:13:18.841 --> 00:13:22.193 video, not just for that identify on number two, that's 218 00:13:22.254 --> 00:13:25.912 not enough. But and I can't do that for you. But you need to 219 00:13:25.973 --> 00:13:29.631 pick up a pen and paper and write down and be really, really 220 00:13:29.692 --> 00:13:33.288 specific. And this is not the time to be super positive and 221 00:13:33.349 --> 00:13:36.946 optimistic. Your future is positive, I believe in that. But 222 00:13:37.007 --> 00:13:40.665 in cases like this, you got to kind of push yourself to your 223 00:13:40.726 --> 00:13:44.140 limit, to have the truth come out. When you're like in a 224 00:13:44.201 --> 00:13:47.614 really uncomfortable state of mind. We kind of sugarcoat 225 00:13:47.675 --> 00:13:51.394 things. Our brain finds a way to cheat us and make us believe 226 00:13:51.455 --> 00:13:55.296 that things are just fine. We'll be okay. Come on. Don't make a 227 00:13:55.357 --> 00:13:59.014 big deal. But it's really not the case. So pick up a pen and 228 00:13:59.075 --> 00:14:02.367 paper write down what's bothering the heck out of you. 229 00:14:02.428 --> 00:14:06.025 Is it your old desk in your office? You can't stand it is a 230 00:14:06.086 --> 00:14:08.220 your car? Do you need a bigger car? 231 00:14:08.220 --> 00:14:11.489 You need a better car? Is it your neighborhood? You don't 232 00:14:11.546 --> 00:14:14.988 wanna you don't want to grow your kids in this neighborhood? 233 00:14:15.046 --> 00:14:18.372 Is it the clothes that you can afford? Maybe you want this 234 00:14:18.430 --> 00:14:21.814 purse or shoes for ladies, and you cannot just can't afford 235 00:14:21.872 --> 00:14:25.198 that. So whatever it is, the more specific and you need to 236 00:14:25.256 --> 00:14:28.812 have like a list of things like if you're really if you try to 237 00:14:28.870 --> 00:14:31.967 come up with a list to be perfectly honest. And if you 238 00:14:32.024 --> 00:14:35.466 only have like two things. You probably like you're probably 239 00:14:35.524 --> 00:14:39.080 not dissatisfied enough to start a business it might feel that 240 00:14:39.137 --> 00:14:42.808 way. But you're not there. Like people I remember myself and I'm 241 00:14:42.866 --> 00:14:46.307 not an exception. Most business owners are like that. If you 242 00:14:46.365 --> 00:14:49.979 asked me like eight years ago, the amount of things that I just 243 00:14:50.036 --> 00:14:53.420 totally was angry about. It was probably two or three pages 244 00:14:53.478 --> 00:14:56.862 long. Okay, and I can I can go through them in my mind like 245 00:14:56.919 --> 00:15:00.132 thinking about it. Just everything starts bothering you. 246 00:15:00.189 --> 00:15:03.631 Because you know that you don't belong there, you need to do 247 00:15:03.688 --> 00:15:06.843 something to change that situation. And that's the same 248 00:15:06.900 --> 00:15:10.170 thing for Category Two, if you're a dreamer, what is that 249 00:15:10.227 --> 00:15:13.726 dream be specific? Right? Like, think of Bill Gates, when the 250 00:15:13.784 --> 00:15:17.225 first, very first one of the first computers created, it was 251 00:15:17.283 --> 00:15:20.552 the size of a two storey building. When someone asked him 252 00:15:20.610 --> 00:15:24.223 what his mission was, you said he wanted to have a computer and 253 00:15:24.281 --> 00:15:28.009 everybody's home. People laughed at him. Why? Because they looked 254 00:15:28.067 --> 00:15:31.795 at the computer, it says, as big as the building itself. And this 255 00:15:31.852 --> 00:15:35.237 young dude is talking about putting it in everybody's home. 256 00:15:35.294 --> 00:15:38.564 Like it doesn't make sense, right. But he's a dreamer, he 257 00:15:38.621 --> 00:15:42.120 knew that he could do that he would probably have thought of, 258 00:15:42.177 --> 00:15:45.791 you know, minimize the size of the computer and somehow getting 259 00:15:45.849 --> 00:15:49.118 it through? We don't know, right? But he did that. That's 260 00:15:49.175 --> 00:15:52.560 the type of guy who's a dreamer, he could have answered, My 261 00:15:52.617 --> 00:15:56.288 mission is to make $10 billion. And he could have hit that goal. 262 00:15:56.346 --> 00:15:59.787 But you can, as you can see, he's not in the first category. 263 00:15:59.845 --> 00:16:03.057 Category three, one of the examples is that maybe you're 264 00:16:03.114 --> 00:16:06.728 not feeling like you're yourself anymore. You might feel like I 265 00:16:06.785 --> 00:16:10.342 feel like I'm a loser, right? I'm not doing well, or my people 266 00:16:10.399 --> 00:16:13.726 are, you know, my family is not my husband, my wife is not 267 00:16:13.784 --> 00:16:17.110 appreciating me enough. They're not treating me like I'm a 268 00:16:17.168 --> 00:16:20.782 winner, I missed that feeling of being the winner. I miss it so 269 00:16:20.839 --> 00:16:24.567 much, I gotta do something about it. Right? And that doesn't have 270 00:16:24.625 --> 00:16:28.181 anything to do with the money that doesn't have anything to do 271 00:16:28.239 --> 00:16:31.680 with with the having this large, big dream. Because everyone 272 00:16:31.738 --> 00:16:35.065 confused. A lot of people confuse that are like, oh, yeah, 273 00:16:35.122 --> 00:16:38.162 I don't have Am I gonna be successful because I don't 274 00:16:38.219 --> 00:16:41.948 really plan ahead, or I don't, I don't have this massive dream or 275 00:16:42.005 --> 00:16:45.447 anything like that. Maybe what you're missing is bigger than 276 00:16:45.504 --> 00:16:49.061 some dreamers dream. If you kind of pull yourself together and 277 00:16:49.118 --> 00:16:50.610 get yourself in that zone. 278 00:16:51.870 --> 00:16:55.595 Other options will open up and then you can maybe a plan, you 279 00:16:55.656 --> 00:16:59.381 can start planning about the financial goals. Or you can have 280 00:16:59.442 --> 00:17:02.923 better dreams if you have like a roadblock that's kind of 281 00:17:02.984 --> 00:17:06.649 avoiding is stopping you from even dreaming right now. Okay, 282 00:17:06.710 --> 00:17:10.496 that's more psychological. So now we covered the three reasons 283 00:17:10.557 --> 00:17:14.405 why somebody starts a business. If you've done that, now, let's 284 00:17:14.466 --> 00:17:17.397 move on to the types of entrepreneurs out there. 285 00:17:17.458 --> 00:17:21.245 Alright. So the first type of entrepreneur is the pioneer. All 286 00:17:21.306 --> 00:17:25.153 right, these are the kids of the Silicon Valley, they just want 287 00:17:25.214 --> 00:17:28.695 to start the next Facebook, right. So they see a problem, 288 00:17:28.756 --> 00:17:32.482 they immediately jump onto the problem, they want to create a 289 00:17:32.543 --> 00:17:36.268 solution from brand new that doesn't exist before. They think 290 00:17:36.329 --> 00:17:39.993 their solution is the best one out there, they think they're 291 00:17:40.054 --> 00:17:43.841 gonna create, they created Uber of this uber of that, you hear 292 00:17:43.902 --> 00:17:47.566 that a lot in Shark Tank, and all the other shows out there. 293 00:17:47.627 --> 00:17:51.414 These are the pioneers, okay. And very rarely, they succeed at 294 00:17:51.475 --> 00:17:55.078 a massive scale. But if they do succeed, it is at a massive 295 00:17:55.139 --> 00:17:58.742 scale. So we're talking about their Bnbs, Amazon, Facebook, 296 00:17:58.803 --> 00:18:02.162 and Uber and these types of companies. And there's also 297 00:18:02.223 --> 00:18:05.948 saying for them, pioneers are the ones who end up with arrows 298 00:18:06.009 --> 00:18:09.979 in their backs. Because a lot of the time, they are so futuristic 299 00:18:10.040 --> 00:18:13.827 about their goal, they kind of don't see the mishaps, why it's 300 00:18:13.888 --> 00:18:17.308 not even feasible for them to accomplish that goal. They 301 00:18:17.369 --> 00:18:21.033 cannot get enough investments, the market doesn't agree with 302 00:18:21.094 --> 00:18:25.064 their dream of creating the next solution, and they don't buy and 303 00:18:25.125 --> 00:18:28.545 they have crushed dreams. I do have friends like that he 304 00:18:28.606 --> 00:18:32.392 started businesses. And when you talk to them, their eyes will 305 00:18:32.453 --> 00:18:35.934 glow love. I mean, they just, they're in the zone all the 306 00:18:35.995 --> 00:18:39.476 time, they're growing this multi, like 10s of hundreds of 307 00:18:39.537 --> 00:18:43.446 millions of dollars company, and you'd be like so convinced. And 308 00:18:43.507 --> 00:18:47.049 if you had money, you just want to give it to them without 309 00:18:47.110 --> 00:18:50.958 really understanding that energy is contagious. But again, less 310 00:18:51.019 --> 00:18:54.805 than 1% of these people become really successful. When they do 311 00:18:54.866 --> 00:18:58.714 become really successful. That means you know that that's those 312 00:18:58.775 --> 00:19:02.500 are the pioneers. So most people are not pioneers. Okay? They 313 00:19:02.561 --> 00:19:06.286 think they are but they're not. The second type of people are 314 00:19:06.347 --> 00:19:09.890 the ones who are aware of a problem. This is a second time 315 00:19:09.951 --> 00:19:13.676 entrepreneur. And they there are solutions out there. But the 316 00:19:13.737 --> 00:19:17.523 solutions are not good enough. They just come up with a better 317 00:19:17.584 --> 00:19:20.821 solution. They look at a solution in the marketplace. 318 00:19:20.882 --> 00:19:24.424 They can just say I can do better than that. Right? So one 319 00:19:24.485 --> 00:19:27.722 example that everyone will remember, as they probably 320 00:19:27.783 --> 00:19:31.203 watched the movie The Wolf of Wall Street, right? Jordan 321 00:19:31.264 --> 00:19:35.112 Belfort. Well, stock market has existed way before him. And but 322 00:19:35.173 --> 00:19:39.020 the type what he didn't like is the way people were selling. So 323 00:19:39.081 --> 00:19:42.807 he kind of developed his own way of selling stocks that would 324 00:19:42.868 --> 00:19:46.715 work well in a dishonest way. So I'm not approving his process, 325 00:19:46.776 --> 00:19:50.318 but I'm just giving you an example of how that worked out. 326 00:19:50.379 --> 00:19:54.227 He looked at A business model, he worked in it, he noticed that 327 00:19:54.288 --> 00:19:57.952 the how they were doing things was wrong, there was a better 328 00:19:58.013 --> 00:20:01.739 way to cheat people and convince them or whatever you want to 329 00:20:01.800 --> 00:20:05.220 say. And he came up with that model, like straight line, 330 00:20:05.281 --> 00:20:08.823 persuasion, I think straight line, something, then he used 331 00:20:08.884 --> 00:20:12.670 that. And there are many other examples of that this is a more 332 00:20:12.731 --> 00:20:16.701 of a common way of starting your business, right? When someone is 333 00:20:16.762 --> 00:20:20.487 looking at a business, they can say, Hey, I see a bagel shop, 334 00:20:20.548 --> 00:20:24.335 they're doing okay, but I can probably triple the revenue they 335 00:20:24.396 --> 00:20:28.060 do, because I understand the market. Right. So this is where 336 00:20:28.121 --> 00:20:31.847 things kind of fall into place. In the beginning, I told you, 337 00:20:31.908 --> 00:20:35.267 I'm not going to talk about specific elements of how to 338 00:20:35.328 --> 00:20:38.503 become a business owner, like the business plan, the 339 00:20:38.564 --> 00:20:41.862 marketing, hiring and all that stuff. So this category 340 00:20:41.923 --> 00:20:45.771 determines you can take the same industry, the same people, but 341 00:20:45.832 --> 00:20:49.130 someone will 10x the other person, because they have a 342 00:20:49.191 --> 00:20:52.489 better solution in the marketplace. So it's the second 343 00:20:52.550 --> 00:20:55.725 part. And this is usually the category that a lot of 344 00:20:55.786 --> 00:20:59.573 businesses fail, because their perception of what's better for 345 00:20:59.634 --> 00:21:03.420 that business might be totally wrong, right. So although a lot 346 00:21:03.481 --> 00:21:07.268 of people are in this category, they might not always be doing 347 00:21:07.329 --> 00:21:10.749 the best. And because they lacked the galactic guidance, 348 00:21:10.810 --> 00:21:14.657 and what they see from our side is way different than when they 349 00:21:14.718 --> 00:21:18.688 own that business. But this type of person is all about improving 350 00:21:18.749 --> 00:21:22.291 the current solution, they don't like it, they are good at 351 00:21:22.352 --> 00:21:25.711 finding flaws, and that solution, and they go ahead and 352 00:21:25.772 --> 00:21:29.436 come up with a better solution and just kill everybody else. 353 00:21:29.497 --> 00:21:33.223 One of the prime examples for that is salesforce.com is a CRM 354 00:21:33.284 --> 00:21:37.070 system. Prior to salesforce.com. There were a ton of other CRM 355 00:21:37.131 --> 00:21:40.490 systems out there. But Salesforce came knocking through 356 00:21:40.551 --> 00:21:44.032 all of them, and became the biggest CRM company out there 357 00:21:44.093 --> 00:21:48.002 with so many bells and whistles and so many things, probably the 358 00:21:48.063 --> 00:21:51.666 most expensive one, it solves a really massive problem on a 359 00:21:51.727 --> 00:21:55.330 market that people thought it was already dominated, but no 360 00:21:55.391 --> 00:21:58.872 one's gonna take over that Chobani Yogurt is another one, 361 00:21:58.934 --> 00:22:01.987 the yogurt industry in the United States is almost 362 00:22:02.048 --> 00:22:05.896 saturated. And you know, anyone to come in and take over 30 32% 363 00:22:05.957 --> 00:22:09.499 of the market was thought impossible. And this guy Chobani 364 00:22:09.560 --> 00:22:13.285 came through, and it created yogurt with, you know, no sugar, 365 00:22:13.346 --> 00:22:16.766 or less sugar, and various combinations of that and took 366 00:22:16.827 --> 00:22:20.675 over the marketing. So for this category, I'm going to give you 367 00:22:20.736 --> 00:22:24.583 a couple of examples from my own life if you care to listen. So 368 00:22:24.644 --> 00:22:28.492 I'm a combination of different categories of entrepreneurs, but 369 00:22:28.553 --> 00:22:31.973 more like this one. So when, when I started my marketing 370 00:22:32.034 --> 00:22:35.454 agency, we decided after a while, we decided to focus on 371 00:22:35.515 --> 00:22:39.057 the merchant cash advance industry, alternative lending in 372 00:22:39.118 --> 00:22:42.477 Michigan, you know, this initially funds money to small 373 00:22:42.538 --> 00:22:46.080 businesses, when the banks do not or cannot fund, which is 374 00:22:46.141 --> 00:22:49.622 most of the time for small businesses. So I got into this 375 00:22:49.683 --> 00:22:52.798 industry prior to me starting the business, I was a 376 00:22:52.859 --> 00:22:56.096 salesperson, I was selling this door to door to small 377 00:22:56.157 --> 00:22:59.882 businesses, along with credit card processing. So I got in as 378 00:22:59.943 --> 00:23:03.730 an agency, so you wanted to get clients and we're attracting a 379 00:23:03.791 --> 00:23:07.028 lot of clients. But a lot of times there was always a 380 00:23:07.089 --> 00:23:10.997 friction because these clients, their understanding of marketing 381 00:23:11.058 --> 00:23:14.478 was just putting more guys on the phone, you know, their 382 00:23:14.539 --> 00:23:18.142 understanding of marketing is listen man I got if I have 20 383 00:23:18.203 --> 00:23:21.990 people all dialing all day long. If they're all dial in 300 or 384 00:23:22.051 --> 00:23:25.715 400 people, we're gonna kill it. And the interesting part is 385 00:23:25.776 --> 00:23:29.441 while they were killing it, that's that's the good part. But 386 00:23:29.502 --> 00:23:33.044 the bad part is their marketing was restricted to hardcore 387 00:23:33.105 --> 00:23:36.647 sales, there was really no inbound marketing, meaning that 388 00:23:36.708 --> 00:23:40.128 they didn't have customers coming to them. That was just 389 00:23:40.189 --> 00:23:43.914 really hard boiler room, Wolf of Wall Street type environment 390 00:23:43.975 --> 00:23:47.395 that everyone is dialing, dialing dialing. And I've done 391 00:23:47.456 --> 00:23:50.937 that myself, I come from that background. But I knew that 392 00:23:50.999 --> 00:23:54.602 there was a better way to get clients. And this is when the 393 00:23:54.663 --> 00:23:57.777 online marketing was kind of evolving and you know, 394 00:23:57.838 --> 00:24:01.442 exploding, there was explosive growth out there. And we had 395 00:24:01.503 --> 00:24:05.350 this one big client that we had massive success with, and we're 396 00:24:05.411 --> 00:24:09.137 slowly getting the other ones. But the problem was that a lot 397 00:24:09.198 --> 00:24:12.984 of the a lot of most of them, the she kind of copied what they 398 00:24:13.045 --> 00:24:16.831 saw from each other. And they were coming to industry from one 399 00:24:16.893 --> 00:24:20.435 end and getting out from the other one without any success 400 00:24:20.496 --> 00:24:23.794 because their mindset was stuck and telemarketing. And 401 00:24:23.855 --> 00:24:27.397 telemarketing is not easy to make it work. You need people 402 00:24:27.458 --> 00:24:30.939 that there's a high turnover because I don't think anyone 403 00:24:31.000 --> 00:24:34.908 enjoys dialing 400 people every single day. So we came into that 404 00:24:34.970 --> 00:24:38.695 market. I looked everywhere. And notice that while there is a 405 00:24:38.756 --> 00:24:42.237 solution, right? So people want to grow the merchant cash 406 00:24:42.298 --> 00:24:46.023 advance business, why it's very lucrative to grow and there's 407 00:24:46.084 --> 00:24:49.871 massive demand. Those are the positive parts, but the negative 408 00:24:49.932 --> 00:24:53.657 part is your way of acquiring customers is through the phone. 409 00:24:53.718 --> 00:24:57.627 I totally disagree with that. So as you can see, what I did is I 410 00:24:57.688 --> 00:25:01.352 scan the market I am from the market came in and notice that 411 00:25:01.413 --> 00:25:05.261 Well, there's a, there needs to be a pattern interrupt we need, 412 00:25:05.322 --> 00:25:08.864 we don't, I don't like the solution. And then the solution 413 00:25:08.925 --> 00:25:12.345 I came up with is we're gonna specialize in doing online 414 00:25:12.406 --> 00:25:15.826 marketing for the companies in the Merchant Cash Advance 415 00:25:15.887 --> 00:25:19.612 industry. And that's took us from only having like one or two 416 00:25:19.673 --> 00:25:23.215 clients, and the industry to be to becoming the most known 417 00:25:23.277 --> 00:25:26.635 company in inbound lead generation. So we've never sold 418 00:25:26.696 --> 00:25:29.445 leads, we never did telemarketing, it was all 419 00:25:29.506 --> 00:25:32.804 inbound online marketing related, and then we were the 420 00:25:32.865 --> 00:25:36.651 only company doing that, right. And that that helped us make a 421 00:25:36.712 --> 00:25:40.437 mark in that industry. So second time, I identify myself with 422 00:25:40.498 --> 00:25:43.369 that category of entrepreneurialship. You know, 423 00:25:43.430 --> 00:25:46.972 looking at a problem not liking the solution, creating the 424 00:25:47.033 --> 00:25:50.453 solution is a training that we have the business lending 425 00:25:50.514 --> 00:25:54.301 blueprint. So what we're is an agency, we grew really big, and 426 00:25:54.362 --> 00:25:58.026 we're doing marketing for so many people. But I noticed that 427 00:25:58.087 --> 00:26:01.873 this is like a really enclosed industry. But it can do so much 428 00:26:01.934 --> 00:26:05.538 value like there was there's there's still a massive demand 429 00:26:05.599 --> 00:26:09.385 and alternative lending industry that's not covered there. Not 430 00:26:09.446 --> 00:26:13.171 enough people handling it. So for that reason, I noticed that 431 00:26:13.232 --> 00:26:16.652 while this can people can actually start doing this, but 432 00:26:16.713 --> 00:26:19.828 the market was so close to that idea, because their 433 00:26:19.889 --> 00:26:23.798 understanding of taking somebody from not even knowing this, and 434 00:26:23.859 --> 00:26:27.767 having them a success was almost impossible, because they needed 435 00:26:27.828 --> 00:26:31.248 to be a salesperson, and they need to not understand the 436 00:26:31.309 --> 00:26:34.790 numbers. Behind the scenes, there was a lot of like small 437 00:26:34.852 --> 00:26:38.088 screens, and the bosses didn't want to talk about the 438 00:26:38.149 --> 00:26:41.875 commission structure and all that. And we came through and we 439 00:26:41.936 --> 00:26:45.600 put together an actual training on taking the average person 440 00:26:45.661 --> 00:26:49.570 without any sales experience or marketing experience or industry 441 00:26:49.631 --> 00:26:52.990 experience and having them build a very sustainable and 442 00:26:53.051 --> 00:26:56.654 profitable business. As you can see again, yeah, pat on the 443 00:26:56.715 --> 00:27:00.257 back. Good job boss. But I'm trying to have the points and 444 00:27:00.318 --> 00:27:04.104 Ken right. This is the second time entrepreneur, this is a lot 445 00:27:04.166 --> 00:27:07.097 of the people look at a solution, don't like the 446 00:27:07.158 --> 00:27:10.639 solution and go find a better solution. The third type of 447 00:27:10.700 --> 00:27:14.242 entrepreneur, which is the safest bet, is find an industry 448 00:27:14.303 --> 00:27:17.968 that has a problem that has a demand on the sheet that has a 449 00:27:18.029 --> 00:27:21.571 solution. And also a step by step plan and succeeding that 450 00:27:21.632 --> 00:27:25.052 right. Third category is usually a franchises but French 451 00:27:25.113 --> 00:27:29.021 franchisor already identified a problem like a subway, there was 452 00:27:29.082 --> 00:27:32.502 a they wanted to have a fast food solution that was also 453 00:27:32.563 --> 00:27:35.983 healthy back in the day, they took it from concept to an 454 00:27:36.044 --> 00:27:39.709 actual running business, and they managed to replicate it so 455 00:27:39.770 --> 00:27:43.678 you can duplicate their process and make it profitable. And they 456 00:27:43.739 --> 00:27:47.526 made it a franchise system. And it was repeated through Dunkin 457 00:27:47.587 --> 00:27:51.312 Donuts and McDonald's and so many other franchises out there, 458 00:27:51.373 --> 00:27:54.732 Supercuts and any different categories. This is a third 459 00:27:54.793 --> 00:27:58.457 category of business ownership, people who are looking for a 460 00:27:58.519 --> 00:28:02.427 proven system, they go ahead and they get that system. This also 461 00:28:02.488 --> 00:28:06.152 encompasses buying courses and trainings and hiring mentors. 462 00:28:06.213 --> 00:28:10.061 Again, people usually overlap. So there's usually not just this 463 00:28:10.122 --> 00:28:13.908 one type of category I myself, again, I invest in a lot of the 464 00:28:13.969 --> 00:28:17.695 coaches and mentors and I buy a lot of horses. Why? Because I 465 00:28:17.756 --> 00:28:21.115 want pretty much something already figured out. I don't 466 00:28:21.176 --> 00:28:25.084 want to go to Google or YouTube and try to figure it out myself, 467 00:28:25.145 --> 00:28:28.504 I want to find the best at something and kind of follow 468 00:28:28.565 --> 00:28:31.863 their lead and follow their mentorship. Okay, so third 469 00:28:31.924 --> 00:28:35.711 category is the least amount of risk usually cost you a little 470 00:28:35.772 --> 00:28:39.619 upfront money to get in, maybe the second category doesn't cost 471 00:28:39.680 --> 00:28:43.528 you as much or it might cost you 10 times more if you're trying 472 00:28:43.589 --> 00:28:46.887 to open your own brick and mortar store. But the third 473 00:28:46.948 --> 00:28:50.612 category doesn't cost you a lot of money. But it does have a 474 00:28:50.673 --> 00:28:54.276 cost because there's a learning curve. And you're starting, 475 00:28:54.337 --> 00:28:58.185 you're following a system and it requires you to be a coachable 476 00:28:58.246 --> 00:29:01.666 person. That's why it's important for you to identify if 477 00:29:01.727 --> 00:29:04.841 you're in any of those categories. If you're if you 478 00:29:04.903 --> 00:29:08.384 rebel against authority, or anyone and you think you know 479 00:29:08.445 --> 00:29:12.048 everything, or you just want to be left alone and do things 480 00:29:12.109 --> 00:29:15.712 yourself, then do not invest into a coach or mentor because 481 00:29:15.773 --> 00:29:19.682 you're not gonna listen that guy or a woman, right, you're gonna 482 00:29:19.743 --> 00:29:21.270 make your life miserable. 483 00:29:21.270 --> 00:29:25.040 And this category I think, is a lot of the people who and I hear 484 00:29:25.098 --> 00:29:28.927 these people quite a bit and you know, anyone who's interested in 485 00:29:28.986 --> 00:29:32.638 our services and the training they come through and one of the 486 00:29:32.697 --> 00:29:36.350 first things they say often scam so many times and none of the 487 00:29:36.408 --> 00:29:40.061 programs work out there. When that happens. I usually put them 488 00:29:40.120 --> 00:29:43.654 on the spot I tell them but how many times have you actually 489 00:29:43.713 --> 00:29:47.483 invested in a program? How many just humor me and telling me how 490 00:29:47.542 --> 00:29:51.017 many Oh, a lot. I'm not I'm not let's be specific. How many 491 00:29:51.076 --> 00:29:54.905 times have you bought a program, you actually did the recommended 492 00:29:54.964 --> 00:29:58.734 amount of time and apply and it just turned out to be like total 493 00:29:58.793 --> 00:30:02.151 scam minute, did it work? How many times? And usually the 494 00:30:02.209 --> 00:30:05.567 answer, we don't come up to an answer. That doesn't mean, 495 00:30:05.626 --> 00:30:09.219 that's that's always the case. But like most of those people, 496 00:30:09.278 --> 00:30:12.754 and that's, that's one of the reasons I want to create this 497 00:30:12.813 --> 00:30:16.347 video to help people understand by themselves which category 498 00:30:16.406 --> 00:30:19.764 they belong to. So if they're like, you're somebody who's 499 00:30:19.822 --> 00:30:23.298 just, oh, I don't trust this person or the industry is bad, 500 00:30:23.357 --> 00:30:26.243 or the economy's bad, or president is bad, you're 501 00:30:26.302 --> 00:30:29.778 probably not a good fit for the business world, right? This 502 00:30:29.837 --> 00:30:33.312 business world requires you to have this understanding this 503 00:30:33.371 --> 00:30:37.082 commitment and responsibility to your 100% responsible for your 504 00:30:37.141 --> 00:30:40.557 actions, right. So the third category, again, is for those 505 00:30:40.616 --> 00:30:43.974 who will want to follow the proven system that just their 506 00:30:44.033 --> 00:30:47.744 mind is set at where they want to go, they want to kind of take 507 00:30:47.803 --> 00:30:51.278 the shortcut, instead of being like in the second category, 508 00:30:51.337 --> 00:30:54.813 trying to create it was the first category trying to create 509 00:30:54.872 --> 00:30:58.288 something that doesn't even exist, right. So those are the 510 00:30:58.347 --> 00:31:01.823 three types of entrepreneurs and again, they have their own 511 00:31:01.882 --> 00:31:05.475 subcategories, which I'm not going to get into that will take 512 00:31:05.534 --> 00:31:09.245 too long to explain. But again, this is the second part is also 513 00:31:09.304 --> 00:31:13.015 a part for you to think deeply about and maybe write down notes 514 00:31:13.074 --> 00:31:16.255 on things that goal is collectively by the end of this 515 00:31:16.314 --> 00:31:19.907 video, you look at your notes, you can identify yourself with 516 00:31:19.966 --> 00:31:23.382 at least a couple of those things. So you know that you're 517 00:31:23.441 --> 00:31:26.917 not going to make a mistake of starting a business when you 518 00:31:26.976 --> 00:31:30.216 shouldn't even be in the business right. So we're gonna 519 00:31:30.274 --> 00:31:33.986 wrap up right now if you again liked the video, definitely like 520 00:31:34.044 --> 00:31:37.638 below and comment and tell me what you find out and what your 521 00:31:37.697 --> 00:31:41.172 thoughts are. And don't forget to subscribe to the channel. 522 00:31:41.231 --> 00:31:43.470 I'll see another video. Take care now.