Podcast Summary
Experience and improvement matter in business: Having a solid business strategy and providing more value to customers than competitors can lead to success, even in an established industry
When it comes to starting a business, having a clear understanding of your niche and the industry you're serving is crucial, but it doesn't necessarily mean you need to bring something completely new to the table. According to the speaker, experience and improvement in an existing field can be just as valuable as innovation. He cites the example of Y Combinator, which looks for past experience within a nice as a factor in their investment decisions. The speaker also shares his own experience, stating that he doesn't do anything new in his business but focuses on doing things better. In essence, the key takeaway is that having a solid business strategy and providing more value to your customers than your competitors, regardless of the industry's novelty, can lead to success.
Learn from direct experience and solve problems before teaching others: To build a successful business, understand the industry, solve problems, and make a clear offer.
Success often comes from those who have directly experienced the industry they're in and have solved problems for themselves before trying to help others. The speaker shares an example of a person who was making money using leads provided by another agency, but the agency owner couldn't explain why this person was successful. Instead of trying to replicate the success, the agency owner advised the person to get a real estate license, build his own business, and then share his knowledge with others once he had achieved success. The speaker also emphasizes the importance of understanding the industry, its lingo, avatar, and problems before attempting to build a business in it. Business, at its core, is about solving problems and ensuring the math makes sense. The ability to solve problems well can lead to virality and growth for a business. Additionally, the speaker highlights the importance of making a clear offer as the foundation of building a business.
Embrace the 'suck' and put in the reps: Dedicate time and effort to improve, focus on authenticity, and pay it forward for long-term success.
Becoming an expert in a field requires dedication, hard work, and accepting a period of sucking before reaching a level of proficiency. The speaker emphasizes the importance of putting in the necessary reps and time to improve, rather than focusing on shortcuts or external validation through testimonials or revenue goals. He also highlights the importance of authenticity and passion in choosing opportunities, as one cannot be passionate about something they are not good at. The growth of a business or personal brand relies on word-of-mouth, and the speaker encourages paying it forward to help others. Ultimately, the slow and steady approach to self-improvement and expertise is the most effective path to success.
Understanding the entire journey is crucial for success: Dedicate time, effort, and patience to gain skills and experience, persist for ten years to become an expert, and choose a niche with a long-term perspective.
Building a successful career or business requires time, effort, and a strong foundation. The speaker emphasizes that it's essential to understand the entire journey, from the bottom up, to gain the necessary skills and experience. This process may not lead to immediate success, but the progress and improvement made during this time are crucial. The speaker also encourages persistence, emphasizing that if you don't stop working at something for ten years, you'll become an expert. Lastly, the speaker advises entrepreneurs to choose a niche and accept that it may take five years before seeing significant success. The path to success is not easy, but with dedication, patience, and a willingness to learn, progress will be made.
Respect the learning process in entrepreneurship: Start early, put in the work, and gain industry experience to become an expert in entrepreneurship. Don't try to learn everything before starting a business, and respect that growth comes with time and experience.
Becoming an expert in entrepreneurship or any field requires dedication, time, and a deep understanding of the subject matter. Comparing it to getting a degree, the speaker emphasizes that you can't rush the process and expect to surpass those who have been in the game for decades. Instead, start early, put in the work, and be consistent. It's important to respect the learning process and understand that growth comes with time and experience. Additionally, the speaker advises against trying to learn everything about entrepreneurship before starting a business. Instead, start by selling and gaining industry experience, and the knowledge will follow. Lastly, banks don't loan to those without industry experience, so it's essential to gain experience before starting a business.
Importance of gaining industry experience: Gain industry experience before starting a business, be patient, and focus on your desired industry.
Gaining industry experience is crucial before starting your own business. The speaker, who runs Acquisition.com and has made around $85,000,000 a year, shared his personal journey of working at Bally's for several years and eventually starting his own gym without needing a bank loan. He emphasized the importance of sticking with something you're not repelled from, even if it seems like a long process. This advice is similar to a Twitter quote that suggests not to convince yourself that you're smarter than you are. So, if you're new to entrepreneurship, focus on gaining experience in your desired industry and be patient in your pursuit of starting a business.
