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Key takeaways
- If you want to get really good at something, then why don't we start with the skills that generate income?
- And so if we follow kind of the the three elements of a business at its most basic form is you have some element of promotion.
- or even before that what stuff do I sell right and so that's where I like to think about it as people try to think man there's so many people and and try to boil the ocean like it's impossible to try and like try and think what business could I possibly start because you're trying to address the world when it's much easier to say what are the problems that exist in my life and I kind of think of it as the three Ps like most businesses come out of a passion so something that you're just inherently interested in they come out of a profession so you currently exchange right now you have a job whatever it is and you get paid paid maybe not as much as you want but you do get paid uh for exchanging some sort of value with the business and the third is P which is pain right so there's some deep pain that sometimes you went through so maybe it's a mom who had to figure out how to um create non-allergenic food for their kids right it's it be something as small as that and so from that those three kind of uh buckets is I think the best starting point for most people who want to start making an income it's like okay well if you're inherently interested in this topic it's like can we make can we let people know about stuff around that topic.
- You either get richer or you don't.
Chapters
Full transcript
Locally archived YouTube transcript with timecodes. Speakers are assigned heuristically and may be corrected editorially.
0:00If you want to get really good at something, then why don't we start with the skills that generate income? And so if we follow kind of the the three elements of a business at its most basic form is you have some element of promotion. So we got to let people know about our stuff. The second element is we got to have a way to convert them. So we have to be able to sell some sort of exchange mechanism. And then finally, we have to deliver, right? So track, convert, deliver. Very easy. Um well, easy to easy to say, hard to do, right? Within each of those things, it's like, okay, well, how do I let people know about my stuff? or even before that what stuff do I sell right and so that's where I like to think about it as people try to think man there's so many people and and try to boil the ocean like it's impossible to try and like try and think what business could I possibly start because you're trying to address the world when it's much easier to say what are the problems that exist in my life and I kind of think of it as the three Ps like most businesses come out of a passion so something that you're just inherently interested in they come out of a profession so you currently exchange right now you have a job whatever it is and you get paid paid maybe not as much as you want but you do get paid uh for exchanging some sort of value with the business and the third is P which is pain right so there's some deep pain that sometimes you went through so maybe it's a mom who had to figure out how to um create non-allergenic food for their kids right it's it be something as small as that and so from that those three kind of uh buckets is I think the best starting point for most people who want to start making an income it's like okay well if you're inherently interested in this topic it's like can we make can we let people know about stuff around that topic. Can we create solutions around that stuff? Can we create services, which is where I prefer most people start, which to be fair, in the United States, 78% of businesses are service based businesses. And I think it's because they're the easiest to start.
1:37You just trade time for money. Very low risk, [laughter] >> right? You either get richer or you don't. But like your your base your base is zero. Real quick, if you're a business owner and you are not growing as fast as you'd like, I'd like to give you a free gift. So my team and I put together the $100 million scaling roadmap, which is basically 200 hours of us looking over all the portfolio companies we've had and what stages of growth they went through and more importantly where they got stuck and how they got past it. And so we broke it into these 10 stages and we made this little kind of quiz thing where if you put in your business information, it'll tell you where you're at and the most important part for you, what to do for each of the functions of the business across product, marketing, sales, customer success, recruiting, IT, human resources, and finance. And so no matter what you're struggling with, someone else has already struggled with it and solved it. And so I'd like to give you this thing absolutely free. You can go to acquisition.com/roadmap, plug in your business information, and if you want us to actually help you deconrain the business and you're trying to scale, we'd love to help you out on the thank you page. You can just book a call with my team and we will look at the business, see if we can help, and if we can, we'll invite you out to Vegas and we'll do this in person live.