Want to be Rich? DON'T Start a Side Hustle.

I finally got serious about wanting to change my life a few years ago so I did my research I found the ultimate side Hustle by watching hundreds of hours of YouTube videos and picking the one that was right for me and after working just four hours a week for two months I'm now a multi-millionaire yeah right if you believe that I have a bridge to sell you too here's the truth watching videos about side hustles is just taking you down the rabbit hole you'll find yourself clicking on one video after another in hopes of finding a good way to make money but after hours of wandering about you'll end up lost overwhelmed and Confused I'm here to tell you that for someone who actually really wants to change their life for the better side hustles are not the way to go side hustles are a distraction an attempt at a quick fix a little bit of easy money but your time and energy is limited by filling up any free time you have with extra work of some kind that just pays a small amount you stay on a hamster wheel always running just trying to keep up I propose that you do something different instead of aiming low Aim High follow the four steps that we will discuss in this video to use your free time to build a business that can change your life instead of pursuing a side gig that will just be a small supplement to your main job that keeps you on the hamster wheel after earning an MBA at Cornell University I spent my career building venture capital and private Equity backed companies I've served as the Chief Financial Officer of several software businesses where I worked closely with sales marketing and operations to grow the company I tell you this so you know that what I'm sharing today comes from experience so here's the secret to starting a successful business actually it's not really a secret at all but it gets drowned out amidst all the noise and distractions on YouTube from countless how to make money videos the truth is finding success in business comes down to this one simple formula write it down and always keep it in mind you need to one identify a problem two solve the problem three get paid for refine and repeat let's walk through this in a little more detail with some great examples of how regular people build thriving businesses by following this formula the formula starts with number one being identify a problem but actually there's a vital step before number one and that is to tell yourself get started already stop talking about wanting to start a business stop endlessly watching videos scrolling for ideas stop coming up with reasons why you can't start yet why now is not a good time why I'll start just as soon as something whatever I'm waiting for to get out of the way just get started procrastination is a success killer procrastination is negative momentum and what you need is positive momentum once you start moving it's so much easier to keep moving so start moving get started good now that you're moving here's what you're going to do first identify a problem the world is full of problems you come across problems in your daily life the key is to note them write them down literally sit down and make a list don't just wait for inspiration to serve up the perfect business idea in a dream because that may never happen think of the problems you've come across in your life think of things in your hobbies or your work that were hard to do or hard to figure out then think about what a solution to those problems might be if you can solve these problems you have a potential business every business involves someone getting paid to solve a problem for example entertainment businesses can be thought of as solving any number of problems or needs such as boredom loneliness distraction inspiration providing an escape or relaxation Etc a health or Wellness business like a doctor a health author or a fitness YouTuber helps solve all sorts of problems or needs with information and inspiration and support to help people improve their health a tax accountant solves the problems of tax preparation being complicated scary or time consuming for many people so think back what problems have you encountered that you solved or could solve what things have you learned how to do that could form the basis for a product a woman who I used to work with in New York City was from China she was interested in traditional Chinese tea but even though we lived in New York City with its thriving Chinatown she wasn't satisfied with the tea choices available she decided to solve this problem and started an online tea business called tea drunk where she sells premium teas imported from China promotes and celebrates traditional Chinese tea culture and offers free and paid classes about tea for The Connoisseur she's created a thriving business around t a business does not have to be complicated to do well whatever problems and solutions you come up with try to estimate how big the potential Market opportunity is try to answer the questions how many people or businesses have this problem and how much might they pay for a solution when asking these questions you are following the lead of some of the best investors and startup companies The Venture Capital investors they always want to know what problem do you solve and how big is the market opportunity if you borrow this approach it can help you choose which of several different business ideas might be most attractive to pursue to give you further ideas of problems you might find and to illustrate that it can be simple things here are some problems I've come across recently in my life my wife wanted to raise chickens we live in a country environment that gets really cold in the winter we knew nothing about raising chickens or about how to keep them safe in the cold so to answer the countless questions we had about how to do it we scoured the internet and YouTube looking for advice I would have gladly paid for a course on raising chickens or a support resource of some kind it would have saved us so much time same thing with bees she wanted to raise honeybees but again it was not a good resource available or at least not that we found we would have gladly paid for a course or help or food for thought if you work in a business what doesn't work well there what slows things down or causes problems or something that could be done a lot better faster or cheaper can you solve any of them is this a problem that other companies have too solving these problems are all potential businesses speaking of problems I'm having a small problem right now I can't quite reach the like button on your screen could you do me a favor and just push the like button if you're enjoying the video I don't really understand it but I heard a rumor that this somehow tells Google that this is a good video to share I don't know and if you want more of this kind of content from me go ahead and subscribe too thanks very much back to our list number two once you've identified some problems that you could solve that you believe have a big enough market opportunity to be worth your while think about how you could solve them for someone is it something that you would teach other people how to do themselves or a service that you would do for them or something that you would make and sell decide how you will solve the problem okay now listen carefully to what I'm about to tell you this is a very important point you should not spend a ton of time trying to design the perfect solution you can't because you don't know yet the extent of the customer's problem or what the perfect product is you have an idea but you haven't tested it yet in the market so put together what you think is the minimum viable product known as the MVP the smallest and or simplest product needed to solve the problem is you envision it and to get sales this is what you bring to market sell them this product first and then listen to your customers to get feedback with the feedback you can evolve the product and make it better this method is explained brilliantly in a book called The Lean Startup which I'll link to in the description under the video I highly recommend this book for all entrepreneurs and anyone thinking of starting a business it will literally make you smarter by showing you how to think about building and evolving a product to fit your Market Kelly and Daniel are health and fitness Buffs they enjoyed everything about eating right and a good exercise routine but when they look for videos on YouTube on these topics they found it lacking so they started a YouTube channel to fill the gap their videos were not fancy just basic the videos showed Kelly and Daniel working out together and coaching the viewers through the routine so viewers could work out with them a classic MVP well guess what people love them their Channel and business named Fitness Blender has been wildly successful with 6.7 million subscribers on YouTube with loads of free videos plus a website where you can buy premium content and tools start with the MVP and evolve it if and when necessary three you need to get paid for providing the solution estimate how much it will cost you to do or to make include all of your time and costs then decide how much you will charge for the solution you can set your price by doing market research to see how much other people charge for similar services or set the price equal to your Cost Plus a markup for profit to be profitable obviously your selling price needs to be higher than your cost be mindful though that depending on what you're selling it might be difficult to determine the right price because it's not clear yet how valuable your product is to the market or what your cost will be at this stage particularly before you launch a service based product there simply may be too many unknowns you may not know for sure how much it will cost you to provide the product or solution because you may not know how much time it will take you to do the work involved you also won't know if the product is right for the market or if it needs a lot of changes which could change the cost and you don't know yet how much value it provides to your customers so at this point I just aim to set a price that covers all my estimated costs including a reasonable wage for my time making sure to protect myself should cost be higher than expected and just try to make some sales the product and pricing can be refined later the purpose of the early stages of all this are to test the product and learn John Lee Dumas used to drive to work listening to podcasts but he got frustrated that the ones he liked only came out with maybe one episode per week he really wished they were available more often then John realized that he could create the solution himself that he wished was available so John launched his podcast called entrepreneur on fire publishing one new episode every day John's Focus initially was not Revenue it was on building a good product granted his cost consisted mostly of his own time but still he was basically working for free initially to get the product up and running and in the hands of customers his listeners well John's podcast was a big hit with now over 100 million listens to his episodes before long he noticed that some of his listeners were asking him lots of questions about the steps involved in making a podcast this is where he refined his product offering because his customers were telling him they wanted something more in response he created an in-depth online resource to teach people all the steps involved in launching a podcast this podcasting course was also a huge success John has now run these businesses for over a decade and made many many millions of dollars from them this brings us to step four refine and repeat this is where you work on the stuff that can make you rich you've identified a product idea to solve a problem for someone you've built a minimum viable product and got it into the hands of initial customers up until now production of the product may be pretty manual and inefficient as you work with initial customers or get feedback from them if they bought a finished product learn from them and make the product better then you'll sell and deliver the better product over time you keep learning keep selling and keep making it better also start thinking about how to scale up your production about how you can make it faster and easier to produce and maybe even less expensive to make you'll also learn better what the value proposition is to your customer which will help you in your sales and marketing and in setting a better price this stage is where you start to make your business into a factory where you produce more better cheaper it's in the scaling of your business where you start to leverage things other people processes software and Machinery depending on the nature of your business which can help it to become wonderfully profitable once again the steps are identify a problem solve the problem get paid refine and repeat there are countless examples of regular people building great businesses they're no better than you are no smarter no luckier they just found a problem identified a solution and took action if you really want to change your life don't waste time on side hustles work on identifying a problem and then create the solution so get started now I'll see you in the next one

Channel: William Lee

Views: 1,054,888

Keywords: how to get rich, make money online, how to become a millionaire, how to make money online, online business, how to make money, how to build wealth, how to be a millionaire, entrepreneur motivation, small business ideas, business ideas 2023, side hustles 2023, side hustles for extra money, don't start a side hustle, how to get rich fast, start a business, find a business idea, business ideas, side hustles for teenagers

Id: z3fmTwXv1WQ

Length: 13min 51sec (831 seconds)

Published: Sat May 20 2023