What Every Entrepreneur NEEDS to KNOW Before Starting Their JOURNEY | Tom Bilyeu
On Today's Episode: What every entrepreneur needs to know to start a successful business is how to ask the right questions. Because I’ve made virtually every mistake possible in building my own businesses, you can learn without the pain and time it costs me. One of the biggest things standing in the way of your success is knowing what questions to ask yourself to make progress and move forward. You know where you are at this moment and you see where you want to go. In this Q&A I’m taking you through all the steps and more importantly, the questions you need to be asking yourself to start gaining momentum and start seeing results of a rapidly growing business. I’ve built the foundation of my business model on community and bringing that community value. As you begin your journey as an entrepreneur, two things are important: 1) that you start thinking from first principles and 2) that you know the problem you are solving and the value you are bringing to people. 3 Starter Points: 1. What is the problem I’m here to solve? 2. How do I solve the problem better than anybody else? 3. Get product into people’s hands to try SHOW NOTES: 0:00 | Introduction Entrepreneurs 0:30 | Starting With Business Idea 4:02 | The 72 Hour Rule 6:62 | Choosing Your Niche 9:15 | Making Moves to Scale 18:54 | Buying a Small Business 22:43 | Entrepreneurial Resilience QUOTES: “The reality is, every successful business was better at something that mattered than everybody else.” [1:35] “Hone in on an area that is underserved, a need that’s not being met, with a customer that you completely understand, with a product that is better than everybody else. That's the goal.” [2:34] “Avoid analysis paralysis, by having a rule that you always, and I mean always, take action.” [4:02] “Running 1000 miles an hour in the wrong direction is far more beneficial than standing still [...] by moving you're learning, and that's the key.” [5:41] “My partners and I were looking for the intersection of passion and opportunity, and that's what I would encourage all of you to do. There is no reason you have to settle for one or the other. You can have both.” [9:00] “You shouldn't need the fact that there's all this stress and pressure on you to succeed in order to succeed.” [22:28] Are You Ready for EXTRA Impact? If you’re ready to find true fulfillment, strengthen your focus, and ignite your true potential, the Impact Theory subscription was created just for you. Want to transform your health, sharpen your mindset, improve your relationship, or conquer the business world? This is your epicenter of greatness. This is not for the faint of heart. This is for those who dare to learn obsessively, every day, day after day. Subscription Benefits: Unlock the gates to a treasure trove of wisdom from inspiring guests like Andrew Huberman, Mel Robbins, Hal Elrod, Matthew McConaughey, and many, many, more New episodes delivered ad-free Exclusive access to Tom’s AMAs, keynote speeches, and suggestions from his personal reading list You’ll also get access to an 5 additional podcasts with hundreds of archived Impact Theory episodes, meticulously curated into themed playlists covering health, mindset, business, relationships, and more: Legendary Mindset: Mindset & Self-Improvement Money Mindset: Business & Finance Relationship Theory: Relationships Health Theory: Mental & Physical Health Power Ups: Weekly Doses of Short Motivational Quotes Subscribe on Apple Podcasts: https://apple.co/3PCvJaz Subscribe on all other platforms (Google Podcasts, Spotify, Castro, Downcast, Overcast, Pocket Casts, Podcast Addict, Podcast Republic, Podkicker, and more) : https://impacttheorynetwork.supercast.com/ Learn more about your ad choices. Visit megaphone.fm/adchoices