Practice English Speaking&Listening with: How To Become An Entrepreneur

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So you want to be an entrepreneur but don't know how.

So, I've made over 10 million in dollars in my business since 2012.

And I don't have any employees and I've consistently been doing 7 figures a year.

And being an entrepreneur afford you pretty nice lifestyle.

Now, in this video I'm going to walk through kind of my formula for being an entrepreneur.

It's not the only formula but it's a formula.

And it goes like this.

Ideas, research, talk, test and start.

And I'll be explaining to you the ways you might be able to become an entrepreneur yourself.

Let's get it.

Dude, becoming an entrepreneur is a great decision.

First off, not easy decision.

It's not an accepted way of life.

You know, I've met so much resistance from my family, from my friends, from my co-workers.

It was enormous.

It was crazy.

Nobody understands really what it means to be an entrepreneur.

There's no guaranteed path.

I want to explain my definition of an entrepreneur for a second.

In my mind, an entrepreneur is not a franchisee, okay?

Somebody owns up a franchise, possibly.

But it's definitely not somebody who's a start-ups.

A company that looking to raise money in order to make money.

An entrepreneur is somebody who runs a cash flow business.

A business that makes money that affords that person to live and pay themselves and pay

employees and all that jazz.

Now, I can tell you from experience that your life as entrepreneur is much better because

when you have your own life in your own hands.

When you...

You are responsible for your own income.

You are responsible for your own freedom and you're also responsible for your own success.

And having that ability is just so awesome.

For me I don't have any employees and it's amazing.

You know, I am financially doing alright.

And also, I have a lot of freedom to focus on whatever I want or be with who I want to

be.

Or go where I want to be.

Now, that's not saying that I don't work very hard.

I work extremely hard.

And here's how I would start if I was giving advice to somebody else to start and become

an entrepreneur.

So, number 1 is ideas.

You want to get all your ideas out.

And ideas meaning, what is an area of business or life that you feel you can add value in.

You know, what is something where you can do something better that whatever is currently

on the market, okay?

It maybe that you can create a better bird feeder, okay?

You have ideas for creating a better bird feeder because you don't like the bird feeder

that they sell in Wallmart.

Or maybe your ideas more of invention.

It's like, maybe it's a little robot cleans up dogs' fur around your house.

A robot that's specifically cleans up dogs' fur around the house that people might want

to purchase.

Or maybe your invention is...

Uhm whatever.

It's anew type of...

Or maybe your product that you want to sell as an entrepreneur is sort of like a handmade

good.

It's a unique style of lighting fixture.

it's q unique type of furniture piece for people's houses.

Whatever it is that you're selling.So whatever those ideas are, just lay them all out of

what sort of areas you believe you could be an entrepreneur in.

The next step is research, okay?

Go out and look at similar companies to yours that you want to start.

Again, if going with the example of if you want to sell art, find other artist and see

how they're selling their arts.

See how they coming across customers.

How are they getting their patreons or their customers, whatever that is.

If you're selling a bird feeder, see how, you know, do the research on to where you

would sell that bird feeder.

If you want to sell it into Wallmart, do your research into how you actually sell in to

Wallmart.

How do you meet somebody from Wallmart, how do you get on their radar so that you can

have a meeting with them.

How do you perform that meeting, what are they looking for, what's sort of cost structure.

What sort's of margins do they want to make.

All of these information, you can find on the internet.

You can do an unbelievable amount of research on a business before you started on the internet.

But you want to understand all of the different sides of the business.

Where are the suppliers, who are the vendors.

What sort of cost, what's the margin you're dealing with?

Are you going to be cash flow negative? are you going to be cash flow positive.

What are the terms that your vendors and suppliers get.

You can look up a lot of information, okay?

There's no reason not to do research.

If you skip out on doing research, you're not taking your business seriously.

Research is the most foundational element of any business.

Understanding the ins and the outs of the players in an industry is super important.

If you want to sell hotdogs in New York, you better know where do you get the hotdogs?

Where do you get the stand, where do you get the hotdog stand certification.

You know, do you have to have food inspection, etc.

There's so many laws and regulations and vendors and suppliers.

And you can find this information simply by calling them up or doing research or whatnot.

Talk to other company owners i your space.

If your art, talk to a few artists.

Ask them how they sell their products.

And also keep in mind, you know, what I didn't address here is what is your goal.

Okay?

If your goal is to make millions of dollars and all of the local handmade good sellers

on Etsy are only making an extra thousand or $2,000 a month, that might not be the business,

for you or you might need to change your goal.

Again, understand everything in context of what your goal is.

You got talk to your customers, okay?

Talk to potential customers.

If you skip out on this, this next important element, you are missing out on a huge, huge

deal.

If you're going to try to sell a procut, and you haven't talked to anybody about it, you're

not an entrepreneur.

You're a hobby-ist. you're an amateur, you're a passerby.

Real entrepreneurs actually survey and talk to their customers.

Not survey.

I'm sorry.

You actually have like verbal conversation with potential customers.

If you're products idea or your service idea is not actually going to rest, if it's something

you can cocked in in your mind but has no basis in what customers actually want, you're

crazy.

You're crazy.

It's funny because I do some angel investing.

And I see these start ups everyday.

They're young kids, they're right out of college and they have some idea.

They're going to create the Uber for movers.

You know?

Uber for home movers.

Maybe it's a good idea, maybe it's not.

But I ask them if they ever talked to any potential customers that people actually need

this.

I said, "Have you talked to people who area actually moving?

And ask them why didn't consider using an app?"

It's craziness.

Most people starting companies just come up with an idea and they say, "Oh, they should

be Uber for movers."

But when asked, you know...

Let's say, college kid.

They would say, ,"Oh, it's too expensive."

They've never done the research with actual people, okay?

And all the start ups fail, okay?

All the start ups fail because they never actually talk to the end user who would potentially

buy their product.

So, talk to people.

Talk to people, talk to people.

Don't skip this step.

If you skip this step, I don't know how to help you.

You know, you're crazy.

The next step is figure out a test, okay? the text can be very simple.

It doesn't need to be anything complex.

But you want to do real market testing.

So, let's say you want to start a consulting business.

You want to start giving people advise on interior design.

Give away some consulting for free.

You know, help people out for free.

If you have a new recipe for a better hotdog or ogranic gluten free hotdog or whatever

you're coming up with.

Go on the side of the street and just start giving away those hotdogs.

Cook hotdogs for people and give away.

See if the market likes it.

Do people like your interior design help or are they just saying you're just like everybody

else?

Because if you're not creating something that's adding a lot of value to the world, it's going

to be an uphill battle.

Generally speaking, you want them blow people away with an amount of value you give them.

Or you want to figure out what do people find most interesting about your consulting, your

hotdogs.

Maybe you gave away these hotdogs but what the people like the most was your homemade

bread buns, okay?

Or maybe people what like the most about your hotdog was you add some homemade ketchup and

that was their favorite aspect of it.

So maybe, ketchup is your product.

You know?

Or maybe of your interior design consulting, what people liked the most was just helping

them get their head straight to figure out just the general style of their house.

Whatever the business is, you can test it very easily.

Find the easiest way to test it with a minimal amount of money.

Again, I put up ads...

When I'm marketing a product, I put up ads without even having anything for sale.

Just because I want to see if the market is interested in buying whatever product I have.

This brings me to the last element of being an entrepreneur.

To become an entrepreneur is just a start, okay?

It's just a start.

Start selling.

If you've done your...

If you post some ideas, if you've done your research and found the business is viable

and other people are making the amount of money, you want to make, you have an idea

of all the vendors and suppliers, you talked to people, you've talked to maybe company

owners as well as potential customers and ask them if this is a real need for them.

And you've also tested it.

Again, testing is the most important part because people lie.

You can talk to 10 close friends and ask them about your business.

But say, "Oh, it's sounds great."

But when they actually comes to buying or using your services,

nobody might.

So, but the last element is if...

If your business fits all of those different 4 things, it's just gets started.

Just get started and don't turn back for at least 3 to 6 months.

Don't look behind you.

Don't doubt yourself, don't lack self confidence, don't second guess your self, don't second

guess your self because your husband is second guessing you.

Don't second your guess your self because your wife is second guessing you.

Don't second yourself because your parents or your family or your friends or your co-workers

are second guessing you.

Just get started and don't learn to look back and figure out a way to make this business

work.

Because if it fits all those criterias, you have something.

You have something very valuable in your hands.

You have something that can offer the world a lot of value.

And you deserve to give it to them.

If you got some information from this video, make sure to give it a big fat like.

Subscribe to my channel if you'd like more information.

I do a lot videos on affiliate marketing and making money online.

I've made millions of dollars online as an entrepreneur myself.

And I teach others how they can do the same.

And doing it with zero employees.

I don't have anybody works for me.

And I live...

So, next thing is leave a message in the comments.

If what particular subject here helped you out the most.

Was it figuring out the ideas, doing the research, talking to the customers, testing the product

or just getting started.

Let me know what made most sense to you and what resonates the most with you.

Thank you so much for watching.

I hope some of you go out and start your own business.

This is the way to become wealthy and fulfill your dreams.

And just being on this video, I acknowledge you and appreciate you for an amazing human

being.

Go for it and prosper.

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