The 10 Minute MILLIONAIRE entrepreneur advice for people starting from ZERO

Summary

• When choosing a niche for your business, experience within the space is crucial; businesses are often slight iterations on existing concepts, not entirely new ones.
• Providing more value in your chosen industry, even with a common service, is a key to success; innovation isn't always necessary.
• Before starting an agency or consulting business, gain firsthand experience; success comes from deep industry knowledge, not shortcuts.
• Tactical abilities in areas such as generating leads, closing sales, and customer experience are built over time; there's no quick path to mastery.
• It’s important to keep improving even if you're not initially good at something; passion often follows proficiency.
• Success takes time – usually, entrepreneurs take about five years before seeing significant progress.
• There's a broad range of skills needed to run a successful business, and learning them requires dedication, not just a few months or books.
• Start a business by understanding what you’re selling and gain experience; banks often deny loans to individuals without industry expertise.
• To pick a niche, look for one that you're not adverse to, where there’s financial opportunity, and commit to it for a long time, avoiding the trap of overestimating your current skills.

Video

How To Take Action

A good way of finding your place in business is to look into what you already know. Pick a niche where you have experience. It's okay if your idea is not totally new. Just try to do it better than others.

Here's a tip: Even if it's something common, like a dry cleaning or lawn care business, you can still stand out by providing more value.

If you're thinking of starting an agency or consulting business, first get hands-on experience. You'll see success when you really know the industry, not by looking for shortcuts.

Practice makes perfect. Learn to generate leads, close sales, and create a great customer experience over time. Remember, it's normal to not be good at first. Stick with it. Passion often grows with your skills.

Be patient. It can take around five years before your business really starts to take off. Learn a wide range of skills. Reading books alone won't cut it; you need to be dedicated.

When starting a business, understand what you're selling. Work in the industry first. Banks often prefer lending to those with industry expertise.

To pick a niche, choose something you're not against, where there's money to be made. Then commit for a long time. Avoid overestimating your current skills and stick with your choice.

Remember, business is about solving problems well. The better you solve them, the more people will talk about your business, and the faster it will grow.

And most importantly, let yourself be okay with not being great at the beginning. It's the process of improving that'll make you successful in the end.

Quotes by Alex Hormozi

"Service with a smile, wildly underrated"

– Alex Hormozi

"Stop listening to people about how to play the game who've never been anywhere but the sidelines"

– Alex Hormozi

"Business is just solving problems that exist with a and making sure the math makes sense"

– Alex Hormozi

"Just because you're struggling doesn't mean you're failing"

– Alex Hormozi

"Your work works on you more than you work on it"

– Alex Hormozi

Full Transcript

through the best way in my opinion to pick the niche that you're going to focus on to start your business so i asked my instagram you know what are some of the questions that you have and uh this one came up a lot which is like how do i pick my customer how do i pick the niche like what's the process etc and so obviously my book this guy it's 99 cents on amazon for those of you guys who don't know are like ah it's not 99 cents the kindle is 99 cents because it's digital the hard copy amazon changes the prices but you can get a hardback or you can get the digital one for 99 since because that's the lowest they would let me sell it for all right anywho so picking the niche i think this is something that's like wildly misunderstood and i'll tell you where most people get wrong is that they pick a niche and they have no idea about the niche all right and so y combinator which is a venture it's like an incubator type thing in silicon valley they have their things that they look for when they're investing businesses and they're accepting them into yc and one of the ones that was really interesting to me is that they look for past experience within the space and because i think a big part of that is that a lot of times new businesses are not actually really new they're slight iterations on things that are old and candidly within my own business experience i don't even do anything new i just try and do stuff better which people somehow poo poo on it's like you go into dry cleaning and do it better than everybody else and still win like you could go into lawn care and do it better than everyone else and still win and i think that's wildly underrated you don't need anything new and so like i think that is a widely underestimated component of having strategy and business is just like how do how am i get the use the value equation in the book like i'm going to provide more value to my customers than anyone else can but like the actual industry itself that you're serving doesn't need to be new or different right so that being said like service with a smile wildly underrated but the the piece that i want to hit on here is that like i'll tell you this story because i think it really drives this point home so in allen our software company that we recently sold a majority stake in one of the agency owners you know for nine months was just like never making progress right like was always hopping on was always having issues and it was like his clients weren't getting results he was like how do i get around that and i was like you don't you need to fix that and um it got to the point where i just said listen man like you don't know what you're doing which is why your clients are getting results period he said well i've got this one guy who does who makes all this money using our you know using the leads that we get him and i was like okay well why is he getting making money the other ones aren't he's like well i don't know and i was like right so that's not because of you that's because of him and so what i told him to do which was wild at the time i said i need you i think that you should close your agency i was like i don't think you know anything about real estate i said i think that if you know how to get real estate leads then you should go get your realtor's license go generate your own leads and go build a real estate business and learn it and then once you have succeeded in doing that then if you want to then go make the agency and show other people how to do it because you've actually done it and so there's a tweet by layla my wife she said like stop listening to people about like sorry stop listening people about how to play the game who've never been anywhere but the sidelines and the problem is too many of the people who are watching this right now y'all are on the sidelines and have always been on the sidelines and are trying to pick a niche to get into to sell how to do the niche well that's dumb you've never done it so a lot of times people are trying to skip to a higher leverage opportunity without having done the requisite work of understanding the niche which is why the y combinator people look for like if you want to make a software in the payment space we'd love to see that you have experience in the payment space because there's so much stuff that you don't know that you know when you actually spend three five you know years doing something in an industry you understand the lingo you understand the avatar you understand the problems and you can see opportunities if you have an entrepreneurial hat on there's always problems in every industry which means there's always opportunity and fundamentally business is just solving problems that exist with a and making sure the math makes sense like that's literally it it's like where is their problem how much do they think this is a problem and is there a way that i can solve it and charge for it that's it like that's really all that business is and really how well you solve the problem is going to dictate how much virality your business has because if you solve it really well people will tell people and your your business will grow right i think the problem that a lot of people have is they didn't know how to make an offer right is the fundamental thing that is the beginning of building a businesses you got to know what you're selling and so that was a problem for a lot of people and then people got that problem solved and then they told their friends and books sold 100 000 copies in six months with no promotion and so i'm only i'm sharing this because i couldn't write a book on offers without having made a ton of offers and i feel like there's too often people who are trying to focus on a niche who've never actually done the thing in the niche and this is really really rampant in the internet space because everyone's trying to take a shortcut to get there when they realize like what i'm telling you right now you're never going to get there because you're not good enough like you're never going to get there because you're not good enough you have to do the rocky cutscene you have to eat the [ __ ] for a period of time so that you can get the reps in so you can put your time under the bar end so that you can actually get good and before you are good you will suck and you have to accept a long period of sucking and you do enough volume that eventually you'll suck so little that you'll actually be good and then at that point then you'll actually have a real decision to make which is i'm actually really good at this thing now that i've learned do i want to teach it to other people or i just want to do more of the thing that i'm doing right because like a realtor can then just grow a team of 100 realtors and own the entire thing which is what i'd recommend this guy do right rather than have an agency um that doesn't right and so this is kind of where where i think the problem is is that like i had another question that was sent to me on instagram which is like hey how do i soft churn because a lot of my a lot of my clients aren't getting results and i'm like well duh he's like no he said he said how do i sell from 10 000 100 000 a month when i don't have a lot of testimonials i was like you're not good at the thing that you're supposed to be good at why you don't have testimonials is why you're not going 100 000 a month like he's making the goal 100 000 a month rather than being good i i i have no words i have no words i don't get it you know what i mean like everyone's in such a [ __ ] rush that you will never get there it is the slowest path to getting there is to fool yourself into thinking that you're good something that you're not you have to go and pull the thread and say which and the thing is it's like well do what you're passionate about whatever you're not gonna be passionate about stuff that you suck at what you have to do is like which of these opportunities seem like they have potentially have high leverage and i'm gonna learn from the bottom right it's like one of the best ways to learn stuff is starting at the bottom not because because it's the only option but because if you understand the entire pathway of of a client journey or of an industry journey then you will have more trench knowledge more depth of experience that you will be then able to apply people see my you know videos on personal finance people see videos of mine on sales people's videos online recruiting people see videos of mine of marketing and it's like how did you acquire all these skills it's cause like it's not like because i tried to jump to the spot that i'm at you can't skip like there's a sequence buildings are built with foundations and your career is a pyramid and the peak of that pyramid is based on the depth of the foundation that you build and so like i've said this before and i'll say it again but your work works on you more than you work on it and so even though you might not be getting paid in the period that you're at just because you're struggling doesn't mean you're failing and it means and the thing is as long as you're getting better you're making progress and the progress is the success is that you are getting better and like you will turn the corner like that's an inevitability if you put enough time in period i promise you that if you don't stop doing something for 10 years you'll be really good at it period and if you're really good at it you'll like doing it ah right and if you like doing it then at that point you won't wonder why your business isn't making money because you'll actually be good and then you won't have these questions but the questions that i get i would say a third of them come from a very short time horizon it's like why am i not a millionaire it's been it's been 90 days alex what the hell it's like well you didn't put the five years in so if you're trying to figure out what niche you're gonna pick the point is to just pick and then accept that you're not gonna be overwhelmingly successful for like five years every entrepreneur like that i know of puts five years in before before anything really happens and you're like [ __ ] five years i probably shouldn't tell new entrepreneurs that yes you're gonna be very successful very quickly you should quit your job and do it it takes a long time to learn because there's a lot of stuff you gotta know gotta know how to generate leads you got to know how to work leads you know got to know how to set appointments you got to learn how to close you got to learn how to set up bank accounts you got to learn how to transact you got to learn how to do billing you got to learn how to do payroll you got to like you got to learn how to actually fulfill a product you allowed to learn how to create a customer journey got to learn how to ascend people you got to learn how to decrease churn you got to like there's a lot of stuff you got to learn how to recruit you got to learn how to hire you got to like there's a lot of stuff that you got to learn and so to think that it's somehow going to take 90 days it's like why do you think that you can get a chemistry degree in four years and think you can somehow be able to become a masters in entrepreneurship in 90 days it doesn't it doesn't give respect to the game like you have to respect the game like a lot of people have been playing this for 40 years no one's getting their master's degree for 40 years well some phds aren't right and they're probably pretty good at whatever their thing is right and so it's like to think that you're going to beat guys who've been playing the same game for 40 years on your first try in 90 days doesn't respect the game and so like i was fortunate that i started young i started when i was 23. i mean the only thing i could have done before that dude without doing that is just start instead of going to college but you have to you have to put your time under the bar your legs aren't going to grow until you have like you can't do four squat workouts and expect your legs to grow you'll get better at squatting and that getting better at squatting is a requisite for having bigger legs but you still got to put the volume in there's a depth of understanding that happens with volume that people cannot appreciate you gotta do the boring work and you gotta love the boring work and if you can do that you won't lose because the only person who's injecting this artificial timeline on on you is you and so anyways it was like one of the number one questions that i was getting in my comments and stuff it's like how do you pick the niche how do you know where to start you don't know where to start you just start and then you start accumulating knowledge and then you will learn it's like reading books on sales before you've actually had a sales call i'm actually very against it i think you should start selling and then read books on sales because then the books will actually make sense to you right like trying to read 100 books on entrepreneurship before you've actually had a business is silly start a business how do you start a business you get a bank account get an llc and you figure out what you're going to sell like that's what that's what you do that's how you start a business so it's going to start with promotion and selling because you can't even have the rest of the stuff until you learn how to do that and if you don't know what you're selling it's because you probably won't get the thing yet so you got to go like get some industry experience right that's why banks by the way they don't loan to people who don't have industry experience so if you're like hey i want to get a you know loan to this was actually a story i heard from from my gym owner ended up working with us for a period of time was in gym launch was he wanted to start a gym and and get a loan from the bank and they he went to like 10 banks and they all said no and they said and he said the reason was because he didn't have experience so what he did was he went to uh bally's and worked at bally's for like three or four years and worked his way up to becoming the personal training manager and then at that point started his gym and he didn't even need the bank loan at that point because he had saved some money and he learned how the business worked and lo and behold he was like that was some of the best advice i ever had so sometimes you just got to get the industry experience people just want to skip to the last step when like there are prerequisites to getting there which is why prerequisites exist so this is uh hopefully the the real answer to how to pick your niche which is like you just need to do something that is at least not you know repelled from that you see people making money in and then stick with it for an inordinate amount of time without convincing yourself that you're smarter than you are which is a loose paraphrasing of a twitter quote that i can't remember who wrote it so anyways if you're new i don't know if i said in the beginning but my name is austin mosey own acquisition.com about 85 million a year and if this is your first video welcome to mozi nation and i'll see you next vid bye