The Best Business for People to get Into (2024)
Summary
- If you've never started a business before, pick something you have some experience with.
- Using your knowledge from parents, friends, or past jobs helps you avoid a big learning curve.
- Paying down the "ignorance tax" increases your chances of winning, even if the opportunity isn't perfect.
- Your first business probably won't be your last, so don't stress about it being perfect.
- It's valuable to start a business where you have a higher chance of success.
- Getting faster rewards helps you gain resources and skills for future business decisions.
Video
How To Take Action
I would suggest implementing strategies that leverage your existing knowledge and experience. If you’ve never started a business before, pick something you know a bit about. Maybe you’ve worked in a relevant industry, helped out a friend, or learned from family. This way, you dodge a huge learning curve.
Action Steps:
Identify Your Strengths: Think about what you already know. Make a list of jobs you've had, industries you’ve been involved in, or skills you've learned from people around you.
Tap Into Your Network: Reach out to family, friends, or past colleagues who are in the field you’re considering. They can give you insights, advice, and maybe even help you avoid common mistakes.
Set Realistic Goals: Your first business doesn’t have to be perfect or your last. Focus on small, achievable goals. This way, you build confidence and gain quick wins.
Learn By Doing: Start small. Don’t sink a lot of money and time into a perfect plan from the get-go. Test out your ideas quickly and refine them as you go. It’s all about learning and adapting.
Minimize the "Ignorance Tax": Invest just a bit of time and money into educating yourself about the industry. This could be through free online resources, joining relevant online communities, or attending meetups.
Evaluate and Adjust: As you start seeing results, reflect on what’s working and what’s not. Use these insights to make smarter decisions for your next steps or even future ventures.
Remember, the goal is to get started and build momentum. The faster you see rewards, the quicker you'll gain the resources and skills needed for bigger, more refined goals in the future.
Full Transcript
what do you think is the best business for people to get into right now I think the best business for someone to start if they've never started a business before is something that they already have tangential experience with and so usually you have parents friends family first jobs that you have some industry knowledge there's a huge learning curve to entering any new industry and if you can just pay down some of that ignorance tax even if the opportunity vehicle isn't the perfect one you will still have a significantly higher likelihood of winning and one of the big fallacies of your first business is that it's going to be your last business and it almost never is and so the idea is like it's much more Val able to get started on something that you have a higher likely to success on so that you can get some faster rewards for the behavior of getting into business and then from there get some resources get some skills and then you can have a better perspective from which to make a jump or a decision on what to do next
