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9 Most IMPORTANT Things You NEED TO KNOW When Starting a BUSINESS!


what’s that believe nation it’s Evan my
one word is believe and I believe in you
and I want to see that great thing that
you have inside you burst throw you into
the world and we want to make it happen
together so to help you on your journey
today I’m going to talk about the nine
most important things that you need to
know when starving a business a first
set number one is know your business
with Mark Cuban ninety nine percent of
small businesses you can start with next
to no capital it’s more about effort you
know small businesses don’t fail for
lack of capital they fail for lack of
brains they fail for lack of effort
most people just aren’t willing to put
in the time to work smart I mean they
they go for it in a lot of cases but
they just don’t recognize how much works
involved and and and if you do the
preparation if you know if you start a
business you better know your your
industry and your company better than
anyone in the whole wide world because
you’re competing and to think that
whoever it is you’re competing with is
just gonna let you come in and take
their business obviously that’s naive
and I think most people don’t recognize
that if you’re going to compete with me
and one of my businesses you better
realize that I’m working 24 hours a day
to kick your ass
number two is ask great questions with
Timothy Ferriss I find that levels of
success in almost any industry or area
correlate to a person asking great
questions in some cases they seem absurd
in fact the hallmarking way of great
questions is that sound completely
ridiculous
so someone might ask like Peter Thiel
why can’t you achieve your ten-year
goals in the next six months it’s a
thought exercise that’s a that’s that’s
a good question to answer for yourself
and these types of questions come up
surprisingly often with with very very
impressive folks whether it’s in
business military entertainment or
otherwise and the way you can get better
at questions is by studying interviews
in part so I studied Larry King I
studied Charlie Rose I studied Terry
Gross I studied that that go down the
list
I studied Tony Robbins who does
in-person one-on-one interventions at
his events in front of ten thousand five
thousand
people and he’s just genius with how he
uses questions to like pattern interrupt
and grab someone’s attention and divert
them in a more productive productive
direction now why is that relevant
relevant because thinking is the process
of asking questions you’re asking
yourself questions then you’re answering
them in your own head so if you get
better at asking other people questions
you get better at asking yourself
questions which means you are a you’re
improving your thought performance and
level of thinking
number three is have a high pain
threshold with Elon Musk
when does have to be focused on for
short time and money coming in when
creating company because otherwise the
company will for die so that the I think
that a lot of times people think like
creating company is gonna be fun I would
say it’s not it’s really not that fun
when there are periods of fun and there
there are periods of where it’s just
awful and particularly if you CEO of the
company you actually have a distillation
of all the worst problems in a company
there’s no point in spending your time
on things that are going right so you
only spend on things on your time on
things that are going wrong and and
they’re things that are going wrong that
other people can’t can’t take care of so
you’re like the worst you have a filter
for the crappiest problems in the
company the most pernicious and painful
problem so I wouldn’t say it’s it’s I
think you have to feel quite compelled
to do it and have a fairly high pain
threshold and there’s a friend of mine
who says like starting companies like
staring into the abyss and eating glass
and there’s some truth to that
we’re staring if the best part is that
you’re going to be constantly facing the
extermination of the company because
most startups fail that’s like 90%
probably 99% of Starks fail so I so you
that that’s the staring into the abyss
part you can’t constantly saying okay if
I don’t get this right the company will
die it should be quite right for quite
stressful and and then the eating glass
part is you’ve got you’ve got to do
you’ve got to do the problems you’re
gonna sell you’re gonna work on the
problems that the company needs you to
work on not the problems you want to
work on and so that the that’s you and
I’ve working on problems that you really
wish you weren’t working on okay so
that’s the eating glass part then that
goes on for a long time so how do you
keep your focus on the big picture when
you’re constantly faced with we could be
out of business in a month well it’s
just a very small percentage of mental
energies on the on the big picture like
you know you know you know where you
generally heading for and and the
fascial path is gonna be some sort of
zigzagging thing in that direction and
try not to deviate too far from the path
that that you want to be on but you’re
gonna have to do that some degree but I
don’t want to I don’t want to diminish
the I mean I think the product the
profit motive is it is a is a good one
if the rules of an industry are properly
set up so there’s nothing fundamentally
wrong with profit in fact profit just
means that people are paying you more
for whatever you’re doing then you’re
spending to create it that’s a good
thing and if you’re not if that’s not
the case then you’ll be out of business
and rightfully so sure you’re not adding
enough value number four is build trust
with your customers with Jack Ma well we
studied the e-commerce nobody believed
that China would have ecommerce because
people believe on the punchy
face-to-face and all kinds of networking
traditional ways there’s no trusted
system in China
he had to overcome centuries of
tradition by showing Chinese buyers and
sellers that they could trust
Alibaba with their money in this new
virtual world he did it by guaranteeing
the transactions and creating his own
payment system an escrow account where
Alibaba holds the buyers money until the
goods are delivered every day we finish
more than 13 minute rants actions and
that means that there you are buying
things from somebody you have never seen
you are giving products to the person
you have never met and there are some
guys you never know that he’s going to
take your products to that place to that
person I want to tell the people that
trust is there because it’s all about
it’s all about the trust number 5 is
changed constantly with Marcus lemonis
what would your definition of literally
the word strategy be what does Stratton
what what does that word and the moment
decision for me I’m not a planner for me
I’m not a planner and you know
ultimately I know where I want to get to
in a particular business but I think the
strategy for me is something that is
very in the moment in the circumstance
in my bigger businesses like my business
camping world there’s clearly a strategy
it’s very different because there’s 4
billion dollars of revenue 8,000 people
big leases there’s a investor
expectation in the small businesses it’s
trying to survive and trying to stand
out in a crowd so the strategy is very
different for me in my small business
world it is in the moment without a plan
at some point in the future when the
business matures and it becomes truly
viable and scalable then a normal
process would be put in place so in my
camping rural business my strategy is
all about where do we want to get you in
one year three year five year what are
the people that I need to help execute
that and what’s their role going to be
in that process in every instance though
plus or minus I always tell them that I
reserve the right to change the plan at
any moment and that has always been my
strategy change constantly number six
always bring your a-game with kevin
o’leary
whatever you do somebody can do it
better you have to bring your a-game in
every single day there’s nothing unique
about any one individual what’s unique
is their passion their ability to
execute to meet targets and exceed them
the minute you lose that ability in
capitalism you’re gone it’s a fair trade
the engine that makes you rich can take
it all away from you there are no
guarantees I think that’s incredibly
important number seven don’t give up
with Richard Branson you know there is
there’s a very thin dividing line
between success and failure when you
start a business from scratch and you
know if you don’t have enough money to
pay the bills you go the wrong side of
that dividing line and if you can
somehow get enough money to pay the
bills
you stay the right side of that dividing
line and and you know we I’ve always you
know I’ve always been running running
running faster than perhaps I should me
and I’ve have great difficulty saying no
to things so keep on taking on new
things and and you know we’ve we’ve just
managed to stay the right side of the
dividing line over the last 50 years in
business but but equally in those early
days when you when you’re starting a
business without any financial backing
it’s it’s it’s easy to slip the wrong
side and and in fact you know most
entrepreneurs do do slip the wrong side
and the important the important thing is
then just you know pick yourself up and
you know start again and if it doesn’t
work at that time keep keep going until
you do succeed and not to give up number
eight is stick to your DNA with Gary
Vaynerchuk the ability to adjust is the
entire game like I’m so proud that I
changed my mind every day my dad used to
get so pissed when I was building
Wine Library he would always be like
he’s like he would say like three months
ago you said Ricky was gonna be the best
employee I’m like I changed my mind he
fire him or or he’s like you said
sparkling wine was important now you
just eliminated it from the key spot I’m
like I changed my mind like my ability
to only be comfortable in massive chaos
has been my biggest asset as an
entrepreneur like I would never take a
note like that scares the piss out of me
what these three people are doing right
now right and so now you know now that
may work for them and I’m not like back
to the opening statement like you need
to do you like some plenty of people
that make a lot more money than me and
one bigger take notes the key the key
though the key is way too many people
are doing like here’s a good one you
know what really pissed me the off
I’m completely driven by like happiness
and like I’m crippled by like chaos like
you know vaynermedia which is not 500
people update your vaynermedia is like
completely dictated by like I’m a
dictator of HR like all I care about is
the atmosphere all I care about is how
people intern all I care about is like
how people roll like I think I’ve fired
four most talented smartest people that
have worked for me because if you don’t
know how to play with the other boys and
girls you’re out because I suffocate
under you know conflict and negativity
and like nobody’s better than me so you
got to go so what really pissed me off
in tech world was when Steve Jobs his
book came out when he was dying what it
was all about Steve three or four years
ago I literally watched a lot of my tech
startup friends start being like a to
their staff because jobs was tough
everybody fell into the romance stuff
like I have this big vision and I’m
gonna be a like Steve right and I
thought that was really interesting for
me to watch that half decade of like
literally watching people I know and
then watching them act differently
because the status or the icon of the
moment and you see a lot of that and so
like that is probably the energy I’m
trying to bring to this class today
which is you can look at like how people
roll and like it’s great to admire
things of that nature but it’s so damn
important to stick to like your DNA
right and like what you’re good at and
to recognize that you need to surround
yourself whether it’s your co-founder or
whether it’s the people that work for
you like all I do is hire the people
that are the opposite of me that bring
the other value that bring me the
ability to remember what the that
meeting was about and go make sure it
happens you know like whatever it may be
right and so I think that’s another
thing that I would HIGHLY recognize and
number nine is focus with me so one of
the messages that I’ve repeated over and
over and over again in this channel
because it’s so important is the number
one rule about making money which is if
you want to make money have to provide
value so number one rule about making
money the more value you can provide
somebody a client was facing a problem
of frustration the more money you’re
gonna be able to make the more money
you’re gonna be able to charge if you
want to make money quickly provide value
quickly that’s how it works the
challenge is being able to provide the
value because when you first start off
in business you don’t know enough to
provide amazing value you can provide
some value you can help people out but
you can’t provide enough value to charge
a premium price yet and that comes
through mastery that comes from
understanding the thing that you want to
be amazing that that you want to be
world-class at that you want to be the
Tony Robbins of at what is that thing
and go all-in
and focus on it and get better and get
better and get better and get better you
can get better quickly if you focus on
practice on it you can outpace your
competition really quickly like I did at
my agency because I was making multiple
videos a day where they were making one
video a month or one video a week and
having a really hard time with that like
you can get better really quickly with
dedicated focus effort on it but most
people don’t do that too many
entrepreneurs are super scattered and
it’s extra hard because maybe you have a
full-time job you haven’t quit yet you
got family of other commitments plus you
have a hundred ideas in your head and so
you’re starting this and doing this and
starting that and doing this and then if
I look at your productivity of actually
moving forward on that thing that you
have the ability to be Tony Robbins
level I
how much time are you really spending on
that one thing would be like a start and
the stop and a start and a stop and
maybe on Monday and then pull back and
they may begin on Friday and then pull
back and you never put in enough actual
work on that thing to become the Tony
Robbins to become world class at that
thing and that’s where you’re gonna
provide lots of value and that’s where
you gonna make lots of money that’s what
you need to really get really good at
otherwise you’re gonna constantly play
in this average zone if you look at this
channel you look at the top ten series
that you guys love and it’s what you
know we’re known for there’s lots of
people who are trying to copy that those
lots of people trying to make their own
top tens it’s great we do one five days
a week right like we’re working on a new
top ten five days a week we’ve been
doing it for I don’t know how long I
don’t know what the top tens we have is
a lot if you want to come into this
market right if you want to now compete
a lot of people did was they make like
one a month to a month and they’re
trying to make it and trying to do
better but it’s like the start and stop
and start and stop you’re never gonna
win by making that level of quantity
because the quantity leads to the
quality the more you do the better it’s
gonna get and the more you’ll find your
own flavor and style you’ll you’ll find
a way to make your own top ten that’s
different than mine on its own path
right like you can’t just be a carbon
copy of somebody else you can start by
copying but then you need to find your
own twists and maneuvers and make it
better but it’s not gonna happen doing
it once or twice a month when people in
your industry are doing it every day
right you need to get better you need to
get mastery and so one of the hardest
things for a lot of entrepreneurs to do
is to focus because it’s so exciting and
that’s so fun to work on lots of
different ideas right if you’re an ideas
person right it’s just oh this is great
and this is great oh this and McDonald’s
could really use this and staples could
use this and like I can walk into any
business and think of ways that they
could make things better and that’s
exciting and it’s a great brain exercise
but you don’t actually get great at
anything until you start executing you
start doing and so being able to take
those ideas and then focus to say of all
these things like this is what I want to
get really great at this is a skill that
I want to learn to be one of the best
in the world and providing same value to
my customers to my market outpaced my
competition make a ton of money in the
process have a huge impact on the world
this is what I want to do it’s the
people who are masters at their skill
set who end up making the big impact
making the big dollars making the big
changes and the people who are average
or just above average constantly live a
small life and so you have to make a
choice what do you want to do do you
want to start and stop and start and
stop and never get good at anything and
bounce them one idea to the other and
even if you have one great idea to never
really fully commit to it and and then
you you know ten years blow by and
nothing major has happened because
you’ve never actually committed serious
time to doing it or you want to say no
this is important my time is important
this project is important the impact
that this is gonna have is important the
result that it’s going to create for
myself for my family for my community
for the people around me is important
and I’m gonna dedicate myself to
becoming a master at it stop trying to
be okay at a thousand things and master
the one thing that you could be Tony
Robbins level act do that you start
having tremendous success thank you guys
so much for watching I hope you enjoyed
I’d love to know what did you think of
this video which of the nine had the
biggest impact on you that you’re going
to immediately apply somehow in your
business I would love to hear from you
please share your thoughts down the
comments below and I’m gonna check out
what you guys are saying I’d also love
to know if you want to add your own
tenth point to the list leave in the
comments and we’ll expect to see what
you guys are thinking so thank you guys
again for watching I believe in you I
hope you continue to believe in yourself
and whatever your one word is much love
[Music]
yeah the most important work ever if you
had to think of one word that’s most
important to you or that sums you Apple
that would be collect a little beacon
pay believe nation if you want to know
what the most important one word is for
Tony Robbins
Gary Vaynerchuk Oprah Winfrey will.i.am
and Howard Schultz I have a very special
secret video for you check the
description for details
[Music]
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