Get RICH in Your 20’s: DON’T Start a Business
Summary
TLDRThe speaker shares his journey from college dropout to successful entrepreneur, emphasizing the importance of acquiring skill sets before starting a business. He recounts his early ventures, including a car detailing business and e-commerce, which taught him the value of hard work and the pitfalls of lacking expertise. After a failed attempt to create an app, he pivoted to real estate but struggled due to inexperience. A pivotal moment came when a mentor challenged his abilities, leading to a realization that mastering sales was crucial. Through dedication and learning, he excelled, earning significant income and highlighting that the key to success lies in skill development, not just in choosing the right business.
Takeaways
- 🚫 Avoid starting a business without relevant skill sets; the speaker emphasizes the importance of having specific skills before venturing into entrepreneurship.
- 💡 The idea of escaping the traditional 9-to-5 job and the 'Matrix' of debt and work is a driving force for the speaker to seek business opportunities.
- 💨 The speaker's first business venture was a car detailing service, which taught him the value of hard work but also the physical demands of such a job.
- 📉 The speaker experienced a crash in his e-commerce business, illustrating the volatility and risks inherent in entrepreneurial ventures.
- 💡 Inspiration from 'The Social Network' led the speaker to attempt creating an app, showing the influence of media and success stories on aspiring entrepreneurs.
- 🚫 A pivotal moment was the rejection of his app idea by a potential investor, highlighting the reality check entrepreneurs often face regarding their ideas and capabilities.
- 🤔 The investor's questions made the speaker realize his lack of specific skills necessary to build a successful business, leading to a period of self-reflection and reassessment.
- 🏋️♂️ The speaker's transition into real estate was marked by financial struggles and the realization that he still lacked the necessary skills to succeed.
- 📈 A turning point was the acquisition of sales skills through a cold calling position at Gem Launch, demonstrating the power of focused skill development.
- 💰 The speaker's income increased significantly after mastering sales skills, underscoring the financial benefits of becoming proficient in a specific skill set.
- 🔑 The key takeaway is that the type of business one starts is less important than the skill sets one acquires and masters, which can lead to success in various ventures.
Q & A
What is the main lesson the speaker learned about starting a business?
-The main lesson the speaker learned is that one should not start a business without having the necessary skill sets.
Why did the speaker initially not want to be in a nine-to-five job?
-The speaker felt that the nine-to-five job was a scam, a system designed to keep people in debt and working for others forever.
What was the speaker's first business venture and how did it go?
-The speaker's first business venture was a car detailing business, which he scaled up with a friend from high school. It was successful, earning him around a thousand dollars a weekend.
What happened to the speaker's e-commerce business after a few months?
-The speaker's e-commerce business initially did well, but it crashed during the summer after his senior year of high school.
What was the speaker's reaction to the failure of his e-commerce business?
-The speaker was trying to figure out how to escape college and was inspired by 'The Social Network' to create an app, which he thought would be his way out.
What was the name of the app the speaker attempted to create and what was its purpose?
-The app was called 'Book Me' and it was intended to be a connection app, though the specific purpose isn't detailed in the script.
What was the turning point for the speaker when he realized he lacked the necessary skills to build a business?
-The turning point was when he pitched his app idea to a potential investor who questioned his skills and capabilities, leading him to realize he was not prepared to start a business.
What did the speaker do after giving up on the app idea?
-The speaker decided to go to school and get a job, feeling lost and unsure about what to do next.
How did the speaker's involvement in real estate business start and what were the initial challenges?
-The speaker started a real estate business using his savings and cash, but quickly realized he had no skill sets for it, leading to losses of three to four thousand dollars per month.
What was the speaker's breakthrough in terms of skill development and how did it impact his earnings?
-The speaker's breakthrough was learning sales skills through a cold calling position at Gem Launch. Within six to eight months, he was earning twenty thousand dollars a month.
What is the speaker's final advice on business and skill development?
-The speaker advises that it's not about what business to start, but rather about what skill set to learn and develop, as stacking skill sets can lead to financial success.
Outlines
🚀 Entrepreneurial Journey and Lessons Learned
The speaker reflects on his entrepreneurial journey, starting from his early attempts at side hustles to his eventual success. Initially, he was in debt and sought to escape the traditional 9-to-5 lifestyle. He tried various ventures, including a car detailing business and e-commerce, but faced challenges and failures. The turning point came when he realized the importance of having specific skill sets to build a business. His first business idea, an app called 'Book Me,' was rejected by a potential investor who pointed out his lack of necessary skills. This led to a period of self-reflection and the eventual decision to focus on learning and mastering sales skills, which later became the foundation of his financial success.
📈 Overcoming Failures and Mastering Sales Skills
The speaker details his struggle with multiple business failures and the emotional toll it took on him, leading to feelings of depression. However, a pivotal moment occurred when he received tough love from a friend, who bluntly told him he was poor at sales. This critique motivated him to improve, leading to an opportunity at Gem Launch, a company where he could learn sales from the ground up. Through sheer volume and persistence, he honed his sales skills, eventually earning significant income. The speaker emphasizes that the key to success is not the type of business one starts, but rather the skill sets one acquires and masters, such as sales, media, and leadership, which can be stacked to create a prosperous future.
Mindmap
Keywords
💡Business
💡Skill sets
💡Side hustle
💡E-commerce
💡App idea
💡Pivot
💡Real estate
💡Sales
💡Volume
💡Growth mindset
💡Freedom
Highlights
The speaker emphasizes the importance of having skill sets before starting a business.
Shares personal experience of starting a car detailing business and scaling it up.
Mentions the transition from a physical business to e-commerce with varying degrees of success.
Reflects on the failure of an app idea due to lack of coding and selling skills.
Recounts the pivotal moment of realization about the necessity of specific skills for business success.
Narrates the story of an unsuccessful pitch for an app idea and the valuable feedback received.
Describes the process of starting a real estate business and the challenges faced due to lack of skills.
Highlights the financial struggles and emotional toll of repeated business failures.
Shares the turning point of getting a job in sales to learn and master a skill set.
Talks about the importance of volume in sales and how it negates luck, leading to improvement.
Details the journey from a low first paycheck to earning a significant income through skill development.
Stresses the idea that it's not about what business to start, but what skills to learn and master.
Advocates for stacking skill sets as a pathway to financial success and personal growth.
Provides insight into the mindset shift from wanting to escape the traditional education system to focusing on skill acquisition.
Shares the personal growth and transformation that came with learning sales skills.
Concludes with the message that acquiring skill sets is a lifelong process that contributes to wealth and success.
Transcripts
I get this question all the time which
business should I start and I think the
answer is you shouldn't start a business
through the process of dropping out of
college fifteen thousand dollars in debt
and working my way up to making twenty
thirty thousand dollars per month I've
learned many lessons and I think one of
the most important ones was you
shouldn't start a business if you don't
have skill sets I'm that kid that was
always on YouTube trying to figure out
what's the next side hustle what am I
gonna do next how I'm gonna make money I
just never wanted to be in that nine to
five World such a scam The Matrix is
strong go to school getting a ton of
debt I mean honestly it's just a system
that they put you in so you can work for
them forever what's the quickest way out
how do I get back my time how do I get
my freedom in order to do that I knew I
had to make a lot of sacrifice had to
work really hard who's gonna carry the
boats and figure out how to break free
so ultimately it was start a business
like what is a business a business is
you being able to take your skill sets
provide value to the marketplace the
service a product and in order to do
that I mean fundamentally you need to
know a handful of things in order order
to start this business who do I have to
become who do I need to be what skill
sets do I need to have the first
business I ever started was a car
detailing business I went around to all
my neighbors knock on their doors give
them a pitch and then ultimately I'd
start washing their cars and me and my
friend in high school scale this
business up I was taking home probably
like a thousand bucks a weekend it was
super cool at the time what I didn't
like about that business is I was
working in the Texas heat 10 12 hours a
day so I saved up all that money and I
got into e-commerce the first month I
did four thousand the second month I did
18 000 the third I think I did 35 000. I
was doing High Revenue but not a lot
saved my pocket I think I kept six seven
thousand but then the whole business
crashed the summer after my senior year
of high school and I was trying to
figure out how do I escape college and I
watched The Social Network I'm sure
maybe you've been there before it's like
okay now I'm gonna create an app idea
I'm gonna be the next Zuckerberg so
that's exactly what I did
it's so dumb now that I think about it I
started building this app it was called
book me it was the connection app I went
and hired a ux designer I was you know
talking to different teams like in India
to start developing it I was putting all
the pieces together and then I came up
with this make-believe budget of I need
a hundred fifty thousand dollars to
start and so I was like okay how do I
get 150 000 I texted everyone that I
knew had nice cars and I was just trying
to find someone to pitch the app idea to
one of the responses that I got
fundamentally changed my life forever so
I still remember I was going to my
friend's house he was about to leave for
college my school just got canceled I
was going to Pepperdine out in
California because it was 2020 what
happened then it got canceled pandemic
blah blah I was getting ready for online
school all my friends were leaving as I
was driving to my friend's house I got a
text hey come over I got 45 minutes
let's see what you got so I went to Utah
and I drive over there and I'm sweating
and I live in Texas so like granted it's
100 degrees but I'm sweating more than
normal I'm super nervous the guy I was
pitching it to is pretty intimidating I
walk in there with my laptop I sit down
pull up my slide deck I feel like I'm
pitching to a brick wall I'm being
stared at I just start going through the
slide deck it was probably like a two
minute pitch it felt like five years I'm
just looking around trying to figure out
does he like the idea does he not like
the idea and when I got finished I sat
there I didn't know how to ask for money
I didn't really know what I was doing so
I just kind of looked at him and said
uh so like what do you think and he
looks at me and I still remember and he
goes Jacob I have a lot of money
but I wouldn't give you any money for
this
and I was just like damn and I'm
paraphrasing that something along those
lines I didn't know what to say I just
kind of froze I just got my dreams
crushed everything fell down this was
going to be the way I escaped The Matrix
the way I escaped school and I was gonna
kind of you know Break Free become a
billionaire all that sort of thing and
obviously that's not what happened I was
kind of sitting there I just didn't know
what to say and then he looked at me and
he goes like why do you think that you
can do this I had a belief in myself but
I didn't really have any logic behind it
I was like Zuckerberg did it like I can
do it too and he goes let me clarify the
question do you know how to code I'm
like I no I don't know how to code but
I've been talking to these developers
he's like okay okay do you know how to
sell
I'm like like what do you think and he's
like he didn't sell me okay
fundamentally what skill sets do you
have to be able to get this business
started I washed cars had some marketing
skills with the e-commerce stuff but I
was really a master of nothing but
that's kind of when the Epiphany
happened it's like I don't have any
skill sets to build a business so I
pretty much just gave up on the app idea
I was just like I'm gonna go to school
I'm gonna get a job I really just didn't
know what to do from there and then I
got a text a couple days later and he's
like where do you lift and I was just
like the local gym HCI and he goes why
don't you start lifting with me and I
started lifting with him a couple times
a week and so as I was lifting with him
I was like I'm gonna start a real estate
business I took all the savings I had
from the car washing business all the
cash I had I was cold calling I was cold
calling trying to analyze different
properties and I paid for a coaching
program twelve thousand dollars I
couldn't afford it up front and I just
did a payment plan as I began to start
that business I quickly realized that I
still had no skill sets so a couple
months go by I'm losing three to four
thousand per month this was a pretty low
point for me I hated school I was doing
the wholesaling and so I'm sitting in
the same place I was I kept building
businesses and then they just kept
failing I was going into I just really
didn't know where I was going to go from
here some of the days I'd be sitting in
bed half the day just honestly pretty
depressed and then one day I walked in
Alex's house we were talking and then I
get this phone call and it was a sales
call so I jump on it I get in the corner
I like hunch over I was honestly
embarrassed to take the call in front of
Alex and Layla after the call is
probably a 5-10 minute call I walk over
and he's and he just said
you suck at sales and then boom Another
dagger laid down the tough love which I
appreciate a ton I was just like well
how do I get better at sales and he just
goes well you got to do it I'm like okay
well how do I do it and he goes let me
make a couple calls let me see if I can
get your foot in the door at gem launch
his company bottom level cold calling
position you're gonna have to go through
the interview process you're gonna have
to get approved for the team and if you
do get the job it's grow or die they
will fire you if you do not perform I go
through the interview process I end up
getting the job cold calling I'm cold
calling I'm cold calling side lesson
here volume negates luck like if you
start something new and you just do a
ton of it the more you do the better
you'll get in a shorter amount of time
and at first you're gonna suck I started
sales I dropped out of college I put my
back against the wall I ended up
shutting down the other business and I
said I'm going to make this work I just
sacrificed everything in my life
everything to this one specific skill
set about six months later I got my
first check 375 dollars 6 to eight
months later I was taking home twenty
thousand dollars a month and this was
crazy less than a year later I was
taking home more money than most of my
friends parents just because I learned
this one skill set it's not about what
business you should start it's about
what skill set should you learn media
leadership if I can start stacking those
skill sets while still getting paid by
the first skill set I stacked and I've
learned a skill set that's going to
serve me for the rest of my life maybe
my perspective will change but hey the
more skill sets you stack it's not going
to make you poor
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