If You Want to Get Rich in Your 20s, DON'T Start a Business

Ken McElroy
27 Jun 202415:34

Summary

TLDRThe speaker challenges the notion that starting a business in your 20s is ideal, arguing that most lack the necessary skills and experience. Instead, they emphasize the importance of developing a valuable skill, gaining wisdom through real-world experience, and building a network. They share their journey from learning property management to building a $2 billion business, highlighting the significance of mentorship, confidence in one's abilities, and the mindset of delivering value to succeed in business.

Takeaways

  • đŸš« Starting a business in your 20s is often not advisable as you may lack the necessary skills and readiness.
  • 💡 All businesses are about providing value in exchange for money, and many 20-year-olds have not yet developed the skills to offer value as a business person.
  • 🎓 A college degree does not guarantee success in the business world, as real-world experience is crucial.
  • 🏱 The speaker entered the property management industry to learn about property investment and build a supportive community around them.
  • 🔧 It took the speaker 6-7 years to gain the competence needed to start their own business at the age of 29.
  • 💰 Developing a skill and becoming an expert in a niche is key to creating value and starting a successful business.
  • 🕒 The concept of '10,000 hours to mastery' is highlighted as a path to expertise in a chosen field.
  • 📚 Knowledge is gained from books and videos, but wisdom comes from practical experience and doing.
  • đŸ€” When hiring, the speaker looks for skills that the candidate brings and their confidence in delivering value to the company.
  • đŸ’Œ A confident attitude and a willingness to work for free until proven value can be a winning strategy for both the employer and the employee.
  • 🔄 Networking and being part of trade organizations is essential for building a community and learning from others in your field.
  • 🌐 The speaker emphasizes the importance of thinking big and not limiting oneself by small-scale thinking or belief systems.
  • đŸ’Œ The script suggests that working smart is as important as working hard, and that the energy required for a small deal can be the same as for a large one.
  • 📈 The speaker shares their experience of scaling their business to a $2 billion valuation over 30 years, emphasizing the importance of starting with a solid foundation.
  • đŸ€ The importance of being curious, open-minded, and having a mentor in your desired field is stressed for personal and professional growth.
  • 📈 The Limitless Expo is introduced as a platform to help entrepreneurs and business owners network and learn from each other to improve their businesses.

Q & A

  • Why does the speaker suggest that starting a business in your 20s may not be the best idea?

    -The speaker believes that individuals in their 20s often lack the necessary skills and readiness to start a successful business, as they have not yet gained valuable experience or developed a niche where they excel.

  • What is the fundamental concept of business according to the speaker?

    -The fundamental concept of business, as stated by the speaker, is providing value in exchange for money.

  • Why did the speaker choose to work in property management initially?

    -The speaker chose to work in property management to learn how to invest in properties, gaining systems, mentors, coaches, and a supportive community that contributed to his growth and development.

  • At what age did the speaker start his first business and why?

    -The speaker started his first business at the age of 28 or 29, after having acquired skills, expertise, and confidence in his niche through years of experience.

  • What is the significance of the 10,000-hour rule mentioned by the speaker?

    -The 10,000-hour rule signifies the amount of time and effort one needs to invest in a skill to achieve mastery, which is crucial for becoming valuable and successful in one's chosen field.

  • How does the speaker differentiate between knowledge and wisdom in the context of business?

    -The speaker differentiates knowledge as information gained from reading books or watching videos, while wisdom comes from actual experience and doing things, which builds a deeper understanding and practical skills.

  • What qualities does the speaker look for in young people who want to work for his company?

    -The speaker looks for skills that the young person can bring, such as technical knowledge in areas like social media or web development, and a strong desire and confidence in their ability to deliver value to the company.

  • What is the speaker's perspective on the importance of networking in one's industry?

    -The speaker emphasizes the importance of networking as it allows individuals to build a community, gain access to smart people, and learn from their experiences, which is invaluable for career growth and business development.

  • What is the purpose of the Limitless Expo as described by the speaker?

    -The purpose of the Limitless Expo is to provide a platform for business owners and entrepreneurs to network, learn from experts in their niches, and fast track their growth by gaining wisdom and experience from others.

  • What are the three critical questions one should answer before starting a business according to the speaker?

    -The speaker does not detail the three critical questions in the provided script, but he mentions that there is a separate video where he discusses them, suggesting they are essential considerations for potential business owners.

  • How does the speaker define success in the context of starting a business?

    -The speaker defines success as developing a skill that brings value to others, being curious, open-minded, and having the confidence to deliver value to a business, even offering to work for free until proven results are achieved.

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Étiquettes Connexes
EntrepreneurshipSkill DevelopmentProperty ManagementCareer GrowthMentorshipNetworkingBusiness StrategyValue CreationConfidence BuildingLifelong Learning
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