The 10 Minute MILLIONAIRE entrepreneur advice for people starting from ZERO

Summary

In this video, Austin Moseley emphasizes the importance of choosing a business niche based on personal experience and understanding, rather than blindly following trends. He advises against trying to sell solutions in a niche without having firsthand knowledge or experience in that field. Moseley shares his insights on how to pick a niche, the value of past experience, and the necessity of patience and dedication to master any industry. He stresses that success in business is about solving problems and building a strong foundation of knowledge, rather than seeking shortcuts or quick wins.

Takeaways

• 😀 Choosing a business niche should be based on personal experience and understanding, rather than just picking something new or trendy.
• 📚 The speaker emphasizes the importance of having past experience in the chosen niche, as it provides a deeper understanding of the industry and its challenges.
• 💡 It's not necessary to create something completely new; improving upon existing services or products can be a successful business strategy.
• 🏆 Success in business often comes from doing something better than others, not necessarily from being first or different.
• 🔍 Y Combinator, a Silicon Valley incubator, looks for past experience in the industry when investing in businesses, highlighting the value of domain knowledge.
• 📈 The speaker suggests that business is fundamentally about solving problems and ensuring the math (economics) of the solution makes sense.
• 🚀 Entrepreneurs should start at the bottom and work their way up to gain a comprehensive understanding of the industry, which builds a strong foundation for business success.
• 💰 The value of hard work and persistence is underscored, with the speaker stating that success often takes time and a willingness to endure a period of struggle.
• 📈 The importance of making an offer that provides more value to customers than anyone else is highlighted as a key to business growth.
• 📘 The speaker's book, available on Amazon for 99 cents, is mentioned as a resource for those looking to understand the value equation and business strategy.
• 🚧 The script advises against rushing to success and instead encourages a long-term perspective, recognizing that mastery in any field takes time and dedication.

Q & A

What is the main topic of the video?

The main topic of the video is about how to choose the right niche for starting a business and the importance of having experience within that niche.

What does the speaker suggest is the common mistake people make when choosing a business niche?

The common mistake people make, according to the speaker, is choosing a niche without having any knowledge or experience in that area.

What is Y Combinator and what do they look for in businesses?

Y Combinator is a venture capital firm and startup accelerator based in Silicon Valley. They look for businesses with past experience within the industry they are operating in, among other criteria.

Why does the speaker emphasize the importance of doing something better rather than something new?

The speaker emphasizes this because many successful businesses are not creating entirely new industries but are instead improving upon existing ones, which is a strategy that is often underestimated.

What does the speaker suggest as a strategy for business growth?

The speaker suggests that business growth comes from solving problems effectively and providing more value to customers than anyone else can.

What is the value equation mentioned by the speaker?

The value equation refers to providing more value to customers than anyone else in the market, which can lead to business success.

Why did the speaker advise one of the agency owners to close his agency?

The speaker advised the agency owner to close his agency because the owner lacked knowledge in the real estate industry, which was causing his clients to not get results.

What does the speaker mean by 'the slowest path to getting there is to fool yourself into thinking that you're good at something you're not'?

The speaker means that one should not rush into thinking they have mastered a skill or niche without putting in the necessary time and effort to truly become proficient.

What is the importance of having a deep understanding of the industry you are serving according to the speaker?

Having a deep understanding of the industry allows you to know the lingo, the customer avatar, the problems, and to see opportunities, which is essential for entrepreneurial success.

What does the speaker suggest as the best way to learn about a business or industry?

The speaker suggests starting at the bottom and gaining experience from the ground up, as this provides a comprehensive understanding of the industry and a strong foundation for business success.

Why does the speaker compare entrepreneurship to building a pyramid?

The speaker compares entrepreneurship to building a pyramid to illustrate that the peak of success is based on the depth of the foundation, emphasizing the importance of a strong base of knowledge and experience.

What is the speaker's view on the time it takes to become successful in a chosen niche?

The speaker believes that it takes a significant amount of time, often five years or more, to become truly successful in a niche due to the amount of knowledge and experience required.

What advice does the speaker give regarding industry experience when seeking a loan for a business?

The speaker advises gaining industry experience before seeking a loan, as banks are more likely to lend to those with proven knowledge and experience in the industry.

What is the speaker's opinion on reading books before gaining practical experience?

The speaker is against reading books on a subject like sales before gaining practical experience, as the books will only make sense after one has had real-world experience.

What is the first step the speaker suggests for starting a business?

The first step the speaker suggests is to get a bank account, set up an LLC, and figure out what you're going to sell.