How To Actually Build A $10K/Month Business (15 Lessons)

Summary

In this video, the speaker shares valuable business advice, focusing on the importance of slow, sustainable growth. Key points include the significance of having co-founders, sharing equity with team members, and the dangers of rapid success without proper systems in place. The speaker emphasizes the need for specialization over generalization as businesses grow and highlights how building a loyal community can offer a competitive edge over larger companies. Drawing from personal experience, the speaker stresses the importance of consistency, patience, and the long-term vision in achieving business success.

Takeaways

• 😀 Winning in business often requires collaboration; having a dedicated team and co-founders is crucial to success.
• 😀 Building a business slowly is often better than chasing rapid growth. Fast rises can lead to quick falls due to lack of preparation.
• 😀 Focus on long-term, sustainable growth rather than seeking short-term popularity, especially in social media and business ventures.
• 😀 It’s important to build up your skills gradually and be ready to handle the demands of business, as quick success may not be sustainable.
• 😀 The faster you rise in business or social media, the quicker you can fall, as you might lack the necessary systems, experience, or infrastructure.
• 😀 As a business grows, you may need to shift from hiring generalists to specialists who can focus on specific tasks and expertise.
• 😀 The founder of a business might eventually need to replace themselves with someone more suited to running a larger, more complex operation.
• 😀 Generalists can thrive in the early stages of a business, but as the business expands, it’s essential to bring in specialists for efficiency and expertise.
• 😀 Community engagement is an overlooked advantage for small businesses over large companies. Focusing on bringing value to your community can set you apart.
• 😀 The value of community comes from how you engage with it, not just using it to extract information or profit. Genuine care and support for the community lead to stronger loyalty.

Q & A

What is one of the key strategies for building a successful business according to the speaker?

The speaker emphasizes the importance of teamwork and having co-founders. Equity should be shared with those who contribute meaningfully to the business, especially in the early stages when people work for little or no compensation.

What are the dangers of rapid success in business?

Rapid growth can often lead to unsustainable success. Without proper systems in place, such as brand guidelines and effective decision-making, businesses risk falling just as quickly as they rose.

How did the speaker's approach to social media growth differ from those seeking fast success?

The speaker took five years to consistently produce content, building a solid foundation and skills over time. This steady, long-term approach allowed them to handle the increased workload and demands, whereas rapid success without preparation often leads to failure.

Why is it important for business founders to evolve and hire specialists as their company grows?

As a business scales, it requires more specialized knowledge and skills. Founders may begin as generalists but need to hire experts in different areas to manage the growing demands of the company effectively.

What advice does the speaker give to generalists working in companies today?

Generalists should strive to become specialists in a particular field. Specialization helps protect against job competition, as more businesses are seeking experts in specific areas rather than generalists.

What is the significance of community engagement for businesses, according to the speaker?

The speaker highlights that community engagement is often overlooked but crucial. Businesses that genuinely bring value to their community—rather than just using them for data or profit—can build loyalty and succeed over larger, less personalized companies.

What does the speaker mean by the term 'community' in a business context?

In a business context, 'community' refers to the people who support and engage with the company. The speaker stresses that community should not be seen as a tool for exploitation but as a relationship where both sides give value to each other.

How does the speaker’s book launch relate to the concept of community?

The speaker’s book, 'What’s Your Dream', launched successfully, even surpassing the Pope's book in popularity. This success is attributed to the power of community and how it engages with the product. Their community’s support helped drive sales and attention.

What is the speaker’s view on quick fixes in business?

The speaker advises against seeking quick fixes or shortcuts to success. Instead, they advocate for slow, steady growth and the importance of developing foundational systems and processes that ensure long-term success.

How does the speaker view the role of a founder as the business grows?

As the business grows, even the founder may need to step back from daily operations or even be replaced by a specialist in the CEO role. The founder's job is to recognize when the business requires more specialized leadership to continue evolving.