I Failed At 13 Businesses - Here's What I Learned

Summary

The speaker candidly reflects on their early business failures, including ventures in vending machines, computer repair, network marketing, and mail-order businesses, which led to significant debt. Despite the setbacks, they persisted, attributing their eventual success to learning the skill of copywriting. This skill, they argue, is crucial for effective marketing, regardless of the product or service. The speaker emphasizes the importance of understanding marketing to create compelling messages that drive sales and revenue, ultimately providing an 'unfair advantage' in the marketplace.

Takeaways

• 📉 The speaker experienced multiple business failures including vending machines, computer fixing, network marketing, and mail-order businesses.
• 💡 The common denominator in these failures was the lack of experience and inability to analyze the market or execute the ideas effectively.
• 💼 The speaker emphasizes the importance of learning a skill set, specifically mentioning copywriting as the first skill that changed his life.
• 📝 Copywriting is defined as the ability to use written words to sell and market products or services effectively.
• 🚀 After learning copywriting, the speaker's business began to succeed, highlighting the power of effective communication in business.
• 🛍️ The speaker asserts that regardless of the product or service, the core of business is marketing and understanding how to articulate value to the marketplace.
• 📈 The speaker identifies a lack of revenue as the primary struggle for most businesses, attributing this to an inability to market effectively and create compelling offers.
• 🤝 The importance of creating an engaging story and communicating it in a way that elicits a response from potential customers is stressed.
• 🏆 Even the best product or service will fail if people are not aware of it or do not feel compelled to engage with it.
• 💡 The speaker suggests that knowing how to market gives one an unfair advantage in the marketplace.
• 📚 Resources are available for learning mental skills and improving business acumen, as suggested by the speaker directing viewers to www.sap.com/learnbi.

Q & A

What were some of the early business ventures the speaker attempted?

The speaker attempted a vending machine business, a computer fixing business, a network marketing business, and a mail-order business.

What did the speaker refer to as 'NFL Club' and why was it problematic?

The 'NFL Club' was a term the speaker used to describe the situation where they had 'No Friends Left' due to their business failures and the impact it had on their personal relationships.

What was the main reason the speaker believed led to the failure of their early business ideas?

The speaker believed that the failure was due to a lack of experience, an inability to analyze the market, and a lack of skills to execute the ideas effectively.

What was the speaker's financial situation after experiencing multiple business failures?

The speaker was in debt, approximately $150,000, and was not making enough money to cover their expenses.

What was the turning point for the speaker that led to a change in their business approach?

The turning point was when the speaker realized they had hit rock bottom and decided to learn a skill set, specifically copywriting, to improve their business outcomes.

What skill did the speaker identify as the first high-income skill they learned, and how did it impact their business?

The speaker learned copywriting, the ability to use written words to sell and market effectively, which significantly changed their business for the better.

What is the core message the speaker is trying to convey about the importance of marketing in any business?

The speaker emphasizes that regardless of the product or service, the key to business success is understanding and mastering marketing, as it is the means to attract customers and generate revenue.

What advice does the speaker give to businesses struggling with revenue?

The speaker advises businesses to focus on learning how to market effectively, create compelling messages, and engage stories to attract customers and generate a response.

What is the analogy the speaker uses to explain the importance of marketing in making people aware of a business?

The speaker uses the analogy of dating, where even if you have the best personality, no one will find out unless they go on the first date, similarly, people won't know about a business unless it markets itself effectively.

What resources does the speaker suggest for individuals looking to improve their mental skills related to business?

The speaker suggests visiting www.sap.com/learnbi for mental skills improvement resources.

What is the final message the speaker leaves for the audience regarding the importance of marketing skills in any business venture?

The speaker's final message is that having an unfair advantage in the marketplace comes from knowing marketing skills, which are crucial regardless of the specific business or product one is involved with.