Get RICH in Your 20’s: DON’T Start a Business

Summary

The 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.