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

Summary

The 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

• 🚫 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.
• 🤔 When hiring, the speaker looks for skills that the candidate brings and their confidence in delivering value to the company.
• 💼 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.
• 💼 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.
• 🤝 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.