I'm 30 now. Here's my best business advice.

Summary

In this reflective video, the creator celebrates turning 30 and shares five key life lessons he's learned over the past decade. He discusses the profound satisfaction of being recognized as an expert, the importance of core values like continuous improvement and radical honesty in business, and the financial and managerial challenges of home ownership for entrepreneurs. He challenges conventional wisdom, advocating for empathy towards critics and considering risk mitigation over risk-taking. Finally, he advises against romanticized career paths, recommending niche markets for aspiring resellers, and expresses gratitude for the journey.

Takeaways

• 🎂 The speaker reflects on turning 30 and shares life lessons learned over the past decade.
• 💼 The deep satisfaction of being recognized as an expert in one's field is a significant reward that comes with time and experience.
• 🏡 Contemplating mortality leads to a focus on the quality of life and actions, rather than just financial success.
• 🔍 The speaker emphasizes the importance of continuous improvement, encapsulated in the concept of '1% better'.
• 🌟 Radical honesty, especially in business, builds trust and goodwill, even when acknowledging shortcomings.
• 💰 Paying people well is a core value that leads to low turnover and long-term business success.
• 🏠 Home ownership is questioned as a financial strategy, especially for business owners due to the opportunity costs involved.
• 🤝 Developing empathy for critics and haters can lead to personal peace and a more positive outlook.
• 🛡 Risk mitigation is often more important than risk-taking in business, with calculated decisions being key to success.
• 🔮 The speaker advises against entering overly romanticized industries due to high competition and low success rates, recommending niche markets instead.

Q & A

What is the main theme of the video transcript?

The main theme of the video transcript is the speaker's reflection on life and lessons learned as they turn 30, focusing on personal growth, business insights, and philosophical perspectives on various aspects of life and work.

What was the speaker's goal mentioned in a video they made four years prior?

In a video made four years prior, the speaker had a goal of one day being invited to speak at an in-person event.

How has the speaker's business grown over the years?

The speaker's business has grown to a point where they are hosting panels at video game conventions and reseller events, and their channel is still getting good views.

What does the speaker value most in their business?

The speaker values being seen as an expert in their field and the deep level of satisfaction that comes with it.

What are the three core values the speaker has developed for their business?

The three core values are: 1) Being 1% better, a commitment to continuous improvement, 2) Radical honesty, being transparent about struggles and shortcomings, and 3) Paying people well, prioritizing long-term relationships over short-term gains.

Why does the speaker believe home ownership might be overrated for business owners?

The speaker believes home ownership might be overrated for business owners because it can be more expensive than renting, and it requires significant management effort and financial resources that could be better utilized in growing the business.

How has the speaker's perspective on dealing with haters changed over time?

The speaker has developed genuine empathy for haters and has chosen to focus on not acknowledging them publicly, which has led to a more peaceful state of mind.

What does the speaker consider more important than financial success in their business?

The speaker considers the manner in which they conduct their business, adhering to their core values, and the legacy they leave behind as more important than financial success.

What advice does the speaker give regarding taking risks in business?

The speaker advises considering the potential for regret when thinking about taking risks in business, emphasizing that many people regret not taking risks more than the risks they did take.

What is the speaker's stance on recommending the collectibles industry for new business owners?

The speaker is cautious about recommending the collectibles industry due to its high competition and low odds of success, but they do see opportunities, especially in less glamorous niches.

How does the speaker feel about their journey and the support they've received?

The speaker feels grateful for the last five years of owning their business and appreciates the support they've received, considering it some of the best years of their life.