Full transcript
0:07hey everyone what's up it's Bill the
0:09company's expert how are we doing today
0:11welcome to S hustle ideas and uh this is
0:15the weekly live stream where we talk
0:17about Business and Entrepreneurship
0:18thank you for joining me today um
0:20special thanks to my patreons to my
0:23YouTube channel members uh you guys rock
0:26thank you for the support and uh thank
0:29you to all the participants you guys are
0:31the glue that glues together the gears
0:34that makes this whole thing work um I
0:36see canra or can canha is here who says
0:40hi so hi to canra um yes
0:45uh this is episode number 57 of side
0:49hustle ideas and uh the title of today's
0:52episode is called how to start a
0:53business a step-by-step guide for
0:55beginners so we're going to be talking
0:57about that um but first we're going to
0:59briefly talk about what is an MBA I got
1:01a couple of people asking me that um
1:03I've done a series of videos about uh MB
1:06the MBA and what it is and so I thought
1:09we'd touch on that very briefly just um
1:11to kick things off um the word of the
1:14day is
1:15plastique plastique I love the sound of
1:18that word people don't use that word
1:20enough in a business context as well as
1:22much as they
1:23should I just like it you know I have
1:26five kilos of plastique concealed
1:29somewhere about my person um yeah so you
1:33know what we're going to be talking
1:35about those two topics and then we're
1:36going to be taking questions this is a
1:38live uh live stream with a chat so if
1:41you're watching this on your phone or on
1:42a computer or a device of some kind uh
1:45you should see the chat box somewhere
1:46near my face get in the chat let me know
1:48what you're struggling with let me know
1:49what you're wondering about um and I
1:51will try and help you out as best I can
1:55um yeah let's just dive into it so uh a
1:58couple of people asked what is an
2:00uh excellent question um it's totally
2:02relevant if you want to be an
2:04entrepreneur or you even want to do a
2:05side hustle on the side which I love by
2:08the way side hustles are awesome they're
2:09a great way for you to stick your toe
2:11into the world of
2:13Entrepreneurship and uh in the meantime
2:17make a few bucks and learn a hell of a
2:19lot and for some people they just go as
2:22far as supplementing their income you
2:24know a couple hundred bucks a month
2:26couple thousand bucks a month extra on
2:29top of their day job
2:31other people they take it a lot further
2:33they're it's a way for them to monetize
2:35the thing that they really want to do in
2:37life if it's a creative thing or a hobby
2:39type thing uh it allows them to
2:41transition from doing a job that you're
2:43not really into for an employer into
2:46working for yourself and um you know
2:49being able to prosper because of a
2:52passion for something that you know you
2:54just feel you want to do and um you know
2:57it can be a really wonderful thing so
3:00whichever way you slice it if you are
3:01looking to learn more about this um this
3:03is really good and an MBA or something
3:07close to it might be a path for you okay
3:11so uh let's get into it an MBA an MBA
3:15stands for MBA masters of Business
3:17Administration it is a master's degree
3:19in business and um I know a lot of
3:23people a lot of people I'm sure know all
3:25this already but I'm going to start from
3:26the beginning for the benefit of a
3:28couple of people who asked because I I
3:29suspect that they they're rather young
3:32uh they're very young adults and um like
3:35you know they're adults but they're but
3:36they're on you know they're not 60 years
3:38old like like I'm nearly and um you know
3:42they don't know this stuff so when you
3:44go to university there are sort of three
3:46levels of Education that you can take in
3:48a university okay there's colleges and
3:51there's trade schools and there's all
3:52that kind of stuff but we're talking
3:53about University which is sort of like
3:56you know generally speaking sort of a
3:58higher level type thing and and um you
4:01got the bachelor level you got the
4:02Master's level and you got the PHD level
4:05so um I'm sure most people are familiar
4:08with that but what they don't tell you
4:09okay what what they certainly didn't
4:11tell me um is that
4:15um let's talk about the first level of
4:18education so if you're coming out of
4:19high school and you're going into
4:20University and you're taking a degree uh
4:22you're most likely going to be taking a
4:24bachelor degree uh that's referred to as
4:26an undergraduate degree because you
4:27haven't yet graduated with any kind of
4:29degree from University this is your
4:30first one right so uh let's confine this
4:34to business right you could be taking
4:36architecture or nursing or law or
4:39medicine or engineering or you know all
4:41kinds of different disciplines The
4:42Sciences the Arts but we're just going
4:45to talk about business for today if you
4:47go into business and you take a bachelor
4:49degree in Business okay you probably
4:52come out of University with something
4:53called like a bachelor of Commerce
4:54something like that and what that does
4:57is it qualifies you essentially
5:00uh it's hard to say this without kind of
5:01having it come across as insulting but
5:03it it qualifies you to be a grunt okay
5:05so you can work in an organization you
5:08you can work as a professional but
5:09you're probably going to be lower down
5:11generally speaking uh for example if you
5:14work at a bank or something there's
5:16people that are like vice presidents and
5:18this kind of thing running the bank and
5:19then there's people lower down that deal
5:21with the day-to-day kind of business
5:22tasks right you're certainly going to be
5:25qualified to do the lower down stuff
5:28okay you're the person that is giv
5:29instructions then you go and you carry
5:31out that task okay generally speaking
5:34that's kind of what a bachelor degree
5:36prepares you for right now um if you
5:40were to stay in school or go back to
5:43school you already have a bachelor
5:45degree from a university but you want to
5:46go back to University to learn more now
5:49you're going to be at the Master's level
5:51okay and traditionally the way this
5:52worked is that you had to get really
5:53good marks at the bachelor degree to
5:55qualify to to be at the Master's level
5:57that's not really the case for a lot of
6:00things now not not for everything but
6:02but for some things like business
6:03business you don't even have to have a
6:04bachelor degree in business to take the
6:06Master's Degree which is the MBA um and
6:10theoretically what that does is it
6:12qualifies you to be a general manager so
6:15you're no longer the grunt at the bottom
6:17that's um being given tasks to do by a
6:19manager you are the manager you're
6:22someone who decides what to do okay not
6:26is told what to do and and then just
6:28carries it out you're the one that
6:29decides what you should be doing in the
6:31first place so that's the difference
6:33right that's in theory what what's going
6:35on there so that's the Master's level
6:37and the Master's level degree in
6:39business is called an MBA masters of
6:42Business Administration if you were
6:44theoretically to go back to school or
6:46take more schooling and go to the PHD
6:48level that's where you're no longer
6:50considered a master that has mastered
6:53that subject you're now someone who is
6:56in the realm of pushing forward the body
6:59of knowledge you're going to be
7:01discovering something new or innovating
7:03or you know learning something that no
7:06one else has learned before no no no
7:09person on the planet knows what you know
7:12in a very specific area that's the PHD
7:14level okay so in order to get a PhD you
7:17have to have done original work that has
7:19pushed forward the body of human
7:21knowledge in some way okay so that's
7:23kind of that's kind of um how that stuff
7:27works so an MBA is the uh is the math
7:29master's degree at business that's what
7:31the vast majority of bosses
7:35managers um business people in the real
7:38world have if they have education you
7:40see much more master's degree uh people
7:42than you see phds for example phds tend
7:46to not be out in the real world running
7:48businesses they tend to be in
7:50universities uh doing
7:52research alfer Augustus says how can I
7:55fire my boss is that what you say there
7:57there's something in the way yeah how
7:58can I fire my boss
8:00uh well if you know how to knock someone
8:02out with one punch that can be very very
8:04handy in a case like this um if you have
8:07a buddy to kneel down on all fours right
8:10behind them and then you give them a
8:11little tap that also
8:12helps um and then they'll probably fire
8:16you actually if if if you ended up
8:18actually doing that but um there are
8:21ways but I I think that's a joke
8:22question so I'm not going to give a
8:24serious answer to a joke question uh
8:26then you just look look a fool I felt a
8:28jackass right there's a mixed metaphor
8:32for you um okay so that's what an MBA is
8:37what does it consist of it's essentially
8:39you take a bunch of courses right so
8:41you'll take a course on each of the
8:42different topics or areas of business
8:45you there'll be a marketing course an
8:46accounting course HR course an
8:49operations course it you know uh Finance
8:53all all this kind of stuff and um you'll
8:56be learning how to think and how like
8:59like like how to deal with real world uh
9:02situations so there's a lot of case
9:04studies involved where you look at real
9:07world scenarios that companies have been
9:09in and you've looked at what they've
9:11done and you look at what they could
9:12have done instead and you look at how it
9:15turned out right so there's a lot of
9:17studying that kind of stuff and uh in
9:20theory that prepares you to be the boss
9:22right no one tells you what to do you
9:25have to decide what to do um that's an
9:27MBA um
9:30and I guess the only other thing I'll
9:32add in in this is that um for those of
9:35you guys who have done business you know
9:37that there's many different ways of
9:39looking at a business situation an
9:41accountant will look at things in a
9:44certain way whereas A salesperson will
9:46look at that same situation in a
9:48different way you know a um
9:51riskmanagement person will come in and
9:54have a different perspective on things
9:57you know and a quality control person
9:59will come in and look at you know
10:01they'll have a completely different take
10:02on the same situation so there's many
10:04different ways of looking at things and
10:06for those of you guys that have been out
10:08in the real world and you've like ran
10:09businesses and things you know that
10:12there isn't one perspective that's
10:14dominant or that's always right you need
10:16a shared perspective you need to look at
10:19the same situation from all these
10:21different angles to really get an idea
10:23of what's going on and what you should
10:24maybe do right that's kind of not
10:28something they
10:29are super quick to tell you this is
10:31something you sort of figure out by
10:34experience in osmosis
10:36um everything I've said is very general
10:39uh obviously a huge part of knowing what
10:42to do in the real world is based on
10:43experience also experience in your
10:46particular industry so an MBA or any
10:48kind of schooling is something that
10:51supplements your experience and for
10:54those of you who have tried to get a job
10:55in business you've you've applied for
10:57manager type jobs you know that you know
11:00a big requirement pretty much across the
11:03board is going to be experience it's not
11:05enough that you have schooling you also
11:07have to have it tempered with you know
11:10having been out in the real world and
11:12dealt with real world situations and had
11:14accomplishments in real world situations
11:17so that's what that is now um it's on
11:20the screen so I've got to mention it yes
11:22I offer a course okay but if you're
11:26thinking of doing entrepreneurship or
11:28you're thinking starting a business and
11:30you're serious about this it's pretty
11:33much a prerequisite you can either learn
11:35everything the hard way which will take
11:36a very long time and usually it's very
11:38expensive uh because you make very
11:40expensive mistakes or you can learn most
11:43of what you need to know the easy way
11:45and that's where an MBA comes in you can
11:47take a traditional one from school you
11:49could take uh this program from me um
11:52but like for $100 and the amount of time
11:57that you invest in doing the course
12:00the payoff is an absolute no-brainer
12:03because uh this knowledge of this will
12:06help you make better decisions help you
12:09conduct yourself more professionally
12:11even if you weren't really doing
12:12entrepreneurship and you're just trying
12:13to get a promotion or something like
12:14that if this gets you a promotion you
12:16know say two years earlier than you
12:18might have uh and your salary goes up by
12:22like 10 or $20,000 a year you know
12:25that's let's say it's worst case
12:27scenario let's say it's $10,000 for 2
12:28years that's $20,000 it cost you $100
12:31and a little bit of time to get $220,000
12:35so I mean that's that's an absolute
12:36no-brainer so check out this course if
12:38you're interested in that I created it
12:40for people that want to do
12:43entrepreneurship they want to uh you
12:47know succeed in business on its own
12:49merits they want to pick up the skills
12:51and um what you're getting is you're
12:54getting like an absolute no BS you know
12:58no FL no
13:01self-serving trendy sales pitch crap
13:04you're getting like the actual material
13:06that is taught in schools using the same
13:08sources that they as they use in schools
13:10from textbooks written by you know some
13:13of the consument professionals that
13:15write the textbooks that are used in
13:16place like Harvard Business School so
13:18that's what you're getting so check it
13:20out if you're interested in that but
13:21that's what an MBA is if you're thinking
13:24of becoming an entrepreneur or even
13:25doing a side hustle it is well worth
13:28boning up on some of the basic
13:30principles of how business Works before
13:32you pull the trigger especially spending
13:33money or you know spending expending a
13:36lot of your effort at doing something
13:39your time is very precious if you got a
13:40day job and you're doing this on the
13:43side
13:45um yeah alfer says experience is see I
13:49got this thing blocking my they put like
13:52the little icon that hovers right over
13:54top of a chat box in in streamlabs so
13:57it's really annoying but it says
13:59experience is best tutor for humans yes
14:02yeah that's true but it is not the be
14:05all end
14:06all as an aside you guys know the
14:10difference between learning by
14:11experience and learning by Theory a lot
14:13of people don't know this you see it's a
14:16raging debate that has been that's
14:19ubiquitous it's been going on
14:22forever uh when you talk about an NBA
14:25and you know people that don't really
14:27that don't have NBAs they love to bring
14:29up this topic of like you know well is
14:33it worth going to school or should I
14:34just you know have experience well it's
14:37not the same thing uh if you learn
14:40everything you know by experience by
14:42shadowing somebody on the job okay so
14:45you observe your boss you see what they
14:47do and then maybe your boss takes you
14:50under their wing and starts training you
14:52you Shadow them you follow them
14:54everywhere they go and see what they do
14:56and replicate what they do and then you
14:59can step into their shoes and do their
15:00job
15:02right that's what it seems like now
15:05obviously I'm not knocking it there
15:06there's there's a lot of advantages in
15:08being able to do that okay however what
15:11they don't tell you is here's the
15:13weakness if you learn that way okay um
15:18you
15:19learn how to do this one thing you learn
15:21to do that job the way it has been
15:24done and that works great if you're in a
15:27very slow moving non Innovative industry
15:31but if things
15:33change you learn everything your boss
15:36does your boss retires and then you get
15:38promoted into their role right but now
15:42things are different new technology
15:43comes in a new competitor comes in the
15:45marketplace changes the needs of
15:47customers are different they they're
15:48looking for different things the old
15:50stuff doesn't work the old formulas
15:53don't work
15:55anymore now you're screwed because all
15:58you know
15:59is the way your previous boss did it and
16:02so if you deviate from that it's pure
16:05guesswork you're just like uh I don't
16:07know maybe we could try this and it's
16:09trial and
16:10error and you usually
16:12fail the advantage of learning the
16:15theory is that if they put you in a
16:17situation that you haven't seen with
16:20your own eyes before you haven't seen
16:22somebody deal with that exact situation
16:24before you can make very intelligent
16:27predictions of what you should do that
16:30will work and they usually work that's
16:34the difference right so obviously that's
16:36why you need both you need
16:38experience and then you need Theory they
16:41each play a role right that's how the
16:44two come together getting an MBA is the
16:47theory part of
16:48business but like I've advocated for on
16:51this live stream if you want to be in
16:53business you want to learn how to make
16:54money directly by yourself without an
16:57employer to stand between you and the
17:00source of income uh you know you also
17:04need to go out and do things try things
17:07get that experience base right when it
17:10comes to the particular thing that
17:12you're that you're wanting to
17:15learn alfer says Theory plus uh what's
17:19that proper proper experience equals
17:22success yes yes exactly exactly and I
17:26know that for some people in this day
17:29and age the education is a bit of a
17:30barrier because the tuition prices go up
17:33and up and up and up and uh you know
17:35this kind of thing so that's why I
17:36created my course this thing right here
17:39right because it's it gives you the
17:41exactly the same
17:43outcomes but it's so much more
17:45convenient you don't have to quit your
17:46day job you don't have to go back to
17:47school full-time for like a year or two
17:49years you know that's that's why I
17:51created that okay so hopefully that
17:53makes sense
17:54everyone everyone hopefully understands
17:57and the the role that you you know what
17:59you would need if you're in a fast
18:01moving industry that's constantly
18:02changing business is constantly changing
18:04in that industry then you would
18:06definitely want more Theory so you can
18:08adapt to new situations but if you're in
18:10a more traditional industry you know
18:12it's very slow moving it's been around
18:14for 100 years it's going to be around
18:15for another 100 Years everybody who
18:17works there knows
18:19that then you can get away with just
18:21learning by shadowing people and you
18:25know uh being on the job for a very long
18:28time
18:29then you can get away with
18:31that and then hope that things don't
18:34change and I've had firsthand experience
18:36working in an industry like that I I've
18:38worked across five Industries so and
18:40definitely one of them for sure was
18:42exactly like
18:44that okay uh we got 21 people here thank
18:47you for joining me today you guys are
18:49awesome hopefully you're here to learn
18:50something uh the topic of the the main
18:52topic of today's live stream was how to
18:54start a business a step-by-step guide
18:56for beginners okay now
18:59uh
19:00usually when you ask this question you
19:04say how do I start a business for some
19:07reason a lot of people end up asking
19:10this question it gets answered by
19:12accountants I know that there's a lot of
19:14accountants who have read have written
19:16books on this uh you know the kind of
19:18books that you would buy at like uh you
19:20know like Chapters Indigo you know those
19:22kind of
19:23places um there's a lot of people doing
19:25videos a lot of people doing articles
19:27about this kind of thing but always
19:29seems to be accountants that that answer
19:31that question so they give you of
19:34extremely accounting centered answer and
19:38they'll say you know well you know you
19:39could start a corporation or you could
19:42start a you know sole proprietorship or
19:44you could start a partnership you know
19:45the different forms of
19:48business right and that has been
19:51discussed extensively you can find that
19:54all of that as far as I'm concerned is
19:57completely beside the point point
19:59because let me ask you a question what's
20:01the point of starting a business if you
20:03still don't understand how to make money
20:06like great you've got a registered
20:07company name you've got a registered tax
20:10entity you know how to do your taxes
20:13okay you know how to write off certain
20:15expenses against the income that you
20:18make okay you've got a website you've
20:21got a you've got a fancy office space
20:23somewhere uh you are registered as a
20:26member of an association Etc etc etc but
20:30yet you have no idea how to make money
20:34like how to get a customer to buy
20:36something from
20:38you would that be an answer to the
20:40question how to start a
20:42business to me it's not to a lot of
20:45accountants they don't seem they they
20:46don't even address that they just say
20:48well you registered this these are your
20:51options you know this is how you
20:53register your company name it's
20:54basically basically an Excursion into
20:56the bureaucracy involved in filling in
20:58in
20:59forms okay now I'm not going to cover
21:01that here okay because that's what other
21:03people seem to always talk about for
21:05some reason I'm going to talk about
21:06something a little bit more important
21:08which is how to get money coming in
21:11because if you can get money coming in
21:13then it makes sense to register a
21:14company name worry about how you're
21:16going to do your taxes you know Etc um
21:21then all the other stuff makes sense
21:22then you would have a need for a website
21:24or office space or
21:27employees you know what I'm saying
21:29thing so the very first thing as far as
21:31I'm concerned is how to get money coming
21:34in so you know that like a this is going
21:36to work and B there's a need for all
21:38these other things and it makes sense
21:41for me to go ahead and incur all these
21:44costs because I have money pouring in as
21:47Revenue to help cover those costs
21:52right see a lot of people start
21:54businesses at like an ego trip they want
21:56to they want to feel that they're in
21:58business so they get business cards they
21:59get a website they register a company
22:01name but they have no money they have no
22:04source of Revenue they haven't made a
22:06scent and they don't know how to make a
22:08scent so uh so with that big long
22:11disclaimer out of the way let's talk
22:13about
22:15this um and let's not forget the
22:17importance of luck well yeah yeah well
22:21like if somebody said you know I want to
22:22be a doctor um you know my answer
22:27wouldn't be like well you know there's a
22:28huge component of luck involved in
22:30whether you can be a doctor like no it's
22:33not to me it's not really luck it's you
22:36know do you have the knowledge do you
22:38have the drive if you have the knowledge
22:40and the drive and the opportunity then
22:43there's no luck really other than you
22:45know you didn't get some kind of
22:48terminal disease and die or something
22:49like that as a matter of random chance
22:53uh uh CL flan says at my desk at work
22:57soaking it all up you are great to well
22:58thank you very much thank you very much
23:00that's High Praise indeed okay let's
23:02return to this so how to start a
23:04business
23:05now um short answer is that uh don't
23:11worry about any kind of bureaucratic
23:14thing in the very beginning it's all
23:15irrelevant okay the only thing in my my
23:20opinion my recommendation that you
23:22should be worried about is how to get
23:25money coming in how to get a source of
23:27Revenue if I can't get any kind of money
23:30coming in the door then I should not
23:33proceed with anything that involves work
23:35or anything that involves cost because
23:38it will not make sense it'll be a lot of
23:40work and a lot of expense that I'm
23:41paying for out of my pocket for
23:43absolutely no gain right so the only
23:47thing you should be worried about
23:49first is can I make money okay now let's
23:54to that aim let's look at something here
23:56I'm going to share my screen
23:59okay so what I did was I typed in the
24:02title of this live stream okay into
24:06Google and these These are the results
24:09okay now I just want to say this okay
24:11starting a business can seem like a lot
24:13but following these steps will help make
24:15sure you're
24:17successful and then they proceed to give
24:20you the absolute wrong thing to do make
24:23a business plan
24:26nope how are you supposed to know what
24:28to do if you haven't tried anything yet
24:31you were going to learn by doing it okay
24:34and what's the point of before you just
24:37go ahead and do something writing it all
24:39out in a big report who's the report for
24:42is it for you do you not know you don't
24:45do not remember your own thoughts on
24:47this there's no need to do this any of
24:49this secure funding wrong this is how
24:53traditionally you would do
24:55entrepreneurship that worked
24:58up until about 30 40 years
25:01ago okay starting with the internet
25:06especially there's a much Superior way
25:09of doing things than this you don't need
25:10money up front this is the procedure if
25:14you want to start a business unit that's
25:18not it's not something that's uh at the
25:22level of an individual it's at the level
25:24of like hundreds of people okay for
25:27example you want to buy buy a franchise
25:29or like a series of gas stations or you
25:31want to tack on a new division of your
25:34company this is the procedure for that
25:37but this is not the procedure you follow
25:38if you're a single person trying to
25:40supplement your income or start a new
25:42business that you're going to run by
25:43yourself doesn't work like this okay um
25:48surround yourself the right people yeah
25:50well if it's a single person business
25:52obviously you can't do that um follow
25:55the right legal procedures yes obviously
25:57you don't want to do anything leg Al so
25:59what I want to say is that this is the
26:00worst advice you can give somebody as an
26:03individual okay now I've advised startup
26:05Founders for years and I've started
26:08several businesses myself and I've
26:10worked in large Enterprise and I've
26:12worked in small and mediumsized business
26:15smmes so I know what I'm talking about
26:17here um but what I want to talk about
26:19specifically is where was
26:21it right
26:23here um no it's right here sorry Google
26:27has these like little pre-answer
26:29questions for you this one right here
26:32what is the first rule of starting a
26:35business and someone says uh the first
26:37rule of business is find a need and
26:40fulfill
26:41it
26:43right this is good advice this is what
26:46you should be paying attention to okay
26:48that's a great I'm actually kind of
26:50jealous of this answer I wish I could
26:51have summarized it so succinctly um
26:55myself but find a need and fulfill it
26:59okay so this is what you have to do now
27:02you'll notice that this is different
27:04from what a lot of people do a lot of
27:07people uh that want to start businesses
27:09they they don't do that instead what
27:11they do is they kind of go internally
27:13and they kind of think about things and
27:17they make a prediction and they they say
27:20I have a theory that you know if I do
27:23this you know if I build this they will
27:26come right so it's not based on
27:29observation it's based on your thought
27:31processes and and and your theorizing
27:34okay um what this is
27:38saying okay is it's saying go well at
27:42least the way I'm interpreting it is
27:43it's saying go observe what you see go
27:46find a need see people that need
27:49something that's not really being
27:50fulfilled
27:51properly you know people are buying this
27:54product and they're not really happy
27:56with it but there's no real alternative
27:59so this is the best option there is so
28:01they're they're going with this option
28:03but they're not really happy about it
28:04they're not satisfied it's either too
28:06expensive or the quality is bad or the
28:09the the the features of this particular
28:12product or service don't meet their
28:13needs they're they're not satisfied
28:15right that's what you need to look for
28:17you need to see actual customers of some
28:21kind users of something that are not
28:24happy with something their needs are not
28:26being met and and they are not satisfied
28:30with the existing solutions that are
28:31available to them but it's something
28:34that you could help them
28:36with right that's what you need to go
28:39out and find okay if you can see this
28:42you've already solved several of the
28:45steps in the process that you're going
28:46to have to do later on okay so this is
28:50what you need to look for first before
28:52you register a company name before you
28:54register you know a tax entity or you
28:56create a website or business cards or
28:59rent office space or anything like that
29:01you got to find this first and this
29:03costs absolutely nothing but it will
29:06take a little bit of effort and a little
29:08bit of
29:09observation this might involve you going
29:11out and physically going to places where
29:14certain people congregate users of a
29:16certain
29:17thing um it might involve you
29:21interacting with a lot of people I might
29:22observe you observing a lot of people uh
29:26okay but this is the first thing you
29:27need to do this is the first
29:29step if you can't see this I would
29:32really preach caution about doing any of
29:35the other things you need to do before
29:37you've before you've done this
29:40okay
29:42um yeah here are my notes see if I can
29:47there we go it's got to master my
29:49technology here it's uh something that
29:51someone of my age really has trouble
29:54with apparently um
29:58yeah the only real thing that you would
30:01you have to do after that or that you
30:04could do in the meantime is think of a
30:06company name think of a name now in a
30:09perfect world your name would be unique
30:12or it would be locally unique so let's
30:16say that there's another company out
30:17there that has a name but you like this
30:20particular name uh you can usually get
30:22away with it if they are no if they're
30:24not in your industry okay that's usually
30:27how you can do it
30:28sometimes it's separated by geographical
30:30location we see this in the construction
30:31industry you go to
30:34um you go to one city and there's uh you
30:38know if you find a business called uh I
30:40don't know four aces Plumbing or
30:42something like that there will be a
30:44company uh in that particular city
30:46called Four Aces plumbing and they and
30:48they operate locally in that City it's
30:50just a sort of mom and pop type
30:51operation and then you go to the next
30:53city and there'll be another company
30:55called for Aces Plumbing or Four Aces
30:59drywall or four aces Roofing or
31:01something like that like it's they're
31:03not going to sue each other over the
31:05name four aces because somewhere in the
31:08world there's hundreds of company called
31:09Four Aces something or other right the
31:13only critical thing is that in that
31:14particular geographic region or in that
31:17specific
31:18industry uh
31:20basically you need to be unique to a
31:24customer base to a market that's the
31:26only thing that matters now beyond that
31:28the only other constraints you you'd
31:30ever worry about would be legal
31:32constraints um if the government in your
31:35area where you register company names if
31:38they uh you know have little wants wills
31:41and needs then you could do that but you
31:43don't need to register your company name
31:45at this stage you don't need to go
31:46through any bureaucracy at all
31:50until you get money coming in that's
31:53when you need to worry about the
31:55bureaucracy there's a lot of people that
31:57provide whether they're accountants or
31:59they're you know
32:01lawyers or other people Consultants that
32:03will love to tell you you need to go out
32:05and spend all this money right off the
32:06Hop before you've done anything to
32:08register things and to reserve things
32:10and set up things you don't have to do
32:14anything until you're assured that you
32:17can make money okay so I just want
32:20everyone to understand that I can't say
32:21that enough
32:23times um so it might be a good idea to
32:26think of a company name okay so you can
32:28tell people like a name right you don't
32:32have to use your own you know personal
32:34name of your your first name last name
32:36thing you can actually give a company
32:38name or a business name but uh it
32:40doesn't have to be registered right
32:42think of like YouTube channels you know
32:43when somebody creates a YouTube channel
32:44do they do they register their YouTube
32:48channel name with the
32:50government where where in in the country
32:53that they're
32:54based no no they don't even if they
32:57thought like look I want to monetize my
32:58YouTube channel and maybe quit my job
33:00eventually and become a YouTuber or
33:02something they still don't register
33:04their comp their YouTube channel name
33:06with the comp with the government as a
33:09company
33:11name when they when they first set up
33:13their YouTube channel they may do that
33:15later on if they choose to if they get
33:17really big but most people don't you
33:18don't need to do that
33:20stuff right I mean if you don't even get
33:23monetized what would be the point of any
33:24of that it's just all a waste of time
33:26and if it costs you money it's money
33:27you'll never get back
33:30okay so that's the first thing you need
33:33to do okay to start a company step by
33:35step is look for a need okay see if you
33:40can fill that
33:41need and then the second step is to
33:44validate validate
33:47that what does validation mean that
33:49means to prove something right you want
33:51to prove that it makes sense for you to
33:56persist with this plan
33:58and specifically you want to prove that
34:00you can make money with it so what does
34:01that mean that means you need to prove
34:03that you can convince a customer or a
34:06client
34:08to initiate a transaction with you to
34:10buy your thing right that's what you
34:13have to
34:14do and let me ask you something if
34:17you're uh if a member of your family
34:19came to you and said you know I'm going
34:21to quit my job and instead I'm going to
34:24make money doing this thing I have a
34:26plan to to start up a business doing
34:28this I I feel I could do this I could
34:30become a plumber and I could have my own
34:32big plumbing company and uh you know I
34:35could make millions of dollars and uh
34:37you know have all these plumbers working
34:38for me and uh you know that's what I'm
34:40going to do so I'm going to start that
34:41up right maybe this is your Idiot
34:44Brother or something like that that says
34:46I'm going to do this what would it take
34:48to convince you that this was a good
34:50idea because they're about to quit their
34:52job to do it right and they may need to
34:55come and stay with you and borrow money
34:57right so what would it take for them to
34:59convince you that this is going to work
35:01you're
35:02skeptical now if they came to you and
35:04said well this isn't such a stupid idea
35:07look I've had uh
35:10requests for me to provide plumbing
35:13services for 10 people 10 homeowners
35:18have already said like you know I'll pay
35:20you you charge what $50 an hour okay I
35:23need you to come to my house and fix
35:25this leak I need you to come to my house
35:27and install all a new uh you know luxury
35:30bathroom I I I need you to come and do
35:32this work for me we've got a building
35:34all the pipes are old I want you to uh
35:36do a complete overhaul on the plumbing
35:38system on this building I've already got
35:40people like wanting to pay me that would
35:43hire me tomorrow to do all this stuff
35:45and here they've given me an endorsed
35:48check you know to show that they're
35:50serious or they've prepaid for it would
35:53that convince you that your brother
35:54should quit their job and set this setup
35:57a plumbing company would that be
35:59enough what if one person they you know
36:03gave them this and said like look you
36:05know here's an endorse check I'd like
36:06you to come and work for me and sell
36:08Plumbing Service would that be enough to
36:10convince you that this is a good idea
36:12maybe they got they convince one person
36:14but but that's it
36:17right okay so in a way you're you're
36:20you're wearing the shoes of an investor
36:24an investor is saying like is this is
36:25this a good investment or not is this a
36:27business is likely to succeed or not is
36:29it going to be profitable or not right
36:32what would it take to convince you
36:35usually this is the kind of thing that
36:36shuts down any kind of reservations from
36:38investors you know um it's not like
36:41Dragon's Den or Shark Tank or you know
36:44any of those TV shows where someone says
36:46I got this idea I'm going to make uh you
36:47know hot dogs the the fly you know yeah
36:49it's going be the latest thing you know
36:51it's like hot dog and you put the
36:52mustard and the ketchup and you put in
36:54the slingshot right it'll be like the
36:56latest Trend it'll be the latest fat
36:57everyone will want one of these right at
36:59parties you know you name it you know
37:01you know like t-shirt cannons well this
37:03will be the next step right you get like
37:04a hot dog to the face at like you know
37:06150 clicks you know um and the investors
37:10look at that with their jaw hanging open
37:12they go like I don't think that's going
37:14to succeed well you know who knows one
37:17person says that's a great idea another
37:18person says that's a stupid
37:20idea who's right there it's unknowable
37:23right but if the if this if the founder
37:28or the entrepreneur says well okay I
37:31understand that you think this is a
37:32silly idea I know a lot of investors
37:34that think this is a silly idea uh I've
37:36made
37:37$150,000 in the last month selling this
37:41do you want to invest oh and by the way
37:44I've made you know $150,000 every month
37:46for the last two years and I'm
37:50expanding okay now do you want to invest
37:53most investors at that point will go
37:55sure no argument here
37:58it costs you this much you just made
38:00this much in a month okay I'm
38:02in right you know that shuts everything
38:05down right results speak for themselves
38:08it's not about opinions it's about
38:10results so same thing this is what you
38:12have to do to start up a business you
38:14have to prove not only to
38:16yourself because you know you're all for
38:19it but you are hardly objective about
38:22these
38:23things you would have to prove to a
38:26skeptic that the hypothetical skeptic
38:28that's on your team the hypothetical
38:31investor that would be waiting to invest
38:33but they're they don't agree with your
38:35opinions they don't think it's going to
38:37work your your brother that's always
38:39putting them down that's saying that
38:41they're a loser and they have hairbrain
38:43scheme you know airin
38:45ideas right so that's what the process
38:48of validation is it's a way to silence
38:52Skeptics skeptical voices either your
38:54own or those of others
38:59and usually the best way of proving to
39:01them that this can make money is to have
39:05made money with it right so the great
39:07thing is that you don't have to actually
39:10produce a product sometimes not all the
39:12time but sometimes you don't actually
39:14have to produce a product or provide a
39:15service to have money coming in you have
39:18people that are willing to prepay for
39:20it okay in fact this is how a lot of
39:23business has done um businessto business
39:26type transaction
39:28occur you know uh back years ago when I
39:31was a project manager if I needed a
39:33contractor to come in and do something
39:36you'd call them up you'd say hey I need
39:37you to come in and do this I understand
39:40you know it's like $1,000 per whatever
39:42per job I need you to do four jobs um
39:45can you guys come in next week in the
39:47mornings and they say uh yeah we could
39:49have somebody over there and say okay
39:50great pencil me in and then they come in
39:52they do the
39:54work right and then they send you a bill
39:57for it later right and then you pay it
39:59they send you an invoice right how does
40:01it work in the consumer Market it
40:02doesn't work like that does it you walk
40:03to the store and you say I'd like to buy
40:05this and say okay give me your money up
40:07front right you want to order something
40:09off the internet off Amazon you say I'd
40:11like to buy this and say okay give me
40:13your money up front and we'll send it to
40:15you trust us
40:18right that's how this works it's like
40:21you're buying something from Amazon
40:23right you pay UPF
40:26front and and then I will provide the
40:29service now if there's some kind of
40:31problem then it turns out that you know
40:33we don't have that in stock as it turns
40:35out so we can't send it to you then we
40:38refund your money right so what you can
40:40do is you can just adopt this model and
40:41say like look you know I provide this
40:43service even though you never have
40:44before but this is what it costs this is
40:47what I'll
40:48do and let's say this is
40:51realistic you have the capability of
40:54doing this if it made sense if somebody
40:57paid you you'd certainly be able to
40:59deliver right the question is does it
41:02make sense for you to do this so you say
41:04hey I provide plumbing
41:07services and you see if you get any
41:10bites right if you get 10 people saying
41:13yes I need a plumber I've been trying to
41:15get a plumber to come in and do all this
41:16work and all the plumbers are busy we
41:19don't have enough plumbers in the city
41:21right you know and the ones that usually
41:23come in are usually jerks and they don't
41:24do a good job right I'm looking for for
41:27somebody good that that can do this and
41:29you say sure I can do that and this is
41:31what I charge and I say okay great and
41:33you say okay we'll pay in advance and
41:34then we'll be over and we'll do it when
41:36you know it's right here
41:39okay right now if you get a lot of
41:41people saying yes and they pay up front
41:43there's your proof there's no no nothing
41:46further is uh is needed to prove to
41:50yourself or to anyone else that this is
41:51going to be a sustainable profitable
41:53thing right assuming of course that you
41:56know what you've said you were going to
41:57do is
41:58realistic right and you can deliver on
42:02it right so that's what you have to do
42:05now what's going to happen for a lot of
42:07people is that
42:08uh you won't get the bites or you won't
42:11get enough bites which tells you you
42:14have to go back and tweak what you're
42:15offering okay and if you get one or two
42:18but then you decide not to follow
42:19through it's fine you just give people a
42:21refund you say I'm terribly sorry I I
42:23unfortunately can't uh you know move
42:26forward with this
42:28you know but thank you anyway I wish you
42:29the best of luck uh you know what I
42:34mean you know but
42:36occasionally you'll you'll hit
42:40gold and that's when you proceed and
42:43then when you proceed when you do all
42:45the bureaucracy and you take all the the
42:48expense to like set things up you know
42:51that it makes sense to do so because you
42:54have Revenue coming in the revenue has
42:56already come in and that's what you're
42:59using to finance all these expenses now
43:02to get the office space to get the
43:03website to get the business cards etc
43:07etc okay so that's my
43:11version of how to start a business
43:13step-by-step guide for beginners the
43:16bureaucracy is easy how to set up a
43:18company is easy okay you go to your
43:20local government website or you could do
43:22a Google search to to find this and
43:24they'll have a website that says this is
43:26the company's office office this is how
43:27you register your company name very
43:29simple if you want to do that right you
43:31can hire an accountant to advise you on
43:33the money matters you can hire a lawyer
43:35to advise you on legal matters but you
43:37do that when you have money coming in a
43:39lot of money and now you want to do you
43:41get your ducks in a row and make sure
43:42you're doing everything properly to
43:44manage your risk right that's something
43:46you worry about later on the only thing
43:48you need to worry about in the
43:50beginning is
43:52validation right so that's my version of
43:55it okay there are 29 people here thank
43:59you for being here thank you for joining
44:00me today uh this is the part of the live
44:03stream where we go to you guys if you
44:05have any questions so get in the chat
44:08let me know what you're wondering what
44:09you're struggling with what you're
44:11working on and I will do my best to
44:14answer your questions to help you
44:16out
44:18um yeah I like I like doing this the
44:21reason I do this is because people show
44:23up to these things and people send me a
44:25ton of questions and uh
44:27people buy my courses and people watch
44:29my videos and there there's obviously a
44:31need for it that's why I do this I'm
44:34actually finding it quite enjoyable
44:35generally speaking I never in a million
44:37years thought that I'd end up doing this
44:41um you know my dat my sort of day job as
44:44a Management Consultant and I still have
44:45a lot of clients and I still do that but
44:48I have to admit I'm finding the YouTube
44:49thing every year that goes by I'm
44:50finding a little bit more
44:54enjoyable so there you go so that's why
44:56I persist with these I just launched uh
44:59a third Channel actually company's
45:02expert 3 I've got this thing that's been
45:04up on the
45:05screen uh the company's expert 2 that's
45:09that channel has had kind of I've done
45:11it differently over the last three or
45:13four years uh I used to do it originally
45:16it was for like live streaming but I
45:18moved that to my main Channel and then I
45:20used it for podcasts and then I sort of
45:24you know sort of stopped doing podast in
45:27favor of live streams and then now I'm
45:30using it for clips and things like that
45:32so I have a lot of stuff but I've
45:33basically um put all the how to get a
45:36job type Clips clip videos on here and
45:39I've just launched a third channel the
45:41company's expert 3 that's where I'm
45:43putting all the entrepreneurship related
45:45videos that I'm going to be doing or
45:47that I have done so uh check out the
45:50company's expert 3 uh there should be a
45:53link from my YouTube uh YouTube Channel
45:57page or you can just type in the
45:59company's expert 3 and it should take
46:01you right to it I got a whopping one
46:03video up there because it launched
46:05yesterday um but there's going to be a
46:07lot more so go there and subscribe to
46:10the company expert 3 if you like my
46:12business
46:14content um alfer says most newly found
46:18business would bankrupt in two years
46:20reality of survival uh survival ship
46:24bias I don't know what that is um
46:27there's no bias involved it's just trial
46:29and error and um you see this is the
46:32thing like what are the odds of getting
46:35a Hoin one in golf right I'm not a big
46:39golf player I I respect people who play
46:41a lot of golf like I wish I wish I did
46:44and I was as good at it as they are but
46:47you know in golf you get a hole in one
46:49you just like hit the ball and it goes
46:51like you know a 100 miles and then it
46:53lands in this little tiny hole what's
46:55the odds of getting that in one shot
46:57it's like the Holy Grail of of golfing
47:00right there's some people that get whole
47:01a hole in one occasionally right but
47:04what are the odds it's very very
47:06unlikely that that will happen
47:07especially if you're inexperienced right
47:09it's exactly the same analogy if you're
47:11starting a business you know if you've
47:14never started the business before you've
47:15never made any money directly before uh
47:19and you try something you know now the
47:21odds are against you the odds are that
47:24you know you didn't guess correctly you
47:27didn't predict
47:29everything 100% accurately right it
47:32didn't work out the way you were
47:33envisioning and it ends up not going
47:36anywhere but you learn
47:40right now the problem is like okay so so
47:44a moment ago we were looking at this web
47:46page right and what was the first thing
47:49that I talked about I think it was the
47:50first thing I talked about it was I said
47:52look at this starting a business can
47:53seem like a lot but this is what you
47:55should do the first thing they say is to
47:56make make a business plan then they talk
47:58about securing funding right now what
48:01what they're what they're not telling
48:03you is that why would you need funding
48:05it's because you're going to spend a ton
48:07of money in order to try your idea
48:10you're going to spend a lot of money
48:13usually money that isn't yours that's
48:14what you know the implications of
48:17securing funding
48:19means okay usually you're not spending
48:23entirely your own money either you're
48:25spending government grant money or you
48:28know investor money or family friends
48:30and family money right it's not yours or
48:34you're spending money that you took out
48:36from a bank as a loan that you're going
48:39to have to repay later right you don't
48:42have the cash upfront so you've got to
48:44get a
48:46loan now the problem is is that like
48:49alfer said here like alfer pointed out
48:51in the
48:53chat you know most ideas especially when
48:56you're in experience they tend to fail
48:59right so this is one of the reasons why
49:01you should not be spending a ton of
49:03money upfront why you need to validate
49:04your idea first because wouldn't it be
49:07great is that if this idea ended up not
49:09working out wouldn't it be great if you
49:11knew that soon sooner rather than later
49:15and it didn't cost you anything to try
49:18the idea wouldn't wouldn't that be an
49:20improvement of course it would right if
49:23it costs you
49:24$150,000 to find finally realize that
49:28this idea is not going to
49:30work chances are you're you're going to
49:33be done you're not going to try another
49:35business idea after this one
49:39right so that's one of the reasons why
49:43this is not the procedure to follow if
49:45you're an individual wanting to start a
49:48home business or something that's just
49:49not the way to go that's maybe something
49:52that you would do in a larger
49:53organization if you're setting up a
49:56business an entire business unit right
49:59um but you wouldn't follow it here then
50:01then you know there's a lot of people
50:03involved that's when you've got to write
50:04business plans you don't have to write a
50:06business plan for yourself and the other
50:09thing is that um if you end up like
50:12going to get a
50:14loan they don't care about your business
50:16plan they don't they're not going to
50:17look at it and validate your idea the
50:20reason that most loans are given is
50:24because these days because they've
50:25written in personal guarantees that say
50:28that you know you're paying this money
50:30back like you understand that right
50:32whether your idea flops or it takes off
50:35you're still paying this money back
50:37right so there's no risk really or
50:39there's very little risk for the
50:41lender you're assuming all the risk
50:45right and this is
50:47why I said earlier that you know people
50:50should learn about how business Works
50:52before they start doing this kind of
50:54thing because if you don't understand
50:55the concept of risk
50:57you know you're taking all these big
50:59risks and it's likely you're going to
51:01lose
51:03right so but but a lot of people that go
51:06down this path they're just ignorant of
51:07all these Concepts so uh they end up
51:11taking out big loans they try an idea it
51:13flops and then they're on the hawk for
51:15all this money and then that pretty much
51:17puts an end to any of their
51:18entrepreneurial Ventures from from that
51:20point onwards so that's not the way to
51:22do it there is a way you can do this and
51:25that is you do it by validating the
51:28idea you do it by validating the idea
51:31Without Really spending any money to do
51:33it and the great thing to do there is
51:35you're just like saying hello I can
51:36offer this is anyone interested and sort
51:38of like getting that out to your
51:40audience or or what you believe is your
51:43your audience your your market right and
51:47then you put that to the test and if and
51:49if they are interested then you ask for
51:51you basically say prove it like you know
51:53the way we I do business is you pay for
51:55it and then I Pro provide the service or
51:57the product right so you get the money
51:59up front and that solves two problems it
52:02validates the fact that this idea is
52:04going to work and you can bring money in
52:06it also solves the problem of startup
52:09Capital like here is your money to get
52:12going so now you can if it was a
52:15plumbing company here's the money to buy
52:18the tools or the parts or the vehicle or
52:20what whatever it is you need to do
52:22plumbing
52:23services here's your cash you know this
52:26is enough cash certainly to rent a
52:28vehicle if you don't have one and to
52:30rent tools for a day or two and go out
52:32and do a job and make a profit you know
52:35you're already profitable on day one and
52:39two and you've just validated the
52:43business idea that it suggests that
52:46there'll be more customers
52:48coming and you can sustain it right so
52:51so that that's not the be all and all
52:54but at least is enough
52:57to convince you that it does make sense
52:59to pursue this
53:01further right so that's why I advocate
53:05for uh the position I've just
53:09stated we're not getting a ton of
53:11questions in the chat uh there are 23
53:14people here um I'll give it a couple of
53:17minutes and if you guys have any
53:18questions get in the chat let me know if
53:22uh if we don't really get any questions
53:23I'll probably end up winding it down but
53:26um
53:27yeah that's that's what I would
53:29say and I just want to reiterate in the
53:32meantime until we get some questions
53:34that if you're looking to learn business
53:36check out that course that course will
53:38teach you everything you need to
53:40know about how to start a business how
53:43to run a business and how to find
53:46success in business now this helps you
53:51obviously if you're starting a business
53:52it also helps you if you have a some
53:54kind of corporate career okay if you
53:56want to be a manager or anything like
53:57that as a sort of Fringe benefit you
53:59will learn what's important to business
54:02how business works and that will help
54:04you in a traditional career too it'll be
54:10invaluable
54:12okay um how do you validate an app idea
54:17before building
54:19it well there's a lot of options for
54:21that okay you don't have the app right
54:26but you're going to basically try and
54:28find people
54:29for uh you know to prove that they would
54:32buy this thing right now I know what
54:36some people have done first of all I got
54:37to say with a big disclaimer is that I'm
54:39not in app development okay so that's
54:41not my core competency so I couldn't
54:44tell you all the little details of that
54:46particular industry and the very latest
54:49way of monetizing it and all this kind
54:50of thing but what I have seen in the
54:52past okay is people doing things like
54:55GoFundMe
54:57uh you know accounts or or or campaigns
55:02or whatever you call them that say like
55:04look I'm a developer I'm developing this
55:06whether it's a game or it's an app and
55:08saying like you know here's where we are
55:10and you can join this thing and you you
55:13put your money in up front and there'll
55:15be a refund if it ends up not getting
55:17made but uh in the meantime you're
55:20guaranteed to get the product for free
55:22when it's finished if you sort of you
55:26know fund me now that was that's that's
55:28the I've seen a people use that model I
55:30don't know how effective that is but
55:32that's a model now um when an app is on
55:37a Marketplace like you know Apple App
55:40Store is it Google play or like these
55:42kind of things I don't I don't know how
55:44you would do it there but basically you
55:46need to get proof that people are
55:49willing to part with their money before
55:51you go down that road and if you know
55:54you you're thinking of making a game or
55:55something and you just can't get that
55:58then before you spend two years of your
56:00life or whatever it is developing a game
56:02only to find out you can't sell it no
56:03one will wants to pay for it uh you know
56:06instead you have an opportunity to Pivot
56:09and say okay well maybe people don't
56:12want this game but what if I put out a
56:14thing and said here's some productivity
56:16software a productivity app that I can
56:18do that like is a plugin for Outlook or
56:22a plugin for Google or some some you
56:25know Chrome some some larger thing that
56:27people will be willing to pay for right
56:31and you can set up the the selling
56:34mechanism for that first so you would go
56:36on Marketplace and you'd create You'
56:37create some kind of placeholder that you
56:39can offer and say Here's the plugin you
56:42pay for it you get this it plugs it in
56:45and then when the app is developed or
56:47it's finished you know you will get it
56:50will be uploaded and installed
56:52automatically uh with no extra charge at
56:54that point or something I mean you know
56:56something along those lines that's how
56:58you would do it you have to be able to
56:59prove that people will pay for something
57:03before it's delivered right and if you
57:07don't understand how that looks like
57:08think of every purchase of a physical
57:11product on an online store like like
57:14Amazon being the The prominent example
57:16you know I want to buy a sweater or
57:18something I pay up front and I trust
57:21that they will send it to me and I trust
57:22them to do that and it will arrive I
57:24just have to wait right it's it's that
57:26model right so you just have to apply
57:30that um maybe if there are people in
57:33here that are more directly plugged into
57:35the software industry these days they
57:36might be able to answer that for you
57:39um business related questions only uh
57:44you're wanting to ask me about my hair I
57:46imagine that's the obvious thing uh yes
57:48it is
57:49real and um no I can't give you the
57:54secret uh Al says I'm studying petroleum
57:57engineering what's your prediction of
57:59petroleum in the future
58:01um well look that industry is is when I
58:05was describing traditional Industries
58:07like they've been around for a while
58:08they're going to be around for a while
58:10that's one of them okay so yes it will
58:13be around now not withstanding the uh
58:17stigma around some of that right today
58:20unfortunately we have no valid
58:23Alternatives there's no other options if
58:25we want planes to fly and cars to run
58:28and all this kind of stuff at the moment
58:31right uh there just is no substitute and
58:33and same with the petrochemical
58:35industry uh you know someone in my
58:38family was a uh chemical engineer and
58:41like you know 30 40 years ago like
58:44petrochemicals were the big thing when
58:46they started making Plastics and
58:48styrofoam and stuff they they make all
58:50that from crude oil right so uh that's a
58:53huge huge thing like in Material Science
58:55they're doing all kinds of exciting work
58:56there in innovating new materials from
58:58petrochemicals and uh I mean that's
59:00going to be around for a while now what
59:02the job market looks like and the waves
59:04of hiring and all that I I don't know
59:07you can do research into that but
59:10longterm is that yes that will be around
59:13and that will be very lucrative because
59:16you know we need that and we the needs
59:19of humanity are only increasing every
59:21year when it comes to this stuff so
59:23unless they come through with Fusion
59:25technology or something like that like
59:27you know in all of a sudden like in
59:29record time uh petroleum industry is
59:32where it's
59:34at
59:36um theal is is that how you say that
59:39theel says between an MBA and a master
59:41of business analysis which is stronger
59:44um I don't know much about a masters of
59:46business analysis they're coming out
59:47with all kinds of
59:50uh you know sort of permutations of
59:53different degrees and things that just
59:55it's just splitting off into all kinds
59:57of new qualifications and things that
1:00:00you know like every every month they're
1:00:02coming out with new stuff so I'm not
1:00:04sure but what I can tell you is that an
1:00:07MBA is pretty much universally
1:00:09recognized and it's a known quantity
1:00:12people know exactly what that is when
1:00:13you say I have an MBA like in in
1:00:15business circles but masters of business
1:00:20analysis I don't know ex like precisely
1:00:23what that is I is that some form of like
1:00:27business that is heavy on statistics or
1:00:30something like that a little little bit
1:00:31more math little bit more applied
1:00:33statistics numerical methods I'm not
1:00:35sure now here's how you find out okay
1:00:39this is what you do okay go on
1:00:41LinkedIn and look uh do a people search
1:00:46okay and you can confine this to a
1:00:48certain geographic region like your your
1:00:50your city your region whatever um or
1:00:53your specific industry and do a people
1:00:56search for people with certain job
1:00:59titles that you would want to have Okay
1:01:01so let's say your ambition is to be the
1:01:03vice president of uh R&D at a petroleum
1:01:07company let's say that was your ambition
1:01:09do a people search for people with that
1:01:12job title or who have previously held
1:01:14that job title okay and then of the
1:01:18results you get all these individuals
1:01:19that pop up go look at their profile
1:01:22look at what they have okay and then see
1:01:26if they have a master's of business
1:01:29analysis okay and if they all have a
1:01:32master's of business analysis that tells
1:01:35you something very powerful about the
1:01:36value of a master's of business analysis
1:01:39that would tend to suggest it's going to
1:01:40get you where you want to go um if none
1:01:43of them have a masters of business
1:01:44analysis that tells you something else
1:01:46right doesn't seem to really be that
1:01:49important for this particular ambition
1:01:52that you have you could also do that
1:01:54search the opposite way you could do
1:01:55search for masters of business analysis
1:01:58do a people search for profiles that
1:02:00contain that and then go and look at
1:02:02those profiles and see what jobs or what
1:02:05career path those people are in has it
1:02:09gotten them right to the maybe they're
1:02:10all CEOs or something and they went
1:02:12right to the top that would say
1:02:14something very powerful if they're all
1:02:16like working at you know McDonald's or
1:02:18something that tells you something else
1:02:20so so you can do that kind of research
1:02:23to validate the real world prevalent and
1:02:26usefulness of some of these
1:02:28qualifications okay I don't have the
1:02:29answers but you can e you can easily
1:02:32find out specifically for this
1:02:35one uh CL flan says what's your opinion
1:02:39on
1:02:40franchising
1:02:41um okay here's my opinion on franchising
1:02:44it's great for people that want to
1:02:46switch off their brain they're doers
1:02:48rather than thinkers they can't figure
1:02:50out how to succeed in business so they
1:02:52need someone to tell them how to do it
1:02:55here I'm going to do all the thinking
1:02:57work for you here's what you need to do
1:02:59you need to call yourself this okay this
1:03:02name McDonald's you've got to call
1:03:05yourself that and here's the sign that
1:03:08you put up okay here's the phone number
1:03:10of people that will install that sign
1:03:11for you here's how you lay out your
1:03:13restaurant here's the equipment you need
1:03:15to purchase for your kitchen here's how
1:03:18you uh the the the amount of employees
1:03:21you hire here are their specific roles
1:03:23here are all the procedures blah blah
1:03:25blah blah blah here's how to do
1:03:26everything all you've got to do is now
1:03:29go and do all of this and you will make
1:03:32a lot of money and then for our part
1:03:35we're going to take most of that money
1:03:37and we'll give you we'll allow you a
1:03:39little percentage of it for your trouble
1:03:43okay now is that a good thing well it's
1:03:45good for some people right if if you
1:03:47couldn't have figured out what to do in
1:03:49the first
1:03:50place this is a solution this helps you
1:03:53you will succeed doing this um for other
1:03:56people it may not be the way to go
1:03:58because you know you're not a you
1:04:01know your business and you know what to
1:04:03do and you're very smart you're very
1:04:04capable you didn't need their
1:04:07help to make certainly that amount of
1:04:10percentage that they're allowing you you
1:04:12you could have made that or maybe even
1:04:15more doing your own entirely original
1:04:19idea right you you do another restaurant
1:04:22it's not called McDonald's but it's you
1:04:24know it sells burgers or hot dogs or
1:04:26whatever and uh you might not make as
1:04:29much money as a McDonald's but whatever
1:04:31you make you keep and it turns out
1:04:32you're making more doing that than you
1:04:34would getting a percentage of a
1:04:36McDonald's so you know it can go both
1:04:38ways there's good franchises and there's
1:04:40bad franchises um there's people that
1:04:42really succeed doing franchising um and
1:04:46there's people that fail so you know
1:04:49it's not good or bad it's it's something
1:04:51that's the question is whether it's
1:04:53appropriate for who you are what your
1:04:56goals are and what your capabilities
1:04:59are that that's my opinion on
1:05:01franchising hopefully that makes
1:05:05sense okay I think I've got to the end
1:05:07of the
1:05:10questions um I will be back in just less
1:05:14than an hour I do another weekly live
1:05:16stream called how to get
1:05:18hired and pretty much is
1:05:20self-explanatory that's where we talk
1:05:22about job interviews and resumés and uh
1:05:25you know
1:05:26inter you know recruiters and uh you
1:05:28know what it what job interviews look
1:05:30like from the other side of the table
1:05:32and all this kind of stuff uh so if
1:05:34you're interested in that uh tune in to
1:05:38my YouTube channel this same channel uh
1:05:41in about 50 minutes 5 Z minutes and uh
1:05:47and you can ask questions and uh stick
1:05:50around for
1:05:52that uh in the meantime check out this
1:05:54course you want to learn learn business
1:05:57that's a gold mine for like $100 I mean
1:06:00the sheer amount of benefit that that
1:06:02will give you um I you know just just to
1:06:06illustrate
1:06:07something I a few years ago I I like
1:06:10this sort of example I advised a startup
1:06:14founder that I was that I was um
1:06:16Consulting that that they they were they
1:06:18were using me as an adviser and I
1:06:21advised them uh to do a specific thing I
1:06:24said don't
1:06:26Farm out this particular thing what they
1:06:28were doing is they were wanting to pay a
1:06:31tech company to develop an app for them
1:06:33or develop some software I can't
1:06:35remember this is several years ago but
1:06:37um and they got several quotes back from
1:06:39different software companies and they
1:06:41were saying yes we can do it you know
1:06:43it's going to cost this much and you
1:06:44know this is the conditions and I
1:06:46advised them not to do it I said don't
1:06:48do this you need to keep this in house
1:06:50you can you can sub out other things but
1:06:53keep this in house you know you if you
1:06:56go down this road this is what you can
1:06:58expect there'll be delays there'll be
1:07:00extra costs and in the end you won't get
1:07:03a you won't get a very good result and
1:07:06they did not listen to
1:07:08me and they went ahead and they did what
1:07:12I advised them not to do and then like I
1:07:15can't remember a matter of time later
1:07:18like several weeks later they came back
1:07:20and uh you know the person the person uh
1:07:25that represented that company was you
1:07:27know really honorable and they said like
1:07:30look you know you advised me to do this
1:07:33I did not take your advice uh in that I
1:07:37made a mistake what you predicted would
1:07:40happen happened to a t this is where we
1:07:44are now this is the situation we're in
1:07:46you know we've sunk this much money into
1:07:48going down this this route and in you
1:07:51know we haven't gotten to the the the
1:07:53finished product yet or the end result
1:07:56the deliverable yet uh but in order to
1:07:58get there apparently it's costing more
1:08:00and more and more money all the time and
1:08:01there's more and more more delays so you
1:08:04know I don't know if we should pull the
1:08:05plug now or we should just stick this
1:08:07out and pay what's going to end up like
1:08:09you know being pretty much double what
1:08:10we had we agreed on to do to get this
1:08:13actually to
1:08:14completion and you know and I went home
1:08:18and I did a calculation and I said like
1:08:20okay this is how much money you're
1:08:21paying me to advise you and it was like
1:08:23you know this much this is how much
1:08:24money you just lost by not following my
1:08:27advice right so it's like for this
1:08:29amount of money you know you could have
1:08:30saved yourself this cost right so it was
1:08:34totally worth it you know I am adding a
1:08:37lot of value here uh you know it's this
1:08:40kind of thing with like that course you
1:08:42know for like a pittance like $100 which
1:08:44is
1:08:45nothing that $100 plus your time and
1:08:48effort to take the course and learn the
1:08:51material it's going to save you so much
1:08:54in just avoid avoiding Bad Business
1:08:57decisions and possibly hopefully making
1:09:01good business decisions that lead you to
1:09:03make a lot of money you know or if you
1:09:07know you end up don't not going down the
1:09:09entrepreneurship route for the rest of
1:09:10your life maybe you go back to the
1:09:12corporate world and get a job you know
1:09:14you get promoted a lot sooner because
1:09:16you know how to run a business you know
1:09:19how to do business you know what's
1:09:20important to a business and you can
1:09:22think like the owner of a business and
1:09:24you can like predict exactly what they
1:09:27would want you to do in whatever
1:09:28situation and do it and you also know
1:09:31how to communicate properly with people
1:09:33and all this kind of stuff and uh that
1:09:35will allow you to be more valuable it'll
1:09:37allow you to be get promoted sooner you
1:09:39climb the ladder go a lot higher I mean
1:09:41what's the value of that when you look
1:09:44up like the premium of salary that you
1:09:47made for X many years for the rest of
1:09:48your career a lot you know it's it's
1:09:51really a no-brainer now maybe you don't
1:09:54want to get this for me you want to go
1:09:55take a traditional degree from a
1:09:56university that's fine but educate
1:09:58yourself you know one way or another
1:10:00from a legitimate
1:10:03Source okay not getting a lot of
1:10:05questions but uh so we're going to end
1:10:07it here but thank you to there there's
1:10:0921 people here you guys are awesome
1:10:10thank you for joining me today uh I wish
1:10:13you nothing but success in your
1:10:14entrepreneurial
1:10:16Adventures you know entrepreneurship is
1:10:18an incredible thing it allows you to
1:10:21work for yourself it allows you to you
1:10:24know achieve your potential IAL
1:10:26financially and uh it it can even allow
1:10:29you to do a hobby or a passion as your
1:10:34primary source of income which that in
1:10:37itself is a huge blessing for a lot of
1:10:40people because you spend your life you
1:10:42spend your life working it might as well
1:10:44be on something that you love and enjoy
1:10:46you know it it can enable that for a lot
1:10:48of people so I wish you nothing but
1:10:51success in your efforts you guys are
1:10:52awesome I will be back next week same
1:10:54time on this channel with another
1:10:56episode of side hustle ideas take care