Full transcript
0:01come to side hustle ideas I am Bill the
0:04company's expert and uh welcome welcome
0:07this is a live q a where we talk about
0:10everything related to entrepreneurship
0:12and taking your career in your hands so
0:16right next to my face if you're watching
0:18this on the desktop or on mobile you
0:20will see a chat box get in the chat ask
0:22me any questions you may have on side
0:25hustles
0:26entrepreneurship startups small business
0:29uh business success
0:32and alternative ways of making money and
0:36making your living and your fortune
0:38other than being an employee okay that's
0:41we're here to talk about
0:42um now just before we get started I want
0:44to kind of apologize because I sat down
0:47on my PC maybe 20 minutes ago
0:50and start to fire everything up here and
0:53um I discovered
0:55that uh my levels on my microphone are
1:00completely different they are completely
1:02screwed up and I've tried to I spent the
1:04last five minutes just trying to
1:05frantically kind of adjust levels so uh
1:08if you know the sound is kind of weird
1:10or whatever
1:12um I apologize for that I had no time to
1:14troubleshoot it properly I imagine it's
1:16one of those wonderful software update
1:19type situations where they update your
1:22software applications these up
1:24they update your operating system and
1:27they make all kind of changes under the
1:29hood and then you come back and even
1:31though you haven't made any adjustments
1:34to your settings or anything
1:36things are different and I really don't
1:38like that I know a lot of people don't
1:40like that but that's kind of the world
1:42that the uh
1:43uh it people want us to live in so so
1:47here we are
1:48um anyway yes I have done absolutely no
1:51preparation I have no notes but
1:53um I'm just gonna feed on questions now
1:56until we get some questions I just want
1:58to do a couple of things I want to
1:59remind everybody that if you want to
2:02learn business which is the key to
2:04success in doing business I have a
2:08solution that I created for people who
2:11are in a particular situation and that
2:13is called the 100 MBA and what this does
2:15it's a self-study program you basically
2:18get it and you get a couple of things
2:20number one you get a book list for me of
2:23some amazing books in each topic these
2:25are the books that are used in
2:27universities they are used in places
2:29like Harvard in their MBA program
2:32masters of Business Administration
2:33program to teach various courses and uh
2:36you get to study those and uh you also
2:39get videos from me that guide you
2:41through the material I don't teach the
2:42material to you in its entirety but I
2:44guide you through it telling you what I
2:46think is very important what is not
2:47important and what may not be mentioned
2:49in the books that's very important and
2:52uh it's entirely up to you to then study
2:54it depends on your interest level you
2:56can go as deep as you want or you could
2:58skim it you know whatever that's up to
3:00you but if you want to learn business
3:02and you don't want to go back to school
3:04and you don't want to pay an arm and a
3:05leg I created the solution for people in
3:08that situation because I want people out
3:10there to be educated in business or so
3:12much pseudoscience out there uh it's
3:15good to get the actual genuine material
3:17and in vast majority of cases in this
3:19program you're not getting it for me
3:20you're getting from the top experts in
3:23the world in their respective Fields so
3:25check that out Link in description if
3:27you are interested okay here we go we
3:29got people that chat so Lima says hi
3:32Bill hi Limas how you doing today
3:34um and
3:37Sergeant draval is here hi how you doing
3:41it's great to see you here
3:43um Lima says when is the best moment to
3:45start a business what is necessary to
3:47start and how do you know if you are
3:49ready okay here's the deal
3:52um I'm gonna give you sort of my take on
3:54this based on my personal experiences
3:56and what I've observed and kind of
3:59participated in advising a lot of
4:01startup Founders and things okay
4:04um
4:05what uh oh you go on okay or somebody
4:07else has a question but but I'll answer
4:09this first
4:10um what I'd recommend is uh the the
4:14number one concern for people who want
4:16to do this if you if you're not
4:18independently wealthy you're just a
4:20working stiff uh you know one of your
4:23primary concerns is going to be
4:25money to live right while you're
4:28investigating any kind of startup or
4:30entrepreneurial type Ventures right so
4:32what I advocate for is that you get that
4:36under control I do not recommend people
4:38quit their job so I have no source of
4:41income and then say okay I'm going to
4:44start a startup and and they've never
4:45done it before okay I don't recommend
4:48that because
4:49uh I mean that that's there's all kinds
4:52of huge time constraints that you're
4:55under then and you have to get it right
4:57and it's almost like saying okay
4:59um I'm gonna stake my life savings and
5:02my fortune on one round of golf and I'm
5:04gonna uh raise the stake so that I have
5:07to get a hole in one to win the jackpot
5:08and if I don't get the hole in one then
5:10I'm screwed okay uh you don't need to do
5:14it under those conditions I mean people
5:15like obviously that stresses out many
5:18people who put themselves in that
5:19situation
5:21um and so I don't recommend it so what I
5:23say first is okay first of all have a
5:26steady income stream this is why I like
5:28side hustles if you have a day job and
5:30you have a little bit of extra time and
5:32effort during your week uh you know to
5:35devote to other things some people
5:37devote it to their families some people
5:39devoted to Hobbies or interests okay if
5:42you are interested in this devoted to
5:44some kind of
5:46pseudo side hustle like it's almost like
5:48a research and development type project
5:50you're gonna try things in the world of
5:52Entrepreneurship and you're gonna learn
5:53you're gonna learn from the experience
5:56um
5:56okay so that's how I would recommend
5:58people start now your question is when
6:01should you start okay how do you know if
6:04you're ready you are ready now if you
6:05want to do this okay it's never too
6:08early it's never too soon to try things
6:12things that don't cost any money things
6:15that take a little bit of your effort
6:16but it kicks into gear the learning
6:20process there's only so much I mean I'm
6:23glad I'm flattered that you're here and
6:24you're listening to me but there's only
6:25so much you can listen to
6:28when it comes to listing other people
6:29give advice like there's there's only so
6:31much you can learn by doing that at some
6:33point the real learning has to begin and
6:35that's by trying things and doing things
6:38and uh observing the results okay some
6:42things will work some things won't work
6:44and the sooner you start doing that the
6:46sooner you will really be on your way
6:47okay so if you could set yourself up
6:50with if you have some kind of day job
6:51okay you have some kind of income source
6:54so you know you're not like going
6:55heavily heavily into debt uh doing this
6:58and then on the side
7:01start doing this stuff this is not
7:03something that like uh you can just
7:05start cold and instantly be a success
7:07usually yes that does happen but it's a
7:10rare exception usually the way people do
7:12this is it's like learning anything else
7:14you learn a sport or you learn a musical
7:16instrument you got to put years and
7:18years of practice in until you really
7:20become a Master Okay
7:22um
7:23and usually the way people learn is they
7:25didn't just quit everything in their
7:26lives and then just devote themselves to
7:28I don't know learning the violin or
7:30something they they uh and then
7:32instantly got good usually they were
7:34practicing the violin or whatever it is
7:35for many many years right so that's what
7:37I'd recommend
7:39um
7:40you know you can start without spending
7:42any real money just just spending your
7:45effort and time okay and even just a
7:47little bit of effort and time at the
7:48beginning that's why I like side hustles
7:50they're a great way into the world of
7:52Entrepreneurship and it's a skill like
7:55any other the more you practice at it
7:57the more you do things the better you
7:59get so uh that's what I'd say and how do
8:02you know if you're ready you are ready
8:03the moment you are passionate about it
8:05and if that passion lasts that proves if
8:08you're ready if it's a fleeting thing
8:10that you lose kind of very quickly then
8:12now you know
8:14uh so hopefully that makes sense limos
8:16that's a great question uh Sergey or sir
8:20says can I start a business without seed
8:23Capital absolutely
8:25uh for example a delivery service which
8:28brings groceries to people
8:30um yeah like
8:32okay in that case
8:34depending what you're trying to do your
8:36seed capital
8:37would be uh you know your operating
8:40expense so you would have a vehicle or
8:43access to a vehicle
8:46um you would have income replacement for
8:49yourself at least right because in the
8:52very beginning I mean you have to pay
8:53rent you have to eat right so you're
8:55going to need something to
8:57to kind of pay you something during that
9:00so that you can do the business
9:03um and then marketing and sales uh
9:07expenses basically so it's not going to
9:10be that much now if you already have
9:12access to a vehicle you're gonna be
9:13paying gas and things like that
9:15um that's all the seed Capital you
9:17really need if you are doing this on the
9:21side which is what I recommend it would
9:22go down substantially right
9:25so
9:27yeah I mean you can you can do that
9:31just personally it would that would not
9:33be a
9:35Med recommend
9:36unless you know what you're doing go and
9:38go and stick your toe in the water and
9:40try it and see if you can sell it and
9:43see if you can uh you know actually
9:45deliver the service and verify what your
9:49actual costs are going to be okay that
9:53doesn't take a lot if you got your heart
9:54set on doing this
9:56take the next step and just try and do a
9:59little bit of it just to confirm what
10:02your theories are about how it would
10:03work okay one of the biggest theories
10:06you're going to want to confirm is how
10:07easy it's going to be to get new
10:09customers and how much you think they
10:11will pay for it so go out and confirm
10:13that okay it's not enough to look up
10:16statistics on the Internet it's not good
10:18enough to look at what other people are
10:20doing
10:21you have to verify it for yourself okay
10:23and if you can do all of that while
10:26you've got a steady income stream coming
10:28in from like a day job or something
10:30that's perfect if you find that it's not
10:34according to your expectations like like
10:37all the cost structure and what's
10:39involved and you know the ease of
10:41selling it and the revenue you'd bring
10:42in if that turns out to not be what
10:45you're expecting you then have the
10:47option of tweaking what you're doing to
10:50try and uh
10:52you know improve it
10:54okay but as I say if you can do all of
10:57that while you're not uh you know going
11:00deep into debt and worried about making
11:01rent because you have a day job that's
11:03that's perfect
11:06um Cedric is here hey Cedric Dean says
11:09hi from Bulgaria
11:10okay here we go again Bulgaria let's see
11:15um
11:16okay Hungary is Budapest
11:20uh I I get mixed up between the three
11:23there's there's Romania Hungaria and
11:27um Bulgaria right
11:30I'll figure it out it's it's Budapest
11:33Bucharest and Sophia those are the three
11:35capital cities I keep getting it mixed
11:36up which one is which
11:38but uh it's great to see you here Dean
11:41um Cedric says what is search engine
11:43optimization and how do you apply it
11:45okay I'm not a big expert on it but
11:48search engine optimization is basically
11:51the uh practice
11:53of doing things on the internet so that
11:56a a website will rank higher up in a
12:02Google search or a Bing search or any
12:04other type of search engine okay so that
12:07involves it used to involve very basic
12:10things like putting tags and keywords
12:11and things then it evolved into you know
12:14creating articles and other links to the
12:18page all over the Internet so that
12:20Google thinks it's a popular website
12:23artificially and then it ranks it higher
12:26uh it's it's all that kind of stuff I
12:28don't really engage in it so I've never
12:31paid anyone for it so I'm not sure
12:34all the Nitty Gritty details but that's
12:36basically what it is uh Lima says would
12:39you recommend the incubator type of
12:41company
12:41basically you don't pay some amount of
12:43taxes but you also can't sing up
12:45long-term contracts these are not all
12:48the pros and cons okay
12:51um okay I don't fully understand what
12:53you're talking about now incubators
12:55are not well they're not companies but
12:58they're they're a thing that's meant to
13:02encourage entrepreneurship
13:04and stimulate economic development
13:06through small business
13:08uh in a particular region or Community
13:12that's what it is so you get this kind
13:16of low-level amateur kind of venture
13:18capital where you get people that will
13:21invest quote unquote in
13:24startups usually more technical type
13:26startups and uh you know I find I mean
13:31my personal experience is dealing with
13:33that stuff it's it's been kind of shady
13:35you get people that
13:37approach a startup like a tech type
13:39startup and say you know would you like
13:41to join our incubator uh in return we
13:43will give you like a tiny bit of seed
13:45Capital but then you have to sign over
13:47essentially almost all your rights to
13:49whatever you invent or whatever you know
13:53you create that's patentable or you know
13:57it's essentially like a weird form of
13:59term sheets that Venture capitalists use
14:01they make you sign away the future
14:04profits of your Venture in exchange for
14:07a tiny little bit of seed money and I it
14:10feels really slimy to me
14:12personally
14:14but what it because what I think it does
14:16at least the things I've seen of this is
14:18that it preys on the entrepreneurs lack
14:21of knowledge of business the
14:24entrepreneur might be a technical type
14:25entrepreneur they might be an engineer a
14:27software developer they come up with a
14:28new technology they're doing essentially
14:30like a research project they're trying
14:32to get some kind of technology to work
14:33and
14:35um but they but they are not sales
14:37people and they don't know business very
14:39well they're not skilled in the art of
14:41making money and selling things they
14:44have a technical background so the
14:47incubator approaches them and says look
14:48we understand business you don't
14:52um if you sign this contract with us we
14:54give you a little bit of cash
14:56which we know you need uh and in
14:59exchange you've just handed over to us
15:01almost all the rights and future profits
15:04of this thing you're working on
15:06and some people think it's a good idea I
15:09think it's not the greatest idea
15:12uh it's observing things like that that
15:16led me to create this because it's like
15:18learning business is really not that
15:20hard if you do it properly
15:23um
15:24you know I would advise people just to
15:26like you don't need these people you
15:28know unless they have all kinds of
15:31really immediate obvious personal
15:33connections to
15:34to insiders like in that industry that
15:37can make things happen for you like
15:38immediately
15:40you know and it isn't just a con they're
15:42saying that they have connections like
15:44it's actually true then
15:46I'd still steer clear of them but that's
15:48just me
15:49um so that's what an incubator is now
15:51you're saying would you recommend the
15:53incubator type of company
15:55basically you don't pay somebody I don't
15:58care about taxes when it comes to
15:59entrepreneurship in the beginning like
16:02we're talking about what type of
16:03businesses start up I would not be
16:05thinking of taxes at that point okay uh
16:09if you're profitable you pay taxes and
16:14you know there's some
16:15there's some little things you can do to
16:18try and minimize your taxes but
16:20basically you know as long as you're
16:22operating legally you're paying a
16:24certain amount of tax it's like you know
16:25around 30 depending where you are in the
16:27world
16:28it's going to vary but I mean don't make
16:31your business plans based on taxes okay
16:33uh that's totally putting the cart
16:36before the horse okay think of an idea
16:38that's going to make money think of
16:39something that's going to have lots of
16:41customers that are going to want to pay
16:44for what you're doing you fulfill a big
16:47need of theirs and they're happy to pay
16:49you for your thing and they love it and
16:51there's a huge market for it think of
16:53that okay focus on that because if you
16:55get that right just
16:58success will follow okay regardless of
17:01things like taxes and all the
17:02administrative side
17:05uh Cedric says what's the average amount
17:07of time to see some success in your
17:09business
17:11uh well it depends like what are you
17:12doing I mean if you're spending
17:14obviously if you ask an accountant that
17:16they're going to tell you it's directly
17:18proportional to your costs and your
17:21expenses
17:23um
17:23if you're talking like if you're on
17:26life's journey to learn how to be an
17:28entrepreneur and create your own career
17:31where you generate your in your own
17:34income just by yourself and your brains
17:37and your abilities uh that can take a
17:39while okay but time is going to pass
17:43whether you're working on this or not so
17:46if five years pass and you've done
17:49nothing you got you got nothing if five
17:51years pass and at the end of it all of a
17:54sudden you know how to create all these
17:56alternative income streams for yourself
17:58you're doing something that's creatively
18:00satisfying for yourself you're Your Own
18:02Boss you don't have to grovel in front
18:05of everybody you know for the sake of a
18:07paycheck uh you know it's it's great to
18:11do that even if it takes people five
18:13years to get there
18:16I don't know I don't have any statistics
18:18on this I would say three to four years
18:20average like from the moment you start
18:24thinking of this
18:25to the moment you have replaced your
18:27income from a day job
18:29uh that's just my gut feeling like based
18:33on my anecdotal experiences
18:36um
18:37it depends what level of knowledge
18:39you're starting with it depends what you
18:40want to do
18:42and it depends how much you're willing
18:44to learn some people are just very
18:46stubborn and not willing to learn things
18:48they do something it fails so they try
18:50something else without changing anything
18:53that they've done and it fails again and
18:55then they try a third thing and they're
18:57really refusing to change their
19:00assumptions and their world view and it
19:02fails again you know what I'm saying
19:03like if you're that type of person it
19:04could take a very long time it's about
19:07sort of trying things learning some
19:10Theory learning some some stuff from
19:13practice
19:14and being open to
19:16to learning to to
19:19revisiting your preconceived notions
19:22about the world and about yourself and
19:25if you are able to do that and you're
19:27more of a doer right you can like just
19:30roll up your sleeves and start doing
19:32things uh you will have a lot quicker
19:35ride you will have a shorter Journey
19:39so it's going to vary widely but if I
19:42had if I was someone put a gun to my
19:44head and said you have to pick a number
19:45I'd say about three to four years on
19:46average
19:49um hopefully that makes sense Samir says
19:51hi Bill what are some side hustles that
19:53I can do while studying accounting
19:55basically something I can do with a
19:56moderate and increasing knowledge of
19:58this field as a student okay if you're
20:01studying accounting the most obvious
20:02thing to me okay is to work as a
20:06bookkeeper on the side okay
20:09uh because my understanding is if you're
20:12studying to be an accountant you're not
20:13quite an account yet
20:15you would still be a hell of a good
20:17bookkeeper okay you've got the
20:19personality for it presumably you've got
20:21uh the passion for that type of work
20:24it's you're suited to that type of work
20:26presumably
20:27and you're in this for the Long Haul
20:29you're not just doing it for cash you
20:30would be a perfect person now once
20:32you're on the inside of that uh and what
20:34I mean by this is you could set up your
20:36own side hustle as a bookkeeper because
20:38you're asking about side hustles you
20:40could say look hello I'm in business I
20:42provide bookkeeping services uh any of
20:44you small businesses around that don't
20:46have time you don't have the resources
20:49where you would need a full-time
20:50bookkeeper but you know you're looking
20:52for somebody part-time I can help you
20:54with that uh something like that that'll
20:56be the obvious thing to me now if you
20:59want to Branch away from accounting
21:01while you're a student studying
21:03accounting and you want to do a side
21:04hustle in another area that's going to
21:06depend more on what you're interested in
21:08what your talents are and what you know
21:09about okay but just to stick with the
21:12accounting thing that's what I would say
21:16so yeah I would I would look at that
21:19first
21:21okay now
21:23there's no other questions so I'm just
21:24gonna look at this again let's see if I
21:26can go deeper
21:28um what side hustles what are some side
21:31hustles I can do while study Academy
21:32basically something I can do with a
21:33moderate and increasing knowledge of
21:35this field as a student
21:37well if you go outside of accounting
21:39then the sky's the limit I mean you can
21:41do anything that involves uh labor like
21:43time unskilled labor so you know walking
21:46dogs driving people around delivery
21:48Courier all that kind of stuff you could
21:51do stuff online all the cliched standard
21:54things that people do online things like
21:56Drop Shipping and uh you know things
21:58like this if you have more of a Creative
22:00Flair you could offer uh maybe other
22:04services that you might have you might
22:06have talents in certain areas like let's
22:08say you know how to play a musical
22:10instrument you could offer to teach
22:12people how to play a musical instrument
22:14that extends to tutoring or any other
22:17specialized knowledge you might have if
22:19you know you have certain skills you can
22:24offer those for money
22:26or if you want to go the product route
22:28okay accounting is not product based
22:32unless you count an audit or something
22:33intangible like that as an as a product
22:37um you know but if you want to create
22:39something and sell it
22:41I think personally personally like going
22:45beyond your question I think that if
22:48you're in a let's let's fast forward
22:50five years five years to ten years if
22:52you're an accountant you're a
22:53professional accountant you've got
22:55additional certifications to your name
22:58you're maybe a Certified Financial
22:59auditor or a Management Consultant or a
23:03uh manage being like what they used in
23:05Canada what they used to call a
23:06Certified Management accountant which is
23:09basically a jumped up accountant that
23:10can make business decisions
23:13um let's say you have that or you're a
23:14chartered business evaluator you know
23:16that kind of stuff
23:18what would be very useful to me to hire
23:21okay if I was looking for something like
23:23a CFO okay would be somebody more than
23:26just an accountant okay would be
23:28somebody that has business knowledge
23:31they've run a business unit okay there's
23:34absolutely no substitute for that life
23:37experience of running a business unit
23:38you really learn what is important in
23:42the world of running a successful
23:44business operation and what is not what
23:46is less important okay
23:49so if you can get
23:51a side hustle experience
23:54trying to start up a business
23:57outside of accounting like just
23:59something you're gonna create something
24:00and sell it or you're going to provide
24:02some service and sell it if you can do
24:04do that successfully that would be
24:06something I would look for
24:08in an executive that's that what's what
24:11makes you executive material
24:13I don't care if you've got a fancy MBA
24:16you know I don't care if you've worked
24:18in fancy positions in large corporations
24:21there is absolutely no substitute for
24:24helming your own business operation and
24:27until you have that experience you don't
24:29understand how to make decisions well at
24:33an executive level as far as I'm
24:34concerned and I'm not alone in thinking
24:37this a lot of business owners or CEO
24:40level people
24:41think the same way you have to have that
24:43experience so I know this is kind of not
24:46what you were asking this is a bit
24:47beyond it but
24:49um I think any kind of startup Venture
24:52like that would be good for you if you
24:53have Ambitions to sort of climb the
24:55ladder and not kind of come up against
24:57the ceiling
24:58where it's hard to get to the executive
25:00level
25:01because people don't believe that you
25:03can prioritize good business decisions
25:09royce royce says hi sorry for this sorry
25:13this question is not related to the
25:15topic but may ask is it is it worth
25:17studying a part-time MBA
25:19well seeing as though I'm kind of in the
25:22business of selling one sort of on the
25:24side I would I would say yes you can
25:26tell I'm biased I'm giving you a biased
25:28answer because you know yes I happen to
25:31be someone but honestly I do think it is
25:34this is a point I make to people now I
25:37sell a solution for people
25:39it's this cheap little thing if you just
25:41want to learn business but because I
25:44believe that you know if you want to be
25:46in business you need to learn business
25:49if you've never been to school to learn
25:51business you will be at a disadvantage
25:54you know trying to start a business
25:56venture right
25:58um it's like wanting to play in a
26:01symphony orchestra but you've never
26:02learned a musical instrument it's like
26:04you know you're out of considerable
26:06disadvantage
26:07some people ask me what is business what
26:10do you mean by that I say look
26:12um
26:13you know you might have a skill or a
26:16hobby
26:17okay uh let's say I don't know let's say
26:20you're some kind of carpenter or
26:22somebody who works with their hands you
26:24create things so you can work with wood
26:26you can work with Clay you can work with
26:27metal right you're like a welder you
26:30know you can create things out of steel
26:32you know whatever
26:35that's great you you have skill trades
26:37knowledge and experience and ability
26:40that's great you have capabilities there
26:42the moment you say I'm gonna set up my
26:46own business where I'm going to be
26:47selling my services or selling my
26:50products making things out of steel or
26:52wood or clay the moment you do that
26:54that's the world of business okay the
26:56moment there's buying and selling and
26:58there's money involved
27:00that's business okay it's not enough to
27:03just have skills in you know the the
27:06skill trades creating things out of wood
27:09metal or clay you need to go beyond that
27:11now you're trying to sell things you're
27:12trying to make a profit uh you're trying
27:15to reach people and convince them that
27:17you've got what they need and you want
27:19to present yourself in the most
27:21favorable light possible
27:23right so that's the world of business
27:25okay these are skills that are outside
27:27just metal working or whatever and it's
27:31those skills that you learn when you
27:32study business okay so uh definitely it
27:36is worth
27:37learning the material that you would get
27:40in a masters of Business Administration
27:42that trains you to be in theory a
27:45general manager that means you
27:47understand the cost side and you
27:49understand the profit side
27:51okay I got some fancy cameras so I'm
27:53just going to turn them I'm going to
27:55turn them on just to get a bit of
27:56variety but um
27:58but yeah it's definitely worth it now I
28:00sell a solution other there's obviously
28:02other ways you could learn this you
28:03could go and take a two-year University
28:05degree you know and pay like ten
28:07thousand dollars whatever for it or more
28:09uh and that will suit you fine that'll
28:13really fill in those gaps in that in
28:16that knowledge
28:18you know the other thing you need on top
28:20of that is experience there's no
28:21substitute for actually doing it
28:24yourself it's not enough that you have a
28:25job working in a company you have to run
28:29a business venture you have to make
28:31decisions about
28:32you know I have to you know I have to
28:35beef up my marketing I have to beef up
28:37my sales I need more sales what am I
28:38going to do uh am I going to put money
28:40into improving my product am I going to
28:43put money instead into improving my
28:44marketing you know
28:47right I I also want to make efficiency
28:50gains in how I do this
28:53where should I put my time where should
28:55I put my money what are the results
28:57and how do these things relate to each
28:59other
29:00in what situation right this is what
29:02you're going to learn by actually doing
29:04this stuff in the real world so that's
29:06important too but you should start with
29:08the theory okay
29:10the problem is is that if you looked at
29:12things like uh LinkedIn you look at
29:15Forbes you look at uh you know the
29:17places where people look for business
29:19type news
29:21in my opinion it's very poor quality
29:23people pass off
29:25their opinions as if it's like
29:28established business principles it's
29:30like nope wrong they tell you business
29:33principles like they'll talk about
29:35leadership or whatever and it's wrong
29:38what they're saying is incorrect you
29:40know uh like it's been proven incorrect
29:43by management scientists people that
29:46work in universities and have phds that
29:48study this stuff you're not publicizing
29:51the the truth about that topic you're
29:53publicizing you're passing off some
29:55thoughts of your own which are actually
29:57incorrect so there's a lot of
29:59misinformation and a lot of
30:00pseudoscience out there
30:03um you know just just
30:05in Google basically you know LinkedIn
30:07and all these sources you can go online
30:09uh you go to the bookstore like chapters
30:12or Indigo you buy a book on business you
30:15know a coffee table type book and like a
30:17lot of those are they're very poor in my
30:19opinion not just my opinion
30:21you know in comparison there's there's
30:24you can get access to the real deal and
30:27like I've said people you know go to the
30:30website of some good universities
30:32Harvard Yale you know whatever things
30:35that are known uh for their business
30:37programs okay and look at the courses in
30:41their business programs and look at the
30:42textbooks a lot of times they will they
30:44will publish that they'll say like so
30:46even though you're not registered you're
30:48not a student you can you're just in the
30:50public you can see what courses what the
30:52courses are called who's teaching it and
30:54all that and what textbook they're using
30:57and then you can go and order that
30:59textbook from Amazon like maybe an older
31:01version of it maybe five years old 10
31:03years old
31:04which has like 99 the same information
31:07and then it's like five bucks you know
31:09when you just take and read it right so
31:12it is possible to get this knowledge for
31:15cheap but one way or another yes I
31:17highly recommend that you get an MBA or
31:20an MBA equivalent
31:22you know and yes I'm biased but don't
31:26take my word for this go and corroborate
31:28it
31:29or Best Yet go and try something and
31:33then what's usually going to happen is
31:36that
31:37what you think is going to happen on
31:40your first attempt will not happen
31:41something else will happen
31:43it won't go according to plan and you'll
31:44be wondering why why didn't that work
31:46and then you go and you learn the
31:48business Theory and it's like ah okay
31:52now I understand now I understand the
31:55importance of this because I tried it
31:57the other way and it totally failed this
32:00is the key right so yes I highly
32:03encourage it
32:05um
32:05Cedric says I have a very good work
32:07ethic for my job but I cannot translate
32:09the same level of energy to my business
32:11where is the disconnect
32:14um oh I mean first of all I'm not a
32:16psychologist but just an amateur opinion
32:19since you asked there's a variety of
32:22reasons why that could happening could
32:24be happening it could be burned out
32:26I mean um
32:28that's the most obvious to me it's like
32:30you've just been doing this thing
32:31without a break for a long time and no
32:34matter what it is
32:35it'll get old sooner or later I mean you
32:39could do the most enjoyable hobby right
32:41whatever your hobby is you want to race
32:42cars or you know do parasailing I mean
32:46you know whatever whatever your hobby is
32:47uh
32:49if you had to if you were doing that 24
32:517 every day for week after week after
32:54week after a certain amount of time you
32:55start to get tired of it right so it
32:57could be this that would be the most
32:58obvious thing okay second thing is that
33:01you've lost your passion for that
33:03particular thing or there's some element
33:04of what you're doing that you're just
33:06not into
33:08um when you work in a business you got
33:10to wear many hats some people enjoy
33:12doing certain activities other people
33:15don't uh for example some people are
33:17like natural sales people they enjoy
33:19that they like to do personal selling
33:22and talk to people they're very
33:23extrovert other people hate that it's
33:25anathema right
33:27um they would rather work on the
33:29business they would rather you know find
33:31a more efficient way of doing the
33:32administration or something so
33:34it depends what your personality is and
33:37what you what you're involved in so it
33:39could be one of the business activities
33:40that you have to do that's part and
33:42parcel of doing your business that
33:43you're just not passionate about
33:45sometimes you can force through that
33:47okay I've been in that situation many
33:49times sometimes you can just push
33:50through it
33:51I don't enjoy doing this but I'll at
33:53least do the bare minimum so I can do
33:55the things I really enjoy
33:57other times you can't you might need
33:59some help there or you might need to
34:01change what you're doing so you don't
34:02need to do that you eliminate the need
34:03for it
34:05okay uh
34:08so so I mean it could be anything I
34:10would need more to go on to to help you
34:12further than that
34:14um Lima says if if not do you recommend
34:17any other sites for that now Lima as you
34:19were asking
34:21the incubator company in taxes
34:25uh
34:26sites for what for incubators
34:32you were talking about taxes contracts
34:34and incubators and then you're saying
34:37if you
34:38could I recommend sites no not really I
34:41don't have any like I like I was
34:43basically saying I I kind of steer clear
34:45of incubators I don't recommend people
34:47use them unless there's a very
34:50particular
34:51sort of need that they can help you with
34:55I I look at them a little bit as
34:57parasites at least in my experience
34:59that's kind of the impression I've had
35:01so no I would not be able to recommend
35:03uh sites sorry uh Jacob says this is
35:07great information I have a question I do
35:09a logistics and accounting job
35:12I'm trying to find a side job in
35:14logistics what's your advice like how to
35:16get a job
35:17um
35:19yeah this is not a job related uh live
35:23stream this is called side hustle ideas
35:24we talk about entrepreneurship so uh
35:27sorry about that um maybe come back
35:28later where I do an open q a for for how
35:32to get a job that's what the live stream
35:34is called
35:35um Royce says thank you very much you're
35:38absolutely welcome Royce
35:40yeah I wish you the best of luck of it
35:42look invest in yourself that's that's
35:45the most unoriginal thing I can say but
35:46it's true invest in yourself if you have
35:48a passion or an interest to do an
35:50entrepreneurial type thing to not work
35:53as an employee your entire life to be
35:55able to learn how to make money directly
35:58yourself without having to go through
36:00somebody else and get their permission
36:03and have them make the money and then
36:05give you a little piece of it if you
36:07have an ambition to do that uh learn as
36:10much as you can you know especially when
36:13you're young
36:14most people on YouTube are kind of in
36:16their 20s that's the biggest demographic
36:18there and it's an incredibly amazing
36:21time uh can be a really challenging time
36:24you know very kind of scary very kind of
36:26confusing but but you have like
36:30unbridled energy and passion at that
36:32moment in your life like in your 20s
36:34and you got a lot to learn most people
36:36have a lot to learn but you have energy
36:39that people like me you know like in
36:43your 50s and stuff you know you you're
36:46so jealous of right that's what you guys
36:48have that I don't and and people of sort
36:51of my generation uh and don't worry you
36:55will get to my age eventually
36:58um and you will know what I'm talking
36:59about uh so learn what you can
37:01if you have passion if you have an
37:03interest in learning this stuff learn it
37:05you know uh find some
37:09you know some uh way of doing it that's
37:11not super expensive yes I got a course
37:13maybe you'd wanna
37:15you know go a bit higher level than my
37:18100 course you'd want to you know do
37:20something that's a bit more involved you
37:22know that's cool do it you know this is
37:25the time to learn this is the time to uh
37:29you know to sort of get the tools that
37:32are going to allow you to just knock it
37:34out of the park like you know in your
37:3630s and 40s okay
37:39uh you know even if you were going for a
37:43conventional type career you're wanting
37:45to just get a regular job or whatever
37:46get like that piece of paper you know
37:49the qualifications get that in your 20s
37:51so like it opens the doors for you
37:53for your 30s and 40s when you add
37:55experience on top of it
37:57you know uh but this is no exception so
38:01yes if you're kind of on the fence
38:02should I learn this or not do it okay do
38:05it if you don't really know if you don't
38:07know if this is your passion okay that's
38:09why I sell like a really
38:11cheap kind of thing here you know it's
38:13like it's really not that much a
38:14commitment or you can do stuff for free
38:16I'm not necessarily trying to push you
38:17to buy my course I'm just saying like
38:19you know don't bet the bank on something
38:22you're not super sure you want to do but
38:24if there's any doubt there
38:27you know you think you might want to go
38:29this path in life learning business is
38:30an incredible skill it's it's the it's
38:32the art of like how to make money it's
38:34the science of how to make money
38:36you know I mean that's really cool you
38:39know uh it's great in that it can take a
38:43creative passion you might have
38:46and turn that into a money making thing
38:49okay that that's what it can do
38:52I mean back when I was younger you know
38:54the thing that a lot of young people
38:55wanted to do is they wanted to uh be in
38:58a be in a band like a rock band or you
39:00know something like that that was that
39:01was the thing so it's like you got all
39:03these people and some of them were quite
39:04talented they learned their instruments
39:06and they you know were very creative
39:08that's great but the problem was
39:11you know you then want to try and make
39:13money at that game
39:14that's when they really fell flat on
39:16their face because they didn't know
39:18anything about business
39:19right
39:21part of business which is marketing is
39:24the science of how to make something
39:26popular
39:27because if you're trying to sell
39:28something
39:30in order to do that you have to do a few
39:32things you have to get the word out you
39:33have to talk to people that would
39:35probably buy into it and you have to
39:37convince them that you know this meets
39:39their needs and this is worth doing and
39:41you have to charge a reasonable price
39:42blah blah it's like if you do that stuff
39:45right you spread the word on this thing
39:48and you make it very popular right it's
39:51the it's the science of how to make
39:52something popular okay I mean that's
39:54really useful knowing that stuff even
39:56Beyond just doing your own business
39:59so yes I highly encourage people to uh
40:03to learn this stuff especially when
40:04you're young
40:05you have the rest of your life to
40:07benefit from it
40:11uh
40:16where did I leave off here
40:18um
40:21okay sir judge says thanks Bill when you
40:23say you would not recommend grocery
40:24delivery business model which would you
40:26recommend currently well I mean it
40:27depends depends on your situation and
40:30what you want to do no I mean look
40:33that's a model that can work okay
40:37in theory
40:39but the reason why I advise against the
40:42grocery delivery model just just I mean
40:44like what do I know I don't know your
40:45situation I don't know what the
40:46opportunities are for you so I mean this
40:49is just it's probably not the the most
40:51valuable opinion but
40:53the grocery delivery business like a lot
40:55of sort of unskilled
40:57uh startup ideas where you're basically
41:00in a transportation
41:02uh area right you're basically going and
41:05picking up something from a grocery
41:07store and transporting it to a person's
41:10home right uh there's not much skill
41:13involved in that you're basically it's a
41:16business that relies on margins right
41:20um let's say you want to buy a carton of
41:23milk let's say the carton of milk costs
41:25five dollars let's say you want to
41:28deliver to your home okay so maybe
41:31you pay the delivery service ten dollars
41:35for that carton of milk five dollars to
41:37buy it and then five dollars to
41:38transport it okay so all the handling
41:40and transportation so it's it's a
41:43business based on margins okay and
41:46because it's unskilled it's all about
41:48efficiency right now at that game any
41:53large player
41:55large company that does this will always
41:57have a considerable advantage over any
41:59small player which is economies of scale
42:02okay because they can operate very
42:05efficiently
42:07uh you know they can take orders in bulk
42:09they can fill them in bulk
42:11uh you know they have special vehicles
42:14like you know very very energy efficient
42:16vehicles that are suited to this kind of
42:18work
42:19um you know their their transportation
42:21cost is very low
42:23so they will always have an advantage
42:25now where you where you can get a
42:28Competitive Edge is in the service side
42:31of the business you could say like okay
42:33this isn't just about
42:35you know some dumb service that like is
42:37delivering like a thing it's like a
42:39package delivery
42:41premium service what we're going to do
42:43is we're going to uh give you VIP
42:46service we're gonna not just transport
42:48the milk from the store to your home
42:50we're going to provide additional
42:52Services we're going to recommend what
42:54groceries you should get we know all the
42:56best places that have the best products
43:00um you know we can give you you know you
43:03don't have to make a list we will make
43:04the list for you you just say I want to
43:06eat healthy or I want to do this or that
43:08and we will figure out all the details
43:12and provide you with like you know a
43:14sort of delivery schedule of food to
43:16your house or you know whatever like
43:18like we provide those value-added
43:19Services that's where the money is
43:21that's where we can have the edge over a
43:25large organization that has economies of
43:27scale because they treat you like cattle
43:29they treat you like a number they don't
43:31give you personalized service we do that
43:33it's a premium service based on customer
43:35service where we give value added uh you
43:39know service above the transportation
43:42okay so maybe if you said Okay I want to
43:45do that and I happen to know how to sell
43:48to rich people I know where they all
43:49live in my city uh so they have the
43:51money to pay for this premium service
43:52but they don't have the time to go
43:54shopping
43:55I I fulfill that need you know something
43:57like that if you said like okay this is
43:59my plan
44:00then I'd be like okay okay that makes
44:03sense now the next step would be then
44:04okay
44:05put your money where your mouth is go
44:07out
44:08and sell
44:10a bunch of these contracts sell like I
44:12don't know 50 of them so you can get 50
44:15clients
44:16okay that will sign up for this and
44:18start sending you money you pay up front
44:20and then we deliver right see if you can
44:23get that if you can get that
44:25then you take the money and you get
44:28started
44:29okay
44:30if you try it and you can't deliver that
44:32you don't like you know what you're
44:34pitching to people they're not buying
44:37then you know now you haven't spent any
44:39money and you haven't spent any time and
44:41you haven't had to quit your job so you
44:43know it's a win-win-win and you've
44:44learned something along the way so
44:46that's how I would advise people proceed
44:48with that type of service okay
44:51if if you're gonna go and do the uh
44:53grocery delivery thing
44:59dumpling abroad uh do you have any
45:03advice or words of wisdom that will give
45:04me a kick up my rear end to squish the
45:07fear of approaching people small
45:09businesses to start working with them
45:12uh yes there's a couple of things you
45:14can do first of all
45:16uh I assume by your question that you're
45:19like me more of an introvert type you're
45:21not some extroverted social butterfly
45:24salesman type
45:27um what you can do
45:29is first of all there's a couple of
45:32things number one
45:33if you've worked in a small business get
45:35a job in a small business
45:37or start dealing with a small business
45:40go and see the inside of it
45:42then you will be able to speak their
45:44language you will understand their needs
45:46when you say I offer this their ears
45:49pick up and go oh yeah yeah that's
45:51exactly what I'm looking for right that
45:53helps okay
45:56um
45:57alternatively
45:58the method of connecting with these
46:02people if you are going to some kind of
46:05event a small business event a chamber
46:08of commerce event in your city something
46:10like that all the representatives of all
46:13the small businesses are there
46:15there's a reason why you're there you're
46:17there to connect
46:18that's the whole purpose of it it makes
46:19it easy so when you come up to you know
46:22somebody that owns a small business
46:24you know and you give them your business
46:26card and they give you your business
46:27card you say hey it's good to meet you
46:28you know how you doing how's business
46:29and you start talking you say oh you
46:31know it's interesting because we
46:32actually sell something like that if you
46:34ever have that problem you know maybe
46:35consider checking us out I can I can
46:37arrange for like a free demonstration or
46:39you know of what we do or you know
46:41something like
46:42that's the appropriate setting they're
46:44there looking to connect they're they're
46:46looking to talk to people they don't
46:48know so it makes it easy for you to then
46:51approach them and talk to someone that
46:54they don't be someone they don't know
46:55and try and sell them something right so
46:58uh that's the advantage of uh doing it
47:01within those uh settings like the way
47:04you connect with them
47:06as opposed to just knocking on
47:08somebody's door and try to do like a
47:10personal selling type thing
47:12um
47:15the fear of approaching people
47:18um it also helps like this is something
47:19that applies to what I talk about on you
47:22know how to get a job stuff where I talk
47:24about informational interviews I'm going
47:25to be doing a live stream about
47:26informational interviews in the next
47:28week or two
47:30um
47:30but the thing is if you want to connect
47:33with somebody you don't know it helps if
47:34they invite you in
47:36okay like if you send them a message
47:39online through Linkedin or through email
47:42or some other channels and say like look
47:43you know I'd very much like to speak to
47:45you you know blah blah blah you know
47:46this kind of thing uh are you interested
47:48in this I might be able to help you
47:50solve this particular problem you know
47:52and and uh you know I can give a free a
47:54free sample you know you don't have to
47:56pay anything you can come in and do this
47:58work for you and you can tell me what
47:59you think and we'd also welcome your
48:01feedback
48:02you know something like that now
48:05some people will will respond to that
48:07some people won't but some people will
48:08say sure come on in let's talk we're
48:11interested
48:12so it helps when they invite you in and
48:15then you go and you talk to the person
48:16and they're interested and they call the
48:20meeting and they're happy to see you and
48:23they're listening right like it makes it
48:24easy for you to do your thing under
48:27those conditions so you can try and do
48:30that kind of situation where you send
48:32out kind of
48:33you know a sort of proposal or an invite
48:35or a note and then some people will take
48:38will respond some people won't and then
48:40they invite you in it makes the whole
48:41thing a lot easier so there's there's
48:42different ways of uh of getting around
48:45this kind of stuff
48:47listen I have to uh wrap this up in a
48:49couple of minutes so I'm going to answer
48:51the last couple of questions here
48:54uh asking for a friend me who hates
48:57rejection yeah
48:59yeah well we all hate rejection don't we
49:01some more than others
49:03but uh yeah now if you're a salesperson
49:06you realize that like it's a numbers
49:08game if I talk to 100 people 70 will say
49:11no 30 will buy so if I want to make 30
49:14sales I talk to 100 people right uh you
49:17know like like once you realize this
49:20you're like okay that doesn't matter hey
49:22the name of the game is people saying no
49:24because if I get enough people saying no
49:27I get a certain number saying yes and
49:29that's what I'm in the game for
49:31right
49:33once you have that mentality uh you know
49:36it makes a little bit easier a little
49:37bit easier
49:38personally I still don't like doing it
49:40but you know uh especially extroverted
49:42type people some people are suited to
49:43this
49:44you know and it's uh it's it's sort of a
49:47fantastic thing
49:49um
49:50what are some side hustle with Logistics
49:52okay I've only got a couple of minutes
49:54but uh I mean the obvious thing is
49:56Courier basically to get the answer to
49:58that if you've ever worked in logistics
50:00which hopefully you have if you've ever
50:02worked in a warehouse if you've ever
50:03worked in a dispatch area
50:06um
50:07you will know what the side hustles are
50:09because the problems they're struggling
50:11with the things that they're you know
50:13they wish they could have extra help
50:14with
50:15you could offer that as a service you
50:17could say hey hire me I'll come in and
50:18I'll help you with this
50:21okay
50:23dumpling abroad says yes a huge massive
50:25introvert well the good news stumbling
50:27abroad is that uh if you're an introvert
50:30the easiest way to overcome this is do
50:32it online
50:33maybe you're nervous about talking to
50:36people in person you know especially
50:37business owners or people like that uh
50:41but maybe you know talking to them
50:43online is something you can do
50:46right you have less social anxiety uh
50:49you could
50:50try that sort of vector as your way to
50:53do your marketing
50:54and and you know do sales right you know
50:58I mean there's all kinds of
50:59possibilities out there and you can
51:01customize things
51:02Royce Lees has has a super thanks so
51:05thank you very much that's our super
51:06super chat thank you Royce you're
51:08awesome thank you very much I appreciate
51:10the show of support dumpling abroad
51:12that's an amazing answer thank you well
51:14you're welcome and thank you for saying
51:16so Jacob tremel systex listen thank you
51:19so much for being here you guys are
51:20awesome I will be back with another live
51:22stream for side hustle ideas this time
51:24next week thank you for tuning in you
51:27guys are awesome always remember you can
51:29take your career in your own hands and
51:31you don't need to go through any kind of
51:33employer
51:34to make money
51:36just remember that thanks very much take
51:38care