Brian Tracy answers three questions: how to start a business with no money (start small, sell, reinvest), how to know if customers want your product (ask them), and whether you need passion to succeed (you develop it by getting good at work).
80%
There are 99 ideas for every 1 product or service that actually works.
The true measure of the value of any business leader and manager is performance. Hello, I'm Brian Tracy, and welcome to part two of my question and answer series. A few weeks ago, I asked you on social media to send me over any questions you had that you wanted me to answer in an upcoming video. And a lot of you had questions about business and entrepreneurship. So in today's video, I'm going to answer your specific questions so that you can begin to take steps toward building a profitable business. The first question comes from Anita, who I want to break out of my comfort zone and start my own business, but I only have a small budget. Do you have any tips on how I can start my business with a limited budget? Well, the answer to this is this is called bootstrapping. It's the most common way that businesses are started. And what it means is that you start small by buying, producing, leasing, acquiring or licensing a product or service. And then you sell it and you make a profit. And then you come back and you do it again. And you do it again and you keep reinvesting your profits, your business. In other words, you grow out of your profits from your sales. This is why learning how to sell is more important than anything else, because it's the number one reason why businesses succeed is the founder can actually sell the product, generate a profit, and do it again until the business grows and grows and grows. Now, the second question comes from Mohammad, who said, I often have great business product ideas, but I don't know how to bring them to market. Where should I start? Well, here's an interesting discovery, Mohammed. 80% of businesses and products fail because customers simply don't want them. And there are 99 ideas for every 1 product or service that actually works. So where you start is you come up with a product or service and you either create a prototype that works like a small gadget, or even better, write out a description of your product and what it does for the customer, and then go and talk to people who you think would be good people to buy this product and get their opinion. This is called co creation, where you come up with the idea, you talk to a customer, you get feedback, you revise your idea, talk to the customer again until finally the the customer says, I like that, I want that, I will buy that. And then you begin your business. The last question comes from Jacob, who said, I'm at a crossroads in my life right now and not sure what I want to do with my career. How do I find a career or path that is fulfilling and makes me happy? Well, this is a great question. And we say that the key to success in life is to find something that you love to do and then to put your whole heart into doing it very well. And you'll never work another day for the rest of your life. But here's what we find. Sometimes you don't know if this line or this work or job is going to make you happy. So what you do is you say, what do I enjoy doing? What am I good at? And you find a job that may or may not be perfect at the beginning, but then you put your whole heart into it. And and as you become better at doing a job, you begin to enjoy it more. People talk a lot about passion. What is your passion? Your passion comes from doing a job really well and feeling wonderful about yourself. But you can never feel excited about a job unless you're really good at it. And you can't become good at it until you get into it and put your whole hard into it. And if you'll do that and keep doing that, you're absolutely guaranteed to find exactly the right job for you that will change your entire life. So thank you to everyone who sent in your questions. Be sure to check back on my channel in the coming weeks for more videos answering your questions on other topics. Now, before we wrap up, I'd like to leave you with a thought to share with your friends and followers. The true measure of the value of any business leader manager is performance. Now I'd love to hear from you. So my question today is what's the best piece of business advice anyone has ever given you? Leave a comment below and I'll be sure to follow up with you. Thanks for watching. And remember, if you want to change your future, take action. And take action now. To master the habits and behaviors of the most successful entrepreneurs, Click the button on the screen or in the description to download my free ebook, the nine Disciplines of Successful Entrepreneurs. If you enjoyed this video and feel it was valuable in teaching you about business and entrepreneurship, subscribe to my channel like this video and share this video with your friends or anyone else who might benefit from this information.
