Brian Tracy explains how to build a business and become a millionaire by identifying unmet customer needs, improving existing products by 10%, and choosing something you're genuinely enthusiastic about. He uses thought exercises like imagining starting over with no limits to help you find your idea.
Hello there. Your most valuable asset is your mind. It's your ability to think, to question, to analyze, and then to decide and take action. Each lesson will give key ideas and exercises that will help you to make better decisions and get better results. Your job is to take action on these decisions once you have made them. If you seriously want to become a self made millionaire. So let's begin with the basics. Whether you are already operating a business or you have just decided to start a new business, you must continually evaluate your current situation. Even if you are currently selling a product or service, you must recognize and accept that 80% or more of your products or services will be new or different in five years and maybe even faster. As an exercise, you imagine that you were starting over again today. Is there anything that you are doing now that knowing what you now know, you wouldn't get into again today? Another exercise is to imagine that you have no limitations of time, money, experience or resources. If you could do or be anything in your business life, what would you choose now? To become a millionaire? To be successful in business, be begin with your own talents, your own abilities, your own experience, your own knowledge and interests and background and education and so on. Look into yourself. As the Delphic oracle said, man, know thyself self. Knowledge is the starting point of success in business. Look carefully at your current work, your current business, your current position, or your current product or service. Look within your own life and work or under your own feet for what they call your own acres of diamonds. Many people don't realize it, but right where they are, standing, right under their feet, there are incredible opportunities for them to achieve all their financial goals. It may be in your current industry, or your current talents or skills or interests, or maybe even somebody who's making you an offer. So what qualities do you have that account for your greatest success in life? So far? These are great indications of what will account for your success in the future. What personal skills and abilities have gotten you to where you are today? And how could you apply those same skills and abilities to starting and building a new business or to creating a new direction for your existing business? Many fortunes begin when an individual sees a customer need that is not being satisfied and which their current company has no interest or desire in satisfying. Sometimes this idea comes as a result of customer inquiries or complaints. Often the individual decides that he will start a new business, sometimes on the side, to give those customers what they are asking for. Sometimes there's a great business opportunity staring you right in the face, right where you are today. What could it be? Thomas Edison once said that opportunities come disguised in work clothes, which is why most people don't recognize them. Look for something that is an improvement on an existing product or service rather than something brand new. Look for something that is cheaper or of better quality. Look for something that has additional features or functions that current products don't offer. Look for something that is better in some way in comparison to something that people are already buying and using. You see, improving an existing successful product or service is the fastest and surest way to build a successful business. An idea only needs to be 10% newer and better to capture substantial market share and put you on the road to personal wealth. Look for a product or service about which you can really become enthusiastic. Sometimes people become wealthy by translating or transforming their hobbies into a business. You'll always be most successful doing something or marketing something that you really love and care about. Every product and every business must have a champion. A person who really, really wants customers to enjoy the benefits of that product or service. I hope you enjoyed watching this video. If you did, please subscribe to my channel by clicking on the button that appears on the screen.
