3 Fundamental of a Successful Business

You are here because you have a business and you desire to grow that business exponentially. You don't want to grow it linearly, you don't want to grow it incrementally, but you want to grow it exponentially end over end. Well, there are three functions of business. If you're focused on the wrong function, your business won't grow. So what are the three functions of business? Function number one of business is innovation. Function number one, innovation. What is innovation? Innovation is.

When you look out into the world and you see that people have a problem and you understand a solution for that problem. You create, invent a solution for that problem. Innovation is when. When you dis, you develop, invent, create, or uncover a solution that the marketplace is screaming for. They don't. Sometimes they don't even know they're screaming for it. Like we didn't know we were screaming for an iPhone until Steve Jobs invented it, right? So the marketplace sometimes doesn't even know. They just know they have a problem. And they. They may not be able to put it in words like, innovation is like. It's like when you have a baby and the baby's crying and you have to try to figure out why the baby's crying. The marketplace is like the baby and the baby's crying, but the baby doesn't know why the baby's crying. Even if the baby does know why the baby's crying, the baby can't tell you. So you have to innovate. You have to innovate. Look at the problem, look at the situation, look at what's missing. Find gaping holes in the marketplace, and you need to create solutions that will fill those holes. And what's fascinating is everybody's looking for answers. You're looking for answers I might be able to solve. You're looking for answers I might have. I'm looking for answers you might have. And the people that show up in the marketplace with those answers that are the most elegant and the most clearly described will be the people who win the lion's share of that business. So the first problem, the first function of business is innovation. The second function of business is marketing. And when I say marketing, I'm going to include sales as a subset of that. So marketing. What is marketing? Marketing is the art and science of discovering and developing in other people a desire for more and more of your product, your service, or your opportunity. And I know I said that really fast, I'm going to say it again. Marketing is the art and science of discovering and developing in other people a desire for more and more of your product, your service, or your opportunity. Now, when I say marketing is the art and science, the art of marketing is the part that people feel. It's the part that makes people smile. It's the part that makes people say, I don't know, there's something about it. I really like it. That's the art of marketing. The art of marketing is when you are tapping into human nature and human emotions and you're tapping into what people feel like that maybe the sounds that they like to hear that make them feel good. Maybe it's the sites, the colors, the fonts. All of that stuff is part of the art of marketing. What, what is the science? The science of marketing is. It's the. It's the formulas, it's the, it's the patterns, it's the, it's the research. It's all of the things that you do that can be measured. Like, you can't measure. You can't measure the. This is how good somebody feels when they see the color yellow mixed with the color, like on top of the color blue. You can't measure that. That's art. But you can measure, like, you can measure how many presentations does one have to do before they make a sale. That's the science. You can measure how many people do I have to put my message in front of before somebody gives me their name and email address? You can measure that, Right? So marketing is both art and science. And what happens is an artist will get involved in business and they will think it's all about the art. And a scientist will get involved in business and they'll think it's all about the science, but it's not all about either one. It's all about both. In fact, people buy, and you've probably heard me say this once or twice, but people buy for one reason and one reason only. That's because they feel like it. In fact, human beings, I believe, are singularly motivated. What does that mean? I believe people do things for one reason, one reason only. That's because they feel like it. And so your job as an entrepreneur, as a business owner, as a solution creator, is to help people feel like. Create an environment that makes people feel like buying your solution. Now, after you create the environment that makes them feel like buying it, that's the art, then you give them some logical reasons to justify the feeling that they have so that they actually hand over the money. That's the science. So marketing is the art and science of discovering. Now, most people think that marketing is handing out information. It's about disseminating information. It's about handing out flyers. That's not marketing. That's promotion, but it's not marketing. Marketing is not giving out information. Marketing is giving, gathering information. It's the market research, right? It's the art and science of discovering what in other people, a desire for what you have. So people are. Here's what's really fascinating to me. People say, myron, where do I find people to sell my stuff to? You're asking the wrong question. That's always the wrong question. Where do I find people? But I got this really great thing that I've innovated, that I've invented. Where do I find people to sell this to? You're asking the wrong question. You should be asking the question, how do I make myself findable for people who already want to buy what I already want to sell? That's a better question. Because there are right now hundreds, maybe thousands, maybe tens of thousands, maybe hundreds of thousands, potentially millions, potentially tens of millions, potentially hundreds of millions of people in the world who would already love to buy what you'd already love to sell if they only knew you existed and they can't find you. So you know what they do? They buy from the person they can find. How many are tracking? Wave at me, my peeps. Okay, so good. So. So what we want to do is we want to make sure. We want to make sure when we're innovating, we're using the art and SC of discovering. We're discovering in other people. We're out in the marketplace looking for holes in the marketplace. You want a scientific tip right now? Here's a tip for you. There's a website called Answer the Public, right? So if you go to answerthepublic.com, it shows you questions people are asking about a specific topic. You go out and you figure out the answers to those questions, and then you go create a YouTube video, then you go create an Instagram post, then you go create a Facebook post, then you go create a tweet that solves that problem for people, right? So it's the art and science of discovering. But after you discover the problem, now you've got to develop a solution. So it's the art and science of discovering and developing, right? You develop the solution, and then you develop a more intense desire in the people that you found that have that desire. You intensify their desire to have your solution. So it's the art and science of discovering and developing where in other people, a desire for your product, your service or your opportunity. Now when I say they desire your product, your service or opportunity, don't be deceived by that. It's not really your product they desire. It's not really your service they desire. It's not really your opportunity. It's the solution that that product, service or opportunity provides for them. That's really what they're looking for. So marketing is the art and science of discovering and developing in other people a desire for more and more of your product, your service or your opportunity. What's the third function of business? The third function of business is money management.

Say Myron, money management, what's that? Money management is managing the cash flow of your business so the outgo does not exceed the income, so the upkeep does not become the downfall. And I see it all the time. You see people that what they do is they start a business, they have a little bit of success, they go blow a whole bunch of money on something they didn't need. And because most people, it's really interesting. I believe the number one reason business owners mismanage money is because they've never, nobody ever taught them how to think negative when things are positive. I bet you weren't expecting me to say that, were you? Say what do you mean that nobody ever taught them not to think negative when things are positive. See, what happens is most people think, most people think winter when it's winter. They think summer when it's summer. They think good thoughts when things are good. They think bad thoughts when things are bad. And we need to flip the script. We need to be thinking about anticipating the the day when it's really, really good. I need to be anticipating the day when it's not gonna be this good. I need to be preparing for the day when it's not gonna be this good. I need to be getting my mind wrapped around, okay, it's good right now. But just because it's good right now doesn't mean it's always gonna be good. Because it's like all I have to do is be alive for more than a couple of decades to know that good times don't last always. And neither do bad times, right? And so it's really interesting. King Solomon, the wisest, wealthiest man who ever lived. Here's what he said. He said, go to the ant, thou sluggard. Consider her ways and be wise. Which having no guide, that means the ant self taught or overseer. That means an ant is self motivated or ruler. That means an ant is self disciplined, gathereth her Food in the summer.

And provideth her food. Gather meat in the summer and provideth her food in the harvest. What does that mean? The ant is preparing. Uses the good times to prepare for the bad times. And then the bad times, they rest up and look forward to the good times. And that's what we have to learn how to do as entrepreneurs. We have to learn how to think winter, all summer. We have to learn how to think summer, all winter. Like, I see businesses, I see businesses that are doing $300,000 a year and they got 17 employees. Like, why, what are you doing? Like, what are you doing? Like, people, like, you hire people too fast. Hire people slowly, fire them fast, right? Like as soon as you know this, they ain't a fit. Like, it's us, the La Vista baby, right? So you need to hire people. Take your time hiring people so you don't end up hiring the wrong people and wasting a bunch of time and wasting a bunch of money, right? People, they have a little bit of success and they go buy a building. They go buy an office or they go rent an office. Man, my business was doing wrap your hear what I'm about to say now? We were doing $6.2 million a year out of a spare bedroom in my house.

How about that? With a handful of part time people. Like, we think that we have to buy, spend all of this money. I mean, yeah, we bought an office space and all that, but in order for our business to buy an office, I mean, well, the year we bought this, our business did eight figures. The year we bought this business, this building, and we could have paid cash for it, but we didn't. We use the bank's money. It's way cheaper than using our own. What am I saying? I'm saying think winner all summer. So innovation. Marketing, Money management. Now here's the question. Of these three functions of business, they're all important. Which one's the most important? Is that a good question? Because the one that's the most important is the one that we really need to hyper obsess over. Which one is the most important function of business? I'll tell you which. Which one? Innovation. Good guess. You might have a different guess or the same guess. Who thinks innovation? Okay, couple y'. All. Who thinks something else? Yes, ma'. Am. Marketing. Alana thinks marketing. Who thinks marketing? Two people think marketing. Who thinks.

Money management. Okay, money management. Deborah thinks money management. Now who's not gonna raise her hand no matter what I see, because we got some of those too. Okay, there we go. Okay. So, all right, so the most important function of business by far is marketing. Why? Well, because if you're good at innovating and you're not good at marketing, you ain't gonna make no money.

See, people who are good at marketing, they make money even if they're not good at innovation, which is kind of unfortunate, which makes a bad name for those of us who are good at innovation and marketing, right? If you're good, if you're good at money management, but you're not good at marketing, you're not gonna have any money to manage, right? So this is where you need to focus your energies. And when I say marketing, I'm including sales, I'm including, like, promotions, I'm including audience building, I'm including social media. I'm including all of that stuff. The place we need to spend the majority. It's so interesting. Like, you don't have to be great at a lot of things. You just have to. If you're really good at one thing and then you spend most of your efforts in building your audience in your marketing, your business can succeed. It's amazing. It's amazing how well it can succeed. Like. Like our business is fairly successful and it's all relative, right? It's all relative. It's fairly successful. I mean, we do millions and millions and millions and millions and millions, millions of dollars a year. So most people would like to have that as a business. The thing that we obsess over the most in our business is the marketing department. We have more people in our marketing department than all of the other departments.

And right now we're looking to hire some people and guess where they're. We're looking at who. We're looking to hire marketing people to edit videos, people who are social. Like, here's what I discovered. If you can solve a problem for people, it doesn't have to be the, like, a whole lot of problems. If you can solve a problem for people and you can build.

A media machine to let people know you exist, you can become a billionaire.

Wrap your mind around that. Kylie Jenner. I don't even know who Kylie Jenner is, but I've heard the name. I know, like, if she came in here, I wouldn't recognize her. I have no idea. But I heard somebody, heard somebody talking about this as a stat. She became a billionaire when she was 24. She didn't become a billionaire because she was a genius in innovating. She became a billionaire because she. A whole bunch of people knew who she was. Think about it. What is a celebrity. Celebrity is nothing more than a person. A whole bunch of people know who they are. Huh?

So my advice to you is to really obsess over solving people's problems and then obsess over making sure they find you. If you do those two things, it doesn't matter. It doesn't matter if you write a book, it doesn't matter if you do merch. It doesn't matter if you do E commerce. It doesn't matter if you're a coach or if you have an agency. If you if you hyper obsess over solving other people's problems and then hyper obsess over them and you becoming findable, your business can't do anything but succeed. So, like the video, share it, comment, all that other YouTubey stuff that you do. And in the meantime, in between time, peace out, Cub Scouts.