BEST BUSINESS ADVICE | ALUX EditionOn February 7, 2020 by Raul Dinwiddie
You are watching The Sunday Motivational Video. Welcome to ALUX.com! The place where future billionaires come to get inspired. Hello Aluxers, it’s great to have you back, especially today when we’re going after such an incredible topic. You are here because you’re either; A. running a business or B. thinking about starting one. In order to help our community, we went through hundreds of books, hundreds of interviews with millionaires and billionaires as well as our own personal experience. We bundled everything together in this straight to the point list. It’s like we’re taking you through the best parts of business school but from the comfort of your home! Here are the 15 Best Business Advice anyone could ever give you! Nobody cares that you have a million-dollar idea, you know why? Everybody has ideas because ideas are free or super cheap. You can walk down the street, stop any person and ask them for a business idea and they’ll be able to throw a couple at you! The biggest business in the world right now were not the ones to come up with an original idea but were the ones able to execute it the best. See google as a search engine, Facebook as a social network and even apple. They just better execute on existing technology than anybody else. A great idea with poor execution will fail, while a pretty basic idea with great execution will turn into a valuable business. Starbucks makes coffee. Think about it in terms of how complex of an idea that is.. “Give people coffee.” Execution is different, ideas aren’t worth much. As a rule of thumb: Take this with you when you go! Some people wait too long because they want to get everything right… Or at least what they assume is their version of right. This kills more businesses than anything else. Why?
People never launch. You don’t need a perfect logo.
You don’t need the most beautiful website. You don’t need all the branded mugs. everything else is just decoration. Getting your product or service out there teaches you more about what it’s actually more important than what you believe matters. So don’t wait! In the age of the internet business has changed. People need to know who you are and what you can bring to the table. Back in the day, it was free samples in the supermarket, not it shifted to social media accounts. This idea of giving first take second has become a fundamental pillar for anyone starting a business in the 21st century. This has been the model we’ve used to grow our business. Mind Mastery was such an incredible success because people know the quality of our free content. The moment we decided to create a premium piece of content it was a no brainer for most of you. To be precise, studies show that it’s between 5 to 25 times more expensive to get a new customer. This is what the smartest MBA students are learning so pay attention. Yeah, keeping the right customer is super valuable. This is why big brands are building ecosystems around their products which are getting harder and harder to leave. It makes them a ton of money. If you already have a business, go out of your way to make sure your existing customers are loving the relationship they have with you – it pays off big time in the long run. If you’re just starting out, the temptation is high to enjoy the spoils of your work… but don’t do it. Instead, make sure the business actually has a chance of surviving the long run. Take the money coming in and secure your position. That’s when you begin to polish on what you have. Business school teaches that you should reinvest half of your profits. Real-life business experience has taught us that you should go beyond that. Why? Every successful business we know has been aggressively reinvesting everything until they got in a position where they could afford to take some money out, us included. Long term survival is more important than showing off how successful you are! There are 2 states in which a business should find itself at either point in time: The first one is: The second one is: If your business isn’t in either of these 2, you’re in big trouble. The thing that worries us the most when looking at other businesses is when they begin to flatline. For most people, this should be a sign of maturity, but it isn’t. Because while you’re busy doing business, as usual, your competitors are pushing harder than ever trying to take it all away from you. Technology is changing, your customers are evolving. There is no such thing as a passive business! It all requires attention, management and a strong ability to creatively add value to what already exists. Stop thinking about difficult times as the end of the world, because they’re not. Instead, think of them as the marketplace testing your ability to solve this puzzle it threw at you. This is how the business world differentiates between those who really have what it takes and those who are just trying to look busy. Every difficulty you face, we assure you that other people have faced as well. Some have passed the test, others have not. Everything you built started as a concept in that mind of yours and we strongly believe that if you look hard enough in there, you’ll find the answer to this as well. In order to keep surviving, you have to be able to use your mind to come up with creative answers! “If only we had a SuperBowl commercial – then people would learn about our product and the business would be successful.” So many beginner entrepreneurs make this mistake. They believe throwing more money at marketing would solve their problems. Here’s the thing: Marketing doesn’t save a shitty product or service! But you know what does have a massive impact?
Sweat equity! Do the damn work yourself! Early on, you don’t have money, but you have something way more valuable. TIME! So many beginner entrepreneurs undervalue time because they always had it in abundance. Successful businesses grow because people convert time into money and then use that money to buy more time! And the cycle continues. Once you’ve done this enough time, you should have a stable business on your hands. That’s when you finally evolve into this next point. See.. this is why you should watch the video in full and not just read the list in the comment section. Once you figure out how to monetize your time you fall quickly in a trap box. Your time is limited! Even if you worked non stop, you still couldn’t spend more than 24 hours in a day. That’s why you need to level up and develop a scalable product or service. Scalable means that it can go beyond what you are able to do at your maximum capacity and the sales can grow as the business evolves. Instead of weaving baskets by hand and then having to sell them, one by one, work on creating the machine that weaves the baskets for you so you can focus solely on the selling part. Your mindset should be: How many of you begin projects but end up abandoning them halfway through?! Good, if that related to you, please know that you probably don’t have what it takes. Sorry to be so blunt about it. Business is a super competitive area with a very high chance of failure. Self-discipline and the ability to focus on your work are a major requirement; not only in business but in living a successful life as well. You need to prove to yourself that you can keep your word, that what you will do as you say. People are inspired by this, they will follow you and you will build momentum. A small win is strong enough to push for a medium one. Keep it up for long enough and you’ll see how your reality is changing. As a golden rule in business: We love numbers. Numbers don’t lie, they don’t care about your feelings or your plans or goals. If the numbers say you’re losing money, then you’re losing money. They’re the most honest representation of your work. If you’re doing a good job, the numbers will be good & guess what… The more you understand your number, the better the job you can do. If you don’t know your numbers, you don’t know your business. You are the CEO of this business for a reason, if you don’t understand what’s happening and where you’re going, the business will spiral out of control. There’s nothing stronger than satisfied customers. Your job, no matter what you do, is to create value for people, and in exchange for it, they will give you money. If you do a really good job, people will remember it. They’ll recommend you to their friends and will buy again. The quote: the customer is king, has a bad connotation because of terrible customers faced with terrible service. This is what we mean when we talk about ORGANIC GROWTH. Sure marketing can make things move quicker, but unless your customer loves what you’re offering, you’ll end up with just more terrible customers. Figure out how to exceed expectations efficiently and you’re good to go. As an entrepreneur, the business is in your hands. Ask yourself: And then do it… And do it again tomorrow… and the day after that. This is a different type of thinking than normal people do. While the average person is thinking how do I solve this problem for now, as an entrepreneur you need to think: how do I solve this problem forever. It’s the fish vs teaching how to fish metaphor, only applied to yourself and your business. Once figured out, you bring in an employee and teach him how to fish for you! Your ability to make strategic decisions in the present that have a continuous ripple effect in the future is what will make or break your business. A big mistake many entrepreneurs make is that at some point they stop learning. They stop reading, they stop going to events, they stop studying others. This leaves them vulnerable to others who still have the hunger they’re missing. One of the best things you can do is to constantly observe and analyze why other businesses are succeeding – even if they’re in different industries than you. Fundamentally, selling stocks, cutting hair and selling ice cream is the same business, just with different price tags. Observe how they organize themselves, find the little things they do right that your business can do as well. If you’re really good at it, you can adapt and improve them to fit your own market. This is a big reason why we keep recommending so many books and audiobooks on this channel; you need to keep yourself in the game. The last item on this list might sound like rainbows and sunshine, but we can assure you it’s not. You’re likely going to do this business of yours for the next 5 to 10 maybe 20 years if you’re lucky. There will come times when things get super difficult or repetitive or you burn out, and you will still be required to perform. Nobody in their right mind would choose to put up with this unless they were genuinely passionate about what they’re doing. If everything objective is the same, the person whose more passionate will win, simply through the desire to outlast everyone else. We really hope that you took this seriously Aluxers, maybe even wrote them down in a notebook somewhere. We found that going through these ideas once in a while could spark some incredible new ideas. Also, there are more pieces of really good advice out there, but none of them work unless you do! We did our part, not it’s your job to do yours. And, since we’ve got a community of entrepreneurs here, were curious to know, we’ll make sure to include the best ones in part 2 of this video. And, of course, for sticking with us up to this point, you’re getting a bonus… here it is: So, do not treat it as such. Here’s a fundamental rule to follow: For some reason, some people forget the first part of this rule. They pour so much into it and in the process lose more than they’re earning. At some point in time it hits them brutally in the face: they wake up and realize the mistake they have made. Keep this in mind as you grow your business.
Hustle hard, build a great empire, but build with a purpose! We’re super proud of all the members in our community who are already running a business or are thinking of starting this following year. We wish you the best of luck! If you’ve made it until the end of the video and are ready to start building your own, please write the word EMPIRE in the comments! Let’s see who’s serious about this and who’s just playing games! Thank you for spending some time with us Aluxers. Make sure to subscribe so you never miss another video. We also handpicked these videos for you to watch next. As always the conversation continues on social media. Thanks again and we can’t wait to have you back tomorrow.