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Read These 40 Books to Get Rich, Live Rich, and Stay Rich — Transcript

by Mark Tilbury · 5,704 words · 863 segments · language en · Watch on YouTube

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0:00I just finished reading these 40 books
0:01about business so I can cut out all the
0:04fluff and save you time. You see, I've
0:06got an issue with most business books.
0:08They have some great concepts that
0:10anyone can learn from, but they're
0:11buried under so much filler content that
0:14it takes ages to get to the gold. So as
0:16a millionaire businessman myself, I
0:18wondered if I could use my knowledge to
0:20cut through all the waffle. That's why
0:23over the last 3 months, I've made it my
0:25mission to read all these books and note
0:27down the key points that will actually
0:29make you rich. So I've divided them into
0:32four categories. How to start with no
0:35money, how to sell anything to anyone,
0:37how to market your business, and how to
0:40manage your money like the 1%. Now you
0:42may think some of these categories may
0:44not appeal to you, but trust me, put
0:46them together and they could make you a
0:48force to be reckoned with in the
0:49business world. Let's get on to the
0:51first section.
0:58So how to start with no money has got to
1:01be one of the most Googled questions
1:03ever. So let's dive into it. Step one is
1:06to find your strengths. This seems
1:08pretty obvious. However, society has
1:10conditioned us to actually focus on
1:12improving our weaknesses rather than
1:15doubling down on our strengths. But the
1:17reality is you can be 10 times more
1:19successful if you focus on following the
1:21path of least resistance. In other
1:24words, the stuff you're already good at.
1:26StrengthFinder 2.0
1:28says your strengths come down to a
1:30simple equation. Talent times investment
1:33equals strength. Let's use golf as an
1:36example. I enjoy playing at my local
1:38club. Although I'm not bad, I'm far from
1:41great. Suppose you took both Tiger Woods
1:43and me at the age of 13 and gave us the
1:46same amount of coaching and practice.
1:48I'm willing to bet that every hour he
1:50practiced would equate to about 10 of
1:52mine. This is because his inherent
1:55talent for the sport is significantly
1:57higher, giving him a larger multiplier.
2:00That's why this book is so great as it
2:02helps you find your most powerful
2:04multiplier so you can make more progress
2:07than others in a shorter amount of time.
2:09Once you start thinking of weaknesses as
2:11an expense you need to minimize, your
2:13time will become so much more effective.
2:16You can always find people who can make
2:17up for your weaknesses. How to Win
2:19Friends and Influence People gives some
2:21great networking techniques you can try
2:23out. So before we move on, ask yourself
2:26this. Have you been trying to become
2:28successful through fixing your
2:29weaknesses or through developing and
2:32employing your innate strengths? Step
2:35two, come up with an idea. Now that you
2:37understand the importance of playing to
2:39your strengths, it's equally as
2:41important to choose a business idea
2:43where you have an advantage. This is
2:45because every company that goes belly up
2:47has one thing in common. They couldn't
2:50outrun the competition. Zero to One was
2:52written by Peter Thiel, the man who sold
2:55PayPal to eBay for 1.5 billion dollars.
2:59What's even more impressive is that his
3:01original team who received his personal
3:03mentorship went on to establish
3:05companies like YouTube and LinkedIn.
3:07Given the number of successful
3:09businesses he's influenced, it's clear
3:11that he's mastered the secret of
3:13generating billion-dollar ideas. He says
3:16that billion-dollar business ideas come
3:18from betting on a contrarian truth. This
3:22is a real truth about how people will
3:24act in the future that they aren't aware
3:26of or don't want to admit. Steve Jobs
3:29believed that we didn't want a keypad on
3:31our phone. Very few people agreed with
3:33him, especially as BlackBerry was the
3:35most popular phone at the time, and that
3:37thing was literally riddled with
3:39buttons. I bet you guys don't even
3:41remember BlackBerrys, but he believed in
3:43his vision and was rewarded after
3:45releasing the iPhone and changing the
3:47world forever. This isn't an isolated
3:50example. Uber believed that we would
3:52feel comfortable getting into a
3:53stranger's car, and Netflix believed we
3:56would want to binge-watch TV shows. If
3:58you're struggling to come up with a
4:00contrarian truth, then give Start With
4:02Why a read as it will get you thinking
4:05in the right kind of way. Perhaps you're
4:07not aiming to start a billion-dollar
4:09business, but consider the things you
4:11believe can be improved by adopting a
4:14slightly different approach. People will
4:16probably think you're crazy at first,
4:18but that's okay. Going against the grain
4:20lets you carve out a massive advantage
4:23before anyone else even notices what
4:25you're up to. This means you won't have
4:27to worry about competition for a very
4:29long time. Step three is create a plan.
4:32Now you know what you're good at and
4:34you've got your idea, you need to get
4:36very clear on how your business is going
4:38to be structured. Otherwise, you're just
4:39going to be running around like a
4:41headless chicken not knowing where to
4:42focus your attention. Business Model
4:44Generation is a collective effort from
4:47470
4:48entrepreneurs, professors, and CEOs
4:51across 45 different countries. They were
4:54able to break down any business model
4:56into the essential nine building blocks
4:58that make up any business. They believe
5:00that many business plans are overloaded
5:03with text and that using visuals can be
5:06much more powerful. Let's do it together
5:08so you can see how it's done. Rather
5:10than boring you with the cliché lemonade
5:12stand example, which, let's be real, no
5:15one's actually going to do that, I'm
5:17going to outline a business that I
5:19reckon could be a real winner right now.
5:22Let's call it Timmy's Membership
5:24Builders. Firstly, Timmy loves watching
5:27educational YouTubers, but gets
5:29frustrated because lots of the advice is
5:31generic and doesn't really apply to him.
5:34So Timmy decides this is what he wants
5:36to change. He wants to create a way
5:38YouTubers can interact with viewers on a
5:40more personal level by building them
5:43membership platforms. This is Timmy's
5:45value proposition. Next, Timmy needs to
5:48identify his customers. Assuming that
5:50approximately 0.1%
5:53of YouTube subscribers will want to join
5:55a membership, he should collaborate with
5:58YouTubers who have over 1 million
6:00subscribers. This strategy will generate
6:02enough value to justify his business
6:04venture. Now Timmy needs to figure out
6:07what channels he can use to reach his
6:09customers. He might choose email, DMs,
6:12or even physical letters. You're
6:14probably thinking, if a YouTuber has
6:16over a million subscribers, then they're
6:18going to be pretty hard to reach. But I
6:20can tell you from experience, if you
6:22have a good value proposition, then
6:24someone on their team will see your
6:26message. We aren't as unreachable as you
6:28might think. Building customer
6:30relationships is the hardest part.
6:32That's why Timmy may have to start off
6:34working for free to build up some case
6:36studies and then offer his first clients
6:39discounts for referring him to their
6:41friends. Focus less on what you can gain
6:43and more on what you can give as this
6:45forms stronger relationships. If you're
6:48struggling, then you can always read
6:50Give and Take. Now consider revenue
6:52streams. Timmy could choose to charge a
6:54percentage of revenue for managing
6:55memberships, freeing up the YouTuber to
6:58concentrate on producing videos. If
7:00Timmy took a 10% cut from a membership
7:03of 10,000 people each paying $5 a month,
7:07it would amount to $5,000 of monthly
7:10revenue. As the membership grows, this
7:12figure will increase. Now Timmy needs to
7:15work out what he needs to make this all
7:16happen. These include his key resources
7:19like a website, key activities such as
7:22advertising, and then key partnerships
7:25which may include working closely with a
7:27developer. Finally, Timmy needs to
7:28calculate his costs. If he can do this
7:31business for less than what he expects
7:32to earn, then he's on the right track.
7:35If not, this evaluation will save him
7:37from disappointment in the future. That
7:39brings us to step four, building a
7:42minimum viable product. The harsh truth
7:44is many entrepreneurs put their head
7:46down and work for months on a product,
7:49but don't realize that they're building
7:50something that no one actually wants to
7:52buy. The Lean Startup suggests that
7:55instead of working super hard to create
7:57the most polished product, you should
7:59create something called a minimum viable
8:01product or MVP. What's great about this
8:04is that it doesn't actually have to cost
8:06you any money. The founder of Dropbox
8:09made a short video showing how his file
8:11storage solution worked and managed to
8:13increase his waiting list from 5,000 to
8:1675,000
8:18people in the space of a couple of days.
8:20The amazing thing about this story is
8:22that the video was fake. The product
8:24didn't even actually exist yet, but he
8:27was then able to use the waiting list to
8:29convince investors that it was a good
8:31idea, and then he was able to make it
8:33into a reality. There are so many ways
8:35that you can make a free MVP nowadays,
8:38especially with the help of AI. If you
8:40want some inspiration, then the ChatGPT
8:42Millionaire is a great little read. You
8:44could use your MVP to appeal to
8:46investors, launch a Kickstarter
8:48campaign, find a business partner, or
8:51bootstrap by reinvesting the profits
8:53back into building your business. The
8:55crucial point to keep in mind is that if
8:57you're starting with no money and
8:59looking for any kind of funding, you
9:01must provide undeniable proof of product
9:04demand. Step five, execute your vision.
9:08Now, having a plan, an idea, and an MVP
9:12isn't that precious. Lots of people make
9:14it to this stage, but what really
9:16matters is the execution. The crazy
9:19thing is most people have the capacity
9:21to double or triple their income by
9:23consistently applying what they already
9:25know. The issue is people don't put in
9:28the work. The 12 Week Year proposes a
9:30new way to get more done in 12 weeks
9:32than 12 months. It suggests that we
9:34should break our year into four and
9:37think of those quarters as our year.
9:39This may sound silly as it's still the
9:41same amount of time. However, this way
9:43of thinking forces you to confront your
9:45results every 3 months. I don't know
9:47about you, but personally, when I've got
9:49a deadline, I work a lot harder. My
9:52businesses have a different buzz around
9:54the office when we're nearing the end of
9:56the year. So by using this approach,
9:58instead of having that buzz of
9:59motivation once, we can have it four
10:02times a year. As Parkinson's law states,
10:05work expands to fit the amount of time
10:07we allocate to it. Therefore, applying
10:09the 12-week year approach, we can
10:12actually achieve more and make
10:13significant progress towards building
10:16the business you want. However, this
10:1712-week approach only works if you
10:20respect your deadlines. If you're the
10:22type of person who battles with
10:24procrastination, then extreme ownership
10:26is worth a read. It's packed with Navy
10:29SEAL tactics to whip your discipline
10:31into shape. Can you handle the truth?
10:34You can't handle the truth.
10:36Quick one from me before we get into the
10:37next section, and forgive my voice. I'm
10:39filming this a few days after as I've
10:41been quite ill. One of the best ways to
10:43start an online business nowadays is to
10:45turn your skills, passions, and
10:47experiences into online courses,
10:50exclusive membership sites, subscription
10:52podcasts, thriving communities,
10:54personalized coaching, and more. These
10:56types of businesses are extremely
10:58cost-effective to set up and run. They
11:00also have the upside of being extremely
11:02scalable. I know multiple people making
11:05millions using this business model all
11:07from their laptop. If any of that sounds
11:09interesting, then Kajabi is the perfect
11:11tool for you. It's the ultimate
11:12all-in-one platform that helps people
11:14build successful online businesses by
11:16unlocking predictable recurring revenue.
11:18They're also sponsoring this portion of
11:20the video, but before you skip, if
11:22you're an entrepreneur, trust me, you
11:24want to listen to this. Recurring
11:25revenue is the holy grail in the
11:27business world. I mean, there's a reason
11:29why everything's turning into a
11:31subscription nowadays. If you know how
11:32much money's coming in every month, then
11:34it gives you the confidence you need to
11:36expand your business and eventually hire
11:38people without worrying too much about
11:40your cash flow. Kajabi is a great choice
11:42as they don't take a cut from your
11:44revenue because everything is owned and
11:45controlled by you. So, you keep 100% of
11:48what you earn. So, if this sounds like
11:50something you'd be interested in, then
11:52right now Kajabi is offering a free
11:5430-day trial to start your business if
11:56you go to kajabi.com/mark.
11:59So, go to kajabi.com/mark
12:01and join the creators and entrepreneurs
12:03who have collectively made over $7
12:05billion. Right, let's get back to the
12:07books.
12:13So, how to sell anything to anyone. This
12:16section isn't just important for
12:18business, but in all aspects of your
12:20life. Maybe you want to persuade your
12:22friend to help you, your boss to listen
12:24to you, or even your parents to give you
12:26more pocket money. The reality is, we're
12:28all selling in some way. Although some
12:31of us are much better skilled at it than
12:33others. Step one, set the frame. Believe
12:36it or not, most people fail before they
12:38even ask for what they want because they
12:40don't warm up whoever they're talking to
12:42before trying to persuade them.
12:44Pre-suasion shares techniques you can
12:46use to make people more receptive
12:49towards your request before even asking.
12:51In this book, there's a story about a
12:53consultant who was having a hard time
12:55because people kept asking for discounts
12:58on his services. So, he came up with a
13:00clever trick. Before he tell them his
13:02price, he'd joke, "Well,
13:05as you can see, I can't exactly charge
13:07you a million for this." After he
13:09started using this joke, guess what? No
13:12one asked for a discount anymore, and he
13:14could happily charge $75,000 for his
13:16expertise. This sneaky little trick is
13:19called price anchoring. It's all about
13:22that first piece of information, or that
13:24anchor, that people latch onto. They
13:27then base their understanding of
13:29everything else around that. Framing,
13:31however, extends far beyond what we say.
13:34Nonverbal communication makes up 55% of
13:38all communication, and much of that is
13:41influenced by how we dress. That's why I
13:43recommend considering some of the advice
13:45in this little book, Style the Man.
13:47Remember, don't be in a hurry when it
13:49comes to setting the frame before asking
13:51for what you want. Trust me, using these
13:53strategies can flip the whole scenario
13:56in your favor. Step two is build
13:58rapport. The Art of the Deal starts with
14:01Trump taking us through a week in his
14:02life. The thing that struck out to me
14:05was the sheer amount of calls he took
14:07per day. We're talking between 50 and
14:09100 calls. This habit of regular
14:12check-ins kept Trump at the forefront of
14:14people's minds. So, when a business deal
14:16came up that was advantageous for Trump,
14:19or he had something to sell, it was
14:21easier to close the deal due to his
14:23multiple nurtured connections. Today, we
14:26can achieve this by building a personal
14:28brand on social media. Gary V emphasizes
14:31this in his book, Crushing It. Having a
14:33personal brand increases our touchpoints
14:35with people before we attempt to sell
14:38anything to them. Therefore, increasing
14:40the likelihood of future sales.
14:42Remember, people do business with people
14:44they like. Step three, become more
14:47persuasive. So, now you've set the frame
14:49and built the rapport, you need to be
14:51able to persuade people to give you what
14:53you want. To Sell is Human argues that
14:56the most effective way to do this is to
14:59attune with your prospect. I know that
15:01sounds a bit wishy-washy, but the
15:04experiment the book talks about makes
15:06this all start to come together. 152
15:09students were instructed to negotiate
15:11the sale of a gas station. They were
15:13divided into two main groups, buyers and
15:15sellers. The buyer group was further
15:18split into three subgroups. The first
15:20subgroup was instructed to focus on
15:22being empathetic to the sellers, the
15:24second on the sellers' thoughts, and the
15:27third on their own role. The highest
15:29number of successful deals came from the
15:31subgroup that focused on understanding
15:33the sellers' thoughts. Great deals
15:35always come when the buyers and sellers
15:36are in tune with each other. Pitch
15:38Anything makes a solid point that when
15:40most people pitch, they're too busy
15:43thinking about what they want and not
15:45what their prospects are thinking. They
15:46assume that the audience care as much
15:48about their business as they do. But
15:50here's the harsh truth, they don't. Step
15:53four, collaborate effectively. Now that
15:55you're attuned to each other, what if
15:57you could transform a sales negotiation
16:00into a collaboration instead of a
16:02one-sided process? Well, Never Split the
16:05Difference suggests you can by asking
16:07something called calibrated questions.
16:09Once you both feel like you understand
16:11each other, you can then start using
16:13this technique as it directs the other
16:15person's attention towards your
16:17problems. These types of questions
16:19normally start with what or how, with
16:21the ultimate question being, "How am I
16:23supposed to do that?" Let's say your
16:25landlord was going to put up your rent
16:26to $1,700 a month, and you didn't want
16:29to pay that much. You could say, "It
16:31seems like you think your house is
16:33undervalued, but how am I supposed to
16:35pay $1,700 a month when I only make
16:38enough money to afford $1,500 a month?"
16:40The key is to say it in a genuine way
16:43that doesn't seem confrontational. They
16:46should hear, "I value your intelligence.
16:48Can you please help me solve my
16:50problem?" Asking this type of question
16:52will make the other person think
16:53creatively, or even lower their price.
16:56It's not a magic trick, and it won't
16:59always work, but it's definitely worth
17:01giving it a shot. And here's a quick
17:02tip, if you're on the receiving end of
17:04this tactic, never let another person's
17:06problems become your problems.
17:09Understand them for sure, but remember,
17:11it's not your job to solve them, or you
17:13might just find yourself caught in this
17:15trap. Good questions are really a
17:17superpower. That's why it's worth giving
17:20Better Small Talk a read. Step five is
17:22closing the deal. You must never ever
17:25leave a conversation with a potential
17:27buyer without a firm commitment.
17:29Otherwise, all the hard work will be for
17:31nothing. Objections, the ultimate guide
17:34for mastering the art and science of
17:36getting past no, recommends getting the
17:38potential buyer to agree to a specific
17:41action on a fixed date. This is known as
17:44micro commitment. When trying to secure
17:47a commitment, be prepared for potential
17:49objections. For instance, if someone
17:51says, "I'm quite busy. How about you
17:53call me next week to arrange something?"
17:55A possible response could be, "My week
17:58is also looking pretty packed, and I
17:59want to make sure I can dedicate the
18:01appropriate amount of time for our
18:03discussion to ensure you don't miss out.
18:05Can we schedule our meeting right now?
18:08Uh would Friday at 3:30 work for you?"
18:10Obviously, you can adjust the time to
18:12whatever works for you, but see how that
18:14question makes it much easier for the
18:16other person to say yes rather than
18:18objecting again. Of course, bit of
18:20charisma can always help close a deal as
18:23well. Just think of the most popular
18:24closer on the TV show Suits, Harvey
18:27Specter. Interestingly, the actor is
18:30completely different from his role in
18:31the show. So, this proves that charisma
18:34can be faked to some degree. If you're
18:36interested in learning more about this,
18:38consider reading The Charisma Myth.
18:46So, how to market your business. Let's
18:48face it, you could have the best product
18:51or service in the world, but what's the
18:53use if nobody knows about it? Step one
18:56is developing your unique selling
18:58proposition. Ever found yourself
19:00wondering why some businesses explode
19:02and others just don't? Why people rave
19:05about one business and ignore another?
19:07Well, Purple Cow believes that the key
19:10is being remarkable. Every marketer is
19:12traditionally aware of the five P's,
19:15product, positioning, pricing,
19:17publicity, and promotion. However, this
19:20book introduces a sixth P, the purple
19:23cow. I know this might sound a bit
19:25strange, but stick with me. Imagine
19:27you're driving along a country road and
19:29you see a brown cow grazing. It's so
19:32common that you hardly notice it, much
19:34like the barrage of everyday marketing
19:37and advertising. Now, imagine instead
19:39seeing a purple cow. You'd stop the car,
19:42you'd get out, you'd take a selfie with
19:44it. It's noteworthy, and you can't help
19:47but talk about it. Imagine if your
19:49business was like that purple cow,
19:51compelling people to talk about it. So,
19:54think about what makes your business
19:56unique. What do you do better than
19:58anyone else? What unique value do you
20:01offer to your customers? Lots of
20:03businesses are using TikTok and YouTube
20:05to stand out, especially restaurants,
20:08who are coming up with unique dishes
20:10that they're using as purple cows to
20:12draw in customers. If you want to dive
20:14more into creating videos, then YouTube
20:17Secrets, which is down here, just like
20:19that, gives you a really good insight
20:22into making viral content. Step two,
20:24gather real-world data. If you want any
20:27hope marketing your product or service,
20:29then you need to know what people think
20:31about it. However, this is where most
20:33people make the mistake of asking the
20:35people closest to them for their
20:37thoughts. This results in them just
20:38giving you blind encouragement and
20:40generic support, which might be good for
20:43boosting your ego, but it won't help you
20:45market your product. The Mom Test offers
20:47a solution to this problem. It says that
20:50instead of saying, "Here's my business,
20:53what do you think?" you should instead
20:55ask about their life in the context of
20:57your business. I know this sounds
20:59confusing, but let me give you an
21:01example. Say you are starting an online
21:03course business that teaches people how
21:05to play the piano from the comfort of
21:07their own home. Instead of asking your
21:09friends and family if they like the
21:11idea, talk about them. If they play the
21:13piano, you could ask about the initial
21:15challenges they faced, the solutions
21:18they sought out, and any frustrations
21:20they had with the solutions they found.
21:22If they don't play the piano, you could
21:24slightly tweak the questions. This is an
21:26extremely smart way to get useful data
21:29on your business, as it's almost
21:31impossible for anyone, even your mom, to
21:34give you blind support and
21:35encouragement. You can use this
21:36information to help identify
21:39blue oceans, which are areas of a market
21:42with low competition, but very high
21:45demand. Step three, establish your brand
21:48message. Despite having a USP and
21:50necessary data, many new entrepreneurs
21:53struggle to capture the attention of
21:55potential customers. People don't like
21:57feeling sold to, and because of this,
21:59it's hard to get someone to listen long
22:01enough to actually get them to want to
22:03buy from you. Building a Story Brand
22:06says the solution is using a specific
22:08story structure in your marketing that
22:11cuts through the noise and holds
22:13people's attention. You first need to
22:15create a character. This character isn't
22:18your business, it's your target
22:20customer. This is because everyone sees
22:22themselves as the main character in
22:24their story. You need to make it very
22:27clear what this character wants. At this
22:29stage, it's best to stick to the
22:30universal desires like building wealth
22:33and status, higher quality
22:35relationships, or increased health.
22:37Next, your character should face a
22:39specific problem related to your product
22:41that they want to overcome. For
22:43instance, if you're running a piano
22:45teaching business, the external problem
22:47they'd want to overcome is not being
22:50good enough at playing the piano. Their
22:51internal struggle might be questioning
22:53their own abilities and if they're good
22:55enough. Here, you can introduce your
22:57business as their guide to overcoming
22:59this problem and share past success
23:01stories to establish your authority.
23:04Both these elements build trust in you
23:06and your business. You need to be able
23:07to get this message across in multiple
23:09formats, but one of the most crucial is
23:12with writing. That's why it's worth
23:13giving Copywriting Secrets a read. The
23:16main takeaway here is to portray your
23:18potential customers as heroes in your
23:21marketing. This narrative structure,
23:23commonly known as the hero's journey, is
23:25frequently used in TV shows and films.
23:28If you make people into the hero of your
23:30story, they'll sit up and listen. Once
23:32you've sold to someone once, it's so
23:34much easier to sell to them again with
23:36the right strategy. That's why step four
23:38is create upsells. It's actually
23:40shocking how many businesses are leaving
23:42so much money on the table by not using
23:45this technique. DotCom Secrets teaches
23:47you exactly how to build a value ladder
23:50and sell higher-priced products and
23:52services to your existing customers.
23:54You've probably already seen this in
23:56action at your local dentist and not
23:58even thought about it. Normally, a
24:00dental practice starts off by selling
24:02you a simple checkup. Next, they might
24:04offer you teeth cleaning, then teeth
24:06whitening. After that, a retainer, and
24:09before you know it, they've pushed you
24:11all the way up the ladder to their most
24:13expensive product, cosmetic surgery.
24:15This approach can be applied to any
24:17business you're starting. If customers
24:19have a great experience with your
24:21lower-priced products, they're likely to
24:23continue climbing the ladder. It's also
24:25important to remember, if you don't
24:27provide options for them to spend more
24:29money with you, they may end up going to
24:31one of your competitors. Ideally, you
24:33shouldn't have to upsell people
24:34face-to-face. Expert Secrets outlines a
24:37way you can use the perfect webinar
24:39model to upsell many people at once
24:42whilst keeping that personal feel. But,
24:44how do you make sure you never run out
24:46of customers to climb your value ladder?
24:48That's where step five comes in, driving
24:50up demand. If you've followed all of the
24:52steps so far, you should have plenty of
24:54demand. But, instead of trying to sell
24:56to everyone, you could try and limit
24:58your product or service and increase the
25:00price. Oversubscribed states that every
25:03product that is oversubscribed has
25:05people that didn't get it, even though
25:07they were willing to buy it. Rolex has
25:09mastered this strategy better than most.
25:11If you want to purchase a new Rolex, you
25:13have to visit an authorized store, join
25:15a long waiting list, and patiently wait.
25:18This process can take up to four years
25:20before you're offered the chance to buy
25:22a watch. Some people never receive the
25:24call, as Rolex doesn't deem them the
25:26right customer for their brand. Does it
25:28sound a bit snobby? Possibly. But, does
25:31it work? Absolutely. If your product is
25:34seen as oversubscribed, competition
25:36becomes less of a concern, and you have
25:38the flexibility to set your prices as
25:41you see fit. It's all about following
25:43the Don't Make Me Think principle.
25:45You've got to make it very easy for your
25:47customers to understand your website and
25:49messaging.
25:55So, how to manage your money like the
25:571%? This section is absolutely crucial.
26:01You won't believe how many people are
26:03amazing at almost everything else, but
26:05struggle when it comes to handling their
26:07cash. This is a big reason why one out
26:09of every three people earning over 100
26:12grand a year are still living paycheck
26:14to paycheck. Step one, monitor your
26:16finances. The Total Money Makeover,
26:18while not specifically focused on
26:20business finances, it does offer some
26:22valuable principles for keeping your
26:24money under control, which can be
26:26applied to business finances as well.
26:28Here's the major takeaway for all you
26:30entrepreneurs, keep a sharp eye on your
26:33finances. It's so easy to get caught up
26:36in the daily hustle and bustle of
26:37running your business that you lose
26:39sight of your numbers, and before you
26:41know it, you're in a financial pickle
26:43without even realizing it. Think about
26:46it, financial laziness is a lot sneakier
26:48than physical laziness. It's not like
26:50you're forced to confront it every time
26:52you look in the mirror. You can just
26:54brush it under the rug and only start
26:56panicking when it's too late. So, if you
26:59feel like you've lost touch with your
27:00financial situation, here's a little
27:03reality check for you. Ask yourself
27:05this, if all your revenue stopped coming
27:07in tomorrow, could you keep your
27:09business afloat for at least three
27:10months? If the answer is no, then sorry
27:13to break it to you, but you're
27:14financially out of shape. It's time to
27:16hit the financial gym. That brings us on
27:18to step two, remain profitable. You
27:21might think being profitable is the same
27:23as being financially stable, but they're
27:25actually pretty different. Most
27:26businesses morph into cash-hungry
27:28beasts. This is because when most
27:30ambitious entrepreneurs make sales, they
27:32pump most of that sales revenue back
27:34into growing their business, and guess
27:36what happens? Their expenses shoot up,
27:39but they think it's fine, as they'll
27:41make their profits once their business
27:42is bigger. However, the profits never
27:44come, because when sales
27:46expenses stay high, which causes the
27:48business to bleed money and eventually
27:51collapse. Profit First urges
27:53entrepreneurs to think about profit in a
27:55different way.
27:57The traditional way is sales minus
27:59expenses equals profit. But, Profit
28:02First says you should instead flip the
28:04formula around to sales minus profit
28:07equals expenses. By taking a portion of
28:10each sale and allocating it to profit,
28:12you force your business to become more
28:14efficient. That's the funny thing about
28:16having less money to spend, you actually
28:18start to discover you can run things for
28:20far less than you initially thought.
28:22Step three, plan for taxes. Did you know
28:25the average taxpayer in the US will
28:27spend an estimated $524,625,
28:34around a third of their lifetime
28:36earnings on various state and federal
28:38taxes. And that's the average person. As
28:41an entrepreneur, you're going to be
28:43paying a lot more. Many people think the
28:44tax system is evil and just out to get
28:47your money. However, Tax-Free Wealth
28:49states that the IRS has written a tax
28:52code in a way to save us money. That's
28:55right. The book states that the current
28:57tax code contains over 5,800
29:00pages, and only 30 of those address how
29:03to pay taxes. This means that the IRS
29:05dedicated 5,770
29:08pages, or us avoid taxes and therefore
29:12increase our wealth. It's very similar
29:14in the UK and other Western countries,
29:16as they want to help stimulate
29:20the economy above taking your money.
29:23That's why it's really worth getting a
29:24great accountant who can take advantage
29:26of all the tax breaks you're entitled
29:29to. Step four is playing your own game.
29:31To be a successful entrepreneur, you
29:33need to base your decisions on data and
29:35not be easily led by others. The
29:37Intelligent Investor is one of my
29:39all-time favorite investing books. It
29:42discusses a scenario that perfectly
29:44applies to both running a business and
29:46investing in one. Imagine owning a small
29:48business that cost you $1,000 and you
29:51have a business partner called Mr.
29:53Market. Every single day he pops in and
29:56tells you how much he thinks your piece
29:58of the business is worth. Not only that,
30:01but he's always ready to buy your share
30:03or sell you more at that price.
30:05Sometimes Mr. Market seems to hit the
30:07nail on the head. His valuation makes
30:10sense based on what's happening in the
30:11business and what the future looks like.
30:14But at other times, Mr. Market gets a
30:16bit carried away with his emotions and
30:18the price he offers can seem, well,
30:21a little bit crazy. Now, if you're a
30:23savvy investor or a smart business
30:25person, are you going to let Mr.
30:27Market's daily chat sway your own
30:29opinion of your $1,000 stake in the
30:31business? Well, you shouldn't. Most of
30:34the time, you'd be smarter to make up
30:35your own mind about what your investment
30:37is worth. Remember, most people are
30:39driven by their emotions. If you want to
30:41see long-term success, you got to think
30:43rationally with your business and
30:45investments. Step five is mitigating
30:48risks. When you're in the early stages
30:50of business, you have to take big risks
30:52and think quickly. But as your business
30:54grows, it makes sense to slow down and
30:57think about mitigating as many
30:59unnecessary risks as possible. I've had
31:01many multimillionaire friends that
31:03didn't do this and ended up losing
31:06everything. Thinking Fast and Slow
31:08outlines that your brain actually has
31:10two ways of thinking. System one is fast
31:13and intuitive and system two is slow and
31:16analytical. Listen to this question and
31:19answer it in your head as fast as you
31:21can. A bat and ball cost $1.10 in total.
31:25The bat cost $1 more than the ball. How
31:28much does the ball cost? If you're like
31:30most people, you'll have answered that
31:32the ball cost you 10 cents, which is
31:34incorrect. The answer is actually 5
31:37cents. This is because your thinking
31:39system one came up with the quick
31:41answer. Then when your system two
31:43activated, you started to understand why
31:465 cents was the correct answer. It's
31:48crucial to understand this so you don't
31:50jump to conclusions and take on more
31:53risk than necessary in your business.
32:00I had five books left over that don't
32:02really fit neatly into the four
32:03sections, but they're definitely great
32:05books to pick up if you want to dive
32:07even deeper into business. Feel free to
32:09take a screenshot and add them to your
32:11list if you find the titles interesting.
32:13And if you want to keep learning, then
32:15you should watch this video next where I
32:17read 40 different books all about money.
32:19But don't click on it just yet. Make
32:21sure to subscribe if you want to grow
32:22your wealth, okay? I'll see you over
32:25there.

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