This video is about five million-dollar business lessons that are not taught in college, including the importance of prioritizing buyers over non-buyers, thinking like a rich person, making strategic decisions, and taking calculated risks in business.
This video by
Adam Erhart was published on Jul 6, 2023. Video length: 13:21.
This video discusses five million-dollar business lessons that are not taught in college.
The first lesson is the importance of identifying and prioritizing buyers over non-buyers. The video emphasizes the need to focus on customers who actually buy products or services, rather than wasting time and resources on non-buyers. The second lesson is to think like a rich person, which involves critical thinking and making strategic decisions. The video also mentions the importance of taking calculated risks in business and not regretting missed opportunities.
Overall, the video aims to provide valuable business advice that can help viewers succeed in their entrepreneurial endeavors.
Buyers and non-buyers exist in business, and it is important to prioritize buyers.
Success is more about making fewer bad decisions and thinking critically.
Good decisions are based on critical thinking, while bad decisions are based on emotions.
Valuing and guarding your time is crucial for success in business.
Procrastination and not relying on your network are common regrets in business.
Setting SMART goals and embracing the reality of limited time are important for success.
Making strategic decisions and taking calculated risks are key to business success.
Business secrets they DON'T teach in school (they don't want you to know) - YouTube Importance of prioritizing buyers over non-buyers In business, there are buyers and non-buyers. Buyers are your customers or clients who give you money in exchange for your products or services. Non-buyers are people who haven't bought from you and probably never will. It's important to ignore non-buyers and avoid their thoughts and opinions. Build your marketing and messaging around your ideal buyers, making them feel seen and understood. Thinking like a rich person Success is less about making good decisions and more about making fewer bad decisions. Success is the result of critical thinking, making strategic decisions, and being intentional. Don't fall into the trap of short-sighted emotional thinking. Emotional decision-making prevents you from objectively assessing risks. Critical thinking helps you take action when the time is right and feel confident in your choices. Making strategic decisions and taking calculated risks Good decisions are based on critical thinking, facts, and data. Bad decisions are based on emotional thinking and feelings. There will be times when you need to take calculated risks in your business to move forward. Regret what you didn't do, not what you did. 85.4% of small business owners regret not starting their business sooner. Business secrets they DON'T teach in school (they don't want you to know) - YouTube The importance of valuing and guarding your time Observing billionaires taught the importance of valuing and guarding their time. Time is incredibly important in business. Success is also the result of critical thinking and making strategic decisions. Emotional thinking prevents you from objectively assessing risks. Don't let emotional thinking lead you to make decisions based on short-sightedness. Section 1: The Importance of Taking Action Procrastinating on goals and dreams leads to painful regrets. Failed entrepreneurs often regret not doing enough market research. Not relying on your network and trying to go at it alone is a common regret. People do business with and refer businesses to those they know, like, and trust. Allowing yourself to be pulled in many directions instead of focusing on one thing leads to regret. Section 2: Setting Effective Goals Setting SMART goals (specific, measurable, achievable, relevant, and time-bound) is a good starting point. Big hairy audacious goals (BHAGs) push you to become a different person and learn new skills. 10x goals are 10 times bigger or better than your current situation. 2x goals often lead to working harder and longer, while 10x goals require creativity and strategic thinking. A 10x goal is interesting, exciting, and believable with a long enough time horizon. Section 3: Embracing the Reality of Limited Time Your time is the most valuable resource you have. Most people waste a lot of time doing things they don't enjoy and that leave them feeling worse off. Wasting time often comes from doing the wrong things in the wrong place for the wrong people. Making decisions about what you prioritize is crucial for maximizing your limited time. Being aware of the finite nature of life helps you make better choices and prioritize effectively. Section 4: Making Strategic Decisions and Taking Calculated Risks Maximizing upside and minimizing downside is key to making good business decisions. Running decisions through a filter of your goals helps prioritize and make strategic choices. Understanding and embracing the concept of risk is important for business success. Calculated risks involve weighing potential rewards against potential losses. Being willing to take calculated risks can lead to significant business growth and success. Importance of prioritizing buyers over non-buyers, thinking like a rich person, making strategic decisions, and taking calculated risks in business Many people make decisions based on emotions rather than planning ahead, which can hinder long-term success. Procrastinating and avoiding risky or uncertain decisions can prevent growth in business. Having a clear and compelling goal is crucial to avoid distractions and focus on important tasks. Understanding the true value of time and filtering decisions through that lens is essential for success. Knowing the value of your time can help prioritize activities and focus on those that will yield the highest returns. The true value of your time and its impact on decision-making Calculating your value per hour by dividing your annual earnings by the average number of working hours in a year (2000) can provide a benchmark for decision-making. Knowing your value per hour helps determine which activities are worth your time and which are not. Setting clear goals and creating a strategic plan can help prioritize activities and eliminate those that are not worth your time. Spending time on activities that align with your goals and have the potential to generate the most income is crucial for success. Avoiding tasks that can be outsourced or delegated can save time and allow for more focus on high-value activities.
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Business secrets they DON'T teach in school (they don't want you to know) - YouTube