How To Get Ahead Of 99% Of Entrepreneurs (Do This Now)

This video is about how to become a top one percent entrepreneur by understanding that success is not about working harder or doing different things, but rather about doing the same things as everyone else differently, and it provides effective rules for guaranteed success.

This video by Adam Erhart was published on Aug 1, 2023.
Video length: 15:32.

The video is about how to become a top one percent entrepreneur and achieve success.

The speaker explains that it is not about working harder or longer, but rather about doing the same things as everyone else, but differently. The top one percent of entrepreneurs think, act, and see things differently than the rest. The speaker shares a few simple but effective rules that guarantee success, starting with understanding the importance of solving big problems for big profits.

The video also discusses how to prioritize business offers based on criteria such as net profit, fun and enjoyment, ease of delivery, ease of sale, sustainability, scalability, and automation.

• Success as an entrepreneur is about doing things differently than everyone else.
• The top one percent of entrepreneurs have a different mindset and approach.
• Success is not random, but follows simple rules.
• Entrepreneurs should focus on solving big problems with high profit potential.
• Choose where to focus based on criteria such as profit, enjoyment, and scalability.
• Automate and outsource tasks to streamline and scale your business.
• Focus on one offer to become an expert in that area.
• Master the three ways to grow a business: new customers, frequency, and size of purchase.
• Apply the Pareto Principle to focus on the most important areas of your business.
• Identify your entrepreneurial superpowers and focus on tasks you enjoy and excel at.

How To Get Ahead Of 99% Of Entrepreneurs (Do This Now) - YouTube

Section 1: The Key to Success

• Success as an entrepreneur is not about working harder or longer, but about doing the same things as everyone else differently.
• The top one percent of entrepreneurs think, act, and see things differently than the 99 percent.
• Two entrepreneurs with the same business and market can have completely different results.
• Success is not luck or random, but following a few simple but effective rules.
• The first rule is understanding that an entrepreneur's job is to solve problems for a profit.

Section 2: Solving Big Problems

• Many entrepreneurs struggle because they are trying to solve problems that nobody really has, not enough people have, or that are not painful enough to take action.
• A big, urgent problem that needs immediate attention is referred to as a "bleeding neck" in business and marketing.
• Entrepreneurs should focus on solving big problems that have a high potential for profit.
• Identify problems that have a severe impact and are in high demand.
• Find problems that people are willing to pay to have solved.

Section 3: Choosing Where to Focus

• List out all of your business's current offers or potential ideas.
• Rank them on a scale from one to five based on criteria such as net profit, fun and enjoyment, ease of delivery, ease of sale, sustainability, scalability, and automation.
• Consider how much money you can make, how much you enjoy the work, how easy it is to deliver or fulfill, how easy it is to sell, how long you can sustain it, how scalable it is, and how easy it is to automate or outsource.
• Add up the scores for each criteria and choose the option with the highest score.
• Focus on the option that has the potential for the most profit and aligns with your enjoyment and capabilities.

How To Get Ahead Of 99% Of Entrepreneurs (Do This Now) - YouTube

Section 4: Automating and Outsourcing

• Automation and outsourcing can help streamline and scale your business.
• Consider how easy it would be to automate or outsource the chosen option.
• Look for ways to automate repetitive tasks or outsource non-core activities.
• Automation and outsourcing can free up your time to focus on more important aspects of your business.
• Continuously evaluate and improve your automation and outsourcing processes to increase efficiency and productivity.

Focus on One Offer

• Many businesses are not as profitable as they could be because they offer too many products and services to too many people.
• By focusing on just one offer, you can become an expert and authority in that area.
• For example, a marketing agency could focus on offering Facebook ads to help clients generate leads for a dog walking service.
• Identify the one best traffic source, lead magnet, and conversion mechanism for your business.
• Constantly try to identify the one main thing that will have the biggest positive impact on each stage of your customer journey or marketing funnel.

Master the Three Ways to Grow a Business

• There are three ways to grow any business: new customers, increasing purchase frequency, and increasing the size of the purchase.
• By working on all three areas, you can compound and multiply your profits.
• For example, if you increase all three areas by a factor of two, your profits will increase by a factor of eight.
• Focus on doubling your customers, offering more products or services to existing customers, and increasing the size of each purchase.
• Implementing these strategies can be life-changing for your business and your life.

Apply the Pareto Principle

• The Pareto Principle states that 20% of your efforts will be responsible for 80% of your results.
• 20% of your customers will give you 80% of your profits.
• Identify the 20% of your products or services that generate 80% of your revenue.
• Focus on the marketing efforts that bring you 80% of your leads, customers, and sales.
• On the flip side, 80% of your customers will only give you 20% of your profits.

Identifying the 20% that Matters

• It is important to spend time identifying the 20% of things that actually matter in your business.
• Focusing on these key areas will deliver results and allow you to ignore or de-prioritize everything else.
• By doing this, you can reduce your work hours, eliminate overwhelm, and experience the freedom of building a successful business.
• Clarity and focus are essential for finding this level of success.
• Unlocking this key will give you the headspace to make it happen.

Letting Go to Grow

• When you first start your business, you have to do everything yourself.
• Over time, the belief that you have to do everything yourself becomes ingrained.
• Letting go of certain tasks or responsibilities can be challenging and painful.
• Not everything is created equal, and only a small number of inputs will be responsible for the majority of outputs.
• You need to let go in order to grow your business.

Deciding What to Do, Delegate, or Eliminate

• List out all the things you do each day in your business.
• Decide how important each activity is to the growth and profitability of your business.
• Ask yourself if each activity needs to be done by you or if it can be delegated to someone else.
• Look for tasks that can be automated using software or technology.
• Eliminate, delegate, or automate tasks that are not beneficial to your business.

Identifying Your Entrepreneurial Superpowers

• Take a look at each item on your list and determine if it's something you're good at and enjoy doing.
• Eliminate tasks that you're not good at and don't enjoy doing.
• Replace tasks that you're good at but don't enjoy or tasks that you enjoy but aren't good at.
• Focus on the tasks that you enjoy and are really good at, as these are your entrepreneurial superpowers.
• Marketing is often a key superpower for entrepreneurs, as it is responsible for bringing in leads, customers, and sales.

Watch the video on YouTube:
How To Get Ahead Of 99% Of Entrepreneurs (Do This Now) - YouTube