The Mind Of An Entrepreneur Materclass

1. Mod 01 01 Promo Video: The farmer's son's, the tile of two sons. There was a farmer and he had two sons. Went to him and asked him some money so he could go and live in the city. The second son asked him for a field to he could work. So the farmer gave both the sun's what they asked for. The first son, Khajuraho purchased a flat, bought a car, and started buying fancy toys, and building up credit debt. He became an asset, a source of residual income for some rich corporate billionaire. The second son or himself at ten, and he lived in that ten and he saved every penny he had that was spare. And he bought some sheep, and he bought some cows, and he'd bread dough, sheeps and counts. He then sold the wall from the sheep every year and sold the milk every day. And this created a source of residual income from the profits of the wall and the milk He Bo field. And then he bred more sheep and cows in that field until he had lots of sheep and lots of counts. From those profits. He bought his phone, he purchased his uncle, and he was able to live off the profits of his assets. In this course, we're going to show you how to avoid the person's experience. But more importantly, we're going to show you how to take hold of the second son's experience. So let me ask you some questions. Which person do you think you are? And which person do you want to be? Becoming someone else's asset can only lead to unhappiness in life. But by creating an owning your own assets, we can experience freedom and we can take full control of our life. 2. Mod 01 02 The Three Rules: Here are the free roles that are going to help us become successful as entrepreneurs. Rule number one, live simply. Rule number to create assets and roll number free practice, deferred gratification. These seven words, if accepted and followed, will create genuine wealth in your life. So let's go and have a look at each of these free roles individually. 3. Mod 01 03 Live Simply: Live simply. Number one, living attempt. Number two, do not borrow, and number three, do not become an asset. Leaving attend, not means live as simple as possible. Live as low cost as possible. Avoid buying expensive toys, avoid buying expensive holiday. Not buying expensive gifts for everybody may be buying things secondhand is important to keep your costs down as much as possible when you first start building your business. And that is what it means to live in a ten. If you're a young person watching this course, maybe it means staying with relatives. Flash sharing for a bit longer. Living in a tent means simplifying your living conditions and keeping them as low-cost as possible. The second row to live simply is do not borrow. Whenever we borrow money, we are basically funding someone else's lavish lifestyle. We're paying more for everything that we purchase because of the interest rates and we're borrowing from the future, these activities cause are living costs to go up in the present. So we're not living simply if that is the case now, there are some exceptions. Sometimes it's cheaper to buy a house than it is to rent a house. And in that instance, we might look at that being a simpler way to live if we have to have a house for our family, for instance. But the general principle here is so avoid borrowing at all costs. And the third rule is do not become an asset. What that means is don't be a source of income for someone else, avoid being someone else's asset. As an entrepreneur was seeking to benefit from our labor. So we don't want to dedicate our lives to make other people wealthy and other people Ridge, instead of making ourselves wealthy and making ourselves rich. 4. Mod 01 04 Create Assets: Rule number two, create assets. Create assets with your labor. On your assets. Increase your asset. Suppose it means create assets with your labor. It means to create something that you can sell. And when we're talking about entrepreneurship, what we're building, assets that we can sell over and over and over again. So we're going to focus and concentrate on using our labor to create products and services to weaken cell over and over again. We're going to avoid trading time for money. For instance, as an entrepreneur, we might be working in a job. We wouldn't take extra shifts to get a bit of extra money if that would stop as creating the asset is going to set us free from the job we're trying to get out of. So we prioritize creating assets with our labor. Rule number two is own assets. Set means. Make sure you own the rights and the intellectual property of the thing you're selling. So create your own services, create your own product whenever possible. Make sure you have full ownership of the asset that you're creating or the asset that you're selling. Rule number three, increase your assets. So as an entrepreneur, we want to continually increase the assets we have. We want to create new assets. We want to develop new products, new services, create new sources of residual income. So we want more sheep, were more cows, so we can by another field and generate more sheep and more cows. So we combine, never failed. So wealth creation comes from increasing number of assets you have. And it's a very simple formula. You want more wealth, you need more assets. So we want to focus on constantly increasing assets. 5. Mod 01 05 Practice Deferred Gratification: Rho_free practice deferred gratification. Number one, set goals for your dreams. Number to wait for your dreams, and number free, remind yourself of your dreams. Now one of the things to understand about this model for building wealth is that you're not saying you're not going to have something. You're actually saying you are going to have your dreams. You are going to have those things you want in life. And we're going to set goals and we're gonna work towards them. And that's when it means the practice deferred gratification. You're just deferring it for the future. So we need to have clear goals. We need to define our dreams, we need to plan, we need to create strategy. We need to build on those. And then we have to follow those plans and those strategies to achieve our goal. We're going to wait for our dreams, were not going to practice instant gratification where we see something, we rush out, we get credit, we buy it, we are going to be patient, but we never give up on our dream. We just put them in the future rather than trying to get them right now and becoming an asset for someone else by doing so. And then we need to remind ourselves of our dreams. We need to focus on our dreams. We need to focus on them daily. We need to keep them in our mind because they are going to provide the motivation to keep moving forward in the journey. So we're going to be very clear about what we want to achieve. We're going to work towards that. We're not going to try and Russia dreams and make mistakes as entrepreneurs. We are going to keep focusing. We are going to keep concentrating on our dreams and reminding ourselves of why we're doing what we're doing. 6. Mod 01 06 Full Downloadable PDF: Full downloadable PDF. There's a fold analytical PDF of the slides in this course available in the resources at the end of the course. You can then download that PDF into good notes on an iPad. And if you have an Apple pencil, you can make notes directly on iPad. Obviously, you will need to view the course on a separate device to do that. Option is if you have an Android tablet with a pen and just look for good notes alternatives, if you would like to make notes on that tablet. 7. Mod 01 07 Journal Entry 01: Journal entry number one. Now one of the things we're going to recommend you do is get a notepad or big Notepad. And throughout this course we're going to have a lot of journal entries. If you carry out these exercises, if you write these down in your journal, you're gonna find these journal entries, again, really helps cement what we're teaching in your mind and help you carry out your life so you become successful if you wanted those people that don't really like making notes or don't like journaling or having to write things down. Then just did these exercises in your head. But we do recommend that to get the best out of the course, it will be good to go through these exercises and fill out the journal entries. So let's have a look at journal entry number one. Make a note the free principles governing wealth in your journal, and you can see them in the top right-hand side of the slide. Score yourself from one to ten on the live simply principle. With one being, you're not living simply at o to ten being you are currently living very simply. Now, this exercise is not designed to make you feel bad about yourself. It doesn't matter where you are or how you score yourself. This is just a tool to help you reflect on this principle and where you fit. You currently are with that principle in your life. Now what is important to understand here is as we go through the course, we're going to promote and encourage and explain and teach you a lot of principals you might have heard before. So we don't want you to worry about whether you're carrying amount is not about that. It's more about helping you to understand the principles that you need to adopt to create wealth in your life. So as I said, score yourself one to ten, with one being, you don't live very simply to 10 billion. You do look very simply. Score yourself from one to ten on the create assets principle, with one, you don't have any assets to ten where you have lots of residual income assets and you don't have to work for anybody to earn income. Score yourself from one to ten on the practice deferred gratification principle. So one, you don't practice deferred gratification of total. If you see something you buy a put on credit to ten, uy, you plan and you have goals and structures in place to get those things that you want from life. So lists some things you might want to stop doing to help you achieve wealth based on the scores you just giving yourself. And list some things you might want to start doing to help you achieve wealth based on the score you just gave yourself making. Now, in your journal of any decisions you are comfortable making and you are choosing to action. 8. Mod 01 08 Signs You Are An Entrepreneur: So here's an exercise for you to carry out signed. You are an entrepreneur. So what we're gonna do now is test to see how entrepreneurial you actually are. So number one, you don't like having a boss. So school yourself from one to 101 would be bothered about having a boss. And ten would be, you hate having a boss. You Hey, having people tell you what to do. So wherever you are, between 110, make a note in the box of that school. Number two, you want to control your Type. One would be above it. You don't want to control your time at all and you're happy forever people to control your time. And ten would be you want to control your time and you, hey, other people having any control over your time whatsoever. Number three, You are a problem solver. Number one would be, you hate solving problems. You avoid problems at all costs. And ten would be that you enjoy solving problems and you relish the challenge of solving problems. Number four, you want to express yourself without restraint. A score of one would be you don't really care expressing yourself. And ten would be you really want to be able to express yourself. And you don't want people telling you what you can and cannot do, then we'll find yourself educator. So one would be, you never invest any time educating yourself. And ten would be that you're always looking for opportunities to develop yourself and educate yourself. Number six, you want to be able to give back. So one would be, don't care about given BAC, ETC1 live you alive. And ten would be you want to pay up to help other people. And you often feel frustrated that you cannot do the things over people that you want to do because of your current lifestyle. Number seven, you have good emotional intelligence. So one would be you don't really notice or observe your emotion to told during the day. And ten would be your very aware you're very sensitive to your emotional state and you have control over their emotional state. Number a, you just like the four struggling financially. So one would be above it if you've got money above it, if things or Thai or difficult. And ten would be you really hate being restricted financially in life. Number nine, don't follow the crowd. So one would be happy just to do what everyone else is doing and not standing out at 010 would be you're always looking to do things your own way and you don't allow other people to tell you what to think or what to fail. A number ten, you have a strong focus on self-development. So one would be happy with who you are and you don't see any need to change. And ten would be that you have a very strong sense of needing to improve as an individual and you want to become a better person. So now, once you've completed the exercise and you've scold yourself agile total up at the bottom. And we're going to assess whether entrepreneurship is something that would suit you as an individual. 9. Mod 01 09 Journal Entry 02: So our journal entry number to assess your scores, say ten to 25, the entrepreneur life is not for you. Now, I want to be completely honest right now, if you scored this law on the test, entrepreneurship is not gonna sit you, you're gonna find the tortures. And I would say avoid it. You're probably just going to be happier having a job and choosing the lifestyle that comes with having a job. 26 to 50. You will find it difficult to be an entrepreneur, but not impossible. Hard views can be a bit of a grind. But if you're really determined, you will be able to become an entrepreneur. You have enough of the values to be able to develop and become an entrepreneur. 51 to 75 is a great score. You can do it. There is going to be some self-development that you're gonna need to do to get your scores up, to improve their scores and change some of those values and beliefs are just hold you back from being in the top group, but you definitely can become an entrepreneur. And then if you scored 76 to a 100, you're a natural entrepreneur. Entrepreneurship for you is something you've always for about, is something you've always wanted to do or you have already developed a lot of the values. You need to be a natural entrepreneur. And I wanna make this point here. It doesn't matter where you are on this char, if you're determined you can become an entrepreneur. I would very strongly suggests that ten to 25 is very, very low and you might be torturing yourself, but all the other scores, entrepreneurship is achievable, is possible. So make a note in your journal now of the score you achieved, but also making now of what areas from the survey you might want to improve on. Because as we go through the course, we're going to be touching on these areas. And those are the areas you're probably going to want to build up first, your weakest areas. And also another thing I would recommend is once you've completed the course, maybe come back and reschedule yourself and see if just taken this course has changed, your scores. 10. Mod 01 10 Welcome To The Course: So welcome to the course. In this course we're going to look at understanding wealth, self-development. How to think Smart. How to build a business, has to create a product. How to survive as an entrepreneur. I'm going to go through each of these subjects in great depth. And by the time you get to the end of the course, you will understand how to think like an entrepreneur and how to think your way to wealth. So who am I? My name is Mark Timberlake. I have been an entrepreneur for over 16 years. Now is an online entrepreneur for over 16 years. I will share what works for things that I've learned that works. And I will share what does not work. We're going to learn the principles of wealth creation. And we're going to learn how to become an entrepreneur. I am a full-time entrepreneur. I do not work that anybody else. All of my income comes from assets or I've created the ion and I live the entrepreneur life. And I want to share the secrets of how to become a successful entrepreneur with you. In this course. I want to save you from making the mistakes I've made. But I also want you to understand how to become successful as quickly as possible so that you can achieve your dreams and live your dreams out in your life. 11. Mod 01 11 Free Group For Students: Right. 12. Mod 02 01 Understanding Wealth: So understanding wealth, in this section, we're going to look at what real wealth looks like. Money isn't real. Income generation models. Creating a residual income, product, liabilities and assets. The education system, residual income models, and residual income building. So let's go and have a look at each of these in depth. 13. Mod 02 02 What Real Wealth Looks Likev2: So let's have a look at what real wealth looks like. Real wealth is owning your time. So if somebody else is owned your time because you sold it to them in a contract as an employee, the neon your time. If you own your time and you don't have to sell your time to anybody else. That means you are wealthy, and that's the definition of wealth we're going to use in this course. It also means being free to make your own choices. If you think about the motivation to become wealthy, oftentimes this will be one of the key driving factors behind that motivation you want make your own choices. You don't want somebody else to make your choices for you. So the moment you making your own choices, you are wealthy also means no boss. It means nobody else telling you what to do. You decide what to do with your time. You decide what to do in your life. There's no one else telling you what you should or shouldn't be doing. No liabilities. Now, a liability is something that takes money out of your account. Now there's always going to be things we need, we have to pay for. In this context, we're talking about liabilities, stopping us being wealthy. Will talking about liabilities and make other people wealthy whilst they make us poorer, we don't any of those liabilities. But essentially, when we have no liabilities, when we're not working to make somebody else wealthy, we're achieving real wealth resources to help in times of crisis, the average person has very little in the bank. Most people cannot cope if they lose the ability to earn money for six months. You truly wealthy when you have enough wealth and enough assets and resources generating well, that times of crisis don't affect or they don't affect you in a way that substantially changes your lifestyle. Dash true wealth. And the other thing to understand is it's not a dollar amount. There are many people out lead earn a million dollars a year, and they don't own their own time. Denote free to make their own choices. They have a boss, they have lots of liabilities. If they stopped earning that struggle to maintain their lifestyle for that period where they weren't earning. So it's not a dollar amount. Real wealth is all about being in control of your time. If you are in complete control of your time, and therefore in complete control of how you generate income. You are wealthy. So that might be $25 thousand a year for some people. It might be a $100 thousand for another person in but my million dollars, ie, if another person is not a fixed dollar amount, it's about what you need to be earning so that you can own your own time. Be free to make your own choices. Have no boss, have no liabilities, and have resources to maintain your lifestyle in times of crisis. Does when it means to be wealthy. Now I can speak from personal experience a couple of years ago I got quite ill and I really didn't work for how he and it didn't affect me financially whatsoever. I had assets that were coming in. I never had to worry about whether money was going to come from. That crisis didn't affect me. I own my own time, I make my own decisions. I have no boss. I don't spend money on liabilities are built up with credit. I am truly wealthy because I control my own, my own, my own time. And if you think about it, think about what causes you hunt happiness in your lifestyle. It will be time. It'll be someone controlling your time or you not having complete control of your time that will cause you your unhappiness. So a lot of people chase a dollar amount. But what they're really trying to get control of that time. And in this course we're going to show you has a thing as an entrepreneur so that you can gain control back over your time, is starts with understanding the core principles. In this instance, what real wealth looks like. And then we're going to build on that. We're going to explain to you how you can achieve real wealth in your life. 14. Mod 02 03a Money Is Not Real: So let's have a look at this idea of money isn't real. Now this is going to be a strange statement when you first hear it, but we need to understand what money actually is. So let us say you have some chickens and you want to trade those chickens for a cow. You need to measure the exchange of labor. So how many chickens do you need to trade for one cow? What if it's 25.5 chickens? Can you have half a chicken? We could if it looked dead, but if you wanted to Exchange 25.5 live chickens for one cow is going to create a problem. What you have is you have the labor, you have invested in raising those chickens. There's been a cost, labour cost for you to breed, feed, and raise those chickens so you can trade them. The person who's trading Macau as also put labor into raising and feeding the cow. So the value of the cow is the value of the labor pour into it. The value of chickens is the value of the labor put into it. So you're exchanging your labor that you invested in your chickens, for the labor that someone else has invested in the cow. And you have to have a means of measuring the value of the exchange of your labor. And that's why we use money. So money is just a means to measure exchange of labor between yourself and the value is in the money, value is in the labor. And as we go through this course, we're going to keep coming back to this point and we're going to go into it in greater depth. Once you understand this, the value of your labor, that's important. And you start to realize it's not about the money, it's about what you do if your labor and how you increase the value of your labor. 15. Mod 02 03b There Is A Profit In Labor: There is a profit in labor. So let us say you have a chicken and not chicken lays eggs. Then that chicken is going to create assets for you and just kinda to lay eggs over and over again every day. So every day there is a profit from owning chicken. So if we wanted to make more money, we would buy more chickens, which would create more assets, which would bring us more revenue. So there's a profit in owning the chicken. So you labor to look after the chicken. It lazy eggs. You sell loads eggs and you get money and you are profiting from your labor. So here's a question. If you're working for the farmer and you're raising his chickens, who gets the profit from the labour? Is it you or is it the farm, whoever owns the chicken and the profit? So if we can solve other people's problems, device, asset, in this instance, People need to feed themselves, that's the problem, and we're going to sell them eggs. We can make a profit from our labor. And if we keep laboring, we can keep making a profit. Now one misconception is that there's a fixed amount of money in the world. Therefore, for one person to get rich means another person has to be made pole because there's a fixed amount of money in the world. And that money is basically just shifting from poor people to rich people. But what if there isn't a fixed amount of money in the world? If there's no fixed amount of money, people don't have to stay poll, they can all move to a position of wealth. And once we understand there's a profit in labor, we begin to understand money isn't real. As a prophet in labor, as long as you labor and you harnessed the profit from your labor, you can create. Well, you can exchange assets for money and earn more money. Because you can always labor and develop more profit from your labor. You can always more money. So we really have to get away from this idea. There's a fixed amount of money in the world and the rich people have it in the poor people don't know is much simpler than that. There is a profit in labor. And the people are access to profit in the labor become rich. And the people that don't access the prophetess in the labor, they become poor. So generating wealth is all about the profit in the labor. Owns the chicken. And you're gonna see in this course to, you can raise an own, your own chickens. You can earn all the profit from your labor so that you move to the wealthy side of life, the rich side of life, because you're accessing the profit in your labor. 16. Mod 02 04 Are You Profiting From Your Labor: Now you profiting from your labor currently. So let's have a look at what profit is your laboring. And then what we need to do is take away the cost of your house, your car, your holidays, and then whatever's left is your profit. If your labor is generating more income than it costs for you to live your life, then you're going to increase in wild. But if your lifestyle is such that you will labor doesn't cover the cost of that lifestyle, then you're going to become poor. So what we wanna do is we want to get the value of our labor up and we wanna get the cost of our liabilities down. And the more we do that, the more we move to a place of profitability and a place of wild. So we need to live simply create assets and practice deferred gratification. And if we do that, we will end up wealthy. Now remember, we've deferred gratification. We're saying we can have all these things, but we're just going to have them in the future. We still want them, but we're not going to become someone's asset to achieve that, we are not going to become someone else's source of residual income. 17. Mod 02 05 So What Is Trade: So what is trade? Trade is exchanging your labor for someone else's labor. Marketing is just communicating the potential of a trade. And sales is just asking for a trade. Money is just a way to measure that trade. So that means we don't have to be frightened to trade. Now a lot of entrepreneurs will struggle with this, but they don't realize the already trading. They'll look at the idea of trading and they'll say, I can't do that, I can't trade. I can't market. I can't sell. You already doing that. When you get a job and you go for an interview and you sign a contract, you're trading your labor with the employer. You've already agreed to trade your labor. Or we're saying is you need to take that contract and that trade and take full control and tried that with other people rather than trading fru. Someone else is trade. Everything in life is a trade when it comes to creating wealth, we all trade. Trade isn't something to be frightened up. It's something to be embraced and enjoy it. And an entrepreneur just trades their labor for someone else's labor. And money is just a means of measuring that trade doesn't matter if it's dollars, doesn't match fist pounds or Euros, doesn't matter what currency is. All that currency is doing is measuring the exchange of labor between two people. I have labored and produce this chicken. You have labored and produced this. Let's talk about how we might trade. You want my chickens and I want your cow. How are we going to negotiate that? So marketing would be saying, I have chickens available and I'm looking for a cowl. And sales are saying, well, let's talk about how much value I have put into my chickens and how much value you put into your cow. And how we might negotiate those two sets of value. Money just measures trade. And we are trading, are late. 18. Mod 02 06 Journal Entry 03: Journal entry number three. How important is it for you to profit from your labor? So score yourself from one to ten, with one being not important at all, you're happy to let someone else have all the profit from your labor to ten. I am not happy at all or I don't control the profit from my labor. And then make a note in your journal, what is something you might stop doing that will help you profit from your labor? Why is something you might start doing that will help you profit from your labor? Right down a journal entry explaining to yourself what profiting from your labor looks like to you. What would your life look like? How would it be different from what you currently experience? And make a note of that in your journal. 19. Mod 02 07 Income Generation Models: So income generation models, number one, employed work. Number two, self-employed. We're number three, part-time entrepreneur. And number four, full-time entrepreneur is a basically the four different ways that you can generate income. So let's have a look at each of these in detail. 20. Mod 02 08 Employed Work: So let's have a look at employed work. You exchange time directly for money. So you take your time. You agree at contract. So non-moral, you've agreed and then you are going to exchange your time for money. Someone is going to give you money. You're gonna give them your time. You will have a single employer, so one person profits from your labor. You don't own your time in any sense of the word because in your contract for those hours, you have sold your time to the employer. So that means you also don't earn the profit of your labor because in that contract, you are saying the only recompense you're getting is what the employer pays you, that you've agreed with that the employer owns all the profit from your labor. Now, this can be called indentured servitude as an old phrase. But what it basically means is you've solved your time for a fixed amount of money. Now there might be some overtime in there, there might be potential arrays. But in your contract the only thing you've been guaranteed as a fixed amount of money for your time. So you have agreed to become someone else's seven and your indentured, you have agreed to serve them and send your time week by week, month by month, year by year. And this is the hardest way to get wealthy because you have no control over the profit from your labor. When you sign that contract, you sign no way to someone else. They get the profit from your labor. Doesn't matter who it is, doesn't matter if it's an employer, the government doesn't matter. Somebody else is guessing the profit is the hardest way to get wealthy. 21. Mod 02 09 Self Employed Work: So let's have a look at self-employed work. You exchange time directly for money. So that's the same. You will have multiple employers, so you don't have one employer and they have a number of employers. You don't own your time. Now this is a misconception, was self-employed work is you're self employed. You saw out your tax for yourself. You decide who you're going to work for. And when b is still selling your time for money, you're still exchanging your labor directly for money. Rather than just one employer. There'll be multiple employer, so you don't own your time. Now, you tend to earn more profit from your labor. When you're self-employed. You tend to be able to negotiate a higher cut from that. Because employers often benefit is they don't have to pay you over benefits that they play normal employers. So the potential here is that you do more of the profit from your labor. You can control your terms better because you have multiple employers. Say if one really annoys you, you can stack them and never employ. So self-employed does mean you control the terms that you're operating under better than an employed person. Second hardest way to get wealthy, because you're still exchanging your time directly for money. 22. Mod 02 10 Part Time Entrepreneur: So a part-time entrepreneur is someone who creates assets from their savings. So they go to work, they earn their money, their lives simply, they have a profit and then they're going to use our profit to create assets. You can have an employer or multiple employers. You still don't own your own time because you're selling now to fund the savings that you need to create assets with. Now because you using was saved from your employment. You asked time to earn part of the profit from your labor. By living simply and having access, you can invest in stocks and shares and other types, which we're gonna talk about later of a sources of residual income whilst you're still working. So you are actually starting to profit from your labor. You partially controlled your terms of trade because obviously during the day you don't control it. But then in the evenings and weekends, when you're doing the part-time entrepreneur, obviously you're controlling your terms of trade and how you're using your spare time. This is the second best way to get wealthy, and it's probably the safest way. So if you're very risk averse and you want to stay in a job, they'll create assets, then this is probably the best way for you. 23. Mod 02 11 Entrepreneur: Now let's have a look at the entrepreneur. They create assets with their time. That means they sit down and they'll create a product or service and now sell that product and service over and over and over again. And it won't be dependent on the amount of time they put into that product. So you might create a book and you sell a book over and over again. And the profits from that book is what funds your lifestyle. You use your time to make something that you can sell again and again and again and again. So you duplicate the value of your labor over time. You have no employees. So there's no one telling you what to do. You own your own time. You decide what time you get up. You decide when you work, when you don't work, how long you work, where you want to work, you're in control of your time. You are in all of the profit of your labor. Now there are some caveats with that because you might be selling a product on someone like Amazon. But their partner there, no boss. So they take part of the profit for bringing new customers and new key part of the profit. So other than that scenario, you earn all the profit of your labor. You control your terms of trade because you're deciding who you trade with, when you trade and how you trained. And this is the best way to get wealthy. It's the most efficient and creates the most value. Long-term we're going to go into in more depth as we go through the course. But being an entrepreneur is simply the best way to get wealthy. And remember when we talk about wealth, is about being control of your time. Nano dollar amount is a lifestyle. So the best way to get to a wealthy lifestyle where you control your time is fruit. The entrepreneurial route. 24. Mod 02 12 Entrepreneur Life Journey: So let's just have a look at the entrepreneur alive journey, atypical, journey through life of an entrepreneur. Now, they're going to leave school and they're going to get employed work. Learn your skills. And then eventually it might go into self-employed work. So you might get rid of your boss. Let's say you're training to be a plumber. And you train, and you exchange your time and you learn skills. You've learned those skills now you have a value in your labored and what skills you have the more value in your labor. So then you decide to kind of stop offering that as a self-employed person. Now that means just trying to earn more profit from your labor. And then you might start becoming a part-time entrepreneur. So a plumber, for instance, might start hiring staff and you start earning from the profit from their labor. So your staff become your asset and eventually move into being a full-time entrepreneur. Iv escaped the rat race. So what that might mean is you set up the plumbing company and now you've got lots of people working for you. You've also got someone who comes in, uh, manages it for you and you get to control your time. They are still staring the business, that's still some involvement. But you're not day-to-day out there doing Plumbing Jobs? Fitting boilers, fitting, central heating, fitting, air condition at all our stuff. Other people do. You are now earning money from the assets you created in this case is a business with employees and you've escaped the rat race. So this is a typical entrepreneur life journey. So the reason I stated desk is, there's nothing wrong, morally wrong would be an employed. It's just not efficient. It's not an efficient way to, money. Pay is a great way to learn skills. Think about it. Someone pays you, and you get to learn some skills. Now obviously, I would then recommend if you're going to do employed work, Pig jobs where you learn skills that you can use later on. And then you're gonna move to self-employed. You're gonna start stretching your wings a little bit. Start offering your services and marketing yourself. And then you become the part-time entrepreneur and you start getting more work. You can cope with, you bring employees and you're starting to develop as an entrepreneur. And then the last part is you've escaped the rat race. You are no longer doing any exchange of time for labor, but you are accessing our people. Remember snow immoral. David agreed the contract div agreed to do this. It's free weld and I'll be enforced. Nothing immoral. Learning from other people's labor is just a faster way to create true wealth. So all of those areas of your life have been here. If you're employed work stage and you've learned skills, you'd be surprised what skills you have learned. But what we're trying to do is get to the end. We want to move down here. And typically most entrepreneurs will have this life journey. So I would think about yourself and where you fit into that, and how that relates to you personally and where you are on that journey. 25. Mod 02 13 Journal Entry 04: So journal entry number four, note down where you are on the entrepreneurial life journey as discussed in the last video. Now make a note of something you might stop doing that is currently stopping new proceeding down the path. And what is something you might start doing that will help you proceed down the path that will move you down from employed work to the entrepreneurial lifestyle. And write down a journal entry explained into yourself what steps in the journey you personally would like to progress to. Not everyone wants to become a full-time entrepreneur. Some people want to become part-time entrepreneurs. So just have a think about why you would like to be eventually making in your journal. 26. Mod 02 14 Creating A Residual Income Product: So let's have a look at creating a residual income product and how you might generate income from that product. Then creates an e-book. And he invests 100 hours into creating that product, that e-books. So you spend a 100 hours rights, as the book says, on Amazon, where you can self-publish. And in the first mm, bends total sales are $50 for that product, is a 100 hours into that product. So he's currently being paid $0.50 per hour. Doesn't sound that great at this point. Now in the second mode, bends total sales are a 150, $10 for that product. You start marketing. He started to get a few sales and he's now earning $1.50 per hour. In the third month, bends, total sales are free. A $100 for that product is now $3 per hour. And we skip forward six months later and bends a lot better marks in now. And then total sales, or $900 for that product is now $9 per hour. But look at that and think more or less, not more impressive, but less fast-forward again, after the first year bend, total sales were $200 thousand for that product is now $20 per hour. And then we skip forward five years later and we find a bend. Total sales are $20 thousand. For that product. He's now $200 per hour. Now, this is in no way an overestimate of how this work. People have done much, much better than this. But their time investment is, it's just a simple way for you to look at it and see how the value of your time when you create residual income product can exponentially increase as you grow and develop your brand, your marketing, your sales strategies, and your business. 27. Mod 02 15 Residual Income Vs Time For Money: So let's have a look at that. This is exchanging time for money. So Mary works 100 hours and she earns $2 thousand at $20 power. She was exchanging time for money and she felt safe doing it this way. And she lives the people she worked with and she quite enjoy their job. So Ben works 100 hours, but it takes him one-year turn, $2 thousand. But Ben breaks even at $200 thousand. And now everything he makes his pure profit. After five years, Ben has made $20 thousand off of that one single product and more keep earning from that 100 pounds invested for as long as the product is viable. Now here's what we need to think about. Mary will never get that time back. Those 100 hours have been sold. And she no longer anything from those 100 hours. Ben, however, is still earning from the time the internet product. Ben is still profiting from his labor. Which model is better at generating income? Well, if you want instant cashed them, Mary's model is better. But if you actually want to earn more money from your time, then bends model is far superior. 28. Mod 02 16 Growing Residual Income: So let's have a look at growing residual income. Say month one, our assets are developing $100 a month. And then in month two, our assets and now developing $200 a month. And we can keep scaling up until we get to month 12. And now we've increased our assets every month. We're now earning $1200 a month, is a very realistic figures. People do much better than this and much more money than they're in that period if they have a good product that solves a problem, I want to talk about Cream products later. But over that time the income for the year has been 70 thousand a $100. So if all we did was create assets every month. And every month, we just created a $100 worth of assets at the end of the year with advanced $7,800. Now you might look at that and think that's not enough. But we're going to use a realistic sort of bigger someone starting out someone new, or just create an asset constantly for 12 months, then the map demands $7,800, but there's something missing here. Let's have a look in another slide. 29. Mod 02 17 Residual Income Growth Model: So let's have a look at a residual income growth model, right? So what we've got is that the end of year one, we learnt $7,800. Now, if we allow for a 20% compounding rate on the growth of that income would have $9,360, which you can see here, the little blip. And what we've allowed for his 20% compounding. And we're gonna show you in the course how to compound the value of a residual income based business. Very simple, extremely powerful. But what we're doing here is just showing what happens when you compound understanding. Compounding is important. So that basically means is we've marked it up products. We've got out there, we've got some social proof and our products, and we've done a little bit extra and we start a 20% compounding factor on our income. We've got 9,360 pounds at the end of year one. Year two, if we didn't compound with 15,600, but we've compounding, we are going to earn 20,592. So after two years with no compounding, we burn 15,600. But after two years with 20% compounding in our business, we're growing our business, increasing social proof, we're getting more sales, were getting better on marketing. And you can see the already, we're starting to earn a lot more money and we can carry on going through the years. But here's where it starts to get interested in this. Go to year five. If we just create assets every month. And we didn't compound, but we kept selling the old assets would have earned 139 thousand proton, we get the F5. And remember these are just very simple figures. We're just using the previous model, a $100 a month in asset. But notice what happens over here, okay, and up to nearly double the amount of earnings because we're making sure that we're earning all the compounding in our business. Because as a business was growing, there's more social proof. We're getting better at providing solutions to people's problems, improving and that all adds up and it compounds. And now we've got 69 thousand. So then we look at year Tange after ten years as an entrepreneur, sounds long time, but it isn't in entrepreneurial lifecycles. So if we'd have just created a $100 worth of assets every month from NOW, compounding, we would have earned $78 thousand. But with the compounding were turned on $42 thousand and we're only creating a $100 worth of assets over mom. I'd expect that to be much, much higher, but we're limiting ourselves to say that the maps makes sense in terms of the base figure over a $100 a month. So rather than earn and 78 thousand, we've tripled our earnings. We've earned 242 thousand over ten years. So over the ten years gets it for ten years. And just by creating a $100 worth of assets every mum, just a $100. After ten years, you up to $266,000 a year equivalent earnings over that ten year stretch. And that's what happens when we have compounding in our business. And that's where the real money comes from. A, like I said, we're going to show you how to do this in the course. We're gonna teach you how this works. And that's the thing we have to really focused on, is understanding how to create and maintain a residual income growth model. 30. Mod 02 18 Residual Income Vs Passive Income: Now I just wanna make a note here of the difference between residual income and passive income. Now you're gonna see these terms bandied about in the entrepreneurial world, but passive income is red. Now, passive income is basically someone else profits from their labor and they give you free money. So you might have had a rich grandparent who set up a trust fund and you get money from that last passive, if your parents gave you pocket money when he was a child and you didn't have to do anything for it that was passive, you didn't have to do anything. It's very, very rare that people receive passive income. Residual income requires maintenance. Residual income means you have to look after your sheet and your cows and chickens. You have to maintain things. So you have to get rid of the idea that you can set up a business and then have nothing to do ever again, very rarely happens. Now, you might sell a business for a lot of money and you've got that scene in the account. And then you could argue that you have passive income. But typically most entrepreneurs, they're gonna create residual income, but creating assets by exchanging their labor to create as assets. And they're going to have to maintain those assets, are gonna have to market them. So residual income requires maintenance the way that cow and a chicken and a sheep require maintenance, you can't just stick a cow in the field, forget about it, and come back a year later and expect to have lots more cows. You have to look after it to make sure they're healthy and have to make sure they're well fed and well looked after. And residual income always has that maintenance built into it. So we're going to focus on residual income, will now going to talk about passive income in this course. Because it's a rare, is inconsequential to 99.9% of all entrepreneurs. And we're not going to spend any time on it because it's just not worth it. So when you hear that term, when people say passive income, be aware that oftentimes they mean residual income. They don't understand what passive income really is. Are they using that interchangeably? The correct term is residual income. 31. Mod 02 19 Journal Entry 05: So our journal entry number five, How important is it for you to develop a residual income? Score yourself from one to ten with one being not important or happy, just counted job every day with ten being extremely important. You want a residual income based lifestyle. So what is something you might stop doing that will help you develop residual income. And what is something you might start doing that will help you develop residual income. And also make a note in your journal explained into yourself what the difference between residual income and passive income is. 32. Mod 02 20 Liabilities Vs Assets: So let's talk about the concept of liabilities and assets from the entrepreneurial perspective. And what we have to do as an entrepreneur is being able to identify a liability and also be able to identify an asset. So let's have a look at liabilities. A liability takes money out of your account. A liability creates money for someone else. Liabilities make you pour it. So here's some examples of liabilities. A house, car, holidays, smartphones, entertainment. All of these things are liabilities. They take money out of our account. So we need to reduce and control the cost of liabilities if we want to create wealth. So let's have a look at how to identify asset. An asset puts money into your account, and asset creates money for you. Assets make you wealthier. So here's some examples of assets. Rental properties, stocks and shares, employees, products, digital products. We need to develop assets to create wealth. So in summary, liabilities will negatively impact your capacity to create wealth. And assets will positively impact your capacity to create wealth. So liabilities and negative assets are positive. 33. Mod 02 21 How Wealthy People Buy Stuff: So let's have a look at how wealthy people buy stuff. So first of all, we have to understand how normal people buy stuff. So normal people will work hard and no Save to buy something and they'll put that money in the bank. They are essentially Spending Net Income on stuff. So let's have a look at how in-depth people buy stuff in that paper were borrowed to buy stuff. They will borrow against future income to buy stuff and they will spend money they haven't even earned yet. Do wealthy people buy stuff? So wealthy people create assets to generate the income needed to buy stuff. So I create little factories or assets that generate profit or money. So normal people, they're going to save. And once you've got enough money, they will buy stuff in that people that you're going to buy it now stick on a credit card and they're going to borrow against the future income of wealthy people are completely different. And I want something they will credit asset to buy that thing with. So we want to buy an asset, we want to buy a home. Their credit an asset. They won't have holidays. They'll create an asset, whatever it is they want to buy that. We'll first think about how they're going to set something up to buy the thing they want to own. So let's say we're going to spend $500 a month on a car. So what normal people are going to do is they're going to earn $500, put it in the bank, and then the bank's going to pay that. So they're gonna spend $500 a month on their car, their earnings, the profit from their labor. Now in debt people they're going to do, they're going to chuck all on the credit card. And it's probably going to actually in real terms cost them $700 a month. And then what wealthy people are gonna do, they're gonna create an asset and might invest to mumps of their time on that asset, to pay for the car. So it hasn't come out of money, they're already earning. So the cost to them is 0. Now you might say, well, marker some interesting math, but think about it. Once said put a two months in the VE already gotten residual income. They don't buy stuff like normal people are already paying for their house or finance is paid when a car they think need new car, let's create this asset and need to earn $500 a month to cover the asset. Once a acids is set up, that car has cost 0, the car is paid for. He doesn't have to spend another penny ON that car. So normal people, it's gonna cost him $500 a month in that people, they're really paying for that car because of all the interesting thing, there probably paid $700. The moment that the entrepreneur is not exchanging money for goods, is exchanging time for an asset that creates money. And that's how wealthy people buy things. They create assets, generate income so that I can buy the things I have in life. 34. Mod 02 22 Journal Entry 06: So our journal entry six, making note of the difference between a liability and an asset in your journal. Write down or do a quick drawing. He doesn't have to be something you will hang an art gallery of a liability you would like to create an asset to buy. Now knows what we did the ricotta liability with crime nasa to buy if we create an asset or a liability now. But to keep our language consistent, we're going to call it a liability. Write down how you would feel once you've created the asset to buy the thing you like or want, and then write down how you would feel to experience single liability without generating data. And make a note of all those points in your journal. 35. Mod 02 23 The Education System: So let's have a look at the education system, why it fails entrepreneurs. First of all, it teaches you to be an employee. So the education system is designed to teach you how to be an employee, how to sell your time for money. The education system is run by employee so that I'm only going to teach you what they know. And then it teaches you what to think about money and wealth creation. It also focuses on memorization. The better you are at memorizing facts and figures that you do in an education system. It teaches you to get into debt. The system fundamentally teaches you to enter that, to go to university most western countries now, you have to borrow money. So you come out of the education system and you're already behind in the race of life because you've just been saddled with debt. And fundamentally what it's teaching us how to be an m in HIV is teaching you how to be part of the collective. How to be the same as everybody else. So let's have a look at some things. It doesn't, it doesn't teach entrepreneurship. It does not high entrepreneurs think about it. An entrepreneur would never go and work in the education system because there'll be exchanging for money. So you're not going to find anyone who really understands entrepreneurship. It does not teach you how to think. And entrepreneurs have to learn how to think, how to question. It doesn't teach you how to think about money and wealth creation. It doesn't teach you problem-solving. It doesn't teach you how to solve many problems. How to create income, how to generate wealth, and how to solve the problem of building well. And it tends not to teach Money Management. Most people leave school college university and they are nothing about money management. If I knew anything about money management, they wouldn't be using credit card. And it doesn't encourage individualism. Entrepreneurs tend to be very individualistic. They tend to not want to get sucked into the crowd. They wanted to do their own thing and forge their own path. And here's something interesting. Only 26% of entrepreneurs have a bachelor's degree. And this is from a CNBC Survey, Monkey Paul. Don't worry if you did not do well at school, think about it. You might not done well at school because you didn't really appreciate or valley the idea of being an employee. And maybe you didn't want to be told what to think about money and how to make it live in. And maybe focusing on memorization was boring. And teaching you how to get into that had no value for you. And maybe never wanted to be in them. And since you wanted to learn, you couldn't learn because they don't pyre entrepreneurs. They don't teach you how to think about money. They don't teach you how to problem-solve when it comes to wealth creation. That I teach you basic money management and then not encouraging individualism. Any one of those reasons might have been a reason if you didn't do well at school, that you didn't do well at school. Maybe you did grey or school, or maybe you just realize a system is set up and designed in a way that you cannot conform too. So don't worry if you didn't do well at school, it just wasn't right for you. It wasn't designed for you. And it wasn't designed for the way you think and for what you want to get out of life. You don't have to have good qualifications. It's become successful entrepreneurs. You just have to learn to think like an entrepreneur. 36. Mod 02 24 Journal Entry 07: Journal entry number seven, right down Free problems that stuck out for you for traditional education. And then make a note of how it feels that you don't need a traditional education to be an entrepreneur. That anyone with enough desire to succeed can become successful. 37. Mod 02 25 Residual Income Models: So let's have a look at residual income models. We have traditional investment property, traditional businesses, and online digital income source can have a look at each of these in depth. 38. Mod 02 26 Traditional Investments: Traditional investments. You residual income source, typically with traditional investments is going to be stocks and shares. So the pros of this type of residual income business is it can be part-time, so it's very good for part-time entrepreneurs who've got Jo. And you don't want to give that Java because you enjoy the job. Or maybe you're not a situation where you can afford to give the job by living simply and using your profit from your labor is left to you. What you can do is you can invest in stocks and shares. So soprano, if you want to be a part-time entrepreneur. Now the cons is, it does require a financial investment and it has high risk potential if you don't do it correctly. So it's important to get good training. You're going to need a thorough knowledge of the stock market. And I would advise that you get lots of different training from lots of different people who have lots of different viewpoints before you spend a penny. So definitely invest in the training if you want to get into stocks and shares. 39. Mod 02 27 Property: Property. So you residual income source with a property is the tenant does throws people because people think the actual house is the residual income source, but it isn't as the tenants. If you don't have any tenants, that property becomes a liability because they're not paying you any money, you're not earning is the tendon that is residual income source. So some pros is, can be run part-time, so it's good for part-time entrepreneurs, a handyman skills. Now why do I say that? Because when you first start out a new building, a property-based business, you're going to need to keep costs low. So really good for people are tradesmen skills, good DIY skills can turn their hands to most things because that's going to keep your cost down at the beginning. Obviously, once you've got a large portfolio, you employ people to do these jobs for you. Bed beginning typically, you have to work yourself. Now, the cons, it does require a heavy financial investment and it can create stress if you get bad tenants, especially if you're operating on a byte select model where you're buying and then later now, and then they don't pay. And then you spent six months trying to get them out paying legal fees. You just have to be very aware of the implications and the laws in your areas of what happens when you get bad tenant and how that can financially impact you. Again, Don't even go into less until you've done some further training from lots of different people, especially people in your geographical location, because they tend to understand the local market, the local laws, and avoid training from people who are promising you quick returns, quick profits, a property base, residual income takes time to build. 40. Mod 02 28 Traditional Businesses: So let's have a look at traditional businesses. You're residual income source for the traditional business is your employees. Again, surprises people. It's not, the machinery is not the product, is the employees, is the profit from their labor you're trying to access in a traditional business doesn't matter what it is, is a map as a cafe, doesn't matter if it's a manufacturing company, your employees away, your profit comes from accessing the value of their labor. So old traditional businesses are essentially about managing employees and keeping them productive and getting the best from them. So prose can be started as a self-employed persons are very good for trade people is often the route that traits people go when they are starting to develop residual income. Recently I spoke to a trait person who signs become successful as an entrepreneur and they will call surprise when I explained to them that the employee was their asset. But once I understood it and they fought about it, they realized that where they place their employee became important. So if they, their employee on a contract that wasn't profiting from the Labor very much. They weren't going to make much money. But if they place them somewhere else which was making money and they got more of that type of work. I can get more employees and they could develop more income from the profitable exchange of labor. And once you begin to see that and understand that all you're doing is using your employees in the most profitable areas so that you can the income, remember, it's not a moral. The signed a contract, they've agreed to what you've offered. Therefore, there are no moral issues of employing people and you'll pay me sign is over and over again. Because some people do believe that any type of employment is immoral. The soul is going to own the value of your labor unless you own it yourself. Does a marriage, you ought to government whichever system you think you're going to engage in, the only systems ever going to work if anybody is free, open capitalism, but people get to exchange the value of their labor. We visit a little interference from other people as possible. So what are the cons? Well, if only to require strong interpersonal skills. And it often does involve borrowing at some level when people tend to scale up from being self-employed to running a business that can be quite large, capital outlay. So you have to be aware of that. So training, it requires a thorough knowledge of all aspects of running a business. Bookkeeping to marketing and sales. You might think, well, I can hire people to do that, but you have to know the fundamentals that the innovator doing what they're supposed to be doing. If you hire someone to do your marketing, you need to understand what marketing they should be doing, what marketing they shouldn't be doing. What is going to bring you a profit and what's going to cost you. So if you look at marketing and sales and I teach marketing and sales. If you look at that, a lot of people think posting a Fluffy Cat pick on the internet is marketing, is a marketing. And a lot of people look at sales and they'll picture the used car salesman. And that's in ourselves. That's not saying you need to understand all of these areas when you go into this type of business. If you're going to be able to run, manage the business from the top. So traditional businesses require a broad range of training and this is often why you see husband, wife, partnership starting businesses typically is that way it takes two people to set the business up. One focus on building the business, and then one focuses on running and maintaining the business. And that's because there's so much to do. So be aware of that and make sure you get the training you need. 41. Mod 02 29 Online Digital Income: So let's talk about online digital income. So residual income source is going to be your assets, your digital assets, the things you make that you sell online. So the pros of this is it can be started with just time investment and very low start-up costs. Often you just need a computer to get started. And it also enables location independence. So it's a very simple business model, VUCA computer and so much work and sit down. You can create online digital income. Now the cons, it requires you to be a self-starter with this business. A lot of people fail because they can't see it for the data, have the diligence to complete what that started. So you do have to be quite focused. You do have to be very determined. So to training, you're gonna require foreknowledge of all aspects of a business, from bookkeeping, marketing, sales, fruit to content creation. So there is a learning curve for this particular business opportunity. But there's lots of opportunities. Websites, blogs, video production, podcast, books, games, apps, membership sites, the lists go on and on and on. There's lots of ways you can create online digital income. 42. Mod 02 30 Journal Entry 08: Journal entry number eight, right down a score of one to ten on how interested you are in each of these models, in your journal. Investments, stocks and shares. One being not interested at all, ten being very, very interested. Proxy wanted ten, again, 1-p. And not interested, ten being very interested, starting your own business. 110, again, an online digital income, with one being not interested and ten being extremely interested in making note of each of these. And that's going to help you figure out what's better suited to you. And then make a note of which one you would like to start learning more about in your journal. Because each of these is going to require very specific training and self-development that you can engage in to become a success in that particular area. 43. Mod 02 31 Residual Income Building: So let's have a look at residual income building. We're going to look at planting apple trees. We're going to look at snowball effect. I'm also going to look at the horror movie shortcut. So let's go and have a look at each of these in depth. 44. Mod 02 32 Planting Apple Trees: So let's have a look at planting apple trees. Trees take time to bear fruit. And this is really important to understand. Building a residual income-based business isn't a quick thank you. Tend to plant a tree. It takes time for the tree to grow, and it takes time for the fruit to really appear. And this is probably one of the biggest struggles for people who want to become entrepreneurs but fail because it takes time to bear fruit, but it does bear fruit. Really important to understand. This isn't get rich quick. This is all about working on something diligently over an extended period of time until the fruit stops to appear. We have to understand is that trees provide their own seeds. What do I mean by that? Once you've planted a tree, then your little fruit is going to have a seat inside. So oftentimes you start with one business or one product. You'll create that product, you'll sell it, and then you'll start to see that something is really popular. Some aspect or a particular product is really, really popular. And then you start creating more products based on the fruit that you're seeing. You'll take the seed and your plants, something else. You'll create another product. You'll up-sell, cross-sell something, and we'll talk about those times in depth later. But here's the beautiful thing. You can plan as many trees as you want once you commit to the residual income lifestyle, you can create one product and two products, free products for products, five products, you can stop business over here and then you start up a business over here. You'd get this one, grow it. And then once asked growing, ticking along, now you create another business. So Cranor residual income business is like planting apple trees. You plant one tree, it bears fruit. You take the seed from that fruit you plant over traits those trees grow and all of a sudden you have an orchard and you can have as big an orchard and you are now some people grow their trees really quick. Some people, it takes a little bit longer, dependent on skill sets, dependent on market, dependent on competition. Sometimes people get lucky and find a product that sells really quick. And sometimes people have to really grind out and work hard to get their apple tree to grow. It doesn't matter if you find that easy or hard is always the same. Remember, trees take time to bear fruit. Trees provide throwing seeds and there's nothing stopping you planting as many trees. You want to plan. 45. Mod 02 33 The Snowball Effect: So let's talk about the snowball effect. I snow bow, always start small. If you want to build a snowman, for instance, you have to start with a very small piece of snow. And then what you have to do is you have to push out around. As you push, it gets bigger and bigger and bigger. And eventually what happens? It gets so big that if you're at the top of a hill, the snowball will start rolling down the other side and it'll get bigger and bigger and eventually it can even create an avalanche. We have to understand that at the beginning there's a lot of effort with a residual income business, but eventually it will create its own movement is own momentum. All of a sudden your business will take off and you'll start to see exponential growth until it gets to a point where you feel like you started to print money and it feels easy. I remember is never easy in the beginning. So it's hard at the beginning. Over time. Bungee, you look after that snowballs on, do you push it and maintain it and guide it? Eventually, it will create, it will move and you will become successful. So remember the snowball effect when building a business, especially when you build in a business for the first time. Once you've built several successful businesses, you will recognize this and you'll know what stage of the process you're in. But when you're first building a business, diabetes surprise when it's hard work at the beginning. 46. Mod 02 34 The Horror Movie Shortcut: So let's talk about the horror movie shortcut. Don't take a shortcut. As an entrepreneur, you're gonna start hearing people say get rich quick. Here's how I earned $5 thousand in one day. And what they're saying to you is, there's a shortcut through the woods. You see those dark woods over there. If we just take a few risks, will get there much quicker. Every single horror movie ever made, when people take the shortcut, what happens? It never goes well. It always ends in disaster. So I'm going to encourage you. Don't be that guy in the horror movie. Don't be the guy that you're watching in horror movie guy you really should be doing this is so obvious. So be very, very, very cautious of trusting anybody or any information that is promising you a get rich quick scheme in one form or another is always a horror movie shortcut. 47. Mod 02 35 Journal Entry 09: Journal entry number nine. Write down what appeals to you in your journal about the apple tree model. Right down, what you think about the snowball effect and how that might change your view of the process now that you're aware of it. And write down some of the dangers of trying to take a shortcut that you could potentially see by listening to someone who's promising a get rich quick scheme. 48. Mod 03 01 Self Development: So let's have a look at self-development in this section is a very important part of being an entrepreneur. And we're going to cover the power of principle. We're all zeros. Choose your companions to class test, understanding motivation, creating and motivation statement. The value of your labor. Self-assessment. Goal setting with date. Example, take go five-year revenue plans. And we're going to look at vision boards. So we're going to look at each of these in detail. 49. Mod 03 02 The Power Of Principle: So the power of principle, principles are universal. Principles don't discriminate. Principles, create wealth. Principles create self-esteem. Principles, overcome limiting beliefs. Principles protect EU. Principles, provide self-control. The most powerful principle of all. Suppression of principle. And finding principle. Let's look at each of these individually and in detail. 50. Mod 03 03 Principles Are Universal: Principles are universal. Principles are fundamental laws. They objectively true. They are external to us. They guide us to success. They help us to make correct decisions. We need Principles of self-development and everyone appeals to them. So principles are universal. The same principles of wealth creation to apply to me, apply to you and apply to everybody else. Principles are fundamental laws. So when it comes to wealth creation, if we follow the laws, if we follow the rules and we carry the rolls out, if we carried the laws, L is going to generate wealth. And then I'll suggestions, they're not nice to do their essential. If we operate contrary to principle, then we will file. They are objectively true. So it doesn't matter what my opinion about them is that still going to be true? So wealth principles, objectively true, account ignore them. Or if I do ignore them, I'm going to end up in poverty. They are external tours, they are outside of it. They don't depend on us for their authority. And if you think about it, if success principles, wealth principles were internal, and we've got to decide what they are. There would be nothing to follow because every single person would have a different opinion about how to create wealth. So one person would say, borrowing is bad and someone else would say, borrowing is fundamentally good. And then we might have a debate about which one of those is true. But if there are external to us, if they're universal, then it doesn't matter. What I think the only thing that matters is the principle. Principles guide us to success. And this is why it's important to accept principles having universal properties. They guide us to success. They going to show us the path to success. If we follow a principle, we're going to be successful. They're going to help us make correct decisions. They're going to help us choose the right path. And if we don't have principles guiding our decisions, we can't make the choices that are going to generate. Well. We need Principles for self-development. So in order to develop as an entrepreneur, we need outside information we can point to and we can grade ourselves against. And everyone appeals to principle. So for instance, we look at wealth creation and we say that rubbing someone might myself, wealthy is wrong. Not many people would actually disagree with that. So if we were robbed, we would appeal to that principle and we would say that's wrong. I expect someone to act on the police to act on that. I expect courts act and the unexpected government tacked on that. So everyone appeals to universal principles. Universal principles, One objectively true and they would just subjective opinions. Then I would be able to say, well, I know a rubber tube, I don't think there's anything wrong with that. So therefore, I don't think depletion arrest me and I think the court should arrest me and I don't think that government should support you. People don't behave like that. Everyone appeals the principal. And I'm really going to labor the point of principle because once you understand the principles are universal, they're out there. Do you follow them? They're going to bring you success. It makes being entrepreneur much, much easier because all you have to do to follow the rules and you will become successful. 51. Mod 03 04 Principles Do Not Discriminate: Principles do not discriminate. So principles do not obey subjective manufactured boundaries. Anyone can apply principles in their lives and anyone can become successful if they follow principle. And this is really important to understand. Principles don't respect boundaries because they universal and applied universally. Anyone who understands well, principles can become wealthy. Anyone can apply principles in their lives. So once you know the principles and you adopt them, you'll start to see the benefit of those principles. So think of it like cause and effect. A principle applied is the cause and then the effect of that will be wealth. And anyone can apply those principles. They don't pick and choose who applies them. They don't look at you and say, I don't like you for whatever reason. So therefore, you can't apply me. No, they apply everywhere. They don't discriminate. Which is good news, right? Because anyone can become successful if they follow principle. Now there is a slight caveat then we'll cover that later on another slide. But essentially what we're saying is if you follow principle, you can become successful. If you apply principles. If you apply wealth causes in your life, you will have wealth effects in your life. And that's exciting because there may have been times in your life where you didn't get dealt uneven hand or you weren't treated the same as other people. But principles outlined that principles do not discriminate. So that means follow the welfare rolls, activate the cause a new, we'll see the effect in your life. 52. Mod 03 05 Principles Create Wealth: Principals create wealth. They create steps you can follow the guarantee results. The more wealth principles you follow, more wealth, you can create a new can identify why someone has been successful. Once you know the rules and principles are a blessing, no occurs. And this is really important to understand its principles create wealth. So if you follow a wealth principle, it's not principle followed as well. If you follow that rule, dy is what creates the wealth and you will labor is just taking that principle and carrying that out in an action, just going to create the effect of wealth. So once you understand them, you understand that they create steps that you can follow it. And that means a step says, do this, then this, then this, and then this follower principles in the right order and in the right way and you can become wealthy. But the important thing to understand is steps are actually, then we're gonna go through the steps as we go through the course. There are steps. You can follow. The steps. You'll become wealthy, work the system. You become wealthy. And they guarantee wealth results. If you apply the principle, wealth comes guaranteed. It's not, my KM might not come. Again, there is a slight caveat. We're going to talk about that later. But suppose guarantee results. If you don't follow principle, ie MIGA, lucky and you might be successful, but typically you're going to be unsuccessful. If you follow wealth principle, you are going to be successful. So more principles you follow, the more wealth you can create. So the more principles DLR and the more you adopt, the wealthier you count become because you're going to have some value systems are stopping you creating wealth right now. But as we go through this course and we open up the principles that you need to adopt and practice. The more of those you adopt, the more dice you practice, the more wealth you can create an ass exciting. And you can identify why someone has been successful. Once you know the rules, you will hear the story of this entrepreneur or down entrepreneur. And you'll be able to say to yourself, well yeah, he's followed that principle. That principle, that principle is live simply create assets. You practice deferred gratification. And then you'll see all the principles inside of that, which we are going to discuss in this course. You can see these principles. You can see them talking about how they were diligent. You're gonna see them talking about solving people's problems for them. You're going to see these principles in their life and you'll be able to understand why they were successful, because they followed principles. Principles are a blessing not occurs now often will see principles as a restriction. So if we look at practice defer gratification, we might respond to that as a restriction. I know I used to struggle with that, but can't have it now it's not worth bothering wave, I want it now. I don't want to wait. The principles always end up being a blessing. They always end up being something positive in your life. And there's a famous proverb and it says it's better to get wisdom than silver. What that means is it's better learn and understand and adopt the principles for long-term benefit. Then to focus on a short-term financial gain. When we understand that principals become a blessing and we have to adopt that we have to carried out in our lives. We have to treat principles of following principles as a very positive thing. If we see principles in a negative light. If we see them as something that restricts us with missing out, and we're probably going to fail in our pursuit of wealth. 53. Mod 03 06 Principles Create Self Esteem: Now this is something very interesting. Principles create self esteem. Intellect, desires rational principle to offer an intellect can condemn us when we stop following principle. When our intellect has control, it will generate self-confidence. And self-confidence breeds self-esteem. Following principle is the path to self-esteem. So our intellect wants principal, look for principle is c_k and search, our principle is away were made and our intellect or our conscience, as we're talking about it here. Demos when we stop following principle, when you've done something in life, you know, is against the principle. Most people in their life of stolen specialist children. And we have to learn that that's wrong. But when you do that, you feel bad unless your conscience condemning you, that's your intellect condemning you for not following principal. So when we put our intellect in charge and we're gonna show you how to do that in the Smart section of the course. When it has control, it generates self-confidence because you're following principal, you're doing things the right way. You're sure you're doing them the right way. And that generates confidence in what you're doing and in yourself, which is very, very important as an entrepreneur, it's important to be confident and it's self-confidence. Breed self esteem when you know you're doing things the right way, you feel better about yourself. As an entrepreneur, we need self-confidence and self-esteem because going to be times when everyone around you doubting you because you've done something crazy and you don't want to be, and you don't want to be in the power system and you're lucky and think, Why don't you just get a proper job and all these other things? You're given nice self-esteem. So following principles can keep you self-confidence. And self-confidence is going to breed self-esteem. So following principle is the path to self-esteem. If we want to have self-esteem, if we're struggling, we adopt principle into our livestock. Applying principal, principal, we're going to develop self-esteem, are going to feel better about ourselves. We're going to be more confident. We're gonna be happier. You're gonna be less inclined to worry about what other people are thinking because we know we're doing the right thing. That's very important as an entrepreneur. So following principal, cause and effect. So when we adopt a wealth principle as a cause and we action that and carry that l, one of the effects of that is not anywhere else. It's also going to be a healthy self evaluation. 54. Mod 03 07 Principles Overcome Limiting Beliefs: Principles overcome limiting beliefs. So we can be limited by bad information we have accepted in our life. So here's some of the sources of limiting beliefs. We can create limiting beliefs, we can learn limiting beliefs. Negative people can give us limiting beliefs. It's like your code. We can catch it from them. And we use principle to correct those limiting beliefs. So if we've received bad information that can limiters, and if we've accepted that with our intellect, that can limiters. So if you've been told you're not good enough or you're not this, so you're not that and you've accepted it, then we can be limited by that. And we can be limited in our development as an entrepreneur. So in terms of sources of limiting beliefs, we can create limiting beliefs ourselves. So we can have an emotional response to a situation, then we keep having the same emotional response. And we choose to have that emotional response and that's going to create a limiting belief. We can learn limiting beliefs. So we could receive bad information. We could go to college or school or university. And monocyte was getter job nine to five. And we can learn those limiting beliefs because we think they're right, because we think that principles when then not. So sometimes you have to unlearn something. And if there's been a lot of negative people in their life, they can give us limiting beliefs they can affect was lucky, co, negative people. Trading has in a negative way or behaving or speaking in a negative way around us. We can catch die. It's like a code, it's like a virus. And we have to route how these limiting beliefs. And we did that by using principles to correct them. So we find the limiting belief and then we're guaranteed by the counter principle. And that principle when adopted, when applied, when accepted into our life and into our thinking, is going to correct those limiting beliefs. So if I asked you a question about nasa, can you be a millionaire? If you've got a limiting belief about that subject was I know I can't do that. No one from my family's ever done that, no one from my neighborhoods ever done that. That's a limiting belief. And then we apply principle and we can correct that limiting belief so that if you want to become a millionaire, you can become a millionaire. 55. Mod 03 08 Principles Protect You: Principles protect your principles are like stones in a wall. They are what you use to build your castle in life. This protects you from external attack. They stop listening to bad information. And the more principles you follow, the stronger your wall is. So principals alike, stones, set of moral principles we build into our wool is stronger than all is going to be. And when you have enough principles in your wall and you can turn that all into a castle. You can build a castle. Do you live in out those principles? And this is going to protect you from external attack, that wall, that collection of principle. Now one principle, the collection of principle surrounding your life, is going to stop people external to you. Being able to attack you, damage you take what's yours and the factual life. So when I bad actor in life tries to invade your life. If you've built principle around you, they can't get to you. You've got a wall, you've got a castle, it protects you. And that castle is gonna stop you listening to bad information because you've got these principles or protect you from negative people that don't think like an entrepreneur. And the more principles you follow the strong view wall is. So we want to build high, strong, deep, whoa, what a castle we can live in. And that is what principles for you. Well, if principals are going to protect you in life. 56. Mod 03 09 Principles Provide Self Control: Principles provide self-control. We use principles to govern ourselves. They provide internal standards, and they provide internal controls when adopted by the intellect, they become the foundation of good habits. Principles aren't just used for external issues. We use them to govern ourselves, to govern the way we think about our well, they're going to give us an internal objective standards. So all those internal, it's objective. And they're going to give us a standard that we can use to govern ourselves with when it comes to wealth creation. Those principles, it can provide internal controls when we adopt them in our intellect, we are going to be able to control ourselves, our emotional state, mental state. Our intellect plus principle gives us control over ourselves. And when it comes to wealth creation, we do have to control ourselves. So instant gratification, for instance, we'll try and rise up. But if we have the internal principle of deferred gratification and the intellect is conscious of that and applies that when ever the desire for instant gratification comes up, that principle of deferred gratification can controllers in that moment for you as engaging our intellect and choosing to follow the principle. Now, principles then become the foundation of good habits when we practice a principle over and over and over again. Eventually that becomes a habit that we carry out in our life. The same way we pick up bad habits. You pick up a bad habit by doing something bad continually is assigned where you pick up a good habit, you do something good, and that becomes a habit, then you die, you have to think about it anymore. Edges becomes automatic. It's something that you do and it becomes a part of who you are. 57. Mod 03 10 The Most Powerful Principle: So let's have a look at the most powerful principle to an entrepreneur needs to follow. Diligence is the most powerful principle for an entrepreneur. You can test whether someone is going to be successful with this principle. And diligence tied to a plan creates wealth. Residual income requires diligence because the reward comes at the end. And we have to remember, the tortoise always wins. So why do I say diligence is the most powerful principle for an entrepreneur? Because if you don't have it, you can't succeed. It's like the secret ingredient in the recipe. Doesn't matter how amazing you make the soup. If you don't have the secret ingredient that gives a taste, soup isn't the amazing soup. Diligence is required is the one thing you can't do away with a commitment, a constant commitment towards pursuing your go day by day, moment by moment, commitment and pushing forward. Without diligence, you can't be a successful entrepreneur. Diligence is gonna drive everything you do. And you can test whether someone has got to be successful with this principle. And I've coached people in the past. And the first thing I look for in them is diligence. If I guess sends that are not diligent, that they're not willing to grind l and not willing to do the work. I know they're not going to be successful and I won't waste my time coaching them. And they'll say things like our comp above it. Oh, it's too hot or it takes too long. Since I say things like that, you know, they're not going to succeed. So if you listen to people and express interest in entrepreneurship, but they're saying things that go against the principle of diligence. You note an open six days unless say, really learned to adopt this principle. And it's true in every area of life. You look at spores, people, celebrities, anyone has been successful. So one thing that always going to point out that I was diligent, I worked hard, I kept out, they might not have been the most talented. So you get footballers, for instance, I'm going to say football. I mean the English version which you might call soccer if you're in America. One of the things I say in they recognize when coaching young people is a diligent ones might start off with less natural ability when they're young, but they work and trained hard. And then the ones with all the natural ability can seem to do all the things in football without even really trying. They found an easy, they're not diligently fall away. And the one that remains is the one that was diligent. Intelligence as a success principle is observable in any area of life. Now this is a really important point because diligence by itself won't achieve anything, is when you tie diligence to a plan that it begins to create wealth. So if you've got a plan to create wealth and then you apply diligence up plan, you'll create wealth. But if you don't have a plan, you just working hard at something. And there's no plan, there's no structure, there's no goals and objectives, diligence, wind help here. So to run a race, you need two legs in intelligence, but you need a plan as well. And we're gonna talk about crane plan, so don't worry about that, but we have to understand that diligence with a plan creates wealth. Now residual income requires diligence because the reward comes at the end. Being an entrepreneur creating residual income is one of the hardest things to do, but the most rewarding. Because when you get to the end, you know, you've earned it, you know, you deserve what you got. But if you know diligent, you're never gonna get to the end, you're not going to get there. You won't reach the reward. So entrepreneurship, probably more than anything, needs. And the tortoise always wins, the hare and the tortoise, the famous story, herring tours have erase. The hedge is assumed it's kinda when he runs and I guess a little bit tired and he falls down and he sleeps. And the toll is just adds on to the end of the race. And then the hair wakes up. He sees a tortoise and he tries to catch him, but the tortoise has already crossed the winning line. The hare and the tortoise parable. He's teaching the value of diligence and a tortoise always wins. In the end. At the beginning, it might look like the hair is doing really well, but eventually the tourists would always win. So how might we illustrate this? So you might have a friend and they decide to go into the employment world and they get a job and they're happy and they don't want to hear about residual income. They don't want to hear about how excited you are on a couple of years in the car and they've got the house. Looks great, but really probably all purchased on debt and near living simply. And you might look at them and be discouraged. You might think I'm doing all this hard work and yet succeeding. Why they get an all success. Remember they will fall asleep and the tortoise wins. So down, look over people done look at has to have chosen a different path and worry that they are winning. No. The tortoise always wins. Diligence always comes through and tie it to a plan. Don't worry about the hair sticks, Havana tortoise, and you will get there in the end. 58. Mod 03 11 Suppression Of Principle: So let's talk about suppression of principle. And this is the caveat we've been talking about in a couple places in this section on principle. Sometimes outside forces are really strong. And it can seem that nothing you do is working. But when the outside forces are removed or del, wave principle carries fruit, principle can UNDP suppressed for a short time. The stone always passive. So you need to carry on practicing principle. You have to grind out. There's a very famous story in Jewish culture about Job. And Job has everything. He's a wealthy man, he's an entrepreneur. He has very successful life. And all of a sudden these disasters come in and what happens is everyone is taken away from Joe. And if one looks at that part of the story but they missed something at the end. The moral of Job's story is, once the trial is over and it's removed, he becomes wealthier than he was before. It becomes more successful. So he's successful, then he loses his success because of outside forces persecuting Him. And then once I was outside forces are removed, he succeeds again, he becomes even more successful. What happened? It was principal, so he was practicing principle and then some outside forces came in and suppressed what he was doing and he had no control over these outside forces. I was stronger than him, but those outside forces could only lasts for a little time. And then once they pass, stone passed. He just went back to them what he always did, which was practicing principle, and he became even more successful. So the moral of the story is, if you commit to practicing principle, there might be times when outside factors seem to be suppressing what you're doing, suppressing your business. And it doesn't seem to be time, right? If you're doing them right, be patient. Obviously, we might have to come up some solutions. We might have to adapt to the stole me much to try some different things. Now the other thing that can sometimes happen with suppression of principle is you might live somewhere where people are trying to restrict you trading your labor. So you might live in a socialist society where the government has decided is going to take all the profit of your labor and redistribute it. Even in that scenario. Don't give up on following principle. Even if you're in a location where people are suppressing, if you keep thinking luck and entrepreneur, you're gonna break through. You're going to get for your gonna find a way for people still succeed in the west of conditions. Some people will be diligent and they will push through and they will keep guy nama how much suppression they experienced in their life. So sometimes we just have to hold on and wait till the principles reassert themselves. And the principles always reassert themselves. If we diligent patient and keep pushing on. 59. Mod 03 12 Finding Principles: So let's talk about finding principles. So what you're looking for, objective truth. So if you're unsure if a principle is a principle, you need to test it. And these are the questions you need to ask you though. Other results observable. Can you see this being practice and then producing results? Because if a principal is being followed and the principle is correct, you will be able to see the effect. So remember, a principle, there's a cause and there is an effect. So you're looking for an observable effect to know if it's a genuine principal. Did I apply universally? Does this same effect happen from the cause? Now Mao, who applies them. Other many people showing success per instance by following this principle. So, so never way we can test to know if a principal is actually a principle. And then question free, can they even be tested? If they can be tested, and we're pretty sure is not a principle. If someone says this is a principle and you say hydro testis and they say, Oh, you just have to trust it, don't test that, you don't have to worry about it, then you know that that isn't a principle or the summit suspicious going on. So ask yourself the question, can I even test this principle is as easily tested. And then find sources that you trust. And this is really important in looking for sources of principle where it's honest and no sources have integrity on the quickest ways to identify so she can trust is if the telling you not to go through the woods, not to take the shortcuts. If people advising you on a shortcut get rich, quick instant gratification, there will signs you can't trust the sources that sharing a principle will be. So someone might come to you with a business opportunity. And they're going to say, here's a principle and we follow this principle and economic Money, You Need a test. Is this observable today? Apply universally, cannot be tested and cannot trust you. And if you want a list of principles, check out the free PDF at the end of the course, where we've listed all the principles we've covered in the course itself. And you can download that and reference that for wealth principles. 60. Mod 03 13 Journal Entry 10: So journal entry number ten, write down three things you learn about principle to appeal to you that you like. Make a note about how you feel about the importance of diligence. And be honest with yourself and school yourself from one to ten, with one being not very to ten being very on how diligent you are when it comes to developing yourself as an entrepreneur. And make a note in your journal of anything you could do to improve your development. 61. Mod 03 14 We Are All Zeros: So let's have a look at this idea that we are all zeros. No one is born ready. So no one is born an entrepreneur. And that means each of us can do our entrepreneurial skills. Each of us can become a better entrepreneur. And it's important to understand the, all entrepreneurial skills can be learned. Now some people will learn quicker. Some people a little bit slower. But all the skills that you need to be an entrepreneur or learn skills. So that should give you some confidence about your capacity to become an entrepreneur. And this is really important to understand is we all have missing principles. So especially as a new entrepreneur, there are things we do that are wrong. We make mistakes. Sometimes that costs us money, sometimes that cost us time. But the reason that happens is because there is some principles missing in our entrepreneurial mindset that we don't know about. But the good thing about that is once you find those missing principles and you apply them to your entrepreneurial journey and to your entrepreneurial mindset, then you're going to become a better entrepreneur. So this means we don't have to be ourselves up if we don't get it right. It also means we can leave the past behind. Now this is a really important principle because what we're saying is there are things we are going to have done in the past that maybe when optimum in terms of our entrepreneurial journey, Maybe we started a business and failed, or maybe we almost started a business and it didn't say foo. But that is we need to leave the past behind and press forward so that we become the entrepreneur that we can be. And Paulina is just forgiving ourselves sometimes and realizing that we didn't know certain things. And one thing I just want to address here is hindsight management or in our home where me and my wife for entrepreneurism adore is also an entrepreneur. We call him kept in hindsight. Now kept in hindsight likes to point out all the things we could have done better now that we know what we know. But because we didn't know what we know, we couldn't have actually done those things better. So if we've made mistakes, we just say, right, I made a mistake or not, the right thing is to do now. And I'm going to move forward with my life. And I'm going to become the entrepreneur. I want to be. So we're all zeros. No one is born ready. Oh, skills can be learned. We all have missing principles. Therefore, when we make mistakes and we're moving forward, we have to learn to leave the past behind. 62. Mod 03 15 Journal Entry 11: Journal entry number 11. Write down a note in your journal to remind yourself that no one is born an entrepreneur. Write down one principle you think you will need to adopt, become a successful entrepreneur from the previous slide, right down how you would feel if you adopted that principle into your life. 63. Mod 03 16 Choose Your Companions: So let's have a look at choosing your companions as an entrepreneur. Now one of the things you want to do is surround yourself with entrepreneurs. You're going to find that as you develop as an entrepreneur, that the people around you might not understand what you're trying to do. And they might not have the enthusiasm that you have for being an entrepreneur. And you need a support network. As an entrepreneur, you need to connect to other entrepreneurs to avoid becoming too isolated. So one of the great things you can do is find the local groups, local business groups, or groups online. And if you're struggling to find a group online, Iran, a free entrepreneurial group, to contact me on Facebook, if you would like some more information about that. But local networking groups are great ways to meet other budding business people and entrepreneurs. And it's good to get out and meet people and mingle with people the thing in similar ways to you. It can become quite isolating as an entrepreneur, especially if you're an online entrepreneurial like I am. And you're not mixing with people. And the other thing is, don't be surprised by negativity from the non entrepreneurs around you. It's almost like they've been conditioned and programmed to think a certain way in the system. And when you start doing things differently, they might feel threatened, they might feel worried about you. And I might just be generally negative. People. Don't be surprised by that. Sometimes as new entrepreneurs we're so excited. Go and tell people, I, yes, I'm going to start a new business and entrepreneur. And, and you'd be surprised by how many people say things like, Why don't you just get proper job? Why do you have to do this? Why do you have to be different? So don't be surprised by that. And a great way to surround yourself with other entrepreneurs is used books. There are many books have been written that will help you reinforce your entrepreneurial mind. It never just want to take one person's opinion about the entrepreneurial journey. You want to get as many different perspectives as you can. So books are a really good way to surround yourself if you're struggling to find the right types of companions. And remember, a companion is someone who's on the same journey as you traveling to the same destination. And there are going to be times you need support and encouragement and there'll be times when they need support and encouragement. So I do encourage you to network with other entrepreneurs. So here's a reading list, books to read recommendations. And in no particular order, Rich Dad, Poor Dad by Guy Kawasaki is a great book on the entrepreneurial mindset. How to Win Friends and Influence People by Dale Carnegie, a classic book on relationship management. Think and Grow Rich. Napoleon Hill is a book, positive mindset, the 21 success secrets of self-made millionaires. Brian Tracy is a great book for discovering entrepreneurial principles. The E-Myth by Michael E. Gaba. This one is not as well known but highly recommend this. And this really draws a distinction between being an entrepreneur and being self-employed in your business. Emotional intelligence by Daniel Goleman, Probably the most foundational book on emotional awareness written in recent times. And the magic of Thinking Big by David Schwartz. And again, this is a mindset book, the richest man in Babylon by George S class and another classic teaching new financial principles. And the Book of Proverbs, 31 day reading plan. So if you're a Christian or Jewish, This is a great exercise where you take the Book of Proverbs and you read one proverb a day for 31 days, and you just go through that cycle every day for six to 12 months. And you will find lots of financial principles expressed in the Book of Proverbs. So this is my recommended reading list. I think every new entrepreneur would do well to have these books in a library that they can refer to and read, especially when they need encouragement as an entrepreneur. Now here's a tip. If you're not much of a reader, I recommend you check out the smart passive income podcast by pamphlet. This has some really good listening material that you can use during your downtime. Probably one of the most popular entrepreneurial podcasts in the world. And he has some really good interviews with entrepreneurs on there. So if you're not familiar with that, I highly recommend the smart passive income podcast by Pat Flynn. The listening when you're on long journeys, maybe when you're doing jobs around the house, it's a great way to utilize your time. 64. Mod 03 17 Journal Entry 12: Journal entry 12. Create a reading listening plan. For the next free mumps in your journal. Pick a book you would prioritize to read fast and set a time each day for at least ten minutes. Reading and record in your journal to help you make the commitment to that time block. 65. Mod 03 18 The Glass Test: In this section we're going to look at the glass test. So we're gonna look at, is the glass half full or half empty, focusing on the negative, focusing on the positive. And we're also going to have a look at the glass half, full exercise. Let's go and have a look at each of these in depth. 66. Mod 03 19 Glass Half Full Or Half Empty: Glass, half full or half empty. What do you see when you look at this glass? Is this glass half full or is it half empty? Your attitude towards this glass determines whether you are going to be happy or not. If you see this glass is half full, is an indicator that you're a positive person. If you see this glass is half empty is an indicator that you are a negative person. Now, don't be concerned if you say this is glass half-empty. In the course, we're going to address that mindset and show you how to change that. Most people are born naturally. Glass half empty. Being glass half full is a learned attitude. 67. Mod 03 20 Focusing On The Negative: So focusing on the negative less have a look at some of the signs of a negative person. Glass half empty people focus on the negative. They focus on their problems. They focus on the negatives in the world. They fall into the victim hood trap. They become anxious. Negativity creates anxiety, which creates depression. The life journey is miserable and fill a forms and obstacles. And they are terrible company. So obviously, not a great painting of an individual verses typically how a glass half empty and negative person operates. So glass half empty people will tend to focus on the negative and life. If there's two scenarios, a positive and a negative, they will focus on the negative. They won't be able to see the positive elements in a situation. They tend to focus on the problems and they tend to focus on communicating their problems and talking about their problems. They don't do this so that they can solve the problem. They do this so that they can complain about the problem. They focus on the negatives in the world. So they look around and all I can say is negative everywhere they looked. This is negative, that is negative. Everything external to them is negative. And this causes them to fall into the victim hood trap. Another victim hood trap is a mindset that says you're the victim and there's a danger in this. And it's one of the big things entrepreneurs have to overcome. Because if you operate on a victim hood mentality, psychologically, what you're saying to yourself is, doesn't matter. What I do is not going to work because I'm always the victim. And then you can spot a victim by the free roles of complain, blame, and justify. So rather than take responsibility for themselves, they'll complain about life. They'll blame something in their life as to why they can't be successful, what it can't be an entrepreneur, though, justify why they failed. The problem with being a victim is you're not taking responsibility for yourself. You're saying you haven't succeeded because of worldwide let you succeed. And this was a thing I struggled with. One of the struggles for me is when you look back in your life and you see all the dark, bad things have happened in your life. It's easy to say, well, dark bad things always happen to me. Therefore, I'm a victim. But all it does is create anxiety. You become anxious, you're a victim. You are hunted as a lion out there and it's hunting yet and you're anxious about the whole of life becomes a situation where there's a lion prowling around outside your house and you're fearful because you're the victim. And that negativity, which creates anxiety, then creates depression. What depression is, is a constant state of anxiety. So if you have lots of little things you worried about, an anxious about, and anxiety is an emotional state, which we're going to talk a little bit more about later. But if you're in this anxious emotional state and you've got all these little things going on in your life and you're anxious about AMO. Eventually that's going to cause depression. People are focused on the negative, often end up experiencing bouts of depression. Now we can all get depressed at times, but things happen. But this tends to become the general state in life. And their life journey then becomes measurable and it's full of forms and obstacles. When they look at life and they look at their future and they picture their future. Or they see a forms and fizzles and obstacles on the journey and the traveling down this row bits overgrown with forms and fizzles and enemies and problems. And everything they do is they try and move forward is an issue, and then they end up not moving forward. They end up just staying where they are. Because moving forward just represents pain and suffering and their whole life becomes miserable because of that. And they tend to be terrible company if you've ever spent time with someone who complains, blames, and justifies on a continual basis, you'll soon start trying to avoid that person as much as possible. Or if the talking trying to change the subject, they tend to be terrible Company. And they tend to drag you down. And glass half empty people can be very infectious. So as an entrepreneur, we have to guard ourselves against that. 68. Mod 03 21 Focusing On The Positive: So let's have a look at focusing on the positive class. Half full people focus on the positive. They focus on their blessings and they celebrate them. They focus on the opportunities in the world. They see themselves as overcome as problem solvers. They tend to be more energetic because positivity creates energy. And their life journey is an adventure. And they treat it as a continual feast. And they tend to be great company. So cross half, full people focus on positive. I see anything going on in the world don't tend to focus on the positive side of the event. They'll see the positive in everything. They focus on their blessings and they celebrate them. So when something good happens in their life, they celebrate it, they talk about it. They enjoy the good things in life. They focus on the opportunities in the world. So it constantly seeing opportunities that constantly seeing hopeful things in the world that will improve their life or make their life better. They see themselves as overcome as if there's a problem in life. They see themselves as overcoming Nerf, figuring out a way of getting over that, around that, under that, they overcome issues. They are problem solvers. A problem to them is not something to moan about. A problem to them is something to solve. They're confronted with a problem. They won't stop until we've solved that problem in one form or another. They want to accept the problem. They went live with the problem. I will solve the problem. And they tend to be energetic people because they're positive and positivity creates energy. When you're in a positive mental and emotional state, your body releases energy that you can use, so they tend to be more energetic. Their life journey isn't adventure, and they treat it as a continual face when they look at the future and the road in front of them. They don't see phones on fizzles. They see a banker in front of them. They see that life is an adventure, something to enjoy, to anticipate, and that's how they look at their life. There's only good things ahead. And because they are positive, because they're energetic, because they're problem solvers, because they are overcome, because they celebrate their blessings. It great company, great people to be around because they're positive and they affect the people around them in a positive way. Fewer to choose a companion on your journey. Which one would you choose? Would you choose a glass half empty person? Or a glass half full person? Which person would you want walking by your side? 69. Mod 03 22 Glass Half Full Exercise: So let's have a look a glass half full exercise. Whenever you're struggling with negativity, practice this technique. The first thing you wanna do is removed negative sources of information. So don't watch negative news, mainstream media and all and negativity because they're trying to get you to buy their papers or to watch the content. Separate from negative people, sigh, take time apart from negative people in your life. And once you've done that, once you've disconnected from that negative information, you find some quiet time, quiet space by yourself. Find vice things to be grateful for right now. Think of five things. Anything in your life that you're grateful for right now in the moment. Now, be specific with the gratitude. Don't be vague or unrealistic, but try and think of specific things you're grateful for today. And practice this until it becomes a habit. Until this just becomes the way you start to think. When negativity start encroaching in your life. Practicing gratitude will help you develop a positive mindset. It's the gratitude is the being thankful for the little things in life that will create a glass half full mentality. So if you just learn to practice gratitude, you will find you will become a glass half-full person over time. 70. Mod 03 23 Journal Entry 13: So general entry 13, right down five things in your life you are grateful for. So these are general things in your life. Write these down in your journal, right down five things this week that you are grateful for. So five things that have happened this week that you're grateful for. Doesn't matter how big or how small, but be specific, wrote those down. Now, right down five things today that you're grateful for or that you are happy to have experienced wi-fi things. Well, you can think of one thing doesn't require a lot of thinking, but five things will require a lot of concentration. And that's going to engage your intellect. And then making a new journal of how this exercise changed your emotional state. Now you might have already been failing quite positive. And then this is just going to add to the positivity. But if you've been in negative and you did this in-depth gratitude experiment, you would soon find your emotions changing in terms of your journal entry, gorilla exercise, and just see if that changes how you feel. 71. Mod 03 24 Understanding Motivation: One of the most important things as an entrepreneur is understanding how to motivate yourself. So in this section, we're going to look at motivating ourselves. The five steps of a motivation statement, which are moving away from the steak, moving towards the carer. The current state, the assessment, and the motivation statement itself. So as can have a look at this in depth. 72. Mod 03 25 Motivating Ourselves: So motivating ourselves. We need to motivate ourselves because no one else will do that for us. This is what it means to be a self-starter as an entrepreneur means that you're able to motivate yourself. If you have a job, self-motivation isn't as essential. Person entrepreneur in need to be able to be a self-starter. This is the secret of successful entrepreneurs. All successful entrepreneurs are self-starters and know how to motivate themselves. And we, we're like a donkey. There are two things that will move us when we're stuck. We have and the carrot. So when we motivate a donkey to move us to ways to motivate that donkey. We can our history with a steak, or we can take another steak, tar carat, two that stick where a piece of string and place in front of the donkey. And the donkey will move forward to try and get to the carrot. So there's two forms of motivation. And we can use these motivational forces to motivate ourselves and they become the foundation of a motivation statement. 73. Mod 03 26 The Five Steps Of A Motivation Statement: So let's have a look at the five steps of a motivation statement. We have a stick, the thing we want to escape from. We have the carrot, a place we want to be. We have a present state where we currently are. We have the assessment which we can use to measure our progress. And we have the statement which is derived from the information in the previous four steps. 74. Mod 03 27 Moving Away From The Stick: So let's have a look at the stick. Moving away from, moving away from is linked to getting away from the path. We base it in reality. We base it on something that really happened. And we focus on the desire to escape a painful experience, emotional or mental, that we don't want to repeat. And this is fear motivated. We use this as our fist, the worst possible state. So this is essentially doing is looking at something in our past that we didn't like, we dislike. And we're going to try and move away from that. We're going to change things. So we're moving away from that happening towards again, we can harness the painful experiences and alive to move away from them. And we can use that as a motivational force. And the important thing to understand this with the steak, this is reality, this has actually happened. So it tends to be a very powerful motivator because it's based on something that's real. And a lot of people tend to be motivated with the state. 75. Mod 03 28 Moving Towards The Carrot: So moving towards, the carrot, moving towards is focused on creating a desired future. We base it on a fantasy that we want to become reality. We focus on the desire to achieve a mental and emotionally rewarding experience stroke lifestyle in the future. And this is how motivated we can use it as a hope state, our best possible state. So this is the thing we want to move towards. This is what a perfect life looks like or the perfect situation looks like. This is a very powerful motivational tool because it creates energy, it creates hope. Hope is a positive mental and emotional state, creates energy. So it's a very powerful motivational force or we can use to motivate ourselves. 76. Mod 03 29 The Current State: Now the current state is quite simple. It's where we are now. And this is an honest assessment of our present situation. And this is just as being very realistic about where we are right now, regardless of whether we like it or whether we don't like it, this is just as being honest to our current state. 77. Mod 03 30 The Assessment: The assessment, this is where we grade, where we are between the two extremes. We can use a scale of one to ten. With one being the fear place, a steak. And with ten being the hope, place, the carrot. 78. Mod 03 31 The Motivation Statement: So now we have the motivation statement. We can create a statement itself. We can gather all the information in the previous four steps. And that information we use to create the motivation statement. This can help us get motivated. So let us have a look at actually creating the motivational statement. So Step one, we need to identify a past experience that we want to move away from step to want to pick a future experience. We want to move towards step three, we want to examine our current state and describe it. And then in step four, we're going to measure how close we are in relation to the two extremes using a scale of one to ten, with one being the worst-case and ten being the best case. And then we're going to create the motivation statement of the information we've gathered. 79. Mod 03 32 Jounal Entry 14: So let's have a look at journal entry 14. Make a note of the five steps of a motivation statement in your journal and then describe what each part relates to. 80. Mod 03 33 Example Motivation Statement: So let's have a look at an example motivation statement. First step is move away from, I hate having a life where it can afford to pay even the basic bills. And people are ringing me up and chase him, me for money. And I work for a company that treats me as a low-paid slave. So that's something we want to move away from that experience I was feeling. So then we need to make a note of our moved towards in the future. I want enough money that I can pay my bills or are even worrying and have a business that gives me freedom to be my own boss and control my time. The next step is to actually look at the present way you are right now. I'm currently still working at the company, but have started develop residual income in my spare time. And I'm creating a new asset that I can launch the end of the month. So let's do an assessment on a scale of one to ten, with one being my worst day intend being my dreams. I am currently at free. So now we're going to take that information and we're going to bundle that with some actions in a motivation statement. I'm going to dedicate 15 hours a week to create an assets using my spare time so that I can track my boss, not have to worry about bills and be in total control of my time. Within the next two years. We've brought all that together. We've put some golden there now. And obviously this is quite a complex motivational statement. We could simplify this uses for, I don't want to get out of bed today. Okay. So what do I want to move away from? One, we're going to move towards how my currently doing in my life. And then I'm going to assess that where is. And then I'm going to create motivation statement that I'm going to get out of bed because I want to move away from this and I want to achieve this. So it can be as simple or as complex as you want it to be. But the main thing to understand as you're moving away from something and you're moving towards something that is the key to motivating yourself in life. 81. Mod 03 34 Journal Entry 15: So journal entry 15, create your own motivation statement for the residual income levels you want. So move away from identify a time in the past where you are unhappy as with the income in your life and how you having to move towards Describe your dream life. As an entrepreneur who creates residual income assets. Current state, describe how your life is right now. And then perform your assessment. Measure what you think and feel you are in relation to the two extremes, with one being the absolute worst case, the stick place, and ten being the best place, the carrot place. You can use that information to create a motivation statement. Pin up somewhere where you can see it every day. And that's going to help remind you why you're doing what you're doing and motivate you to become an entrepreneur. And having that residual income lifestyle that you want to have. 82. Mod 03 35 The Value Of Your Labor: In this section, we're going to look at the value of your labor. We're going to look at only trading labor for assets. Investing in skills that increase the value of your labor. Not reinventing the wheel and understanding the power of humility. So let's go and have a look at each of these in-depth. 83. Mod 03 36 Only Trade Labor For Assets: So let's talk about only trading labor for assets. Entrepreneurs seek to only trade their labor for assets that generate residual income. They avoid exchanging time for money at all costs. They look for assets they can create constantly. And they always question who is learning from their labor. So this is how entrepreneurs view their labor and how they treat it as a very precious resource. 84. Mod 03 37 Invest In Skills That Increase The Value Of Your Labor: So investing in skills that increase the value of your labor. Entrepreneurs are going to prioritize self-development. But that self-development has to be linked to increasing the value of their labor. And entrepreneurs also invest in skills that enable them to increase the value of the labor and they're not the same thing. Self-development is about your mental and emotional state as an entrepreneur and creating a healthy mental and emotional state, positive mental and emotional state. But skills are those things that you need to create a market and sell products and services. And one of the things entrepreneurs don't do is they don't waste time on valency training that does not increase the value of their labor. So let me illustrate what vanity training is. I remember having a conversation once with this guy who had come out of university and I said, What did you study in the he said Marine Biology and said, well, that sounded interesting. Was up three or four years yeah, for four years of studying wherever it was. And I asked him How many jobs in the UK is F a marine biologists. And he said why rehear said yeah, VA said about three or four jobs come up as as how many people in your class study? And he said, I want my class at my university at 20 or 30 something other then extrapolate Cause told the other universities that would also offer that calls or similar Cause. You must become an up, let's say with 200 people every year studying this. And there's free jobs or for jobs. Last vanity training. The only thing that training does it make you feel good about yourself unless you're very lucky he's not going to get a job. So he's either in debt because they had to pay for that university education himself. And he doesn't actually have any tradable skills. Or his parents had to spend money on paying for Z University and now they wasted money because again, he doesn't have any tradable skills. And you could argue he's been to university and therefore, because he's got degree, you'll be fast-tracked into a management position, a company hint of actually engaged in training that would have enabled him money. He would have been better off. Because if you're trained as an accountant or a doctor, that would have directly impacted the value of his labor. It would have increased the value of his labor. An entrepreneurs don't waste time on vanity trying to, they're not interested in that is after their name. They're not interested in looking good or looking like they've got some institutions approval. The only thing they're worried about, noticing that concerned about the only thing they focus on is training that will directly impact their ability to earn income. And they'll never role they tend to have is they don't take entrepreneurial training on entrepreneurship from people, the unknown entrepreneurs. And that seems like an obvious statement. There are lots of people out there. They're offering entrepreneurial training or coaching and the haven't succeeded as an entrepreneur. So whenever you take training with someone, make sure to actually earn in residual income from the assets before you listen to them. Now just a little note on the value of your labor in a hospital. You will have people, care systems, you'll have nurses, and you will have doctors. The more skills you have, the more money you will get paid. Entrepreneurship is very similar. The more you self-development, the more skills you develop bad products and services you can create, and the more you can increase the value of your labor. So if you're unskilled, you'll go into create simple product. But if you're highly skilled, you can create more complex products. And that means you are increasing the value of your labor. Because as always, more profit in the complex products than there are in the simple product. So that's why we want to increase our skills and also improve when it comes to our self-development. 85. Mod 03 38 Do Not Reinvent The Wheel: And everything that you do not do is re-invent the wheel. So they don't waste time reinventing the wheel. They will seek out specialised knowledge when they need it. They will pay for it, and they will build upon that knowledge and strive to improve upon it. The very first business I sat up was an antiques and collect bulls business and we were going to watch and buying antiques and collectibles and selling them online. Now had this little interesting situation, ones where I found this little Chinese vars and a paid about a pound for it. And I thought as the ugliest little thing in the world, not both out of curiosity and it just sat on the shelf with the ever stop. And it was just sitting there. And one day fill demeanor, my wife said to me, she said we need to sell that thing that's listed, let's put it on eBay and sell it. And I looked at INSEAD, it's ugly. He's going to want to buy that anyway. Like pound balls. Put it on eBay and we sold it for 80 pounds on an auction, and it went for 80 pounds. And I looked a little bows and I said, why, why did die to self that amount of money. So I went online and looked out in, there wasn't that much information, but I found some books. And there was this one guy who was selling a series of lock-free or for books and each book was a 100 pounds each. There's like 400 pounds of books. And he was explaining what Chinese porcelain is, why it's valuable, how to identify the valuable stuff, how to avoid by lots of fakes. And I immediately went out and bought these books. I spent the 400 pounds on the book. It wasn't on the Internet. This was specialist knowledge. I had to seek out and pay for it. Those book made me so much money, it's ridiculous. And that is how an entrepreneur thinks. They don't waste time trying to build up their own private set of knowledge. They go out on a find the specialists and they learned from them. But they'll also then go on and seek to improve on that knowledge and develop their knowledge. But they won't just start from a position of nothing and try and build from there. They'll always stand on someone else's showed us when it comes to developing their skills and therefore the value of their labor. 86. Mod 03 39 Understand The Power Of Humility: The other thing we have to do as an entrepreneur, as I understand the power of humility, entrepreneurs are humble and they know that they don't know everything, so they're trying to learn. Which means I listen to people. I understand the principle is external to them. So that always seeking principle. And they're always finding new print post to increase the value of their labor that don't stand still and become arrogant. And this is particularly a problem for young entrepreneurs who are fresh out of the education system that aren't quite yet understand that they don't know everything. A lot of enthusiasm, and they don't necessarily understand the power of humility. And I've coached young people to become entrepreneurs. And this is a common problem. I say they don't understand the power of humility. You try and tell lemmas and why. And I know best, but an entrepreneur knows to listen. That doesn't mean you except what everyone says. Remember, you're going to be governed by a principle. You'll go into Si Kao principle, but you are going to have this attitude that listening to other people and not assuming that, you know, everything is a good attitude to have. So entrepreneurs understand the power of humility. 87. Mod 03 40 Journal Entry 16: General entry 16. Make a note in your journal of the one thing that really stood out to you about the value of your labor. Making note of at least one area you use and you need to prioritize and develop as an entrepreneur in order to increase the value of your labor. 88. Mod 03 41 Self Assessment: In this section we're going to look at self-assessment. Because it's important for entrepreneurs to figure out what type of personality they are, because that is going to directly impact your entrepreneurial development. So we're going to look at understanding personality types, how to build your personality profile, how to work out your personality profile. How to identify areas of growth. And also looking at creating your self development plan. First and have a look at each of these in detail. 89. Mod 03 42 Understanding Personality Types: Understanding personality types. There are four core personality types that we can use to measure ourselves, where we can use a simple color-coded to identify these types and those types of blues, reds, greens, and yellows. Now, we're going to notice that we have a quadrant that we can look at. And blues and greens tend to be more heavily fear motivated. Reds and yellows tend to be more hope motivated. Blues and reds tend to be introverts. So they don't tend to want to be around people at Merck. And greens and yellows tend to be extroverts. They tend to like to be around people and they work well with people. 90. Mod 03 43 Meet The Blues: So let's meet the blues. The logicians. Key traits are blue personality types that data-driven. The data is very important to them. That very accurate accuracy is very important to them. They're extremely far on their Haifa cautious. So they have some superhero powers. They tend to be very good at detailed planning, and they're very good with finance it. But they also have some weak asides to the blue tray and we're going to call those the super villain powers. Now, blues struggled to make decisions because blue's see decision-making as an exercise in tick box in data don't see any decision as one simple decision that we tend to take boxes that they need to take for them to be able to make a decision. And if one of those textboxes isn't takes, if everything isn't perfect, they struggle to make a decision. They can also struggle to connect with people. They tend to have low emotional awareness and they can often be insensitive to other people's emotional states. Because I see life as a very logical and rational event and they struggle to understand non blues, the typical careers they tend to choose. Programmers, accountants, data analysts, mechanics, engineers, anything that encourages a very rational and logical approach to problem-solving. 91. Mod 03 44 Meet The Greens: So let's have a look at the greens. These are the carers that key traits. They're very social leads the most social of all the color groups. They're extremely carrying, very, very supportive and they're extremely friendly. These are the people you just naturally like. So the superhero powers are, they're very good at managing relationships and they're very good at creating harmony in a group. But the week aside of their personality, their supervillain powers often manifests in. They struggled to make decisions, and they struggle to make decisions because they don't want anybody to disapprove of them. They won't everybody to like them. And they don't want to upset anybody. On oftentimes in entrepreneurship, making a decision means to somebody is going to be affected negatively by that decision. So if they perceive that animals can be affected negatively by a decision, they really struggled to make that decision. And another thing is I struggled to say no to people. And does a man who comes to Him for help, they feel obligated to help them. And as an entrepreneur, that can be a challenge because you have to learn to say no to people. You have to refuse to give over your time to people when it's not necessary. Oh, productive and greens really struggle with this. So typical creates UMC greens in. They tend to be health professionals, receptionists, teachers, charity workers, customer care. Anywhere where there's a love relationship going on, you'll find the greens are going to gravitate to the area. 92. Mod 03 44 Meet The Reds: So let's meet the reds, the go-getters, the key traits of reds. They're very driven, they're very focused, they're very commanding, so they assume leadership. They can be very serious. So the superhero powers, the positive side of that personality, is very good at driving a project. The very quick solving problems. Let us have a look at the weaker side of that person that is supervillain powers. They struggled to pay attention to detail and finance and that can get them in trouble. They struggled to connect with people and they can seem quite uncaring at times. So typical is of a read. You will often see them become entrepreneurs and CEOs, department managers, politicians, sales consultants. They typically focus on or Farsi roles where they can drive the team. They don't like being part of the team. They want to be in charge of the team. And this is why they tend to become entrepreneurs are the ones that tend to take the risk. 93. Mod 03 45 Meet The Yellows: So let's meet the yellows, the adventurous, the key traits. They're very adventurous. So I like getting involved in adventures and doing things. Can tend to be very artistic. They tend to be quite good problem solvers. And they tend to be very energetic and enthusiastic people. So the superhero powers, they're very good at creative tasks, and they're very good at generating a positive atmosphere. Now the supervillain powers is sometimes struggled to understand other people's needs. And they can jump around in friendships along. And they can be very impulsive in their decisions. So this is a darker side of the yellows. Although they're very social. People like can miss the atmosphere in the room sometimes and that just really exuberant and noisy and loud. And other people can struggle with that. But from that perspective, they really like people. But sometimes people struggle to cope with their overly energetic nature and they make impulsive decisions, a yellow. So they just see something and then go for it. And I think about the downsides or go for a logical process. Typical careers of the yellows, they tend to be artists, creative, toll guides, public relations, celebrities influences. And they tend to be people are outlet, expressing themselves and often in a very creative way. 94. Mod 03 46 Journal Entry 17: So Journal Entry 17 makes some nos in your journal about some of the key traits of each personality type that stood out to you. And make a note of what you think your main personality type might be. 95. Mod 03 47 How To Build Your Personality Profile: How to build your personality profile. Everyone is made up from a combination of colors. And this is important to understand. Knowing is completely read, will completely blow or completely grain or completely yellow. Where a mixture. When we're assessing ourselves, we need to measure the dominance of each color in our personality profile. So a primary color is our inherent color are secondary colour is our cultivated color. A tertiary color, or third color is our aspirational color. I'm not quarternary color, or our fourth color is, are resistant traits. Let's go and have a look at these four in a little bit more detail. 96. Mod 03 48 Primary Inherent: So primary inherent, the primary traits, dominant trait list as the color. We most manifest. These basic building blocks of our personality. They manifest early on in life. Why was still very young children? And they surface in high pressure situations. So when the pressure zone, this is the color that's going to jump out a manifest itself. And we tend to not have much control over them as we assume them to be normal. So if we're red personality type, we think that's normal and we think blue and green and yellow does abnormal. And because of that, we don't try and control that personality type. Because why would you control what is normal? 97. Mod 03 49 Secondary Nurtured: Then we have a secondary or nurtured traits. The secondary trace out a cultivated and learned traits. They are often a result of our education that come from our parents. How pairs and that influence over they manifest when we are relaxed and operating on intellect. As we see these as highly desirable. And we tend to invest in these trays as we see the how highly desirable to others. So this is often the color, you know, you should be a little bit more of. And when your intellect engaged and your calm, This is a one you'll manifest. 98. Mod 03 50 Tertiary Traits Aspirational: So then we have tertiary traits are aspirational traits. These trays are often the aspirational trace that we imagine would make us more successful. We rarely manifest these trays because whilst we aspire to them, they are seen as nice to have a not need to have. So we have to make a very deliberate effort to manifest these traits. And Noah cup primary tray, which we naturally manifest, or a secondary trait which we tend to manifest in calm situations when our intellect control. These are traits that we think then nice bomb, not that bothered about them. 99. Mod 03 51 Quarternary Traits Resistant: Then we have our quarternary traits or resistant traits to quaternary traits at a trace that we display. The least of. These are the traits that we actually tend to dislike in other people. And we consider them as something we should reject. We often do not develop these trays as we consider them alien to our identity. And with the most resistant to these trays. And the way to identify this is once you know the color type and you start observing different people with a dominant trait being color. There'd be a certain type of person you dislike. There'll be a certain color type that you personally don't have much time for. And that will be your quaternary tried. You see that trait as completely normal. So you reject it in yourself. 100. Mod 03 52 Self Analysis: So let us do some self analysis. Primary trade. What do you think is the color group you manifest in high pressure situations? Let's look at our secondary trait. What traits do you manifest when you put your mind to it? Tertiary trait. What trait do you imagine having that never quite seemed to develop or spend time on? And what is your quaternary trade? What trait do you find most difficult in our people? And the one you're most resistant to. 101. Mod 03 53 Example Self Analysis: So to help you out, let me share my self-analysis. My primary trait is red. I'm definitely a read in my primary color as I'm very driven and I always take leadership. My secondary tray is green, and this is a color I know I'm supposed to be. And the one I work on the most as I struggled to be a team player. My tertiary tray is yellow. Always dream of traveling and having adventures. But I never give it a high enough value in my life to actually carry that trade out. My quarternary try blue. I dislike any blue activities where I have to get involved in a lot of detail. So I tend to make data-driven decisions if left unchecked. I also struggle with blue personality types, especially when it comes to working on something with a blue personality type because they struggled to make decisions. So this is my self analysis. 102. Mod 03 54 Journal Entry 18: So Journal Entry 18, a self analysis exercise. Write down in your journal what your traits are in order. And then make some observations on how this has affected your life in the past and how this new information helps you to understand yourself a little better. 103. Mod 03 55 Create Your Self Development Plan: So now we can create our self-development plan. An entrepreneur needs become as balanced as possible in all the colors. So we need to identify what a weaknesses are and what we need to work on. To do that, we need to create a general self-development plan that takes note of our areas of weakness and gives us a starting place for self-development. So our quarternary tray is the best place to start because our weaknesses will be hidden in that quaternary tray. Remember this is to try you least like so for me, with blue being the least, like, I'm very bad, uh, checking detail. And I can get involved in contracts and negotiations where I don't check the detail and I get coil. So I have to focus on being aware of that weakness and practicing more of the blue traits as an entrepreneur, especially when I'm making decisions. And once I've done that, I can start looking at my tertiary, try my third trait, and I can start working on improving math. So for me it would be making sure I have more fun, making sure homo social time with people. I have a few more adventures and not just focus on my business all the time. And then once we've done that, we can start polishing secondary trait. And finally we can polish off primary tray. And they all similar supervillain powers that we have in our primary trait. If they haven't already been addressed. 104. Mod 03 56 Journal Entry 19: Journal entry 19, your self-development plan. Right down in your journal, what your quarternary trait is. Making note of what areas that you feel you need to work on the most for that trait? What type of training would you need to access to help you set yourself a timescale for one you want to have action that are not suggest no less than one week a non-modern free mumps. Until you fail, you have achieved development in the area and repeat the process for each trait. So in your journal, right down your tertiary tray and go through the process from the top again and do that all the way down to your primary trait. And now you have a general self-development plan, a framework to guide you. And you should have a good idea what the general things you need to start working on for your own personal development, what they are, and what you need to do to start correcting them. So for instance, if this was me guy for this process, I would start looking at taking some training on blue trace, how to create lists, how to create checklist, had to be thorough in decision-making. Those are some of the things I would start to look at. That guy for this exercise should start revealing things to you that you need to work on and develop. 105. Mod 03 57 Goal Setting With DATE: So let's look at goal setting with the date methodology goes at a fuel of entrepreneurs. So they must be detailed, actionable, time-bound, and empowering. Let's go and have a look at each of these so we can understand how to set goals with the date method. 106. Mod 03 58 Goal Setting Detailed: So let's have a look at detail. Go should be clear and specific. The more detail you include, more rail, the goal will become to you. You need to describe why exactly you want to achieve and you need to think about what your solution is. And you also want to describe how much you will learn in the detailed section because we're relatedness to entrepreneurial income. So oftentimes when we're setting goals, we are putting a monetary value on that go. 107. Mod 03 59 Goal Setting Actionable: Actionable. Goals should be actionable. They must state very clearly what action is going to be needed to be taken to achieve our goal. And this helps you decide your path forward. 108. Mod 03 60 Goal Setting Time Bound: Time-bound. Goals should be time-bound. They must stay when the goal is going to be achieved. And this helps motivate you by setting a deadline, a go about a deadline. A time-bound element just becomes wishful thinking and is no longer a goal. So the time-bound element is extremely important. 109. Mod 03 61 Goal Setting Empowering: Empowering. Goal should be empowering. They must stay what your life will look like. They must be clear on the benefits you receive from completing your go. It must describe what you are moving away from and moving towards. 110. Mod 03 62 Journal Entry 20: Journal entry 20, making now in your journal of the four stages of writing a go and explain to yourself what each stage will do for you personally when you apply them. 111. Mod 03 63 Example DATE Goal: So as an example, date go and I'm going to use an example of a photography business. So the first part is detail. I want to create an additional business selling my images that stock photography that generates $5 thousand a month in residual income. So it's quite detailed, vague in what type of business you want to create. Now how are you going to make money? And also you've set yourself financial tag of what you want that to achieve. Then we're going to look at action, but what actions are you going to take? I will take action by setting up six accounts on the main stock photography websites and supplying suitable images. Does business modelling beause you take an image, is putting them on marketplaces that are online, on websites. And then other people can pay to use your images in their marketing on their websites in our content. So you're providing a resource for people to use. Then we need a time-bound element. Because of the time-bound element, nothing's going to happen. I want to be achieving that level of income in 24 months from now, two years from now, I want to be earning that $5 thousand a month. And then the empowering statement, how is this going to empower you? This will give me freedom to wind down some of my client work and reduce the stress in my life that the photography business can generate. An also, it will enable me to move out of my two-bedroom apartment in the city into a free bed home out of the city. So that's an example of a date. 112. Mod 03 64 Journal Entry 21: Journal entry 21. Cray, your date. Go for a business idea that you have detailed. Write it in your journal and be detailed about what you're going to do and how much you want to earn. Actionable, be clear about what action you're going to take. Time-bound. Be precise about when this is going to be completed by an empowering state, clearly what the benefits will be and what you will move away from, and what you will move towards. Now that doesn't have to be a business idea you're going to carry out. It's just gonna be a business idea you have. And just going through the exercise is going to help you learn how to create date goals. So when you are ready to create your own business and move forward in your own business. 113. Mod 03 65 A Five Year Revenue Plan: So let's have a look at a five year revenue plan. All entrepreneurs should start with a five-year plan at the beginning of their business. To create a five-year plan, we need to build it in reverse. Then we need to break it down into smaller goals, what we might call milestones. We can pay for each part of the plan. Each milestone. Creating your five-year revenue plan. What does your entrepreneur life look like in five years? Financially. What business do your own? Where do you live? What card you drive? What do your relationships look like? How much income do you need to generate to support that lifestyle? Whereas you want your income to be in five years, four years, three years, two years, one year, six month free mums, and one month. From now. We need to answer all of these questions as recreate our five-year revenue plan. 114. Mod 03 66 Charting A Five Year Revenue Plan: So what we can do is char, our five-year revenue plan. The very simple chart. So what we're gonna do is we're going to start with year five. And we're gonna set what we want our monthly earnings to be in five years from now. So let's say we want our five-year earning plan to generate $20 thousand a month, it will be higher, yields might be lower. There is no rights amount. This is just being used for illustration purposes. So we set that 20 thousand. Once we've done that, we can say our four-year plan, which might be 10 thousand amount. Once you've done that, we can go to here free with 5 thousand a month. It's 2.5 thousand amount and so on and so forth. We build in reverse and we get down to month one. And we say in our first month, we'd like $50 from residual income based business. But then what we have to do is you actually have to look and assess ourselves against these targets. Now anytime we can create mini goals between year one and year two. But this is just an overall chart for us to track over the next five years of how we're achieving our revenue plan. So at the end of month one, and we can see we only made $25, so we only 50% of our revenue plan, which is a little bit disappointing. So Humphrey, we wanted to hit Turner Donald's mumps. And what we've done is we've hit 75% of that. So we've obviously improved in terms of where we are with that milestone compared to where we were with one, there's still things we need to work on to keep on track. And obviously, these are very arbitrary figures. These are figures were just sad. So there might be sometimes you need to adjust the five-year plan that typically leave it alone because it will provide motivation. Then after six months in 90% of our target, which was $500 a month. So again, there is still some things we need to improve on, but it's looking good. So then year one would earn $1000 a month and we're actually hit enter now a 100%. So we're doing well. And then in year two, we're doing a 110% were doing extra. We aim for 2500 every month, but on average we've done $250 a month more so attempts and over then in year three was expected to be in $5 thousand a month, but we're only hitting 80% of that. So we need to look at that and possibly make some course corrections. And then in year four, we wanted ten thousand, eleven thousand on average a month. I'm really happy. And then by atomic gets year five, we've mastered our business. We're only $20 thousand amount from where he and a 100% of that on average every month. So that's how a five-year revenue plan works and how you would measure and assess it. 115. Mod 03 67 Journal Entry 22: Journal entry number 20 to create your own five-year revenue plan and record it in your journal, set it to your own desired lifestyle. Figure out how much income you will need for your desired lifestyle, and then work backwards, setting financial goals or milestones. And see, just copy this template into your journal, just hand-drawn really quickly. Or you could create in something like Google Docs for free, create one, prints a off if you want to be really neat, and then just stick that into your journal. And now you've started to set your five-year revenue plan. And this is going to help you start to realize the dream of becoming an entrepreneur. 116. Mod 03 68 Vision Boards: Vision boards are great ways to layout where you see yourself in five years from now. So you could use this in conjunction with your five-year revenue plan. All you need to do is collect images that represent your dream lifestyle. It is important, however, to place the board in a location you can see on a regular basis. And if your crane an online residual income business and you walk in from high MMR computer above your computer is a great place to have vision board. Now there's lots of places on the internet where you can get free images and unspliced SSH is a good place to stop seeing gone there people provided images that you can use for free and you can create your own vision board. Obviously make sure that you're using images that are free to use on free image size. 117. Mod 03 69 Journal Entry 23: So journal entry 23, create your own vision board. You can either do this with free images online in something like Google Docs, or you can print out the images and pin them to a real board. If you don't have time or this doesn't appeal to you, just weigh out your vision with a few sentences in your journal. 118. Mod 04 01 SMART Taking Control Of Your Entrepreneurial Life: Taking control of your entrepreneurial life. In this section, we're going to explore the nuts and bolts of how to think like an entrepreneur. Discourse isn't just about what you should think. Actually is going to provide the methodology of how to think as an entrepreneur. And that tool is smart. So we're going to look at the benefits of smart. We're going to understand our worldview. We're gonna look at mine divest is how we're going to look at the dumb dog taking control and negative emotions. We're gonna explore in depth smart methodology, which is separate, monitor, assess, replace interests. We're going to go through 18 smart exercises that there was common issues entrepreneurs have. And then we're going to look at self-talk. And we're going to look at that as the big secret. And finally, we're going to look at how to use smart. 119. Mod 04 02 The Benefits Of SMART: The benefits are smart. Smart is a full process that will help you challenge and overcome limiting beliefs. A negative emotional values are holding you back. It is a tool to help you understand yourself. It will enable you to move away from following damaging emotional messages and move towards living by principle and being governed by your intellect. It is the secret to success in the entrepreneurial life. It takes you from what to do and moves you to how to do. And it draws on the same ideas, emotional intelligence and cognitive behavior therapy based on. Now an important note, small. The system is a so copyright of Mach ten Blake and filming the Timberlake, and it's free for personal use. However, all commercial usages are fully restricted. 120. Mod 04 03 Journal Entry 24: Journal entry 24. Write in your journal about how you would feel if you could gain control over your thoughts and feelings. Make a note of one area of your entrepreneurial life you would like to improve and explain why that is to yourself in your journal. 121. Mod 04 04 Understanding Your Worldview: So one of the important things we have to do as entrepreneurs is learned to understand our own world view. Now you'd be surprised how often we hold beliefs and values as entrepreneurs that cause more harm than good. So what we need to understand is our worldview is formed from our presupposition null values. So these are things we presuppose to be true, often without checking to see if they are true. These values, the foundation of how we think, how we feel, how we operate. We could describe them as axiomatic. But the easiest way to that is we assume them to be true and we reasoned out of them. These are values that we often hold is absolutely true often without even realizing it. So imagine if you've got a value that you presuppose to be true and you've assumed it's absolutely true in it's false and it's not based on a genuine principle that can be very damaging. And then we reason out of these values. We base our reasoning on these values, which is why we need to examine them and test them and double-check. Actually true. If we don't understand these presupposition or values that we hold and they are negative or incorrect, then we can self-sabotage as an entrepreneur. And if we're finding as an entrepreneur or struggling as an entrepreneur is usually a presupposition of value that is causing failure. So it's important to understand them. Now, small is going to help us to identify our presupposition or values and correct anything that needs to be corrected in our worldview, which will then remove any blockages that get in the way of our success. And there's gonna be lots of examples of this. So don't get too bogged down here. If understanding everything I'm saying right now, it will become clearer as we go through understanding smart process. 122. Mod 04 05 How Pre Suppositional Values Are Formed: So we need to understand how our presupposition or values are formed. And our presupposition or values are formed from two things. Intellectual ideas and needs are intellectual truths are founded on reason and logic and emotional beliefs. These are the feelings we have about ourselves, everyone around us, and everything we interact with. So intellectual ideas plus emotional beliefs equals r values. So let's have a look how it all fits together. We have our ideas, and we have our emotional beliefs. We combine them together and they become our core values. How we think about something, plus how we feel about something combined together, create the values we operate out of. And then when we combine all of those core values, those presuppositions together, we get our worldview, our view of how the world operates. So ideas and emotional beliefs, our values and our values combined create our worldview, the sum, total expression of how we think and interact with the world around us. 123. Mod 04 06 Journal Entry 25: Journal entry 25. Making note in your journal of how our worldview, the we have is formed. And remember it's intellectual ideas plus emotional beliefs equals r values. All of our values combined form our worldview. 124. Mod 04 07 Mind Vs Heart: So let's have a look at mind versus ha. There are two basic modes of thinking. Logical thinking, an emotional thinking. So when we use mind versus here, we're using an old analogy that helps us to understand the difference between mind, logical thinking and ha, emotional thinking. And we're gonna go into this in a lot more depth. But understanding these two different modes of thinking is going to help us to be a lot more rational. As entrepreneurs. 125. Mod 04 08 Mind Vs Heart Logical Thinking: So let's have a look at logical thinking. Logical thinking as an exercise of the intellect. The intellect uses reason and logic to arrive at its conclusions. The intellect uses principles have been stored in the mind to reason from. It seeks objective truth when it is operating so analogical thinking it's happening, it wants objective truth. Mind seeks out and pursues and tries to find objective truth. We can identify when we're thinking logically because of the lack of strong controlling emotions. So it's a very important identifying factor to know when we're actually thinking logically. So here's an example of logical thinking. Residual income is the best type of income because it is not trading time for money, but is instead generated from assets that never stopped working for you. That's a very logical and emotional statement based on observable principle. 126. Mod 04 09 Mind Vs Heart Emotional Thinking: So let's have a look at emotional thinking. Emotional thinking is driven by emotion. What happens is a half send an emotional message to the mind. The mind sees or emotional message, translates our emotional message into Ford and uses that as a basis of decision-making. And the mind is fooled into accepting these emotional messages. I've been translated into four as principles. When we uprising, I'm emotional thinking it seeks subjective proof when it's operating. Emotional thinking is more concerned with how you feel about some of that you'll subjective opinion says not looking for objective truth. A just wants to know how you feel about things at a house in the message and says, This is how I feel about this. The mind looks at the emotional message and goes, well, that must be true because that's how I feel about it. And now I'm going to interpret what that saying to me into fall. And I'm going to use our emotional message as if its principle alone, we're going to operate on that. Now, we can identify when we're thinking emotionally because of the strong controlling emotions that make it hard for us to concentrate and think. Whenever in this emotional thinking mode on the HA, is sending us these really strong messages, a strong emotional messages. We find it very difficult to think clearly. We find it very difficult to solve problems. We find it very difficult to communicate and deal with people because emotions are so strong, the what happens literally what happens is mind up prefrontal lobe is flooded with electro-chemical signals and it literally shuts down. This has been observed scientifically. The prefrontal lobe literally shuts down. And aha, our emotions are trying to take control and tried to govern us runners in that moment. So an example of emotional thinking is, I don't mind working with someone else because that is the best white money. Now, if there is a fair of risk, if they're strum, strong emotional force where you can't, reason not fru, then you know that, that is emotional thinking. 127. Mod 04 10 Journal Entry 26: So journal entry 26, making in your journal of the difference between intellectual thinking and emotional thinking. Describe how you think the different methods might have affected your life in the past. 128. Mod 04 11 The Dumb Dog: So let's have a look at the dumb dog. Our emotions, AHA, is like a dumb dog. As we mentioned earlier when we talk about the heart and our emotions, we're using an old way of thinking from Western Coachella About being si, of the emotions and the mind being a CFD intellect. And it's a very useful mechanism for us to understand the separate our force from our emotions are emotions or the source of our emotions is like a dumb dog. It runs on the fight or flight mechanism. So the dumb dog can only fight or flight whenever the dumb doc communicates something to use kinda tell you to either fight, which can be destructive, or Runaway, which can be just as destructive. That's the two mechanisms it tends to have in every response, which helps us to identify another way the dumb dog communicates to us. This means that it cannot tell the difference between the burglar and the postman. So if you've ever had a dog or you know, someone who's had a dog, you'll know that adults can't tell the difference between a burger and a post meant the postman can come to the door and deliver something and knock on the door and the dog will attack the postman as if it's a burglar. He cannot tell the difference between someone with bad intent or good intent. Now the other thing about the dumb dog, it will send you bad information because it does not trust you to protect it. It will lie to you in order to protect you. The HA, is self deceptive, the emotions are self deceptive. This is why we make bad decisions in life sometimes because an emotional message comes to us. I interact receives as truth, we act on that emotional message. Instead of axiom principle, we get ourselves into trouble, but things happen. So what we need to do is we need to learn to take control of the dog and train it. We need to place intellect in charge of our heart. 129. Mod 04 12 Where Did The Dumb Dog Come From: So where did this dumb dog come from? We are born emotional. Our intellect develops afterwards. So when we're born, we communicate emotionally. Intellect, our mind, our brain literally develops as we grow older. But we have a full set of emotional tools we can use when we're born to help us to communicate with our parents. This means we learned to trust the emotional messages. Like, I need food right now to keep us safe. So as a baby, when we need food right now, what do we do? We scream and we cry. We get fed, we stop screaming, we stop crime because now we're safe when our risk anymore. But as we get older and as intellect develops, we supposed to transition to the new way of thinking. This is a sign of maturity as we move from being governed by our emotions to being governed by intellect. The third will be moved from one end of the spectrum to the other. The more mature were considered to be in society. When we're a baby is acceptable for a scream and have a tantrum to get around Y-bar as adults in the workplace, for instance, if we scream and have tantrums were considered childish and will probably be disciplined. So as our intellect develops with supposed to leave that emotional coping mechanism to one side and learn to become rational. Sometimes though, we experience a blockage in life and those emotional beliefs, those emotional coping mechanisms are not replaced. And intellect is never put in charge. What this means is the dumb dog has never been trained and it tries to dominate the intellect. And this is the great battle we have within us. This is the great bow we have to face in our self-development and in our life as entrepreneurs, if the dumb dog is in control in any area of our entrepreneurial life that is going to lead to failure. We might get away with it for a little while, but eventually it's going to catch up on us and it's going to produce, Finally, the dog has to be trained and it has to be placed under the control of the intellect. 130. Mod 04 13 The Dog Gets Stronger: The dog gets stronger. There are two ways adult can get stronger in our life. External influence, negative people in our life, feed the dog. So we can accept bad information from people with bad intent. They can affect us for our life. So that could be someone who has treated as in a certain way. And then we've responded emotionally. And now when ever we get into a similar situation, that dumb dog barks and is going to communicate that coping mechanism. So if we get treated badly by some were bad intent, we'd learn a coping mechanism. We can adopt that. And then that affects us because we respond in that situation to that friend in that way. We can also then accept information from people with good intent, but this can be the most dangerous as we tend to trust them. So for instance, if a mother raises us and I'm over says to us, don't take risks. Keep your head down because there's from someone who loves and cares rows. That emotional message of not taking risk of hiding. That can be very strong in us. And it's even more dangerous because we trust the person who's given that to us. So that's how we can feed the dog. But there's another way, internal inference. We can feed the dog. If we live a life where we obey the dog and do whatever it tells us to do. This creates bad results. So if we allow the dog to be in charge and we give authority, if we feed the dog, then that means that dogs can get stronger in our life. So we have to overcome all of these obstacles if you want to train the dog and put our intellect in charge. Now it's important to note that emotions are very positive things in our life. They provide nuance and they help us. But the emotions have to be under the control of the intellect to be valuable. So we're not saying you have to have no emotions like Spock from Star Trek does not. The argument, the argument is we have to learn to control our emotional state and we have to put intellect in charge. And if you want justification for that thing about this is how you expect everybody to behave. You don't value someone who behaves in a childish way we view. So that's how you know, that's valuable because you expect people to behave a certain way as adults. And what we're saying here is entrepreneurs, we have to train the dog. We have to put the intellect in control of the emotions so that we can have a healthy emotional experience where we are in control as our intellect over the emotions. We have to train the dog and we have to make sure not feeding the dog. 131. Mod 04 14 Journal Entry 27: So journal entry 27. Can you think of one area in your entrepreneurial life where the dog may have dominated, you're actually making a in your journal of higher it will feel to overcome the dog in the area in the future in your entrepreneurial life. 132. Mod 04 15 Taking Control Of Negative Emotions: So let's have a look at taking control of negative emotions. We need to understand exactly how negative emotional messages take control lovers. And we also need to understand how we take control of negative emotional messages. 133. Mod 04 16 How Negative Emotion Controls Us: So let's explore how negative emotion controls. So we have the emotion, the mind, and action. And this is what happens. The heart sends an emotional danger signal to our mind. So we might be thinking about going into a meeting and we're about to try and pitch, I sell to someone when we start having some fears and doubts arise from aha about that situation, and those fears will send that signal to my mind. The mind translates that emotional message into fought and demands action. So notice what happens at the mind. Translate that emotional message into fought. So you have a feeling, your mind interprets that now you have some thoughts in your head and these faults are now demanding action that you take action to deal with what the hottest said. We carry out the behavior requests and we often experience negative results. And that's how negative emotion controls is. An emotional message is sent to us that is negative, damaging and destructive. Usually fear motivated. The mind that then translates, that tells us what we should be doing, tells us to do wherever the heart says, and then we carry that out. That's how emotion controllers, that's how we work. 134. Mod 04 17 How We Take Control: So what we have to do is we have to change the boss. So typically, the emotion instructs the mind and principal is blocked. So the emotion tells the mind what to dirty motion sensor signals, the mind interprets it and then it acts and what the emotions have said. And there's a wall between our minds and principle in that scenario. But what we want is we want to change the boss. We want our mind to be governed by principle and following principal and focused on principle. And we want to create a wall between our mind and negative, damaging, fear-based emotional messages that creates the emotional beliefs. So how do we take control? Well, the heart sends an emotional danger signal to our mind. The mind recognizes a message is emotional and fear-based. So in the past, the heart would send the signal and Armando just accept it for what we're doing now is just starting to watch with standards, become emotionally aware and emotionally intelligent about the messages our heart is sending it. So now the mind blocks the emotional message. It says, I'm not listening to you, I'm not obeying you. So the idea here is you are completely ignoring what it says. Now you can hear what it says. You don't stop it's speaking. You can't stop. It's sending you messages. But what you can say is this, I'm not listening. So it blocks the emotional message. That's the first step. Now, the mind chooses to reference hope based principle, which is solution orientated. So we create this argument is conflict between emotion and principle. And the mind chooses to take the side of principle and chooses to listen to principle. Now, we can carry out the principal with positive results. We can act upon the principle. So we can choose to act and carry out that principle and express that principle. 135. Mod 04 18 Journal Entry 28: Journal entry 28's. Make a note in your journal of how negative emotions controllers. And make a note in your journal of how we take control of negative emotion. 136. Mod 04 19 The Five Steps Of SMART: So let's have a look at the process, the five steps of Smile. The first step is separate and the key for here is, I am not my emotions. The second step is monitor. And this is where we ask the question, what are my emotions saying to me? The third step is assessed, is what I am being told by emotions, true? Is it valid? And the fourth step is replace what principle should I operate on? And then fifth, trust principles followed lead to success. So what we're gonna do now is we're going to break these down and have a look at these in depth. 137. Mod 04 20 Separate: So let's have a look at separate. The first step in the Smart process. We have to separate ourselves from our emotions. We need to identify as our intellect. Mind. Will. We have to understand that we can choose to accept or reject our emotional messages. And we also need to understand that by creating an internal argument between intellect and the emotions. The intellect and the HA, we break the heart's power over us. So in other words, we have to train the dog. And we use our intellect to tell a dog to basically sit, to behave. And it's our internal argument between mind and the dog, our mind. And ah-ha, that enables us to break the heart's power over us. That's holding us back. And we have to understand the way we feel about something is not identity. The way we feel about something is not necessarily true. Our identity is intellect, mind, and that separation process can be challenging for people. In fact, separate is probably one of the hardest parts of the process because It's not mature step where you go from being governed by emotions to being in charge of your emotions. And is recognizing that the emotions should be subservient to the mind. The reason we struggle with this is because emotions are seen to have served as well from childhood. But now we have to create that new way of thinking we talked about earlier. Our emotions is something we experience. Our emotions are not who we are. And as a fundamental aspect of the process and the separate steps we have to understand and adopt. But a whole process to work. 138. Mod 04 21 Monitor: So let's have a look at monitor. The second step in the process. We have to learn to listen to what our emotions are saying. By developing the habit of monitoring our emotional state, we become emotionally intelligent. We become emotionally aware. The intellect has to be trained to be on guard at all times. So this is a mindset and attitude where we're listening and we're monitoring and we're aware of the emotional messages being sent to us. Now, when you first start learning to do this, you shouldn't be discouraged if you miss messages because this is a habit you have to learn. You have to learn to monitor your emotional state. It has to be something that requires an intellectual effort, the beginning until it becomes automatic, until it becomes a habit of four that you just do all the time. 139. Mod 04 22 Assess: And then the third step of SMA is assess. We have to learn how to assess our emotional messages. Are they glass half empty? Did I create anxious feelings? Do you find it hard to think clearly and solve problems? Do they overpower your ability to control yourself? These are all the signs that the HA, is seeking control over your intellect. So we have to be able to look at the emotional messages. And we have to assess, is this useful, is as valid? Is this positive? Or is it negative? Is, is something seeking to control me? Because if it is something seeking to control me and it's negative, we need to move to the next step. 140. Mod 04 23 Replace: The fourth step in the process, this is where we turn away from our house messages. Now focus on the right principles. We engage the intellect. We ask ourselves the question, what principles should be applied in this situation to solve this problem? And then we can choose to act on this principle. Engaging the will to carry out a principal is a step that defeats the house, attempt to control it. So it's not enough just to think about replacing something. Often we also need to take the action, the principle, demand. And it's that decision to take action is that decision to replace and then the act of carrying out that replacement is going to break the heart's control over it. And it's really important to understand this is engaging the will to carry out the acts on a principle, that decision and then that action comes from that is what will defy the emotional message that seeking to overcome as. So, let me give you a practical example. You decide to get fit and you're going to jog every morning when you wake up Tuesday morning and really feeling like I've run yeah. Yeah, send in you and emotional message 09 was the point and he never succeed, you're never gonna get fit in that situation. You would seek a principal and you might say the principal of diligence so would tell you that you need to just be diligent in your exercise regime and get out there. And then with the wheel you would make that decision. You're going to replace the failing with action with a principle that you going to act on by just getting up and going out and joking, you'll defeat the heart and the dog will be silenced. Important to engage the will carry out the principal for true replacement to happen. 141. Mod 04 24 Trust: And the fifth and final step is trust. It is important to trust the principles. That means they have to be tested. We talked about that earlier in the course. We have to say if they're observable, are they testable, logical, and rational? And it's also important to celebrate the principles. If you discover a principal celebrated his principles and practicing gratitude for the principles, strengthens them. In your mind. Your mind will literally develop a new neural network as you act on and celebrate these principles is a fascinating thing when you actually look at how the mind takes information and absorbed it. So when you do something new, your mind is going to create a neural link between some neurons. And the more you do it, the thicker that link grows, it's like building a strand of road. So the more you think on a principle, the more you celebrate a principle, the more you act on a principle, the stronger that becomes in your mind. And now you've established a habit. And the reverse of that is true if you say no to an old habits and old emotional message and practice a new one. Not only does a new one grow, but the album starts to disintegrate. And your mind starts to forget that because it's no longer being used and that part of the neural network can fade and eventually die out. You have to trust in the principal, you have to make an intellectual decision to trust in the principle and create that new neural network discount to create the habits that lead you to success. 142. Mod 04 25 Journal Entry 29: Journal entry 29. Making note in your journal of the five steps of smart, which are separate, monitor, assess, replace, and trust. Making note of a key part of each step that stood out to you. 143. Mod 04 26 18 SMART Exercises: 18 smile exercises. In this section, we're going to go through 18 exercises to deal with common limiting beliefs, the entrepreneur's experience. And this is going to teach you how to go through to smart process and also help you to understand how to actually apply it. With real examples. We're going to cover self-esteem. We're going to cover financial issues. We're also going to cover blockages. So let's go and have a look at each of these 18 exercises in detail. 144. Mod 04 27 Self Esteem Exercises: So let us have a look at self-esteem. Here are six limiting beliefs that entrepreneurs often have to face when it comes to self-esteem. One, I'm not good enough to. I do not deserve this free or do not want the responsibility for. I have never achieved anything. Five, I'm not intelligent enough. And six, I could never call myself an entrepreneur. So let's go and have a look at each of these in detail. 145. Mod 04 28 Self Esteem Exercise 1 I Am Not Good Enough: So let's have a look at a limiting belief number one, I am not good enough. So as to create a smart statement to deal with that. Number one, separate, I am not my feelings, I am my intellect. Monitor. My feelings are telling me I am a failure. Assess. This is not true. If I listened to this, I will never develop in life. Replace I choose to focus on my positive potential as an entrepreneur. Trust, trust in the principle of skill development, wherever I land, I can develop. 146. Mod 04 29 Self Esteem Exercise 2 I Do Not Deserve This: Limiting belief number two, I do not deserve this. So let's create a smart statement. Separate. I'm not my feelings. I my intellect monitor. My feelings, are telling me I am of law. We assess. This is not true IM as deserving as anyone else. Replace. I have the same rights to an opportunity as everyone else. And trust. I trust in the principle that principles do not discriminate. 147. Mod 04 30 Self Esteem Exercise 3 I Do Not Want The Responsibility: Limiting belief number free. I do not want the responsibility. So we're gonna go for a smart statement, separate. I'm not my feelings, I am my intellect. Monitor. My feelings, are telling me their responsibility as a negative thing. Assess, this is not true. I will never succeed by listening to the dog and running away from responsibility and from problems. Replace, except taking responsibility for my actions and trust. I'm going to trust in the principal the responsibility is a positive thing. 148. Mod 04 31 Self Esteem Exercise 4 I Have Never Achieved Anything: Limiting belief number four, I have never achieved anything. So we're gonna go for our smart statement. So we're going to separate. I'm not my feelings, I am my intellect. You're going to monitor. My feelings, are telling me that I always fail. Assess. This is not true. I have succeeded. Many things in life. Replace. I've taken the time to educate myself. That alone is an achievement. The fact you're taking a course right now it's an achievement and shows you've achieved something. Trust. I trust in principle, everyone can achieve special things. 149. Mod 04 32 Self Esteem Exercise 5 I Am Not Intelligent Enough: Leveraging belief number five, I'm not intelligent enough. So we're gonna go for our smart statement. So we're going to separate. I'm not my feelings, I my intellect, it's monitor. My feelings are telling me I'm stupid. Assess this is not true. I am intelligent and can educate myself. So I replace, I am developing my intellect all the time. So I'm not going to listen to the doggedness and trust. A trust in the principle that principles followed create intelligence. 150. Mod 04 33 Self Esteem Exercise 6 I Could Never Call Myself An Entrepreneur: Limiting belief number six, I can never call myself an entrepreneur. So we're going to go for our smart statement. So it separate. I am not my feelings are my intellect, monitor, my failings are telling me that I'm not good enough to call myself an entrepreneur. You're going to assess. This is not true. An entrepreneur describes exactly what I am doing. I am behaving and acting like an entrepreneur. Replace I choose to live simply create assets, practice deferred gratification. And these principles are what make me an entrepreneur trust. I trust in the free call. Entrepreneurial principles. 151. Mod 04 34 Journal Entry 30: General entry number 30. Making note in your journal of any of the self esteem issues that we just went through now resonated with you. Go fruit of smart process, using the appropriate video as a guide and write down your force using the formula. Making any changes you noticed in your thoughts and feelings when you did that? 152. Mod 04 35 Financial Exercises: So let's have a look at some financial limiting beliefs the many entrepreneurs have to overcome. Number one, money will make me a bad person. Number two, there is not enough money in the World. Number Three, rich people are crooks. Number four, I don't need material things. Number five, there are less problems when you are poor. And number six, I want that toy. Now. Let us have a look at each days and run them for a smart process. 153. Mod 04 36 Financial Exercise 1 Money Will Make Me A Bad Person: So let's have a look at a limiting belief number one. So money will make me a bad person. We're gonna run that for our smart statement. So it separate. I am not my failings, I'm intellect, monitor. My feelings, are telling me that money will be bad for me. Assess this is not true. Money solves problems. Replace. I choose to use money as a tool to do good in the world. And trust, I trust in the principle that money is just a toll. So what we're saying here is money is not about moral or immoral. It's a tool that we can use in the world. And therefore, just having money doesn't automatically make me a morally bad person. And you would be amazed how many people have this belief. 154. Mod 04 37 Financial Exercise 2 There Is Not Enough Money In The World: There is not enough money in the world. Let me single leaf node t2. So let's run that for a smart statement. I'm not my feelings, I am my intellect. So we're going to monitor what it's actually saying. My feelings are telling me that there is not enough money for me in the world because there's not enough money in the world. Assess this is not true. We know that labor creates wealth and as a prophet in labor, replace, i choose to invest my labor in creating assets that generate Wealth. And Trust. I'm going to trust in the principle that labor generates a profit. 155. Mod 04 38 Financial Exercise 3 Rich People Are Crooks: Never seeing belief, number, free, reach people, crooks. We're gonna run that for a small statement. Again, this is a common financial belief system, emotional belief system that people have. So we're going to separate. I am not my feelings. I my intellect feelings are telling me when I monitor them, I don't want to be a rich crook. So less assessment. This is no pilot. If someone creates an asset that generates money and wealth, they are entitled to profit from the labor that is not immoral. And we're going to replace that with, I choose to be an ethical entrepreneur. And we're gonna trust in that by trusting in the principle that wealth is not a measure of moral value. So if you think about that for a moment, the amount of money you have doesn't define how moral UR, and it's quite crazy when you think that we can often think about that if I have a lot of money, I must be immoral in some way. Because anyway, people get rich by being crooks is by engaging in criminal activity, they must have stolen that from someone else. And if you think about it, how much money you have does not affect how moral you are. You can have no money and be very moral. And you can have lots of money and be very moral. And money you have doesn't equate to your moral values. So therefore, just because you might be rich, it doesn't mean you're crook. 156. Mod 04 39 Financial Exercise 4 I Do Not Need Material Things: Limiting belief number four, I don't need material things, a new hair, people say this and you might even believe this. Plus R1 that for a small statement and a separate i'm not my feelings I my intellect. We are going to monitor my failings is telling me that I shouldn't strive for success. Now this is interesting. So we're going to assess and is actually true. Is it valid? Well, no, it's not. This is not valid. Everyone needs material things and the means to pay for those material things. You can't get through life without having to pay for something. And you can't get through life without material things. You need material things unique close in each shoes. You need food, you need housing, you'll often need transport. So let's replace that. I choose to recognize there are things in life that we need. I've got to trust in the principle that wealth creates comfort. The basic fact of the matter is, the more wealth you have, the more comfortable you are. And as we all desire comfort, then we require wealth to generate not comfort. 157. Mod 04 40 Financial Exercise 5 There Are Less Problems When You Are Poor: So let's have a look at limiting belief. Number five. There are less problems when you are pull, again, really interest in financial believed a lot of people have run that for a smart statement. We're gonna separate and not my feelings, I am my intellect. So we're going to monitor what our feelings are saying and my feelings at telling me that life is easier when you are poor. So you're going to assess that this is not true. Mondays are told that can solve problems. And we're going to replace that with, I choose to see wealth as a blessing and a way to solve problems. Not only my problems, but other people's problems as well. I can trust into principle, wealth is a blessing and observable, testable, blessing, a rational, logical blessing. 158. Mod 04 41 Financial Exercise 6 I Want That Toy Now: Limiting financial belief number six is I want that toy Now, let's run that for a small statement and a separate i'm not my feelings. I am my intellect going to monitor what's actually say my feelings are telling me to indulge in instant gratification. So we're going to assess, and we know that this is not valid. Why? Because instinct gratification creates an leads to poverty. So we are going to replace that with, I choose to create assets to buy the comforts in life. I'm going to trust in the principle of deferred gratification. 159. Mod 04 42 Journal Entry 31: Journal entry 31. Make a note in your journal of any of the financial issues that resonated with you. Go through the Smart process using the appropriate video as a guide, and write down your force using the smart formula. Making any changes you noticed in your force and feelings when you did that. 160. Mod 04 43 Blockage Exercises: So here are some general blockages to Oregon to stop you being successful as an entrepreneur. The world is against me and never have anything nice. People will think, I'm weird. It is too hard. I am missing out. And I will do it tomorrow. There's going to have a look at each of these and run them for a smart process. 161. Mod 04 44 Blockages Exercise 1 The World Is Against Me: Number one, the world is against me. Now, smart statement. I'm not my feelings, I am my intellect. And every time you have to go through this process, you have to remember each part. So although the separate part is repetitive, it is psychologically important. Monitor my failings are telling me I am a victim. So I need to assess that. And this is not true if I follow principle, I can be an overcome marine life. So I'm going to replace that with I choose to be an over-commit and a positive person. And I'm going to trust in the principle of glass half full, of viewing the world in a glass half full way. And that's going to stop me adopting a victim mentality. 162. Mod 04 45 Blockages Exercise 2 I Never Have Anything Nice: Limiting belief number two, I never have anything. Nice. Let's run that for a smart statement. Separate. I'm not my feelings. I my intellect that's monitored by feelings are telling me I never get to enjoy the fruits of my labor. It's a really interesting one. Ss. Well, this is not valid. If I follow a principle, I can have nice things. I just have to be patient, replace. I choose to focus on the future and the nice things I will have when I stick to the plan. Trust I'm going to trust in the principal deferred gratification. I can have all the nice things I want. I just have to wait and work the plan. 163. Mod 04 46 Blockages Exercise 3 People Will Think I Am Weird: Limiting belief number free. People will think, I'm weird. Set up our smart statement. Separate. I'm not my feelings. I am my intellect will guide to monitor what feelings are actually saying In the same way, failings are telling me to keep my head down and avoid attention. So we're going to assess that this is not valid myself, esteem comes from following principal. So I'm going to replace that with I choose to practice principle, develop self-esteem, and focus on what I am doing and not worry about what over people think about me. So we're going to trust in the principle of following. Principle generates self-esteem. 164. Mod 04 47 Blockages Exercise 4 It Is Too Hard: Limiting belief in before it is too hard. So Sepah smart statement and we're going to separate. I'm not my feelings, I am my intellect. And to monitor our feelings, my failings are telling me to give up and that this is too hard. I'm going to assess that now. This is not true. Diligence will take me through the difficult times. You just have to stick at it. So I'm going to do is replace that with I choose to focus on being diligent and getting through these hard times. Suppression of principle is only ever temporary. Trust. I'm going to trust in the principle of detergents. 165. Mod 04 48 Blockages Exercise 5 I Am Missing Out: So limiting belief number five, I am missing out. So I set up a small statement. Got to separate. I'm not my feelings, I my intellect. We got it to monitor. My failings are telling me that everyone is having fun. Was I am living simply and I'm missing out. Sony to assess that. This is not true. My life will be amazing when my assets are working for me is a place that now I choose to focus on my goals and dreams. Owning my time is true, freedom. And I'm glad to trust in the principal. Owning my time is true. Wealth. 166. Mod 04 49 Blockages Exercise 6 I Will Do It Tomorrow: Limiting belief number six. I will do it tomorrow. So at SAP ofs statement began to separate. I'm not my feelings, I am my intellect, and to monitor what our emotions are saying. My failings are telling me to pull off my success by procrastinating. So I'm going to assess that this is not valid. Procrastination produces poverty. So I'm going to replace that with I choose to be diligent and hard working today about action as well by choosing to do some work in my residual income business. To trust in the principle that and logins in the small thing produces results. 167. Mod 04 50 Journal Entry 32: Journal entry fat to make a note in your journal of any of the blockages that resonated with you. Go through the process using the appropriate video as a guide and write down your thoughts using the smart formula. Making note of any changes you noticed in your force and feelings when you did that. 168. Mod 04 51 How To Use SMART: So how to use smart? There are fundamentally two ways we can use smile to develop as an entrepreneur. Number one, short-term emotional management. And number two, long-term emotional management. So let's have a look at both of those. 169. Mod 04 52 Short Term Emotional Management: Short-term emotional management. So we have the morning assessment every morning, first thing in the morning. Go through the Smart process and see what your heart is saying to you. An important thing to understand is that the dumb dog likes to be nice and early and take charge of your day. He has much more awake than you are when you first wake up. So give yourself at least ten minutes every morning in a quiet space by yourself to put your intellect in charge, avoid interactions of a people before you have done this. And then monitor yourself moment by moment. As you go throughout the day. Monitor yourself and keep a careful eye on the dog. It will try to sneak back into Roman every opportunity and every time there is any type of challenge in your day, I've mentally or emotionally, it will sneak in and insists that it can protect you if you let it take charge. So whenever some negative emotional belief system tries to assert itself during the day, use the smart process. And once you views to smart process a few times, it becomes very quick. It's not something that takes a long time. 170. Mod 04 53 Long Term Emotional Management: So long-term emotional management in the long-term practice of smile, smile will result in positive character development. We will see over time that we will become more successful as entrepreneurs as we adopt this way of thinking and learn to control our emotions. So we have to develop a habit and all we have to do to develop its practices mop process every morning and throughout the day as we need it. This will create those new neural pathways was talking about earlier in the brain. And they will become with constant use. This is positive habit development. Eventually, we will find, our minds will become so used to this way of thinking that it becomes natural. And this is what will help you become the entrepreneur you aspire to be. So be diligent with this process. And an important note here is emotional intelligence equals success. The more control you have over your interior emotional state, the more success you are going to have in life because you're going to be in control of your decisions and your gonna make principled decisions rather than emotional decisions. And that's going to result in more success and more happiness. 171. Mod 04 54 Journal Entry 33: Journal entry 30, free making. Now, in your journal of how you would feel if you gain control over negative emotional messages. And instead, lived a life governed by o principled intellect on a scale of one to ten, with one being most important and ten being very important. How important this B, two, you make a note of that in your journal. 172. Mod 04 55 Self Talk The Big Secret: So let's have a look at self-talk, the big secret. You need to talk to yourself more. Whenever we're dealing with negative emotional values, we need to adopt the technique of self-talk. This is where you discuss what your emotions are saying. We've yourself either mentally or verbally and challenge those emotions. We can do this mentally. But whenever we are in private, low-power speaking out loud and challenging negative emotional believes verbally will dramatically decrease their power over us. There's something about speaking or for that it actually fervor cements that new neural pathway that's been written in your mind. That new way of thinking, if you speak out loud, your ability to retain that and to practice at or grow. Now obviously be careful because if you do this and people don't know what you're doing, they're gonna think you're talking to yourself. Find a private space, maybe when you're driving in the car and start talking to yourself more, start challenging yourself more. Or when you're at home on New out, talk to yourself, challenges out. And if there are people who are just subsea switch or doing it mentally whenever you can practice verbally. Now is what really, really is going on. Hey, this is a key, is by engaging in this internal conflict, that true emotional and mental intelligence is born. We need to be able to question what we do and why we do what we do. This is why setting up internal arguments is so important. The act of questioning creates healthy thinking, which results in increased emotional and mental intelligence. The modern education system can fail a lot of times because it teaches people what to think, not how to think. And this is how to think. The first step in becoming intelligent is not questioning what is outside of yourself, is questioning what is inside. And when we begin to question what is Internal, when we begin to question our core values and ideas and challenge them and start to think about them. That's when intelligence is born. That's when we start to become intelligent, is when we challenge ourselves, is when we question ourselves as when we examine ideas and our beliefs and our values, do we start to learn how to really think? And that's why this leads to success. By practicing this process, you are increasing and growing your intelligence, both emotional and mental. Moment by moment, hour by hour, day by day. 173. Mod 04 56 Journal Entry 34: Journal entry 34. Make a note in your journal about how self-talk can help you reach your lousy yourself five times. Monitor how your force and feelings change. Make a note of that change in your journal. 174. Mod 05 01 How To Build A Business: How to build a business. Building a business is like playing a computer game. So there's five steps to building a business. Step one, choose your game, choose the game you want to play. Step two, identify the enemies in the game. Step free, identified the treasures in the game. Step four, understand how leveling up works in your business. And step five is mastering the game. Once you understand how to play the game, what the rules, principles are, how many enemies work, how to find the treasures, how to level up, and how to master the game. You can win at the game every time. So let's go and have a look at each of these steps in detail. 175. Mod 05 02 Choose Your Game: So step one is choose your game. So there's some questions we're going to have to ask ourselves to help us choose our gain. What business and you suited to? What resources do you have? What a traditional business, so you would an online business. So how we fund your business? These are five questions you should ask yourself. Whenever you start a business, you have to choose which type of game you want to play. So let's go and have a look at each of these questions in detail. 176. Mod 05 03 Choose Your Game What Business Are You Suited To: So let's have a look at question one. What business are you suited to? What expertise do you have already? What skills do you have? What experience do you have? What hobbies do you have? What are you passionate about? Each of these questions is going to help you think about what potential type of business you might engage in. So you're going to ask yourself, what is my expertise? What have I learned over the years? What skills do I already have? And I can use in a business or experience do I have that I could use in a business? What hobbies do I have that I could Tn into her business and what am I passionate about, what I really care about? Maybe I can turn that into a business. By answering these questions, you can start to think about potential business areas. You can get involved in. 177. Mod 05 04 Journal Entry 35: Journal entry first five, answer the questions and write down your answers in your journal and then making what key takeaways stand out for you. 178. Mod 05 05 Choose Your Game What Is Your Greatest Resource: Question two, What is your greatest resource? Do you have time spare? If you have lots of time and focus on businesses with low money costs. Do you have money spare? If you find you have spare money but not much time, and focus on businesses with low time costs. So if you think of it like this, you got to resources, you've got time and money. Most people have one or the other. So if you've got a lot of time but not much money, then the businesses you want to look at, the ones that you can setup in your spare time with low start-up costs. But a few have savings or you have money, then you want to focus on businesses that you can set up with your money but won't take much management. They won't take much of your time. So this is an important question to ask yourself. When you're choosing the game you want to play, when you're choosing your business. 179. Mod 05 06 Journal Entry 36: Journal entry in your journal of which resolves, you have the most of. Think of free ways. You could improve the availability of that resource and write them down in your journal. 180. Mod 05 07 Choose Your Game Would A Traditional Business Suit You: Question fray would a traditional business. So you, do you like the idea of running a company and duplicating your skills. This will require time and money. Maybe you like the idea of investing in property. This requires money. Maybe you like the idea of investing in stocks and shares. Again, this is going to require money. Each of these businesses will generate residual income if the step in the right way. And these are examples of traditional businesses where you are on the asset and you earn the profit from the labor in those businesses. So would a traditional business be the type of business you would like to set up? 181. Mod 05 08 Journal Entry 37: Journal entry fatty seven. Make a note in your journal of each of the business models making now, explaining how you feel about each of the business models presented. 182. Mod 05 09 Choose Your Game Would An Online Business Suit You: Question four, when an online business CU Do you like the idea of working from home? Well, this is going to require a time results. Do you like the idea of working with computers? Again, this is going to require a time resorbs. Maybe your business model will involve video production in some way. Well, you have to think about that because that's going to require time and money. Do you like the idea of selling physical products online? Again, that's going to require time and money because you need to invest time, but you also need to buy stock. So there's lots of different types of online business that you can set up. Practically. All of them can be run from home. Many of them just require a computer and you can create digital assets of some description. Some of them are going to be a little bit more complex technically. So video production that could be marketing, training, crania, YouTube channel, and then there's the selling of physical products online you, whichever type of online business you would look at, would just be aware of the resources you're going to need before you get into that business. A lot of people do, for instance, dug into a business requires money and they don't have the money and then they'll borrow. And I would suggest that if you want to become someone else's asset as a great approach. But what you probably want to look at are the businesses that don't require a financial investment. But if however you have money and maybe you want to consider those types of online business. 183. Mod 05 10 Choose Your Game Online Business Is Booming: But you want to make some notes on question for online business is booming right now we are going through a massive economic shift in this computer age. The last time we saw this amount of change in society and in coach was with the invention of the printing press bug Guttenberg, circa 14-15. That revolution in technology created the Renaissance, the Reformation, and freed the middle-class, create wealth independent of the upper class. What essentially happened was the cost of printing books came down. The cost of education came down to where the middle-class now improve their education, increased the value of their labor. And out of that revolution, capitalism was spread throughout the world by the middle class is the same thing is happening now with the computer age. As anyone with a mobile phone can connect to the internet and create products. And what this is doing now is freeing the lower classes to create wealth. You see with the printing press, there was still a heavy cost of printed books. It wasn't as expensive as before were. All books were handwritten to only the very rich could afford them. Now the middle-class could afford them, but books were still too expensive for the lower classes. So they didn't get to access that revolution. But now all over the world you're seeing someone with a mobile phone, especially smart phones with cameras and microphones, they can connect to the Internet. They don't even need to have broad band all the time. They can connect to the internet and create a business. They can create products. I can sell a mock-up dies product. This is a genuine revolution that's going on right now. And when barriers to trade are removed, what that really means is the lower classes, and I come from the lower classes. My family wasn't even working class. They were unemployed class in the UK. They lived off benefits, all the raised on benefits. But there's a revolution going on right now where anyone can take advantage of capitalism and improve their life. Now after there are still places in the world where people are restricted from trade, which is a terrible situation to be in. But if you're not in one of those countries, if you're not in that situation, then there's nothing stopping you creating an online business right now. 184. Mod 05 11 Choose Your Game 10 Online Opportunities: So here are ten online opportunities that you can take advantage of right now. And you don't have to take advantage of one. You could take advantage of many of these opportunity. Number one, information products, selling information in a digital form. So if you've got information you can sell. If you're an expert, you got hobby, you gotten interests, you can sell it information that can be causes, print, on-demand, books, audiobooks. It sets up affiliate marketing. You could create a blog or a website where you, where you talk about your hobbies, your interest, your speciality, and then you sell advertising space on that website. You could do online coaching. You could sell coaching their website, video training again, where you upload videos and then people sign up to a website and pay a monthly fee to access your training. So maybe you already training, maybe already coaching. This is a great way of creating an online business. You can set membership sites where you create resources for special interest groups and you charge for membership for access to those sites. You can set up a digital marketing business where you offer marketing services for local businesses. And UCA Craig contracts, which you then employ people to fulfill those contracts. And you can employ people from all over the world. So you can keep your business costs down and give opportunities to people in other parts of the world that wouldn't necessarily have a good opportunity to work for good business. Maybe you're into graphic design where you can create graphics for businesses. You can sell graphics online. You can create your own graphics and Selim is Packs as digital pack. You can create apps and sell them. So if you got some skill with programming, you can create apps and settle them in the app store and in the Google Store. You can so physical goods. So you can sell your products, you can create products and you sell them on line through Amazon for eBay, they already have a captive audience and then slowly build out your own website, your own presence. You can even do drop shipping where you sell other people's products online and once you've landed the order, someone ships it to them. No, see, we always encourage you to own your own product, but this is a great way to get into a business where you're selling products. And they hold inventory and audio doing selling product for them. And then they're going to ship them out. And ten become an influencer. You can start your own YouTube channel or podcasts and you can monetize that channel. And these are just ten general broad cascades as other things out there all the time I'm here and of different business models, different business ideas that people are getting involved in. And I recommend again, passive income podcasts by Pat Flynn because he gets people all the time with different businesses and different ideas and listen to how it's going to spark ideas is going to give you ideas of how you can make money online. My recommendation right now, if you want to start a business online where it's not, traditional businesses are great. While I tend to think of traditional business is a place where I can invest my profits from my online business, soda, I'm diversifying my income streams. But right now the opportunities online. 185. Mod 05 12 Journal Entry 38: Journal entry fatty eight. Make a note in your channel of a business model to sand it interesting to you. And make a note of what resources you think you would need to start that type of business. 186. Mod 05 13 Choose Your Game How Will You Fund Your Business: Question five, how will you fund your business? So if there's a money based business, do you have savings? Do you have assets you can liquidate? How will you manage financial risk from that business? So in the UK, for instance, you can set up a limited company so that you can protect your house. If something goes wrong with the business, you have to think about the risks and how you going to mitigate those risks. How are you going to remove the risk of a business failing and impacting knew too much. And AAMC is gonna be different situations in different countries. So you need to understand what those risk factors are. Time-based business. Do you have spare time? How can you create more spare time? One of the questions you might have to ask yourself is do you have financial support washed you shift over from your job to a business. So maybe you're husband and wife team and the wife is going to start a business and the husband is going to keep earning the money whilst the businesses set up. Maybe you're on your own. Maybe you're going to have to work in the evenings because you work during the day and you need to keep your income going while she build up your business. Or some people call it your side hustle. But think about the financial support. You're going to have washes shift over from working for other people to running your own residual income based business. And how will you manage risk in that scenario? So for instance, you might have to cut some budgets. You might have to just simplify some elements of your life. He must make some drastic changes. Well, some people will do is I will have a big house and they will downsize to raise money. If it's a money based business, while other people might do a time-based business, is just go through their budgets, make sure they're living as simply as possible, maybe get rid of that expensive COD is cost me $500 to run every month and via a beat or just to run around or a simpler, cheaper car so that you can, unless while you're transitioning, how are you going to manage the risks when you're funding your business? 187. Mod 05 14 Journal Entry 39: General entry fat tonight, make a note in your journal of how you would fund a new business that you're interested in. And what steps do you need to take to raise those funds wherever they are, monetary or time-based. Make a note of that in your journal. 188. Mod 05 15 Identify The Enemies: Step two, identify the enemies and any business there's free enemies. We need to be able to identify enemy number one, financial liabilities. Enemy number two, time liabilities, and enemy number free into personal liabilities. First come, have a look at each of these in detail. 189. Mod 05 16 Enemy Number 1 Financial Liabilities: Enemy number one, financial liabilities. Financial liabilities or anything that turn you into someone else's asset. So when you take out credit, you end up becoming an asset for the bank. You end up essentially working for the bank when the greatest temptations in business is to come borrow from the bank to set up a business. And this is what you commonly taught in business. You need to go to the bank of a business plan. You need to get you money. Avoid this unless there's absolutely no otherwise My advice, you become the bank's asset. Credit is then a financial liability to you because it's taking money out of your account and put it into bank account. Toys, working for the toy manufacturer. So when you get expensive, toys that are nice to have rather than needs to have you become an asset for that toy manufacturer. If you have grabbed the lace and gray is BMW every year, you are an asset for BMW. So buy the car you need not the car you want. Make houses. Again, you're working for the bank. A house that is larger than you need it to be at the beginning of a business when you're still setting up your assets and you're still learning how to make the business work. That big house is a liability. It's costs, knew a lot of money. So it can be an enemy to your business at the beginning. Unnecessary insurance is, so the only insurance is you should take it a 1G required to by law. But a lot of insurance policies are essentially there to enable you to build up someone else's Investment Fund. They take your insurance payment, they put it into an investment fund. They pay the claims out of the profits of the investment fund and then they keep the rest. So insurances, you are becoming someone else has asked that you never get that money back. Jobs where you working for the buffs, obviously that's going to be a liability and we want to get out of that as quickly as possible. Mombasa, in upper residual income based business, a job is a financial liability because it's stopping you create an asset taxes. Now, we have to legally pay taxes and we shouldn't avoid paying taxes. But typically, entrepreneurs tend to get a tax benefit than when you're being employed by someone, especially in the UK, might be different in your country, dependent on your government's policies. But when you pay tax and a lot of tax, you're essentially now working for the government. You're working for society to take in your profits and redistributing it to someone else. And this is one of the reasons why we haven't accountant as an entrepreneur. Because an accountant will bring that tank's build down in legal, ethical ways. And we'd only be paying animal tax, then we need to. So tax is a liability in the business. So we must always be looking to decrease the impact of all financial liabilities as much as is possible when we're setting up and growing business. 190. Mod 05 17 Journal Entry 40: Journal entry 40. Make a note in your journal of any areas of your life where you are someone else's asset. On a scale of one to ten, with one being not important and ten being extremely important. How important is it for you to reduce the impact of those liabilities in your life and make a note of that in your journal. 191. Mod 05 18 Overcoming Financial Liabilities: Overcoming financial liability, here's some simple rules we can follow to overcome financial liabilities. Lives simply. Time borrowing. Set budgets. Budget like the wealthy, don't budget like poor people. So the first step is live simply as we've covered already in the course. Quito costs and your liabilities down. Don't borrow, don't become someone else's asset. You're trying to build up your residual income, not somebody else's. And then set budgets. This is really important because budgets create wealth and we're going to go into that in depth now. The budgets create wealth and we have to learn to budget like wealthy people, poor people. So let's explore this a little bit more. 192. Mod 05 19 The Wrong Budget: So this is how Paul people budget. Our grew up in one of the poorest families on the poorest street in my city. So I get to talk about this with some authority. So essentially poll people, budget, lot desk, they have income. All of the income goes into that personal accounts for them to spend. That is how poor people legit. That's the best way to budget. If you never want to be wealthy in your life. 193. Mod 05 20 How Wealthy People Budget An Overview: So let's have a look at how wealthy people budget. They have the income from their business and their income goes into their business account. From that business account that going into pay the business expenses are going to pay that tax and they're going to have an emergency account. And then what's left after that goes into their profits account. Now that I can set up the home builds account, their mortgage account, and their retirement account. And then after that, they might have a charity account and a fun account. And then whatever's left after that goes into that acids account, not assets account is used to invest in more assets. And this is how you build wealth because that asset account then generates more income. And that creates an exponential growth in the income of wealthy people. 194. Mod 05 21 How Wealthy People Budget Account Breakdown: So let's go through this and have a look at this in detail. So our income comes then it goes into our business account. Every month we're going to have business expenses and what we need to work out is the average of our business expenses for the year. And then we divide that by 12 and every month, the first thing we're gonna do is put money aside for our business expenses. Then we have our tanks account every year we're going to have a tax bill and we should have a good idea of what that tax bill should be if you've got good accountant. So every month we're going to put aside tax bill. A lot of entrepreneurs don't do this. They get their tax bill and then how are we going to pay it? That's not how wealthy people budget. Wealthy people have their tax every month satisfied. Then we have emergency account. Emergency Accounts, you basically hold enough money to sustain you for six months. Now when you first start setting up an emergency count, the first target should be a mumps money. And once you've hit a month, and then you want to build up to two months and then free mumps and there for mumps and then five months, they want to build up the emergency count to six mumps, money. And what's left goes into our profits account, or we might call it living account. And then we're going to pay our home Bill's account again, were going to budget every month for a home-built as average cost every month to run in a home. And you want to split that up into individual costs. So you might have a car budget of a maintenance budget, a utilities budget of Pais, Gas and Electric, and local taxes, a shopping budget. All of that goes into your home builds account, and that's a budget you set every month. You're also going to have your mortgage account, but you're going to be paying for the house you're buying or if you're renting. When you're renting, again, you have to remember, if you want a retirement fund. Again, you're going to put that aside every month. And once that's done, you might have a charity account. So you must support a charity. Maybe you're a Christian and you type that goes into that budget, the account, and then you go and have your fun account for your holidays, fuel trips for your socializing. Again, that has to be designed separate account. And then whatever's left goes into the assets accounts, which we're going to use to invest and create more income. 195. Mod 05 22 How Wealthy People Budget Percentages: So a business expenses might be 10%. Attacks account might be babies, then an emergency Kant might be 10%. So what we have is we have 50% is soaked up by expenses, by tax and body mercy count. Now yours might be less, it might be slightly more so than we'll ever we have left goes into our profits account. And again, we would budget that accordingly. So we might say are home Bill's account is 20% of our profits are mortgage account, it's 30% of our profits are retirement account, 10% of our profits are charity account might be 10%, and our fun account might be 10%. And that leaves 20% to go into our assets account. Now, typically, we wouldn't fill up the assets accounts until the emergency account is full. And the extra we have in our profits at the beginning, we're going to put into our emergency account. But once I Emergency account is once we have the six mumps income buffet in their account, then we can start growing income exponentially. And that's typically how wealthy people will budget. They'll use a model similar to that. But this is how you're going to create wealth. Budgets, create wealth. 196. Mod 05 23 Budgeting For Success: And we have to understand what's happening here. Budgets are forcing us to live simply by budgeting. We are forced to control this expenditure or business expenses have to be budgeted for and we're controlling what we spend. And then we've got the cost of just running a home. Again, we're budgeting that. We're controlling the enemy of our charity and a fun account. Again, we're controlling that, we're budgeting that. But this is the one area you have to control the most. This is the one area that gets away from people. The most fun account. This is where the fancy cars come from. This is where the flashy holidays come from. This account is seen as the most important and it isn't because the most important account is here, is the assets account. This is the one we're trying to fill up. This is the one we're trying to grow because this is the one that's going to create that wealth. We invest our profits back into our business or not, is going to grow our income. So we've as assets account, you might invest in property, him, I invest in stocks and shares. You might invest in other businesses. That asset account is going to create your wealth. And if it's anything you take away from this course, anything at all, take this away. This budget will create wealth. Budgeting is literally creates wealth, and I struggled with this for a long time as an entrepreneur. For me, I saw budgets as a way to denied Asana account being fo the fun account was the most important account for me. But once I began to understand the budgeting creates wealth, I started to say as a very positive thing. So I encourage you, if you struggle with this, spend some time challenging yourself, spend some time thinking about because as a business grows, all of these budgets grow as well. At the beginning you might have a small house, but later on you'll have a larger house because the wealth is going to generate itself through taking money out of the assets account and put it into an income account. The fun account will grow. You will have a nicer car, you'll have nicer holidays. But it has to be structured. It has to be principled, and it has to be controlled. And this has made such a difference to me in my entrepreneurial life. The moment I adopted this and accepted this as a principle of success, we started to see the fruits of genuine wealth in and I want you to have that blessing as well. 197. Mod 05 24 Journal Entry 41: Journal entry 41. Make a note in your journal of the key differences you observe between how poor people budget and how wealthy people budget. Are there any steps that you need to take to improve how you budget your income? Making no oversteps in your journal. 198. Mod 05 25 Enemy Number 2 Time Liabilities: So let's have a look at enemy number two, time liabilities. Time liabilities or anything, the waste, your productive hours. So there's a productive time in the day when we should be working on our business and we have to decide what that is. Farads and time liabilities or anything is going to waste those potential productive hours. So travel don't engage in unnecessary traveling. So for instance, some people start a business working from home and I still let the half travel the office somewhere. And every day they drive there for free calls an hour, half an hour isn't drive by even if it's 15 minutes each, right? It doesn't matter. That is unnecessary traveling. Maybe you've got a job and you're working in the evenings and you walk to work, get yourself a bicycle, ride home, caster bus, avoid unnecessarily long journeys because that's a time liability that's costing you your time and your time is your greatest asset. Distraction, don't watch non-business related content, social media, YouTube, TV. Don't get distracted during your working hours. Nonproductive work don't get bogged down with unnecessary tasks, especially blue personality types. Because I want everything to be perfect. They can get really bogged down doing things that are not really that important. You have to ask yourself, is this really important? Is as necessary? And then there's meetings. Don't attend meetings unnecessary. Along winded or unscheduled. They're going to waste your time. That is a time liability over people don't allow other people to impact your working time. Now. Yeah, mom, I think it's great that you're working from home now and she can come over anytime she wants and say hello and have a cup of tea with your econ, allow that you have to set some boundaries about your working time and you have to let people know you're not unemployed. You do have a job. You can't stop right now. And then as email and messages and don't check messages constantly, they tend to be a time liabilities easy to get distracted from the task you're doing and get sucked into something else. Disordered, don't be untidy as this causes disorganization, which wastes your time if you're spending ten minutes trying to find your highlighter because you haven't got a desk organize away. Your highlight is that's a time liability. Disorganization creates time liability. So make sure you've got systems and processes and you know what everything is and keep everything tidy. A lack of systems. So repetitive tasks should have standard operating procedures. That's SOPs that are simple things like setting up my studio. What's the settings on my camera was to settings on all my devices, how they all connect together. I need notes of that. And he standard operating procedures. And the standard operating procedures particularly useful if you have staff and new staff because you'd say this is how you do this task. I McDonald's for instance, this is how you do a bug or this is how long the burger cooks this side. This is how long it coexist. I, this is how much sorcery poem, so on and so forth. Standard operating procedures. Again to then help you handoff tasks, people when you get too busy to cope with itself or train staff, standard operating procedures are very important in any business that has a lot of repetitive tasks. And think about if you're ill and someone has to step in and do your job for you, how are they going to do that if there isn't a standard operating procedure telling them how to do it, just something as simple as monitoring the accounts. So if you're in charge of the accounts, could someone step in tomorrow and sort the finances out? If you've got ill, if not, then you're going to need a standard operating procedure. You're gonna need to explain which account has which money in what the passwords are, how to access it, what software you're using. All of those things need standard operating procedures. Overtraining, don't overtrained for more than the problem requires. So let's say you're cranes and graphics and someone's supplied you with an image, and you need to remove someone from the image. Now in Photoshop, you can do that. You can go on YouTube. You could watch a video on how to remove that person on YouTube takes about 10-15 minutes. And you've done the thing you need to do, or you could go and take 50 hour course on everything. You ever need to know that's overtraining. You don't need that training right now. All you need is the trying to solve the problems that don't overtrain. Don't worry about letters after your name. Don't worry about that stuff. All you need are the skills necessary to complete the task. And then we have over tiredness. Now don't over time, your brain take regular breaks, especially when you're involved in highly concentrated work. It's recommended you don't do more than five hours a day of super intense focus work because your brain is literally wearing itself owl burning it. Lots of the resources you need. A lot of entrepreneurs think they can power through and do 12-14 hours. You might get away with it one day, you might get away with it for two days, but over time, that's going to affect you and it's actually going to affect your productivity. And we must guard over time because it's the greatest asset we have. We can't go time back. We can get money back. We never get that time back. We mustn't waste what we have as an entrepreneur creating residual income, our biggest asset is our time. And we have to God that we have to be able to tell people that we're guarding it. And it's important to us and establish some boundaries. But we also have to crack boundaries in our own behavior so that we can get the best of our time. And notice this is productive hours. There are relaxing hours and socialize and all the rest of it we're talking right now about those hours of work will not have the cane a 24-hour day entrepreneur working pattern. What we're saying is during your productive hours, protect them, got them from your own bad behavior and also from other people's bad behavior. 199. Mod 05 26 Time Blocking: So let's have a look at time blocking. So what time blocking is a very simple process where you protect your time. So in this example, we've put eight or 530 as our working day might be less than that, maybe more than that. But we're typically said that the first thing we're going to notice is between 8830, we're going to have a period of self-development. This is where we sit down. We get a self set for the day when Margaret with smart process, we're going to practice gratitude and say five things we're grateful for. We're going to get ourselves in a positive mental state before we even start the day. And then we're going to check e-mails and her messages as soon as we start work. And we're gonna make sure there's nothing urgent there we don't need to deal with. We're going to answer. Most of those deal. Most of those are message people we need to deal with. And each of these time blocks is dedicated for that task. We don't do anything else, but what was supposed to do in that time block, and this is going to help you really manage your time. And then we might have a period for administration. We've got an hour there every day where we saw our accounts and any administration with a task that are required of us in our business. We need to have set breaks in the day so that we can just reset ourselves and reconnect and get our energy back. And it's best to set them as a time block so that we keep to them, keep on mind fresh. And then we have our meetings. But we might set two slots are Day where we have meetings. Now, you might not need as many meetings as that. If you're interacting with a lot of people in your business, you're going to need meeting slots. So by setting two slots every day, if someone asked for a meeting, you know, which two slots you've got available, you know, you've only got half an hour and you know what time they are. So now you can manage as you go through to week when you grant those meetings. Now, obviously, if you're dealing with clients and you'd have to go out and see them. There's gonna be a little bit different is they're going to want to control the meeting when you're selling something. But this is in relation to you interacting with employees or supplies or anybody else when you get to control the meeting times. And then you're going to have your asset development time. This is when you will create an asset. If you're an online entrepreneur, you're creating new products. You work on your marketing for those products. This is your highly productive time, is your most guarded time as well. You don't know anybody into this. You have to keep people out of this and you have to be really strict with yourself. So as you can see here, we've set up an hour and a half block in the morning and a 2.5 hour block in the afternoon, sisters for hours of intensive work every day. Now you might decide you're gonna do five. You might not have as many meetings. You might want to shorten a break here or there, Medici's, you're highly productive time. This is when you go into do your best work. So this is time blocking. I'd recommend you set something up like this in Google Drive, say two hours and then brew up that time. L is going to help you control how you spend time, but it's also going to help you guard yourself from other people trying to impact your time, becoming a time liability that detracts from your business. And if you think about it, this is no different. If you're working from home on an online residual income business for instance, this is no different view having a job. If granny ring you up at work and said can you come over and paint my fence? You'd say no, granny IS work. This is the same. You saying to people, these are the hours I work. Contact me after this, contact me in the even if I'm not available. These are my working hours. And remember this phrase, you need to explain to people, I am not an unemployed person just because I work from home. Just because I have my own business doesn't mean I'm unemployed and I've had this with shall we say associates that just don't understand the I'm not an employee and I have to keep spelling out to them. Not unemployed now you can't have this time though. You can't help that time. God your time. But creating a simple chart like this and block your time out. 200. Mod 05 27 Journal Entry 42: Journal entry 40 to make a note in your journal of some of the key areas where you are experiencing a time liability. What steps could you take to reduce the impact of those liabilities on your time? 201. Mod 05 28 Enemy Number 3 Interpersonal Liabilities: So let's have a look at any number free interpersonal liabilities. And interpersonal liability is a relationship that brings negativity in your entrepreneurial life. So we need to look at the glass half empty specialist, the victim, the stay safe advocate, that don't change consultant, the party promoter. Let's solve my problems. Beggar and narcissistic controller. We must always be looking to control the influence and impact non entrepreneurs have over us. So let's kinda look at each of these in detail. 202. Mod 05 29 The Glass Half Empty Specialist: So let's have a look at the glass half empty specialists. We need to be up to identify the enemy. When they approach. They will talk about every negative thing they can. They will watch the news constantly and tell you about the news. They will be overly cautious. And something they might say is or wouldn't want to start a business. Now there's a recession comment. I've, you've seen what's happening in the currency markets. If you listen to the glass half empty specialists, the glass half-empty specialists is going to corrupt you and make you thus half-empty. 203. Mod 05 30 The Victim: So let's have a look at the victim. We need to identify the enemy. They will tell you about all the bad things that's happened to them. They will always give an excuse for any failures they have experienced. And they never take personal responsibility for anything in their life. They complain, they blame and they justify something. They might say, I could never start a business, I just don't have enough luck and it will definitely go wrong. That's a key sign you're dealing with the victim mentality and you don't want to adopt that victim mentality, it can destroy your entrepreneurial endeavors. 204. Mod 05 31 The Stay Safe Advocate: Then we're going to have the stay safe advocate. So how do we identify the enemy? They will tell you not to take any risks. They will tell you to choose what they regarded as the safest path. And they will encourage you to keep your head down and avoid people's attention. Something they might say. You never seem to have much money. Why don't you get a proper job? And because these people think they're genuinely helping you a lot of the time. And they've got through life by avoiding risks and hiding from difficult situations, by listening to the dog, yapping and barking and telling them, hide, hide, hide. If you allow them influence over you, you'll start to doubt your own decision-making ability. 205. Mod 05 32 The Dont Change Consultant: Then we have the dunked change consultant, which is similar to the previous one, but there is a difference. But how do you identify this enemy? They will tell you you don't need to change. They will have very low aspirations in life. They will encourage you to maintain your current status so that you stay the same exam. And something they might say is life is good just as it is. And what they're worried about is they're worried about you changing and therefore their life changing. They want to maintain the status quo. They want their life not to change. They don't want to take any risks, but they will discourage you from doing that so that their life isn't impacted. And that's why they're telling you not to change. It's not about you, it's about them. So if you allow them to influence you, they're going to affect your ability to grow and to try new things. 206. Mod 05 33 The Party Promoter: The party promoter. So how do we identify this enemy? They will tell you the only thing that matters is having fun. They will go to every party or event available. And I guarantee they will be in credit card debt. They will encourage you to come out and play when you are working or trying to interrupt or time blocks. And something they might say is, life is too short. Let's party boss, we can't. So they've decided that the only thing that matters to them is partying, but they want you to do as well. They don't like partying by themselves. I like a companion. And if you listen to them, you'll end up like them in that. And eventually an ultimately miserable, because living just a PI always ends in disappointment and regrets. Browsers and entrepreneur, you can build your business and you can enjoy the fun things in life. You just don't have to sacrifice everything to get it. 207. Mod 05 34 The Problem Dumper: So let's have a look at the problem damper. So let's identify the enemy. They will constantly contact you and asks you to help them with their problems. They will never seek to solve their own problems. And will use you as a problem solving mechanism. Something they might say is you're so good at solving things like this, can you fix this for me? Another really good sign of the problem damper is you'll give them advice and they never carry out. And then you'll have the same conversation a week, a month from now. And now, tell you the same problems over and over again. And you'll say to him, do the students do this and I go, yes. Grey asking again, I haven't done it and not really trying to solve their problems or they don't want to take responsibility for problem-solving. But these people also tend to take a lot of your time if you let them, because the minute you become a problem solver for them, the latch on to you and they'll stay latched onto you until you push them off and then that will latch on to someone else. So they can be a really big into personal liability and a really big time liability. 208. Mod 05 35 The Narcissistic Controller: So let's talk about the narcissistic controller, identifying the enemy. They will seek to manipulate you, undermining your emotional state constantly. They'll say things to you to unsettle you, to make your emotional so that you can be pushed and pulled in different directions. They are going to seek to control everything you do. So there'll be very encouraging when you're doing things they want you to do, but when you start doing something they don't want you to do, they're going to be really discouraging, but they're not just going to be happy to give you some advice. They literally gonna want you to do what they tell you to do and they're going to be offended when you don't just follow every tiny little whim they have. And they will tend to use you as an emotional punch bag. So something that I might say is If you love Me, you would do insert anything here the way I prefer. Now we've narcissistic controllers, it can be quite dangerous. So if you feel like you're being controlled by Narcissus than I would definitely recommend seeking outside help is, is probably one of the most dangerous interpersonal liability you can have. And sometimes you might need some type of intervention or help to escape from them. So I would take this particular intrapersonal liability very, very seriously. 209. Mod 05 36 Journal Entry 43: Journal entry 43. Making now, in your journal or an experience you had with an interpersonal liability and how it affected your ability to be an entrepreneur. Describes yourself the value of controlling the impact of this liability and how that would make you feel. 210. Mod 05 37 Rules For Dealing With Interpersonal Liabilities: So let's have a look at some rules for dealing with interpersonal liabilities. Number one, control the amount of time you spend with them as much as possible. We're not saying you shouldn't spend time with these people, but you should be in control of when and how you spend time with them. Boundaries for acceptable behavior. If someone is behaving in a way that's unacceptable is okay for you to say, I do have an issue with this. Actually, I don't think a oneness in our relationship. And it's okay. They might be upset, they might go away, have a tantrum, whatever. But you have to set your boundaries and allowed them then to understand what is except to what isn't acceptable. It's okay to be assertive and tell people what you want out of a relationship. Talk about positive things. So changed the subject. If you're dealing with someone you have to spend time with when they start talking negative. Just nod and grain. And the first chance you have, start talking about something positive. Look at the situation in a positive light. Whatever they're talking about, think about the positive element and start accentuate or change the subject completely. Talk about something positive. A number for fine time. Apart from there, make sure you have time where you can manage your own emotional health. Because what we're talking about here are people are impacting your emotional state and your mental state is an entrepreneur and affecting your ability to be productive and to grow as an entrepreneur. And five, focus on spending time with positive people. Make sure you have those positive people in your life and around you, ever entrepreneurs, they can relate to and talk to so that you don't become isolated. We have negative people. And so that you can control the impact of those interpersonal liabilities in your own life. 211. Mod 05 38 Journal Entry 44: Journal entry for e4, making now, in your journal of the five roles for dealing with interpersonal liabilities. And make a note of which of these rules you think you need to work on. The mouse. 212. Mod 05 39 Identify The Treasures: Step three, identify the treasures in your business. Treasure number one, your time. Treasure number two, your skills. And Treasury number free your assets unless come have a look at each of these in detail. 213. Mod 05 40 Treasure Number 1 Your Time: So let's have a look at some important Time. Principle. One, there's no refunds too. We need to know how to run a time audit and free Nita understand about duplicating our time. So let's go and have a look at each of these in detail. 214. Mod 05 41 No Refunds: So let's have a look at no refunds. You cannot get your time back. As we've mentioned earlier in the course, once you spend your time, you can't get it back. There's no rewind function. There's no time travel machine. Wasted, time cannot be regained. And because time is your greatest asset, we need to protect that treasure. So think about it. What would happen if you fell ill? That will cause you to lose that treasure that time. But if we prioritize crane assets with our time, those assets will generate money. Was were ill or wass we're dealing with anything else in life. The impact time. So creating assets protects our time. Because once we've set assets up, they're going to create the revenue that we need to live, the life we need to live. But don't need to worry about what time you've wasted in the past. This is not unexercised. Now to go back into your life and see how you failed and what areas you failed. What this is, is a point in time when you can start adopting this principle that your time is precious. There's no refunds. The have to spend your time wisely. 215. Mod 05 42 Journal Entry 45: Journal entry 45. Make a note in your journal of an activity that you could remove and replace with asset creation. So think of any activity in your life that you do right now that you could take out of your life and use that time instead to create assets on a scale of one to ten, with one being not important. How important is it for you to use your time for creating assets? Make a note of that in your journal. 216. Mod 05 43 Run A Time Audit: So one of the things we could do is we could run a time audit. We could assess how time is being spent. We could do that using a time block chart. And then we could measure how much time is spent on creating assets and how much time is spent on liabilities. This is going to help us identify where we could save some time so that we could use more productively. 217. Mod 05 44 Journal Entry 46 Time Tracker: Journal entry 46. So make a quick time tracker using something like Google sheets, which is free to use or hand draw a tracker in your journal, or just make notes if you prefer, I would recommend doing a time tracking this. So is this going to help you visually see where the opportunities to save time actually? So what you want to do is assess your week day by day and see if you can spot any patterns of wastage. And that's going to help you to start to see where you might save some time. My, you might be able to get some time back and invest in your business. So we might track unnecessary travel. We might track distractions. We might track nonproductive work. We might track unnecessary meetings. A people, unnecessary time on email messages. We might track where we lose time because a disorder. We might track where we lose time because of lack of systems. Maybe we're overtraining. Maybe we're over tired. So you can create a simple color chart like this and then just color in those blocks where any of this wastage happened as you go through the week. And that's gonna really help you to see where you're wasting time. 218. Mod 05 45 Duplicating Your Time: So let's have a look at duplicating your time. Let's ask ourselves some questions. What non asset creating tasks that you are currently doing? Could you offload? What asset creating tasks could you duplicate? What training would your staff need? And what SOP's standard operating procedures do you have in place for training? So non asset creating tasks, could you offload? So there are tasks you're currently doing which don't create asset. And if your time is valuable, Could you offload that to someone else who you could pay to do that for you so that you get your time back. So you can focus on the asset creating tasks where the revenue is actually generated. This could be as simple as hiring someone to do your books, hiring someone to do the cleaning in your house, hiring someone to do the gardening. There are plenty of young people out there that are looking to earn pocket money. And if I do these tasks for you, they get to benefit by credit unearned income, unlearning some entrepreneurial skills. And at the same time, you get offload some tasks to them. Obvious saves a bit more professional. I bookkeeping. You could go online and you could look on places like Upwork, Fiverr, or any of these other places where people offer their services? Well, asset crane tasks, did you duplicate? And that's to say you have a business and you make handmade jewelry and you sell them on Etsy online. Now, you'll profit on each bracelet that you're selling to order custom-made is $10. You could hire someone for a few hours every evening to come in and make those bracelets for you. Unless say that cost you dollars per hour and naked make five bracelets in the hour than you are earning five times $10 in our minus the cost manager now earning $35 from the profit of their labor. Now remember, you've had to design the bracelet, you have to provide the stock, you have marketing, you have sales, where you're given that person the opportunity to do is come in and earn some extra money. Unless just say you're going to offload some test question you have to ask yourself is, what training would your staff need to offload some tasks? Or if you're going to duplicate some task. And you'd have to create a training plan and identify all the tasks that you do that they would have to be trained in. And then the question is, what standard operating procedures do you have in place for training new stuff? And if you don't have them, you need to get them in place because that's kinda save you time again. If you can give them a training document or a training video to show them how to do a task. That means that once you've given them basic training that have a reference, I have TO you'll time is not needed to try them. And also if you have a high turnover of staff, you have standard operating procedure in place, which means that training costs alone. If every month you're having a new employee join your business. You known we spend in time sitting down and training them. You won't have a system in place of standard operating procedures so that you can train them effectively, efficiently. And low cost. 219. Mod 05 46 Journal Entry 47: So our journal entry 47. So make a note in your journal about how each of these questions and answering them would enable you to earn more income. So what non elastic crane task could you offload? What asset creating tasks could you duplicate? What training would your staff know? What standard operation procedures do you need to have in place for training new staff? Now if you don't currently own a business or you're thinking about owning a business, just create a fictitious situation and going through this process. Because it's important to get into the mode of thinking about how you can offload certain tasks or duplicate certain tasks if you have your own business. And which task would you prioritize as something to actually make a note of that in your journal. 220. Mod 05 47 Treasure Number 2 Your Skills: So let's have a look at treasury number two, your skills. Here are two important skill principles we have to adopt. Number one, we have to learn to assess our skills. And number two, we have to think about how we might improve our skills. 221. Mod 05 48 Assess Your Skills: So let's assess our skills. What skills are you currently using to create income in your job, in your employment? What skills do you have to use in your personal life? Is there an area of your personal life where you have developed a set of skills? What skills do you have in your hobbies? Maybe have some hobbies and interests, new develop skills there. And how could you use those skills in a business? So there's so many different ways to make a living online. There's one very famous woman, I forget her name now. And she's made a living out of showing people how to tidy and organized. I hung. So that's a skill from a personal life. And then you have other people who may be into gaming and they make their money by streaming gaming. They play games all day long and people support them and sponsor them. And they sell merchandise and they advertise. So they use in their gaming skills from their hobbies to actually build a business. So we want to look at these skills and think, what sort of business could I use these skills in? 222. Mod 05 49 Journal Entry 48A: Journal entry 49 in your journal. And each of these questions, what skills are used in income? What skills do you have in your personal life? What skills do you have in your hobbies? How could you use those skills in a business? And then was there anything that stood out to you in your answers and make a note of that in your journal. 223. Mod 05 50 Improve Your Skills: Improving your skills. So what we're trying to do here is create a list of skills you're going to need to develop so that the profit from your labor increases in the value of your business increases. If S and personal skills that you're using in your idea to Kramer and a business, what skills are they and how might you develop them? So if you think about the example of the entrepreneur who's just teaching people how to organize their home. If I was looking at that type of business, I would go out and I would study and read what everyone else involved in that industry was saying and teaching. I would develop that skill to a higher level. What skills do you need to run and manage your business if your customer business on your own, you've never done book-keeping before. You're going to need to develop some bookkeeping skills. If you've never done marketing before, you're going to need to develop some marketing skills if you'd never been styles and you need that, you'll need to develop sales skills if you've never done advertising and you're gonna need to be advertising, test skills you need to develop. And then never question we could ask is what skills you need to create a product? Practical skills. If you're making something, if you're manufacturing something, you're going to need some manufacturing skills. Let's just say that you want to start business crane training courses. Well, that's going to be some skills you're going to need to develop. Your going to need to learn how to film, how to lie, how to edit. What we're essentially trying to do is create a map of skills that need improvement. And we don't necessarily have to do them all at once, but we have to have a clear idea of the things we need to learn before we start that business. 224. Mod 05 51 Journal Entry 48b: So our journal entry 48 b, which is carrying on from the previous journal entry in your journal and say each of these questions, what personal skills do you need to develop? What skills do you need to run and manage your business? And what skills do you need to actually create a product? And then make a note of anything that stood out to you in your answers in your journal. 225. Mod 05 52 Treasure Number 3 Your Products: Trigger number three, your products. So some important product principles, some questions we're going to have to answer and understand. Where does the profit come from? How can we create more assets like those? Just go and have a look at these two questions in depth. 226. Mod 05 53 Where Does The Profit Come From: So where does the profit come from? What is actually making you money? And what problem are you solving? I spoke to many entrepreneurs over the years, and it's amazing how many times we don't know the answer to these questions. So what is actually making you money? So when we look all the services and products we offer as entrepreneurs, I tend to expand over time. What is the thing that's actually making you money? Now I have to be confronted with this because I had a training course I really liked and I pushed and promoted, marketed. And one day fill a Mina said to me, look and now yo derogate welcomeness and this designing as money. But this course over here, you're not promoting nasa toll and that's actually earning a lot more money than this one. You need to focus on this one law. She was challenging me by asking me, where is the profit coming from, what is actually making the money? And then once I did Dark is start asking the question, what problem am I solving with that product? Problem? Is it to I'm solving that generates so much profit. And we're going to go into how to create a product a little bit later in the course. But it's an important question to ask at this stage. Why is it people are paying me to actually solve? And that's really important to understand. Because once I understand specifically what that is, I can earn even more money by helping them solve that problem. So that's why we're going to ask the question continually in our business. Where does the profit actually come from? So let's just say you attend properties, a nihilist properties when new, $50 a month each season in $450 from those nice properties on one property was earning you $500 a month. Once you know where the profits coming from, then you can ask, why am I making more money on that? What problem are my solving? Because I need to focus on that product and making more products by that product. So that's why we're asking this question. Where does the profit actually come from? Where do we think is coming from away? We think he should come from? The way is the profit actually coming from? 227. Mod 05 54 Journal Entry 49: Journal entry 49. Make a note in your journal of why it is important to know where your profit is coming from. What actions might you take once you know where the actual profit is actually coming from? 228. Mod 05 55 How Can You Create More Assets: So the next question we're gonna ask ourselves is how can we create more assets? What other problems can we solve for our customer, which is cross-selling? And what can we upsell to our current customers? So let's say for instance, we're selling milk. If you wanted to cross sell something that that person might buy, we might start selling them eggs. That's what it means to cross. So you have one product and then you have another product which is quite similar, which solves, is similar but different problem. And we're going to cross sell that to that customer. So what can we upsell too? So we might sell someone a online training course, and then we might upsell a monthly membership on private membership site. So the general training is available to everybody. But then we might provide coaching and one-to-one sessions and even more detailed information on a membership site. So now we're going to upsell a more expensive product after we've sold them, a lower priced product. So that's what it means to upsell. It means that we sell them something that's low cost, which becomes a gateway product that they can learn to trust as with before we sell them a much more expensive product. So think of it like this. If the first time you have a transaction with someone and you spend $50 with them, there's a certain level of trust that you need. But if your first transaction is a $5 thousand transaction and you don't know anything about the person or you've not dealt with them before, the risk factor is much higher. So by creating a simple product, a low cost product, that is an opportunity for us to prove our expertise, gained the customers trust, and then give us an opportunity to upsell something that's more expensive. So what we're doing, but doing that is we're creating more assets. So asking, how can we create more assets, either by cross-selling or by upselling? So once we know what our treasures are, ones we know are products that are actually making money. We can start looking around that problem, look for similar problems, or look for different ways to solve the same problem and cross-sell and up-sell to our current customers. And the reason we want to do that is easier to sell to a customer we've already acquired, is to acquire a new customer. The cost acquisition for acquiring a new customer can be quite high. For selling to a current customer, the cost of acquisition and the difficulty in selling is much lower because you've already established a trading relationship. Much more expensive to SAP and new trading relationship than it is to access a current trading relationship. And that's why it's important to have things like membership schemes, discount cards, special clubs, because that enables upselling and cross-selling. 229. Mod 05 56 Step 4 Level Up: So step four, level up, leveling up your business. So we need to look at marketing as a compounding agent. We need to understand marketing. We need to understand why business ethics matter. And we also need to understand when we need to use advertising in our business. So let's have a look at each of these in detail. 230. Mod 05 57 Marketing As A Compounding Agent: So marketing as a compounding agent, compounding a business's value can be understood with a very simple formula. Asset creation plus social proof, which is made up of reviews. And social awareness, equals compounding profit, which then reinvested into our asset creation. Compounds are businesses value. And this is really, really, really important to understand because asset creation by itself doesn't compound the value of a business. You can keep creating new products that is not going to compound our businesses value. And we mentioned much earlier in the course, we're going to talk about compounding and business value. This is it, this is how we do it. The key is here in social proof. So let's just say we sell a product on Amazon and we saw again a few cycles, but we notice is quite slow for two or free mumps. And then what happens is people start to leave some reviews and they tell everybody how great the product is and how much they liked the product. That is, social proof was starting to develop social proof. So social proof is either reviews and what people say about us online or general social awareness, such as site, we have a local gardening business is when people start recommending us and telling other people about the business picks up steam. That social awareness when people become socially aware of your business, either of those two is social proof. So let's just say it was going to sell a Kindle eBook on Amazon. So we're going to create a book. We can create it as a PDF. We're going to upload it and then people combine it to read on the Kindle devices that the book. So it's a digital product people can use. So in month one, when we sell a book, we have 0 reviews. Now we might get five sales from that book. But let's fast-forward ahead to MMP free. Now in month three, we now have ten reviews. Some people have reviewed it. And now because people come to that page and they see other people telling them why they should buy it, the conversion rate is going to increase. So in mumps six, we now have 30 reviews and we might get a 100 thousand MMS because we're starting to develop some really strong social proof. And then in month 12, we've got a 100 reviews and we might start seeing 500 sales a month. Now, obviously it is all very arbitrary figures. But typically this is what happens to most social proof you have, the more sales you get. If you are selling into a market with a good, strong demand, the thing that matters is not what you say about your product. That doesn't matter. The only thing that matters, what other people say about your product. And then we can talk about that as the weight of social proof your product has. If your product has very little social proof, it doesn't have much weight, then you're not gonna get many silos. But if your product has a lot of social proof is kinda get love sales. So we can see here that our cells are increasing in direct relation to the number of reviews we have. So social proof is compounding the value of that product, and therefore, it's compounding to value of your business. Now, some people at this point, we'll see that and think, well what I can do is I could buy some review. I could fake the social proof. Don't do it. You're always gonna get caught out. Fake reviews are easy to spot. You want genuine reviews. You want people to be selling the product for you. That is what good social proof does. So marketing your product and generating social proof for your product is the compounding agent that bring success to your business. As an entrepreneur, learning marketing and sales is an essential activity because you're going to learn how to generate social proof, how to communicate with people, how to write titles and descriptions. All of these sayings go together to generate social proof. 231. Mod 05 58 Journal Entry 50: So Journal Entry 50. Make a note in your journal about why is important to generate social proof. And also make a note about why is social awareness important? Particularly if you have an offline business and you want to acquire new customers. 232. Mod 05 59 Understanding Marketing: Understanding marketing. Marketing can be understood by asking and answering these three simple questions. Who's our bomb? What is bulb trying by? And are we selling what Bob is trying to buy? So let's go and have a look at these in a little bit more detail. 233. Mod 05 60 Who Is Our Bob: So who is our Bob? Bob is perfect customer. He is the customer that gives us the least amount of trouble for the most amount of profit. He is the customer that is a raving fan of what we do. Now, there have been studies that have shown that 80% of the businesses profit comes from 20% of the customer base. 20% of a business's potential customers generate 80% of the profit. So what we could do is we could keep trying to get as many customers as we could and casting our net as widely as possible. But 20% of our customers tend to be the ones that Biola products that leavers good reviews are like what we do. So if we get an 80% about profit from 20% of our base and we double our base to 40% of profit is going to be 160%. So what we're trying to do is bring Bob in and filter all of the non Bob's out. We don't want bad customers, we don't want people to a negative in our business, and that's all down to marketing and our marketing funnels and our marketing messaging. We are looking for Bob. We want to concentrate on Bob. So we have to be able to identify above or a good customer looks like how they respond to a product, what they say about a product. And then we want to target more of those bulbs. 234. Mod 05 61 What Is Bob Trying To Buy: The next question we have to ask is, why is Bob trying to buy? What problem is Bob trying to solve? What is a language Bob uses while trying to buy a solution to that problem? And what method does Bob USE when he's looking for a solution to a problem? So what problem is Bob trying to solve? Now oftentimes we try and sell a solution to Bob because we think we know what the problem is that he's actually trying to solve. But we don't always know exactly what that problem is. So let's say we're a fitness instructor and our marketing material and a messaging is saying that we can help you get fit for $20 a month. Now we are assuming the bulb is trying to get fit and ball wants to spend $20 a month. Boy, bulb is actually just trying to lose a couple of pounds. Would it be fair to say that he's not trying to get fear is actually trying to lose some way. And then we have to look at what is the motivation, why he's trying to lose weight? Well, maybe is in that stage in life when he realized his health isn't as good as it needs to be any just carrying a few extra pounds. Wall problem is Bob trying to solve, you know, trying to get fit each trying to solve something else. And then we have to understand what the problem is and then we can mark it so that problem. So what is the language Bob uses when he's trying to buy a solution? How they express his needs, what language does he used? Because once you understand that, we can put that in our marketing and we can communicate that back to Bob. Bob might be asking questions online, for instance, I and I want to lose a few pounds so that I'm ready for the beach. That's the language. Poverty using. If you communicate to him while workout is going to firm up your abdominal muscles and give you tone and shape. That's not the language is actually used. And if we just marked it to Bob and use a language Bob is using to tell Bob we solve these problems for him. Takes a little bit of research and listening and asking bob and looking at reviews and looking at what Bob says online. Once we know what language is used and we can use our language to sell the product back to Bob. And the other thing we have to understand what marketing is, what method does pop use when looking for solutions to a problem? If Bob is going online and searching on Google for solutions and we're spending on advertising budget in the Yellow Pages. We're not using the methods that Bob is using to solve that problem. If poverty is asking now on Facebook, we need to have a presence on Facebook. Whatever method Bob uses to find solutions for his problem, we have to use that method to reach Bob. So what is Bob trying to buy? What problem is he solving? What is the language pop uses so that we can use that language as well? What tools is he using to ask questions and find solutions for is problem? So he's looking to buy a product and it goes on Amazon to look for it, we have to put a product on Amazon, for instance. These are the questions we need to ask when we're thinking about marketing. 235. Mod 05 62 Are We Selling What Bob Is Trying To Buy: So another question is, are we selling what Bob is trying to buy? Are we offering Baba Spanner when he's trying to buy a paint brush? Or we communicated in the language Bob connection to stand. And can Bob finders when he's looking for us? So these are very simple questions. If you go into a car showroom and your data by car to buy a car, you, there were very specific problems. Let's say you've got a family and you've got five children, you're going to want a big car. And if you walk into that sales room and all the salespeople appointing U2 or sports cars, they're often use Spanner when you're trying to buy paint brush. So we have to make sure we're selling what Bob is actually trying to buy and not something else. And again, we communicate in an a language Bob could understand. Now one of the common things people do, especially in industry, to a specialist knowledge. They talk in that language. Each industry has its own language and we call it talking in Chinese. So whatever you specialize in, there's going to be a language in the industry that you use. Now when someone who's not familiar with the industry tries to buy from the industry. People communicate in that language to them and I can understand the pop count, understand as all Chinese. So it's always important to really focus on marketing and the communication of our marketing in layman's terms, we wanna get rid of technical terms and if we have to use them, you need to explain them. Unless of course, the Bob understands as technical terms and he's using those technical terms to find our product. And then we would use our language. But we have to know what language Bob is using and we have to become aware that our language isn't always easily understood. So for instance, in this course there's terms I've mentioned, everybody would have heard before and our labor to just explain those terms. I'm very conscious of that if I use something, I know that most people new to entrepreneurship and not going to understand. So for instance, an example in this course is the difference between residual income and passive income. We took the time to explain that because people need to understand that someone coming from outside wouldn't understand that. Says I'm going to use that term. I have to explain it. And can Bob finders when he's looking for us? So if Bob's going on Amazon and is trying to find a solution to a problem. And you have that product and you're not on Amazon. When account you can find you. Do you have a marketing presence? Have you go Google My Business page? If you're setting up a local business, can Bob actually find the? So one of the things you want to do with your business is test. Can you be found if someone searches on Google? Can they find you if someone searches for your Facebook, can they find you? Can Bob finders when he's looking for us. 236. Mod 05 63 Journal Entry 51: Journal entry 51, making note in your journal about Bob and why he is important. What would be a benefit of selling to our bulb instead of someone else who is not our Bob. And make a note of your answer to that question in the journal as well. 237. Mod 05 64 Why Business Ethics Matter: So let's have a look at why Business Ethics Matter. Social proof is a direct response to our business ethics. People will reward you if they fail, your business ethics are good and vice versa. So free ethical principles for business success are one tree of us. How you want to be treated to use honest scales and free. Thank your customers. So if we think about the importance of social proof, how we behave towards our customers is going to be reflected in that social proof, especially if that social proof is left online. And if we're honest, most businesses these days, social proof is left online. Even tradesmen, you can go on sites where you can check the quality of a business and people can buy from those businesses that have good reputations. So for instance, when I had a new boiler system fit in my house, I went to assign that, gave me recommendations for heating engineers to had good reputations. People will reward us if they fill up business ethics are good, and we also want to attract the right type of customers are bulbs. So good business ethics brings the right people in. So free, very simple roles. Tree hovers, how you want to be trained, how to think about how you want to be treated when you buy something online, where you expect and practice that. Use honest scales, don't oversell a product and climate does things it doesn't do. So that people are disappointed when they receive it and take the time to thank your customers and to communicate with them. Now here's an important psychological principle. People find it very difficult to leave negative reviews. People, they feel they have a connection wave whenever we leave a negative review is because we're trading that person as an enemy at some level. If you make friends with your customers and you thank them and you engage with them and you interact with them every opportunity you can think of that is going to generate positive social proof. And this is another reason why we want to collect as many bulbs as we count up perfect customers around us because they are going to give the best social proof and they're gonna respond to our business ethics. Such free, simple rules to help you run your business in an ethical way that's gonna generate positive social. 238. Mod 05 64B How To Earn Social Proof: So let's talk about how to earn social proof. Number one, engage with your customer base. Now this is a fundamental activity you need to do if you want to generate social proof, is by creating conversations, by engaging with our customers, by talking to customers, helping them feel important. Si, engagement that relationship is going to create those reviews, a scan to create people Tolkien about you on social media. So, make an effort to be friendly with our customer base. When customers become friends or perceived their friends with us as a business, they start to leave very positive social proof is very difficult to leave a negative review for someone you like. And we have to incentivize people to lead those reviews. And they leave those reviews and they generate that social proof based on your relationship with them. So a great way to talk about our customers. Customers front-and-center. If we have social media marketing campaigns and we're sharing information, then we can share stories about our customers. We can share our customer successes. See we have to make sure they're engaged rivers, a net Papi for us to share information. But by getting the focus on our customers and by serving them fast, they will then return service to us. So we're really talking about that old adage if putting your customers fast. And then one of the most significant ways of earning social proof is reversing the risk. When we reversed the risk, we're creating conditions where a customer is treating us as a friend, not as someone who could potentially cause M financial harm or other type of harm. So what reverse in the risk means is in the transaction we enter into, we take the risk, we removed the risk from the customer. And when we do that for them, they're much more likely to buy the much more likely to enter into a transaction in a positive way and have a positive attitude towards others. And then they're much more likely to leave as positive reviews or positive feedback online or in real life because I know they're being taken care of when someone is coming to you and they're coming to you, see you solve their problems. They're asking you to take the risks. They're asking you to solve that problem, take the risk and return and give you the money for that. And that's why we have issues when we buy something from a company and they don't accept to return witness something wrong. They want to argue about it. We've given them our money, and then we fundamentally psychologically expect them to manage the risks. Think about it. If you buy a brand new car, you drive at home, there's a fault with it. You got back to the carriage and they start argues how unless not covered in the warranty, immediately your responses No, you're responsible for this? I bought a cholera fue un I shouldn't have to take the risk that you'll risk you're supplying the car, I'm giving you my money. So by reversing the risk, we earn customer. Trust and we start to launch the relationship. When someone comes to buy something from us, they want to know that there's no risk to that. So how might we do that? Well, we could offer a free trial of a product. So we could say try the product for free. The seven days. We could offer guarantees. We can say a 30-day money-back guarantee for any reason whatsoever. We reinvest in the risk was saying to him by it, there's no risk to you. What we're really doing is handling a sales objection was saying to them, this is our risk, not yours. You can buy this without risk, but will also creating a good environment to stop building that relationship if we're friends at the beginning of the transaction and we can maintain that friendship all the way through to transaction. We're much more likely to get social proof at the end. So another way we would do this is pay for return postage. If you're selling something and you say to him he's a 30-day money-back guarantee. And if you don't like it, we will pay for the return postage. That is going to create a lot of trust in that customer, which will then be carried through into social proof. And we use the status with the antiques business. We used to ship porcelain all over the world, very expensive pieces of porcelain all over the world. And even if it were from the UK to Australia and it had to be returned, we would pay to return postage. And what was interesting, very rarely would that return postage be claimed. In the sense of very rarely would we have to have a return come back to it. But when it did, we pay for the return postage. So even if they left a review that was site yet it was a problem with the item it wasn't will acquire expected. But they gave me a full refund and they pay for return postage. We're really happy. Obviously. You don't give them a refund until the item's been returned and you received it and made sure that the item you sent was me got back. But if I do that, you pay for the return postage, your vest in the risk, the risk is on, you know, on them and they want to buy without risk, the fundamental aspects of buying something from someone else's, you don't want any risk. Now, one of the things you do a very expensive products as you can sign up to arbitration services. So what that means is you enter into a freeway contract as you as the customer and there's an arbitration service and what you're saying to the customer, if anything goes wrong, then this FERPA, he's going to arbitrate between us. Now, obviously check your industry by arbitration services. Not all industries have this, but those that do it can be a very good way of landing large sales, large contracts. You're giving the customer a reason to trust you. And that's how we build social proof. We've built social proof, but creating relationship with our customer base by focusing and talking about a customer base, and by making sure we reinvest the risks that they have the best experience possible. And if we do that, customers will reward us with different forms of social proof. And obviously to be different than them, what type of business and what type of social proof it tends to generate. A day will reward us with that and not social proof will income. So focused on the customer, serve the customer and they will deliver social proof to your business. 239. Mod 05 65 Journal Entry 52: Journal entry 50 to make a note in your journal about why good business ethics are important. And also make a note of what would be a benefit of having good business ethics. 240. Mod 05 66 When To Use Advertising: So let's have a look at when to use advertising. When you're a new business. You have no social proof. There is no social proof. A bridged the gap. So when you do have social proof, advertising may be needed. You may need to spend more money on advertising at the beginning of a business. Always take good causes on platform-specific advertising before you spend a penny. So think about this. When you're new business, you've just tied up social proof. What kind of compound value of your business? You have no social proof. So it's very hard to sell when you don't have social proof is the hardest time in your businesses sell right at the beginning it's YFP, persistent and patient. So what you need to do is think of ways you can create some raving fans at the beginning and how you can go above and beyond for this first new customers and build up that social proof so as challenging. So what we wanna do is we want to bridge the gap to when we do get social proof and that's when we might need to spend money on advertising. Let's say we have a brand new website. We've got new business on a website. And the marketing hasn't been around very long when okay, many visitors, we need to get on that front page of Google to be found. If we need to do that, well, the way we're going to do that is we're going to have to pay for some advertising. But what we advise is that we pay for advertising until the social proof gets strong enough that you can switch it off. So I always use advertising as a temporary measure to launch new businesses and new products until a social proof is built. And that's quite important because some people just pour money into advertising that a whole lifetime of their business when they don't need to do that and actually incurring a liability after awhile because they're social proof gets strong enough, they don't need to spend on advertising. You may also think about spending on advertising if you're entering into a new market place and you are creating an impact where we have an existing product, but always again, as part of a launch strategy. Now, this will save you money. Always make sure you take a course on advertising. Don't just kind of try and figure out most of these platforms make their money from getting you to spend all your money on advertising. So then I'm really worried about whether it delivers a customer to you or they're worried about is spending your advertising for you so I can profit from it. And if you don't know and understand and don't know how to optimize your advertising and targeted, You're going to quickly spend all your advertising budget and get nothing for it. So it's much more cost efficient and time-efficient to invest in specific training with good reviews and good ratings. And there's lots of good courses online for each advertising area to help you get the best out of your advertising spent. Never advertised, unless you first spin trying. 241. Mod 05 67 Journal Entry 53: Journal entry 53. Make a note in your journal about when advertising is recommended. 242. Mod 05 68 Mastering The Business: Step five, mastering the business. So let's have a look at what is business mastery. Learn the business and invest in seven Yay. 243. Mod 05 69 What Is Business Mastery: So what is business mastery? Business mastery comes when you have mastered all aspects of a business. But also indicates that you have extracted residual income with your business model. A sign that you have arrived is that you could confidently cellular business model either as a franchise or free training. It can take many years to build up true business mastery. But all entrepreneurs get to that stage in each of their businesses. What I know that I can just make money at this business. And as entrepreneurs, we should strive to master the business. It also indicates that you have extracted residual income with your business model. So in every business, there is an opportunity to earn residual income, does amorphous, service-based, whatever is, you can take that business mastery and sell a business mastery. So one of the signs you've arrived in your business is there's a residual income source coming from your business. And one of the ways you could do that is for selling your business model. I've Reza franchise offer, training course and start earning residual income from that business. So I have businesses I no longer run, but I have training courses on how to set up and run those businesses. And I put all the experience I had in those businesses into those courses so that if someone else comes into that business, so they can extract that knowledge and expertise. And then there's the franchise model. If you set up a business and that business is profitable, you can give other people the opportunity to run a business under your brand and Yukon made US supplier. And they will pay you a fee so that they can run under your brand and undo your marketing. So McDonald's is a classic example of this. Allowed the McDonald's stores you see are actually franchises owned by individuals. Licenses store from McDonald's on the opposite as strict licensing agreements and arrangements. And that has to run the business of Southern white. But because McDonald's phosphate restaurants are also profitable, people jump on the chance of becoming a franchisee. So there's some of the signs when you must have the business, when you become an authority and when you can actually start to sell the business model to other people. 244. Mod 05 70 Journal Entry 54: Journal entry 50 for making note in your journal about what business mastery might look like. What would the potential benefits of business mastery B, and write your answer to that question in your journal as well. 245. Mod 05 71 Learn The Business: Learn the business. One thing you should never come back home is opportunities to learn more about the business you're involved in. Invest in yourself, take training, attend seminars, get involved in the business, gather as much information as you can to learn the business. So whenever I start a new business, one of the things I'll say it's filament is right. Okay, so we're in the learning the business face. Whilst rim that phase. I'm not expecting to make huge amounts of money because I know I have to learn and master the business because I've started so many businesses now are known as a mastery level. And that means it's finding all the information listening to people who have already been on this path. Again, as many different perspectives, exposing myself to as many different ideas as I can. And then testing them, trying them, throwing some things out, adopting some things. And that is the process part of the process isn't just setting up a business. Part of the process is learning the business, learning what works, learning what doesn't work, learning how to be successful. And you only do that by investing in yourself, investing in information, investing in training. And you want as many perspective as you can get on and in your business. Because other people will see things you've done and other people will discover things that you don't. Last one, it's important to watch your competitors to see what they're doing, how they're doing it, where they can and success, why they again, success. And you will not gain success. Why your gain success? And then again, success. Learning the business is mastering the business and be patient with yourself and give yourself time to learn the business. You won't get everything right in the beginning, especially with a new business, doesn't matter how experienced you are. You have to learn the business and you have to figure out the principles that underpin that business in that sector you are trying to build and run. And that's what you're looking for. You're looking to understand what the governing principles are in that business. And once you figured them out and you've applied them to your thinking, there's nothing to stop you being successful in that business as long as the marketplace is healthy and as long as the opportunity to trade is not being suppressed by some entity of some time. 246. Mod 05 72 Journal Entry 55: Journal entry 55. Making note in your journal about what the benefits of learning the business might. Also make a note of what you could do to learn more about a business opportunity that interests you. 247. Mod 05 73 Invest In 7 Yay 8: Invest in seven, Yea, eight. What would happen if your main source of income dried up tomorrow? If you lost your main source of income tomorrow, what the effect you, well, the only way to manage that is through diversification. So here's some of the ways you can diversify your business. Mock in different places. Don't just market your product and your service in one way. Tried to find different ways to reach people, if possible, cell on different platforms. If you have a product that can be sold on multiple platforms, distributed obviously makes sure the platforms can actually sell your products and they're not wasting your time. Passe love entrepreneurs do this. I'll get into a space and no cellular products on one marketplace. And they'll be like, well, this one makes me most of my money. Why would I bother with these other platforms? Well, what I've learned in some products so bad on different platforms and they do on other platforms. So there's lots of competitors out there to ice age of stick to one platform to sell their products on time competing with. And I know I can sell it on different platforms and on getting better money and better return. Now overall, that platform might not do as well for some products, but for other products is gonna do really well. And never thing is. Now every customer is using one platform precinct about you go online and buy something tomorrow. I think of all the different platforms that you might buy from. You got eBay and Amazon, for instance, for us too big ones ri day, why would you just sell on one if you can sell them both? And then think of other places like Etsy, you might be able to sell your products on as the end eBay and Amazon and different products on it. So you're gonna do better than different products on eBay and on Amazon, sell on different platforms. And the other thing that happens when you send on different platforms is you get to find out which products actually are good. So some platforms will sell a certain type of product really well, but not other types of product. But you don't know that until you've tried different platforms offer a broader range of products. So when she started selling something, is selling successfully. Don't just say on that one product, create more products, create a wide arrange so that if that thing stopped selling, you've got other things to sell. Make sure you've got a broad range of products as a great way to diversify. Watch for trends, watch for new opportunities and new types of products you can start offering. Trends change all the time and you have to be watching the trends in your industry to pick up on what's working, what isn't working. And another thing is to watch out for new profitable partnerships. You might meet someone and you might come into an arrangement where they can promote your product to their audience and you loved their products, so you can promote it to your audience, and that's a profitable partnership. So look out for them. Obviously, always maintain the IP and be careful about you get involved with, but just keep your eye out from his. Well, you'd be surprised how a casual conversation can turn into a massive amount of income down the road of experiences in my own partnerships. Well, at first seemed like a casual meeting, then turn into a very profitable business venture. So watch out for those partnerships and always be listening and watching for them. And invest your profits in a different business types. So let's just say you're selling books online and yoga in the profits back in from that and you've got successful business. Take those profits and learn how to maybe set up stocks and shares or learn how to set up a rental property business. And that way if something hits your particular business, you've got these other types of businesses that you can still generate revenue from. Just look at it this way. Let's say you have eight different business types and income streams. Now you see you develop one at a time, you build one and then you build another and so on and so forth. But let's just say one of those businesses get really him gets wiped out small you still has seven businesses. If to get wiped out. You still got six. If free guess why that you still got five is for from gets wiped out. You still got four. So what you want to try and do is you want to build up each business. I will provide a very basic level of income. So let's just say you need for $1000 a month to survive. What you want to try and aim for eventually is having seven or eight businesses earn a minimum of $3 thousand. And then that way if one gets here, two gets hit, F3 gets hit, forgets it. You are going to be protected. That's what it means to invest in seven, Yea, diversify and look for different ways that you can diversify and protect yourself from disaster. 248. Mod 05 74 Journal Entry 56: Journal entry 56. Make a note in your journal about different ways you can diversify from this list. And also make a note in your journal about why diversification is important. 249. Mod 06 00 Thirty Five Residual Income Business Ideas: Thirty-five residual income business ideas. So here 35 different businesses to you could stop right now to have residual income potential. So the criteria is, is have to be businesses that you can start with residual income potential. These have to be businesses you can launch from home or at some online or an offline business. They have to be businesses that you can start part-time, businesses that have cheap online training available or even free training. And that is a criteria we've used to select these business ideas. It's important to understand. This section is a launch pad to help you take a business idea and then explore it further. So we're going to give you an overview of each business. We're going to explain some things about business. We're going to show you some of the pros and cons of each business. And then you can use that to explore ones that interest you or you think you have the skills to actually run that business. So I recommend you do. Each of these bits is scored m from one to ten. And what your score is, how interested you are in this business idea. So one would be not interested at all, and ten would be very, very interested. And I would recommend you do that in the back of your journal somewhere. And that's going to help you filter out what type of business, what type of opportunity you're going to be best suited to. Now obviously, this is not a definitive list of business ideas, but these are 35 really strong, genuine opportunities for business. You can stop right now. And that's important to note that all of these businesses are going to need marketing, sales, bookkeeping, and administration training. So we don't mention that for each of the businesses because that's just standard training. You're going to need to run any business. But we do mention of a training you might need to focus on. So let's go and have a look at each of these business ideas. See if you can find a business that you would be interested. 250. Mod 06 01 Affiliate Marketing: Affiliate marketing. This is an online business. The products and services that tend to be offered cover a wide range. Your income source is going to come from your affiliate marketing commission. In terms of equipment, all you need for this at its most basic level is a laptop and access to the internet. The skills and training you're going to need to look at website development, SEO skills or search engine optimization skills and content marketing skills. So that means you didn't have to be able to design and build a website. You're going to have to be able to optimize that. So be found by Google and in search engines, and that's what SEO skills relate to. And also you're going to have to be good at content marketing. You have to be good at creating useful and relevant information for your target audience. So how does the business work? Affiliate marketing is a way of earning money by promoting other people's products or services through various means. This can be a website, podcasts, YouTube, many of the businesses we're gonna discuss in this section can be monetized for affiliate marketing. Now, only potential for affiliate marketing is very high. A lot of people make a lot of money from affiliate marketing. And there is a very wide audience to appeal to the very common starting place for new online entrepreneurs. And a great platform to start with is Amazon Associates, which is one of the biggest affiliate marketing networks available. And one of the beauties of affiliate marketing is as lots of free training out there on YouTube. So essentially what you do with affiliate marketing is you would create a website, maybe a blog or a podcast or YouTube channel around an area of interest or a subject. And then you would promote other people's products on that site for advertising PR affiliate links. And then if someone uses your link to go and then buy a product, you earn a commission, a sales commission from that product. One of the great things about affiliate marketing is, although you don't own the product, you can shift products that you're marketing all the time. A new product comes out or different product comes out, it's better. You can switch your affiliate marketing over to those products. You can mark it lots of different products. So one of the simplest models that people do is they do unboxing videos on YouTube that I am box and new product. Put an affiliate link in the description of the YouTube channel and then they'll do a review on the product. And if someone's interested in that product and they want to buy it, they can click on that link, guard fruit, Amazon. And then what happens is anything that, that person buys from that link click for certain period of time is different with different affiliate networks. A Commission then is derived to the affiliate marketer who drove that traffic. So your job is driving traffic to products. So the start-up time cause how long does it take to start this business to get an upper money? Now, one would be very quick. Five would be quite a long time. And I would say with most affiliate marketing businesses, you can get results quite quickly if you can find a niche. So the start-up time costs for affiliate marketing, my opinion, this is potentially a2, is something that you can set up quite quickly. In terms of startup financial cost. It depends on what type of content you're going to create. Videos, a podcast, wherever it is that you're going to give away for free as content is going to require a production costs. Now it can just be as simple as a bug, but it could be video equipment. Typically, most people start with affiliate marketing on a blog. So I'm going to say the stuff financial costs on next is potentially very, very low, which is one which is very good. See if you want to do YouTube channel and you'll stop by video equipment is going to go up. In terms of skill level and complexity. I would give this a free. You do need some website development skills. If you can be doing a blog, you do need video production skills. For instance, we can be doing YouTube podcasting skills that these are all good technical skills to I would rate as a free. So in the middle, one would be really, really easy to learn. A five would be very difficult. So this is a middle ground rating. And in terms of residual income rating, how residual you can make this. This can again be a one because if it's just articles on the Internet you are creating that people are searching and finding. And then that stops to create people clicking through and generate an income. And you can get some very popular articles out there or you can create some really popular videos. For instance, it has a very good potential of a high residual income value. So one is high, five is very low. So that's affiliate marketing. 251. Mod 06 02 AirBnB: Airbnb. Now, this isn't online and offline business. And the products and services you're offering up property rental. Your income source are renters and the resources you can't use our spare room or a property and skills and training DIY skills needed because you'll maintaining property does go into get wire into business description. Airbnb is an online site where you can rent out property or even a room in a property for short periods of time. Holiday legs or short stays are popular with customers who don't want to book into expensive hotels. You can also rent out office space during the day. So you can have a carriage that you convert into an office space that people can then rent out a news. Maybe you already have a business, and in the business, you have some spare office space. Again, you can written it out. This is a novel way of bringing in some residual income and some people even rent out parking space it. So if you're in a busy city and parking is a premium and you have spare parking spaces as apt out there where people can actually rent a parking space from a news app parking space, and you start earning residual income from your parking space. This is a growth business. Property or potential accommodation in a sought-after location, it can create a nice stream of residual income. So for instance, you might be buying a new property, a new home, and you want to finance part of the mortgage. Well, with something like Airbnb, what you could do is rent our pod that property and subsidize the mortgage so that part of the property starts to become an asset. And then make sure you are fully conversant with local planning usages for your property as a will differ depending on your area. So search for Air, BnB rentals for more information and details about this business opportunity. Startup time cost very quick. If you have the space and the financial costs should be quite low. If you have a room or prop status already suitable. Skill level, again, is relatively low, are at Martin as as a one. And the residual income rating on this again is one. So this a really good opportunity for creating residual income and making use of the income potential in the property that you own. 252. Mod 06 03 Amazon Audible Audio Books: Amazon, Audible audio books. This is an online business and the products or service that you going to offer our audio recordings. Your income source will be audio book sales. And the equipment you're going to need is a computer to edit your audio files on a good microphone and a basic recording studio. In terms of skills and training, you're going to need audio production training. So to business description, orderable cells, audio books and other audio entertainment. And they are the largest seller of audio books in the world is still a growing marketplace and therefore has huge earning potential. Typical audiences tend to be people at time to listen to audiobooks whiles carrying out that daily tasks. Audio books are great niche opportunity if your area of expertise is already saturated, but other formats like books and video content. So you might have expertise in an area that has a lot of books and video content. When you look on Audible, there isn't any audio books on that subject. That is an opportunity. Audio production skills are very important as people who are into audio books don't want poor quality audio. So NCS has good audio training before you start your first book. Good audio skills are actually harder to acquire in good video skills. So you really want to invest some time in learning how to set up a recording studio, how to set your microphone up, and even how to do audio presentation. How to train your voice so that there is good clarity and cadence to your voice. And if you want more information on this opportunity, searched for Audible by Amazon for that information. Now startup time cost, i would give us a free because there is a lot of audio skills you have to be able to develop before you get to that place where you audio productions will be of a high enough quality. Also, you're going to need to invest in a decent microphone. So I would give this a star financial cost of two. And the, in terms of a studio, what some people do when they first start out is they record in the closet whether clothes are hanging. Some great videos on YouTube on how to set up a home-based recording studio. And it can be as simple as that. Some people will even record in that car, which has sound deadening effects. So is on the lower cost slides, because essentially it's a mike and a computer to edit your audio on. It doesn't have to be super powerful as a computer for audio editing, snot video editing. So you can start out with a relatively low cost. Now skill level again, I would place this in the middle of three because you have to be able to create good audio and residual income rating because it's a onetime recording that you then put out there. The potential for residual income is very high because it is a product you can sell over and over and over again. So I'd give that a one. So Amazon Audible is a very good opportunity to look into if you're interested in praying audio based products. 253. Mod 06 04 Amazon FBA: Amazon FBA Fulfillment By Amazon. This is an online and offline business. And the products and services you're going to be offering of physical products. Your income source will come from the sales of those physical products. Equipment you're going to need is a laptop as a bare minimum. And some of the skills and training you're going to need a copywriting skills, how to write good sales copy SEO skills so that you all stuff Kenya actually found on the Amazon search engine. And you're gonna need to make use of Amazon advertising when you have new products. So you're going to need some advertising skills. You will also need to be good at market research because you're going to be investing money in stock. And you need to be able to research the market well. So let's have a look at the business. Now. Amazon FBA is a business where you purchase stock, you send that stopped into Amazon for storage. Your lists that stock on Amazon and when it sold, they send it to the customer. And the potential is very high if you find a good physical product to sell. Amazon FBA as a sales platform, is considered relatively low cost once you remove your own warehousing and web hosting costs. In comparison to a traditional business where rent and stuff costs tend to be much higher. You can sell pretty much anything through FBA, including used items. You have to keep track of your product sales, your inventory, and you need to promote your product. So learning how to use Amazon ads is essential in the beginning until the buildup that social proof. Now be aware of Amazon's dark practices where if I see something selling, they will go to your supplier, undercut you and start selling the product that you have source, marketed and listed under their own brand name. There's always a risk with Amazon FBA x-dot seeing you'll make more money. They can try and jump into that with either your supply or never supplier. Now if you want more information about Amazon Fulfillment, just search for the term Amazon fulfillment. Startup time cost is going to be middle of the range because you have to take market research, you have to source dot. So we'd write up free. You have to have that stops shipped if you're ordering it from China, which is very typical of this business model, you stop. Financial cost is going to be very high because you're having to commit to stop. And you're going to have to hold us talking. You gotta pay for that stock. And so that's going to be around a five rating. Skill level is quite high. I would place it around for because you have to be really good at market research to make this business work. Residual income rating is quite good. I would put this at two. You do have to spend time ordering stock in, but once you set up and Amazon hone in stock for you does not lie match you have due to business in comparison to traditional businesses because Amazon take care of the sales and the shipping side, your responsibility is sourcing, stop marketing the product, and watching that profitability, keeping an eye on those profits. So once you set this up, this is something you can do part-time. So Amazon FBA is a very good model if you want to sell some physical products, but you want to keep the time cost down once you get going. And you wanna keep the residual income levels pie. 254. Mod 06 05 Amazon Kindle: Amazon, qA, Dp, Kindle, Direct Publishing. This is an online business. The products and services are digital books and POD print on demand books. So your income sources from your digital PDFs that you design and create equipment. You're going to need a computer and you're going to need some design software. In terms of skills and training. You're going to need to be very good at graphic design. You're going to need some copyright and skills. And you're going to need to know how to run Amazon ad. So let's have a look at business. Gdp is a business model where you create printable PDFs that are then listed as books on Amazon. And then once sold Amazon print the product and ship it to the customer. Now as a POD side of the business, you also can concentrate on the Kindle side of the business, whether or not printed on people buy and viewed as digital books for use on their Kindle. So there's two types of products that you can put through Kindle Direct Publishing. There's the POD, Print on Demand, and then there's the digital, which we would typically call Kindle. So all you have to do is create the PDF and then decide which type or you might even do both. You might produce a physical book and sell it on Kindle. Alot of people do that, especially novelists and office. So it's a very interesting business model. Now this business has a lot of growth potential as you are essentially selling into the book market. You can publish notebooks, coloring books, novels, cookbooks, anything you can think of in terms of a book without the need of a publisher, a middleman. Now I'll see some of those books are much more suited, but no books and coloring books to PID. Whereas novels and cookbooks can be just purely digital. Earning potential is huge if you can create a bestseller and your typical audience is anyone who buys books. Kp is easy to get into, but takes a lot of work finding niches that are profitable. So there's a lot of people on K dp and you have to find niches are not saturated. So that's part of the RFK dp. Now, Amazon ads knowledge is essential, but it's business. You will have to do some advertising. And if you want more information on this business, just search for Kindle Direct Publishing, startup time costs. I would put this at a free. Now why do I put this at afraid? Because you didn't have to learn a lot of skills, get this one going. There is quite a lot of work before you can create a good quality book. The startup financial costs. I would put around a two, you need a computer with some design software on. There is a cost there. And then skill level, again, output this as a free because you do need some good design skills and some good marketing skills and copyright skills to get this to work. In terms of residual income rating, are put this as a one because you can create a boat listed. And then once you are marketing it, once it's got social proof that can just keep bringing in a source of residual income tenuously. That's got a very good residual income rating. 255. Mod 06 06 Amazon Merch: I was emerge. This isn't online business. The products and services, print on demand T-Shirts. You'll income source is your digital designs. The equipment you're going to need is a computer and some design software. And the skills and training are going to be graphic design. And Amazon adds the business description. I was emerge is a business where you create t-shirt designs that are listed on Amazon and then shipped via print on demand. So someone sees the listing by order at Amazon, print it, send it out so you don't hold any stock or inventory. Now merge is very popular and it can have restrictions when signing up. So you will need to prove your design skills or preview how an audience, when you apply to join. Now there is huge earning potential if you can come up with a good design. And your audience is going to be defined by the signs you offer. It is very competitive. You will need Amazon ads. You will need a good ad strategy. And you're also going to need to invest in good graphic design training. Search for merch by Amazon for more information. Go to stop time cost is very low. One, because you're creating very simple designs. The stop financial costs, I would say is a two because you do need a computer and you are going to need some design software. There is free stuff out now and a lot of people do it afraid designed software. But with a business like this, I would recommend using Adobe Illustrator, but creating those really professional look designed skill level is free. You will need to be a good designer. You will need to have good design skills to make this work. Residual income rating is one. It can be very, very high if you manage to create some popular designs, because you create it once and it's just going to keep selling over and over and over again. So I'm as much as a very good opportunity, but is quite difficult to get into at the moment. If you're a designer or an artist, I would definitely pushed to get into the program. 256. Mod 06 07 Amazon Advertising Tips: Now you'll notice all of those businesses essentially focused around Amazon. Amazon a tying up a lot of the online residual income businesses. So that means you're going to have to learn how to use Amazon ads. And there are two main strategies to Amazon apps. The first one I call all-out war. And this is a strategy where you dominate search by out-competing everyone in a bidding war to get your product. Bring these high beds, you get your product on the front page, we have an add. Now you're often gonna make a loss on the ad spend at the beginning. And the idea is you can gain the money back once you've ranked. So you spend the ads, you get traction. Eventually you get organic placement, you're driving the sales, you've got lots of reviews. And then hopefully you'll gain enough income back from Zappos. Now you'll start to break even on the ads themselves and eventually start making money. Important note, this can be expensive if you get involved in a bidding war, bidding more should always be avoided because all that ends up being, it's two people with egos trying to outbid the ever. And that can just cost you money. The product might not be worth the advertising spent. To, for instance, someone asked me if they should advertising qA Dp notebooks on Amazon. I was talking about investing a lot of money in those ads, promoting the notebook. And those instances, My advice would be, well, how much money you're gonna get Alice product before you start checking loads of add money at it. You even know it's worth checking out money out it. Just to be very careful with this strategy, you have to know it happens. It can work. And you might bump into someone who's doing this when you are trying to promote your product. What I can mean sometimes is you're doing ads, but you're not getting much sales. Now typically what you do is you wait for the person who's running all out war to run out of money. And then what happens is after a while you see your bids will start to rise up, your ads will start to get shown your bid low. Let's just say there's a range of $0.05 to $0.10 for your AD bid. And then you attempted to stop in up to 50%. Don't, what happens is the person who is bed in $0.50 and all these old people during this all out war eventually what happens in bidding walls is they run out of money. All our ad spend is gone and you're a little 107 or $0.05. Listening starts to pay in, you'll get sales. And then there's a second technique, the ninja technique, which is one I actually recommend. What you do is you compete for few targeted keywords that you just place in the backend trivial listing. You didn't put lots of keywords in there. And those targeted keywords are going to bring in very engaged niche buyers that have a very strong buyer intent. And because you're only loading specific keywords into your backend, then you can run auto ads on Amazon quite simply. So for instance, what some people will tell you is put loads of keywords in your backend. You want as many as possible, then you run auto, start competing for those keywords. And if those keywords on that targeted, you are going to start spending a lot of money. Don't do that. It's better to have two or three keywords to focus very specifically on your product than it is to have 30 vague, general ones that are paying for. And that's why we call it the ninja technique. It's quiet, stealthy. Thing to know is it's gonna take longer time to gain traction with this model that you're running a profit from the beginning. You running a profit because you're only targeting hyper interested customers on Amazon. And I would say this, that any ad marketing campaign, the technical term is positive keywords and negative keywords. A positive keyword is a keyword that has Byron ten established in it. And a negative keyword is a keyword you're going to advertise. That brings in the wrong person who's gonna event click away without buying. Don't have lots of negative keywords into your listing. So an example of that would be the term Robodog. Robodog is a positive keyword for someone searching for a rubber duck to use in their bath. But fun bath, which is also a keyword, might seem to be related because they're both dealing with activities that happen in the bath, but it's actually a negative keyword. The buyer intent is different for both items. So if you're selling your rubber duck and you use foam buffers, a keyword because you think you're going to swayed someone who's looking for phone BAFTA bar, your rubber duck. All is going to happen is all the people that are gonna be searching for phone bath or going to search for it. Click on your listing, see that you're not actually selling a phone bath and click away. You've now spent ad, spend on a negative keyword. So this is a really important thing to understand when you start to play with Amazon ads and other type of advertising systems on different platforms. Never spend money on negative keywords. So that's a basic way to look at campaign strategies. And it's particularly works well on Amazon. Ads. Don't load your backend keywords up with loads and loads of different keywords. You're not trying to persuade someone to buy your product. You're trying to get the attention of someone who's looking to buy your product. And this is the fundamental marketing philosophy we teach. So if you'd like more information about my marks in training, in touch with me. 256. Mod 06 08 App Development: App development. This is an online business and the products and services you're offering apps. Your income source is from app sales or advertising. Equipment. You can create an app on a laptop. Skills and training needed are going to be app development and market research. And the business description is app development is the process of creating apps or applications that you can sell through platforms like the Apple App Store and Google Play store. This is now a very mature market. It has a massive audience and therefore very high growth potential. And what you need to do is focus on solving problems and appealing to niche audiences is very important. You will need a good grounding in app design, even if you hire an app developer to create or up. And some coding experience is highly recommended. So most app developers developed their own apps. If you have a good idea, you can hire an app developer to create your app for you, but you still need an understanding of what a good app is, how it should work before you hire developer. Free apps with affiliate marketing as a source of income is very popular on Android. Whereas Apple customers are more willing to pay for apps, but at different ecosystem, Android customers tend to prefer free apps that run advertising. Apple customers tend to prefer paid apps with no advertising. Makes sure you invest in a lot of app development training before you create your first app. Search for app development business for more information. Now you'll stop. Time costs is going to be quite high because you're going to have to learn some essential skills unless you come from a programming background. So I would give this a four. This is going to cost you a lot of time. In terms of startup financial costs. If you're developing the app yourself, then that should be quite low. It should be very low in fact, because you basically need a laptop. So I would put this at a one. Skill level is very high. So I would actually put this a five. You really need to know your way around coding an app design and the residual income rate. If you get the right app, I would put this two. Now the reason I put it at a two is because Apple iOS and Google Android tend to update regularly. And when they do it can break your app. So you're going to have to update the app. You're going to have to maintain a bit more maintenance there than you might realize at first. So if you're technically inclined, you got coding experience. App development is a very good residual income business model to get into. If you're willing to put the time to learn the business. 256. Mod 06 09 Blogging: Blogging is an online business and the products and services you offer is free information. Typically, your income sources cannot be affiliate marketing or advertising on your blog. And equipment you need is a basic laptop. In terms of skills and training, you're going to need some website development skills, some SEO skills, and you're going to need some good content marketing skills. And if you need help with the SEO and content marketing side of things, popped me a message and like to point you towards some of my training business description. So blogging is a business where you create written content on a regular basis for an area of interest that you have or you want to cover. This is a very mature business. Opportunities have to be quite niche or you have to find an area that is not as well-served that used to be. Special interests. Audiences are your typical audience. Now WordPress is the go-to platform for free blogging. But try Wix or Squarespace if you don't want to bother with the web development side of blogging and you're willing to pay a monthly fee, have covered. And if you'd like more information about blogging as a business search for WordPress. Blogging. Startup time costs is actually quite high. It takes a long time to get a blog up and running and to get the traction. A five, it can take a year to two years to get a block really going. Financial costs is a one is very, very low. Skill level is a two. You have to be able to write, so you need good recent communication skills. If you use something like Squarespace or weeks, then you don't need a super high skill level. If you go to WordPress, you're going to be going up to a 4x. Because not only do you need to maintain your WordPress site, but you need to know how to manage the security side of WordPress sites, which are particularly prone to hacking. So you need to be really good at that side of things. That's quite technical. Residual income rating. I would put this a free because you do have to keep putting information out there. You do have to keep generating interests if it's a blog, because that's what your audience expects this regular updates. There is quite a bit and maintenance to this business, but there is residual income opportunity. So blogging is a great way to get into residual income if you have a low budget and you have some time to invest and you've got an area of interest and writing. And there isn't much good quality out. There is a great way to get it going. And it's a great way to learn all the marketing and SEO skills that you're going to need, which then transfers to allow for online businesses. 256. Mod 06 10 Box Subcription Websites: Box subscription website. This is an online and offline business. And the products and services you offer are boxed products. And then your income source is subscriptions to those products. Equipment you're going to need computers, you're going to be packing equipment. You probably going to need storage areas as well. And the skills training and B, website development, SEO skills, content, marketing, ads, product photography says quite a lot skills that the starting this business up. So the business is a box subscription website. So the business supplies goods on a recurring payment or recurring product sales as a continuous survey. This is an established business and a well known example in the United States is the Dollar Shave Club, where every month they send you your raises. It tends to be typically cheaper than buying them from supermarkets or online stores. And you have a regular subscription and its mantissa out, that product gets sent out every month or every week depending on how often the customer wants a product. Now allow, businesses have started adopted this as an additional revenue stream. You will see the option Set recurring purchases on Amazon and a lot of big retail seller. So you might have business right now and you have an opportunity to set up a box subscription on the side. So have a look at how other people are doing that for inspiration. Now this is a good source of income as your targeting repeat sales. So once you have acquired the customer, the profits are consistent. And remember it costs more to acquire a customer, it just to keep a customer. But that's the idea of this business. Once you've got them into business and you're solving problems on a continual, repeating subscription basis. You'll profit, it's not consistent. So you audience tends to be people who want to save money or access consumable items that are hard to solve locally. Food-related products, personal hygiene products are popular areas. This type of business to work will require some advanced marketing skills to be confident in those before you start. And if you want more information, search for box subscription website to learn more about opportunity. Startup time cost is, I was at five. It takes a lot of time and research to set this up. You stop financial cost again would be a five because you have stopped packaging. Skill level is a five again, because there's a lot of skills that goes into a business like this is not something to take lightly. And the residual income rating, once you get up and running, is going to be a free. This is going to require a lot of maintenance, a lot Customer Service, love, problem-solving, so is not super residual in nature. So a bulk subscription website is a good idea. Testing for people that have a business already and they want to start selling things in a slightly different way. They are very popular at the moment, but they are a challenging business to get, right. 256. Mod 06 11 Busines Startup Website: Business startup website. This is an online business and what you're offering is business training. Your income source can come from advertising, affiliates, franchisees, and the base equipment you actually need is a laptop. You are going to need Website development and SEO skills and content marketing. In terms of skills, training and the business description, a business startup website is a business that is focused on teaching someone how to set up and start their own business from scratch is particularly powerful when applied to a new business opportunity or a niche business that does not have much training online. And dependent on monetizing techniques, it can be a good earning business if you want to offer coaching, for instance, or sell a franchise, it is important to know how to structure and guide someone through the process of setting up a business. I would do this when you haven't mastered a business and you need to cover all aspects of that business. But this two searchable business startup website, if you want more information on this particular business model, startup time costs, I would say is a free website and you need to get it out there and help people to find it. And it's gonna take some time. Start-up financial costs is one. You just need a laptop. So you don't have to invest a lot of money to create this type of business. Skill level, I'm going to say is a five because you really need to understand how to run the business from the inside out. So that's a high skill level required. And then you've got to be able to communicate that, guide people through that process. Residual income rating is actually very high. It's a one once you've got this set up, as long as you've covered that we saying you shouldn't have to have much interaction with people. If you've answered all the questions. And the beauty of it is if you find questions that you haven't covered now you can create more content for your website. You can answer that and you don't have to answer it again. Great way of creating a strong residual income stream. If you're a master of the business, you are currently running. And once you understand the process, you could then team or someone who's got a different area of expertise. And then you can launch the business with them. So there's lots of opportunities with this particular business. 256. Mod 06 12 Creative Market: Creative Market, digital resources. This is an online business. And the products or services you've got to offer our digital results packs. You will income sources can come from those digital products, equipment you're going to need to computers and graphic design software. And you'll grant and need good graphic design skills in terms of skills and training. So what's this business about? Well, creative mark is a place where you can upload packs of digital designs and resources and sell them to other creatives. So is packs of graphics in bulk. So much like wholesale digital designs. And people then buy those big practice, use them in their projects, used them in that business. And you essentially are offering the basic resources of a people use in their businesses. Marketing. Now crave market isn't established business and you might need to start another science like xy if you're still learning graphic design and we'll cover Etsy later. As it isn't application process on Creative Market and is therefore suitable for experience graphic designers. But there are other places that you can sell these packs on if you can't get into Creative Market. Creative mark of a very narrow definition of what they want in their suppliers. So be aware of that when you apply to join. Now has a huge earning potential as demand for readymade graphics package is very high. If you can come up with designs that lots of different people can use. A knee, earning potential is very good. If you'd like more information search procreative market for that information. Startup time cost is relatively low. Too. If you're an experienced graphic design, it shouldn't take you too long to get going. Financial costs to the cost of your computer and you design software, but it's still relatively low skill level. I'm gonna put this a four because you do need really strong graphic design skills to make this work. And residual income rating under put us at one. Very, very good because Ukraine packs that you can just pull up once and negative cell over and over and over again for an extended period of time. So it's a very, very good residual income rating. So if you're a graphic designer, thinking about starting your own business, Creative Market is a great place to stop. 256. Mod 06 13 Cryptocurrency Mining: Cryptocurrency mining. This is an online stroke offline business. And I say that because there's a lot of equipment involved offline and the products or services is cryptocurrency and your income sources from cryptocurrency exchanges. So the equipment you're going to need is a computer or several computers to krypton mining cards, your skills, your training, any computer skills in any maintenance skills, and you're going to need very strong and analysis skills. So what's this business about? Cryptocurrency mining is a complex subject. And trying to get sand from the people in the business when you're trying to understand that it's difficult. But the basic essence of the business is that you build a computer that performs mining tasks. And those mining task generate crypto coin that you then own and can trade. So it's essentially the online version of gold mining. Now it's actually a lot more complex than that, but that's the simple way of understanding the business. Bitcoin is the most famous cryptocurrency and it's also the most successful. But mining opportunities for that are pretty much over. There's not much point getting into Bitcoin at this point. There are, however, lots of other currencies that can be mined. So there are lots of opportunities out there. Now people use to mine with standard PC gaming graphics cards. But now most mining is done with dedicated cards designed for mining, which are expensive to invest in. It is a very technical business and it has a language all of its own. It is a very expensive business to setup, but it can yield very good profit if you mine the right currency at the right time. So if you want more information about this and be prepared to be frustrated because the information, they're generally written by blue personality types that don't understand the need to explain it to people who are not familiar. So it tends to be very heavily laden with technical terms and concepts that are not explained very well. And people sharing the information or assuming you understand what the terms mean. And that's where the difficulty can lie when you're first looking into cryptocurrency mining. Starttime costs five, very, very high, a lot to learn, a lot into it. Financial costs five, very, very high skill level five, very, very high residual income rating. I'm going to give us free because you need to maintain and work your mining machines. You physically have these computers that are running these activities and you have to maintain them, look after them, you have to be watching, which currently is doing while at any given time. All that takes a lot of time. So it's not that I am a residual income rating. But if you are very technically minded and you loved working with computers and you have the money to invest in this business. It can be very, very viable. But take your time. This is not our business to jump into and rush into. 256. Mod 06 14 Print On Demand: Digital art, print on demand or POD, as it is known as an online business. And the products or services you offer are POD products. Income source is your graphic designs, you're out and the equipment you're going to need is a computer and graphic design software skills and training your need, graphic design and social media marketing skills. So what's this business about? It? Digital art businesses, a business where you create art that is then digitized. So you either create physical and digitized on your computer or you create on your computer. But it has to be digitized. It's an uploaded to be printed onto products, canvases, posters, fabrics, mugs, T-shirts, phone cases, etcetera. So you create the design isn't listed on the sites. Somewhat orders it printed on demand, it's shipped and you earn a percentage from the sale of that product size to check out our society. Six red bubble, big cartel, artwork, heroes and Zazi. So each of those have their own styles and have a look what's on there before you jump into any particular platform or see if your particular style of artwork fits into the style of those platforms. Now you will need to build a good social media following around your artwork to really make the sites work for you as they don't tend to provide much marketing support. In the beginning, you are pretty much on your own at the beginning you have to be able to create a good Instagram following or good Pinterest following to get this business really working. So audiences tend to be people who want different types of products that are not typically available in traditional stores, either physically or online. So they're looking for some, it looks a little bit different in a sense style, and often willing to pay these products are not cheap. So these are people are often willing to pay for decorative item. Now, if you want more information, business, what you're looking for, the time is print on demand. In terms of start up time cost, if you're a graphic designer, it's quite low. I'd say it's probably a two. You financial cost is again a two because in computer graphic design software, your skill level, because it's odd and it has to be very high, quality, has to be five. But residual income rate in is a one. This is a business where you upload something and then it just keep selling. So it's a very strong online residual income business model. 256. Mod 06 15 eBay: Ebay store. This is an online stroke offline business. Is you southern line but you have to hold stock offline. Your products or services are physical products. New income source is going to come from product sales, equipment. You're going to need a computer, a packing era, and typically you're going to need photography equipment to take pictures of the thing you're selling, your skills, your training are going to be packing and product photography. And the business description is eBay's a place where you can sell physical products either new or used. It tends to be better for niche or unusual items are hard to source from traditional businesses. Now, eBay charge a fee for listing and selling items so you have to watch your profit margins on eBay. But is a great way of opening up additional sales if you already sell products elsewhere. It is the granddaddy of online sales, but it's still have tangible if you can solve niche problems of your product. And that product is a product that people look for on eBay. Ebay business opportunities for more information, startup time cost, I put this a free, there's quite a learning curve to eBay. And startup. Financial costs are per five because you tend to have to hold quite lost stop to make this work skill level where I would put this at a free. Once you've learned how to master eBay, the process is quite simple. And then residual income rating, I will put it at a free is you do have to pack and ship and source stock. So it can be quite difficult to develop residual income unless you've got staff that you're paying to do most all the work. So eBay's great. You have a current physical business and want to increase the reach of your sales. So although it's own line, there's a lot of maintenance and that does downgrade is residual capacity until you get to the place where you can employ staff who profit from their labor. 256. Mod 06 16 Electronics Refurbishment Business: Electronics refurbishment. This isn't online than offline business. And your products, your services, you're flipping damaged products. So your income source is repaired electronics and your equipment is going to be some repair equipment. So you are going to need to invest in some repair equipment. And the skills and the trainee goingto need electronics repair skills. This business about, well, electronics refurbishment is business where you buy and sell damaged electronics. You buy locally at low prices from private sellers or auctions. And then you repair the items and then you sell them as refurbished on sites like eBay or Amazon. Now one of the things you want to be doing with this business is find a niche area. So you might repair laptops or mobile phones or game console. Concentrate on one of those. Especially at the beginning. As this is a very big area to get into, it is a good way to get into the buying and selling business, but you will need space to work. So a workshop area is recommended. And also consider niche in when you're training staff because the more common the repair tasks are, the easier it is to write those SOP's standard operating procedures and train the staff. Search online for electronics refurbishment businesses if you want more detail. And also, if you want training, look online on YouTube, you would be amazed how many people share their electronics refurbishment skills. So you can see people repairing console, phones and laptops and telling you how they're doing it. And oftentimes when you're trying to repair something, the way to repair it is listed online. If it's a popular product, a mainstream product, one of the things you want to look at in this business is buying damaged items in bulk so that you can buy, say, ten broken iPhones with the same model. And then you might be able to create seven good iPhones from those ten by swapping out parts of using some space, et cetera. So that's the way to be thinking about buying it. You wanna buy BOC and locally and then repairing them and selling MOND for profit. In terms of startup time, cosine sizes of five because there was low skill, you need to require this gonna take some time, stopped financial costs. I'm going to say this is a free you're going to need some basic electronic repairs equipment. You're going to have to have on hand. You're going to have to own. Skill level is a five. This is for people who are very electronically minded, technically minded, and good at repairing things. And in terms of residual income, racing output is o, because until you get staff, this is going to be very difficult to create residual income from and you still sources doc, and you're selling stock. So as a business, this would suit someone who likes messing around with electronics. But be aware that you need to be able to take that business and trained staff to get the residual income out of that business. And then the other thing you'll be able to offer is repairs as a local repair company. So if someone as I've broken console or a laptop or broken phone, you can earn extra income by repairing that for that. But typically, flipping the products is where most of the profit should come from. 256. Mod 06 17 Equipment Rental Business: Equipment rental business. This is an offline business. Your products your services are equipment rentals, and you'll income source is rentals and other resources you're going to need is barriers because we're gonna look at different models of business. Here. The skills and training you're going to need is local SEO skill. So search engine optimization, so people can find you locally when they're trying to rent equipment that you need to know how to set up no marketing so you can be found. And what's the business about? Well, a rental business enables someone you will customer to use expensive equipment for short period of time. It's very popular with people who are into DRY OR need an urgent repair and don't want to invest or spend time on that rental equipment. I just want to use it maybe once or twice a year and they don't have to buy it. So it's a good business opportunity if you can find an underserved niche in your area. Now a top tip here is always take out good insurance, personal insurance costs on to the customer as part of their rental. As equipment damage in rental businesses is quite common. So what can you rent out? You could rent out DIY TO cameras and video cameras. Bicycle, electric scooters for people are commuting. Maybe you could rent out storage space, sporting equipment, camping equipment. There's boat rental. Some people just want to rent furniture, tech rental, mobile air conditioning rentals. But you could rent out additional air conditioning unit to people that want to just call a room during the summer. And they don't want their expense of enough a massive air conditioning system for a temporary need. Do costume rental. You can even rent out your card is apps now where people can rent your car and have an experience in your car. You've got Party equipment, bouncy castles, et cetera, is so many different things that people want to rent and don't want to buy. That there's an opportunity there for you to make money. Now Chicka equipment rental business ideas online or more, inspiration. Startup time cost, I would say, is a free. You need to spend time researching the business and make sure you get involved in something that's viable. You start a financial cost is going to be a five. You have to buy that equipment for people to use your taking that risk so they don't have to skill level a free because you need to do some marketing. You need to put it out there. You need to be able to get your product in front of people and residual income, right? And once that business is set up, I'm going to say it's afraid you still need to maintain equipment. You have to deal with customers. But is something where you can generate residual income because you're hiring at the same piece of equipment over and over and over again. So equipment rental business is good. If you're looking for an offline business and you're looking for an opportunity in your local area. And if you can find a need that's not currently being met by another equipment rental business. 256. Mod 06 18 Etsy: See, this is an online business and the products and services offers are digital and physical. So your income source is your products. Now, your equipment, it's going to be your computer. And if you're making products for Etsy, which focuses on arts and crafts items, then you're going to need the manufacturing equipment to make those items. In times of skills and training, you're going to need to understand graphic design and craft skills depending on which side of the business you folks on. So was all about well, SE is an online platform that specializes in selling handcrafted items, but it also has a large catalog of digital products. And Etsy is seeing a lot of growth in that area. Having a browse around at CMC and what people are selling to get a full idea of the range of products you can actually sell on that platform. And as he has been around a long time, and it isn't established platform for launching a business on. And a lot of people have launched residual income businesses on. Etsy has a good earning potential if you can find a niche product that is in-demand. It does have listing and selling fees which you need to be aware of as well when it comes to account your profit margin. Now it tends to be female in its orientation and the loss of its sales happen in North America. Etsy is one of the simpler platforms too. And so the focus should be on creating good listings and visually appealing Etsy shops when you first start out, as well as good product. If you would like to know more than all you need to do is search for Etsy business. Now the startup time costs. I'm gonna say this is a free because it takes time to create products, to lists them to gain the social proof. And that says a very social proof driven platform. It does also have wondered the best review generation policies of the platforms I've ever seen in terms of it really encourages people to leave the social proof on the shops. So it's very important to have those and social proof generating principles in place in your business because NC well-delivered out for you in terms of stop financial costs of just digital products is very, very loud. Give it a one if its arts and crafts than is relative to the cost of creating those products. So that could be variable. In terms of skill level. I'm going to give us a free because you have to be good at graphic design and you have to be good at creating things. And in some instances aren't go even higher. But average skill level, I would say is free. And in terms of residual income rating, it can be very high. So I would give it a two on average. Now in some instances it can be a one. Digital products you upload and they just sell very residual but of a product's, the craft items are probably free digital making them, you'll shipping them all outside the business and you're dealing with customers. So as an aggregate of the two, I'd say, I'd say to give it a two. So c is a great place if you're into graphic design or crafts, the self and start your own business. And it's probably one of my favorite places to recommend. At the moment. If you have the appropriate skill set. 256. Mod 06 19 Facebook Ads Services: Facebook ad services. This is an online business. And the products and services is selling Facebook ads and your income source of customers who need ad campaigns running on Facebook. Now, you can get away with just having a laptop. And in terms of skills and training, you need some design skills and copywriting need data analysis skills, and you need to understand how to structure and setup marketing campaigns. So what's this business about? My Facebook ads serves? This is a business where you create, adds a run ads with clients who don't have the marketing and technical skills needed to run it. It is a very established and a very competitive business. It does also have a reputation for being cutthroat and full of scammers. So you need to position yourself as refutable to succeed yesterday earning potential if you can't deliver successful marketing campaigns for your clients, as a lot of businesses use Facebook ads, but you will need to outsource most of the work to make residual. And also make sure you have very comprehensive training from a number of different instructors online before you spend a penny on ads. Because ads are very expensive if you don't know what you're doing and if you want more information, are searched for Facebook ads training. Now Facebook do supply their own ads training. I wouldn't recommend that then for an understanding of how to use the platform. Because remember, their objective is to get you to spend money. You need to take training from people that know how to really optimize ad campaigns. So you get the most out of it. So in terms of startup time costs, honest faces are free. There's a lot of skill sets you're going to need to develop to get this going. In terms of financial cost. Evidence, pay, training is very low, so I'm going to give us a warm skill level. I'm going to give us a fall because ads are a lot more advanced than a lot of people understand her jumping into ads and trying to offer add services is actually quite a complex skill set. Requires a lot of data analysis and to read a good marketing skills. In terms of residual income rating, I'm just gonna give us a free because you're dealing with clients, you're picking up new clients. Obviously, you need to outsource the labor of running the campaigns and writing the ads. So it can take quite a lot of work to make this a residual income based business. But it is a good business to get into if you're good at marketing and you're willing to get out there and sell your services. 256. Mod 06 20 Fiverr Productized Services: So I Fiverr productize services. This is an online business and what you're offering is advertised services. And the income source is your services. And the basic equipment you current need is typically a computer. Now terms of the skills and training is going to be buried as services that you can offer a quite diverse supports this business amount. Well, productize services is a business where you offer a fixed service, a set price. You might offer added ten minutes of audio recording for $10, for instance, is a fixed price or Effects project is taking something that is typically a service and turning into a product. So some of the types of services that are typically offered, our graphic design services, web development, content creation, audio and video editing, local SEO and marketing, book-keeping, data entry, voiceovers, transcription, translation, et cetera. So why I recommend you do is go have a look at fiber and have a look at how people are prioritizing the service that you're interested in offering. And it's definitely a case here. Don't reinvent the wheel, look or what other people are doing that we're offering, productize services and learn from them. The key to profiting from this is outsourcing the work to different providers, impulsive world where labor costs are lower. So typically what happens with these types of business if you want to make it residual, is if you're based in the US, you will offer a service and then so on bys that service and your outsource, maybe the video editing to another provider who might be in the Philippines or in India. What you're doing is you're connecting businesses to lower labor costs, but you also there to make sure that the quality and the project is delivered. So you become much more of a project manager than a service provider. And that's the basic idea of the business. So what you're essentially doing is hiring virtual assistants, people at work for you in different parts of the world and you communicate with online virtually. Now is a very established business model and you can use other sites like Upwork, Freelancer.com. But five is probably the most well-known of all of them. If you'd like to know more about this particular business model, what you need to search for is productize services in relation to starting your own business. Startup time costs on his hands are free because you have to be able to offer the services. You need skill levels to do that. So you might have to learn certain skills. You're also going to need to be able to find virtual systems when you first start up. And it can be difficult finding good quality virtual assistant, you stop financial cost, I'm going to say, depending on what you're doing is typically going to be around a two. So you should just need a computer for most of the services. In terms of skill level, that's very dependent on what services you're going to offer BY suggests the minimum skill level for something like this is going to be a free fall, like basic data entry. And then that can go all the way up to five. For advanced video editing, skill levels can be between free or five, depending on which type of service you offer a member. Each of those services here is a business in its own right. So there's lots of opportunities here in terms of different business types. And this is just a brief outline. If you look on Fiverr, you will be amazed how many different types of productize services there are that are making money that you have never even fall off. So I have a browse on Fiverr. Really interesting if you're looking for business ideas. Now in terms of residual income rating on a free because there's a lot of setup and as maintenance and you're dealing with clients. And once you've outsourced it, nerds out residual element, but it is still something that's being heavily main tank. So Fiverr is great. If you already have the skills and you want to start offering them in productize forms rather than trying to sell them as services. Now be away. You are competing with people from all over the world. Sort of prices can be pushed quite low. So you're looking for niche offerings or you're looking for very highly skilled niches, people are gonna struggle to compete with you on. 256. Mod 06 21 Franchise Turnkey Business: Franchise turnkey business. This is an offline business and the product or service you're selling is a business model. And the income source typically is going to be a franchisee. It resources that you need a varied and a typically supplied by the franchise. But the skills and the training you're going to need, local SEO and Facebook ads. And obviously any of our business skills are associated with that franchise. So what's this business about? A franchise is a business model. They sold that duplicates are already successful business. A turnkey business is similar. Now for instance, all the SAP is done by the seller. So what that means is if you wanted to sell a franchise, a pizza parlor, maybe a new set-up in weight is creating a good profit. You would then write standard operating procedures for the whole of that business. And you would sell that to the client and say, This is how I run this business, do this the same way and you can be successful. And then obviously a turnkey business is slightly different because that is you go in, you set the shop up and a new sites and look by the shop, afford he sets it up, I'll put the equipment in, AP done everything for you. All you have to give me the money, I'll give you the key and you can run the business. So there's a different variance between how much you do owe the person who's buying the business. Obviously, a turnkey business is going to be very, very popular and a lot more work for as a franchise, you can sell the basic idea of a business and leave them to actually set out once you tell them how to set it up. So it depends on how involved you want to get and what suits your business. Now, it's important to understand that selling a franchise model is where most of the Prophet said buying a franchise can be profitable, but where the most money is, where the residual income tends to be, is when you are the one selling the model. So this is really great way to take a successful business and duplicate it without taking my financial risks, because someone else has taken financial risk in opening up that business. And one of the things I do recommend is trying to find a franchising Expo to help you through all the legal aspects of franchising your business out. Don't attempt to do just by itself. You have to have a very tight binding contract. Because typically what happens in the franchising business, it's someone buys into the franchise and they rent in the franchise or rent aspects of the franchise they supplied by different shines. And after a while like I want, I'm not going to pay you anymore. I'm just going to run it under my own name and you have to make sure that is legally blocked. You need to maintain control over that business. Understand how powerful this is. Mcdonald's started as a franchise and is one of the most successful models of a franchise in the world. So you can see with that how powerful this is. Check-in left franchise opportunities for inspiration, ideas. There's lots of different franchise businesses out there. Have a look at them and see what ideas you get. Now stop time cost. I'm going to give us a five. This takes a lot of setting up financial cost and then give it a five is a physical business law, financial elements, skill level. I'm going to give this a five because you really have to know how to separate solid franchise. And in terms of residual income rate. And once you've gotta set, I'm going to give it a one because it's a brilliant system. But taking your business, repeating it, if someone else run it and you'll still earning from that business, I would recommend a franchise or turnkey business to someone who already has a very successful business. And they want to then sell that business model to someone else. And then they can also make money from supplying materials into that business, supplying the packaging. And if you get successful franchise, sky's the limit in terms of the amount of income you can generate. 256. Mod 06 22 Influencer Marketing: Influenza marketing. This is an online business and your products and services is your authority. So you're developing 40 for an area of interest. So your income source are going to be typically advertisers and endorsements. And the equipment you're going to need typically is going to be a computer, photography equipment and video equipment, depending on which type of influence up, marketing route you go down. Say, for instance, we want to be an influencer on Instagram. You can get away with just photography equipment, but YouTube, you're going to need video equipment. Typically you're going to need bugs. Most influences have video as a component of them. Octane. The skills and training photography you can a video skills, we're going to need audio skip. So how does this business work? Influencer marketing is about developing influence online and creating an audience for yourself around a niche topic or interests. And then you leverage your audience by selling, advertising and endorsement to commercial clients who want to reach your audience. So you go online, you start talking about an area of interest. People start following you. They start treating you as an authority. And then in the air of interests as can be commercial clients are going to want to start promoting and selling their products to your audience. And that's where the income opportunities come from. It is a very established business and a lot of big companies want to get involved in it. And it has a good earning potential if you can find a niche and if you can gather a large following on social media. In fact, what tends to happen is if you become an expert on line and start gathering a natural following, you tend to fall into this influenza vaccine business anyway. So you might not start out trying to be an influencer, but you might start a teaching business or you must stop something else and warm certain MO, stuff. So listened to you and interest in what you have to say. Now you're gaining influence. So essentially, you become the middleman between the business and the customer base. As you are trusted by both a new, then filter what products you want to be seen by your audience. And that's where the anode potential comes in. Now you need very high level social media marketing skills to make this work. This is the most important part of this. You need to know how to run an influencer marketing campaign. If you wanna know more about it, search for influencer marketing, particularly as a business, for more information. In terms of startup time cost, this is a five is gonna take you a long time to build yourself to a position of influence. Typically, most people take from two to five years to become really influential and to start guessing the income coming in. In terms of financial costs, you are going to nice photography equipment and video equipment. So I'm going to give us a four is not a cheap business to stop. Now some people just start with a mobile phone, but it's not long before they have to stop spending money. And in terms of skill, because it's high level marketing skills, I'm gonna say a four, you need to be really good at marketing and getting people's attention. And in terms of residual income rating, I'm gonna give you a free because you do have to keep feeding your dent. You do have to keep crane content. There is a lot of activity goes into building an influenza maxing business. So this is really good if you're an expert in something or you want to stop building a presence online, it will you already have quite a following online around a niche area. Start thinking about how you might market that influence that you have. 256. Mod 06 23 Kickstarter Business: Kickstarter business. Now this isn't online and offline business. The products and services you offer, the product you develop. Your income source is going to be your Kickstarter supporters at the beginning. In terms of equipment, you're going to need a computer, you're going to need manufacturing equipment depending on what type of business you alone and skills and training you're going to need a really strong product design engineering skills typically. Now there are lots of businesses that don't involve crane physical products on Kickstarter. Typically, That's where most of Kickstarter businesses will find a success. So what's this business about? Well, a Kickstarter business is a business where you design a product concept and then get backing by accessing crowdfunding platforms like Kickstarter. So what Kickstarter is is a place where you can put Project. And then people can say, I really want to be involved in this project. I wanna give you some money to help you start this business. I want to buy this product and pay for this product now, even though you haven't made it yet, and I'm going to plate my money to that. And now once you have that, you have the funds to start a business in the past, you might go to the bank and the bank for money, but now you can just go straight to the customer base and say, do you want this? It's a really powerful idea and it's a great way to launch a product if you don't have the capital upfront and don't want to borrow from a bank, you are essentially getting someone to buy and support the product before it is launched. Now, you do need to have a niche audience that once your solution to a problem, for this to work. And I would recommend going on Kickstarter and seeing what different types of business are being launched to give you some ideas and help you to see what opportunities are out there. One of the important things to understand is you can't have the manufacturing outsourced, but you will need the ability to create a concept and presented in a marketable form to an audience. So you might have the idea for a product and then you go to your audience and you say this is the product I wanna create a you willing to back it elicits on Kickstarter that give you that money. And then you can have the product made by a manufacturer somewhere else in the world and it's shipped to the client when it's finished. So a lot of people with new prototype is use this particular model. Search for crowdfunding and business for more information and ideas of opportunities because not just physical products of sin. Games launch this way on Kickstarter, computer games. Lots of different things launched on Kickstarter. Now in terms of startup time cost, it takes a long time to find a good business ideas on say five. Now in terms of startup financial costs, because your gain the money before you even start making the product undersized for free. There are some costs you are going to have to incur to get it all going. But is a free in terms of the money coming from other people to fund the project. Skill level, designing a product is a very high skill level based business owners that five, depending on the complexity of the product, but typically, most things that are done on Kickstarter, quite complex ideas and products. Residual income rating. I'm gonna give this a free because he's got good potential. Be you still have to talk to your back is you have to spend a lot time getting out there. But once you get it going, it can really create a lot of residual income. If you find a product in the market, there's a need for one doesn't currently exist. So I would recommend that kicks that a business for anyone who has engineering skills wants to design a product, has an idea for a product, but doesn't have the income necessary to manufacture that product, or go to a bank and get the support or does not want to go to a bank and get into debt to start their business. And very good business opportunity for people that want to create physical products. You have a benefit of a Kickstarter business as you get to test a product before you even launched yet. So if you launch a product on Kickstarter and there's a high demand, you know, is a very high potential for that product to be successful and very profitable. You get to test the viability of your idea before you even spend any money on that. And that's one of the real strengths of Kickstarter. 256. Mod 06 24 Live Streaming Business: Live streaming business. This is an online business and the products and services are alive. Video streaming. Your income source that your clients or the followers, or live video streaming for equipment, you're going to need a good computer, you're going to need good video equipment. So in terms of skills and training in neat video filming and editing skills, sauces, business about and live streaming business is a business where you live stream for someone remote to your location. It allows someone to access a location if they cannot get there in person. So it's great for events, is great for remote property viewing. If someone selling a house and they want to see around the house, but that's too far for them to travel. There might be a big product launch and somebody wants to live stream that product launch. Greg, for conferences where people can't get too far away. It is lots of use cases for live streaming. Now, stabilized cameras and stabilizing equipment with access to a good internet connections enable this type of service. Now what's been happening recently in the last few years as the cost of stabilized camera equipment, as dramatic become down. So you can now get some quite basic equipment that gives good quality video at a relatively low cost. Now obviously still going to be expensive in terms of launching the business. But I would say in the past where you needed 25 thousand pounds to SAP a livestream and business. Now you're probably able to set up a business for about two and a half thousand, five thousand pounds or dollars, which sub c, come down in price a lot compared to how it used to be. This is a growing market and it can offer a fair income returns in the right areas. So large cities will tend to have a concentration of opportunities or areas where there's lots of businesses don't want. There are events, et cetera. Make sure you're well trained in video production, particularly audio and stabilized video filming before embarking on this. And if you'd like more information, search for live streaming businesses and seeping gets some business ideas. Now stop time costs. I'm gonna say this as four because it takes a little while to get good at video and audio production. Financial costs on insider fall because it is quite expensive if you don't already have the equipment. And in terms of skill level is a five. Video production, especially live streaming, video production is quite technical as a lot of problems that can happen, you've got to be quick on your feet. So is a business that requires a high skill level. And in terms of residual income, right. And I'm only going to give us a four because it's hard to find people that are good and can do the filming for you and be affordable at the same time. But if you already have video production equipment in, you already have a video business or photography business is a great business to look at, add to your existing business. And if you can simplify and get it down to its most simple elements, then you can create residual income from it, but it won't be easy. 256. Mod 06 25 Local Trades Facilitator: A local traits facilitator. This is an online business and your products and services are tradesmen leads. Your income source will be tradesmen, subscriptions. And the equipment you're going to need is a computer skills and training. You're going to need good website development skills. You're going to need good SEO skills and good content marketing skills. So what's this business about? Well, this business is a website based business where people list trade related work they need doing like plumbing, carpentry, copy fitting, etcetera. And then tradesmen who are members of the psi can quote for the work. The uses of the psi can then leave reviews for the tradesmen and create social proof for those businesses. So it's a win-win. But the two groups, when people are looking for tradesmen, it's very hard to find reliable ones if they can come to your site and there's lots of people who reviews, they will buy from that tradesmen. And for the tradesmen themselves, that means you're taking care of the marketing mix. They tend to be typically very weak at it don't tend to be good. Mock does not lift focus, that's not their skill set. Now as the owner of the site, your earning from connecting the two groups together, I'm facilitating no sales. So if you have good web development skills, this is a good opportunity integrand market to serve your local area from generating leads for tradesmen. Now there are some big local traits facilities all over the world. But there's also an opportunity for local base traits. Facilitator actually knows the area and knows needs to compete with them. Now in terms of stop time costs, going to be a five. You have to build a website, you have to create a social presence around that. The staff financial costs. If your actually running the business yourself, building yourself, I'm gonna say free because you're probably going to need to run out to get that really going. And in terms of skill level, I'm going to say this is a five because Website development and see on content marketing, quite complex skills to master of. So you can employ someone to do that for you in that brings a skill level down, is better if you know how to do it yourself. Because then you can develop the business and you can adapt. A lower cost is cheaper for you to work with someone else when you're setting up in terms of residual income rate and once the systems up and running and you've got it working, I'm going to give us a two because people can list their jobs. Tradesman can join. And once you start in reputation and you'll find that people gravitate to the platform and start creating a good source of residual income for you. The public get to use it for free, and tradesman get to register their interests in the work, paying your subscription. So what happens is if you can build up a good local trades, facilitate business. Eventually, everyone has to come through you to stop picking a work so you can start making some serious residual income from this business. So I recommend this for anyone who's got good website development skills. And also has a little bit of knowledge about sales and nice and styles and knowledge unless one is why you need to know how to settle a product. When you first get going, you're going to need to know how to mark. If you can get at promoting greater opportunity. 256. Mod 06 26 Membership Sites: Membership signs. On business. Your products and your services can't be membership to niche communities. Your income source is going to be subscriptions from your membership site. And the equipment you're typically going to need is a computer and video equipment. Skills training in the website development, SEO skills, content marketing, and video production. So as a membership site, well, a membership site is a community that was behind a paywall. So a private community that someone has to pay to access. It will have information, training, and coaching available to the community that is not available publicly. It will also have exclusivity in that community because by nature is exclusive, because it's behind a paywall. It has a very high earning potential if you can generate enough authority and value to grow a loyal audience. One word of advice is be careful to avoid expensive training programs, which can tend to be a simple pyramid scheme. This is common in the membership site community. So a common scheme is joined my membership site to learn how to create your own membership site, also recommend training those pyramid type membership site schemes, I wouldn't recommend. So you might have an area of expertise and you create a community and you put up content there and training and coaching and to access all of that, people have to pay a fee every month. So if you want more information, you want to search for membership site business. And that's going to give you ideas on how to launch your own membership site. Now in terms of stop time costs only give us a five, takes a long time to set up and get going. Financial crosslinker states for because you're gonna need some video equipment, you could just start with a webcam at the beginning and a computer with a lot of people start that way. But eventually you're going to want some decent filming equipment because a lot of content or membership size is typically video content and conference calls and coaching sessions online. So in terms of skill level, I'm going to give it a four because you do need some very strong Website development, SEO and opposite content marketing, video production skills. And in terms of residual income rate, and I'm only going to give us a free. A lot of people think membership sites are very strong residually, but they're not as strong as they first appear and are totally for why. You have to keep creating content. You have to keep feeding the audience. Your members are not going to stay members unless you give them new content every month. So that means it's not very Evergreen and you have to keep feeding a monster. But once you set it up and get it going, it can bring in that monthly recurring income. This is a very good business model. If you're a coach of you're an expert and you want to take your business and earn more income online. 256. Mod 06 27 Mobile Businesses: Mobile businesses. These are offline businesses. And the product and service you're going to offer as your mobile service. Your income sources getting customers, and the resources you need occurrence BY industry specific. Now in terms of skills and training beyond the skills needed to deliver your products and your services, you're going to need local SEO skills, Local Search Engine Optimization skills, because these are typically local businesses. Sources business about well, in mobile business is a traditional business that you adapt so you can take the business to the customer. Now this is very popular with people who are busy and are time sensitive, but have high incomes. They want the service to come to them. So make sure you got that type of potential customer in your area before you engage in this type of business. Mobile business ideas can be quite simple. So it could be mobile mutation, mobile hairdresser. It could be a biker scooter delivery service where you go and pick a parcel up from someone and deliver it to someone else locally. It can be home cleaning services, garden surfaces, mail prep services where you prepare the meals for the week for someone and then deliver that to their home or to their office and they don't have to do their meal prep. It could be house sitting and it's mobile because you're kind to the house. Pet services and there's loss of pet services, make mobile business now off and I would recommend offering as many of these as possible. Grooming pet sitting with pets while people on holiday away walking pets. People want you to go to the paths that don't want to have to bring the past to you. Litter removal services. So you could offer a service where you clean up the letter around businesses, around restaurants and takeaways. Low-level car maintenance is another great business. If you know how to change the oil on the car, a lot of people will pay for it. Very basic service that can actually be done at their home or at their office rather than taken into a guaranteed rights can be very expensive. And obviously, I would stick to very low-level car maintenance services. And if I was doing that type of business, ot have a relationship with a Gary, but I could recommend major repairs and then an a commission from that. In a similar vein, you have car washing and detailing where you take your pressure washer and your detailing the equipment to the owner of the car. Power washing services. You can clean patios and power wash things for people. Man with a van, someone always needs help moving something somewhere, window cleaning. All of these are typical, traditional mobile businesses that you can set up. You will need some type of transport. You will need the equipment to deliver it. But they don't take high skill levels that you need to go to university and study for five years to get. So each of these come with simple equipment needs the cheaper to run than a bricks and mortar business because you'd have to rent to pay. And as I said, we don't need those high skill levels. So it's a great way to set up a business with employees. What you're doing, you're organizing and booking and taking care of people's needs. And then you can employ people to actually do the work done looking for low-skilled work and looking for basic employment opportunities. Now, with all of these businesses, standard operating procedures are essential because staff turnover can be high. At the end of the employment market, people tend to do these jobs because I find it hard to get over employment order between that typical employment or they're looking for additional income. And we've each of these mobile businesses, once you have an ID like look for Online Guide, you'd be surprised how many these businesses already have an online guide to show you how to set them up. So startup time costs, I'm gonna say this is a four because it does take some time to get awareness and to build that social proof around your business. Stop financial costs. Again, I'm going to say four because you are going to need transport and you are going to need some equipment. Now if you already have that transport on, you already have that equipment, say your hairdresser. And you've been ahead Russia for a long time, but you want to start your own business, then it's going to be lower. But typically if your staff will, scratch can be for skill level, I'm going to say free because each of these areas, although we said that look skill day to have a skill level that you need to be successful, but they're not super high skill levels. And I'll see different ones will require different skill levels. If you think about a power washing service, we're using some power washing equipment that's going to have a lower skill rating and a mutation or hairdresser who typically have to have professional training. So I'm gonna say free to cover the range, but it's going to be different depending on which mobile type of business you're interested in. In terms of residual income rating, I'm gonna give it a free because it's very dependent on employees. And so there's going to be management of employees, can be customer management, but you can get a very profitable business up and running. And a lot of people build businesses this way and create offline businesses by focusing on these mobile businesses. 256. Mod 06 28 Online Ecommerce: Online store e-commerce is is an online and offline business for your products and services are your products your income sources, your products. Equipment is going to be computers, photography equipment, and you're typically going to need storage space in terms of skills and training, website development, SEO skills, content, marketing, and product photography skills. This is the one that people skip past, but it's one of the most important, innate to learn how to take good pictures of your products. And you need to learn to do that yourself because it's very expensive to hire a commercial photographer. I ran a commercial photography business for many years. I've also had my businesses where I've taken my own photographs. It's much cheaper to LA at the beginning at to take your own product photography, sauces business about. Well, it's simply an online store. That's a website where you list and cellular I'm products that people in order and you ship. This can be a hard business to build as most people tend to prefer to buy from known platform. So it requires a high degree of trust from your web visitors before it'll take off. So it's good for niche items are hard to find a traditional online platforms. It's also good for established offline businesses that want to expand on line. Now the earning potential can be good if you can access a niche audience and create a loyal following. So think about this. If you're going to buy something online and as a choice between going to Amazon or an online store that you are not that familiar with, where you are going to get, you're going to go to Amazon. That's why you have to offer something that isn't available on Amazon. So if you start offering something that people combine, Amazon, there has to be a very good relationship between you and the customer to choose you over Amazon. Now what are the things you wanna do if you want to start this business is looking at platforms like big commerce and Shopify. If you're not comfortable building your own store on something like WordPress, I wouldn't recommend WordPress for an e-commerce site or null of people build e-commerce sites on WordPress is a lot of work involved in maintaining, become a son Shopify. They take care of all of that and then you could focus on marketing, listing, and selling your product. Now if you want to learn more about this type of business, what you wanna do is search for eCommerce. And that's gonna give you a lot of information and ideas of types of business you might want to set up. The startup time costs is a five, takes a long time to get an e-commerce store running and successful. Startup financial costs. Again, it's a five unique stock skill level. I'm going to say fine, because you really need some really high end development skills and marketing skills and SEO skills to get your side out in the marketplace when you compete in places like Amazon and eBay. And in terms of residual income rating, I'm going to give this a free because you are going to be dependent on an income from staff to create residual income. So if you already have a business, you're already selling products. Have a look at selling on your own site, on you know, that there's a strong market for your product. Now, well, people make this mistake. They rush into e-commerce before they've tested that product. A place like Amazon and eBay and Etsy and all these other platforms where you can sell. They take a cut but you are get into test the product. So I always encourage people when they say should I open up my own store, I'm going to say to them, how do you prove you've got a strong audience for this product? Is this something you can sell and have been selling? And if you know that, then move to an e-commerce store, but be prepared for some hard work to get from R1. However, once it is up and running, it can be a very good source of residual income when you've got people in running that business for you. 256. Mod 06 29 Online Training Business: Online training business. This isn't online business. And your products and your services are training courses. You'll income source and your students. And your equipment is computer, video and audio equipment. In terms of skills and training is cost development, video and audio production and editing. So what's this business about? Well, online training is booming. Right now. We've low-cost training on sites like Udemy and skill Shannon. Lots of oversights that are coming along all the time and they are hungry for training material. We're hungry for causes. They want to sell your cause, it's for you. Now this is a growth industry and it takes time to build income of this business as you have to develop a lot of social proof to sell your courses in a very competitive market. Now different platforms favorite different types of courses that are Udemy tends to be long-form, business-related courses and skill share tends to be sure arts and crafts, hobby type courses of ascites will prioritize different types of training. So explore different sites. I've had courses that I sell and obviously I run an online training business because you're watching my course right now. But I've had some courses are on one platform and haven't done mulatto and a four. Oh, that wasn't a very good course, not put on somewhere else and it sells the hotkey. So don't fall into the trap of listing fn on one side, which a lot of people in this business tend to encourage. Water tends to happens a course it does really well on you to meet and then they become blind to anywhere else in this. And well, that's not worth it because I'm making so much money over here that I want to sell in these places. But that's not the right mindset you'd made Scotia bear very different platforms. For instance, typically most of these places there's no listing costs, so you create the course and upload it, but you do have to have marketing skill. You do need to be able to develop an audience. And if you would like training about this type of business, just contact me. I have training available on how to create an online training business. Now startup time costs, I'm gonna give this a free. Because if you have training that people want, you can start selling it actually quite quickly. Now you do have to have some video production skills. So I'm assuming that if you're interested in this, if not, then you're probably going to find this as a five. But typically most people that come into this business have some idea of teaching the already teaching in some form. So to stop time costs is a free is just figuring out how to create the course, how to edit and put out there, and how to mark their stop financial costs. And that I'm going to give us a five because you need video and audio equipment and you need good quality video and audio equipment there you can do with a webcam and achieve Mike and the love. He will start well that way in some screen-sharing. But eventually you're going to want to increase the quality of your productions because that's going to help you separate yourself from the competition skill level. This is a five. You need to know how to structure training. You need to know how to communicate that training. But I would encourage you to stop and get better. If I look at the early courses I created, I'm horrified not compare them to what I'm doing now. They are just completely different levels of quality. Now I did have strong teaching skills before came in. Business for my presentation skills aren't as good as they are now. And I know that even they can be better. And I'm working on them all the time. But to be really successful is a five, but you can succeed with skill level of free. So don't let that hold you back. Sometimes people aside desperate for the information you are willing to share, they'll forgive you, allow a skill level at the beginning. And there's definitely a business where you get better as time goes on. In terms of residual income rating, I'm gonna give this a two. It can be very residual depending on the nature of the product. If it's an evergreen subject, it can be very, very residual. But if it's a subject like Facebook ads and this changes all the time and you need to keep changing things and updating, then it's getting close to free rather than a two, you didn't need to talk to clients, you didn't need to communicate with platforms. But if you get it right, it can be an extremely profitable residual income business. And if your coach or if you do any type of training, Oh, you have a hobby and you want to share their skills. Do you have an interest in you want to share those skills and other people don't have your level of skill that I'm online training business is a great opportunity right now, as we have already discussed in the course. 256. Mod 06 30 Podcasting: Podcasting. This is an online business. Your product you'll services is the podcasts by income source is typically going to be appetizing or affiliate marketing. And in terms of equipment, you're going to need a computer and you're going to need good audio equipment skills and training, you're going to need good audio production skills. So what's this business about? So podcasting is a business where you create regular audio content for people to listen to and for them to consume around niche areas of interests. Now similar to audiobooks in many ways, but it's different because you have to keep creating new content for your audience. An audio book, you can record it. It's a lot more residual in nature. But podcasts, you have to commit. You're gonna be doing this for the next two to five years to make this work. Now you can start making money quite early on, but you're going to have to maintain this podcasts. Now obviously, you can set the podcast business up under a brand and have different people on and talking and manage it up and make it more residual. But typically you during the podcasting. Now there is a massive market for podcasting content, particularly in North America. People like to listen to stuff as they go about their daily activities. And if you can talk about things in a niche area, they're going to engage with those podcasts or work while they're driving. Well, a clean than the house, the earning potential can be huge. If you create a big enough audience for your content. And it's one of the simpler businesses to set up as you only have to master audio production and learner destructor podcast. Recently, Spotify paid a very famous podcasts to call Joe Rogan $20 million to come over and distributes his content on their platform. Think about that for a moment, and that's just the license agreement. And then he's got all the other revenue that comes from his podcasts. So there are people that have created podcasts that have become millionaires, say can be very, very profitable, but it has to be something you dedicate your entire life to essentially. Now, if you want more information, you want to search for starting a podcast in business. As the options are varied in terms of hosting and launching a podcast where you want that, disseminate it, where you want to share that. Startup time costs five. It can be very easy to start a unita vessel little time in this. Now stop financial cost. I'm gonna put this as a two because if you've got a laptop and a decent microphone and a simple audio recording booth, which can be a wardrobe, as we've discussed earlier, with clothes in it to get good audio, then it can be quite low in terms of skill level. I'm gonna give it a four because to create a good podcasts, there's lot goes into it in terms of structure and everything. We're gonna give it a four in terms of skill level and audio production scaled residual income Ray and I'm gonna give this a four. You can make a lot of money, but this is something you have to keep our everyday over a very long period of time. But this is a great businesses stop part-time. This is something you can do in the evenings after work. This is something that you can do at the weekend. When you've got spare time. It does take a time investment. But if you've got a really interesting area and people hungry for that content, you can make a very, very viable business with a podcasting based business. 256. Mod 06 31 Pop Up Shops: Pop-up shops. This is an offline business opportunity. So your products and your services are retail in nature. Your income source is your products and your equipment is a mobile shop, typically, skills and training. It's going to be retired. It's buying and selling, sourcing, stop displaying, dealing with customers, dealing with suppliers. So what's a pop-up shop all about? Well, a pop-up shop is a shop that has a very short lease or license and can often be mobile in nature. So if your grant for a shopping center, you're going to see these little shops. There's some times it can be a little store like a market stall almost and so much just popped up there with a new product or a new item you haven't seen before, something it's very fashionable. Sometimes you can go to events and there's people, there were bands and excel at the back of their vans. And they've got a nice little setups and literature and everything and nice products. That's a pop-up shop. Now, large companies use them as advertising gimmicks to test the product. The smallest Alice use em to reach different audiences at different times. You can hire a pop-up shop location for websites like www.storefront.com. So make a note that if you're interested in this particular type of business, or you can run your mobile shop from a van. Now, this allows you to run the shop during busy periods and is a great way for traditional business to temporarily access high footfall traffic during peak times, for instance, or during local events and search for pop-up shops for more information on the opportunities in your area or for more information on this business opportunity. Stop time costs and nucleus are full because as the log goes into creating a retail business like this and start financial costs. Again, I'm going to give it because you might need transport, you're gonna need to stop. And it's not five because it's not as expensive as a traditional shop. Skill level is for. There's a lot of skill goes into rang and retail business and residual income rating. I'm actually going to give this a four because a lot of this is hands-on. Ic pop-up shops are really useful for someone who might be selling us a craft items on line and injure a Christmas, they can just create a loader stock and go into their local shopping area and take advantage and sell it at that period of time. So I'll see is a complement for other types of retail activity and it can be very powerful. Now there are people run pop-up shops as a full-time business all the time rather than an addition to already successful retail business. And you'll find a lot of information about that online. So something worth looking into if your hearts in the retail business, but it is a hard business to earn residual income from. But it needs to be included because it is a great way to separate retail business or investing in a shop without incurring all those huge costs for testing a new product and a new business. 256. Mod 06 32 Property Crowdfunding: Property crowdfunding. This is an online business. So the products and services involved in real estate and you income source who's going to come from real estate, real estate values. It could be renters. That equipment you're going to need is just a computer. And you're going to need skills and training in property and real estate investment and impromptu crowdfunding. So what's this business about? Well, property and real estate crowdfunding is a way to invest in properties as a partial owner. So a pool of people will raise the capital for a crowdfunding site to invest in a property. So you can invest as little as a $100 on some property crowdfunding sites. So you can get into the property market for a relatively low financial risk. So think of it like this in the past. If you wanted to get into property, you might have 10 thousand pounds and then you'd go and get a bite to let mortgage, a mortgage lender who would then charge you interest on that property. So now your proxy investment, part of that residual income profit is going to the mortgage lender. Whereas if you invest $10 thousand, for instance, and 14 over people do the same and you've got a $150 thousand and you buy a property that you can develop or that you can rent out, there's no interests being accrued. Everyone has put that in, so you then share those profits amongst a few people. And because there's ran for a crowdfunding site, you can find a reputable one. You can get into property from much lower financial risk, then there's typically associated with property investment. Now make sure you investigate the crowdfunding platforms reliability before you hand your money over. Because there's common scams, including the seller of a Properties, Setting up the crowdfunding and over inflating the value of the property. So don't rush into death. Invest in that training before diving in, remember, property, you need to be fully trained as not something that you can rush into and make quick money on. But if you're interested in property, but you don't want to put too much money into it. Look at property crowdfunding and search for the term property crowdfunding or real estate crowd funding for more information. Startup time cost and gave us a two. Once you've actually signed up to the crowdfunding site, it's not much more to do of an put your money in financial costs. You put new money. And so there is a financial cost is a 4b is not as high as a traditional real estate business, so it is a full skill level, unsafe Free. Need the training. You need to make sure the site you're using is good and then you can move forward with that business. And in terms of residual income rating, I'm gonna say u2 because once you've set it up, the market does its work and the poverty can increase in value, just free what the MAC is doing. So if you've made a good investment, the residual income potential is really, really good. I'd recommend this to someone who's working, wants to start investing in property, doesn't want to go into the whole byte to let thing, where you get mortgages and everything and you want to start dabbling, you wanna start learning, you want to start testing, but you don't necessarily want to give it your job right now. Prophecy crowdfunding is a great way to go forward. Or if you already have residual income, you've got residual income business and you want to diversify some of the profits from your residual income. Look at property crowdfunding. There awesome, good opportunities out there, but be careful as well because there are some horror stories as well. 256. Mod 06 33 Shopify Drop Shipping: Shopify drop shipping. This is an online business. The products and services are retail products. And your income source or your product sales. Equipment you need is a simple computer. And the skills and training you're going to need a product research skills or data analysis. So what does this business about? We're drop shipping is a business where you list them, sell a product, and wanted the supply of the product, ships it to the customer without you ever holding or handling stock. Crop shipping has been around for awhile. And if you can find a good niche, can be profitable. Do not own the IP of a product typically. So that is a fundamental weakness of the business model. You might also have to change stock binds often to take advantage of new trends and products and you will need good marketing skills to get your products found. Shopify as a site is often associated with drop shipping. And Shopify is an easy build e-commerce platform that caters for drop shipping. So if you're interested in doing drop shipping, Have a look at Shopify. So what you wanna do is search for drop shipping, Shopify for more information and ideas online. Startup time costs. I mean, to give this a free, you need to set your website up. You need to source a supplier. But if you can find a niche and get it going, you can get your income up quite quickly. You'll start up financial cost. This is a two is quite low. You're not paying for stock, you're only paying for the stock when you sell it. And skill level, I'm gonna give this a free of all the online selling businesses. This is one of the simple ones. Because this is an established business. There is lots of training and pretraining out there on how to set up a Shopify drop shipping business. So that's going to help you scale up quite quickly and help us to keep that skill level near Afri. In terms of residual income rating, I'm going to give us a two. You do have to deal with customers and inquiries. Essentially, you're connecting the two. So if you get it setup right, you've got a good supplier and you're very clear on your listenings, that should be a good source of residual income. So this is really good for someone who wants to get into retail, wants to start selling things, has some good marketing skills, but doesn't have the money to get tied up lots of stock, then this is a business that you can get involved in. Obviously, the difficulties in finding those niches are not saturated. And if you can do that, then this is an opportunity for you to set up a business and create a good source of residual income. 256. Mod 06 34 Stock Photography Video Audio: Stock photography, videography, and audio is as an online business. And your products and your services or stock photos or videos or stock audio. So your income source is your digital asset. Equipment. You're going to need computer, good audio photography and video equipment. And your skills and training is audio photography and video skills. So how does this business work? So I stock photography, video and audio is a business where you create images, videos, or audio files. It can be all free or one of each of those to people combined from stock sites for low-cost and using their business and in their marketing. It is a very competitive business. But the opportunities are there for video, especially if you can find a good underserved Nietzche. As videos stock is in-demand constantly. Now you're going to have to have very good production skills and you have to invest in some equipment. But it can be a very good business with very good earning potential if you produce enough stock. It really is a numbers game, but there are quite a few stock millionaires are there that I've just ground this business out. So if you want more information, what you want to search, you voice, stock photography, stock video, and stock audio. And I'll recommend you pick one of those, whichever interest you the most. Photography being the most competitive and the hardest to earn money from. And then stop video being the one where I think the greatest opportunity is and, uh, see what opportunities you can find. Again, look for those niches. So stop time cost. I'm gonna give this a four because you have to create a lot of content, start making money. You financial costs. This is a5 unique equipment to create good stock. Photos, videos and audio, and skill level. This is a five. The demands of the qualitative stuff is at the highest level of each of these industries. And the residual rating. I'm going to give it a one. This is a very powerful way of owning residual income once you've created the asset. So it has a lot of investment goes on in all the other areas. But once you get up and running, the residual income potential is huge. If you got good photography skills or videos skills or audio skills or an interest and you're willing to love. This is a business. You want to have a serious look at. 256. Mod 06 35 Twitch Game Streaming: Twitch game streaming. Now this is a never Amazon owned business, is an online business. And their products and services you're offering live streams of gaming. And you income source tend to be subscribers or advertisers. The equipment you're going to need is a high-end computer skills and training. You can indeed good gaming skills, but you need good interpersonal skills as well. This is all about creating an audience and it's very similar to influence a marketing. So losses business about game streaming is a growing business where people play games and extreme those games so you can watch them playing those games live and people and subscribe to them and support them and watch them. So essentially you're playing games for a living and people will support you if they can connect with you. And you can create a relationship with them. And every month they'll make a subscription donation so that your enabled to continue to street. And some of the top stream is in the world are multimillionaires, system barrier business. If you can climb your way to the top. Now there's also a growing interest in IRL streams, which means in real life. And that folks on people sharing their daily lives or completing tasks that interests people. Think car repairs. Some people like watching people repair cars, any sort of activity you do on a day-to-day basis, there's an opportunity to create an IRL stream. Now, it also offers an opportunity to get involved with affiliate marketing and influencer marketing. It does require a heavy time investment though. Many stream those will commit to 40 plus hours a week on an ongoing basis. So only potential, like I said, it's huge for the biggest is a nose or connect with the audience and put the audience first. Search for Twitch streaming as a business for more information on this. So startup time costs, this is a five, it takes a long time to build up a following. Streaming your start-up financial costs on yourself free. You need a good PC. You need a PC that you're spending 1500 to $200 thousand on a candle, on cheaper PCs, but it's gonna struggle. You're going to need good Mike's. You're going to need a good standard of equipment to run this business. And in terms of skill level, I would say this is a for the ability to connect with an audience before E plus hours a week. The ability to play games in an entertaining way that will take skills, a high skill level, and residual income rating. I'm actually only going to give this a four because there's a lot of work goes into this. There's a lot of streaming you have to do. And if you stop, the income disappears. But you can generate a lot of residual income in the sense of you can have a failure. Sponsorships and things like that says not the strongest of all the ones we've described in terms of residual income. This is a way of life is lot podcasting as a way of life is something you're gonna have to do. But the backend residual income is there, but it requires a lot of maintenance. So who's ASU before bending when he's young and wants to play games and they enjoy playing games and they want to make a business from it. This is a great way for you to start cranial first online business. Also, look for the opportunities and IRL streaming. And if you see something that you do not being fulfilled, maybe test it, maybe see if that's something you could stream live people to cooking shows that it also has to have a look at that and see if RL streaming is something you can do. Like I said, though, it doesn't have the highest residual income ratings, but bear in mind because of that constant maintenance element. 256. Mod 06 36 YouTube Business: Youtube is an online business, products and services you offer the video content. Income source tends to be ads. The equipment you need is a computer and video production equipment. The skills and training as video production and presentation skills. So why is this business about? So YouTube is a business opportunity that most people are familiar with, where you create video content for an audience all over the world and then monetize that content. It isn't established business, but it's highly competitive. So you need to look for niches. There are underserved. It also has a high time cost as you have to feed your subscribers constantly. Anything that has a niche audience can be turned into a business. But my advice is, don't make it tonight. If you want to grow your business, how to grow flowers is a youtube channel you might start. And that's quite niche in one sense, but brought in another, perhaps to grow roses is probably tonight. You need to have a big audience for YouTube to work. Now in terms of monetization, you can access YouTube ads once you've been approved by YouTube, once you've had so many views and so many videos and so many watches per month. But also look into affiliate marketings, scribal services and merchandise as YouTube and no tutorial for cutting off, add income streams and removing ad revenue from people. I would never recommend anyone right now starting a YouTube business where they're looking to earn money from YouTube ads. Use YouTube as a platform to reach an audience, but look for other ways outside of YouTube to monetize your influence as you grow your influence. Now there's lots of Nietzsche's out there all the time AS a new channels popping up that are talking about something that no one's been talking about that or creating content at a lot of opportunities out. Still, try find those niches. And if you want to start a YouTube business, just search for YouTube business. And that's going to bring it over lots of information and that lots of free content on YouTube about starting a YouTube channel and about this type of opportunity. So let's look at the startup time cost. This is a5. You need a lot of time in to make this work. Start financial crosslinks at four because you're going to need good video equipment at some point. And a computer to add it on. Skill level is a for. In a good skills, you need good presentation skills. You need to connect with an audience. Possibly even a five unstick before, because people don't require it to be perfect. At the beginning if you're given them valuable information. And YouTube is all about giving valuable information as quickly. It's possible in most instances. In terms of a residual income rating, I am going to give this a free. Now. Why would I give this a free when I just gave Twitch a fall? Because we've YouTube. If you create the right types of videos, they can be very residual. You don't have to keep uploading constantly. So you could create a DRY channel. We teach people how to do certain DRY tasks, willows videos, if they're useful, don't need updating that ever agree. The opportunity if you're creating an evergreen content on YouTube is much higher than Isn't something like twitch or podcasts. Who would I recommend this for? Someone who's interested in doing video production, somebody who's got special interests or skills I want to share, and they fell as an audience for that. And that is who I'd recommend this for. It's also a great way to subsidize or to support other businesses. Maybe an online instructor business where you want to drive traffic to it, or coaching business and you want to drop a traffic to it. So a lot of people will use YouTube to mix in with a number of business. It doesn't have to be a YouTube business in its own right. And I would probably recommend that you have it as an accompaniment. The YouTube community is not very trusting of YouTube. The way they withdraw ads, the way they can shut channels. Now sometimes they don't have a lot of trust. So just bear that in mind. If you start a YouTube channel and stay away from anything that's controversial is my advice. If you want to be a business on YouTube, because they like to shut down channels, they consider to be controversial Without a moment's notice. So I'd encourage you to stick to practical, useful, relevant subjects that teach people skills or help them develop their own hobbies or interests. 256. Mod 07 01 How To Create A Product: So let's have a look at how to create a product. And here's a simple guide for product creation on your own products. Bob's problems creates products. Validating your idea how to spot the gaps. Minimum viable products, evergreen products, and product creation steps. First go and have a look at each of these in detail. 256. Mod 07 02 Own Your Own Product: Own your own product. Now this is important because we want to control our intellectual property. We want to be selling intellectual property. Once a brand our products, we want to avoid selling other people's products when others can jump on the supply line easily. Amount to minimize the number of partners we have so that we can control our intellectual property. If someone offers you a business deal while you hand over intellectual property, what you're doing is handing over the ownership of a product. And they might say something like, well, you'll get 40% and August 60%, but, oh, have to own the intellectual property so that I can sell it for you. You're just a 100 over audio heart work. Never give up your intellectual property unless the monetary reward is so huge, you can take that investor in other businesses. So make sure you're in control of how it's solved, where it's sold, when it sold, and by whom it. So you need to be in control of your intellectual property. You don't want people selling on your behalf that disreputable because you lose control of the supply line. And also you can be damaged by that bad business practices that always looked for ways for you to sell your own intellectual property. Brian Joe product always have a strong brand associated with your product. Making it easy for people to see that this is your product. Because one of the ways you control people, not copying and stealing your intellectual property is by creating a strong brand around that product. Now avoid selling other people's products when others can jump on the supply line. So a classic example of this, paper will sell stuff on Amazon, FBA, Amazon fulfillment. And what that basically means is you take your stock, you put it into Amazon. They gonna put it in their warehouse and negative ascend out. And now they've got this battle habit of seeing what cells go into your supplier. Well, these people have supplies in China, Amazon will approach that supplier, undercut you start selling your products under their brand. So you have to try minimize selling other people's products when it's easy for people to jump on the supply line. So when you have a product and if you're having a product made overseas and then you're selling that, make sure you control the brand. A, Make sure you control the license as much as possible so that if someone else comes in, you've locked up down. For me personally, I wouldn't look for generic products that other people are already selling and branding them with a different badge and a different name on Amazon as ten of a cell is doing the same thing. I would look at ways of getting a unique product manufactured, does design in a specific way to solve a problem that I know I can sell to anode make as difficult as possible for someone to copy that. Now minimize the number of partners you have, might seem counter-intuitive. Bore them means is investing quality partners don't have lots of random partners that you're doing. Business wave, but stick to the minimum amount that you can manage and you can self-renew, try and find the best quality, the top few partners and work with that don't do business with every single person who comes along and wants to sell you a product, makes sure that actually viable. They can actually sell knuckle proven history of selling products. I always avoid people, for instance, that comes to me and say, You've got a great product I want to sell and I've got this new website is a great idea. They haven't proven anything at this point. They don't get to be a partner until they can prove they can sell because I've always, I just wasting my time. I'm not in the business of helping people set up brand new businesses and risking my products on the marketplace, and risking my time. They have to prove that they can actually sell the product before I will engage with them as partners. And that helps me, oh, my own product, that helps me control my product. And that's what this is about. It's about controlling your own product and maintaining the intellectual property so that you can keep the competition away from your product. Now you can't stop people compete in review. But what you can do is stop people just stealing your intellectual property and using it, profit themselves without giving you any benefit. 256. Mod 07 03 Bobs Problems Creates Products: Now one of the things we have to understand is Bob's problems creates products. So what Bob is trying to do is Bob is trying to fix the world. Bob is trying to make the world conform to the way he expects it to be. This is why bulb is trying to buy things. Everything Bob purchases, is Bob trying to solve a problem? So if Bob buys a washing machine, he's going to have certain criteria that he's going to have when he goes in and buys a washing machine, he might want the cheapest washing machine in the marketplace because he can't afford anything else. And that fixes the problem. He just want something that is going to get cloves clean. Another Bob might want a washing machine that practically talks to them and they can set it while he's at work and you can monitor it. And they can order is detergent and all the rest of it by trying to fix the world according to the way he thinks it should be fixed. And that's why people buy stuff. So if you figure out what Bob is trying to fix and how he thinks the world should be. And then your product helps Bob fix the world. And you can get that in front of bulb and convinced Bob that that's going to fix the world for him, Bob is going to buy that product. So once you understand what Bob is trying to fix, you can create a product that fixes up problem. Now, you have a product. Everything Bob bys is a solution to a problem. There is nothing to Bob buys it doesn't solve some type of problem. If Bob is buying a holiday, we think that's not a problem. We essays because Paul was a problem. He wants to relax. He wants to enjoy himself. That is a solution to a problem. So once you think like that and understand that Bob has a problem, he's willing to pay to solve that problem. I can create a product, solves that problem. I can make money from Bob's problem and helping him to solve it. Bob isn't interested in what you're selling. This is really important to understand. Bob just wants to solve this problem. And if you pitch it as something you're selling isn't going to buy, if you pitch as a solution to solve his problem, he'll buy that and give Bob the solution he needs, not what you think he needs. And we sort of touched on this already. But I wanted to mention again here, especially when we're creating product. So Bobby's going onto YouTube and your business is based on YouTube videos. And Bob wants to know how to plumb his washing machine in. He probably wants a two to three minute video showing him how to do that. If you create a two-hour video explaining the history of plumbing, Bob is not going to treat that as a solution. He needs. Find out what Baldwin's creates a product that solves a specific problem the way Bob wants it. So if you can solve people's problems with your product, you can sell your product. If all Bob is trying to do is fix the world and your product fixes up for him, he's going to buy your product. But recently one of the things I purchased was an air filter that you put in a room and it removes the dust and the pollen from the air because I have some allergies to dust, pollen. I've bought this product, I used it and it really, really, really helps. And then when I buy that product and I leave a review on that product and I tell everyone and always make a habit of leaving reviews on products if it solves a problem because I want to help over entrepreneurs, that product will sell a whole cakes because there were people that problem. So solve people's problems. One of the things I've started using is a drawing app on my iPad called procreate. And it's great for drawing and sketching a my iPad. And it costs $10 in his brilliant. What problems does that so, well, depends what I'm drawing, right? Sometimes I do illustrations for my publication business and I'm going to do on the iPad, sometimes I might want to just do something just relaxing. But that product helps me solve that problem. And that's how you create a product, because that then feeds into marketing. And that's going to help you sell a product. So people's problems, I cannot stress this enough. Bulbs problems creates product. 256. Mod 07 04 Journal Entry 57: Journal entry 57. Make a note in your journal about what motivates Bob to buy something. And then they can know how might that affect the way you create a market, a product. 256. Mod 07 05 Validating Your Idea: So let's have a look at validating your idea. So the question we want to ask is, are people trying to solve the problem that you're trying to solve? Watered I saying they like about similar products in online reviews. And what are they saying they dislike about similar products in online reviews? And what are they telling you about your idea? This is a big mistake to allow new entrepreneurs make, is they assume that people are trying to solve a problem that not many people are actually trying to solve. They're trying to solve and then looking at them, solving the problem, the entrepreneur themselves solving the problem and they assume that other people have got that problem. So we have to be careful of not falling into that trap, into that mistake. Whilst that might be a problem for us, it might not be a problem of a people are willing to pay to solve. So we have to ask the question, are people, not just me, other people actually trying to solve the problem the my product is going to solve and the amount of business ideas and entrepreneurs have. And I'm just thinking, does anybody trying to solve that problem? I don't see it. And that's a question we asked to validate our idea. We have to validate our idea. We can't just assume that this is a problem people are trying to solve, we have to validate. So what are they saying about similar products in on line reviews, you might put a product into the marketplace, and then there's other similar products. And you might differentiate oils in a slightly different way, but what people saying they like about those products. So you are an online reviews are a great way to help you design a product. If you think about what we've been discussing before, about Bob's problems and what Bob's trying to solve and how we create product from that. In terms of finding out what Bob's trying to buy, online reviews are a great way. People will tell you online what they think about product. But we want to look at what they did like because we want to incorporate everything that they say they did like into our product. And then we have to make sure that what they say they dislike about similar products and online reviews is removed from our product. And you see how that helps by focusing on the things they want and by removing the things I don't want, you can create a much more superior product. And essentially, what we're doing is we're saying, what are they telling you about your idea is what they say in the reviews or in any other information online or in the real world we can gather is what they're saying is going to validate our idea and we have to divorce ourselves from thinking we've got the best product in the world until somebody else tells us that that product is going to solve a problem that actively trying to solve. And as entrepreneurs, we're gonna make this mistake I make over and over again. I'm making an assumption about what people want. And then when a product falls flat in the marketplace or looked at anything, I didn't really listen. So it's really important for us to listen. Save time and effort when someone is telling us what they want and what they don't want. See massive companies trying to force something onto people that people say, I don't want this, I don't want your package in this. I don't want the messaging that comes with this. It's not what I'm trying to buy is such a common problem in entrepreneurship and in business. And it seems to me sometimes a bigger business gets, the more out of touch it becomes with this very simple idea, doesn't matter what you think about your product. And I think what matters is what your customer says about it. And whoever your customer is actually trying to solve that problem. 256. Mod 07 06 Journal Entry 58: Journal entry 58. Make a note in your journal about how you can market research a product before you even commit to making it. 256. Mod 07 07 Spot The Gaps: So let's talk about spotting the gaps. And here are some of the ways you can spot the gaps and create a product in a competitive marketplace. Now low people assume that they conquer and new product because there's lots of competition. Once you learn how to spot the gaps, you'll realize there's less competition. If you can fill that gap. Can you create a product that solves a problem in a superior way? So let's think about the first iPhones. Now many people realize or a member, there wasn't the first smartphone, not by a long shot, it wasn't the first to market. But what Apple did was I made a superior product. It worked better as a smart phone and people bought it because it. So if you think you can create a superior product, a better product, that might be a gap in the market? Can you create a product that is simply to use? So for instance, recently, we bought a phone for our elderly parents and they didn't want a smart phone. We got a phone with big buttons on it. It's easy for them to use a screen as easy for them to read. This has very few functions on this phone, is going to merge the call button on the bank, which if they press, it rings my wife's phone. So we know they can get hold of us with a press of a button. It's simpler than a normal phone, is easier to use. That's a gap. Create a product that delivers more value. So a classic example of this is the key or brand, the brand with a seven year warranty. The build quality is probably very similar, if not better to Ford, yet they offer more value for the same money because I've got seven year warranty. They tend to give more toys with the car, more features when they sell it at the base level, it doesn't make you pay for more features like maybe BMW or Mercedes Daisy by BMW car and you bought a bottom level, it's got nothing in it where k0 is entry level vehicles tell often have features other manufacturers put in much higher spec cows. They deliver more value and you create a product that delivers more value. Can you create a unique product that does not have competition in the market already? Now this one's a little bit of a tougher one because there's often most products already covered. The, you might have a new idea, a new product. And these can be challenging because there's no product in the market. You might not have the information out there to figure out if this is going to work and you might just have to try it anyway, but it is a legitimate gap that you could fill in the market. Can you make a cheaper product that solves a problem for people with a low budget. We see this all the time. Supermarkets. So budget food brands. And you go to a restaurant and it's a buffet and you can eat as much as you want. And if you notice, what I'll do is I'll limit the menu to a simple menu. And I just then keep pointing out the same dish that I try and have a 100 dishes when they can have 20 dishes that people tend to eat. How could you do that as a restaurant owner? Well, you might start off offering a buffet not with 50 dishes. And then you keep looking at the menu and you see the stuff that doesn't get E And isn't that popular? You take the L and eventually get to a place where you've got a few dishes easier to cook. You can buy more of the ingredients in bulk. You can reduce your costs. And now you can have a buffet where you're serving most of the things that people really enjoy. Now you can do on a low budget because you've streamlined that production process. Can you create a niche product that solves a problem for a particular subset of people. So if you think about it like this, let's say you go to the shop and you want to buy some Coca Cola. So there's the Coca-Cola brand and then there's the sugar-free Coca-Cola. And then there's a sugar-free and caffeine free Coca-Cola. The sugar-free caffeine free is much more of a niche product than the caffeine free, and obviously than the normal Coca-Cola, because not that many people will buy that, but there is a market for it. So can you hit that niche and solve a problem for a particular subset of people by focusing on them as your primary customer. Can you create a different format product that exists currently? For instance, you could sell an audiobook instead of a written book. So you might have lots of people write books on the subject and you go on Amazon and there's loads of recent books on the subject that's really hard to compete. They've got really strong social proof. But then can have a look at the ODA mark and say how many audiobooks and now I need to be frail fall. So you could release your book as an audio book instead of a written book. And now you're competing in a different form of product that doesn't have as much competition. Cities always you can spot gaps and create products that take advantage of those gaps in the marketplace. 256. Mod 07 08 Journal Entry 59: Journal entry 59. Make a note in your journal about why spotting the gaps in the market is important. 256. Mod 07 09 Minimum Viable Product: So let's have a look at minimum viable products. A minimum viable product is the most basic version of a product you can launch. What is the bare minimum for this product? What is the most basic form of this product? Doc and launch into the marketplace. So it's basically a product prototype that we're going to put into the market and we're going to test that the market actually wants that product. Now once our product has been in the marketplace for certain amount of time, and it's different depending on which products we can revise that product based on the following information. Customer feedback, both positive and negative. What did the customer liked and didn't like, and market performance. Is this a product that seems to be worth pursuing and developing if it falls flat and we can't seem to get any traction and has no interest in the product, and we abandon it. But if it's doing really well, we can look at it and think, OK, this is determined, well, how can I improve this? How can I make this better? How can appear a bit more time into this? And you often see this with products. Over time, you get version one, version two, and they just get better and better and better. And most important to understand is was to launch the product. Bob's job is to refine the product. If we can get a product into the marketplace, it isn't absolutely perfect in every sense the way my envisage it to be. But as he gets out there, Bob can start telling us what we need to do if that product, how we need to refine the product, what we need to add, what we need to take away, what we need to make better. So if we see that as our job to launch the products but outlet, Bob's job is to refine the product. Then we can move forward in the process of product development. What this does is this enables us to keep the development costs to a bare minimum both in time and finances because we want to test the market. So we might have a business idea and it's going to require a lot of capital to set up what we want to create a product is going to test whether that's viable. First, we could go to the bank and invest our life savings and pour our house on the line and go all in. Nervier should also product. So a minimum viable product is the way to launch your product and test the product and also get the product out there. And what it does for us as entrepreneurs is stops as procrastinating. Some people won't launch your product until it's absolutely perfect. So for instance, views in a training course, while I want a 90 hour training costs, you don't even know if it's going to sell yet. You might want to launch a five-hour training course, say fat cells, and then sell it and make it bigger and add more stuff onto the end. So whenever we launch a product, first of all, we want to test the marketplace before we go all in on that product. 256. Mod 07 10 Journal Entry 60: Journal entry 60. Make a note in your journal of the benefits of launching a minimum viable product. 256. Mod 07 11 Evergreen Products: So let's have a look at Evergreen products. And never green product is a product that does not have a time-bound element to its lifecycle. So in other words, is not limited by time in any way you can keep selling that product over and over again for an extended period of time. It needs the minimum amount of maintenance and it generates as close to passive income as is possible. So one of the things we can do about products whose we should always look to simplify product to as close as an Evergreen State wherever possible. If you start building also products and lots of businesses and you're all his stuff going on. You want not product to last as long they can in the marketplace. So I tend to do is I avoid making training courses, for instance, that need updating every two months because someone somewhere has changed something and I have to update my training. What that does, it ties me to dot product too much. So I'm always looking to keep a product as evergreen as possible. I want to be able to make the product, and then I want to be able to sell the product for as long as possible with the minimum mouth changes I need to make. That's what it means to be evergreen. So when you're looking at products, try and invest in crane products in the marketplace for an extended amount of time. So you want to reduce as much as possible the need to keep changing something. They need to keep having to go back and rework something. And that is what is known as an ever green products. 256. Mod 07 12 Journal Entry 61: Journal entry 61. Make a note in your journal of the benefits of an evergreen product. 256. Mod 07 13 Product Creation Steps: Product creation steps. So here are the steps you need to take to create any product. First, find a problem that Bob has. Create a product that solves that problem. Learn the skills needed to create that product, create a minimum viable product, launch the product, review and revise the product. So there the steps, that's the product creation step every single time. So find a problem that Bob has. Make sure it's a genuine problem. Understand how Bob is communicating that problem. And now we can create a product, solve that problem, and we can communicate that back to Bob. Now we might link to learn the skills needed to create that product. So for instance, if you are new and you want to create some type of video product, you're going to need to learn some videos skills. If you want to publish a book, you're going to have to learn some book published in skills. If you guys to get involved in the biter let property market, you're going to have to learn how to run that business. You need the skills. And then once we've done that, we want to create a minimum viable products. We want to create the bare minimum we can get away if put in the marketplace and then we want to launch the product. We want to put out. I want to tell everyone about as much as possible. We want, want to advertise it or marketed. We're going to launch that product, let everybody know it. And then we're going to review and revise the product based on feedback. Once we revise and review it, we might want to make sure that is as evergreen as we can make that point. And I just wanna make a note or digital products, I recommend learning a dope software and that's not cheap, but it is an industry standard and they will soon pay for itself, especially as an online digital entrepreneur, you're going to use this software in so many different ways. You're going to need support and training and the summit information out there. And there are lots of people use free software, but I do recommend investing in a Darwin got the best support. It can be very buggy at times, but if your crane, videos or images or marketing content, consider using Adobe. Now if you're just doing a little bit and marketing here there and your business, you don't need it. I'm token by here is creating digital products assets online. I strongly recommend that you use Adobe software. Adobe is going to give you much more control over the product creation process, can allow you to do much more things, is going to have a higher skill curve for you to master. But once you do, you'll be able to create products quicker and higher quality products because you're using the industry standard software. 256. Mod 07 14 Dealing With Analysis Paralysis: So here's a note on product creation dealing with analysis paralysis. Now a lot of entrepreneurs when creating a product, will fall into the trap of analysis paralysis. And what they need to understand is there is no such thing as a perfect decision. Whenever you make a decision, there is a risk that you've made the wrong decision. Now, blue personality types in particular, or people who have a dominant blue element to their personality type. Taken a struggle because everyone has to be a perfect decision. Whereas what we need to do is we need to make decisions by using pros and cons. So instead of trying to take ten tick boxes, we might look at making a decision as which decision ticks the most tick boxes. So let me give you an example. Recently, my daughter for a car, she's a new driver, so she wants a small engine so she can keep her running costs low and she can keep our insurance costs low. And as we looked at that, Carlos, certain things we wanted in the perfect car. The perfect car had a full repair history. It had a warranty, it had low miles. It had a good ecosystem. It was relatively new. It had a full MIT, which is a safety check that cause in the UK have to have every year. But she also had a limited budget. So all of those things needed to be taped, but we couldn't have everything. We didn't have an unlimited budget. So SIF instance, we were willing to spend $5 thousand on a car, but the car that met all of those requirements would cost $10 thousand. So we have to get close to that as possible. So we would take each of those elements and we were to look all the cows out there and the ones that came closest to what we wanted would be the one with i. It was never going to buy the 10 thousand pound car was always going to be restricted to a 500 pound car. But we would take as many tick boxes we could say it wasn't a perfect decision. It was the best decision we could make. So by using pros and cons, we can make imperfect decisions that will work for us. And we have to understand there is no such thing as a perfect decision. There's also no such thing as a perfect product. When you'll create an a product, the first product you're going to make isn't going to be perfect. And if you are being held back from launching your product because you're worried that it's not perfect for everybody, is not going to solve every problem you wanted to solve. You're never gonna create that product. You have to create an imperfect product. Because when you first start, you don't know a perfect product looks like you have to accept the o going to launch an imperfect products. So you go into make it the best you can and then launch. And every decision should have a time limit. There should be a time limit to when that decision is going to be made. So if you're stuck in a decision and you will call in analysis paralysis, set a time limit for when that decision has to be made. And that's going to help you make imperfect decisions. Let's just say you've been looking at design in this product. And you've been looking at it for two weeks or two weeks. You've been sitting there thinking, whoa, B path at any speed this nice, but I will use site well, tomorrow afternoon, my time limit is I have to decide what this product is gonna look like. I'm going to have to go over and imperfect decision. Because if you don't, you just gonna kick and stuck in this analysis paralysis, which is very common for new entrepreneurs. And then every product launch should have a launch go. So if you've got a date when you're going to launch that product that's going to force you to make decisions. And most people are stuck in analysis paralysis. I guarantee they do not have a launch golf at a product, I can guarantee that you need a launch go. This will feed back into this idea that the market tests the product. Every product has to be tested by the market. You cannot do that, you will not the market. This is where we have to disassociate from our ability to create the perfect product. We can't. We put the best thing we can out there and then we let the market decide. And then we have to learn the technique of fire than a. So we have to learn to fire and then aim. So if you're playing a computer game, we'll aim at the enemy and amongst whoever is, and then you'll fire. But what entrepreneurs do is they fire then aim. And what that means is they figured out the general direction of the enemy, and then they fire in that direction. And then they snap that aim to the enemy as it becomes more and more clear, as you get more and more information from the market, amy gets better and you iterate the product. And this is really important to understand. You launch and then you iterate the product, you improve the product over time. And that is going to help you deal with analysis. Paralysis. Don't get stuck trying to make perfect decisions. Don't get stuck trying to make perfect products. Every decision, once you start getting stuck on that should have a time limit. And every product should have a launch gold. If you're going to launch product, have that launched, go, let the market tested and learned to fire than a, and that will deal with analysis, paralysis. 256. Mod 07 15 Journal Entry 62: Journal entry 60. To think about where you are as an entrepreneur, what steps could you take to start creating your own product? Make a note of these steps in your journal and consider starting the process settled go if needed. 256. Mod 08 02 Roast What You Caught In Hunting: Roast what you caught in hunting. Many entrepreneurs fail because they don't roast what they caught in hunting. They leave an asset unfinished. So what this principle talks about is you go out, you spend all your time hunting, you capture the data, you get an idea how you celebrate the fact that you're great because you're caught the data, you fall asleep and you leave that they're there. You don't skin the dear. You don't cook the data. You don't get the benefits of all hard work you put into the hunting because you don't finish the job. So here's some different ways that can happen. The entrepreneur does not launch the assets, so they go for all the process. And when actually gets to it, that our launch it to get bored and non traceable standard asset. Now talking about a minimum viable product here, this is below a minimum viable product. This is something that doesn't solve the problem. Once it's launched, they don't market the asset. I don't spend time helping people to find the product they've created. I don't review the asset. They don't go and look at it and what they need to improve. And they don't listen to the feedback. They don't go through that process of letting bulb refined the product. And the biggest one often find is I chase the next big, shiny thing whenever new business opportunity makes itself available online and I'm aware of it and I got involved in it. What tends to happen? Every time we can guarantee this happens, loss of people jump on to this new exciting idea and they do it for nine months, 12 months, 18 months. And then they slowly fade away and they disappear and they go off chasing some of a big shiny thing. I think essentially what we are trying to, they're trying to find a shortcut to wealth. But what happens is o, three 4-5 years into our business. And I know I'll make that business work. Now. I might start over businesses, but I won't stop what I'm doing to go and chase this other big shiny thing. And this is what the data drop, what they're playing with and they stopped playing with something else. And actually quite suddenly it's me because I know that if I stuck with it that make a success of the business. But because they get distracted, because they chase after the next thing that never quite finish. They never quite roast what they call in hunting. So something to be aware of, don't fall foul of this. Don't be a hair better tortoise finished the race. 256. Mod 08 03 Journal Entry 63: Journal entry 63. Think about where you are as an entrepreneur. What steps could you take to make sure you finish a project? You started? 256. Mod 08 04 Managing Entrepreneurial Anxiety: So let's talk about managing entrepreneurial anxiety. First step is create a business you enjoy. Most businesses are going to take two years to get really going and 5-years to really mine the profits in up potential business. So if you're going to be doing something the two to five years makes sure is on a subject or you're involved in something you actually enjoy. Consider your starting place. Now, lot of people will start as an entrepreneur and it might take them longer than other people. And that might be because they have less skill. So let's say for instance, there's an opportunity in the graphic design industry now someone who has maybe enjoyed are all alive but never trained formally as a graphic designer. Starts out business at the same time as someone who is an experienced graphic designer. The person that is in that from a position of enthusiasm is gonna take longer, starting from a star in places behind the other person. So when they look about of a person, I might be discouraged. But remember, when you're an entrepreneur, especially a new entrepreneur, there's a lot to learn is gonna take a little while. And what you'll find over the years is you'll set up a new business and it's much, much, much quicker. I saw this with my dog. The first business she's out chateau love training and it took her awhile. And that little mini business she set up, it probably took, I think six months for her to create and then 18 months for it to really start working for her. But then she sat up I never Business recently and now she's a lot more experienced. Four to five weeks, I think is Koster and that business is going to generate money because now she knows what she's doing. She doesn't have to the software, she doesn't have to learn marketing and sales. She knows what she's doing. So she has to do is create a product and put it out there. So if I compare her first business, plug constitutional or third or fourth business now that she set up and she's running. If I look at those two businesses and how long it took to get him going. That tells me straight away. That is the experience of being an entrepreneur. The speeds are up. So if it's taking you a little bit longer, dunk anxious about it. That is just normal. The first few businesses you set up, particularly the first one, will take much longer day at guard. And because everything is known. So consider and starting place. This is important as well. It's not always glamorous. Sometimes when you're creating products, there's a grind element to it takes time. Sometimes the marketing, you have to do it as a grind element. It takes time. Sometimes you have to do administration tasks and you have to keep the books. And it's not glamorous. It's not the point. You are going to have periods where it's not as enjoyable as over time. But that's okay, except that grind your way through that, push your way through that, and you will get back to the fun stuff. This is really important as well. Concentrate on your own farm. So if you set up a farm and your neighbors or set up a file. And then every night when you look over and you've managed to breed free cows, and he's got 18. You're going to look him and think, why is he does so well, why am I doing so bad? Don't worry about anybody else. You concentrate on your farm. You concentrate on your business and on your endeavors. You don't know what a lucky break he got, you don't know what experience he had and looking over the fence or what your neighbors doing. It's gonna provide no benefit unless you're learning from them. Concentrate on your own file. Don't worry about how everyone else is doing, especially if you come into an opportunity and you see people saying, oh, I'm a $10 thousand in my first free mumps or new located and you've made a $100 in your first free mumps. You'll look at your farm and you'll be tempted to give up. So I'll just not good at this. You don't know everything. And remember the tortoise always wins the race. Eventually, you will catch up. And you might even have a take a neighbor. But even then does not important. The only thing that's important is realizing your lifestyle and your dreams. So I just concentrate on your own file. Don't worry about other people. And that's going to help you manage any entrepreneurial anxiety in that area. And another thing to do is deal with one problem at a time. As an entrepreneur, you're solving problems and sometimes you'll get a few problems come up. One's just focus on one, deal with that. Spend time on that, leave DIA wants to one side, solve that, and then move on to the next one, and then move on to the next one. If you start getting pulled from pillar to post and all different directions, that can create a lot of anxiety. So prioritizes problems, deal with one problem, and then move on to the next issue. Find groups to connect to. If you are looking for an entrepreneurial group, I run a free one on Facebook, no sign-up required. Get in touch with me. And you can join that. But find other groups to connect to. Make sure you're spending time with other entrepreneurs and celebrate victory, reward yourself. This is really, really important. I see a lot of entrepreneurs don't do this. Whenever I get an achievement, I have launched a course or had a good month ago out, or have a meal, or celebrate our reward myself on my by myself something. I will verbally celebrate that with my wife. I will tell people, I will celebrate aloft. Entrepreneurs forget to do that or don't do that. And the dangerous you get focused on the problems and the struggles. But by celebrating a victory is glass half full, and it doesn't have to be a massive victory. It can be a tiny victory. But make sure you celebrate them. Make sure you reward yourself when you achieve something, no matter how big or how small. You will stand before kings. Now here's a really interesting principle. If you excel and concentrate and focus on work hard, you will gain the recognition that your hard work and your effort deserves. Now, sometimes it can seem that you are not getting the recognition for your hard work. It can save you are not being appreciated for what you're doing. But eventually if you're intelligent and you stick at it, you will be rewarded. Your expertise, your knowledge will be rewarded, and you will be recognized. So don't get anxious if it doesn't seem like you're getting much recognition or it doesn't seem like you're being appreciated the way your work deserves for you to be appreciated. In the end, people are diligent, the Excel master what they're doing. They stand before King. 256. Mod 08 05 Journal Entry 64: Journal entry 64. Making note of what jumped out to you in that lecture. And have a think about why was that important to you and make a note of why that was important to you in your journal. 256. Mod 08 06 Managing Energy Levels: Managing energy levels. Now, one of the important things we can do is create a diet and exercise plan. Now this isn't my strongest suit. I will be honest review here by have had to manage my diet and I have had to make sure that I have exercise in my life because a lot of my work is a dentary spent sitting down. So a few years ago I found out I was diabetic and I became diabetic and a lot of that was the entrepreneur lifestyle. Especially when you work from home all the time and effort is easy and relaxed. And you get busy and you don't take care of yourself. Well, fortunately now I adopted a dire and I had an exercise plan and my diabetes is now reverse and the doctors have said basically no further action is required. Now needs to maintain a good diet and I need to make sure I exercise. But one of the dangers with entrepreneurship is your health can suffer because you get so immersed and you enjoy what you're doing. And then you take shortcuts with your food and your diet because you don't have much time. So it's really good to have a diet and exercise plan that you follow as an entrepreneur. Now one of the things we also recommend is limit yourself to five hours of intensive work. And we talked about that earlier in the time blocking section. But it is important to do that so you can manage your energy levels. If you try to do ten hours of intensive work a day over an extended period, you're soon going to tie yourself out. Take frequent breaks, is you want to manage your energy levels. You want to sustain your energy levels. Breaks will help you disconnect from the intense stuff so that you can, again, sustain a good energy level. Take at least one day a week off and relax. We're not designed to work constantly. We need day off. Whenever I see someone started to burn out or get tired wherever it is an entrepreneur in the working world. I can straight away tell one of the major causes is when I look at their routine. So I had a friend really tired and I said we need to take off one day a week. And she said, well, I do as well. When do you take a day off to the side? Dates are so great. What do you do on Saturday? She says while i due to the hoovering and I do the washing and I do my shopping. I was like, well, you're not taking a day off. You need to take a day off every week, relax and with family, spending with friends. We need to rest. We need to reset, we need to recharge. And this is especially important for entrepreneurs who tend to work harder than everybody else because of their focus and their commitment growing their business. Make sure you have a hobby that is completely unrelated to your business. You need to be able to completely disconnected, get back go business. So this is similar to taking a day off, but hobby that you can do in the evenings. There is nothing to do with your business is a great way of just allowing your mind to rest and reset. So I have some hobbies are nothing to do with my business. And I find that when I gauged in those hobbies, now are really gets a disconnect to really get to forget about everything. And that really helps me reset and not become too obsessed with my business. And therefore, time ourself out and end up with low energy. So there's some tips there for you as an entrepreneur to help you manage your own energy levels. 256. Mod 08 07 Journal Entry 65: Journal entry 65, right down in your journal. Or you could do to maintain good health as an entrepreneur. 256. Mod 08 08 The Dishonest Partner: So let's talk about the dishonest partner. Doting on LA bands field should be temporary. So what this means is if you have sheeps and goes and you're building on someone else's filled, they get to control the terms and conditions. So this story comes from Jewish culture is recorded in the Old Testament. And basically what the band would do, he would keep changing the terms. He was a dishonest partner. So whenever we build on a site like Amazon or eBay or even mark and similar Facebook, we should always think how this is going to be temporary because we can never quite trust LeBon to behave themselves. You see, LeBon will never have the same values as you saw when we partner up with someone like Amazon or eBay, any of these things that don't see the world the same way you do. And that means that they can change the term N_0 times and we have to be prepared for that. So what that means is we diversify our partners with all the previous advice in place. We wouldn't just sell them one place would find different partners, so we're not exposed to the bad behavior of one partner. And the thing we have to be clear about is we shouldn't be surprised when LeBon doesn't behave the way we expect them to. Have a plan for when you will have your own. So if you're selling on Amazon, think about what is going to require for you to set up a business selling on your own website. Think about that long-term plan for that, be prepared to be let down by the dishonest partner, by the Ponder who changes the terms when it suits them. 256. Mod 08 09 Journal Entry 66: Journal entry 66. Make a note in your journal of some of the dangers of building on LA bands field. And what can you do to limit the risk of working with LeBon? 256. Mod 08 10 What To Do When You Have Arrived: So what to do when you have arrived in my group that I run for entrepreneurs on Facebook. When I was creating this course, I asked this question. I asked what would be something you would like to see in the course? And one person said, Well, what do you do when you've arrived? Gives a really interesting question. First, things fast and enjoy the fruits of your labor. You've worked hard, you've practiced deferred gratification. You're allowed now to enjoy the fruits of your labor. Your allowed now to have nice things, to have the nice cod, have nice furniture, to have a nice home, to have nice holidays. Don't deny yourself to enjoy it. Even the money you've arrived, that the fruits of your labor, and you decide what you're going to do with the fruits of your labor. One of the things I do and I encourage people to do is try and remember the pore, try and remember the people might need some help. If there's some way you can help people do that. If you've been blessed with these principles, pass the principles and teach someone else. Teach somebody else had to be an entrepreneur, teach someone else how to set up a business that's similar to what you've got. Allow all these blessings and these privileges, being a successful entrepreneur to flow out of you to someone else. And this is really important as well. Don't show off all of your treasure. So now there is this. There was a king in ancient times and there was a temple. And he showed everybody only ever king what was in his temperament had gold, tempo things and shields, candle sticks and effort. And it was amazing. And he brought all the kings over and he said to them, Have a look at this. Isn't this amazing? And they fought, it was amazing. So I went back to her armies, came back and took everything he had. So i have businesses that I don't tell anybody. I don't show them what I'm doing. I don't tell people about armed banks that don't show all of my treasures. Because of a show people what they were doing. There would be people would copy and dilute my marketplace. So be careful about who you show your businesses too. I'll be careful about sharing the secrets you've discovered in the success of your business, just with everybody in the world. Obviously there are a select few people you can pick and choose and you can coach and you can teach. If you show only your treasures, what you'll do is people will come in, look at what you're doing and now try and compete with you. And they just will end up tron and we're in the marketplace because they won't be original. I want to do something different. They will literally just tried to copy what you're doing. So be careful when you've arrived. Not to show all of your treasures. Says, I mean, you know, helping people. It doesn't mean you're not supporting people. It doesn't remain remembering the pole or teaching people. What you're doing is you're protecting your intellectual property. And placing that above the need to appear like the big, successful person, which is what happened with the king. The reason he was showing everyone is treasured. He was saying, look what an amazing king I am. Look all these treasures. And they did load. And like I said, they call the armies. They came and they took it and I planted it, took it away. So be aware of that. Don't show all of your treasure. So say these are just some recommendations. You don't have to do any of these. You don't have to listen to any of this. But these are just how I would respond to this question which I was asked. And therefore now I put that into the course. 256. Mod 08 11 Journal Entry 67: Journal entry 67. Make a note in your journal of some things you might do when you have arrived as a successful entrepreneur. And how will that feel? You're able to do those. Thanks. 256. Mod 08 12 List Of Entrepreneurial Principles: So in this video, you will find attached a list of entrepreneurial principles as a PDF. And there'll be in the resources section attached to this video. And these are principles you can download, print off and referred to as an entrepreneur. And then I'll suggest you add your own principles to doubtless as you grow in your knowledge and as you grow as an entrepreneur. 256. Mod 08 13 Thank You For Being A Great Student: Thank you for being a great student and sharing the diligence needed to get to the end of this course. This is a great sign that you're on the path to success. As an entrepreneur. I love to hear your success stories. So if this course has helped you in any way or inspired you in any way or changed the way east thinking anyway. And encourage you to leave a review if possible, or pop me a message. And let me know how this course has helped you, uh, want to hear your stories. I want to know how you've gone. And I'd love to know if how this course has changed your life and wish you all the best of luck with your entrepreneurial endeavors. And remember, the tortoise always wins the race. 256. Mod 08 01 Survival Tips: Survival tips, surviving as an entrepreneur. In this section, we're going to cover some of the things we didn't cover or didn't quite fit in the rest of the course. But we wanted to include as well roast what you caught in hunting. Managing entrepreneurial anxiety, managing energy levels, the dishonest partner, what to do when you have arrived. And a list of entrepreneurial principles.