100%! I’ve started 4 business so far on my journey. All failed except one. This particular service has been in demand for 1000s of years. All I had to do was put my name in the hat and tighten up my own focus now this business generate 5 figures a month. Depends on what you want to do but being money focused instead of passion focused was a huge evolution for me in business. Thanks for sharing the amazing content!
I think the main question here is what you said: passion focused VS money focused. If you go passion focused it's okay (I've been that way all my life), but you have to be aware and assume the downside of that (which is less probability of making money). If you go money focused maybe you end up doing more boring things but have a higher chance of living off that effort. To each his own. The most important thing here for me is to be aware of what game you're playing. Happy you got the business working!!!
I’m an actor, which is hard because it’s a combination of extreme execution risk AND idea risk. After about five years in LA, my “type” wasn’t really going anywhere in Hollywood. Was it me? Well, I moved to China and became famous in Chinese TV shows, films, and media. I had to take another big risk and completely pivot my market. Back in LA now, but it has been a wild ride.
@@goatofdeparture Thanks! I became fluent in Mandarin in under a year, basically studying non-stop in Beijing. Had some of my wildest dreams come true!
My dad was self made and always said you make your own luck. But he also said to plan for the worst and hope for the best. Mitigating as much risk as you can is crucial. Great video!
2:35, 3:23, 3:42, 3:58, 5:46, 8:58, 10:11, 12:11, 12:40, 13:14 -Only go after opportunities where there is execution risk not market-need risk. -Go after the "boring" proven business models with established market needs so the only risk is how well, how much, and how long you push/execute. -Go after businesses and business models that have worked and are working, that are virtually guaruanteed. -Set up the variables and play the games where it would be unreasonable that you don't succeed. -You need to look at the worst case scenarios and still be net positive before you go in. -So doing business is not risky the way I do it, it's just volatile and dependant on me (my skill/traits/beleifs and the execution that results from them).
Dang Alex this is A+++ content. For free! These 15 minutes are worth Millions of dollars to understand risk factors in building my business. Thanks so much Alex for keeping it real with your viewers. Cheers!
Alex, you deserve us and then some. Really appreciate all that you do. You are really a shining light in the online business education community. I’m new to the game and I’ve used a lot of this information to navigate my first year in business. Thank you 🙏🏼
And this is why starting off as an advertiser with *proven* high ticket offers eliminates so much risk. Because you can be a mediocre ad buyer / media buyer and still create an outsized differential between your EPCs and CPCs. But if you are paying $2, $3, $5, $10 a click and selling a $50 product you have to be a genius, with skill and luck (you will need all three)
The underlying idea is that execution skills are the most important skills to cultivate in business. In a sufficiently-long timeframe, they virtually guarantee a successful outcome. Great video!
Love this articulation... I'm the same way. Ended up owning part of a business with zero money on my end so the risk was extremely low but the return is infinite. Rare situation but it's the best of both worlds.
I love the format of clipping the silences. Very informative and straight to the point. This content helps grow my business intelligence so much faster. 💝💝
Just agree 1000% So many entrepreneurs are tricked by VCs and casino-gambling entrepreneurship against their will cause what they really want is 3x every 5 years with 95% certainty and hard work
Love this kind of thinking. Eliminate idea risk, stack the chips in my favour, assume everything will go wrong and can I still succeed. Wish adjusted basis thinking is important.
Thanks for the video it was so helpful and also thanks for being accurate and informative on the thumbnail. It was frightening when I clicked on one of your videos having no idea what it is gonna be about.
The idea vs execution risk division was really helpful for me. Also really enjoyed the elaboration on Bezos’ casino metaphor. Thanks for taking the time to condense and clarify so much in these videos. You’re an incredible curator!
I started a self storage business last year, at every step along the path I knew my downside was minimal. I remortgaged my house to buy the land knowing that commercial land prices were rising. I knew that even renting the land out empty with no storage units on it would cover the increased mortgage payments. Then I remortgaged a rental property I owned to buy the first 20 storage units knowing that even if it took me a year to rent them out I would make more money on them than the money was making by sitting in equity. In less than a year I have 86 individual units on the facility rented out and i am now looking for my second facility. I never had any idea that the demand would be as big yet I always hoped it might be. What you are saying is so true, look for opportunities where the downside is zero or limited but where the potential upside is vast. Its ok for Jeff Bezos to try 10 ideas and hope that one of them works, most of us can only afford one shot to get it right - and if you only get one shot, its a better mindset because then you have to make it work.
Yeah.. Alex your content is great. Since I found your channel I've been asking myself how this is possible. I've learned so much of consuming your content I feel like a different person. This is crazy.
You inadvertently explained the concept of Expected Value in probability theory which is the potential upside times the probability of success and ideally you wanted to take the risk that has the highest expected value provided their cost or downside is the same.
Curious on how you might approach sales messaging for high ticket vs low ticket offers/funnels differently. For example, a high ticket coaching program that’s 5000$/year versus a $300/year online training course. Obviously the camps of people that would be willing to pay for one or the other are vastly different, so I am curious if you would connect with each audience differently somehow in the marketing. Or would you just assume that the people joining the high ticket offer came up your value ladder from the lower ticket offer?
Could you make a video on your initial selection criterias, for a new acquisition, leading to what secondary criterias would be, and include if and how you would go about an acquisition that struck your interest, but you maybe your team had no past experience in it's line of business.
Very interesting. I agree 100% and have been basically doing the same thing as you (not 100mill yet though! Haha!) but in niche product businesses. Go for the boring products or services that people need 100%, execute well, and pump that cashflow.
I finally adopted a similar outlook on risk after a decade of chasing the sexy startup. Luckily I hit a single during that. Keep up the amazing content!
Always fascinating to learn from you, Alex. I generally try to make incremental profit / steps in my own business, but sometimes wonder if I should be swinging for the fences more, though I'm not sure what that would look like. Great video!
Could you talk about marketing from the perspective of someone who sells consumer products? In terms of basically how to start from 0, and increase sales? I've listened to you talk about the 6 different channels you can work through to get people to hear about you, and I largely agree. I know in general you tend to stick to high cost, lower sale count items because of margin, but I also know you have experience selling supplements which are not as expensive as your services and probably other products as well and I'm curious as to what insights you have on selling those kinds of products.
Such good stuff. You gotta respect the people who swing for the fences, but it does open the door to a significant amount of risk. Thanks for making this!
Another banger as always! I would love to hear more about how you track customer success and how you track each point of inflection! thanks Alex you’re a blessing to everyone who watches
Boring and Profitable. I love it. It's difficult sometimes to watch all these industries pop where I have lots of business ideas that "might" succeed. (Crypto, Metaverse, NFT's, Software, E-commerce) I have just kept my head down, stayed focused on my niche and continued to work to make our product better and better for our clients. It's been almost a decade but we're multiple 7 figures now and our business is simple and very valuable for our clients. Thanks for the amazing content Alex!
Great for you as long as you don’t feel jealous of the disruptors winning big once in a while. I think it’s not whether which side is right or wrong but how do you want to contribute your own life and play the game. It’s interesting because Alex mentioned he wants to get the money then do cool shit once he is definitely rich and I think his friend is doing the opposite which sounds like a paradox 😂
That was a great video. Your reasoning makes more sense, since why swing big if I can do the same thing with three singles and get to enjoy life along the way.?
Love all you videos. Wish I had some impactful question to ask. I have watched just about everything and you have answered them really. Other than how you would recommend someone starting a business. In my case I am looking at doing marketing and social media management.
Totally agree, run a pool cleaning business. And he's 100% right. There is a ton of money in surefire businesses. Dont reinvent the wheel unless you can afford to suck a while.
Can you make a video on actually buying boring businesses such as car washes, etc. I’m currently looking in my area for a car wash but I’m unsure if I should get an sba loan or an investor. This will be my first brick and mortar business.
Super interesting perspective and thought process around business opportunities and decisions over the long term! Appreciate you sharing this Alex. It’s allowing me to think deeper about the biz I want to start in future and the years I’d trade for it for uncertain success.
Absolutely agree! The least sexy industries often have some of the highest returns over time. Like Grant Cardone says " It's not about getting rich quick, it's about getting rich for sure!"
Hi Alex, Here's my Q: I would like to know how do you go about identifying the critical path in your execution plan for a start-up with a sound product offering (demand already exist and has been validated) but still in pre-launch phase (no audience). We operate in the B2B sector and our product is specifically for Security Business operators. BTW, thank you for sharing your knowledge and time with us.
I love your content, Alex!! Just wanted to give a tip though.. don’t cut out as many of the pauses, or speak a little slower… you have so much good info but it’s flying by so fast that my brain can’t pick it up! I have to rewind and relisten to stuff constantly… I used to do this in my video tutorials as well, but found that it helped people way more when I slowed down. Love your videos, thank you for all that you do! 🙌
This video hit home. Never had anyone explain it like this but I get it. Self awareness is huge and I see what I need to do. Time to do. Thank You Alex!
Eliminate Risk, do things that have certainty. It Takes time, money and effort to build things. You have limited time. Go for the sure thing and try to get great returns plenty of times. Don't go for a very risky thing trying to get one massive return once.
Hi Alex, thanks so much for sharing your knowledge and invaluable insights. Not applicable on this video, but how would one go about building a following for a brand without relying on a strong personal brand. Can I build a reputation for my new business without creating a personal presence?
I have a question. How do I (didn't achieve anything yet) attract high value people who can teach me. (Assuming I can and if answer is no then at what stage of my life it is?)
if you are an operator in the business (like your wife) how do you recommend finding the idea/visionary person? Or for a broader scope, what is your decision criteria for getting into business with someone?
This is the kind of thing that we don't see people talking about. It's incredible the level of clarity that Alex brings.
Yeh Alex's stuff just hits differently.
100%! I’ve started 4 business so far on my journey. All failed except one. This particular service has been in demand for 1000s of years. All I had to do was put my name in the hat and tighten up my own focus now this business generate 5 figures a month. Depends on what you want to do but being money focused instead of passion focused was a huge evolution for me in business. Thanks for sharing the amazing content!
what niche is your business in if you don't mind answering?
@@ActiveLearner111 it’s on my channel but Decks,Brick Pavers, Pressure Washing anything home improvement
Gigolo?
@@xJoeKing I'm a man of God now
I think the main question here is what you said: passion focused VS money focused. If you go passion focused it's okay (I've been that way all my life), but you have to be aware and assume the downside of that (which is less probability of making money). If you go money focused maybe you end up doing more boring things but have a higher chance of living off that effort. To each his own. The most important thing here for me is to be aware of what game you're playing.
Happy you got the business working!!!
I’m an actor, which is hard because it’s a combination of extreme execution risk AND idea risk. After about five years in LA, my “type” wasn’t really going anywhere in Hollywood. Was it me? Well, I moved to China and became famous in Chinese TV shows, films, and media. I had to take another big risk and completely pivot my market. Back in LA now, but it has been a wild ride.
Don’t know you but that’s very inspirational
@@goatofdeparture Thanks! I became fluent in Mandarin in under a year, basically studying non-stop in Beijing. Had some of my wildest dreams come true!
My dad was self made and always said you make your own luck. But he also said to plan for the worst and hope for the best. Mitigating as much risk as you can is crucial. Great video!
Billy Zane?
2:35, 3:23, 3:42, 3:58, 5:46, 8:58, 10:11, 12:11, 12:40, 13:14
-Only go after opportunities where there is execution risk not market-need risk.
-Go after the "boring" proven business models with established market needs so the only risk is how well, how much, and how long you push/execute.
-Go after businesses and business models that have worked and are working, that are virtually guaruanteed.
-Set up the variables and play the games where it would be unreasonable that you don't succeed.
-You need to look at the worst case scenarios and still be net positive before you go in.
-So doing business is not risky the way I do it, it's just volatile and dependant on me (my skill/traits/beleifs and the execution that results from them).
Dang Alex this is A+++ content. For free! These 15 minutes are worth Millions of dollars to understand risk factors in building my business. Thanks so much Alex for keeping it real with your viewers. Cheers!
Alex, you deserve us and then some. Really appreciate all that you do. You are really a shining light in the online business education community. I’m new to the game and I’ve used a lot of this information to navigate my first year in business. Thank you 🙏🏼
Never cease to amaze me with your "Well thought out content" Thanks Alex
Please make a video on your Framework Creation Processes.
This is one of your Superpowers in my opinion.
Thanks for sharing your thoughts!
Good suggestion
And this is why starting off as an advertiser with *proven* high ticket offers eliminates so much risk. Because you can be a mediocre ad buyer / media buyer and still create an outsized differential between your EPCs and CPCs. But if you are paying $2, $3, $5, $10 a click and selling a $50 product you have to be a genius, with skill and luck (you will need all three)
Man, your videos are always full of top-quality & helpful content! Kudos to you!
The underlying idea is that execution skills are the most important skills to cultivate in business. In a sufficiently-long timeframe, they virtually guarantee a successful outcome. Great video!
Love this articulation... I'm the same way. Ended up owning part of a business with zero money on my end so the risk was extremely low but the return is infinite. Rare situation but it's the best of both worlds.
I love the format of clipping the silences. Very informative and straight to the point. This content helps grow my business intelligence so much faster. 💝💝
that was incredible!!!!!!!!!!
The fact you shot this in a closet and can still make a good video motivates me to keep making videos with no equipment or studio
This is so eye opening. I always knew I was not looking for the easiest way to make money, but what things decrease my risk of going to zero/failing.
The CTA at the end is a good move! We often forget how helpful it is for content creator! I'll always like and comment on your videos from now on! 👑🙏
Just agree 1000%
So many entrepreneurs are tricked by VCs and casino-gambling entrepreneurship against their will cause what they really want is 3x every 5 years with 95% certainty and hard work
Love the new video style with graphics! The lists and subtotal are the most helpful.
Love this kind of thinking. Eliminate idea risk, stack the chips in my favour, assume everything will go wrong and can I still succeed. Wish adjusted basis thinking is important.
Thanks for the video it was so helpful and also thanks for being accurate and informative on the thumbnail. It was frightening when I clicked on one of your videos having no idea what it is gonna be about.
God is always there with you, Alex. No matter the circumstances, He always has, always is and always will be until your last breath.
The idea vs execution risk division was really helpful for me. Also really enjoyed the elaboration on Bezos’ casino metaphor. Thanks for taking the time to condense and clarify so much in these videos. You’re an incredible curator!
The idea risk is crucial and is more important than the execution risk that comes afterwards! Helpful tips, Alex 🙌
Can you make a video on why you didn't lean into media and code as forms of business leverage earlier in your journey?
I do believe he said that it purely because he was always in the fitness industry and labour was the only leverage he had at the time
He did a interview with Lewis Howis last week and he discussed it in depth
@@gilbertvillanos2526 can you share the link???
Maybe the best business advice I’ve ever gotten. Thanks Alex.
I started a self storage business last year, at every step along the path I knew my downside was minimal. I remortgaged my house to buy the land knowing that commercial land prices were rising. I knew that even renting the land out empty with no storage units on it would cover the increased mortgage payments. Then I remortgaged a rental property I owned to buy the first 20 storage units knowing that even if it took me a year to rent them out I would make more money on them than the money was making by sitting in equity. In less than a year I have 86 individual units on the facility rented out and i am now looking for my second facility. I never had any idea that the demand would be as big yet I always hoped it might be. What you are saying is so true, look for opportunities where the downside is zero or limited but where the potential upside is vast. Its ok for Jeff Bezos to try 10 ideas and hope that one of them works, most of us can only afford one shot to get it right - and if you only get one shot, its a better mindset because then you have to make it work.
Yeah.. Alex your content is great. Since I found your channel I've been asking myself how this is possible. I've learned so much of consuming your content I feel like a different person. This is crazy.
New to your videos but quickly became an educated junky 😂. Love the content thanks ! 💪
I just love you man ,you are the best.
You inadvertently explained the concept of Expected Value in probability theory which is the potential upside times the probability of success and ideally you wanted to take the risk that has the highest expected value provided their cost or downside is the same.
Curious on how you might approach sales messaging for high ticket vs low ticket offers/funnels differently. For example, a high ticket coaching program that’s 5000$/year versus a $300/year online training course.
Obviously the camps of people that would be willing to pay for one or the other are vastly different, so I am curious if you would connect with each audience differently somehow in the marketing.
Or would you just assume that the people joining the high ticket offer came up your value ladder from the lower ticket offer?
Really nice improvement on video quality. Uve been awesome from day1. Thanks fr the contents
Thanks as always Alex! You da man
Could you make a video on your initial selection criterias, for a new acquisition, leading to what secondary criterias would be, and include if and how you would go about an acquisition that struck your interest, but you maybe your team had no past experience in it's line of business.
Yeah that's such a good advice. Very helpful video. Thanks Alex!
Hey Alex!
Love from India ♥️
Please make a ENTREPRENEUR'S TOOLKIT playlist, explaining different concepts and terms of business
man, you're just simply awesome. Thanks for all your wisdom
Great one, Fooled by Randomness by Nassim Taleb is a great book on this subject
Very interesting. I agree 100% and have been basically doing the same thing as you (not 100mill yet though! Haha!) but in niche product businesses. Go for the boring products or services that people need 100%, execute well, and pump that cashflow.
Gold. Many similar ideas discussed in the book Risk Intelligence by David Apgar.
I liked how you converted years to dollars to define the risk clearly for entrepreneurs.
I finally adopted a similar outlook on risk after a decade of chasing the sexy startup. Luckily I hit a single during that. Keep up the amazing content!
Keep it coming love the real talk
Always fascinating to learn from you, Alex. I generally try to make incremental profit / steps in my own business, but sometimes wonder if I should be swinging for the fences more, though I'm not sure what that would look like. Great video!
Could you talk about marketing from the perspective of someone who sells consumer products? In terms of basically how to start from 0, and increase sales? I've listened to you talk about the 6 different channels you can work through to get people to hear about you, and I largely agree. I know in general you tend to stick to high cost, lower sale count items because of margin, but I also know you have experience selling supplements which are not as expensive as your services and probably other products as well and I'm curious as to what insights you have on selling those kinds of products.
Yes please!!!
+1
Such good stuff. You gotta respect the people who swing for the fences, but it does open the door to a significant amount of risk. Thanks for making this!
The new edits on the channel looks great, whoever produces these is doing a good job
Crazy value 💪 It would be cool to see a video expanding on the best types of "proven idea" businesses and/or the demands they satisfy
Another banger as always! I would love to hear more about how you track customer success and how you track each point of inflection! thanks Alex you’re a blessing to everyone who watches
Boring and Profitable. I love it. It's difficult sometimes to watch all these industries pop where I have lots of business ideas that "might" succeed. (Crypto, Metaverse, NFT's, Software, E-commerce) I have just kept my head down, stayed focused on my niche and continued to work to make our product better and better for our clients. It's been almost a decade but we're multiple 7 figures now and our business is simple and very valuable for our clients. Thanks for the amazing content Alex!
Great for you as long as you don’t feel jealous of the disruptors winning big once in a while. I think it’s not whether which side is right or wrong but how do you want to contribute your own life and play the game. It’s interesting because Alex mentioned he wants to get the money then do cool shit once he is definitely rich and I think his friend is doing the opposite which sounds like a paradox 😂
Thank you for sharing your thoughts. Truly appreciate it 🙏
I really appreciate your content.
That was a great video. Your reasoning makes more sense, since why swing big if I can do the same thing with three singles and get to enjoy life along the way.?
This is the path I've been trying to take and I've never heard it validated from an influencer before. Thank you!
This is refreshing Alex, thank you!
Great video Alex! Learned a lot by watching this!!
Wow, mind blown and put back together in one talk.
Love all you videos. Wish I had some impactful question to ask. I have watched just about everything and you have answered them really. Other than how you would recommend someone starting a business. In my case I am looking at doing marketing and social media management.
Totally agree, run a pool cleaning business. And he's 100% right. There is a ton of money in surefire businesses. Dont reinvent the wheel unless you can afford to suck a while.
Can you make a video on actually buying boring businesses such as car washes, etc. I’m currently looking in my area for a car wash but I’m unsure if I should get an sba loan or an investor. This will be my first brick and mortar business.
New microphone setup? Sounds better. Maybe just a new MacBook Pro
Thank you!
Exactly what I needed to hear
Gurus say it's impossible to fail with a system, but you always have to consider this.
Very helpful. Thank you!
I needed to hear this . Thank you for sharing . Happy 4th !
I was just getting to understand the close relationship between risk and luck yesterday
god damn this guy never misses
Great content as alwaysAlex, loved the examples with the rock and the casino.
Great video! Keep them coming sir! Still surprised your content is free!!
Super interesting perspective and thought process around business opportunities and decisions over the long term! Appreciate you sharing this Alex.
It’s allowing me to think deeper about the biz I want to start in future and the years I’d trade for it for uncertain success.
Absolutely agree! The least sexy industries often have some of the highest returns over time. Like Grant Cardone says " It's not about getting rich quick, it's about getting rich for sure!"
What is the furthest you can get with 0 luck and 100% efford?
Hi Alex, Here's my Q: I would like to know how do you go about identifying the critical path in your execution plan for a start-up with a sound product offering (demand already exist and has been validated) but still in pre-launch phase (no audience). We operate in the B2B sector and our product is specifically for Security Business operators. BTW, thank you for sharing your knowledge and time with us.
This guy legit looks like Wolverine.
This was very helpful 🙌 thank you
I love your content, Alex!! Just wanted to give a tip though.. don’t cut out as many of the pauses, or speak a little slower… you have so much good info but it’s flying by so fast that my brain can’t pick it up! I have to rewind and relisten to stuff constantly… I used to do this in my video tutorials as well, but found that it helped people way more when I slowed down.
Love your videos, thank you for all that you do! 🙌
Really into risk, thinking about business these days. Thank you so much for this video! ❤
:You are an absolute savage when it comes to business
Amazing insights, bet on a sure thing!
really refreshing look on business between all the survivorship biased bs gurus that only tout taking the biggest risks as often as possible
Thank You Alex for another great lesson!
Oh man, I so needed to hear this as I've been split on opportunities. This made things CRYSTAL CLEAR. Thank you!!!
This video hit home. Never had anyone explain it like this but I get it. Self awareness is huge and I see what I need to do. Time to do. Thank You Alex!
Damn this video def didn’t hit the algo the way it should have. 🔥🐐
Eliminate Risk, do things that have certainty.
It Takes time, money and effort to build things.
You have limited time.
Go for the sure thing and try to get great returns plenty of times.
Don't go for a very risky thing trying to get one massive return once.
Alex this is gold. thanks.
im going through some real rough regalutory issues right now.
This risk averse business strategy kind of reminds of Nassim Nicholas Taleb's teachings.
Amazing video!!
would you prefer a product business or a service?
Love you, Alex
Alex, create some videos about lead-gen or outreach to prospects.
Hi Alex, thanks so much for sharing your knowledge and invaluable insights. Not applicable on this video, but how would one go about building a following for a brand without relying on a strong personal brand. Can I build a reputation for my new business without creating a personal presence?
I have a question. How do I (didn't achieve anything yet) attract high value people who can teach me. (Assuming I can and if answer is no then at what stage of my life it is?)
There's only two ways. Pay them or pitch them for free time.
Amazing video Alex, thank you for sharing.
Game changing.
Infinite Game
+
Winnable Games
if you are an operator in the business (like your wife) how do you recommend finding the idea/visionary person? Or for a broader scope, what is your decision criteria for getting into business with someone?