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As soon as I left school, I started my first business,
which made me a multimillionaire
and gave me the life I'd always dreamed of.
This statement isn't just false,
it's pretty much impossible.
The trouble is, many people that want to get rich
are buying into this narrative
as it's so widespread on the internet.
Why?
Because it sounds so much easier than the reality.
If you want to get rich
but don't want to put in the hard work,
then I'd recommend buying a lottery ticket
and crossing your fingers
as it'll probably be more effective.
Don't get me wrong,
I did make my millions from starting successful businesses.
However, I didn't just jump straight into a business idea
after watching a top 10 side hustle video.
So when I say you have little to no chance
of starting a successful business straight out of school,
I'm not trying to crush your dreams, quite the opposite.
I want you to save your valuable time
and start building the skillsets you need to succeed.
So if you want to become rich, then listen up,
because if I was in your position,
I'd follow these six steps.
Step one, find your natural talents.
I hate the saying, follow your passion.
What if your passion doesn't have the ability
to make you money or even worse, you just don't have one.
It feels like one of those overused self-help sayings
that doesn't actually have any real substance around it.
Maybe people are drawn to advice like this
as the general population seem obsessed
with the idea of living a good, balanced and happy life.
This of course is an admirable goal.
However, a starving artist struggles to make money
and they rarely have any of these things.
My passion was to become an RAF fighter pilot,
but as soon as I found out I needed glasses,
that dream went out the window.
I could have continued down that path
and wasted valuable time.
However, I decided to park that passion for later in life
when I had enough money to complete my pilot's license
and fly planes for fun.
I made this choice as to be truly happy.
I believe you first need to fix the money issue
as never having enough can lead
to so many more problems down the road.
I can tell you this,
the journey to making substantial money isn't an easy one,
otherwise everyone would be doing it.
You just have to be very honest
about what you're actually good at.
Ray Dalio, owner of the world's largest hedge fund,
Bridgewater Capital, says that you have to find your game
and I couldn't agree more.
I remember trying my hand at a lot of different things
such as door-to-door fish sales, being a shop assistant,
flipping cars and teaching people
how to fly radio control helicopters.
From this, I identified I had natural talent
for dealing with people due to my strong social skills.
From then on, I really leaned into anything
that relied on me speaking face-to-face with customers
as I knew I could make sales that others could only dream of.
Have a think about the things that you're good at
and if there's a few common skills that connect them all,
those are your money makers.
At this stage, you should only be focusing on these skills
because it's much easier to get ahead improving on those
rather than starting from scratch
with something completely new.
You can use these natural skills to fix your money issues
and then from there, start improving in other areas.
Step two, dedicate everything to a job.
I know it's become very trendy to want to escape the matrix.
It's even got to the point
where people are quietly quitting their jobs.
This means they are doing the bare minimum,
keeping all their energy for their side hustles.
Although I understand the thinking behind this,
doing the bare minimum is something
that should never be celebrated.
That is the type of mindset
that ensures you'll never be successful
because the way you do the small things
is the way you'll do the big things.
When I was working as a carpenter,
I'd have days I just hated,
but I knew a sour attitude wouldn't get me anywhere.
Even a job like this can give you the opportunity
to practice important skills.
I learned woodwork, technical design,
quoting, and customer service.
I always believed in the phrase work to learn, not to earn.
When I worked in a factory,
I would always ask questions
and try to figure out how it all worked.
This later came in very handy
when I was traveling the world,
looking for the perfect place to manufacture my own products
as I knew what I was looking for.
My experience as an assistant
in a radio control model shop
helped me learn sales, communication,
and organizational skills
that I'd later train to my employees in my own shops.
In your current job,
try to understand why things are the way they are
without trying to argue or question your boss.
By looking just a little bit deeper,
you can find there's a reason why
pretty much everything is the way it is.
If it's good, keep note of it.
If it's bad, also keep note of it.
I'll explain why later.
Step three, nurture your contacts and your image.
These two really go hand in hand
because if you don't have a good image,
then the people you want to connect with
won't wanna be your friends.
It's harsh, but true.
We often make a quick assumption
about a person, right or wrong,
after meeting them just once.
Nowadays, due to social media,
you don't even have to meet someone
to have an opinion on them.
So how you present yourself in person
and online is very important.
I mean, think about some of your favorite YouTubers.
They all have something that makes them stand out.
For me, it's me old age and, of course, my wisdom.
Take your strengths from step one
and try to find a way to show them off
when you meet a new person
and leave an imprint in their mind.
After failing to qualify
for the Helicopter World Championships in Austria in 1993
and being absolutely devastated,
I devised a plan to make sure that I made an impact.
I noticed a loophole that would allow me to attend
as the team coach.
Once I secured my place,
I loaded my model helicopter with a secret weapon
and after the final competition, I executed my plan.
I flew the first ever model helicopter firework display.
Everyone was in awe.
The helicopter flipped and soared through the sky
followed by a glittering trail of sparks and explosions.
I was featured in many newspapers and TV shows
leading to me making a bigger impact
than any of the competition winners.
I was even asked to sign multiple autographs.
That was before selfies were even a thing.
Two years later,
I qualified for the World Championships in Japan
and everyone already knew my name
from that breathtaking night.
So you've got to be straight with yourself.
The world out there is too hard for you to be soft.
I think a better way of being great
is to go out there and practice the things
that will make you great
rather than telling yourself over and over in the mirror,
I'm great.
I'd say having proof is much better.
You don't have to be great at everything,
but the reason most men are so invisible nowadays
is that they're too afraid to take risks
for fear of standing out.
And in this era of distraction, social media
and quiet quitting,
it's easier than ever to stand out by excelling.
But it's also important not to be too self-absorbed.
Most people are more interested in themselves
than other people.
Becoming genuinely interested in others
can take you a long way in business and friendships,
even though it may seem like a waste of time.
Step four, identify improvements and write them down.
Remember how I said to write down the stuff that was good
and not so good about whatever business you're working in?
Well, here's the thing.
A lot of people who go into business do so
because the last boss they worked for
was a complete idiot.
At least that's kind of what happened to me.
Businesses are all about solving problems,
but the funny thing is,
businesses have tons of their own problems.
Whenever an issue comes up
and your boss has to hire some outside help,
keep a note of what the problem was and how it was solved.
I saw all the problems
in the radio control model shop I was working in,
such as not meeting customer demand with certain products,
a poor location and inexperienced staff.
I later used this information
to start a chain of model shops
that absolutely dominated the market.
This is the same idea behind hiring a mentor
or paying for consultants.
However, this way you're actually getting paid
while gaining the knowledge.
Step five, test your fixes with a side hustle.
Starting a business is scary.
It often means taking risks
and putting in lots of time and money upfront
without any guaranteed returns.
That's why it's so important to start with a side hustle.
Before starting my own range of radio control models,
I made sure to stock everything in my shops
to get a real handle on what actually sold and why.
One of my friends actually went one step further.
He wanted to start an e-commerce store,
but couldn't afford to take any risks
as he had very limited money.
His biggest fear was being left with inventory
that he just couldn't sell.
Then he had a brilliant idea.
What if he tried to sell a product he didn't have?
He first tested this out with resistance training bands
from China.
But instead of buying them and having them shipped over,
he just listed them for sale.
When the orders came in,
it gave him proof that the product was sellable.
So he refunded all the orders
and decided to buy the product
after he knew he could sell it.
He was able to test so many products using this approach.
One of the most important parts
of the testing process is measurement.
What gets measured gets managed.
That's the reason why elite athletes
always measure their stats.
There's this idea now in startups
called the Minimal Viable Product or MVP.
The term was coined by the CEO of a gaming business.
Basically, they had the rough idea for the game,
but left the details and the path of development
largely up to the feedback of the users.
What was once a very scrappy and buggy game
ended up becoming pretty amazing
by just listening to the feedback
and making constant improvements.
Testing your idea could be as simple
as just asking users what they think of it
in a Discord or a subreddit.
It's worth remembering, though,
the opinions of those that matter most
are the ones that buy your product.
And you won't know who those people are
until you start selling on a small scale.
Often you'll find that 80% of your results
are due to 20% of your side hustle.
This rule applies to many more things,
such as 80% of traffic accidents
are caused by 20% of drivers.
80% of wealth is controlled by 20% of the population.
80% of a company's productivity
is due to 20% of its employees.
And there are many more examples.
Step six, launch your business.
Now, before you start saying
I clickbaited you with the title, hear me out.
If you have followed all the steps
I've talked about in this video so far,
then your chances of succeeding as an entrepreneur
are dramatically improved.
I see way too many people starting a business
with absolutely zero skills that set them apart,
which means they're just going to fail
and become disheartened.
It's undeniable that the biggest billionaires out there
didn't get that way by just having a side hustle.
They did it by delivering value
to a huge number of people through a business.
So when you're analyzing the results of your side hustle,
try to see if you can identify
the best parts of what you're doing, the top 20%.
Then ask yourself, how can you do more of it
on a larger scale and reach more people?
If you'd like to be inspired with some side hustle ideas,
then you can watch this next video here,
but don't click on it just yet.
Make sure to subscribe if you want to grow your wealth, okay?
I'll see you over there.