1 00:00:00,000 --> 00:00:03,600 All right, so you have this incredible business idea, right? 2 00:00:03,600 --> 00:00:05,600 It's amazing. 3 00:00:05,600 --> 00:00:08,320 And maybe it just hit you all at once. 4 00:00:08,320 --> 00:00:12,560 Or maybe it's been kind of, you know, slowly developing in your mind for a while. 5 00:00:12,560 --> 00:00:13,200 That's great. 6 00:00:13,200 --> 00:00:14,080 That's awesome. 7 00:00:14,080 --> 00:00:16,000 We are so excited for you. 8 00:00:16,000 --> 00:00:16,400 Yeah. 9 00:00:16,400 --> 00:00:17,600 But here's the thing. 10 00:00:17,600 --> 00:00:18,480 Yeah, there's a. 11 00:00:18,480 --> 00:00:20,800 And all of our sources were very clear about this. 12 00:00:20,800 --> 00:00:21,440 Yeah. 13 00:00:21,440 --> 00:00:25,600 Really great ideas can totally fail if you don't really put them through, like, you know, 14 00:00:25,600 --> 00:00:26,320 the test. 15 00:00:26,320 --> 00:00:26,560 Yeah. 16 00:00:26,560 --> 00:00:28,480 No one wants to launch and then hear crickets. 17 00:00:28,480 --> 00:00:29,040 It's. 18 00:00:29,040 --> 00:00:30,320 Nobody wants crickets. 19 00:00:30,320 --> 00:00:31,120 You know what I mean? 20 00:00:31,120 --> 00:00:32,400 Like, total silence. 21 00:00:32,400 --> 00:00:34,320 Because no one's buying what you're selling. 22 00:00:34,320 --> 00:00:35,120 Oh, man. 23 00:00:35,120 --> 00:00:37,600 So this deep dive we're doing is like a boot camp. 24 00:00:37,600 --> 00:00:38,160 Right. 25 00:00:38,160 --> 00:00:40,080 It's like a chance to get yourself totally ready. 26 00:00:40,080 --> 00:00:45,040 Because we're going to cover stuff that most new business owners don't even think about. 27 00:00:45,040 --> 00:00:45,360 Yeah. 28 00:00:45,360 --> 00:00:47,280 We're going to talk about SWOT analysis. 29 00:00:47,280 --> 00:00:50,560 We're going to look at financial modeling and how to do it without getting, like, 30 00:00:50,560 --> 00:00:51,920 totally lost in the weeds. 31 00:00:51,920 --> 00:00:52,480 Yeah. 32 00:00:52,480 --> 00:00:57,600 And we're even going to check out how to pivot, you know, like how to change direction 33 00:00:57,600 --> 00:00:58,480 if you need to. 34 00:00:58,480 --> 00:00:59,120 Change course. 35 00:00:59,120 --> 00:00:59,600 Yeah. 36 00:00:59,600 --> 00:01:04,640 All of that to help you build a business that not only makes it, but really thrives. 37 00:01:04,640 --> 00:01:05,360 Totally. 38 00:01:05,360 --> 00:01:05,680 Okay. 39 00:01:05,680 --> 00:01:07,360 So SWOT analysis. 40 00:01:07,360 --> 00:01:07,600 Yeah. 41 00:01:07,600 --> 00:01:11,360 It's one of those things that everyone's always like, oh yeah, SWOT analysis, but they don't really. 42 00:01:11,360 --> 00:01:12,320 Yeah, it gets tossed around. 43 00:01:12,320 --> 00:01:13,040 That's what it's all about. 44 00:01:13,040 --> 00:01:14,880 A lot of buzzwords get tossed around. 45 00:01:14,880 --> 00:01:15,200 Right. 46 00:01:15,200 --> 00:01:16,960 It's not just like a checklist or something. 47 00:01:16,960 --> 00:01:22,400 It's really powerful because it forces you to look at the stuff that's not so great, 48 00:01:22,400 --> 00:01:26,080 the weaknesses and the threats that maybe you don't even want to think about. 49 00:01:26,080 --> 00:01:26,640 Like, 50 00:01:26,640 --> 00:01:27,840 what could go wrong? 51 00:01:27,840 --> 00:01:28,640 Yeah. 52 00:01:28,640 --> 00:01:30,320 Think about blockbuster video, right? 53 00:01:30,320 --> 00:01:31,120 Oh yeah. 54 00:01:31,120 --> 00:01:34,320 They were like the kings of movie rentals. 55 00:01:34,320 --> 00:01:35,120 Totally. 56 00:01:35,120 --> 00:01:40,880 But you know, they probably didn't think hard enough about like the threat of streaming when 57 00:01:40,880 --> 00:01:42,800 they were doing their SWOT analysis. 58 00:01:42,800 --> 00:01:45,360 If they had, maybe things would have gone differently for them. 59 00:01:45,360 --> 00:01:46,080 Maybe, yeah. 60 00:01:46,080 --> 00:01:47,920 That's just one example, right? 61 00:01:47,920 --> 00:01:52,160 But a really good SWOT analysis, it's all about honesty. 62 00:01:52,160 --> 00:01:52,640 Absolutely. 63 00:01:52,640 --> 00:01:55,200 Like brutal honesty with yourself. 64 00:01:55,200 --> 00:01:59,360 It's so much better to find out that something's wrong with your idea before you spent like all 65 00:01:59,360 --> 00:02:01,520 your money and a year of your life on it. 66 00:02:01,520 --> 00:02:02,320 Oh, absolutely. 67 00:02:02,320 --> 00:02:03,760 It's like that saying, right? 68 00:02:04,480 --> 00:02:05,200 What is it? 69 00:02:05,200 --> 00:02:07,040 Four warned is four armed or something like that? 70 00:02:07,040 --> 00:02:08,480 Yeah, four warned is four armed. 71 00:02:08,480 --> 00:02:09,440 I think that's how it goes. 72 00:02:09,440 --> 00:02:09,920 No. 73 00:02:09,920 --> 00:02:10,000 Yeah. 74 00:02:10,000 --> 00:02:11,440 But let's be real for a second. 75 00:02:11,440 --> 00:02:11,920 Okay. 76 00:02:11,920 --> 00:02:15,520 For a lot of people, the thought of diving into like the financial stuff, 77 00:02:15,520 --> 00:02:16,000 Yeah. 78 00:02:16,000 --> 00:02:17,600 it can be a little scary. 79 00:02:17,600 --> 00:02:18,400 It can be daunting. 80 00:02:18,400 --> 00:02:21,520 Even the source we were looking at said they used to hate doing it. 81 00:02:21,520 --> 00:02:21,760 Right. 82 00:02:21,760 --> 00:02:22,800 But think about it this way. 83 00:02:22,800 --> 00:02:28,800 A financial model, it's not about like torturing yourself with spreadsheets. 84 00:02:28,800 --> 00:02:29,120 Yeah. 85 00:02:29,120 --> 00:02:32,400 It's more like having directions for your business. 86 00:02:32,400 --> 00:02:32,800 Right. 87 00:02:32,800 --> 00:02:33,520 Like a roadmap. 88 00:02:33,520 --> 00:02:34,000 Yeah. 89 00:02:34,000 --> 00:02:39,760 Imagine if you were a ship setting sail without a map or a compass or anything. 90 00:02:39,760 --> 00:02:40,240 Right. 91 00:02:40,240 --> 00:02:41,760 You'd probably end up totally lost. 92 00:02:41,760 --> 00:02:42,240 Right. 93 00:02:42,240 --> 00:02:42,800 It's shipwrecked. 94 00:02:42,800 --> 00:02:43,280 Wrecked. 95 00:02:43,280 --> 00:02:43,520 Yeah. 96 00:02:43,520 --> 00:02:48,400 But your financial model, that's what helps you plan out your course. 97 00:02:48,400 --> 00:02:48,880 Yes. 98 00:02:48,880 --> 00:02:55,360 Make sure you're actually making money and not like losing it and helps you avoid those 99 00:02:55,360 --> 00:02:58,240 really expensive mistakes that can happen along the way. 100 00:02:58,240 --> 00:02:59,520 The costly mistakes. 101 00:02:59,520 --> 00:02:59,920 Yeah. 102 00:02:59,920 --> 00:03:01,200 I love that analogy. 103 00:03:01,200 --> 00:03:02,560 The ship, the roadmap. 104 00:03:02,560 --> 00:03:02,880 Yeah. 105 00:03:02,880 --> 00:03:06,640 Makes it seem a lot less like a chore and a lot more strategic. 106 00:03:06,640 --> 00:03:08,880 Definitely more like a tool than a torture device. 107 00:03:08,880 --> 00:03:09,680 Exactly. 108 00:03:09,680 --> 00:03:13,120 And something our source mentioned was like scalability. 109 00:03:13,120 --> 00:03:14,000 Okay. 110 00:03:14,000 --> 00:03:18,240 So say you create this product and you sell 100 of them, awesome. 111 00:03:18,240 --> 00:03:18,640 Yeah. 112 00:03:18,640 --> 00:03:18,880 But. 113 00:03:18,880 --> 00:03:20,480 What if you sell a thousand? 114 00:03:20,480 --> 00:03:21,040 Right. 115 00:03:21,040 --> 00:03:24,640 What happens when you sell a thousand or 10,000 or even a million? 116 00:03:24,640 --> 00:03:25,040 Right. 117 00:03:25,040 --> 00:03:27,040 Does your business model totally fall apart? 118 00:03:27,040 --> 00:03:28,000 Can I handle it? 119 00:03:28,000 --> 00:03:28,240 Yeah. 120 00:03:28,240 --> 00:03:29,360 That's a really good point, right? 121 00:03:29,360 --> 00:03:30,080 Yeah. 122 00:03:30,080 --> 00:03:31,920 It's not just about making any profit. 123 00:03:31,920 --> 00:03:33,680 It's about being able to grow. 124 00:03:33,680 --> 00:03:34,240 Totally. 125 00:03:34,240 --> 00:03:39,440 And speaking of actually testing things out in the real world, our source was really big on like 126 00:03:40,320 --> 00:03:41,760 putting your money where your mouth is. 127 00:03:41,760 --> 00:03:42,320 Right. 128 00:03:42,320 --> 00:03:42,960 No more pretend. 129 00:03:42,960 --> 00:03:48,160 You got to actually test it out with real customers and make real sales. 130 00:03:48,160 --> 00:03:48,800 Real money. 131 00:03:48,800 --> 00:03:49,280 Yeah. 132 00:03:49,280 --> 00:03:53,680 It's like it's kind of like reading a cookbook versus actually cooking something. 133 00:03:53,680 --> 00:03:54,080 Right. 134 00:03:54,080 --> 00:03:55,680 You might think you know what you're doing. 135 00:03:55,680 --> 00:03:55,840 Yeah. 136 00:03:55,840 --> 00:03:57,200 You've read the recipe. 137 00:03:57,200 --> 00:04:00,480 But until you're in the kitchen and you're actually working with the ingredient. 138 00:04:00,480 --> 00:04:01,760 Until you get your hands dirty. 139 00:04:01,760 --> 00:04:02,000 Yeah. 140 00:04:02,000 --> 00:04:03,200 You don't know for sure. 141 00:04:03,200 --> 00:04:03,920 Exactly. 142 00:04:03,920 --> 00:04:04,320 Okay. 143 00:04:04,320 --> 00:04:09,120 So we've talked about making sure your idea is actually a good one, you know, validating it, 144 00:04:09,120 --> 00:04:13,280 using the SWAT analysis to really break it down and planning on your financials. 145 00:04:13,280 --> 00:04:18,160 Uh-huh. But what if you've done all of that and you're like, uh-oh. 146 00:04:18,160 --> 00:04:18,960 Oh no. 147 00:04:20,480 --> 00:04:23,120 This isn't really working the way I thought it would. 148 00:04:23,120 --> 00:04:25,040 This isn't quite what I thought it was going to be. 149 00:04:25,040 --> 00:04:26,880 That's where the whole pivot thing comes in, right? 150 00:04:26,880 --> 00:04:27,200 Yes. 151 00:04:27,200 --> 00:04:28,240 The pivot comes in. 152 00:04:28,240 --> 00:04:31,200 Our source had a really great way to explain this. 153 00:04:31,200 --> 00:04:31,440 Okay. 154 00:04:31,440 --> 00:04:32,560 I like a good explanation. 155 00:04:32,560 --> 00:04:34,160 They said to think about cooking. 156 00:04:34,160 --> 00:04:34,640 All right. 157 00:04:34,640 --> 00:04:36,800 So let's say you're planning to make pasta. 158 00:04:36,800 --> 00:04:37,840 Oh, that's nice. 159 00:04:37,840 --> 00:04:42,240 But then you realize you don't have the sauce that you wanted. 160 00:04:42,240 --> 00:04:43,360 Oh. 161 00:04:43,360 --> 00:04:45,360 Do you just give up and say no dinner? 162 00:04:45,360 --> 00:04:45,760 Yep. 163 00:04:45,760 --> 00:04:45,920 No? 164 00:04:45,920 --> 00:04:46,640 No. 165 00:04:46,640 --> 00:04:46,720 No. 166 00:04:46,720 --> 00:04:47,520 Pivot? 167 00:04:47,520 --> 00:04:48,240 You pivot. 168 00:04:48,240 --> 00:04:52,640 You look at what you do have and maybe you make an awesome pesto instead. 169 00:04:52,640 --> 00:04:53,760 Yeah, pesto it is. 170 00:04:53,760 --> 00:04:55,120 So you're not giving up? 171 00:04:55,120 --> 00:04:56,480 You're not totally quitting. 172 00:04:56,480 --> 00:04:57,920 You're being resourceful. 173 00:04:57,920 --> 00:04:58,560 Resourceful. 174 00:04:58,560 --> 00:04:59,520 Adaptable. 175 00:04:59,520 --> 00:05:00,080 Adaptable. 176 00:05:00,080 --> 00:05:01,040 Like in the kitchen. 177 00:05:01,040 --> 00:05:01,520 Hopefully. 178 00:05:01,520 --> 00:05:03,360 You just have to have the guts to say, 179 00:05:03,360 --> 00:05:05,760 okay, this isn't going exactly how I planned. 180 00:05:05,760 --> 00:05:06,080 Right. 181 00:05:06,080 --> 00:05:07,280 But how can I make it better? 182 00:05:07,280 --> 00:05:08,000 In between it? 183 00:05:08,000 --> 00:05:09,520 Maybe change it completely? 184 00:05:09,520 --> 00:05:10,240 Totally. 185 00:05:10,240 --> 00:05:10,480 Yeah. 186 00:05:10,480 --> 00:05:17,120 And our source had some really inspiring examples of companies that totally nailed this whole pivot thing. 187 00:05:17,120 --> 00:05:17,520 Oh, yeah. 188 00:05:18,000 --> 00:05:18,160 Like? 189 00:05:18,720 --> 00:05:19,680 Like Instagram. 190 00:05:19,680 --> 00:05:20,240 Oh, yeah. 191 00:05:20,240 --> 00:05:22,160 You know, they started as like a check-in app. 192 00:05:22,720 --> 00:05:23,280 Really? 193 00:05:23,280 --> 00:05:24,560 Yeah, it's called Burb. 194 00:05:24,560 --> 00:05:25,280 Burb. 195 00:05:25,280 --> 00:05:28,720 Then they realized that people were way more into the photos. 196 00:05:28,720 --> 00:05:29,200 Right. 197 00:05:29,200 --> 00:05:30,080 That pivot. 198 00:05:30,080 --> 00:05:30,480 Yeah. 199 00:05:30,480 --> 00:05:34,560 It took them from a cool idea to like a global thing. 200 00:05:34,560 --> 00:05:35,520 Wow. 201 00:05:35,520 --> 00:05:38,240 That's a great example because it shows how sometimes 202 00:05:38,240 --> 00:05:39,360 I don't know. 203 00:05:39,360 --> 00:05:41,680 what we think is the main thing about our idea. 204 00:05:41,680 --> 00:05:42,400 Right. 205 00:05:42,400 --> 00:05:45,040 Might probably just be like a side dish. 206 00:05:45,040 --> 00:05:46,080 Oh, interesting. 207 00:05:46,080 --> 00:05:50,000 And being open to seeing that can unlock huge success. 208 00:05:50,000 --> 00:05:50,880 I like that a lot. 209 00:05:50,880 --> 00:05:51,360 So I don't. 210 00:05:51,360 --> 00:05:52,160 It's about being flexible. 211 00:05:52,160 --> 00:05:53,200 Flexible, adapt. 212 00:05:53,200 --> 00:05:54,880 You got to listen to feedback. 213 00:05:54,880 --> 00:05:55,200 Right. 214 00:05:55,200 --> 00:06:00,400 And ultimately be committed to finding the absolute best way to succeed. 215 00:06:00,400 --> 00:06:00,960 Absolutely. 216 00:06:00,960 --> 00:06:03,520 And it's probably not going to be a straight line to get there. 217 00:06:03,520 --> 00:06:04,320 It's not a straight line. 218 00:06:04,320 --> 00:06:07,440 It's more like a winding road with all these unexpected turns. 219 00:06:07,440 --> 00:06:07,920 That's right. 220 00:06:07,920 --> 00:06:09,040 Like a winding road. 221 00:06:09,040 --> 00:06:11,280 But that's part of what makes it fun, right? 222 00:06:11,280 --> 00:06:11,840 Absolutely. 223 00:06:11,840 --> 00:06:12,880 That's part of the adventure. 224 00:06:12,880 --> 00:06:13,360 Totally. 225 00:06:13,920 --> 00:06:16,400 But speaking of those unexpected detours, 226 00:06:16,400 --> 00:06:19,680 there's one super important thing we haven't really talked about yet. 227 00:06:19,680 --> 00:06:20,080 OK. 228 00:06:20,080 --> 00:06:23,840 It's the balance between your gut feeling and like the actual data. 229 00:06:24,880 --> 00:06:26,720 Our source was super clear about this. 230 00:06:26,720 --> 00:06:27,120 OK. 231 00:06:27,120 --> 00:06:28,880 Intuition is awesome. 232 00:06:28,880 --> 00:06:29,360 It's great. 233 00:06:29,360 --> 00:06:30,560 Intuition is great. 234 00:06:30,560 --> 00:06:33,600 But it needs to be backed up by, you know. 235 00:06:33,600 --> 00:06:34,240 Facts. 236 00:06:34,240 --> 00:06:34,640 Facts. 237 00:06:34,640 --> 00:06:36,080 Like the cold hard facts. 238 00:06:36,080 --> 00:06:36,640 The data. 239 00:06:36,640 --> 00:06:37,120 Exactly. 240 00:06:37,120 --> 00:06:40,560 It's like that saying, in God we trust, all others bring data. 241 00:06:40,560 --> 00:06:40,880 Yeah. 242 00:06:40,880 --> 00:06:41,120 Yeah. 243 00:06:41,120 --> 00:06:42,800 You might have this feeling like, oh my gosh, 244 00:06:42,800 --> 00:06:44,240 my idea is going to be a hit. 245 00:06:44,240 --> 00:06:46,080 But you need the market research. 246 00:06:46,080 --> 00:06:48,000 You need feedback from your customers. 247 00:06:48,000 --> 00:06:50,640 And you need your financial projections to all. 248 00:06:50,640 --> 00:06:53,040 Like to all point in that same direction. 249 00:06:53,040 --> 00:06:54,560 To all point in that same direction. 250 00:06:54,560 --> 00:06:58,800 It's not about saying like gut feeling is good and data is bad. 251 00:06:58,800 --> 00:07:00,000 Or the other way around. 252 00:07:00,000 --> 00:07:02,160 It's about using both of them together. 253 00:07:02,160 --> 00:07:02,720 Together. 254 00:07:02,720 --> 00:07:02,880 Yeah. 255 00:07:02,880 --> 00:07:04,480 To make really good choices. 256 00:07:04,480 --> 00:07:04,880 Absolutely. 257 00:07:04,880 --> 00:07:07,600 It's about finding that sweet spot where those two align. 258 00:07:07,600 --> 00:07:08,480 Exactly. 259 00:07:08,480 --> 00:07:08,640 Yeah. 260 00:07:08,640 --> 00:07:11,440 Now I know our listeners probably sitting there like, OK, 261 00:07:11,440 --> 00:07:12,160 let me add it. 262 00:07:12,160 --> 00:07:14,960 They want to start putting all this great advice into action. 263 00:07:14,960 --> 00:07:15,760 That's good stuff. 264 00:07:15,760 --> 00:07:16,640 Yeah. 265 00:07:16,640 --> 00:07:19,920 But before we get to all of that, I'm curious. 266 00:07:19,920 --> 00:07:20,400 Yeah. 267 00:07:20,400 --> 00:07:24,160 What are some of the common mistakes that people make? 268 00:07:24,160 --> 00:07:24,400 OK. 269 00:07:24,400 --> 00:07:25,440 So like the pitfalls. 270 00:07:25,440 --> 00:07:25,760 Yeah. 271 00:07:25,760 --> 00:07:26,320 The pitfalls. 272 00:07:26,320 --> 00:07:26,800 OK. 273 00:07:26,800 --> 00:07:28,640 Especially when they're just starting out. 274 00:07:28,640 --> 00:07:28,960 All right. 275 00:07:28,960 --> 00:07:31,200 So I would say one of the biggest ones 276 00:07:31,200 --> 00:07:33,280 is that people often underestimate 277 00:07:33,280 --> 00:07:33,920 OK. 278 00:07:33,920 --> 00:07:36,560 how important marketing and sales are. 279 00:07:36,560 --> 00:07:37,760 Oh, interesting. 280 00:07:37,760 --> 00:07:40,000 You can have the most amazing groundbreaking 281 00:07:40,000 --> 00:07:41,120 product in the world. 282 00:07:41,120 --> 00:07:42,320 OK. 283 00:07:42,320 --> 00:07:46,880 But if nobody knows about it, you're not going to sell anything. 284 00:07:46,880 --> 00:07:48,000 Right. 285 00:07:48,000 --> 00:07:50,000 It's like that whole tree falling the forest thing. 286 00:07:50,000 --> 00:07:51,600 You know, if no one's around to hear it. 287 00:07:52,560 --> 00:07:53,440 Does it make a sound? 288 00:07:53,440 --> 00:07:53,760 Yeah. 289 00:07:53,760 --> 00:07:54,640 Does it even matter? 290 00:07:54,640 --> 00:07:57,600 You need a good plan to get your product or your service 291 00:07:57,600 --> 00:07:58,880 in front of the right people. 292 00:07:58,880 --> 00:07:59,920 You need a good plan. 293 00:07:59,920 --> 00:08:00,800 That's a great point. 294 00:08:00,800 --> 00:08:01,040 Yeah. 295 00:08:01,040 --> 00:08:03,600 And to do that, you have to know who your audience is. 296 00:08:03,600 --> 00:08:04,640 Oh, yeah. 297 00:08:04,640 --> 00:08:05,280 Right? 298 00:08:05,280 --> 00:08:06,400 Like who are these people? 299 00:08:06,400 --> 00:08:06,800 Who are they? 300 00:08:06,800 --> 00:08:08,160 Where do they hang out? 301 00:08:08,160 --> 00:08:09,200 What are their problems? 302 00:08:09,200 --> 00:08:10,480 Where do they go online? 303 00:08:10,480 --> 00:08:12,160 What makes them want to buy something? 304 00:08:12,160 --> 00:08:12,640 Exactly. 305 00:08:12,640 --> 00:08:16,080 It's almost like you're building this whole profile 306 00:08:16,080 --> 00:08:17,360 of your ideal customer. 307 00:08:17,360 --> 00:08:18,320 Your ideal customer. 308 00:08:18,320 --> 00:08:19,200 That's right. 309 00:08:19,200 --> 00:08:22,640 The more you know about them, the better you can reach them. 310 00:08:22,640 --> 00:08:24,800 And the better you can tailor your message to them. 311 00:08:24,800 --> 00:08:28,560 So we've talked about validating your idea. 312 00:08:28,560 --> 00:08:28,880 Right. 313 00:08:28,880 --> 00:08:30,160 Planning your financials. 314 00:08:30,160 --> 00:08:30,720 Right. 315 00:08:30,720 --> 00:08:31,600 Pivoting. 316 00:08:31,600 --> 00:08:32,160 Pivoting. 317 00:08:32,160 --> 00:08:33,280 Marketing and sales. 318 00:08:33,280 --> 00:08:33,760 Yeah. 319 00:08:33,760 --> 00:08:35,120 That's a lot of stuff. 320 00:08:35,120 --> 00:08:36,000 It's a lot. 321 00:08:36,000 --> 00:08:38,720 But it really shows you how much goes into making 322 00:08:38,720 --> 00:08:40,400 a successful business. 323 00:08:40,400 --> 00:08:41,600 It's a lot of moving parts. 324 00:08:41,600 --> 00:08:42,880 It's a lot of moving parts. 325 00:08:42,880 --> 00:08:44,480 But it can be really rewarding. 326 00:08:44,480 --> 00:08:45,120 It can be. 327 00:08:46,080 --> 00:08:49,200 And you know, you don't have to figure this all out on your own. 328 00:08:49,200 --> 00:08:50,400 Oh, no, absolutely not. 329 00:08:50,400 --> 00:08:52,160 There are so many resources out there. 330 00:08:52,160 --> 00:08:54,960 Mentors, advisors, people you can talk to online, 331 00:08:55,600 --> 00:08:56,240 workshops. 332 00:08:56,240 --> 00:08:56,960 Oh, shops. 333 00:08:57,520 --> 00:08:59,040 Don't be afraid to ask for help. 334 00:08:59,040 --> 00:09:00,640 Don't be afraid to reach out for help. 335 00:09:00,640 --> 00:09:03,760 It's all about creating a good support system for yourself. 336 00:09:03,760 --> 00:09:04,080 Yeah. 337 00:09:04,080 --> 00:09:05,600 Having people to help you along the way. 338 00:09:06,160 --> 00:09:06,400 Yeah. 339 00:09:06,400 --> 00:09:08,560 Having people to help you through the tough stuff. 340 00:09:08,560 --> 00:09:09,680 And to celebrate the wins. 341 00:09:09,680 --> 00:09:10,800 And to celebrate the wins. 342 00:09:10,800 --> 00:09:11,440 Definitely. 343 00:09:11,440 --> 00:09:15,680 I feel like this conversation has been so full of really great insights. 344 00:09:15,680 --> 00:09:16,480 Totally agree. 345 00:09:16,480 --> 00:09:20,400 I feel like I've learned a ton and hopefully our listener feels the same way. 346 00:09:20,400 --> 00:09:21,040 Me too. 347 00:09:21,040 --> 00:09:22,160 Totally inspired, right? 348 00:09:22,160 --> 00:09:23,280 Yeah, I'm inspired. 349 00:09:23,280 --> 00:09:25,680 But before we wrap up this deep dive, 350 00:09:25,680 --> 00:09:28,080 I want to leave our listener with one final thought. 351 00:09:28,080 --> 00:09:28,640 OK. 352 00:09:28,640 --> 00:09:30,240 A question to think about. 353 00:09:30,240 --> 00:09:30,560 OK. 354 00:09:30,560 --> 00:09:33,440 Something that'll maybe encourage some action. 355 00:09:34,080 --> 00:09:34,640 I love that. 356 00:09:34,640 --> 00:09:35,520 OK. 357 00:09:35,520 --> 00:09:38,000 Imagine you're at the starting line of a marathon. 358 00:09:38,880 --> 00:09:39,360 All right. 359 00:09:39,360 --> 00:09:40,000 A marathon. 360 00:09:40,000 --> 00:09:41,360 You've been training. 361 00:09:41,360 --> 00:09:41,680 OK. 362 00:09:41,680 --> 00:09:43,680 You've got your plan all figured out. 363 00:09:43,680 --> 00:09:44,080 I'm ready. 364 00:09:44,080 --> 00:09:44,880 You're ready to go. 365 00:09:44,880 --> 00:09:45,600 Let's do it. 366 00:09:45,600 --> 00:09:46,480 But here's the question. 367 00:09:47,520 --> 00:09:49,600 What's that very first step that you take? 368 00:09:50,560 --> 00:09:52,480 How do you start that race? 369 00:09:52,480 --> 00:09:53,680 What is that first step? 370 00:09:53,680 --> 00:09:55,360 I think the answer is pretty obvious. 371 00:09:55,360 --> 00:09:55,840 Yeah. 372 00:09:55,840 --> 00:09:57,920 You just take that first step forward. 373 00:09:57,920 --> 00:09:58,160 Yeah. 374 00:09:58,160 --> 00:09:59,680 You move from thinking to doing. 375 00:09:59,680 --> 00:10:02,480 You go from thinking about it to actually doing it. 376 00:10:02,480 --> 00:10:05,120 And if we're talking about making sure your business idea is good. 377 00:10:05,120 --> 00:10:05,600 Yeah. 378 00:10:05,600 --> 00:10:09,600 That first step could be anything from sending out a survey. 379 00:10:09,600 --> 00:10:10,480 Oh, OK. 380 00:10:10,480 --> 00:10:12,880 To talking to a potential customer. 381 00:10:12,880 --> 00:10:13,440 Yeah. 382 00:10:13,440 --> 00:10:18,080 To even just brainstorming a list of people who might be interested. 383 00:10:18,080 --> 00:10:19,520 Oh, right. 384 00:10:19,520 --> 00:10:21,120 It's about getting started. 385 00:10:21,120 --> 00:10:22,480 Getting the ball rolling. 386 00:10:22,480 --> 00:10:22,880 That's it. 387 00:10:23,440 --> 00:10:24,240 Momentum. 388 00:10:24,240 --> 00:10:24,800 Momentum. 389 00:10:24,800 --> 00:10:26,240 That's the perfect word for it. 390 00:10:26,240 --> 00:10:27,840 Yeah, you got to get that momentum going. 391 00:10:27,840 --> 00:10:30,800 So if you're feeling kind of overwhelmed by all this info, 392 00:10:32,400 --> 00:10:33,600 take a deep breath. 393 00:10:33,600 --> 00:10:34,640 That's good advice. 394 00:10:34,640 --> 00:10:35,120 It's OK. 395 00:10:35,120 --> 00:10:35,440 Yeah. 396 00:10:35,440 --> 00:10:37,920 Remember, this is like a head start, not a homework assignment. 397 00:10:37,920 --> 00:10:40,320 Oh, right, right. 398 00:10:40,320 --> 00:10:41,920 We've given you a lot to think about. 399 00:10:41,920 --> 00:10:42,560 Yeah. 400 00:10:42,560 --> 00:10:45,760 But you can come back to this deep dive anytime you want. 401 00:10:45,760 --> 00:10:46,640 That's the beauty of it. 402 00:10:46,640 --> 00:10:47,040 Yeah. 403 00:10:47,040 --> 00:10:50,560 Think of it like your own personal library of resources. 404 00:10:50,560 --> 00:10:51,200 I like that. 405 00:10:51,200 --> 00:10:53,040 You can use it as you build your business. 406 00:10:53,040 --> 00:10:53,760 Very cool. 407 00:10:53,760 --> 00:10:56,720 And you definitely don't have to do everything all at once. 408 00:10:56,720 --> 00:10:57,120 Right. 409 00:10:57,120 --> 00:10:58,240 Just take one step. 410 00:10:58,240 --> 00:10:59,040 Yeah, take one step. 411 00:10:59,040 --> 00:10:59,760 Get another one. 412 00:10:59,760 --> 00:11:00,400 And another one. 413 00:11:00,400 --> 00:11:01,200 And another one. 414 00:11:01,200 --> 00:11:02,560 That's how you get there. 415 00:11:02,560 --> 00:11:04,000 It's a marathon, not a sprint. 416 00:11:04,000 --> 00:11:05,360 A marathon, definitely. 417 00:11:05,360 --> 00:11:06,640 That's what you were talking about before, right? 418 00:11:06,640 --> 00:11:07,440 That marathon. 419 00:11:07,440 --> 00:11:09,760 It's not just about that very first step. 420 00:11:09,760 --> 00:11:10,080 Right. 421 00:11:10,080 --> 00:11:13,840 It's about having the energy and the right attitude 422 00:11:14,400 --> 00:11:16,800 to keep going even when it gets tough. 423 00:11:16,800 --> 00:11:17,920 That's the hard part. 424 00:11:17,920 --> 00:11:20,240 That's where you need to be resilient, you know? 425 00:11:20,240 --> 00:11:21,360 Resilient, yeah. 426 00:11:21,360 --> 00:11:22,720 You're going to have challenges. 427 00:11:22,720 --> 00:11:24,640 You're going to hit those roadblocks. 428 00:11:24,640 --> 00:11:25,440 You're going to hit them. 429 00:11:25,440 --> 00:11:28,000 But you've got to have that grit and that determination 430 00:11:28,000 --> 00:11:28,880 to get through them. 431 00:11:28,880 --> 00:11:29,440 Absolutely. 432 00:11:29,440 --> 00:11:30,480 You've got to push through. 433 00:11:30,480 --> 00:11:32,960 You've got to be able to see all the ups and downs 434 00:11:32,960 --> 00:11:34,160 as part of the journey. 435 00:11:34,160 --> 00:11:35,360 Yeah, it's all part of it. 436 00:11:35,360 --> 00:11:37,760 And know that every challenge that you get through 437 00:11:37,760 --> 00:11:41,680 brings you one step closer to what you want to achieve. 438 00:11:41,680 --> 00:11:44,720 And remember, you're not alone. 439 00:11:44,720 --> 00:11:45,040 Right. 440 00:11:45,040 --> 00:11:46,560 There are so many other people out there 441 00:11:46,560 --> 00:11:48,880 who've been through the exact same thing. 442 00:11:48,880 --> 00:11:49,520 Oh, yeah. 443 00:11:49,520 --> 00:11:50,160 Tons of them. 444 00:11:50,160 --> 00:11:51,200 And they made it. 445 00:11:51,200 --> 00:11:51,840 They made it. 446 00:11:51,840 --> 00:11:54,640 So don't be afraid to talk to people, you know? 447 00:11:54,640 --> 00:11:57,600 Connect with other entrepreneurs and learn from their stories. 448 00:11:57,600 --> 00:11:58,480 Yeah. 449 00:11:58,480 --> 00:11:59,760 Share your experiences. 450 00:11:59,760 --> 00:12:01,680 Learn from other people's experiences. 451 00:12:01,680 --> 00:12:03,200 It's all about building a community. 452 00:12:03,200 --> 00:12:03,840 A community. 453 00:12:03,840 --> 00:12:06,480 People who get what it's like to be an entrepreneur. 454 00:12:06,480 --> 00:12:06,960 Totally. 455 00:12:06,960 --> 00:12:09,600 Who understand the good parts and the bad parts. 456 00:12:09,600 --> 00:12:10,080 Right. 457 00:12:10,080 --> 00:12:13,040 Who get the whole journey of turning an idea 458 00:12:13,040 --> 00:12:14,240 into something real. 459 00:12:14,240 --> 00:12:15,760 That's the thing, isn't it? 460 00:12:15,760 --> 00:12:16,000 Yeah. 461 00:12:16,000 --> 00:12:18,800 So as we wrap up this deep dive into making sure 462 00:12:18,800 --> 00:12:20,640 your business idea is a good one. 463 00:12:20,640 --> 00:12:21,040 Yeah. 464 00:12:21,040 --> 00:12:22,960 We want to leave you with one final thought. 465 00:12:22,960 --> 00:12:23,280 OK. 466 00:12:23,280 --> 00:12:24,960 A question to really think about. 467 00:12:24,960 --> 00:12:25,760 A good one. 468 00:12:25,760 --> 00:12:27,360 A really good one. 469 00:12:27,360 --> 00:12:29,440 Something that we hope will stay with you 470 00:12:29,440 --> 00:12:31,280 long after this episode is over. 471 00:12:31,280 --> 00:12:32,400 I like that. 472 00:12:32,400 --> 00:12:33,040 So here it is. 473 00:12:34,880 --> 00:12:37,040 Knowing everything that we've talked about today. 474 00:12:37,040 --> 00:12:37,600 Yeah. 475 00:12:37,600 --> 00:12:41,600 What's the biggest, boldest, most amazing thing 476 00:12:41,600 --> 00:12:42,960 that you're willing to do? 477 00:12:42,960 --> 00:12:43,520 Whoa. 478 00:12:43,520 --> 00:12:43,840 OK. 479 00:12:43,840 --> 00:12:45,920 To make sure your business idea is going to work. 480 00:12:45,920 --> 00:12:47,520 So that first big step. 481 00:12:47,520 --> 00:12:50,320 But that one step that might feel a little scary. 482 00:12:50,320 --> 00:12:50,880 Right. 483 00:12:50,880 --> 00:12:53,840 But it's going to push you forward on your journey. 484 00:12:53,840 --> 00:12:54,960 Oh, I like that. 485 00:12:54,960 --> 00:12:55,760 What is it? 486 00:12:55,760 --> 00:12:58,240 We want you to really think about that question. 487 00:12:58,240 --> 00:12:58,640 Yeah. 488 00:12:58,640 --> 00:12:59,120 Think about that. 489 00:12:59,120 --> 00:13:01,120 And then embrace the unknown. 490 00:13:01,120 --> 00:13:01,680 Yeah. 491 00:13:01,680 --> 00:13:03,120 Take that leap of faith. 492 00:13:03,120 --> 00:13:04,880 The world needs your ideas. 493 00:13:04,880 --> 00:13:06,560 The world needs your ideas. 494 00:13:06,560 --> 00:13:07,760 Your passion, your energy. 495 00:13:07,760 --> 00:13:10,400 Your passion, your unique way of looking at things. 496 00:13:10,400 --> 00:13:10,880 Yeah. 497 00:13:10,880 --> 00:13:13,920 So go out there and prove that your idea is awesome. 498 00:13:13,920 --> 00:13:14,640 Make it happen. 499 00:13:14,640 --> 00:13:16,240 Let's make something amazing. 500 00:13:16,240 --> 00:13:16,560 Yes. 501 00:13:17,200 --> 00:13:18,000 Until next time. 502 00:13:18,640 --> 00:13:19,520 Keep learning. 503 00:13:19,520 --> 00:13:20,720 Keep growing. 504 00:13:20,720 --> 00:13:22,480 And keep diving deep. 505 00:13:22,480 --> 00:13:24,000 Keep diving deep. 506 00:13:24,000 --> 00:13:27,280 And it's not just about being open to change, right? 507 00:13:27,280 --> 00:13:28,080 Right. 508 00:13:28,080 --> 00:13:30,560 You really want to be out there looking for feedback. 509 00:13:30,560 --> 00:13:31,040 OK. 510 00:13:31,040 --> 00:13:34,720 And use that feedback to make your idea even better. 511 00:13:34,720 --> 00:13:36,640 So how would you do that? 512 00:13:36,640 --> 00:13:37,360 Well, think about it. 513 00:13:37,360 --> 00:13:39,920 If you're writing a book and you give someone 514 00:13:39,920 --> 00:13:43,280 your first draft to read, you might think it's amazing. 515 00:13:43,280 --> 00:13:46,080 But someone else might say, hey, this part's 516 00:13:46,080 --> 00:13:49,440 kind of slow or this character isn't that interesting. 517 00:13:49,440 --> 00:13:50,000 Right. 518 00:13:50,000 --> 00:13:50,640 That kind of thing. 519 00:13:50,640 --> 00:13:53,440 So you're saying that pivoting is about being flexible, 520 00:13:53,440 --> 00:13:56,160 listening to feedback, and then just finding the best way 521 00:13:56,160 --> 00:13:57,200 to make your business work. 522 00:13:58,560 --> 00:13:59,120 Absolutely. 523 00:13:59,120 --> 00:14:00,800 You're not always going to be easy, though, are you? 524 00:14:00,800 --> 00:14:01,360 I know. 525 00:14:01,360 --> 00:14:02,800 It's rarely a straight line. 526 00:14:02,800 --> 00:14:05,680 More like a winding road with all these detours and stuff. 527 00:14:05,680 --> 00:14:06,240 Exactly. 528 00:14:06,240 --> 00:14:07,840 But that's what makes it fun. 529 00:14:07,840 --> 00:14:09,040 That's the adventure. 530 00:14:09,040 --> 00:14:09,760 Yeah. 531 00:14:09,760 --> 00:14:10,320 OK. 532 00:14:10,320 --> 00:14:12,320 But speaking of those unexpected detours, 533 00:14:12,320 --> 00:14:14,000 there's one thing we haven't talked about. 534 00:14:14,000 --> 00:14:14,640 What's that? 535 00:14:14,640 --> 00:14:18,240 That gut feeling versus the data. 536 00:14:18,240 --> 00:14:18,880 Right. 537 00:14:18,880 --> 00:14:20,800 Our source was really big on this. 538 00:14:20,800 --> 00:14:21,200 OK. 539 00:14:21,200 --> 00:14:22,000 I'm listening. 540 00:14:22,000 --> 00:14:23,120 Intuition is great. 541 00:14:23,120 --> 00:14:24,160 Detuition's awesome. 542 00:14:24,160 --> 00:14:26,400 But it needs to be backed up by the facts. 543 00:14:26,400 --> 00:14:27,120 The data. 544 00:14:27,120 --> 00:14:27,840 Yeah, the data. 545 00:14:27,840 --> 00:14:28,080 Right. 546 00:14:28,080 --> 00:14:30,000 Like, you can have a hunch about something. 547 00:14:30,000 --> 00:14:30,400 OK. 548 00:14:30,400 --> 00:14:33,360 You can feel like your idea is going to be a huge success. 549 00:14:33,360 --> 00:14:34,000 Right. 550 00:14:34,000 --> 00:14:36,240 But you need more than just that feeling. 551 00:14:36,240 --> 00:14:37,600 Like, what kinds of things? 552 00:14:37,600 --> 00:14:38,800 You need market research. 553 00:14:38,800 --> 00:14:40,240 You need to talk to your customers. 554 00:14:40,240 --> 00:14:41,520 You need to actually look at the numbers. 555 00:14:41,520 --> 00:14:43,360 Do you have financial projections and all that? 556 00:14:43,360 --> 00:14:43,680 Exactly. 557 00:14:43,680 --> 00:14:45,280 So it's not about choosing one or the other. 558 00:14:45,280 --> 00:14:46,160 No, it's not either. 559 00:14:46,160 --> 00:14:47,280 It's about using both. 560 00:14:47,280 --> 00:14:47,520 Right. 561 00:14:47,520 --> 00:14:50,000 Use your gut and the data. 562 00:14:50,000 --> 00:14:51,200 To make smart decisions. 563 00:14:51,200 --> 00:14:51,760 Exactly. 564 00:14:51,760 --> 00:14:54,960 You got to find that sweet spot where those two things line up. 565 00:14:54,960 --> 00:14:55,680 I like that. 566 00:14:55,680 --> 00:14:56,800 Me too. 567 00:14:56,800 --> 00:14:58,560 It's about finding that balance, you know? 568 00:14:58,560 --> 00:14:59,360 Yeah, totally. 569 00:14:59,360 --> 00:14:59,680 All right. 570 00:14:59,680 --> 00:15:01,520 So where do we go from here? 571 00:15:01,520 --> 00:15:04,000 Well, we've talked about so much today, right? 572 00:15:04,000 --> 00:15:06,960 Validating your idea, figuring out the financials, 573 00:15:06,960 --> 00:15:11,040 pivoting when you need to, and then marketing and sales. 574 00:15:11,040 --> 00:15:11,840 It's a lot. 575 00:15:11,840 --> 00:15:12,640 It is a lot. 576 00:15:12,640 --> 00:15:14,640 It can be really overwhelming. 577 00:15:14,640 --> 00:15:15,200 It can be. 578 00:15:15,200 --> 00:15:17,360 For anyone, especially if you're just starting out. 579 00:15:17,360 --> 00:15:17,840 Exactly. 580 00:15:17,840 --> 00:15:20,800 So if you're listening to this and you're feeling kind of overwhelmed, 581 00:15:20,800 --> 00:15:21,920 take a deep breath. 582 00:15:21,920 --> 00:15:23,280 It's OK to feel overwhelmed. 583 00:15:23,280 --> 00:15:24,000 Yeah, don't worry. 584 00:15:24,000 --> 00:15:27,760 We're not expecting you to go out and do everything we just talked about. 585 00:15:27,760 --> 00:15:28,320 All right. 586 00:15:28,320 --> 00:15:30,880 This is more like a starting point, you know? 587 00:15:30,880 --> 00:15:31,520 A springboard. 588 00:15:31,520 --> 00:15:33,680 Yeah, like a springboard to get you going. 589 00:15:33,680 --> 00:15:34,800 Not a homework assignment. 590 00:15:34,800 --> 00:15:35,680 Exactly. 591 00:15:35,680 --> 00:15:37,600 We've given you a ton of information, 592 00:15:37,600 --> 00:15:40,400 and the great thing is you can always come back to this. 593 00:15:40,400 --> 00:15:41,440 Yeah, revisit it. 594 00:15:41,440 --> 00:15:42,480 Whenever you need to. 595 00:15:42,480 --> 00:15:44,400 It's like your own personal resource library. 596 00:15:44,400 --> 00:15:44,720 Right. 597 00:15:44,720 --> 00:15:47,680 Think of it as a toolbox you can use as you build your business. 598 00:15:47,680 --> 00:15:48,160 I love that. 599 00:15:48,160 --> 00:15:48,800 A toolbox. 600 00:15:48,800 --> 00:15:50,880 And you don't have to do everything at once. 601 00:15:50,880 --> 00:15:51,520 Definitely not. 602 00:15:51,520 --> 00:15:53,680 Just focus on that first step, and then the next one, 603 00:15:53,680 --> 00:15:55,120 and then the next one after that. 604 00:15:55,120 --> 00:15:56,080 One step at a time. 605 00:15:56,080 --> 00:15:59,280 Yeah, just like we were saying before, it's a marathon, not a sprint. 606 00:15:59,280 --> 00:16:01,920 And even with a marathon, you got to train for it, right? 607 00:16:01,920 --> 00:16:03,760 You got to have the stamina to keep going. 608 00:16:03,760 --> 00:16:07,040 That's what being an entrepreneur is all about, that resilience. 609 00:16:07,040 --> 00:16:08,880 You're going to face challenges, you know? 610 00:16:08,880 --> 00:16:10,240 You're going to hit roadblocks? 611 00:16:10,240 --> 00:16:11,440 You got to be ready for it. 612 00:16:11,440 --> 00:16:14,480 But you got to have that grit, that determination. 613 00:16:14,480 --> 00:16:16,240 Yeah, push through those obstacles. 614 00:16:16,240 --> 00:16:19,360 Be able to see those ups and downs as part of the journey. 615 00:16:19,360 --> 00:16:20,560 Right, it's all part of it. 616 00:16:20,560 --> 00:16:21,520 It's all part of it. 617 00:16:21,520 --> 00:16:23,760 And every time you get through a challenge, 618 00:16:23,760 --> 00:16:27,840 you're one step closer to making your dream a reality. 619 00:16:27,840 --> 00:16:30,320 And remember, you're not alone in this. 620 00:16:30,960 --> 00:16:32,320 There's a whole community out there. 621 00:16:32,320 --> 00:16:33,680 People who've been there, done that. 622 00:16:33,680 --> 00:16:34,640 People who get it. 623 00:16:34,640 --> 00:16:37,440 So don't be afraid to reach out, to talk to people, 624 00:16:37,440 --> 00:16:39,040 to connect with other entrepreneurs. 625 00:16:39,600 --> 00:16:42,080 Share your experiences, learn from others. 626 00:16:42,080 --> 00:16:43,440 Build a support system. 627 00:16:43,440 --> 00:16:44,800 Yeah, find your people. 628 00:16:44,800 --> 00:16:49,680 So as we wrap up this deep dive into validating your business idea. 629 00:16:49,680 --> 00:16:50,800 It's been quite a journey. 630 00:16:50,800 --> 00:16:51,760 It has. 631 00:16:51,760 --> 00:16:53,920 We want to leave you with one final thought. 632 00:16:53,920 --> 00:16:55,360 All right, hit me with it. 633 00:16:55,360 --> 00:16:57,600 Knowing everything we talked about today. 634 00:16:57,600 --> 00:16:58,160 Yeah. 635 00:16:58,160 --> 00:17:01,680 What's the biggest, boldest, most audacious thing you're 636 00:17:01,680 --> 00:17:04,480 willing to do to make sure your idea works? 637 00:17:04,480 --> 00:17:05,840 Ooh, I like that. 638 00:17:05,840 --> 00:17:08,400 What's that one step that might feel scary, 639 00:17:08,400 --> 00:17:10,080 but will move you forward? 640 00:17:10,080 --> 00:17:11,280 That's the question, isn't it? 641 00:17:11,280 --> 00:17:11,680 It is. 642 00:17:11,680 --> 00:17:15,680 So think about it, embrace the unknown, and take that leap of faith. 643 00:17:15,680 --> 00:17:18,160 Because the world needs your ideas, your passion. 644 00:17:18,160 --> 00:17:20,000 The world needs what you have to offer. 645 00:17:20,000 --> 00:17:20,640 Absolutely. 646 00:17:20,640 --> 00:17:23,280 So go out there and validate that brilliant idea. 647 00:17:23,280 --> 00:17:24,000 Make it happen. 648 00:17:24,000 --> 00:17:25,200 Make some magic happen. 649 00:17:25,200 --> 00:17:28,960 And until next time, keep learning, keep growing, 650 00:17:28,960 --> 00:17:30,320 and keep diving deep. 651 00:17:30,320 --> 00:17:41,840 Keep diving deep.