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"charlie wallace charlie" Discussed on Smart Passive Income
"Sorry well. How much does this idea or that potential market make sense for you as a person so? I'm curious to know where you before we get into like I wanNA know with what analytics to look at it. I want to know how do you determine the market viability from a data standpoint? But where do you lie on the spectrum of well it needs to also be something that you're interested in or quote unquote as we often say passionate about? How much does that matter when it comes to? Choosing an engineer is what I found is that to be successful in business. You really need to things you need something. That has the potential to be profitable but it also needs to fuel. Your soul needs to fill your bank account but it needs to fuel your soul as well if you don't have both of those things in conjunction with one another. Eventually you're going to you're going to give up. You're going to move onto something else because if you're not fulfilled you're going to say. This is just a holloway to make money. And if you're not making any money you're going to have to you know you're GONNA have to get a job right. Would you make money? And so what I've found in the in the research that he did is that they're really four different types of people that I've found who wanNA start a business that's what I call the four different entrepreneurial types and the first type is what we call a mission based entrepreneur now mission base as I go through these. If you're listening to this or watching this right now what encourage you to do is just to reflect on? Which of these four types do you most identify with if you had to pick just one so paddle? I'll I'll throw it out your way but anyone else listening to this as well. We'll play fun little game so the first type of entrepreneurs what we call the mission based entrepreneur michigan-based entrepreneurs are drawn to starting a business because they have a cause that they're passionate about. It's a IT'S A. It's a cause that they would die on a hill for it's a Christie. Kennedy is an example that I talk about in the book so Christie is is a is a mom who has a son who is autistic and he was bullied in school as a young boy and so as a mom decided that she had to do something about so she went to the school and and started to Get involved and and one thing led to another and she started developing a program to help eliminating bullying from her child school. Which led the school district ask if she would do it for the entire school district which led the state ask if she'd do it for the entire state which led to helping over two thousand schools around the country With a program that she's developed to eliminate bullying in elementary schools. Now she's an example of that mission based entrepreneur someone who's drawn to move people away from something negative in life and then build a business around it and it's in contrast with the second type of entrepreneur which is the passion based Entrepreneur Passion based entrepreneurs tend to have something that they're passionate about. It's like a hobby or love whether it's Back to the future and delorean's or a Lego or playing the guitar or learning how to paint or whatever it may be. They've got something that they love that they're passionate about in their life and they want to transform that. Passion into their vocation. So examples are like Charlie Wallace Charlie. A hotel in the Book Charlie. Traveling is part about heavy metal rock band and to make a little bit of extra money. Start Teaching people how to play Guitar Online while he ended up growing that into a business that makes over two million dollars a year. They just released their first. Lp and it landed on the billboard charts the hard rock billboard charts number thirteen. You know named one of the top thirty entrepreneurs under the age of thirty by Forbes and he's just on this rocket ship and it all started with this passion around playing guitar that he transformed into his business. So that's the passion based now. The difference between the two are mission based entrepreneurs typically want to move people away from something negative in Life Passion Base Entrepreneurs WanNa move people towards something positive that they love. Those are both in contrast with the third type of entrepreneur which is the most classic entrepreneur in the sense of the word which is the opportunity based entrepreneur opportunity based entrepreneurs don't necessarily have a mission or passion that they're drawn to. They're the type of person that sees opportunity everywhere right. They're the type of person that says. How is it that nobody's built a collapsible stand to hold a camera when you're traveling so you can shoot southie videos like how is it that nobody is built something like this? Let's create that right so opportunity based entrepreneurs tend to see gaps in the marketplace in? Ask themselves that question. How's it that nobody's done this and the fourth and final type of entrepreneurs actually the type of entrepreneur that I consider myself to be and it's what we call the undecided entrepreneur now. The entrepreneur is someone who knows they. WanNa start a business. They know they want to go into business for themselves but they just don't know what that would be like. They're in love with the idea being their own boss having their own business making their own hours having that freedom but as far as what type of business or what market to go into their really undecided. Now that's who I was when I first got started in anyone in that situation. What I recommend is the prescription is to start what I call a practice business now just like learning how to drive a car. Most of US didn't learn how to drive a car in our dream. Car are forever car right like we learned an old beater like for me. It was an old you know as an old jeep. Rusted out floor stick shift. That's what I learned at a drive. But here's the thing. The skill of driving learning that skill to drive a car is something that you carry with you for the rest of your life so even if that first business that you start. Isn't your Dream Business. You're forever business. You're learning the skills. You're learning the steps just like learning how to drive your learning the process that you can transfer into your forever business for me. That unlocked this anxiety and that I had around having to pick the perfect business that was GonNa last that next twenty five years and so the first business I started was teaching people how to make scrabble tile jewelry by combining scrabble tiles from the game and Origami paper. Definitely not my forever business but it was a way to make money and learn the steps of building a website and writing emails and setting up ads online. And all the things that you need to learn. So I'm curious Before we go any further pat of those four and by the way we all have elements of all of them like we all have elements of album. I'm curious which of those four of you had to pick one most resonates with. Who who you are. I mean for me when I first started my lead exam. Business website to help people pass in architectural exam was definitely an opportunity based business. I saw a huge hole net market and I built something in an did very well. Obviously and then I started to see. Well I want to help other people and show people the positive that can come when you break out of the nine to five whether it's something unhappy with or you get laid off from like me and I want to show people the positive. That's that's in there. That's I feel where I'm at. I have this passion now for helping people and that's become my business In all kinds of different ways. I don't know if you would agree with that or not. But that's I think that's I think it's really perceptive and one of these that you pointed out there is that as you've grown in the last decade plus you we evolve like we all change like none of us are static and so for for someone listening to this right now. You may have been a certain type years ago when you may have evolved into a different sort of entrepreneurial type as you've had more experience and so I think that's really perceptive and interesting so yeah so to answer your original question around this passion or prophets like what's most important. Here's the thing to know. Each of these four has shadow side is a shadow side to watch out for and the shadow side is neither. None of these types is better than the others. They're all it's their agnostic that it just it is what it is but they each have a shadow side and I'll share what I mean by that. So mission based entrepreneur you fall into that mission based bucket the thing that you need to watch out for mission based entrepreneurs tend to struggle with making money. They're so drawn to the mission that they have in life that they put making money as being secondary to that mission and so they end up building a business. That doesn't give them what they want out of life. It doesn't allow them to have the freedom they want or make the impact relieved the legacy that they want because they're so drawn to the mission and they struggle with charging for what it is that they WANNA do. Pasha based entrepreneurs tend to tend to fall in love with their passion and building. A business around it runs the risk of becoming a leading to you to become dispassionate about that thing like for example if you love painting and you build a business around teaching people how to paint and suddenly that's Your J. O. B. That's your job and you need to make money doing that. You can lose the love that you once had about painting and so you need to be careful around that thing opportunity based entrepreneurs need to be careful that you don't just and maybe you experience this in the lead exam business where it's a way to make money but one day you wake up and you ask yourself and you say how am I doing with my life like. Is this really what I was put on this earth to do and you wake up one day and say yeah. I've made some good money doing this. But is this my calling and you sort of have this year this crisis of identity that can happen and the undecided entrepreneur. The thing that you need to watch out there is The just analysis paralysis it just swimming in that forever. See of maybe this business. Maybe that business. Maybe this business. Maybe that is a never actually picking something and taking the steps to move forward so once you kind of identify who you are you can be aware of the shadow side to watch out for just notice those signs in you that can hold you back from doing what it is that you WanNa do. That's amazing thank you for that breakdown. Man I'm going to chop it up. Put It on Youtube because that was freaking amazing. Thank you for that. And hopefully somebody listening to this can identify and perhaps even empathize with the struggles that they may be having and just knowing that you're not alone but these are common things but how might choose your book sort of help a person. No matter which category they fit in. Let's get into it. Sure Yeah so you know there's this perception that when you're starting a business. The single most important decision to make is what like? What am I going to sell? What's my business model going to be? But the reality is the most important decision is not what it's who. Who are you going to serve and really? That's what the book is all about. So it doesn't really matter if your mission based passion based Opportunity based undecided. We need to begin by asking ourselves the question. Who are we going to serve? That is the foundation on which your business is built in. So in your case pat you know. Who Do you serve you? Serve entrepreneurs aspiring entrepreneurs. That is that is your who right. That is the that is the single most important decision. What you do from there whether you have a podcast of course on affiliate marketing a book on. You know will it. Fly Book Super Fans whatever it may be the most important decision the. Who IS THE FOUNDATION? Which all other things are built right. If you're who was people learning how to play guitar you could do all the things you're doing. You can have a podcast. You can have multiple books. You could have courses. You can have all of those things but it just a different. It's a different. Who Different type of person that you're serving now. Turns out that there are certain characteristics that makes a market one that has the potential to be successful and one that has the potential a good chance to fail and I discovered this by going through as I mentioned earlier. Three years of research really reverse engineering every single one of the businesses that we've gone into so I've gone into markets as obscure as teaching people how to make jewelry or could care how to improve your memory selling high end. Water filtration systems beekeeping. Teaching People Tennis Teaching People. Golf weight-loss Fitness Fish Oil supplements I've gone into all these different spaces and not all of these businesses have been as successful as the rest. Some have been like home runs and others have been like total failures. And so what? I was looking at where. What were the common traits that made the home run businesses super successful and what were the common traits that made the failures not as successful and what I discovered? Is that there are five. Factors five things that you want to look for and what I'd love to do now..