6 BEST Pieces Of Business Advice That Made Me Millions | E103

Introduction and Q&A Overview

In this video, the host introduces his live show and explains that he will be answering questions submitted by his Telegram community. The questions range from business to personal topics.

Balancing Multiple Commitments

A viewer named Daniela asks how to balance multiple commitments such as running a business, making music, learning languages, and playing sports. The host emphasizes the importance of focus in achieving success and recommends dedicating time to one thing at a time. He suggests focusing on one idea for a predetermined period of time before assessing its success.

• Focus is everything in business.

• Invest 100% of your focus into what you're doing.

• When starting out, go narrow and try to succeed in something that can be a gateway to building resources for multiple things.

• Operate in sprints by dedicating a predetermined period of time only on an idea to give it its best possible chance of success.

Conclusion

The host concludes by emphasizing the importance of focus in achieving success and encourages viewers to dedicate their time and energy towards their goals.

• Dedicate the next six months to doing what you want to give its best possible chance of success.

Importance of Self-Belief and Discipline

In this section, the speaker talks about the importance of self-belief and discipline in achieving success. He introduces the concept of a "Sunday shelf" to manage ideas.

Self-Belief and Discipline

• Discipline is crucial for success.

• The Sunday shelf is a place to store new ideas that come up. If an idea nags you for more than six months or a year, it's time to take action.

• Hundreds of things can sit on the Sunday shelf, but only those that nag you for long enough should be acted upon.

Character Traits for Building Successful Businesses

In this section, the speaker discusses character traits necessary for building successful businesses at different stages of their life cycle.

Starting Your Company

• Self-belief is critical when starting your company because it feels like climbing Mount Everest without experience or resources.

Creating Innovative Things

• Believing that your innovative idea can exist is essential when bringing something new into the world.

Overcoming Challenges

• Resilience and self-belief are crucial when facing challenges in business.

• Decision-making should be based on logic and reason rather than emotion during challenging times.

Building Products and Achieving Product-Market Fit

In this section, the speaker discusses the importance of building products that have a market fit. He emphasizes that entrepreneurs need to be humble and willing to pivot their original hypothesis if it does not align with what the data shows.

Importance of Humility and Ego in Business

• Entrepreneurs need to be humble and willing to change their initial hypothesis about how their product will be used.

• Stubbornly trying to push an original idea into existence can lead to failure.

• Successful entrepreneurs are those who are attached to the outcome and success of the business rather than their ego.

Sales is Everything

• Sales is every single touchpoint in a business.

• As businesses get bigger, it becomes increasingly important for entrepreneurs to be self-aware of what they're good at and what they're not good at.

• Many young, inexperienced entrepreneurs fail because they don't realize that they need help in areas where they're not skilled.

Importance of Being Self-Aware as a CEO

• It's important for CEOs to recognize when there's someone better suited for running the company.

• Founders should focus on doing what they're uniquely positioned to do rather than holding onto titles like CEO.

• The speaker acknowledges that he's not always best suited for being a CEO in his own companies.

Huel Protein Powder Review

In this section, the speaker gives his personal review of Huel protein powder.

Personal Experience with Protein Powders

• The speaker hates mixing protein powders with water because they usually taste awful.

• He recommends Huel's brand new protein flavor, which is nutritionally complete and only 105 calories.

Dealing with Imposter Syndrome

In this section, Steve discusses how to deal with imposter syndrome and the importance of interpreting feelings of discomfort as a sign of growth.

Interpreting Feelings of Discomfort

• We all feel nervous or uncomfortable when we are in a position outside our comfort zone.

• The interpretation we give to these feelings is what creates imposter syndrome.

• Our beliefs and experiences influence the stories we tell ourselves about our abilities.

• It's important to interpret these feelings as normal and a sign that we are ready for growth.

Embracing Being an Imposter

• Keeping yourself one step outside your comfort zone is a sign of growth.

• Feeling like an imposter means you're in the right room and pursuing worthwhile goals.

• Growth, progress, and learning are conducive to fulfillment.

• Expecting and welcoming feelings of being an imposter is necessary for lifelong growth.

Asking for Mentorship

In this section, Steve provides advice on how to approach someone at a more senior level for mentorship.

Putting Yourself in Their Shoes

• Consider the person's interests, schedule, and priorities before approaching them.

• Keep it simple and straightforward when asking for mentorship or guidance.

• Offer something in return if possible, such as sharing your own expertise or skills.

How to Ask Someone to be Your Mentor

In this section, Steve Bartlett explains how to ask someone to be your mentor. He suggests finding the least saturated channel and understanding the psychological incentives of the person you are asking.

Finding the Least Saturated Channel

• Find the least saturated channel where there is less competition for their time.

• Twitter or posts may be a good option.

Understanding Psychological Incentives

• Understand what they want and solve a problem that they are looking for.

• Appeal to their ego and show empathy towards them.

• Offer something in return, such as extending their reach.

Worst Possible Case Scenario

• Avoid being lazy and uncreative when asking for something from someone who has no obligation to give it to you.

• Show attention to detail, care, creativity, and ultimately success when reaching out.

Starting a Business: Enjoyment, Progress, and Validation

In this section, the speaker discusses three important factors to consider when starting a business: enjoyment, progress, and validation.

Enjoyment is Key

• The success rate of starting a business is below 1%, so it's important to enjoy what you're doing.

• If you're not enjoying it, you'll likely procrastinate and do a poor job.

• At the start of your business, there won't be much evidence of success. However, there should be evidence of progress and marginal gains.

Focus on Progress

• Look for progress rather than immediate results.

• Pursue worthwhile goals that are challenging and can be pursued with people you love.

• A goal must be challenging to maintain motivation.

Seek Validation

• Validate your hypothesis by looking for feedback from users or customers.

• Even at the very start of your business, there should be some evidence that your product has market fit and people are enjoying it.

Finding Motivation in Pursuing Goals

In this section, the speaker discusses how he finds motivation in pursuing his goals.

Pursue Worthwhile Goals

• Pursue worthwhile goals that are challenging and can be pursued with people you love.

• A goal must be challenging to maintain motivation.

Find Purpose in Your Work

• Purpose is what gets the speaker out of bed every day.

• Pursuing a goal with people you love makes it more enjoyable and sustainable.

Dealing with Anxiety and Depression

In this section, the speaker answers a question about how he deals with anxiety and depression.

Find Value in Motivational Content

• The speaker finds motivation in pursuing worthwhile goals.

• He pursues these goals with people he loves.

• A goal must be challenging to maintain motivation.

Pursue Worthwhile Goals

• Purpose is what gets the speaker out of bed every day.

• Pursuing a goal with people you love makes it more enjoyable and sustainable.