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What’s up, everyone? Today, I want to share 7 lessons from building 7 businesses!
You won’t hear some of my ‘lessons learned’ anywhere else; they are unique to my experience yet may be applicable to you.
I have started a Chinese tutoring company, I’ve wholesaled 2 houses, started investment funds, and am currently running Fund Launch.
Let’s dive in!
#1 Don’t Reinvent the Wheel
Many people have already built business models and are running businesses similar to the one you want.
Don’t try to do something entirely different if there is already a more practical and easier way to do it.
When I was in college, I wanted to get involved in real estate.
So, I spent 6-10 months reading, studying, and watching YouTube.
Then, I shadowed a big player in the real estate game for 2-3 days. As we visited properties, he coached me and taught me so much!
Ultimately, I learned more in those 3 days than I did studying 6 months on my own!
#2 Give Yourself a Timeline and a Budget
As a younger entrepreneur, I was always thinking of business ideas and losing sleep over my next big idea.
I would go from one venture to the next without disciplining myself.
Instead of doing that, I learned that you need to find your best idea on your list, and focus on that by using a timeline and a budget.
So, Mason and I started Fund Launch and we gave ourselves 3 weeks and $500.
This gave me clarity and focus and led to our success!
#3 Date Your Business Partners
You shouldn’t marry someone after the first date, and similarly, you shouldn’t partner with someone after meeting them for the first time.
Spend time with your potential business partner to evaluate their values, work ethic, and overall personality.
#4 Choose Your Business Vehicle Wisely
I started a Chinese tutoring business while I was in college; I taught Chinese and paid my employees to do the same thing.
This was great, but the profit margins were thin. I realized that I’d have to do a lot more hiring and work just to raise my profits.
That’s why I love investment funds; they are scalable and the profit margins are so wide!
Like I said in my video…
“Because of the nature of the vehicle, I would make more money as an average fund manager than an excellent tutor.”
#5 Find Your ‘Blue Ocean’
After reading Blue Ocean Strategy I realized that it’s essential to find your niche.
This may seem obvious, but not everyone follows this principle.
You need to be extra intentional when looking for blue oceans online. Don’t do what 10 million other people are already doing.
#6 and #7
If you’ve liked my tips so far, watch the rest of my video to find out what #6 and #7 are!
Conclusion
Hopefully, you’ve learned something from me sharing 7 lessons from building 7 businesses…
If you want to start your own fund and need some professional pointers, visit Fund Launch!
Thanks for reading!
Want to get direct guidance for your fund? Schedule a time with my Fund Advisors!
DISCLAIMER: This content is for educational and informational purposes only. It is not to be taken as tax, financial, or legal advice. You should always consult a legal professional before taking action. Furthermore, this is not a recommendation to buy or sell any security. The content is solely just the opinion of the authors.
