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Everyone's trying to take a shortcut to get there when they

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really like when I'm telling you right now, you're never

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going to get there because you're not good enough. Like you're

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never going to get there because you're not good enough. You

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have to do the Rocky cut scene, you have to eat the shit for

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a period of time so that you can get the rep since you can

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put your time out of the bar and so that you can actually get

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good.

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The wealthiest people in the world see business as a game. This

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podcast, the game is my attempt to documenting the lessons I've

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learned on my way to building acquisition.com into a billion

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all portfolio. My hope is that you use the lessons to go

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business and maybe someday soon partner with us to get $200

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million beyond. I hope you share and enjoy.

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I'm going to walk you through the best way in my opinion to

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pick the niche that you're going to focus on to start your

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business. So picking the niche, I think this is something that's

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like wildly misunderstood. And I'll tell you where most

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people get wrong is that they pick a niche and they have

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no idea about the niche. All right. And so why

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commentator, which is a venture, it's like an incubator type

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thing and Silicon Valley, they have their things that they look

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for when they're investing businesses and they're accepting

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them into YC. And one of the ones that was really interesting

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to me is that they look for past experience within the space.

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And because I think a big part of that is that a lot of

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times new businesses are not actually really new. They're

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slight iterations on things that are old, right? And

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candidly, within my own business experience, I don't even

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do anything though. I just try and do stuff better, which

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people somehow poo poo on. It's like, you can go into

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dry cleaning and do it better than everybody else and still

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win. Like you can go to lawn care and do it better than

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everyone else and still win. And I think that's wildly

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underrated, because you were 100% make money if you just

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try hard and know how to do business. You don't need

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anything new, right? And so like, I think that is a wildly

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underestimated component of having strategy in business is

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just like, how do I get the use the value equation in the

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book? I comment five more value of my customers than anyone

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else can. But like the actual industry itself that you're

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serving doesn't need to be new or different, right? So

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that being said, like servers with the smile while they

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underrated. But the the piece that I want to hit on here is

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that like, I'll tell you this story because I think it

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really drives this point home. So in Alan, our software

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company that we recently sold a majority stake in, one of

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the agency owners, you know, for nine months was just like

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never making progress, right? Like it was always hopping on

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was always having issues and it was like his clients were

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getting results and he was like, how do I get around that?

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And I was like, you don't need to fix that. And it got to

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the point where I just said, listen, man, like you don't

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know what you're doing, which is why your clients are getting

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results. Period. He's like, well, I've got this one guy who

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does you makes all this money using our, you know, using

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the leads that we get him. And I was like, okay, all why

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is he getting making money in the other ones aren't he's

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like, well, I don't know. And I was like, right, so that's not

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because of you, that's because of him. And so what I told

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him to do, which was wild at the time, I said, I need you, I

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think that you should close your agency. I was like, I don't

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think you know anything about real estate. I said, I

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think that if you know how to get real estate leads, then you

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should go get your realtor's license, go generate your own

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leads and go build a real estate business and learn it. And

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then once you have succeeded in doing that, then if you want

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to, then go make the agency and show other people how to do

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it because you've actually done it. And so there was a tweet

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by Layla, my wife, she said like stop listening to people on

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the sidelines about like, sorry, stop listening to people

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about how to play the game who've never been anywhere with the

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sidelines, right? And the problem is too many of the people

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right now, y'all are on the sidelines and have always been on

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the sidelines and are trying to pick a niche to get into to

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sell how to do the niche. Well, that's dumb. You've never

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done it. So a lot of times people are trying to skip to a higher

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leverage opportunity without having done the requisite work of

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understanding the niche, which is why the why commentator

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people look for like if you want to make a software in the

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payment space, we'd love to see that you have experience in the

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payment space because there's so much stuff that you don't know

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that you know, when you actually spend three, five, you know,

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years doing something in an industry, you understand the

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lingo, you understand the avatar, you understand the problems,

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and you can see opportunities if you haven't entrepreneurial had

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on, there's always problems in every industry, which means there's

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always opportunity. And fundamentally, business is just solving

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problems that exist with a and making sure the math makes sense.

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Like that's literally it. It's like, where is there a problem?

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How much did they think this is a problem? And is there a way

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that I can solve it and charge for it? That's it. Like that's

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really all the businesses, right? And so and really how well

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you solve the problem is going to dictate how much virality your

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business has because if you solve it really well, people will

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tell people and you will and your business will grow, right? I

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think the problem that a lot of people have is they didn't know

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how to make it offer, right? Is the fundamental thing that is

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the beginning of building a business is you got to know what

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you're selling, right? And so that was a problem for a lot of

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people. And then people got that problem solved. And then they

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told their friends and books sold a hundred thousand copies

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in six months with no promotion, right? And so I'm only I'm

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sharing this because I couldn't write a book on offers without

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having made a ton of offers. And I feel like there's too often

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people who are trying to focus on a niche who've never actually

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done the thing in the niche. And this is really, really rampant

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in the internet space because everyone's trying to take a

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shortcut to get there when they realize like when I'm telling you

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right now, you're never going to get there because you're not

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good enough. Like you're never going to get there because you're

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not good enough. You have to do the rocky cuts and you have to

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eat the shit for a period of time so that you can get the

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rep since you can put your time into the bar and so that you

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can actually get good. And before you are good, you will suck.

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And you have to accept long period of sucking and you do enough

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volume that eventually you'll suck so little that you'll

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actually be good. And then at that point, then you'll actually

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have a real decision to make, which is I'm actually really good

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at this thing now that I've learned. Do I want to teach it

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other people or just want to do more of the thing that I'm

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doing, right? Because like a realtor can then just grow a

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team of a hundred realtors and only entire thing, which is

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what I'd recommend this guy do, right? Rather than have an

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agency.

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We'll go guys, you guys already know that I don't run any

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ads on this and I don't sell anything. And so the only

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ask that I can ever have if you guys that you help me spread

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the words we cannot more entrepreneurs, make more money,

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feed their families, make better products and have better

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experiences for their employees and customers. The only way

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we do that is if you can rate and review and share this

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podcast. So the single thing that I have to do is you can just

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leave a review, but take 10 seconds or one type of the

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thumb, it means the absolute will to me and more importantly,

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it may change the world or someone else. That does it, right?

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And so this is kind of where where I think the problem is is

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that like I had another question that was sent to me on

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Instagram, which is like, Hey, how do I soft turn? Because a

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lot of my lot of my clients are getting results. And I'm like,

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well, duh, he's like, you know, I said, he said, how do I

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sell from 10,000 to 100,000 a month when I don't have a

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lot of testimonials? I was like, you're not good at the

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thing that you're supposed to be good at. Why don't I

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get testimonials? Why you're not going to 100,000 a month?

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Like these making the goal 100,000 a month, rather than

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being good. I have no words. I have no words. I don't get it.

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You know what I mean? Like everyone's in such a fucking rush

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that you will never get there. It is the slowest path to

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getting there is to fool yourself and the thing that you're

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good at something that you're not. You have to go and pull

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the thread and say, which and the thing is just like, we'll do

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what you're passionate about, whatever, you're not going to

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be passionate about stuff that you suck at. What you have to

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do is like, which of these opportunities seem like they

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potentially have high leverage, right? And I'm going to learn

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from the bottom, right? It's like one of the best ways to

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learn stuff is starting at the bottom, not because you, because

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it's the only option, but because if you understand the

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entire pathway of of a client journey or of an industry

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journey, then you will have more trench knowledge, more depth

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of experience that you will be then able to apply, right? Like

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people see my, you know, videos on personal finance, people see

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videos of mine on sale, people see videos on mine recruiting,

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people see videos of mine of marketing. And it's like, how

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did you acquire all these skills? It's because it's not like

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as I tried to jump to the spot that I met. And then like, you

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can't skip, you can't skip, like, there's a sequence, buildings

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are built with foundations, and your career is a pyramid, and the

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peak of that pyramid is based on the depth of the foundation

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that you build. And so like, I've said this before, and I'll say

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it again, but your work horse on you more than you work on it.

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And so even though you might not be getting paid in the period

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that you're at, just because you're struggling, doesn't mean

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you're failing, right? And it means, and the thing is, as

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long as you're getting better, you're making progress in the

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progress is the success is that you are getting better. And like

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you will turn the quarter, like that's an inevitability if you

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put enough time in period, I promise you that, if you don't stop

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doing something for 10 years, it'll be really good at it. Period.

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And if you're really good at it, you'll like doing it, right? And

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if you like doing it, then at that point, you won't wonder why

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your business isn't making money, because you'll actually be

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good. And then you won't have these questions. But the questions

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that I get, I'd say a third of them come from a very short

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time around. It's like, why am I not a millionaire? It's been,

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it's been 90 days, Alex. What the hell? It's like, well, you

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didn't put the five years in. So if you're trying to figure out

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what nature you're going to pick, the point is to just pick

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and then accept that you're not going to be overwhelmingly

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successful for like five years, like every entrepreneur, like

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that I know of puts five years in before, before anything

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really happens. And you're like, fuck five years, probably

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shouldn't tell new entrepreneurs that, yes, you're going to be

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very successful very quickly. You should put your job into it.

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It takes a long time to learn, because there's a lot of stuff

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you got to know, you got to know how to generate leads, you

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got to know how to work leads, you know, got to know how to set

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appointments, you got to learn how to close, you got to learn

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how to set up bank accounts, you got to learn how to transact,

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you got to learn how to do billing, you got to learn how to

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do payroll, you got to like, you got to learn how to actually

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fulfill a product, you got to learn how to create a customer

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journey, you got to learn how to ascend people, you got to

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learn how to decrease turn, you got to like, there's a lot of

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stuff, you got to learn how to recruit, you got to learn how to

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hire, you got to like, there's a lot of stuff that you got to

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learn. And so to think that it's somehow going to take 90

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days, it's like, why do you think that you can get a chemistry

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degree in four years and think you can somehow be able to come

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on masters at entrepreneurship in 90 days? It doesn't, it doesn't

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give respect to the game. Like you have to respect the game,

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like a lot of people have been playing this for 40 years,

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no one's getting their masters degree for 40 years. Well, some

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PhDs are right, and they're probably pretty good at whatever

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their thing is, right? And so it's like to think that you're

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going to beat guys who've been playing the same game for 40 years

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in your first try in 90 days, doesn't respect the game. And so

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like, I was fortunate that I started young, I started when I

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was 23, that I mean, the only thing I could have done before

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that dude, without doing that is just start instead of going

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to college, right? But you have to, you have to put your time

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into the bar, like your legs aren't going to grow until you

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like you can't do four squat workouts and expect your legs to

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grow. You'll get better at squatting. And then getting better

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at squatting is a requisite for having bigger legs, but you

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still got to put the volume in. There's a depth of understanding

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that happens with volume that people cannot appreciate. Like

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Napoleon said, quantity has a quality all of its own, right?

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Got to do the boring work. And you got to love the boring

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work. And if you can do that, you won't lose. Because the only

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person who's injecting this artificial timeline on you is

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you. And so anyways, it was like one of the normal questions that

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I was getting in my comments and stuff is like, how do you

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pick the niche? How do you know where to start? Like, you don't

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know where to start. You just start and then you start

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accumulating knowledge. And then you will learn, it's like

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reading books on sales before you've actually had a sales

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call. I'm actually very against it. I think you should start

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selling and then read books on sales because then the books

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will actually make sense to you, right? Like trying to read a

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hundred books on entrepreneurship before you've actually had

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a business is silly. Start a business. How do you start a

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business? You get a bank account, get an LLC, and you figure out

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what you're going to sell. Like, that's what you do. That's

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how you start a business. So it's going to start with promotion

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and selling because you can't even have the rest of the stuff

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until you learn how to do that. And if you don't know what you're

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selling, it's because you're probably going to get the thing

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yet. So you got to go like get some industry experience, right?

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That's why banks, by the way, they don't loan to people who

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don't have industry experience. So if you're like, Hey, I want to

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get a, you know, loan to this was actually a story I heard

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from from like Jim, what I ended up working with this for a

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period of time was in Jim, which was he wanted to start a

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gym and the and get a loan from the bank and they anyone to

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like 10 banks and they all said, no, they said, and he said

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the reason was because he did not experience. So what he did

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was he went to ballies and worked at ballies for like three or

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four years and worked his way up to become the personal

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training manager. And then at that point, started his gym and he

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didn't even need the bank loan at that point because he had

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saved some money and he learned how the business worked. And

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lo and behold, he was like, now some of the best advice I've

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ever had. So sometimes you just got to get the industry

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experience, people just want to skip to the last step when

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like there are prerequisites to getting there, which is

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probably prerequisites exist. So this is hopefully the real

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answer to how to pick your niche, which is like, you just need

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to do something that is at least not, you know, you know,

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repelled from that you see people making money in and then

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stick with it for an inordinate amount of time without

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convincing yourself that you're smarter than you are, which is

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a loose paraphrasing of a Twitter quote that I can't

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remember who wrote it.