WEBVTT

1
00:00:00.000 --> 00:00:04.840
If you want to be smarter, you can actually make yourself smarter by simply doing things

2
00:00:04.840 --> 00:00:07.920
differently, by taking action, by changing your behavior.

3
00:00:07.920 --> 00:00:13.520
And so the faster you change your behavior, speed of change, the smarter you are.

4
00:00:13.520 --> 00:00:16.680
Welcome to the game where we talk about how to sell more stuff to more people in more ways

5
00:00:16.680 --> 00:00:18.440
and build businesses worth owning.

6
00:00:18.440 --> 00:00:21.080
I'm trying to build a billion dollar thing with acquisition.com.

7
00:00:21.080 --> 00:00:24.600
I always wished pesos, musk and buffet had documented their journey, so I'm doing it for

8
00:00:24.600 --> 00:00:25.600
the rest of us.

9
00:00:25.600 --> 00:00:27.600
Please share and enjoy.

10
00:00:27.600 --> 00:00:32.680
I pulled my audience in 76% of you want to start a business, but haven't.

11
00:00:32.680 --> 00:00:35.200
Most of the other stuff I make is for people who are trying to go for a million to 10 million

12
00:00:35.200 --> 00:00:36.720
to 10 million to 100 million, etc.

13
00:00:36.720 --> 00:00:38.520
But today is dedicated to you guys.

14
00:00:38.520 --> 00:00:41.840
And the spirit of this is because I went to dinner with eight 20 year olds who were in

15
00:00:41.840 --> 00:00:44.840
their senior year of college, and they told me six months earlier that they all wanted

16
00:00:44.840 --> 00:00:45.840
to start businesses.

17
00:00:45.840 --> 00:00:48.440
And six months later, I had dinner with them and I was like, hey, where are we out of those

18
00:00:48.440 --> 00:00:49.440
businesses?

19
00:00:49.440 --> 00:00:50.920
And they're like, oh, you know, I'm getting my LLC set up.

20
00:00:50.920 --> 00:00:53.120
And I was like, that's not a step.

21
00:00:53.120 --> 00:00:55.360
That takes five seconds and a hundred bucks on legal zoom.

22
00:00:55.360 --> 00:00:56.360
Like, what are you talking about?

23
00:00:56.360 --> 00:00:57.360
Would you do last six months?

24
00:00:57.360 --> 00:00:58.360
You didn't do anything.

25
00:00:58.360 --> 00:00:59.360
All right.

26
00:00:59.360 --> 00:01:02.720
And so what I want to do is actually break down what you need to do in order to start the

27
00:01:02.720 --> 00:01:04.440
business and make money.

28
00:01:04.440 --> 00:01:06.520
And the good news is it's easier than you think.

29
00:01:06.520 --> 00:01:10.080
So if you boil everything down to first principles of what do I have to do to make money?

30
00:01:10.080 --> 00:01:13.800
One, you have to have an entity set up, which you can do on legal zoom for a hundred bucks.

31
00:01:13.800 --> 00:01:14.800
All right.

32
00:01:14.800 --> 00:01:15.800
You wait two weeks.

33
00:01:15.800 --> 00:01:16.800
They send you the paperwork.

34
00:01:16.800 --> 00:01:17.800
Congrats.

35
00:01:17.800 --> 00:01:18.800
Take paperwork.

36
00:01:18.800 --> 00:01:19.800
Go to bank.

37
00:01:19.800 --> 00:01:20.800
Say bank.

38
00:01:20.800 --> 00:01:21.800
I would like a bank account.

39
00:01:21.800 --> 00:01:22.800
Bank account says here.

40
00:01:22.800 --> 00:01:23.800
Here's bank account.

41
00:01:23.800 --> 00:01:24.800
They give you checks.

42
00:01:24.800 --> 00:01:25.800
They give you credit card.

43
00:01:25.800 --> 00:01:26.800
And they give you an account number.

44
00:01:26.800 --> 00:01:27.800
Take that.

45
00:01:27.800 --> 00:01:28.800
Go to payment processor.

46
00:01:28.800 --> 00:01:31.440
Sign up for payment processor so that you can collect money.

47
00:01:31.440 --> 00:01:34.560
Once you have those things, you are now officially able to transact.

48
00:01:34.560 --> 00:01:37.800
Now all you have to do is sell something to someone.

49
00:01:37.800 --> 00:01:41.760
Now where people get stuck is what's the thing and who do I sell it to.

50
00:01:41.760 --> 00:01:44.680
So I'm going to give you the fastest track way to do that today.

51
00:01:44.680 --> 00:01:47.880
So there are only six things that you can sell anyone.

52
00:01:47.880 --> 00:01:49.400
Number one is a product.

53
00:01:49.400 --> 00:01:51.360
Each of these have digital and physical versions of them.

54
00:01:51.360 --> 00:01:53.400
You can sell a physical product, which is stuff you get in the mail.

55
00:01:53.400 --> 00:01:55.480
You can sell a digital product like a PDF.

56
00:01:55.480 --> 00:01:56.480
All right.

57
00:01:56.480 --> 00:01:58.000
The thing you do is sell services.

58
00:01:58.000 --> 00:02:01.520
If you sell services that's like doing a massage, a digital service would be like software

59
00:02:01.520 --> 00:02:02.520
as a service.

60
00:02:02.520 --> 00:02:05.320
That's a digital version of work that somebody would otherwise do.

61
00:02:05.320 --> 00:02:07.360
The third thing you can sell is access.

62
00:02:07.360 --> 00:02:11.120
You can sell physical access to something like when you rent an apartment, that's physical

63
00:02:11.120 --> 00:02:14.960
access to something, or if you sell concert tickets, that's physical access to something,

64
00:02:14.960 --> 00:02:15.960
right?

65
00:02:15.960 --> 00:02:16.960
Or digital access to something.

66
00:02:16.960 --> 00:02:20.240
That's where you have rooms or you have experiences or whatever.

67
00:02:20.240 --> 00:02:21.960
The next thing you can sell is risk.

68
00:02:21.960 --> 00:02:24.240
You have digital risk and you have physical risk.

69
00:02:24.240 --> 00:02:26.920
Digital risk is like cyber attack.

70
00:02:26.920 --> 00:02:28.880
Physical risk is like insurance on a building.

71
00:02:28.880 --> 00:02:30.200
You can buy and sell money.

72
00:02:30.200 --> 00:02:31.200
That's what banks do.

73
00:02:31.200 --> 00:02:35.920
When they loan you stuff, they're selling you money and you're buying money at a premium.

74
00:02:35.920 --> 00:02:38.200
And there's digital and physical versions of that because you have actual money and then

75
00:02:38.200 --> 00:02:39.200
you've got cryptocurrencies, etc.

76
00:02:39.200 --> 00:02:41.360
You can also buy and sell media.

77
00:02:41.360 --> 00:02:46.000
Digital versions of media, which is like something like this, or physical versions of media,

78
00:02:46.000 --> 00:02:48.040
which people forget about, like books and newspapers.

79
00:02:48.040 --> 00:02:50.160
Those are physical media.

80
00:02:50.160 --> 00:02:52.200
Everything else falls into buckets of those things.

81
00:02:52.200 --> 00:02:55.640
So when people are like, okay, that's a lot of stuff.

82
00:02:55.640 --> 00:02:56.720
What do I do?

83
00:02:56.720 --> 00:03:01.560
My easiest piece of advice is to look at your past and figure out the things that you know

84
00:03:01.560 --> 00:03:02.560
a little bit more about.

85
00:03:02.560 --> 00:03:05.760
So because of the people that you are friends with, because of what your parents do, there

86
00:03:05.760 --> 00:03:07.840
are some industries that you may know a little bit more about.

87
00:03:07.840 --> 00:03:10.880
Like if your dad was a mechanic, you probably know more about cars than I do, right?

88
00:03:10.880 --> 00:03:13.000
Both of my parents are eye doctors.

89
00:03:13.000 --> 00:03:15.760
So I know all the parts of the eye and a bunch of stuff about eyes that no one really

90
00:03:15.760 --> 00:03:16.760
cares about.

91
00:03:16.760 --> 00:03:17.760
And I don't really even care about it.

92
00:03:17.760 --> 00:03:19.840
But I know it just through osmosis because I spent my whole life with them.

93
00:03:19.840 --> 00:03:22.360
So there are things that you know that you don't even know that you know.

94
00:03:22.360 --> 00:03:26.320
And I could probably tell you problems that people around me are experiencing every day.

95
00:03:26.320 --> 00:03:29.520
And I'll bet you, if you took some time, you could solve it for them.

96
00:03:29.520 --> 00:03:33.440
So step one is try and find someone that you can provide value to.

97
00:03:33.440 --> 00:03:35.640
That's what value is, solving a problem.

98
00:03:35.640 --> 00:03:38.640
The next thing you do is you're like, well, how do I get them to give you money?

99
00:03:38.640 --> 00:03:41.720
In the beginning, I recommend not trying to ask them to give you money, but I actually

100
00:03:41.720 --> 00:03:43.480
recommend you solve it for free.

101
00:03:43.480 --> 00:03:46.640
Solve the first five, ten, even twenty people for free, and there's a number of reasons

102
00:03:46.640 --> 00:03:47.640
for that.

103
00:03:47.640 --> 00:03:49.360
One is because you probably suck because you've never done this before.

104
00:03:49.360 --> 00:03:51.840
It's probably better to not get people's money because then they'll probably be upset

105
00:03:51.840 --> 00:03:52.840
about it.

106
00:03:52.840 --> 00:03:55.480
So offer to work for free and more people will take you up on it.

107
00:03:55.480 --> 00:03:58.880
And if someone doesn't take you up on a working for free, ask them why?

108
00:03:58.880 --> 00:04:02.400
Because the reasons they won't take you up on it are called hidden costs.

109
00:04:02.400 --> 00:04:06.000
Those are the costs in access of the money that you would otherwise charge that's a reason

110
00:04:06.000 --> 00:04:07.400
somebody doesn't want to buy.

111
00:04:07.400 --> 00:04:10.880
And so if you can't identify the hidden costs, then you can start solving those ahead of

112
00:04:10.880 --> 00:04:14.760
time and then ultimately make the thing you sell later much more valuable.

113
00:04:14.760 --> 00:04:18.400
So once you start working with these people to solve their problems, you'll start getting

114
00:04:18.400 --> 00:04:21.440
feedback from them about what to do to make it better.

115
00:04:21.440 --> 00:04:25.680
Now after a certain period of time, there's three benefits you get from this.

116
00:04:25.680 --> 00:04:28.680
One is you'll actually start to learn the skill, which is by far the biggest benefit

117
00:04:28.680 --> 00:04:30.200
of doing it this way.

118
00:04:30.200 --> 00:04:34.720
Number two is it's easier to ask people to do something for free because you're not asking

119
00:04:34.720 --> 00:04:35.720
for much.

120
00:04:35.720 --> 00:04:40.640
Number three is that those people will either leave you a testimonial which you can then

121
00:04:40.640 --> 00:04:45.280
leverage to show other people that you're good at your thing, or they will become paying

122
00:04:45.360 --> 00:04:49.360
customers themselves if you just ask them to because if you solve the problem well enough

123
00:04:49.360 --> 00:04:52.120
on a consistent basis, they'll ask you to do it again.

124
00:04:52.120 --> 00:04:55.800
And at some point you can say, Hey, I actually have too many free customers like I have to

125
00:04:55.800 --> 00:04:57.840
start charging because I don't have enough time.

126
00:04:57.840 --> 00:05:01.960
And what you just did was you artificially created or in a real way created more demand

127
00:05:01.960 --> 00:05:03.760
for your time than you have supply.

128
00:05:03.760 --> 00:05:07.160
Now you're going to scribe a price to it while also getting good.

129
00:05:07.160 --> 00:05:11.240
And then finally, those people, so subsection three of why it's good for you to work for

130
00:05:11.240 --> 00:05:14.560
them for free is that those people can also send you friends.

131
00:05:14.560 --> 00:05:17.880
And so you can say, Hey, I'll do this for free in exchange for two things.

132
00:05:17.880 --> 00:05:20.360
One, they leave me a testimonial and two, that you least give me the idea of a friend

133
00:05:20.360 --> 00:05:22.280
who might be also benefiting of this.

134
00:05:22.280 --> 00:05:24.960
Now if at the end of the process, they don't want to give you either of those things, ask

135
00:05:24.960 --> 00:05:25.960
them why.

136
00:05:25.960 --> 00:05:28.120
And then say, what would it take in order for you to do that?

137
00:05:28.120 --> 00:05:31.680
And then go do that because it's very hard for people to die multiple times, especially

138
00:05:31.680 --> 00:05:34.360
if you met the terms or the conditions that they would do it under.

139
00:05:34.360 --> 00:05:38.320
So now all of a sudden, if we're fast forwarding here, so you figured out the thing to sell,

140
00:05:38.320 --> 00:05:42.200
it's one of the six digital, physical versions of those six items, you've identified who you

141
00:05:42.200 --> 00:05:43.520
could solve the problem for.

142
00:05:43.520 --> 00:05:46.560
It's the people that you can provide the most value to somebody who already has a problem

143
00:05:46.560 --> 00:05:50.520
that you know a little bit about because just as a side note, why see has already done

144
00:05:50.520 --> 00:05:51.520
research on this?

145
00:05:51.520 --> 00:05:56.280
They prefer to invest in founders who have experience in the industry that they're trying to solve

146
00:05:56.280 --> 00:05:58.520
either directly or adjacent.

147
00:05:58.520 --> 00:06:01.560
And so I got an affinist because I had experience in fitness.

148
00:06:01.560 --> 00:06:04.000
So I knew a decent amount about it, at least about the core thing.

149
00:06:04.000 --> 00:06:06.120
I didn't know anything about business, but I had half of itself.

150
00:06:06.120 --> 00:06:09.200
If you have to understand the avatar and you have to understand the product and understand

151
00:06:09.200 --> 00:06:12.800
how to grow a business, that's a lot of ignorance debt you have to pay down.

152
00:06:12.800 --> 00:06:16.840
And so the idea is, how much can I pay down ahead of time so I can start getting ahead?

153
00:06:16.840 --> 00:06:20.120
And to be clear, a lot of people obsess about their first business thingy, it's going

154
00:06:20.120 --> 00:06:21.320
to be their last business.

155
00:06:21.320 --> 00:06:22.320
It probably won't.

156
00:06:22.320 --> 00:06:25.040
If you're an entrepreneur, you will start many business over your career and you will

157
00:06:25.040 --> 00:06:28.640
learn from the old businesses to apply to the new businesses.

158
00:06:28.640 --> 00:06:35.960
And so my recommendation here is first four steps, get LLC, take LLC to bank, get account,

159
00:06:35.960 --> 00:06:41.080
go to processor, get way to process money, give away stuff for free until you have more

160
00:06:41.080 --> 00:06:46.520
people who are asking for your time than you have time to give, then start charging money.

161
00:06:46.520 --> 00:06:47.520
That's how you do it.

162
00:06:47.520 --> 00:06:49.920
And then once you do that, you start making the first dollar.

163
00:06:49.920 --> 00:06:52.960
And the first dollar is the hardest one to make.

164
00:06:52.960 --> 00:06:55.760
But once you make that one, the rest of the videos that I have here about I take that

165
00:06:55.760 --> 00:07:00.760
first dollar to the millionth and 100 millionth and beyond.

166
00:07:00.760 --> 00:07:03.080
Guys, love that you're listening to the podcast.

167
00:07:03.080 --> 00:07:07.120
If you ever want to have the video version of this, which usually has more effects, more

168
00:07:07.120 --> 00:07:12.160
visuals, more graphs, you know, drawn out stuff, sometimes it can help hit the brain centers

169
00:07:12.160 --> 00:07:13.160
in different ways.

170
00:07:13.160 --> 00:07:14.160
You can check my YouTube channel.

171
00:07:14.160 --> 00:07:17.760
It's absolutely free to check that out if that's what you are into and if not, keep

172
00:07:17.760 --> 00:07:21.160
enjoying the show.

173
00:07:21.160 --> 00:07:24.440
So if you understand how easy it is to start a business, the next question you have to

174
00:07:24.440 --> 00:07:26.000
ask is why you aren't, right?

175
00:07:26.000 --> 00:07:29.080
Which is most of the times the problem is in that you don't understand how to make the

176
00:07:29.080 --> 00:07:30.080
business.

177
00:07:30.080 --> 00:07:32.080
It's that you are afraid of doing it.

178
00:07:32.080 --> 00:07:36.400
And so you have to identify what voice or what person you extrapolate in your head who

179
00:07:36.400 --> 00:07:39.320
you think is going to judge you for doing this thing or rather who's going to judge you

180
00:07:39.320 --> 00:07:40.480
if you fail.

181
00:07:40.480 --> 00:07:44.360
And so if you can isolate that voice and say, you know what, it's not people who are going

182
00:07:44.360 --> 00:07:45.360
to judge me.

183
00:07:45.360 --> 00:07:46.360
It's my mom and my uncle.

184
00:07:46.360 --> 00:07:47.880
Those are the only two voices I hear.

185
00:07:47.880 --> 00:07:51.680
Then you can rephrase the question which is, am I going to live out their dream or am I

186
00:07:51.680 --> 00:07:53.240
going to live out my own?

187
00:07:53.240 --> 00:07:57.360
And also you may have to die to the identity that they keep in their minds of who you are

188
00:07:57.360 --> 00:08:01.400
and the path that you're going to be on versus the path that you choose to live with.

189
00:08:01.400 --> 00:08:04.960
Because you can either just die for the rest of your life living their dream or you can

190
00:08:04.960 --> 00:08:07.120
die to their dream to live yours.

191
00:08:07.120 --> 00:08:10.040
One of the other reasons that people don't get the business started is because they struggle

192
00:08:10.040 --> 00:08:14.920
with impulse control, which is they cannot stay focused for a specific period of time

193
00:08:14.920 --> 00:08:15.920
on any task.

194
00:08:15.920 --> 00:08:17.560
They are a slave to their impulses.

195
00:08:17.560 --> 00:08:18.560
They want to go watch porn.

196
00:08:18.560 --> 00:08:19.560
They want to watch YouTube.

197
00:08:19.560 --> 00:08:22.680
They want to watch Netflix or whatever it is they're, they, I call it mentally masturbating

198
00:08:22.680 --> 00:08:25.840
to the idea of having a business because that's actually easier and more fun than starting

199
00:08:25.840 --> 00:08:26.840
a business.

200
00:08:26.840 --> 00:08:27.840
Because starting a business is work.

201
00:08:27.840 --> 00:08:31.360
But you just have to decide whether you want to pretend to be a business owner and post

202
00:08:31.360 --> 00:08:35.320
about how you are pretending about your hustle or you actually want to be a business owner.

203
00:08:35.320 --> 00:08:38.560
And I remember the book that changed it for me was that they used this word called

204
00:08:38.560 --> 00:08:42.040
Wanchpreneur and said, oh yeah, there's all these people who are Wanchpreneurs.

205
00:08:42.040 --> 00:08:44.080
They want to be an entrepreneur and they like consuming content.

206
00:08:44.080 --> 00:08:45.080
They like going to the workshops.

207
00:08:45.080 --> 00:08:48.240
They like watching the webinars, but they don't actually do anything.

208
00:08:48.240 --> 00:08:51.760
And I remember at that point, I'd been reading books for almost a year of book after book

209
00:08:51.760 --> 00:08:54.560
after book about business and self-help and personal development and all that stuff and

210
00:08:54.560 --> 00:08:56.160
I still hadn't done anything.

211
00:08:56.160 --> 00:09:00.200
And that was when I realized that learning comes from changing behavior.

212
00:09:00.200 --> 00:09:03.360
And so there's two definitions that you should know in order to understand how to start

213
00:09:03.360 --> 00:09:05.760
your business and be intelligent about it.

214
00:09:05.760 --> 00:09:07.320
Intelligence is actually a speed.

215
00:09:07.320 --> 00:09:08.560
It's rate of learning.

216
00:09:08.560 --> 00:09:10.440
So somebody who's very intelligent learns quickly.

217
00:09:10.440 --> 00:09:12.600
Now the question is, what is learning?

218
00:09:12.600 --> 00:09:15.160
Learning is same condition, new behavior.

219
00:09:15.160 --> 00:09:20.080
So if I show you a condition and you learn something, when I show you that condition again,

220
00:09:20.080 --> 00:09:21.320
you change your behavior.

221
00:09:21.320 --> 00:09:24.080
Now if up to this point, you've consumed lots of content, but you have not changed your

222
00:09:24.080 --> 00:09:29.240
behavior, same condition, same behavior, you have not learned, you're not intelligent.

223
00:09:29.240 --> 00:09:33.360
And so if you want to be smarter, you can actually make yourself smarter by simply doing

224
00:09:33.360 --> 00:09:37.240
things differently, by taking action, by changing your behavior.

225
00:09:37.240 --> 00:09:41.600
And so the faster you change your behavior, speed of change, the smarter you are.

226
00:09:41.600 --> 00:09:45.880
And so people will see you from the external as being smart because of the actions you

227
00:09:45.880 --> 00:09:46.880
have taken.

228
00:09:46.880 --> 00:09:50.640
And so if you can disconnect your judgment from other people, worried about not starting

229
00:09:50.640 --> 00:09:54.520
because you're going to live out there, you can control your impulses, so you can actually

230
00:09:54.520 --> 00:09:56.880
stick with it for a longer period of time.

231
00:09:56.880 --> 00:10:01.800
And you consume information in order to take action on it, you will start chipping away

232
00:10:01.800 --> 00:10:02.800
at it.

233
00:10:02.800 --> 00:10:05.320
The nice thing is that if you continue to take action over a long enough period of time,

234
00:10:05.320 --> 00:10:07.720
you will win and you will be successful.

235
00:10:07.720 --> 00:10:10.360
And a lot of people think there's a learning fallacy.

236
00:10:10.360 --> 00:10:14.600
They feel like they need to learn enough to start going, but the reality is you will learn

237
00:10:14.600 --> 00:10:19.320
more in your first 100 sales conversations than you will learn from 100 books on sales.

238
00:10:19.320 --> 00:10:23.160
And you can do 100 sales conversations in a month and it will take you years to read

239
00:10:23.160 --> 00:10:24.280
100 books on sales.

240
00:10:24.280 --> 00:10:27.840
And the crazy thing is most of the books that are written about business really only make

241
00:10:27.840 --> 00:10:31.920
sense once you've started doing business because you actually have a lattice work of experiences

242
00:10:31.920 --> 00:10:33.400
to hang the learnings on.

243
00:10:33.400 --> 00:10:36.760
So I actually didn't read a book about sales until I had already closed 4,000 deals.

244
00:10:36.760 --> 00:10:39.520
I didn't even know that the world of sales training existed.

245
00:10:39.520 --> 00:10:43.400
I just knew I knew how to have conversations with people to get them to give me money.

246
00:10:43.400 --> 00:10:44.400
That's how I called.

247
00:10:44.400 --> 00:10:45.720
I didn't even know whose sales.

248
00:10:45.720 --> 00:10:50.240
And so if you want to learn the skill, the best way to do it is to just start trying

249
00:10:50.240 --> 00:10:54.000
to do the skill and you will learn so much more because to quote Confucius, I hear and

250
00:10:54.000 --> 00:10:58.200
I forget, I see and I remember I do and I understand.

251
00:10:58.200 --> 00:11:01.320
And so you're only going to truly understand the thing by doing it rather than reading

252
00:11:01.320 --> 00:11:03.360
about it, watching about it, listening about it.

253
00:11:03.360 --> 00:11:06.480
And so the faster you can condense the time between when you think you want to do something

254
00:11:06.480 --> 00:11:09.400
and when you do it, the smarter you are because your behaviors changed.

255
00:11:09.400 --> 00:11:11.320
So if you want to learn, you got to do.

256
00:11:11.320 --> 00:11:14.680
So a big decision that every entrepreneur has to make is you have to decide what type of

257
00:11:14.680 --> 00:11:17.760
artist you are because entrepreneurship in my opinion is just another expression of

258
00:11:17.760 --> 00:11:18.760
art.

259
00:11:18.760 --> 00:11:23.960
So either your art is the actual technical thing that you deliver or your art is business

260
00:11:23.960 --> 00:11:24.960
itself.

261
00:11:24.960 --> 00:11:26.920
And those are two very different types of people.

262
00:11:26.920 --> 00:11:30.720
The artist to, for example, makes really nice wallets, right?

263
00:11:30.720 --> 00:11:33.240
They make really high quality leather wallets.

264
00:11:33.240 --> 00:11:35.880
That person, if they continue to make better and better wallets, we'll eventually have

265
00:11:35.880 --> 00:11:38.320
a point where they will have more people want their wallets than they will have time

266
00:11:38.320 --> 00:11:39.320
to deliver it.

267
00:11:39.320 --> 00:11:41.160
That person has a single choice to make.

268
00:11:41.160 --> 00:11:44.640
They will either raise the price of their wallets because they believe that the wallet

269
00:11:44.640 --> 00:11:49.720
is their art because they love actually doing the making of the wallet, which is fine.

270
00:11:49.720 --> 00:11:53.160
The other version of that is that they create a wallet business, which is then they start

271
00:11:53.160 --> 00:11:54.160
looking into machinery.

272
00:11:54.160 --> 00:11:58.000
They look into hiring and training people to replicate the same skills that they have in

273
00:11:58.000 --> 00:11:59.400
the wallets that they make.

274
00:11:59.400 --> 00:12:01.040
They have a low grade version and a luxury version.

275
00:12:01.040 --> 00:12:03.520
They start making tiers and upsell process, etc.

276
00:12:03.520 --> 00:12:05.800
Now their art becomes business.

277
00:12:05.800 --> 00:12:09.960
And so there is, in my opinion, no right or wrong answer because you can make just wallets

278
00:12:09.960 --> 00:12:12.920
and make the best wallets in the world and be very, very wealthy.

279
00:12:12.920 --> 00:12:16.360
Or you can create a business amount making wallets and be very, very wealthy.

280
00:12:16.360 --> 00:12:17.360
Both of them work.

281
00:12:17.360 --> 00:12:19.440
It just depends which one you enjoy most.

282
00:12:19.440 --> 00:12:23.720
And if you're not sure, start the one that costs you the least and then go from there.

283
00:12:23.720 --> 00:12:24.720
Because you know what?

284
00:12:24.720 --> 00:12:27.640
You might like making wallets today and in two years you might be sick of making wallets.

285
00:12:27.640 --> 00:12:29.240
At that point, you can learn the new art form.