TLDR;
This video provides a comprehensive guide on building a successful business, focusing on mindset, strategy, and practical steps. It emphasises the importance of avoiding common pitfalls and adopting the practices of the top 3% of successful businesses. The course covers everything from preparing for the entrepreneurial journey to structuring your business for growth.
- Building a solid foundation for a sustainable business.
- Understanding the crucial role of mindset and strategy.
- Identifying and validating real market problems.
- Structuring your business for internal and external growth.
How to Build a $1M Business Intro [0:00]
This course aims to provide knowledge and experience to help businesses grow and scale, drawing from both successes and failures. It covers how to start a business correctly, avoiding common and expensive mistakes. The framework used has scaled multiple businesses to significant figures, teaching viewers to think like the top 3% of business owners. The course also focuses on identifying real market problems to develop solutions that attract customers, using strategy to stand out, and crafting a business model that generates substantial revenue and profit.
A Business Course That Will Help You Start, Build And Grow Your Business [0:11]
This is a comprehensive course on starting, building, and scaling a business, designed to help entrepreneurs avoid common mistakes. It shares knowledge gained from both successful ventures and costly failures. The course aims to equip viewers with the tools to build a multi-million dollar business.
The Exact Framework That Helped Me Scale Multiple Businesses [1:02]
The presenter will share the framework used to scale multiple businesses to high figures, teaching viewers to think like the top 3% of successful business owners. The course will guide viewers in identifying real market problems to develop solutions that attract customers. It also focuses on using strategy to stand out and crafting a business model that generates substantial revenue and profit.
Why This Course / The CEO Entrepreneur Way [2:50]
The course is offered for free to build a community of entrepreneurs, with paid services available for personalised advice and community membership. The goal is to provide valuable education so that people can afford these services and see the expertise offered. The presenter shares their experiences to help others avoid the pain and time wasted on mistakes, aiming to support business owners in achieving their dreams. The course prioritises substance over hype, focusing on building solid, long-lasting businesses.
Why The Education System Has Failed You And Your Business [7:49]
The education system, designed for the Industrial Revolution, fails to equip individuals with the skills needed for modern entrepreneurship. It prioritises compliance over risk-taking and leadership, hindering the ability to innovate and solve problems. This course aims to provide the necessary information to run a business effectively, encouraging viewers to share it and build a community.
How To Increase Your Chances Of Success In Business Dramatically [12:11]
To increase the chances of success, it's crucial not to rush or skip any steps in building a business, even if they seem familiar. Most businesses fail because they are not run in the same way as the successful 3%. Following a proven framework and committing to hard work dramatically improves the likelihood of success.
The Blueprint For Success - Through All The Stages Of Business [13:53]
The CEO Entrepreneur blueprint consists of three key stages that represent shifts in how a business operates as it scales. Many businesses hit a ceiling because they fail to adapt their operations to these different stages. The course will begin by focusing on the "Groundbreaker" stage, which is for businesses under six figures, with the goal of building the right infrastructure for multi-million dollar growth.
Preparing For Your Entrepreneurial Journey [15:30]
The entrepreneurial journey has highs and lows, requiring preparation for both. Financial freedom and control are possible, but require the right information from the start. Avoid the common mistake of starting with passion or a business idea and hoping people will buy it. Instead, focus on serving clients and solving their problems.
Why Having A Clear Vision Is Key [24:28]
The road to business is paved with good intentions, but change is constant. Businesses must adapt to changing markets, requirements, and technology. Mistakes are part of the process and should be integrated into the business. Resilience is key to surviving the trials and errors until finding what works. It's important to keep your eye on the prize by understanding and articulating your end destination.
Building A Business Plan [29:58]
Create a vision board to maintain motivation and accountability through the highs and lows of the business journey. This board should include goals for the next 3, 5, 10, and 20 years, and align with personal values. A business plan is essential, but it should be a practical guide for action, not a lengthy document for banks. The steps within the course's framework will comprise a practical business plan.
The Million Dollar Entrepreneur Mindset [32:16]
Mindset and strategy are critical for success as a CEO entrepreneur. Key elements of a successful mindset include vision, long-term strategic thinking, belief, confidence, resilience, and adaptability. Growth and learning, customer centricity, leadership, team building, financial acumen, networking, relationship building, accountability, discipline, and values-driven decisions are also essential.
Your Role As A CEO [42:22]
As a CEO, especially in the early stages, your role includes strategising, planning, building products or services, promoting, selling, communicating, managing, and ensuring cash flow. You are also responsible for building the business, ensuring legal compliance, and self-development.
The One Thing No Other Course Will Teach You [47:57]
Be prepared to fail. Integrate controlled failures into your business to learn and grow. Avoid acting out of desperation and instead, plan for potential failures with backup plans and sufficient cash flow.
The Biggest Limiting Factor In Your Business [51:47]
As your business grows, you will become the biggest limiting factor. Common mindset inhibitors include imposter syndrome, perfectionism, lack of value proposition, poor money mindset, overwhelm, control issues, limited vision, resistance to change, procrastination, and lack of discipline.
Realising Your True Value [1:01:27]
Stop doubting yourself and recognise your true value. Translate limiting beliefs into liberating truths and identify what you bring to the table. Approach business with confidence, understanding your unique value proposition.
Identifying A Real Market Problem [1:07:32]
Identify a real market problem to solve for your customers, as this is the reason a business exists. Avoid becoming a statistic by ensuring you solve a real problem that people need and that makes business sense. This involves understanding the root causes, validating the problem, and ensuring it can scale.
Who Is Your Customer And How Can You Help Them? [1:13:41]
Explore the market landscape by understanding demographics, geographic location, psychographics, and behavioural attributes of your target market. This is not the same as picking your avatar; instead, it's about finding a market segment big enough to scale. Use this data to understand your potential clients and their needs.
What Assumptions Are You Making About Your Target Market? [1:33:10]
Unearth problems and challenge assumptions by identifying pain points and ensuring your assumptions are valid. The same customer complaint can lead to different solutions based on the assumptions made. Refine your problem statements to align with the actual needs and frustrations of your target market.
How To Validate The Problem [1:40:48]
Validate the problem by confirming with potential customers that the identified issue is indeed a real concern.
Pain Killers Vs Vitamins - Which One Is Yours? [1:41:34]
Address significance and alignment by ensuring you solve a serious pain that keeps your customers up at night. Ideally, your business should offer a painkiller, not just a vitamin, or find the right market segment that converts the vitamin into a painkiller.
Your Unique Value Proposition [1:47:56]
Align your pain points with your unique value proposition (UVP), focusing on what you do well, what customers want, and what competitors don't do well.
What Are The Benefits Of Solving The Problem For Your Market? [1:49:01]
Identify direct and indirect benefits of solving the problem. This helps understand if solving the problem will be financially rewarding and helps with marketing.
Estimating Market Demand And Potential [1:51:52]
Estimate market demand and potential to ensure solving the pain points will be financially rewarding. Understand the purchasing power of your target market and whether your product or service can scale. Identify your total addressable market (TAM), serviceable available market (SAM), and serviceable obtainable market (SOM).
Is This A Good Business Opportunity? [2:00:09]
Confirm problem relevance and longevity by analysing current solutions and identifying their shortcomings.
Having A Good Business Case: Finalising Your Problem Statement [2:02:31]
Finalise your problem statement to form the first part of your business case. This includes specifying the problem, validation, target market, affordability, assumptions, pain points, impact, benefits, and business sense.
The Business Strategy That Will Put You Ahead Of The Curve [2:06:31]
Strategy is crucial for business success, guiding decision-making and ensuring long-term growth. It involves making integrated, deliberate choices to navigate challenges and achieve long-term goals.
The Strategic Planning Framework - How You Should Be Looking At Your Business [2:14:06]
A strategic planning framework includes values, vision, mission, strategy, strategic goals, functional strategies, objectives, plans, tactics, and metrics. Most people focus on tactics, but a solid framework is essential for building a sustainable business.
The CEO Entrepreneur Business Strategy Playbook [2:19:11]
The CEO Entrepreneur Business Strategy Playbook helps define your business's vision, mission, values, target customers, positioning, and strategic challenges. It provides a framework for setting strategic goals and aligning functional strategies.
Setting Strategic Goals [2:28:23]
Strategic goals are essential for achieving your business strategy. An example of a strategic approach is competing at a higher price point using a standout feature. Strategic goals might include phasing out of a current target market segment that prefers a lower price point and introducing a differentiating factor into your main products.
Solving A Real Market Problem [2:37:48]
The course circles back to the importance of solving a real market problem, emphasising that the business should be customer-centric.
The Right Way To Create The Right Product Or Service [2:43:55]
The right way to create a product or service involves identifying customer pain points, translating them into solution-neutral benefits, defining solution-neutral functions, and then brainstorming ideas. This approach ensures the product addresses real needs and avoids jumping to premature conclusions.
What Requirements Should Your Product Or Service Have? [2:52:03]
Consider operational and non-functional requirements for your product or service, such as user-friendly interface, privacy, security, accessibility, and compliance with regulations.
Coming Up With A Good Business Idea [2:52:57]
Ideation involves generating as many ideas as possible, focusing on quantity rather than quality at this stage. Brainstorm different solutions for each function, and don't rule out any ideas.
Does Your Business Idea Make A Good Business Case? [3:02:49]
Assess the business case for your chosen solution by evaluating whether the numbers add up, validating the painkiller aspect, and ensuring feasibility, viability, profitability, and scalability.
Your Minimum Viable Product [3:08:25]
Prioritise features to build a minimum viable product (MVP) that delivers results while balancing costs and benefits. Focus on the most essential features that solve the core problem for your target market.
Picking The Right Business Model [3:20:10]
Select the right business model for your solution using the business model canvas. This involves defining customer segments, relationships, channels, revenue streams, value propositions, key partners, activities, resources, and cost structure.
How To Structure Your Business [3:30:45]
Structure your business internally and externally from day one. External structure involves registering your company, choosing a business name, obtaining licenses and permits, understanding tax regulations, and filing organizational documents.
Setting Up Your Internal Business Structure [3:44:21]
Internal structure involves defining your role as the CEO and establishing the four main pillars of your business: CEO, product, customer, and business. Each pillar has specific functions that need to be managed.
Structuring Your Business As It Grows [3:50:30]
As your business grows, shift gears and delegate tasks, authority, and strategy. Build a leadership team to manage different functions and scale the business effectively.
Creating An Organisational Structure [3:58:04]
Map out an organizational chart to define roles and responsibilities within your business. If you cannot afford to hire for a role, wear the hat for that role until you can afford it, but know it's not your long-term job.
Building The Business Of Your Dreams [4:01:13]
The course has covered the essential steps to understand your journey, adopt the right CEO mindset, identify a problem to solve, develop a strategy, create a solution, and structure your company. The next part of the course will cover marketing, sales, finance, teams, and systems.