UNIVERSITY

Next is the process of translating your “why” into something concrete by determining your business approach. Between deciding what type of impact you want to have and what you actually want to do, this answer will point you in the direction of the type of business you need to start. Furthermore you have to do a reality check on what your lifestyle desires are to design a business that aligns with those values.

START DOING YOUR REALITY CHECK BY ANSWERING QUESTIONS LIKE:

Inventory or no inventory? If you want a business that holds inventory retail through reselling is a typical example of this. This channel of sales distribution is easier to build equity because it can be sold later. It's a physical item compared to a personality or information being the primary product.

For the no inventory path, dropshipping is a common method of running a business. In this scenario someone else makes the product and houses the equipment while you handle the design and marketing.

Are you making an original product? This is the way to build the largest equity in your business. If your driver is money and you want to do the build-up, sell-off approach, this is the way to go. This is a viable and popular option but beware of short-term thinking when choosing this path. It's common to work with investors who want to build you up with the focus on getting a return ASAP instead of the company growing to its fullest potential.

Do you want to be an affiliate marketer? As an affiliate marketer you do the marketing then hand people off to a sales arm and take

on no inventory risk. This approach is also a great test of the entrepreneurial world by seeing what a taste of being involved with the operational end of the business world look like. If through this process you find yourself disengaged, entrepreneurship probably isn’t not for you.

Do you want to make an app? App development requires certain skill sets, and you have to decide if they’re worth developing before finding a team. This arena has a lot of layers and players right now, so make sure the passion is there and you go into an area that is underserved.

Although a lot of people think they want to be entrepreneurs, in reality, they might actually want to be an intrapreneur at heart. Entrepreneurship means you never go home because all your time and energy goes into this thing you're building because it needs all your energy. An intrapreneur thinks like an entrepreneur and cares just as much about business growth, but wants to be a part of a team and not take on all the risks. Neither are better or worse, it just comes down to your desires and what you’re willing to do to support them.

HOW TO CHOOSE A KILLER BUSINESS IDEA

You'll learn just as much from creating businesses that succeed as you will from creating ones that fail. Take it from Tom who has created his fair share of both during his journey from being the “King of Remedial Jobs” to co-founding a billion dollar company. The important part of either outcome is learning from the experience about what worked and what didn't.

It’s important to understand the common idea of there being some universal surefire business idea is a myth. In reality, there will only be business ideas that are great for you based on your desires, skills and passion. In this class, we will dive into how to pick a business idea that will actually work for you and give you actionable ways to approach the execution. First, let's find out why you want to start a business in the first place.

Next is the process of translating your “why” into something concrete by determining your business approach. Between deciding what type of impact you want to have and what you actually want to do, this answer will point you in the direction of the type of business you need to start. Furthermore you have to do a reality check on what your lifestyle desires are to design a business that aligns with those values.

START DOING YOUR REALITY CHECK BY ANSWERING QUESTIONS LIKE:

Inventory or no inventory? If you want a business that holds inventory retail through reselling is a typical example of this. This channel of sales distribution is easier to build equity because it can be sold later. It's a physical item compared to a personality or information being the primary product.

For the no inventory path, dropshipping is a common method of running a business. In this scenario someone else makes the product and houses the equipment while you handle the design and marketing.

Are you making an original product? This is the way to build the largest equity in your business. If your driver is money and you want to do the build-up, sell-off approach, this is the way to go. This is a viable and popular option but beware of short-term thinking when choosing this path. It's common to work with investors who want to build you up with the focus on getting a return ASAP instead of the company growing to its fullest potential.

Do you want to be an affiliate marketer? As an affiliate marketer you do the marketing then hand people off to a sales arm and take

on no inventory risk. This approach is also a great test of the entrepreneurial world by seeing what a taste of being involved with the operational end of the business world look like. If through this process you find yourself disengaged, entrepreneurship probably isn’t not for you.

Do you want to make an app? App development requires certain skill sets, and you have to decide if they’re worth developing before finding a team. This arena has a lot of layers and players right now, so make sure the passion is there and you go into an area that is underserved.

Although a lot of people think they want to be entrepreneurs, in reality, they might actually want to be an intrapreneur at heart. Entrepreneurship means you never go home because all your time and energy goes into this thing you're building because it needs all your energy. An intrapreneur thinks like an entrepreneur and cares just as much about business growth, but wants to be a part of a team and not take on all the risks. Neither are better or worse, it just comes down to your desires and what you’re willing to do to support them.

SUMMARY

01

For you to build something that lasts and matters to you and others, you have to have the resilience to continue building through adversity. This type of drive can only be born from true meaning and purpose, which are 2 of the 5 human drivers that push us.

IN TOTAL THEY INCLUDE:

• Money - an important tool, but usually pretty low on people's list

• Autonomy - the desire to not be a puppet, which feeds the drive to be self-directed and control your own destiny

• Mastery - wanting to get better and push yourself to be extraordinary

• Meaning - needing to understand what's the mission behind what you’re doing so you can connect with it on an emotional and spiritual level. Feeding this gives us an emotional reward by signaling that our efforts matter. Fulfillment is born out finding meaning.

• Purpose - when you're not only serving yourself but other people and a bigger cause in general

Starting with your “why” when building a business allows you to tap into all of these which is crucial for sustainability. When these 5 pillars serve as your backbone during your mission, it becomes much deeper than checking boxes. You'll actually fight to see it through despite the inevitable tough times. The reality of the cause and the people you're serving become the energy you need to keep going.

A common complaint when it comes to passion is how hard it is to find something you're passionate about. The problem with this way of thinking is the expectation of finding something you’re automatically passionate about instead of developing it. Passion

starts with the seed of something you're interested in. After you recognize that interest, engage with it to see how it develops into something more concrete.

Along with understanding your why, to find passion you want to focus on:

• Deciding what is a legitimate area of interest based your intrinsic values

• Engaging with that area and seeing if it develops into a level of fascination

• Gaining mastery around your newfound fascination to birth your passion

A simple equation to remember this is: Fascination + Mastery = Passion

It's never about what you're born with, it comes down to what you decide to value and build your life around. A great signaler of what’s really interesting to you is gauging your reactions to something. If your response is pretty even-keeled, that's probably a sign it's not that important to you and doesn't light that spark. However, if your reaction is big, enthusiastic and unfiltered excitement, that's your brain telling you this is something you really care about and should keep pursuing. That excitement is the start of momentum.

Passion will give you more energy to keep doing things and counteract the number one killer of entrepreneurs: boredom. Having a passion behind the clear vision of who you're trying to serve and feeling the meaning and purpose matched with that passion will help you persist through boredom that occurs while doing hard tasks everyday that you otherwise would feel are pointless. The excitement generated from passion will stretch your sustainability and give you the internal energy to keep going which all stems from first figuring out your “why”.

Next is the process of translating your “why” into something concrete by determining your business approach. Between deciding what type of impact you want to have and what you actually want to do, this answer will point you in the direction of the type of business you need to start. Furthermore you have to do a reality check on what your lifestyle desires are to design a business that aligns with those values.

START DOING YOUR REALITY CHECK BY ANSWERING QUESTIONS LIKE:

Inventory or no inventory? If you want a business that holds inventory retail through reselling is a typical example of this. This channel of sales distribution is easier to build equity because it can be sold later. It's a physical item compared to a personality or information being the primary product.

For the no inventory path, dropshipping is a common method of running a business. In this scenario someone else makes the product and houses the equipment while you handle the design and marketing.

Are you making an original product? This is the way to build the largest equity in your business. If your driver is money and you want to do the build-up, sell-off approach, this is the way to go. This is a viable and popular option but beware of short-term thinking when choosing this path. It's common to work with investors who want to build you up with the focus on getting a return ASAP instead of the company growing to its fullest potential.

Do you want to be an affiliate marketer? As an affiliate marketer you do the marketing then hand people off to a sales arm and take

on no inventory risk. This approach is also a great test of the entrepreneurial world by seeing what a taste of being involved with the operational end of the business world look like. If through this process you find yourself disengaged, entrepreneurship probably isn’t not for you.

Do you want to make an app? App development requires certain skill sets, and you have to decide if they’re worth developing before finding a team. This arena has a lot of layers and players right now, so make sure the passion is there and you go into an area that is underserved.

Although a lot of people think they want to be entrepreneurs, in reality, they might actually want to be an intrapreneur at heart. Entrepreneurship means you never go home because all your time and energy goes into this thing you're building because it needs all your energy. An intrapreneur thinks like an entrepreneur and cares just as much about business growth, but wants to be a part of a team and not take on all the risks. Neither are better or worse, it just comes down to your desires and what you’re willing to do to support them.

START WITH WHY

02

For you to build something that lasts and matters to you and others, you have to have the resilience to continue building through adversity. This type of drive can only be born from true meaning and purpose, which are 2 of the 5 human drivers that push us.

IN TOTAL THEY INCLUDE:

• Money - an important tool, but usually pretty low on people's list

• Autonomy - the desire to not be a puppet, which feeds the drive to be self-directed and control your own destiny

• Mastery - wanting to get better and push yourself to be extraordinary

• Meaning - needing to understand what's the mission behind what you’re doing so you can connect with it on an emotional and spiritual level. Feeding this gives us an emotional reward by signaling that our efforts matter. Fulfillment is born out finding meaning.

• Purpose - when you're not only serving yourself but other people and a bigger cause in general

Starting with your “why” when building a business allows you to tap into all of these which is crucial for sustainability. When these 5 pillars serve as your backbone during your mission, it becomes much deeper than checking boxes. You'll actually fight to see it through despite the inevitable tough times. The reality of the cause and the people you're serving become the energy you need to keep going.

A common complaint when it comes to passion is how hard it is to find something you're passionate about. The problem with this way of thinking is the expectation of finding something you’re automatically passionate about instead of developing it. Passion

starts with the seed of something you're interested in. After you recognize that interest, engage with it to see how it develops into something more concrete.

Along with understanding your why, to find passion you want to focus on:

• Deciding what is a legitimate area of interest based your intrinsic values

• Engaging with that area and seeing if it develops into a level of fascination

• Gaining mastery around your newfound fascination to birth your passion

A simple equation to remember this is: Fascination + Mastery = Passion

It's never about what you're born with, it comes down to what you decide to value and build your life around. A great signaler of what’s really interesting to you is gauging your reactions to something. If your response is pretty even-keeled, that's probably a sign it's not that important to you and doesn't light that spark. However, if your reaction is big, enthusiastic and unfiltered excitement, that's your brain telling you this is something you really care about and should keep pursuing. That excitement is the start of momentum.

Passion will give you more energy to keep doing things and counteract the number one killer of entrepreneurs: boredom. Having a passion behind the clear vision of who you're trying to serve and feeling the meaning and purpose matched with that passion will help you persist through boredom that occurs while doing hard tasks everyday that you otherwise would feel are pointless. The excitement generated from passion will stretch your sustainability and give you the internal energy to keep going which all stems from first figuring out your “why”.

Next is the process of translating your “why” into something concrete by determining your business approach. Between deciding what type of impact you want to have and what you actually want to do, this answer will point you in the direction of the type of business you need to start. Furthermore you have to do a reality check on what your lifestyle desires are to design a business that aligns with those values.

START DOING YOUR REALITY CHECK BY ANSWERING QUESTIONS LIKE:

Inventory or no inventory? If you want a business that holds inventory retail through reselling is a typical example of this. This channel of sales distribution is easier to build equity because it can be sold later. It's a physical item compared to a personality or information being the primary product.

For the no inventory path, dropshipping is a common method of running a business. In this scenario someone else makes the product and houses the equipment while you handle the design and marketing.

Are you making an original product? This is the way to build the largest equity in your business. If your driver is money and you want to do the build-up, sell-off approach, this is the way to go. This is a viable and popular option but beware of short-term thinking when choosing this path. It's common to work with investors who want to build you up with the focus on getting a return ASAP instead of the company growing to its fullest potential.

Do you want to be an affiliate marketer? As an affiliate marketer you do the marketing then hand people off to a sales arm and take

on no inventory risk. This approach is also a great test of the entrepreneurial world by seeing what a taste of being involved with the operational end of the business world look like. If through this process you find yourself disengaged, entrepreneurship probably isn’t not for you.

Do you want to make an app? App development requires certain skill sets, and you have to decide if they’re worth developing before finding a team. This arena has a lot of layers and players right now, so make sure the passion is there and you go into an area that is underserved.

Although a lot of people think they want to be entrepreneurs, in reality, they might actually want to be an intrapreneur at heart. Entrepreneurship means you never go home because all your time and energy goes into this thing you're building because it needs all your energy. An intrapreneur thinks like an entrepreneur and cares just as much about business growth, but wants to be a part of a team and not take on all the risks. Neither are better or worse, it just comes down to your desires and what you’re willing to do to support them.

03

Next is the process of translating your “why” into something concrete by determining your business approach. Between deciding what type of impact you want to have and what you actually want to do, this answer will point you in the direction of the type of business you need to start. Furthermore you have to do a reality check on what your lifestyle desires are to design a business that aligns with those values.

START DOING YOUR REALITY CHECK BY ANSWERING QUESTIONS LIKE:

Inventory or no inventory? If you want a business that holds inventory retail through reselling is a typical example of this. This channel of sales distribution is easier to build equity because it can be sold later. It's a physical item compared to a personality or information being the primary product.

For the no inventory path, dropshipping is a common method of running a business. In this scenario someone else makes the product and houses the equipment while you handle the design and marketing.

Are you making an original product? This is the way to build the largest equity in your business. If your driver is money and you want to do the build-up, sell-off approach, this is the way to go. This is a viable and popular option but beware of short-term thinking when choosing this path. It's common to work with investors who want to build you up with the focus on getting a return ASAP instead of the company growing to its fullest potential.

Do you want to be an affiliate marketer? As an affiliate marketer you do the marketing then hand people off to a sales arm and take

on no inventory risk. This approach is also a great test of the entrepreneurial world by seeing what a taste of being involved with the operational end of the business world look like. If through this process you find yourself disengaged, entrepreneurship probably isn’t not for you.

Do you want to make an app? App development requires certain skill sets, and you have to decide if they’re worth developing before finding a team. This arena has a lot of layers and players right now, so make sure the passion is there and you go into an area that is underserved.

Although a lot of people think they want to be entrepreneurs, in reality, they might actually want to be an intrapreneur at heart. Entrepreneurship means you never go home because all your time and energy goes into this thing you're building because it needs all your energy. An intrapreneur thinks like an entrepreneur and cares just as much about business growth, but wants to be a part of a team and not take on all the risks. Neither are better or worse, it just comes down to your desires and what you’re willing to do to support them.

04

PICK YOUR POISON - WHAT TYPE OF BUSINESS DO YOU WANT TO BUILD?

Next is the process of translating your “why” into something concrete by determining your business approach. Between deciding what type of impact you want to have and what you actually want to do, this answer will point you in the direction of the type of business you need to start. Furthermore you have to do a reality check on what your lifestyle desires are to design a business that aligns with those values.

START DOING YOUR REALITY CHECK BY ANSWERING QUESTIONS LIKE:

Inventory or no inventory? If you want a business that holds inventory retail through reselling is a typical example of this. This channel of sales distribution is easier to build equity because it can be sold later. It's a physical item compared to a personality or information being the primary product.

For the no inventory path, dropshipping is a common method of running a business. In this scenario someone else makes the product and houses the equipment while you handle the design and marketing.

Are you making an original product? This is the way to build the largest equity in your business. If your driver is money and you want to do the build-up, sell-off approach, this is the way to go. This is a viable and popular option but beware of short-term thinking when choosing this path. It's common to work with investors who want to build you up with the focus on getting a return ASAP instead of the company growing to its fullest potential.

Do you want to be an affiliate marketer? As an affiliate marketer you do the marketing then hand people off to a sales arm and take

on no inventory risk. This approach is also a great test of the entrepreneurial world by seeing what a taste of being involved with the operational end of the business world look like. If through this process you find yourself disengaged, entrepreneurship probably isn’t not for you.

Do you want to make an app? App development requires certain skill sets, and you have to decide if they’re worth developing before finding a team. This arena has a lot of layers and players right now, so make sure the passion is there and you go into an area that is underserved.

Although a lot of people think they want to be entrepreneurs, in reality, they might actually want to be an intrapreneur at heart. Entrepreneurship means you never go home because all your time and energy goes into this thing you're building because it needs all your energy. An intrapreneur thinks like an entrepreneur and cares just as much about business growth, but wants to be a part of a team and not take on all the risks. Neither are better or worse, it just comes down to your desires and what you’re willing to do to support them.

You need to identify and solve a critical problem in the world. To get on the path to identifying a problem that matters to you and other people, use the following method:

• Keep a journal where you write 10 things a day that bother you. This will help you start tracking ideas of problems to tackle.

• Ask people around you if they think the problem actually exists.

• Figure out how big the problem is and make sure that people are hungry for a solution.

Once you do all this and are able to combine it with your “why” and lifestyle values, the world of infinite ideas can be narrowed down to a singular idea.

05

SOLVE A REAL PROBLEM

Next is the process of translating your “why” into something concrete by determining your business approach. Between deciding what type of impact you want to have and what you actually want to do, this answer will point you in the direction of the type of business you need to start. Furthermore you have to do a reality check on what your lifestyle desires are to design a business that aligns with those values.

START DOING YOUR REALITY CHECK BY ANSWERING QUESTIONS LIKE:

Inventory or no inventory? If you want a business that holds inventory retail through reselling is a typical example of this. This channel of sales distribution is easier to build equity because it can be sold later. It's a physical item compared to a personality or information being the primary product.

For the no inventory path, dropshipping is a common method of running a business. In this scenario someone else makes the product and houses the equipment while you handle the design and marketing.

Are you making an original product? This is the way to build the largest equity in your business. If your driver is money and you want to do the build-up, sell-off approach, this is the way to go. This is a viable and popular option but beware of short-term thinking when choosing this path. It's common to work with investors who want to build you up with the focus on getting a return ASAP instead of the company growing to its fullest potential.

Do you want to be an affiliate marketer? As an affiliate marketer you do the marketing then hand people off to a sales arm and take

on no inventory risk. This approach is also a great test of the entrepreneurial world by seeing what a taste of being involved with the operational end of the business world look like. If through this process you find yourself disengaged, entrepreneurship probably isn’t not for you.

Do you want to make an app? App development requires certain skill sets, and you have to decide if they’re worth developing before finding a team. This arena has a lot of layers and players right now, so make sure the passion is there and you go into an area that is underserved.

Although a lot of people think they want to be entrepreneurs, in reality, they might actually want to be an intrapreneur at heart. Entrepreneurship means you never go home because all your time and energy goes into this thing you're building because it needs all your energy. An intrapreneur thinks like an entrepreneur and cares just as much about business growth, but wants to be a part of a team and not take on all the risks. Neither are better or worse, it just comes down to your desires and what you’re willing to do to support them.

Don't go where there's blood in the water. Instead find an area where, if possible, you can be the first. Even if it's crowded already ask, "What can I do differently that no one else in this arena is doing?" For Quest that was making a protein bar that was both good for you and tasted good, where most other companies were just one or another. If your company wouldn’t be better than one that already exists and adds value to people's lives, then don't do it.

Who is your customer and where are they? In this process you want to get as specific as possible to find a niche market to serve. The niche market will help tailor your message to whom you are speaking and make it easier to find people, especially online. These details are beyond race, gender and ethnicity and are more about the psychology of the customer. What do they believe in? What do they want? Do you have examples of these people in your life?

Product - people who are inquisitive and have a skill set and desire to figure what you’re selling through R&D

Process - people with the mind of a COO who are very regimented, detailed oriented, and focused on protecting momentum

People - people who are focused on who you're connecting with through marketing, sales, psychology and connection

Bonus Point: ANY BUSINESS NEEDS 3 TYPES OF PEOPLE

ADDRESS AN UNDERSERVED MARKET

WHO IS YOUR CUSTOMER?

06

Next is the process of translating your “why” into something concrete by determining your business approach. Between deciding what type of impact you want to have and what you actually want to do, this answer will point you in the direction of the type of business you need to start. Furthermore you have to do a reality check on what your lifestyle desires are to design a business that aligns with those values.

START DOING YOUR REALITY CHECK BY ANSWERING QUESTIONS LIKE:

Inventory or no inventory? If you want a business that holds inventory retail through reselling is a typical example of this. This channel of sales distribution is easier to build equity because it can be sold later. It's a physical item compared to a personality or information being the primary product.

For the no inventory path, dropshipping is a common method of running a business. In this scenario someone else makes the product and houses the equipment while you handle the design and marketing.

Are you making an original product? This is the way to build the largest equity in your business. If your driver is money and you want to do the build-up, sell-off approach, this is the way to go. This is a viable and popular option but beware of short-term thinking when choosing this path. It's common to work with investors who want to build you up with the focus on getting a return ASAP instead of the company growing to its fullest potential.

Do you want to be an affiliate marketer? As an affiliate marketer you do the marketing then hand people off to a sales arm and take

on no inventory risk. This approach is also a great test of the entrepreneurial world by seeing what a taste of being involved with the operational end of the business world look like. If through this process you find yourself disengaged, entrepreneurship probably isn’t not for you.

Do you want to make an app? App development requires certain skill sets, and you have to decide if they’re worth developing before finding a team. This arena has a lot of layers and players right now, so make sure the passion is there and you go into an area that is underserved.

Although a lot of people think they want to be entrepreneurs, in reality, they might actually want to be an intrapreneur at heart. Entrepreneurship means you never go home because all your time and energy goes into this thing you're building because it needs all your energy. An intrapreneur thinks like an entrepreneur and cares just as much about business growth, but wants to be a part of a team and not take on all the risks. Neither are better or worse, it just comes down to your desires and what you’re willing to do to support them.

Write down your processes and procedures so the company could pass “The Bus Test”, meaning if you were to get hit by a bus and disappear, the information you have written down could be used to continue the business smoothly without you around. People should have access to information that clarifies their role, mission, and objectives individually and as a team.

Here are general ways of developing a system to help you pass The Bus Test:

• Write everything down including the culture so anyone can walk in and absorb the mentality of the company.

• Have leadership in place that are indoctrinated in your ways so each team member is passing it onto one another.

• Create a clear mission statement and manifesto so it’s clear what the company stands for at all times.

• Get to a point where every member is replaceable, including the CEO. The DNA of the company needs to be in every person so if one person leaves it doesn’t collapse the system.

When Tom and the team at Quest started serving their bars, they went on social media to see how people were responding. They needed to know if they were actually solving the problem of delivering a protein bar that both tasted good and was good for you. Other classic examples include customers being frustrated by Blockbuster late fees, which was solved by Netflix, or people feeling frustrated by their cable service, which YouTube is working to solve. If you don't take care of the customer, they will find a company that will. Identify the pain points that align with your values and test your solution for them.

A GOOD IDEA IS TESTABLE

07

Next is the process of translating your “why” into something concrete by determining your business approach. Between deciding what type of impact you want to have and what you actually want to do, this answer will point you in the direction of the type of business you need to start. Furthermore you have to do a reality check on what your lifestyle desires are to design a business that aligns with those values.

START DOING YOUR REALITY CHECK BY ANSWERING QUESTIONS LIKE:

Inventory or no inventory? If you want a business that holds inventory retail through reselling is a typical example of this. This channel of sales distribution is easier to build equity because it can be sold later. It's a physical item compared to a personality or information being the primary product.

For the no inventory path, dropshipping is a common method of running a business. In this scenario someone else makes the product and houses the equipment while you handle the design and marketing.

Are you making an original product? This is the way to build the largest equity in your business. If your driver is money and you want to do the build-up, sell-off approach, this is the way to go. This is a viable and popular option but beware of short-term thinking when choosing this path. It's common to work with investors who want to build you up with the focus on getting a return ASAP instead of the company growing to its fullest potential.

Do you want to be an affiliate marketer? As an affiliate marketer you do the marketing then hand people off to a sales arm and take

on no inventory risk. This approach is also a great test of the entrepreneurial world by seeing what a taste of being involved with the operational end of the business world look like. If through this process you find yourself disengaged, entrepreneurship probably isn’t not for you.

Do you want to make an app? App development requires certain skill sets, and you have to decide if they’re worth developing before finding a team. This arena has a lot of layers and players right now, so make sure the passion is there and you go into an area that is underserved.

Although a lot of people think they want to be entrepreneurs, in reality, they might actually want to be an intrapreneur at heart. Entrepreneurship means you never go home because all your time and energy goes into this thing you're building because it needs all your energy. An intrapreneur thinks like an entrepreneur and cares just as much about business growth, but wants to be a part of a team and not take on all the risks. Neither are better or worse, it just comes down to your desires and what you’re willing to do to support them.

A good idea also lets you start small and keep the scale reasonable to see if it actually works. From there you move from strength to strength as you progressively get stronger and build on top of your wins. Build up the company this way each step so you can afford to absorb losses as you try newer, risker options.

If you’re interested in scaling, you want to make sure it has the legs to do so. But remember, this is for people who want a company that can potentially be a massive billion dollar endeavor, which isn’t for everyone. To figure out if this is the path for you, do this:

• Choose your path - Do you want a small lifestyle business? Do you want a midsize business that’s doing maybe $10 million in revenue? Or do you want a multi-billion dollar juggernaut? There is no universal right answer, only the right answer for you. Choose which path gets you excited when you think about the reality and responsibility of it.

• Create a plan to scale - You need to build out your master plan to scale by mapping out a strategy of going from strength to strength. Each of these strengths you develop become checkpoints of your progress that let you run a progressive marathon and not a burnout race.

A great tool to use for scaling is the power of word of mouth. If you’re actually delivering on your goal and giving value to your target customer, they’ll willingly tell people around them about how their

life has changed, or people who have noticed will ask them about it out of interest. That conversation becomes valuable free promotion.

For example, the targeted bodybuilders who started using Quest bars early on were already part of a community who were health conscious, with a deep interest in nutrition. Their discussions with fellow community members and outsiders who wanted the same information on what to eat allowed Quest to grow rapidly.

A GOOD IDEA LET’S YOU START SMALL

MAKE SURE THE PRODUCT HAS “LEGS”, AKA CAN SCALE

08

Next is the process of translating your “why” into something concrete by determining your business approach. Between deciding what type of impact you want to have and what you actually want to do, this answer will point you in the direction of the type of business you need to start. Furthermore you have to do a reality check on what your lifestyle desires are to design a business that aligns with those values.

START DOING YOUR REALITY CHECK BY ANSWERING QUESTIONS LIKE:

Inventory or no inventory? If you want a business that holds inventory retail through reselling is a typical example of this. This channel of sales distribution is easier to build equity because it can be sold later. It's a physical item compared to a personality or information being the primary product.

For the no inventory path, dropshipping is a common method of running a business. In this scenario someone else makes the product and houses the equipment while you handle the design and marketing.

Are you making an original product? This is the way to build the largest equity in your business. If your driver is money and you want to do the build-up, sell-off approach, this is the way to go. This is a viable and popular option but beware of short-term thinking when choosing this path. It's common to work with investors who want to build you up with the focus on getting a return ASAP instead of the company growing to its fullest potential.

Do you want to be an affiliate marketer? As an affiliate marketer you do the marketing then hand people off to a sales arm and take

on no inventory risk. This approach is also a great test of the entrepreneurial world by seeing what a taste of being involved with the operational end of the business world look like. If through this process you find yourself disengaged, entrepreneurship probably isn’t not for you.

Do you want to make an app? App development requires certain skill sets, and you have to decide if they’re worth developing before finding a team. This arena has a lot of layers and players right now, so make sure the passion is there and you go into an area that is underserved.

Although a lot of people think they want to be entrepreneurs, in reality, they might actually want to be an intrapreneur at heart. Entrepreneurship means you never go home because all your time and energy goes into this thing you're building because it needs all your energy. An intrapreneur thinks like an entrepreneur and cares just as much about business growth, but wants to be a part of a team and not take on all the risks. Neither are better or worse, it just comes down to your desires and what you’re willing to do to support them.

If you’re interested in scaling, you want to make sure it has the legs to do so. But remember, this is for people who want a company that can potentially be a massive billion dollar endeavor, which isn’t for everyone. To figure out if this is the path for you, do this:

• Choose your path - Do you want a small lifestyle business? Do you want a midsize business that’s doing maybe $10 million in revenue? Or do you want a multi-billion dollar juggernaut? There is no universal right answer, only the right answer for you. Choose which path gets you excited when you think about the reality and responsibility of it.

• Create a plan to scale - You need to build out your master plan to scale by mapping out a strategy of going from strength to strength. Each of these strengths you develop become checkpoints of your progress that let you run a progressive marathon and not a burnout race.

A great tool to use for scaling is the power of word of mouth. If you’re actually delivering on your goal and giving value to your target customer, they’ll willingly tell people around them about how their

life has changed, or people who have noticed will ask them about it out of interest. That conversation becomes valuable free promotion.

For example, the targeted bodybuilders who started using Quest bars early on were already part of a community who were health conscious, with a deep interest in nutrition. Their discussions with fellow community members and outsiders who wanted the same information on what to eat allowed Quest to grow rapidly.

This question is a crucial one to ask once you find a business idea that interests you. Do you want to be the best in the world at it? If not, it’s a bad idea. If so, then you’re on the right path.

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WHAT DO YOU WANT TO BE THE BEST IN THE WORLD AT?

"ALL THE THINGS PEOPLE THINK HAPPEN BY MAGIC ARE ACTUALLY JUST A PROCESS."

"IF YOU DON'T TAKE CARE OF THE CUSTOMER THEY WILL FIND A COMPANY THAT WILL."

“IN BUSINESS ONE OF THE MOST IMPORTANT THINGS IS TO AVOID A FATALITY EVENT.”

"VALUES ARE MALLEABLE."

TOMBILYEU

"SUCCESS ISN'T MONEY, IT'S NOT FAME, IT'S NOT ACCOLADES IT'S NONE OF THOSE THINGS. IT'S NEUROCHEMISTRY. HOW DO YOU FEEL ABOUT YOURSELF WHEN YOU’RE BY YOURSELF?"

"FULFILLMENT IS A DEEP SENSE OF SATISFACTION AND PRIDE OF WHO YOU ARE AND WHAT YOU'RE DOING THAT IS PRESENT EVEN IN TIMES OF TREMENDOUS LOSS OR DIFFICULTY."

"IF PEOPLE ARE NOT COMPLAINING, THEN CHANCES ARE THE PROBLEM IS NOT AS BIG AS YOU THOUGHT IT WAS GOING TO BE."

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QUOTES:

Recall the 5 human drivers. Apply each of them to your life by writing out how significant each are to your current job or business pursuit. Are any of them completely fulfilled? Lacking? How could it be fixed?

Fill in the blanks: __________ + ___________ = Passion

What does this formula mean? How do you plan to achieve each aspect?

Choose 2 of your favorite companies or brands and write down what problems they are solving. How did you know that problem actually exists? What was their approach to solving it?

ANSWER THESE QUESTIONS:AFTER WATCHING THE VIDEO,

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Now do the same for your business idea. How did you identify this problem? Flesh out how your business will approach solving it. If you don’t have a concrete business idea make up a loose one to practice thinking through the process of problem identification and solution.

Choose 2 of your favorite companies or brands and describe who their customer is in deep detail. What are their names? Where do they shop? What do they wear? Also dive in their psychology. What do they value when it comes to brands, products and lifestyle?

Now do the same for your business idea. If you don’t have a concrete business idea yet, make up a loose one to practice.

For your business idea, lay out your business model and explain why you chose it. How would you test your idea?

If you don’t have an idea, choose a favorite company of yours and determine why their current business model does or does not work for them.

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Now do the same for your business idea. How did you identify this problem? Flesh out how your business will approach solving it. If you don’t have a concrete business idea make up a loose one to practice thinking through the process of problem identification and solution.

Choose 2 of your favorite companies or brands and describe who their customer is in deep detail. What are their names? Where do they shop? What do they wear? Also dive in their psychology. What do they value when it comes to brands, products and lifestyle?

Now do the same for your business idea. If you don’t have a concrete business idea yet, make up a loose one to practice.

For your business idea, lay out your business model and explain why you chose it. How would you test your idea?

If you don’t have an idea, choose a favorite company of yours and determine why their current business model does or does not work for them.

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NOTES

BU$INESS

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