I’ve also coached several people in starting their first business and also bringing those businesses to the six and seven-figure level as well alright so let’s get started.
I think the first thing that we need to get really really clear about is what this word business really means. If you ask some people they may tell you a business is something that solves a problem or a business is something that is a product or a service.
The truth is those definitions are somewhat correct but there’s something missing there now if you define a business as something that solves a problem. Then technically a calculator could be a business right? because calculators solve problems but are they really businesses? no.
Now if you define a business as a product or service then simply a shirt or your shoes or just driving a car could be technically called a business, but the truth is there’s something missing here.
The definition that I like to use for business is this a business is an organized system that brings value to the marketplace consistently through a product or service in exchange for money. I know that may sound a little bit complicated so let me give you an example. Let’s take a restaurant for instance. We all know a restaurant is considered a business but how well a restaurant consistently provides value to the marketplace in the form of a product which is food and a service which is cooking and actually serving the food in exchange for money. So it fits that definition perfectly.
Now the first myth that I want to bring up is something that I think a lot of people get caught up on and that’s the idea that every business requires a big investment it, requires a lot of money to start. If we’re talking about a restaurant yeah you’re gonna need some money right? You’re gonna need to rent or buy a location, you’re gonna need to set up a kitchen, you’re gonna need an oven you’re gonna need chairs tables all this equipment just to start the restaurant.
Then yes, there are some businesses that definitely require a lot of money but don’t get yourself caught there what you need to understand is this is : there’s thousands of businesses that require little to no money to start.
For example let’s take someone that plays the guitar or let’s say you play the guitar and you’re really good at it and this is a skill that you have. Assuming that you already have a guitar you really don’t need much just start teaching other people how to play the guitar. All you need to do is create a curriculum and then after that find some people that want to learn how to play the guitar and are willing to pay you to teach them. If you start doing that weekly you essentially have a business.
Let’s put it through the definition we said that business has three parts: number one is it’s an organized system that consistently provides value to the marketplace well if you’re a guitar teacher and you have