ESYB2 020 - If I Personally Had to Start a Business From Scratch Today
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[00:00:00] Now, I want to share with you how I would think about things if I had to start a business from scratch today. First of all, I'd consider, should I start a totally new and innovative idea, or should I build from existing concepts? New ideas would be like a new Uber, something super innovative, a new innovative startup.

That kind of an idea has high potential, but it's really risky and really difficult. Most of them fail because And it's not going to make money for a long time because the software has to be built. It may lose money, etc, etc. So this would not be my first choice, actually. My first choice might be to piggyback off some existing concept, like maybe Udemy courses, or selling products on Amazon, or affiliate marketing, or something like that.

The challenge with those, and what makes those not a great option either, is that they're all challenging because they're super competitive. I'm late to the game. So that's not good either. Both of these options, new ideas and innovative [00:01:00] concepts, have big problems. The solution to that would be to search for what's a new wave, a new market going up.

There's plenty of them. Cryptocurrency, augmented reality, virtual reality. Cryptocurrency. Artificial intelligence, next social networks like TikTok or the next one. And I specifically search out what are the next waves. I'd go and follow all the business influencers that are actually smart and savvy. And I'd gather my options.

Here I gathered a few of them for you. But the challenge is that if it wasn't for the money, most of us would not find any of these fields that interesting. I don't want to dance on TikTok. Cryptocurrency is a little bit too technical and boring. So is augmented reality and virtual reality and artificial intelligence.

It's too techy. And cryptocurrency has a ton of other problems associated with it. So, if it wasn't for the money, it wouldn't be people's first choice. [00:02:00] So what would be, let's say, my first choice? I love music, okay? Music doesn't make any money, kind of. It's really hard, really hard to make money with music.

Nearly impossible, let's say. Because I'm also not that great at it. But I could kind of do the cycle of finding what's interesting and new with music. So YouTube, you could do YouTube, of course music should be on YouTube, but it's crowded. Same thing with TikTok. Same thing with Spotify. Now there's this thing NFT, what is that?

Most people are not familiar. NFT is Encrypting digital art or works of art, like music, and it's kind of in the cryptocurrency space. So, hmm, NFT, that's something for me to look into because of the music interest. But, is this realistic? Because for me to make music that is valuable and can be sold as NFTs, my music has to be in demand, which mine is not.

So, my NFTs would not be worth much. My [00:03:00] YouTube channel, Won't become giant. There's just too little chance that I'll get to a point where I can make real money from it. And I can't be blind to that. So what I could do is, I could do a lot more in music. I could do live events, and live in person, like little concerts, or playing at a bar, or even live, like YouTube live, Facebook live, and just do so many things, like TikTok, YouTube live, concerts, NFT, etc, etc, Spotify.

And I can scrape a living together, like little money from here, little money from here, little money from here. So I can scrape up some revenue. and get by month to month, but the question will be, will I be spreading myself too thin? Probably yes, because I'll just be doing too many little things, none of which will be a breakthrough, but at least I'll be doing what I love.

So if I'm okay being poor for a long time, this will be great. But what if I'm not okay being poor? [00:04:00] Because perhaps now or in the future, you may have people depending on you for income. Kids, family, etc. Then I'd recommend learning a valuable skill for tomorrow, like augmented reality game creation.

Probably it's not a field you may be too interested in, and it will be about three months of intense learning that's frustrating, but after that, you can do projects for others as a freelancer, you can build your own games and your own apps and much more, and really build a business on top of that. And it's actually something that I did many years ago with mobile apps.

When mobile apps became new, Like in 2011 or 12, I jumped on it and I created my first apps and those apps actually were the foundation on which I built the business that I have today. So this path really works for me. Now the challenges it took me time to learn this. It took me time to build my apps, promote my apps.

And so there was a long period of where I was struggling. And so the question will become, well, what if you [00:05:00] don't want to struggle? And if you want to do this in a short time, you can get paid to learn by offering cheap services for skills you're learning on freelancing sites, let's say, for example, on Fiverr.

Well, on Fiverr, let's say you're learning how to make Well, why not offer a really cheap service making AI games on Fiverr? People will hire you not because you're good, but because you're very discounted. And at the same time, you're making a little bit of money to help you get going, but you're learning a valuable skill.

And imagine if you have ten clients like that, over time, you'll get a lot of experience and you'll learn a lot, much more than if you'd just be learning on your own. And then you'd be much better at doing that programming. So this actually would benefit you long term. And throughout this, you want to keep realistic goals.

Let's say, some clients come to me and they say, I want to earn 10, 000 a month quickly, 20, 000 a month quickly. Of course, that's not realistic and they'll just stress themselves out and they'll have a bad experience and you know, the extra [00:06:00] stress will make things worse and force them into wrong decisions along the way.

So if you really need a significant amount quickly, you should consider supplementing your revenue from the business with an income from a regular job you might get. But if you're okay weathering the storm and being poor for a while while you're learning skills while you're building up a business.

Then you don't need the money from a job. And of course, things will never go as fast as you want them. There's always challenges along the way, so you have to kind of persevere. But at least those are the options, you see, for whatever you need. A lot of money, not a lot of money, quickly, not so quickly.

These are the if then options of what I would at least do, and what I would recommend how you might want to think about your situation.

