Dan Martell - The 3 Things A Business Must Do To Be Successful

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00:00:10.000 Three things you must do in business to be successful.

00:00:14.000 That's what I want to share in this video.

00:00:16.000 I mean, have you ever asked yourselves like,

00:00:18.000 what pieces of the puzzle do I need to figure out?

00:00:20.000 How do I know what I should be working on?

00:00:22.000 Or what questions should I even be asking about my business

00:00:25.000 if I've never done it before?

00:00:26.000 Well, this is what I'm going to share in this video.

00:00:28.000 You know, I've been building companies now for almost 20 years.

00:00:30.780 I've been blessed to have had the fortune to have built five companies,

00:00:33.940 sold the last three, raised capital for the last two,

00:00:37.320 and even had the privilege of investing in 30-plus entrepreneurs.

00:00:40.660 I've pretty much become a student of business.

00:00:43.280 I've read over 1,000 books on entrepreneurship, business, marketing, sales.

00:00:48.680 It's my thing.

00:00:49.640 You know, and last week I was talking with a friend of mine, Greg Crabtree,

00:00:53.240 the author of Simple Numbers.

00:00:55.040 And during that call, he said something pretty profound.

00:00:57.180 He shared with me the three things that really when it comes down to it, the essence three things businesses need to do to be successful.

00:01:05.680 So that's what I want to share with you guys is that three simple ideas framework.

00:01:09.620 The first one is they need to create something that the market wants.

00:01:12.980 You know, and I got to tell you, so many entrepreneurs actually don't get that part right.

00:01:17.120 They don't get any of these right, which is crazy.

00:01:19.500 But if you just think about it, it really matters what market you're trading in.

00:01:22.840 You know, recently I was speaking at an event

00:01:24.940 and one of the entrepreneurs came up to me

00:01:26.240 with this really cool idea of kind of creating

00:01:28.980 organic gardens for homeowners or even people living condos

00:01:33.020 so that they could produce their own vegetables. 0.89

00:01:35.120 And I was like, that is an awesome idea.

00:01:37.180 That would work in a major city.

00:01:39.020 But it's not gonna work in the city you live in

00:01:41.300 because the market isn't big enough.

00:01:43.200 And that's where the first step that Greg shared is,

00:01:45.200 create something that the market wants.

00:01:46.960 Like, are there enough people to support your idea?

00:01:49.640 You know, maybe you want to create like an advanced

00:01:52.820 network gaming, you know, kind of coffee shop.

00:01:55.820 I don't know if that's gonna work in your market,

00:01:57.940 but you know, and some ideas, I feel, are great ideas

00:02:02.120 to happen in like a New York, a San Francisco, an LA,

00:02:05.160 and these entrepreneurs have them in small towns,

00:02:07.400 and they don't realize that it's all about

00:02:09.300 the size of the market for that specific solution

00:02:12.700 or need or product, so that's the first one.

00:02:14.940 I thought Greg's idea of create something,

00:02:17.100 step one, create something the market wants.

00:02:19.100 Number two is do it at a profit.

00:02:21.660 Think about this, if you're building a business

00:02:24.140 and you're not making profit, or what I see is companies

00:02:27.240 that start a service business or whatever

00:02:29.180 and they do it at almost break even.

00:02:31.520 And to me, profit is growth, profit is the engine,

00:02:34.980 profit is everything, profit solves all problems.

00:02:38.020 So if you're building a business today

00:02:39.920 and you aren't really building that profitability level,

00:02:42.820 then you're not gonna be able to grow,

00:02:43.920 you're not gonna be able to scale,

00:02:44.760 you're not even gonna be able to weather a storm.

00:02:46.660 You know, think about 2008, 2001.

00:02:49.000 You know, we're ready for another storm

00:02:51.180 and if you don't have profit built into your business model,

00:02:53.620 you're not gonna be able to sustain that.

00:02:55.360 And that to me is such a simplistic approach to business,

00:02:58.460 but that's the second thing you need to know how to do

00:03:01.260 is do it at a profit.

00:03:02.760 The third area, the thing that you need to do as a business

00:03:06.100 is tell the market about it, you know?

00:03:08.900 Make sure that you're doing marketing.

00:03:10.760 Most businesses, I see this, third year they plateau.

00:03:14.180 They hit a point where essentially

00:03:15.960 they've already reached out to all their network,

00:03:17.720 their connections, their resources,

00:03:19.520 they extracted all the value from the relationships

00:03:22.780 and now the business is not gonna grow anymore.

00:03:24.660 It's stalled out because they've never invested in marketing.

00:03:27.000 They don't understand sales.

00:03:28.420 And that is an area that needs to be looked at.

00:03:30.740 I mean, third step is tell the market about it

00:03:33.920 and make sure that they respond.

00:03:35.060 So Greg's three-step framework.

00:03:36.600 One, create something that the market wants.

00:03:39.440 Two, do it at a profit.

00:03:41.360 And three, tell the market about it.

00:03:43.840 Really simple strategy.

00:03:45.280 I want to invite you if you want access to exclusive interviews or invites to events

00:03:51.060 that I'm hosting, be sure to subscribe to my newsletter.

00:03:53.780 And as per usual, I want to challenge you to live a bigger life and a bigger business.

00:03:57.000 And I'll see you next Monday.

Dan Martell - June 06, 2016

The 3 Things A Business Must Do To Be Successful

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