Dan Martell - June 06, 2016


The 3 Things A Business Must Do To Be Successful


Episode Stats

Length

3 minutes

Words per Minute

206.47876

Word Count

818

Sentence Count

46

Misogynist Sentences

1


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

Transcript

Transcript generated with Whisper (turbo).
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
00:00:00.000 Music
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.
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.