Dan Martell - March 26, 2023


Why most new entrepreneurs fail ❌


Episode Stats


Length

35 seconds

Words per minute

250.0

Word count

148

Sentence count

6


Summary

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

Most people don t value themselves enough when they start a business, which is why they don t make a lot of money. Most people are willing to pay a premium price for a good product, but if you can deliver a high quality product at a fair price, then you have the margins to make money.

Transcript

Transcript generated with Whisper (turbo).
00:00:00.000 Most people don't value themselves enough
00:00:01.980 when they're starting off.
00:00:02.960 So they're in business, but they're not making any money.
00:00:05.020 When I started business, I was all like,
00:00:06.300 I'm gonna win because I'm gonna be cheaper, right?
00:00:08.080 My brother started a home building company
00:00:09.820 and he wanted to build the cheapest houses.
00:00:11.820 He was like, well, if I have the cheapest houses,
00:00:13.180 then everybody's gonna buy my house
00:00:14.240 because it's the least expensive.
00:00:15.320 Turns out that's not true
00:00:16.440 because people are willing to pay a premium
00:00:18.280 for a great product.
00:00:19.880 And if you're trying to build the cheapest house
00:00:21.420 and you're always gonna be in a race for the bottom
00:00:23.100 versus a race for the top,
00:00:24.320 figure out how can I deliver above average value
00:00:27.700 for a fair price?
00:00:29.280 how do you deliver high quality service but for a premium price because then you have the margins.