Dan Martell - Why most new entrepreneurs fail ❌

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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.

Dan Martell - March 26, 2023