1 00:00:00,160 --> 00:00:02,120 Speaker 1: I got a really dope episode on the way for you. 2 00:00:02,160 --> 00:00:04,800 Speaker 1: Be First, let's get this started with some afro Tech news. 3 00:00:04,920 --> 00:00:08,160 Speaker 1: Rick Ross says he's one year away from becoming the 4 00:00:08,200 --> 00:00:09,360 Speaker 1: next hip hop billionaire. 5 00:00:12,520 --> 00:00:15,360 Speaker 2: We just walking up. 6 00:00:15,400 --> 00:00:19,799 Speaker 1: Just what that's audio? Friend Ricky Rose. Last week in 7 00:00:19,920 --> 00:00:24,760 Speaker 1: Austin at afro Tech, he performed Tortoise Stays Down. He's 8 00:00:24,800 --> 00:00:28,320 Speaker 1: got investments in real estate, cannabis, rest arounds, healthcare, and more, 9 00:00:28,920 --> 00:00:34,839 Speaker 1: and nearly thirty Wingstop locations. Each location reportedly earns him 10 00:00:34,880 --> 00:00:38,159 Speaker 1: an estimated two hundred thousand dollars annually. That's what to 11 00:00:38,280 --> 00:00:41,519 Speaker 1: give him, and it allows him to provide jobs. And 12 00:00:41,560 --> 00:00:44,120 Speaker 1: he says with Wingstop, we're bringing in the food I 13 00:00:44,280 --> 00:00:47,880 Speaker 1: like and adding jobs to the community. It's a double win. 14 00:00:48,200 --> 00:00:50,479 Speaker 1: Shout out to Ricky Rose and hope you touch a 15 00:00:50,520 --> 00:00:54,400 Speaker 1: billy TikTok announ See. It's pulling the plug on this 16 00:00:54,480 --> 00:00:58,680 Speaker 1: one billion dollar creative fund. Now this is important the 17 00:00:59,000 --> 00:01:03,760 Speaker 1: outlet know that before shutting down the creative fund, TikTok 18 00:01:03,880 --> 00:01:10,120 Speaker 1: influencers and content creators voiced earning low payouts, sometimes just 19 00:01:10,160 --> 00:01:14,080 Speaker 1: a few dollars, for millions of views, making it impossible 20 00:01:14,120 --> 00:01:17,240 Speaker 1: to earn a living through the Creator Fund alone a 21 00:01:17,319 --> 00:01:21,800 Speaker 1: lot of discontent there, it's previously reported by Afrotech in 22 00:01:21,840 --> 00:01:25,200 Speaker 1: March twenty twenty three. Earlier this year, Sean Kim, former 23 00:01:25,280 --> 00:01:29,399 Speaker 1: head of product for TikTok's US operations, said the quiet 24 00:01:29,480 --> 00:01:33,240 Speaker 1: thing out loud, claiming that TikTok didn't create the fund 25 00:01:33,240 --> 00:01:36,720 Speaker 1: to help creators monetize their content, but rather to help 26 00:01:36,760 --> 00:01:42,039 Speaker 1: with user retention for their metrics. For TikTok's metrics, he says, 27 00:01:42,400 --> 00:01:45,640 Speaker 1: when we launched the creator the TikTok Creator Fund, we 28 00:01:45,720 --> 00:01:50,040 Speaker 1: didn't launch it to help creators monetize. To south by Southwest, 29 00:01:50,840 --> 00:01:53,800 Speaker 1: I mean, that's what we said everywhere publicly. We're doing 30 00:01:53,800 --> 00:01:56,440 Speaker 1: this to help create us monetize. That's not why we 31 00:01:56,520 --> 00:01:59,920 Speaker 1: launched it. We launched it as a reactive measure against 32 00:02:00,160 --> 00:02:04,360 Speaker 1: other platforms launching their creator funds. We thought to ourselves, 33 00:02:04,600 --> 00:02:08,000 Speaker 1: what happens if these creators then go monetize or create 34 00:02:08,080 --> 00:02:12,600 Speaker 1: content on these other platforms. It hurts our metrics, our dau, 35 00:02:13,080 --> 00:02:16,680 Speaker 1: our retention. That's the reason why the Creative Fund was launched. 36 00:02:17,400 --> 00:02:21,320 Speaker 1: I appreciate the honesty dau of stately active users, by 37 00:02:21,360 --> 00:02:24,080 Speaker 1: the way, but I appreciate that kind of honesty. But 38 00:02:24,160 --> 00:02:27,160 Speaker 1: I hit up Isaac Hayes, who's founder at the growing 39 00:02:27,280 --> 00:02:30,280 Speaker 1: fan Base app, and asked what he thought about this. 40 00:02:30,400 --> 00:02:35,640 Speaker 2: I think TikTok canceling their creator fund further proves that 41 00:02:36,480 --> 00:02:41,160 Speaker 2: you can't pay creators and run advertising at the same time. 42 00:02:42,040 --> 00:02:47,079 Speaker 2: It's impossible to serve an audience of advertisers but also 43 00:02:47,160 --> 00:02:49,959 Speaker 2: try to make it possible for creators to earn millions 44 00:02:49,960 --> 00:02:54,200 Speaker 2: of dollars when you suppress their content and having to 45 00:02:54,280 --> 00:02:59,280 Speaker 2: do that by running advertising. And the future of this 46 00:02:59,360 --> 00:03:03,520 Speaker 2: is really subscrib and that rev share and subscription models 47 00:03:03,600 --> 00:03:05,960 Speaker 2: are the ways that creators are going to earn the 48 00:03:06,040 --> 00:03:08,720 Speaker 2: most money in the future, which is what we've been 49 00:03:08,720 --> 00:03:12,519 Speaker 2: doing at fan Base from day one. So it's unfortunate 50 00:03:13,080 --> 00:03:15,760 Speaker 2: and I feel for the creator community, but I think 51 00:03:15,800 --> 00:03:19,440 Speaker 2: they have to start thinking differently about ways to monetize 52 00:03:19,600 --> 00:03:26,120 Speaker 2: other than revenue from creator funds or small pieces of 53 00:03:26,360 --> 00:03:32,240 Speaker 2: pennies per thousands of views that really can lead to 54 00:03:32,280 --> 00:03:38,920 Speaker 2: a sustainable, thriving and growing business. So it's unfortunate, but 55 00:03:39,040 --> 00:03:42,680 Speaker 2: I think it points to the future that subscriptions are coming. 56 00:03:43,680 --> 00:03:46,480 Speaker 1: Afrotech report last week the fan base just hit another 57 00:03:46,520 --> 00:03:50,280 Speaker 1: milestone and Isaac an important one becoming the first black 58 00:03:50,320 --> 00:03:53,960 Speaker 1: person to raise ten million dollars in crowdfunding, which means 59 00:03:53,960 --> 00:03:55,960 Speaker 1: a whole lot of people, people who look like you 60 00:03:56,040 --> 00:03:58,880 Speaker 1: and I who otherwise wouldn't be able to get a 61 00:03:58,880 --> 00:04:03,480 Speaker 1: piece of equity in owing startup. Now hold stocking one 62 00:04:04,360 --> 00:04:15,560 Speaker 1: that's your AFRO technos. I'm with Lucas is black, tach, 63 00:04:15,600 --> 00:04:18,640 Speaker 1: Green Money, and I appreciate all the feedback and comments 64 00:04:18,680 --> 00:04:21,720 Speaker 1: I've been getting on these solo episodes, and I was 65 00:04:21,760 --> 00:04:25,679 Speaker 1: thinking about this one. I'm gonna talk to you about today. 66 00:04:26,080 --> 00:04:28,560 Speaker 1: As always, if you get something out of this, I 67 00:04:28,600 --> 00:04:31,040 Speaker 1: hope you will share it with somebody. You can even 68 00:04:31,080 --> 00:04:33,960 Speaker 1: comment sign me a DM. I just want to know 69 00:04:34,120 --> 00:04:36,479 Speaker 1: what you're thinking about this type of content. I've been 70 00:04:36,520 --> 00:04:39,440 Speaker 1: getting asked for a long time to do these solo episodes, 71 00:04:39,440 --> 00:04:42,080 Speaker 1: and I'm doing them, but to keep doing them, I 72 00:04:42,160 --> 00:04:45,159 Speaker 1: just want to hear from you, so at Will Lucas 73 00:04:45,560 --> 00:04:49,240 Speaker 1: on IG I'm on fan base too. By the way, 74 00:04:49,720 --> 00:04:53,120 Speaker 1: at Will Lucas on fan Base, it is not uncommon 75 00:04:53,480 --> 00:04:57,640 Speaker 1: or irregular for someone to stop me at some point 76 00:04:57,720 --> 00:05:00,240 Speaker 1: during my day at least once a week with the 77 00:05:00,279 --> 00:05:03,720 Speaker 1: request for advice on a business concept or even a 78 00:05:03,720 --> 00:05:07,520 Speaker 1: business move. Now I've made it clear to me and 79 00:05:07,600 --> 00:05:10,360 Speaker 1: a few folks who have shown interest, like my twenty 80 00:05:10,440 --> 00:05:12,800 Speaker 1: year plan. I have a plan that I wrote at 81 00:05:12,839 --> 00:05:17,599 Speaker 1: the beginning of twenty nineteen. It is detailing a twenty 82 00:05:17,680 --> 00:05:21,000 Speaker 1: year run and everything I wanted to do, everything I 83 00:05:21,040 --> 00:05:23,720 Speaker 1: wanted to work on, why I was working on it, 84 00:05:24,120 --> 00:05:27,200 Speaker 1: the people I needed to connect with to be able 85 00:05:27,520 --> 00:05:31,560 Speaker 1: to find success with it. Now it's my personal mission, 86 00:05:31,680 --> 00:05:33,760 Speaker 1: and it's a very detailed mission. I might even do 87 00:05:33,800 --> 00:05:37,120 Speaker 1: an episode on that one of these days if you're interested. 88 00:05:38,360 --> 00:05:42,800 Speaker 1: But my mission is to create both content and opportunities 89 00:05:42,839 --> 00:05:48,000 Speaker 1: that help black people realize entrepreneurial success beyond their wildest streams. 90 00:05:48,240 --> 00:05:52,000 Speaker 1: So everything I do has to be aligned with that. Now, 91 00:05:52,000 --> 00:05:54,080 Speaker 1: there are some things on the periphery that I know 92 00:05:54,600 --> 00:05:58,880 Speaker 1: how they tie in, but everything that I'm actively involved 93 00:05:58,920 --> 00:06:02,200 Speaker 1: with in some way helps me to, you know, achieve 94 00:06:02,360 --> 00:06:07,000 Speaker 1: that particular mission. So I suppose that wavelength of intention 95 00:06:08,120 --> 00:06:12,120 Speaker 1: attracts people who have ideas and need information, and I'm 96 00:06:12,160 --> 00:06:16,520 Speaker 1: okay with that. What I've learned to do is scale 97 00:06:17,160 --> 00:06:20,400 Speaker 1: that kind of support for people, because what happens is 98 00:06:20,440 --> 00:06:23,800 Speaker 1: when you're in a position to help the questions you 99 00:06:23,880 --> 00:06:28,440 Speaker 1: get the questions you get asked a lot are a 100 00:06:28,480 --> 00:06:31,640 Speaker 1: lot of the same questions, or even if they're not, 101 00:06:31,680 --> 00:06:35,040 Speaker 1: to say, they're very similar and may only vary with 102 00:06:35,360 --> 00:06:37,479 Speaker 1: you know, a little bit of nuance that makes the 103 00:06:37,600 --> 00:06:40,680 Speaker 1: questions specific to that person. But by and large, what 104 00:06:40,760 --> 00:06:44,080 Speaker 1: I get asked about mostly is how to take a 105 00:06:44,120 --> 00:06:47,920 Speaker 1: business from idea to a tangible thing. That's what I 106 00:06:48,000 --> 00:06:51,320 Speaker 1: get asked about the most from budding entrepreneurs or would 107 00:06:51,320 --> 00:06:55,680 Speaker 1: be entrepreneurs, or would or early founders. People come to 108 00:06:55,760 --> 00:06:58,640 Speaker 1: me with their ideas a lot or very early concepts 109 00:06:58,880 --> 00:07:03,680 Speaker 1: of their products. That could be for variety of different reasons. 110 00:07:03,720 --> 00:07:07,040 Speaker 1: But being somebody like who is constantly trying to feed 111 00:07:07,200 --> 00:07:11,280 Speaker 1: on resources like me, like and like I imagine you are, 112 00:07:12,920 --> 00:07:15,880 Speaker 1: I'm looking for things that help me get from point 113 00:07:15,880 --> 00:07:18,080 Speaker 1: A to a different point. And I'm sure you're trying 114 00:07:18,080 --> 00:07:20,080 Speaker 1: to always look for things that help you get from 115 00:07:20,120 --> 00:07:23,080 Speaker 1: point A to point B. Now, whether the point A 116 00:07:23,240 --> 00:07:25,360 Speaker 1: is the id and point B is making money from 117 00:07:25,360 --> 00:07:29,040 Speaker 1: that idea, there's a lot of resources out there that are, 118 00:07:29,720 --> 00:07:34,160 Speaker 1: in my view, insufficient to helping small business owners, startup founders, 119 00:07:34,240 --> 00:07:38,160 Speaker 1: early ambitious entrepreneurs get the motor running. You know because 120 00:07:38,200 --> 00:07:42,440 Speaker 1: too often the episode. Now, this episode is not about 121 00:07:42,520 --> 00:07:44,480 Speaker 1: how to make your first million. There's a lot of 122 00:07:44,520 --> 00:07:48,560 Speaker 1: episodes of the why, variety of podcasts, why, variety of books, 123 00:07:48,600 --> 00:07:51,720 Speaker 1: a lot of wide variety of resources that help you 124 00:07:51,760 --> 00:07:55,200 Speaker 1: find success in that area. This episode isn't about how 125 00:07:55,200 --> 00:07:58,120 Speaker 1: to scale or how to sell your thing to people 126 00:07:58,160 --> 00:08:00,320 Speaker 1: all over the world, and it's not about how to 127 00:08:00,360 --> 00:08:04,920 Speaker 1: raise money. This episode is about how to start, and 128 00:08:04,960 --> 00:08:07,600 Speaker 1: how to start in such a way that you improve 129 00:08:08,440 --> 00:08:11,920 Speaker 1: your chances of success. Now we're going to talk about 130 00:08:11,960 --> 00:08:15,600 Speaker 1: scale and we're going to talk about raising money, but 131 00:08:15,720 --> 00:08:18,800 Speaker 1: in a way that helps you think about them properly 132 00:08:18,960 --> 00:08:22,119 Speaker 1: at the stage at because too many of us aren't 133 00:08:22,120 --> 00:08:25,240 Speaker 1: clear on those topics as they relate to ideas that 134 00:08:25,320 --> 00:08:30,800 Speaker 1: we've ideated, because we tend to be more beholden to 135 00:08:30,960 --> 00:08:33,960 Speaker 1: ideas when there ares and we don't think about them 136 00:08:34,000 --> 00:08:37,880 Speaker 1: as clearly. Often not everybody, but we don't always think 137 00:08:37,880 --> 00:08:41,480 Speaker 1: about them as clearly as we should. And so this 138 00:08:41,679 --> 00:08:47,280 Speaker 1: episode is about just that, how to start, And in 139 00:08:47,400 --> 00:08:51,920 Speaker 1: order to start, you got to write it down. It 140 00:08:52,080 --> 00:08:55,320 Speaker 1: needs to be clear in your mind what you are 141 00:08:55,360 --> 00:08:59,280 Speaker 1: trying to do, and you won't even know how many 142 00:08:59,400 --> 00:09:04,560 Speaker 1: questions that will need to be answered until you start 143 00:09:04,559 --> 00:09:08,360 Speaker 1: to write it down. When your idea only exists in 144 00:09:08,400 --> 00:09:13,719 Speaker 1: your head, you can't get specific or gain an actionable 145 00:09:13,840 --> 00:09:16,040 Speaker 1: view on the steps you're going to need to take 146 00:09:16,280 --> 00:09:19,400 Speaker 1: to make that idea exist in the world. So I 147 00:09:19,520 --> 00:09:24,559 Speaker 1: highly recommend there's some really good journals out there I use. 148 00:09:24,640 --> 00:09:29,560 Speaker 1: I used to use this Full Focused Journal by Michael Hyatt. 149 00:09:29,840 --> 00:09:32,079 Speaker 1: I no longer use that one because I didn't need 150 00:09:32,360 --> 00:09:35,640 Speaker 1: necessarily the prompts that it gave me anymore. I'd kind 151 00:09:35,679 --> 00:09:39,360 Speaker 1: of just like to take notes in a different way. 152 00:09:39,400 --> 00:09:42,320 Speaker 1: But if you need prompts to help you start to 153 00:09:42,360 --> 00:09:46,480 Speaker 1: structure your idea, the Full Focus Journal by Michael Hyatt 154 00:09:46,520 --> 00:09:50,080 Speaker 1: is a really, really good one. I've moved on personally 155 00:09:50,120 --> 00:09:53,640 Speaker 1: to like just regular mold skins, so I carry one 156 00:09:53,640 --> 00:09:57,000 Speaker 1: of those in my bag. I just need some place 157 00:09:57,080 --> 00:10:00,760 Speaker 1: to just jot down ideas. Often I'm just jotting down 158 00:10:00,920 --> 00:10:04,280 Speaker 1: ideas in my notes app on my iPhone because it's 159 00:10:04,320 --> 00:10:10,440 Speaker 1: always readily available, and I also very often I will 160 00:10:10,520 --> 00:10:14,520 Speaker 1: carry a small little It's kind of like, what do 161 00:10:14,600 --> 00:10:19,400 Speaker 1: you call those things? Little tiny journals? Somebody knows what 162 00:10:19,400 --> 00:10:23,520 Speaker 1: I'm talking about. One of the field notes, so I 163 00:10:23,559 --> 00:10:26,719 Speaker 1: will just have one like in my back pocket. Very 164 00:10:26,760 --> 00:10:28,679 Speaker 1: often I will have those with me because I like 165 00:10:28,760 --> 00:10:31,600 Speaker 1: to just write down, like it'll be like one word, 166 00:10:31,760 --> 00:10:33,959 Speaker 1: you know, reminders of things that I'm going to need 167 00:10:34,000 --> 00:10:38,080 Speaker 1: to transfer to a larger effort later. So I will 168 00:10:38,120 --> 00:10:40,440 Speaker 1: often do that because it's just helpful for me. So 169 00:10:40,720 --> 00:10:44,880 Speaker 1: I recommend you do whatever works for you, but definitely 170 00:10:44,960 --> 00:10:48,720 Speaker 1: start to write down not just the idea, but what 171 00:10:48,800 --> 00:10:51,599 Speaker 1: are the steps that are required to actually making that 172 00:10:51,760 --> 00:10:55,319 Speaker 1: idea happen. Now, in the previous episode, I want to 173 00:10:55,320 --> 00:10:58,680 Speaker 1: say it was two three weeks ago. It's an episode 174 00:10:58,720 --> 00:11:02,040 Speaker 1: I put out the best Apps and Tech for Small 175 00:11:02,080 --> 00:11:05,200 Speaker 1: business Owners. That is a really good episode if you 176 00:11:05,240 --> 00:11:07,760 Speaker 1: want some more resources and things like that, things that 177 00:11:07,800 --> 00:11:10,880 Speaker 1: I recommend you do to help structure yourself and structure 178 00:11:10,920 --> 00:11:14,559 Speaker 1: yourself with success. So I'm going to reference that episode 179 00:11:14,600 --> 00:11:16,360 Speaker 1: a couple of times, but that is a really, really 180 00:11:16,360 --> 00:11:21,040 Speaker 1: great episode if you want more depth about actual tools 181 00:11:21,040 --> 00:11:24,280 Speaker 1: that you can use in your how to start a journey. Now, 182 00:11:24,880 --> 00:11:28,400 Speaker 1: I would also recommend you start getting really good at 183 00:11:28,440 --> 00:11:32,480 Speaker 1: AI applications, and I shouldn't even say really good, just 184 00:11:32,520 --> 00:11:35,760 Speaker 1: to get proficient at using an AI like a chat 185 00:11:35,760 --> 00:11:38,840 Speaker 1: gpt it is not too late. As a matter of fact, 186 00:11:39,480 --> 00:11:43,440 Speaker 1: most people in the world are still unaware of what's 187 00:11:43,440 --> 00:11:47,959 Speaker 1: even happening in the conversation of GTPs GPTs, and even 188 00:11:48,000 --> 00:11:51,880 Speaker 1: before we discuss how to use them. Just get familiar 189 00:11:52,120 --> 00:11:56,320 Speaker 1: with how you could apply that sort of a resource. 190 00:11:56,400 --> 00:12:01,240 Speaker 1: And so whether you want to spend time. I could 191 00:12:01,320 --> 00:12:05,000 Speaker 1: spend a whole episode on my love hate relationship with 192 00:12:05,120 --> 00:12:09,000 Speaker 1: business plans like writing out thirty forty page business plans, 193 00:12:09,040 --> 00:12:11,559 Speaker 1: which a lot of places if you go to support, 194 00:12:11,720 --> 00:12:13,640 Speaker 1: you know, like kind of like local supports like chambers 195 00:12:13,640 --> 00:12:16,040 Speaker 1: of commerce and et cetera, they'll have you, you know, 196 00:12:16,120 --> 00:12:20,200 Speaker 1: start to work on these long business plans. We can 197 00:12:20,240 --> 00:12:22,560 Speaker 1: talk a whole episode about that. I'm not gonna do that, 198 00:12:23,040 --> 00:12:28,319 Speaker 1: but forget about putting your questions in like the Google 199 00:12:28,400 --> 00:12:32,760 Speaker 1: search bar. You know, AI is supercharging your ability to 200 00:12:32,800 --> 00:12:36,520 Speaker 1: get these things done quickly and well, and so you 201 00:12:36,520 --> 00:12:40,360 Speaker 1: can simply ask questions to the intelligence, you know, even 202 00:12:40,440 --> 00:12:47,240 Speaker 1: super specific ones based on your demographical information. If you're 203 00:12:47,240 --> 00:12:50,920 Speaker 1: trying to figure out what your demographics should be. Should 204 00:12:50,920 --> 00:12:54,359 Speaker 1: you manufacture you know, in house or should you outsource 205 00:12:54,520 --> 00:12:58,560 Speaker 1: your manufacturing? What country should you have your manufacturing in 206 00:12:58,760 --> 00:13:01,840 Speaker 1: like all of these superspecif if it questions that it 207 00:13:01,920 --> 00:13:06,239 Speaker 1: is harder to get answered on the traditional search and navigation, 208 00:13:07,000 --> 00:13:10,360 Speaker 1: you can do that with something like a chat GPT. 209 00:13:11,640 --> 00:13:16,240 Speaker 1: So I highly encourage you to start learning about writing 210 00:13:16,360 --> 00:13:21,080 Speaker 1: prompts for GPTs. And what I mean by that is 211 00:13:22,400 --> 00:13:25,800 Speaker 1: structuring your questions in such a way to get the 212 00:13:25,840 --> 00:13:30,360 Speaker 1: responses that you need that will believe. I believe that 213 00:13:30,360 --> 00:13:34,160 Speaker 1: that will be one of the most valuable skills inside 214 00:13:34,200 --> 00:13:37,960 Speaker 1: the next five years is how to write prompts. And 215 00:13:38,000 --> 00:13:42,120 Speaker 1: this is not a technical thing. It is a way 216 00:13:42,120 --> 00:13:45,880 Speaker 1: of thinking, a way of thinking about how to write 217 00:13:46,000 --> 00:13:51,040 Speaker 1: questions such that you get responses that are actually helpful 218 00:13:51,200 --> 00:13:54,800 Speaker 1: to you getting what you need done. And so what 219 00:13:54,920 --> 00:13:59,079 Speaker 1: I did I went to chad GPT, I said, all right, 220 00:13:59,360 --> 00:14:02,520 Speaker 1: what I write? I wrote, how can I best write 221 00:14:02,559 --> 00:14:06,839 Speaker 1: prompts to get the best answers from chat GPT? And 222 00:14:07,080 --> 00:14:10,199 Speaker 1: so it gave me a couple prompts I could use 223 00:14:10,280 --> 00:14:12,760 Speaker 1: to get the best answers from it. This is something 224 00:14:12,760 --> 00:14:15,480 Speaker 1: you can do with an AI like chat GPT. So 225 00:14:15,960 --> 00:14:20,000 Speaker 1: number one it said, be clear and specific, Clearly articulate 226 00:14:20,040 --> 00:14:24,120 Speaker 1: your question or request, ambiguous or vague prompts may lead 227 00:14:24,160 --> 00:14:27,640 Speaker 1: to unclear off topic responses. Provide as much detail as 228 00:14:27,680 --> 00:14:31,160 Speaker 1: necessary for the context you're seeking. That is something you 229 00:14:31,200 --> 00:14:35,320 Speaker 1: can't do with like a traditional navigation a search bar, 230 00:14:35,840 --> 00:14:39,600 Speaker 1: being super specific, giving a bunch of detail it can't find. 231 00:14:39,680 --> 00:14:41,680 Speaker 1: It's harder to find the answers you need when you're 232 00:14:41,680 --> 00:14:44,680 Speaker 1: that specific and so. But with the chat GPT or 233 00:14:44,720 --> 00:14:49,600 Speaker 1: another GPT, it's saying be specific because it can handle 234 00:14:49,800 --> 00:14:52,720 Speaker 1: that much information. Actually, it works best if you give 235 00:14:52,760 --> 00:14:55,360 Speaker 1: it more information. The next thing you said was ask 236 00:14:55,520 --> 00:14:59,120 Speaker 1: one thing at a time, and it says, break down 237 00:14:59,360 --> 00:15:03,760 Speaker 1: complex queries into simpler, more focused questions. This helps the 238 00:15:03,800 --> 00:15:07,800 Speaker 1: model understand your intent better and provides more precise answers. 239 00:15:08,520 --> 00:15:11,760 Speaker 1: This is what's so important about writing things down, because 240 00:15:12,720 --> 00:15:17,480 Speaker 1: we don't always necessarily have enough clarity and what it 241 00:15:17,600 --> 00:15:21,239 Speaker 1: takes to get to the next level. If the ideas 242 00:15:21,280 --> 00:15:23,400 Speaker 1: are in our head, but if we need to write 243 00:15:23,440 --> 00:15:27,640 Speaker 1: it down and provide instructions, then you get to You 244 00:15:27,680 --> 00:15:31,680 Speaker 1: get an idea of what is unclear to you as 245 00:15:31,720 --> 00:15:34,920 Speaker 1: the entrepreneur, as the founder. But if you don't take 246 00:15:34,960 --> 00:15:38,880 Speaker 1: the time, if clearly think through point A to the 247 00:15:38,920 --> 00:15:43,360 Speaker 1: next point, you're not gonna know what you don't have 248 00:15:43,400 --> 00:15:48,280 Speaker 1: clarity about, all right, So that's a couple of things 249 00:15:48,280 --> 00:15:50,600 Speaker 1: that there's like four or five more. I won't go 250 00:15:50,600 --> 00:15:51,960 Speaker 1: into those, so I don't want to spend this whole 251 00:15:52,000 --> 00:15:54,720 Speaker 1: episode on writing prompts. But these are the types of 252 00:15:54,800 --> 00:16:00,760 Speaker 1: things that if you get at least reasonably good at AI, 253 00:16:01,320 --> 00:16:04,840 Speaker 1: you will be so much further than most people. So 254 00:16:04,880 --> 00:16:06,480 Speaker 1: I have a few more at These are just a 255 00:16:06,520 --> 00:16:09,640 Speaker 1: couple of points, and loogain, I want to start shit. 256 00:16:09,760 --> 00:16:12,080 Speaker 1: I should have started here, but I'm gonna say midway 257 00:16:12,200 --> 00:16:16,360 Speaker 1: through this episode, these are not These are not everything 258 00:16:16,960 --> 00:16:19,960 Speaker 1: that you're gonna need to know about how to start. 259 00:16:20,040 --> 00:16:24,800 Speaker 1: These are I'm speaking to the specific things that stop 260 00:16:24,920 --> 00:16:28,280 Speaker 1: the people who come to speak to me, the things 261 00:16:28,320 --> 00:16:33,400 Speaker 1: that they find challenging. So I'm using those people as 262 00:16:33,520 --> 00:16:37,359 Speaker 1: a focused group because I believe they represent more entrepreneurs, 263 00:16:38,040 --> 00:16:41,240 Speaker 1: and so most people get stuck on certain things. So 264 00:16:41,280 --> 00:16:43,880 Speaker 1: the things I'm gonna speak to in this episode are 265 00:16:43,960 --> 00:16:45,920 Speaker 1: the things that I believe will help you get past 266 00:16:45,960 --> 00:16:49,000 Speaker 1: those specific hurdles. The next one is I would stop 267 00:16:49,080 --> 00:16:52,360 Speaker 1: spending money on stupid stuff, and so it is super 268 00:16:52,400 --> 00:16:55,080 Speaker 1: important even I do it. So I will go to 269 00:16:55,120 --> 00:16:59,400 Speaker 1: my credit card statement every month, my bank statements every month, 270 00:17:00,440 --> 00:17:02,600 Speaker 1: and just look through them. I would just look through 271 00:17:02,680 --> 00:17:05,080 Speaker 1: them and just see what is on here that I 272 00:17:05,080 --> 00:17:07,959 Speaker 1: didn't even know I was being charged for anymore, Things 273 00:17:08,000 --> 00:17:10,720 Speaker 1: on here that I'm not even using anymore. And So, 274 00:17:11,280 --> 00:17:16,639 Speaker 1: because you're gonna need to be your first investor, it 275 00:17:16,760 --> 00:17:21,879 Speaker 1: is your job to invest in yourself before you start 276 00:17:21,960 --> 00:17:25,320 Speaker 1: to even think about asking somebody else to invest in you. 277 00:17:25,320 --> 00:17:30,280 Speaker 1: You should have the belief that I am willing to 278 00:17:30,280 --> 00:17:33,240 Speaker 1: put my own money up if you believe in the idea. 279 00:17:33,240 --> 00:17:34,880 Speaker 1: If you're not willing to put your own money up 280 00:17:35,640 --> 00:17:40,560 Speaker 1: in the beginning, come on, I would be hanging around 281 00:17:40,600 --> 00:17:42,720 Speaker 1: the right people. And I'm not gonna get into a 282 00:17:42,760 --> 00:17:49,439 Speaker 1: munch like very rudimentary stuff. But what we miscalculate about 283 00:17:49,480 --> 00:17:53,560 Speaker 1: finding success in entrepreneurship, business, startups, and etc. Is this 284 00:17:53,800 --> 00:17:59,720 Speaker 1: not like these there's these rocket science level challenges. These 285 00:17:59,760 --> 00:18:04,440 Speaker 1: are doing basic things over and over well, doing well, 286 00:18:04,480 --> 00:18:07,440 Speaker 1: doing well again today and well again the next day. 287 00:18:08,400 --> 00:18:12,000 Speaker 1: Do the stuff well, the simple stuff, really well, and 288 00:18:12,040 --> 00:18:15,560 Speaker 1: you will find outsized success because most people don't do 289 00:18:15,600 --> 00:18:18,720 Speaker 1: the simple stuff well. One of those things is the 290 00:18:18,760 --> 00:18:22,000 Speaker 1: people to hang around you cannot grow with the people 291 00:18:22,000 --> 00:18:25,320 Speaker 1: you're hanging around with aren't growing. I'm gona leave that there. 292 00:18:25,359 --> 00:18:31,760 Speaker 1: I'm not gonna go further than that one. This is one. 293 00:18:32,040 --> 00:18:33,560 Speaker 1: This next one, I'm gonna just tell you what it is, 294 00:18:33,560 --> 00:18:37,119 Speaker 1: then I'll talk about it. I would get as unromantic 295 00:18:37,160 --> 00:18:41,120 Speaker 1: as possible about my ideas. And there will be things 296 00:18:41,680 --> 00:18:45,919 Speaker 1: that you want to do that do not mean you 297 00:18:45,960 --> 00:18:49,600 Speaker 1: should do them. I'm gonna say it again a different way. 298 00:18:50,240 --> 00:18:53,119 Speaker 1: Just because you want to do something doesn't mean the 299 00:18:53,160 --> 00:18:57,280 Speaker 1: world wants that from you. As much as you love 300 00:18:57,840 --> 00:19:00,760 Speaker 1: the thing, as much as your passion about the thing, 301 00:19:01,160 --> 00:19:04,639 Speaker 1: as much as you believe. Man, if I could just 302 00:19:04,680 --> 00:19:06,760 Speaker 1: do this, you know I would love to do this 303 00:19:06,840 --> 00:19:08,400 Speaker 1: every day for the rest of my life. That does 304 00:19:08,440 --> 00:19:11,199 Speaker 1: not mean people will pay you for it. And so 305 00:19:12,280 --> 00:19:17,639 Speaker 1: you've got to be taking an honest assessment of yourself. 306 00:19:18,480 --> 00:19:22,640 Speaker 1: A lot of people cannot do this. This is entrepreneurial 307 00:19:22,720 --> 00:19:30,520 Speaker 1: success requires a very strong ability to look at yourself, 308 00:19:31,880 --> 00:19:35,720 Speaker 1: see where you're deficient, see where you excel, and then 309 00:19:36,280 --> 00:19:40,120 Speaker 1: match yourself with something that the world will pay you for. 310 00:19:42,520 --> 00:19:44,480 Speaker 1: That is not an easy thing to do for most people. 311 00:19:45,280 --> 00:19:51,520 Speaker 1: Because we are passionate about specific things, and your passionate 312 00:19:51,560 --> 00:19:56,479 Speaker 1: about specific things is helpful in determining what you should 313 00:19:56,520 --> 00:19:59,920 Speaker 1: be spending your energy on. But it does not mean 314 00:20:00,680 --> 00:20:03,679 Speaker 1: that other people are as passionate to pay you to 315 00:20:03,800 --> 00:20:08,280 Speaker 1: do it. And so that takes some honest self reflection 316 00:20:08,520 --> 00:20:12,480 Speaker 1: that most people are not prepared for. So I would 317 00:20:12,600 --> 00:20:16,359 Speaker 1: ask myself a few questions. What is the market need 318 00:20:17,240 --> 00:20:20,640 Speaker 1: at such a level that people are willing to pay 319 00:20:20,680 --> 00:20:26,679 Speaker 1: you for your solution? What does the market need so 320 00:20:26,960 --> 00:20:30,520 Speaker 1: much that people are willing to pay you to do 321 00:20:30,600 --> 00:20:34,560 Speaker 1: the thing to solve their problem? What pains do people 322 00:20:34,640 --> 00:20:38,320 Speaker 1: have that they're willing to pay you an appropriate amount, 323 00:20:38,880 --> 00:20:43,520 Speaker 1: an amount that works for you to have that pain alleviated. 324 00:20:44,520 --> 00:20:47,040 Speaker 1: Just because people have a pain, and just because people 325 00:20:47,119 --> 00:20:49,800 Speaker 1: have a need doesn't mean that they're willing to pay 326 00:20:49,960 --> 00:20:52,800 Speaker 1: to pull out their wallet to scan their card, to 327 00:20:53,520 --> 00:20:56,879 Speaker 1: you know, touch their Apple watch to the pay you 328 00:20:56,920 --> 00:21:02,720 Speaker 1: know device at such a rate that it makes sense 329 00:21:02,760 --> 00:21:04,760 Speaker 1: for you to do it. There's a lot of people 330 00:21:05,119 --> 00:21:07,240 Speaker 1: who are willing to pay for things, but they're not 331 00:21:07,280 --> 00:21:11,320 Speaker 1: willing to pay enough to make it a valuable business proposition. 332 00:21:12,280 --> 00:21:16,840 Speaker 1: It's not worth it. Can your service or your product 333 00:21:16,920 --> 00:21:20,359 Speaker 1: provide a solution? At a price consumers are willing to 334 00:21:20,400 --> 00:21:24,000 Speaker 1: pay that still leaves enough money for you to grow 335 00:21:24,440 --> 00:21:29,600 Speaker 1: and reinvest into the business. Here's the thing that I 336 00:21:29,760 --> 00:21:34,840 Speaker 1: found most people will not do. And I've done this 337 00:21:35,320 --> 00:21:39,360 Speaker 1: a gazillion times to my own pain, because I love 338 00:21:39,520 --> 00:21:43,719 Speaker 1: to do things that I've done. If nobody cares that 339 00:21:43,840 --> 00:21:46,159 Speaker 1: you stopped doing it, if you were to start a 340 00:21:46,200 --> 00:21:52,159 Speaker 1: business and you stopped doing it, would anybody say ouch? 341 00:21:53,440 --> 00:21:59,560 Speaker 1: Would anybody say where's the thing that you were doing yesterday? 342 00:22:00,560 --> 00:22:03,440 Speaker 1: I need more? Why are you not? Why would you 343 00:22:03,560 --> 00:22:06,439 Speaker 1: not give me more? Why are you Why are you 344 00:22:06,520 --> 00:22:11,280 Speaker 1: depriving me of your product? Why are you not letting 345 00:22:11,320 --> 00:22:16,480 Speaker 1: me have your service? If nobody does that. If your 346 00:22:16,560 --> 00:22:21,160 Speaker 1: website has been down for three weeks and nobody's emailing 347 00:22:21,200 --> 00:22:24,280 Speaker 1: you saying, yo, I need your website. I came here 348 00:22:24,320 --> 00:22:27,440 Speaker 1: every day for you know, my information, and it's been 349 00:22:27,480 --> 00:22:30,639 Speaker 1: down for three weeks. What's going on if nobody's doing that. 350 00:22:31,640 --> 00:22:36,360 Speaker 1: If you are, you know, the fashion designer of your 351 00:22:36,400 --> 00:22:42,000 Speaker 1: community and you don't release a new fall line and 352 00:22:42,160 --> 00:22:47,600 Speaker 1: nobody says, hey, when's the new drop coming, that you 353 00:22:47,640 --> 00:22:49,520 Speaker 1: got to think about whether you really got a thing. 354 00:22:50,400 --> 00:22:54,199 Speaker 1: If nobody cares that you stopped, you probably shouldn't have 355 00:22:54,200 --> 00:22:58,080 Speaker 1: been doing it in the first place. That is hard 356 00:22:58,080 --> 00:23:04,879 Speaker 1: to swallow. If nobody cares, nobody raised the flag and 357 00:23:04,920 --> 00:23:11,919 Speaker 1: said foul because Gene over here, stop doing donuts. I 358 00:23:12,359 --> 00:23:17,359 Speaker 1: the men Gene keeps doing donuts. I need those donuts. 359 00:23:19,080 --> 00:23:22,280 Speaker 1: If nobody's doing that at some level, obviously I'm exaggerating, 360 00:23:22,560 --> 00:23:25,760 Speaker 1: But if nobody's asking where is the product? Where is 361 00:23:25,800 --> 00:23:29,800 Speaker 1: the service that you used to provide? You really got 362 00:23:29,800 --> 00:23:33,439 Speaker 1: to think whether you've been force feeding and trying to 363 00:23:33,720 --> 00:23:35,840 Speaker 1: trying to get people who just love you and just 364 00:23:35,840 --> 00:23:42,680 Speaker 1: want to support you, versus actually building a market. Because 365 00:23:42,680 --> 00:23:45,480 Speaker 1: people will support you, and you get confused about whether 366 00:23:45,520 --> 00:23:48,240 Speaker 1: it's just support because they's cute and they want to 367 00:23:48,280 --> 00:23:51,199 Speaker 1: see me, you know, do my thing, or are you 368 00:23:51,240 --> 00:23:55,480 Speaker 1: actually building a business. That is a hard thing to swallow. 369 00:23:58,359 --> 00:24:01,840 Speaker 1: You got to define who's your target audience, who's your consumer? 370 00:24:02,160 --> 00:24:03,960 Speaker 1: Your product. I don't care what it is. It is 371 00:24:04,000 --> 00:24:07,240 Speaker 1: not for everybody, It is for a specific group people. 372 00:24:07,320 --> 00:24:11,240 Speaker 1: Number One, you don't have enough money to reach everybody 373 00:24:11,359 --> 00:24:14,920 Speaker 1: with your marketing and your branding efforts and your communication efforts. 374 00:24:14,920 --> 00:24:18,480 Speaker 1: So you've got to define who is best suited for 375 00:24:18,960 --> 00:24:21,240 Speaker 1: who is the low hanging fruit? Who is this thing 376 00:24:21,320 --> 00:24:24,680 Speaker 1: designed for? And then there may be other people later 377 00:24:24,760 --> 00:24:28,359 Speaker 1: who you know, come and join the bandwagon who see 378 00:24:28,400 --> 00:24:32,400 Speaker 1: themselves in your thing too. But if you're building a brand, 379 00:24:32,760 --> 00:24:36,440 Speaker 1: who are you building it for and super serve that audience? 380 00:24:36,800 --> 00:24:42,960 Speaker 1: Nothing is for everybody. There may be specific vertical, specific 381 00:24:42,960 --> 00:24:46,240 Speaker 1: things inside of a vertical that's this one's for that group, 382 00:24:46,359 --> 00:24:49,080 Speaker 1: this one's for that group, and they self select, but 383 00:24:49,119 --> 00:24:51,480 Speaker 1: nothing is for everybody. Some people like this version of 384 00:24:51,520 --> 00:24:55,760 Speaker 1: a thing, whether it's white bread. Some people like this 385 00:24:55,880 --> 00:24:58,159 Speaker 1: version of the white bread, the one that uses this 386 00:24:58,280 --> 00:25:01,880 Speaker 1: type of flower. Other people love the one that look 387 00:25:02,560 --> 00:25:06,720 Speaker 1: that's in brown packaging. So you've got to determine who 388 00:25:06,800 --> 00:25:09,320 Speaker 1: is it for? Who are you talking to when you 389 00:25:09,600 --> 00:25:13,200 Speaker 1: present your offering to the world. This is about all 390 00:25:13,680 --> 00:25:15,600 Speaker 1: I'm gonna get into. I told you I will get 391 00:25:15,640 --> 00:25:20,120 Speaker 1: into scale and raising money, and I'm gonna just touch 392 00:25:20,160 --> 00:25:21,800 Speaker 1: on it because I'm gonna get out of here, and 393 00:25:21,880 --> 00:25:26,000 Speaker 1: because I've been laboring these points. It is while so 394 00:25:26,200 --> 00:25:29,680 Speaker 1: often many of us are not ready for capital or 395 00:25:29,720 --> 00:25:33,960 Speaker 1: to even scale, but behave you should always be behaving 396 00:25:34,040 --> 00:25:37,200 Speaker 1: like you will be And how do you do that? 397 00:25:37,840 --> 00:25:41,439 Speaker 1: Your systems will be important. How can How good are 398 00:25:41,480 --> 00:25:45,760 Speaker 1: you are you at documenting your operation? You cannot do 399 00:25:45,880 --> 00:25:48,520 Speaker 1: this as a hustle. This has to be a business. 400 00:25:48,840 --> 00:25:50,960 Speaker 1: How can you I can't invest in your hustle, but 401 00:25:51,000 --> 00:25:53,800 Speaker 1: I can invest in your business. So your business is 402 00:25:53,840 --> 00:25:57,040 Speaker 1: made up of operations. I need to see some documentation. 403 00:25:57,160 --> 00:25:59,720 Speaker 1: I want to see, you know, metrics over time. How 404 00:25:59,720 --> 00:26:01,679 Speaker 1: are you tracking your things? How are you working to 405 00:26:01,680 --> 00:26:03,919 Speaker 1: get your costs down? How are you how are you 406 00:26:03,960 --> 00:26:06,920 Speaker 1: working to you know, widen the gap between your costs 407 00:26:06,920 --> 00:26:11,600 Speaker 1: and your reverge? Like all these things, document your business accounts. 408 00:26:11,680 --> 00:26:13,359 Speaker 1: Those things have to be in order. Stop doing this 409 00:26:13,359 --> 00:26:15,320 Speaker 1: stuff on your personal credit card. I'm not going to 410 00:26:15,359 --> 00:26:17,439 Speaker 1: get into that today, but we'll talk about that at 411 00:26:17,440 --> 00:26:20,399 Speaker 1: another time. You know, use the use the systems that 412 00:26:20,440 --> 00:26:22,560 Speaker 1: are designed to help you grow your business. Are you 413 00:26:22,640 --> 00:26:25,160 Speaker 1: using quick books? Is it integrated with your bank account? 414 00:26:25,400 --> 00:26:28,040 Speaker 1: Is it integrated with your credit card? Are those things 415 00:26:28,080 --> 00:26:29,800 Speaker 1: tied together so you don't even have to go in 416 00:26:29,840 --> 00:26:33,760 Speaker 1: and you know, connect every manual, you know transaction. It 417 00:26:33,800 --> 00:26:38,159 Speaker 1: happens automatically. But at the end of the day, this 418 00:26:38,280 --> 00:26:41,639 Speaker 1: is what's important about this entire episode. I can encapsulate 419 00:26:41,680 --> 00:26:46,240 Speaker 1: it in one statement. The whole concept of how to 420 00:26:46,359 --> 00:26:52,000 Speaker 1: start implies that you are serious about going, that you 421 00:26:52,080 --> 00:26:56,680 Speaker 1: are serious about finding success. And I'm going to encapsulate 422 00:26:57,680 --> 00:27:01,879 Speaker 1: how to start with this one statement. You can fool 423 00:27:01,880 --> 00:27:06,919 Speaker 1: a lot of people, but please don't fool yourself. You 424 00:27:06,960 --> 00:27:11,760 Speaker 1: can fool me into thinking he's serious, she's serious. But 425 00:27:11,880 --> 00:27:15,240 Speaker 1: only you know how early you got up and how 426 00:27:15,280 --> 00:27:18,600 Speaker 1: hard you went after it. Only you know how late 427 00:27:18,640 --> 00:27:21,880 Speaker 1: you stayed up, and how much dedication and sleepless nights 428 00:27:21,920 --> 00:27:25,320 Speaker 1: you put into doing the thing. Only you know the 429 00:27:25,440 --> 00:27:29,479 Speaker 1: sacrifices you were going through to get better, not to 430 00:27:29,560 --> 00:27:31,720 Speaker 1: just do the thing, but to get better at doing 431 00:27:31,760 --> 00:27:36,080 Speaker 1: the thing. Only you know the stuff that nobody else 432 00:27:36,160 --> 00:27:39,359 Speaker 1: is going to see. That's where you fool yourself versus 433 00:27:39,359 --> 00:27:45,159 Speaker 1: fooling everybody else. Because you're not on stage. You can 434 00:27:45,200 --> 00:27:49,199 Speaker 1: fool a lot of people by what you show them 435 00:27:49,520 --> 00:27:51,960 Speaker 1: and what you wave in their face, but don't fool 436 00:27:52,000 --> 00:27:54,080 Speaker 1: yourself by thinking the stuff that you're waving in our 437 00:27:54,119 --> 00:27:56,119 Speaker 1: face is actually moving the ball forward.