3 Fundamental of a Successful Business

you are here because you have a business and you desire to grow that business exponentially you don't want to grow it linearly you don't want to grow it incrementally but you want to grow it exponentially end over end well there are three functions of business if you're focused on the wrong function your business won't grow so what are the three functions of business function number one of business is Innovation function number one Innovation what is innovation Innovation is when you look out into the world and you see that people have a problem and you understand

a solution for that problem you create invent a solution for that problem Innovation is when when you just you you develop invent create or uncover a solution that the marketplace is screaming for they don't they sometimes they don't even know they're screaming for it like we didn't know we were screaming for an iPhone until Steve Jobs invented it right so the marketplace sometimes doesn't even know they just know they have a problem and they they may not be able to put it in words like Innovation is like it's like when you have a baby and

the baby's crying and you have to try to figure out why the baby's crying the marketplace is like the baby and the baby's crying but the baby doesn't know why the baby's crying even if the baby does know why the baby's crying the baby can't tell you so you have to innovate you have to innovate look at the problem look at the situation look at what's missing find gaping holes in the marketplace and you need to create solutions that will fill those holes and what's fascinating is everybody's looking for answers you're looking for answers I

might be able to solve you're looking for answers I might have I'm looking for answers you might have and the people that show up in the marketplace with those answers that are the most elegant and the most clearly described will be the people who win the Lion's Share of that business so the first problem the first function of business is innovation the second function of business is marketing and when I say marketing I'm going to include sales as a subset of that so marketing what is marketing marketing is the Art and Science of discovering and

developing in other people a desire for more and more of your product your service or your opportunity and I know I said that really fast I'm going to say it again marketing is the Art and Science of discovering and developing in other people a desire for more and more of your product your service or your opportunity now when I say marketing is the Art and Science the art of marketing is the part that people feel it's the part that makes people smile it's the part that makes people say I really there's I don't know there's

something about it I really like it that's the art of marketing the art of marketing is when you are tapping into human nature and human emotions and you're tapping into what people feel like that maybe the sounds that they like to hear that make them feel good maybe it's the sights that the colors the fonts all of that stuff is part of the art of marketing what is the science the science of marketing is it's the it's the formulas it's the it's the patterns it's the it's the research it's all of the things that you

do that can be measured like you can't measure you can't measure the oh this is how good somebody feels when they see the color yellow mixed with the color like on top of the color blue you can't measure that that's art but you can measure like you can measure how many presentations does one have to do before they make a sale that's that's the science you can measure how many people do I have to put my message in front of before somebody gives me their name and email address you can measure that right so marketing

is both Art and Science and what happens is an artist will get involved in business and they will think it's all about the art and a science what scientists will get involved in business and they'll think it's all about the science but it's not all about either one it's all about both in fact people buy and you've probably heard me say this once or twice but people buy for one reason one reason only that's because they feel like it in fact human beings I believe are singularly motivated what does that mean I believe people do

things for one reason one reason only that's because they feel like it and so your job as an entrepreneur as a business owner as a solution Creator is to help people feel like create an environment that makes people feel like buying your solution now after you create the environment that makes them feel like buying it that's the art then you give them some logical reasons to justify the feeling that they have so that they actually hand over the money that's the science so marketing is the Art and Science of discovering now most people think that

marketing is handing out information it's about disseminating information it's about handing out flyers that's not marketing that's promotion but it's not marketing marketing is not giving out information marketing is gathering information it's the market research right it's the Art and Science of discovering what in other people a desire for what you have so so people are here's what's really fascinating to me people say Myron where do I find people to sell my stuff to you're asking the wrong question that's always the wrong question Where'd I find people but I got this really great thing that

I've innovated that I've invented where do I find people to sell this to you're asking the wrong question you should be asking the question um how do I make myself findable for people who already want to buy what I already want to sell that's a better question because there are right now hundreds maybe thousands maybe tens of thousands maybe hundreds of thousands potentially Millions potentially tens of millions potentially hundreds of millions of people in the world who would already love to buy what you'd already love to sell if they only knew you existed and they

can't find you so you know what they do they buy from the person they can find how many all track it wave at me my peeps okay so good so so what we want to do is we want to make sure we want to make sure when we're innovating we're using the Art and Science of discovering we're discovering in other people we're out in the marketplace looking for holes in the marketplace you want a scientific tip right now here's a tip for you there's a website called answer the public right so if you go to

answer thepublic.com it shows you questions people are asking about a specific topic you go out and you figure out the answers those questions and then you go create a YouTube video then you go create an Instagram post then you go create a Facebook post then you go create a tweet that solves that problem for people right so it's the Art and Science of discovering but after you discover the problem now you've got to develop a solution so it's the Art and Science of discovering and developing right you developed a solution and then you developed a

more intense desire in the people that you found that have that desire you you intensify their desire to have your solution so it's the Art and Science of discovering and developing where in other people a desire for your product your service or your opportunity now when I say they desire your product your service or opportunity don't be deceived by that it's not really your product they desire it's not really your service they desire it's not really your opportunity it's the solution that that product service or opportunity provides for them that's really what they're looking for

so marketing is the Art and Science of discovering and developing in other people a desire for more and more of your product your service or your opportunity what's the third function of business the third function of business is uh money management say Myron money management what's that money management is managing the cash flow of your business so the outgo does not exceed the income so the upkeep does not become the downfall and I see it all the time you see people that what they do is they start a business they have a little bit of

success they go blow a whole bunch of money on something they didn't need and because most people it's really interesting the the I believe the number one reason business owners mismanaged money is because they've never nobody ever taught them how to think negative when things are positive I bet you weren't expecting me to say that were you say what do you mean that nobody ever taught them never not to think positive to think negative when things are positive see what happens is most people think when most people think winner when it's winter they think summer

when it's summer they think good thoughts when things are good they think bad thoughts when things are bad and we need to flip the script we need to be thinking about anticipating the day when it's really really good I need to be anticipating the day when it's not going to be this good I need to be preparing for the day when it's not going to be this good I need to be getting my mind wrapped around okay it's good right now but just because it's good right now doesn't mean it's always going to be good

because it's like all I have to do is be alive for more than a couple of decades to know the good times don't last always and neither do bad times right and so it's it's really interesting King Solomon the wisest wealthiest man who ever lived here's what he said he said go to the antho sluggard consider her ways and be wise which having no guide that means the ant's self-taught or overseer that means an ant is self-motivated or ruler that means an ant is self-discipline gather their food in the summer gather some meat in the

summer and provided for food in the Harvest what does that mean the ant is preparing uses the good times to prepare for the bad times and then the bad times they rest up and look forward to the good times and that's what we have to learn how to do as entrepreneurs we have to learn how to think winter all summer we have to learn how to think summer all winter the like I see businesses I see businesses that are doing 300 000 a year and they got 17 employees like why what are you doing like

what are you doing like people like you hire people too fast hire people slowly fire them fast right like as soon as you know just they ain't a fit like it's a little Easter baby right so you need to hire people take your time hiring people so you don't end up hiring the wrong people and wasting a bunch of time and wasting a bunch of money right uh people they have a little bit of success and they go buy a building they go buy an office or they go rent an office man my business was

doing wrap your hear what I'm about to say now we were doing 6.2 million dollars a year out of a spare bedroom in my house how about that with a handful of part-time people like we we think that we have to buy spend all of this money I mean yeah we bought an office space and all that but in order for our business to buy an office I mean well we the year we bought this our business did eight figures the year we bought this business this building and we could have paid cash for it

but we didn't we used the bank's money it's way cheaper than using our own what am I saying I'm saying think winner all summer so Innovation marketing money management now here's the question of these three functions of business they're all important which one's the most important is that a good question because the one that's the most important is the one that we really need to hyper obsess over which one is the most important function of business I'll tell you which one Innovation good guess you might have a different guess or the same guess who thinks

Innovation okay a couple of y'all who thinks something else yes ma'am marketing a lot of things marketing who thinks marketing two people think marketing who thinks um money management okay money management Deborah thinks money management now who's not gonna raise your hand no matter what I see because we got some of those too okay there we go okay so all right so the most important function of Business by far is marketing why well because if you're good at innovating and you're not good at marketing you ain't gonna make no money see people who are good

at marketing they make money even if they're not good at Innovation which is kind of unfortunate which makes a bad name for those of us who are good at Innovation and marketing right um if you're good if you're good at money management but you're not good at marketing you're not gonna have any money to manage right so so this is this is where you need to focus your energies and when I say marketing I'm including sales I'm including like promotions I'm including audience building I'm including social media I'm including all of that stuff the place

we need to spend the majority it's so interesting like you don't have to be great at a lot of things you just have to you if you're really good at one thing and then you spend most of your efforts in building your audience in your marketing your business can succeed it's amazing it's amazing how well it can succeed like like our business is fairly successful um and I it's all relative right it's all relative it's fairly successful I mean we do millions and millions and millions and millions and millions and millions of dollars a year

so most people would like to have that as a business the thing that we obsess over the most in our business is the marketing department we have more people in our marketing department than all of the other departments put together and right now we're looking to hire some people and guess what they're we're looking at who look as we were looking to hire marketing people to edit videos people who are social like here's what I discovered if you can solve a problem for people it doesn't have to be the like a whole lot of problems

if you can solve a problem for people and you can build a media machine to let people know you exist you can become a billionaire wrap your mind around that Kylie Jenner I don't even know who Kylie Jenner is but I've heard the name I know like if she came in here I wouldn't recognize her I like I have no idea but I heard I I heard um somebody I heard somebody talking about this as a stat she became a billionaire when she was 24. she didn't become a billionaire because she was a genius and

innovating she became a billionaire because she a whole bunch of people knew who she was think about it what is a celebrity celebrity is nothing more than a person a whole bunch of people know who they are huh so my advice to you is to really obsess over solving people's problems and then obsess over making sure they find you if you do those two things it doesn't matter it doesn't matter if you write a book it doesn't matter if you do merch it doesn't matter if you do e-commerce it doesn't matter if you're a coach

or if you have an agency if you if you hyper obsess over solving other people's problems and then hyper obsess over them because and you becoming findable your business can't do anything but succeed so like the video share it comment all that other YouTube stuff that you do and in the meantime in between time peace out Cub Scouts