What we need in every business today my friends is innovation.

Hey welcome to the Tom Ferry Show. Today I'm going deeper into a question I've

received on my Instagram stories, hashtag AMA, where somebody asked me, Tom, what are the biggest challenges you face when you're starting

a business?

And I just felt this deserve way more than that short little answer on Instagram.

Just for context, I've invested in about 47 different companies which means I've been

pitched hundreds and hundreds and hundreds of times by you know young and old

entrepreneurs coming in to show me how their business is going to be the next big thing.

And we do that as many times I've done it, you begin to see what works and what doesn't.

So today, I want to share with you the pitfalls that I see, the

struggles, the feedback that I might offer someone after they give me their

pitch because I know if they're guilty of any of these nine the odds are it's not going to work

out and for you as you're watching this consider whether you've been in the business

for 35 or 40 years you own your own, take yourself back to startup mode, or you're a real estate professional

right now, you own your own business even though you might work for your broker.

So have that frame of thought as you listen. The number one biggest

challenge, and by the way it was cute this morning with my wife I said honey what do you

think about this question you know what are the biggest challenges we faced in

starting the business she said honey it's just having the belief that it's going to work.

Now, I don't know about you, but you know, starting this business 16 years ago, I had moments of doubt, right?

Oh my goodness, we go from, you know, no cost and money in the bank

to $55,000 in payroll on a Tuesday plus rent, damn, you know what that's called?

...