How To Start A Product Business That Succeeds #WednesdayWithWyan
Capitalism.com with Ryan Daniel Moran
Capitalism.com
4.8 • 802 Ratings
🗓️ 8 January 2020
⏱️ 19 minutes
🧾️ Download transcript
Summary
In this episode Ryan discusses the many different ways you can start a physical products brand, and what mentality it takes in order for it to be successful.
Transcript
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| 0:00.0 | Today we're going to be talking about building online businesses, specifically e-commerce businesses. |
| 0:06.0 | But I want to clarify something first. |
| 0:08.0 | When a lot of people talk about building a business, especially on the internet, |
| 0:13.0 | what they're really talking about is making money. |
| 0:15.0 | And there's a difference between making money and building a business. |
| 0:19.0 | Now here's some good news. You can start out looking |
| 0:23.6 | for an opportunity, even if it's just doing it for the money, and ultimately make a pivot into |
| 0:30.3 | turning that into a real business. My buddy Aubrey Marcus kind of did this. He has a $100 million |
| 0:36.2 | company called Onit. And Onet started as just a |
| 0:41.3 | small little supplement company where I think his first product was selling hangover supplements. |
| 0:46.9 | And then he created a new tropic that Joe Rogan loved and started talking about. And it made |
| 0:52.5 | enough money for him to make the pivot into saying, |
| 0:55.3 | okay, I'm going to build this into a big lifestyle brand. And so he went from pursuing the money |
| 1:01.7 | to building something real. Ultimately, you will make the most money. And I wish someone had told me |
| 1:07.2 | this. If you start out thinking, I'm going to build the business I want, |
| 1:11.7 | I want to own this business, I want to hold this for a long time, I'm going to pay myself |
| 1:16.8 | from this business, that's how you become a full-time entrepreneur. That's how you build something |
| 1:21.6 | great. That's how you ultimately get wealthy. And so that's going to be the focus of this episode. |
| 1:30.3 | Hey, capitalists, it's time to crack open your favorite beverage. I like Zivia. This is Wednesday with Wyin on capitalism.com. |
| 1:38.0 | Most people, when they are thinking about what kind of a business that they're going to start |
| 1:43.5 | or that they want to be involved in, will sit and think about what kind of a business that they're going to start or that they want to be involved |
| 1:44.8 | in, will sit and think about what's a good product or what's the best idea. And they often try |
... |
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