The #1 Reason Why Most People Fail In Business
Wealthy Way
Ryan Pineda
4.8 • 2.1K Ratings
🗓️ 6 December 2023
⏱️ 25 minutes
🧾️ Download transcript
Summary
Ryan introduces a formula for business scaling in 2024: Strategy * Skill * Scale = Production...
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Ryan emphasizes the art of subsidizing personal endeavors through strategic sponsorship, diverting the burden from personal finances. He advocates creativity in funding and believes not all expenses must be personally covered.
Ryan introduces a formula for business scaling in 2024: Strategy * Skill * Scale = Production. He notes that many beginners struggle due to weak strategy, inconsistent skill development, and limited scaling.
For solopreneurs, the formula might be 5(strategy) * 5(skill) * 1(scale) = 25(production). While commendable, scaling remains at 1. Expert solopreneurs may have 10(strategy) * 10(skill) * 1(scale) = 100(production), but the limitation of solo efforts persists.
A business owner's equation, 1(skill) * 1(strategy) * 3(scale) = 3(production), introduces scale. The goal is mastery in all three aspects for optimal results.
To enhance strategy, Ryan advises selecting a focused industry, understanding its potential market size (Total Addressable Market), and adapting strategies to evolving trends.
For skill improvement, seeking a mentor is crucial to avoid mistakes and expedite the learning process. Daily dedication to learning, practicing, and executing is vital, with the end goal of becoming proficient enough to teach others.
Scaling involves mentorship in building operations, utilizing systems, processes, technology, and human capital. Establishing relationships and creating awareness are keys to scaling effectively to a broader audience. Ryan underscores the importance of mastering all three components for business success.
Transcript
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| 0:00.0 | An average business owner, they will be even the best solopreneur. |
| 0:03.4 | You're by yourself, you'll never have scale. |
| 0:05.6 | At some point you have to learn how to build an actual business. |
| 0:08.6 | Why are companies like Apple and Tesla and Amazon? |
| 0:12.3 | Why are they so much better than everyone else? |
| 0:15.6 | Well, it's because they have all three of these dialed in. |
| 0:17.6 | They're in the right sha-t-t-t-t-t-treats. |
| 0:20.1 | For me, it took 10 years to learn these skills, but you guys can do it much faster. |
| 0:24.5 | That's the benefit of being in events like this and having other people around you who have |
| 0:28.8 | done things far beyond you. You don't have to learn all of these things yourself. They can just tell you how to do it directly. |
| 0:35.0 | Let's talk about the secret to scaling your business in 2024. |
| 0:40.0 | No matter what the industry has been, we've been able to scale it. |
| 0:44.3 | Doesn't matter if it's media, if it's real estate, if it's buying businesses, if it's education, |
| 0:50.8 | it doesn't matter. They all follow the same process that I'm about to share with you guys. |
| 0:55.9 | The formula is strategy, time skill, time scale, equals your production or your output. |
| 1:04.1 | Okay? |
| 1:05.1 | So here are some different examples of businesses in this formula. |
| 1:09.2 | Let's talk about the solopreneur. |
| 1:11.0 | How many you guys would say you're solopreneurs right now? |
| 1:14.0 | Okay, about half the room. So that means you are on your own trying to start your own business. |
| 1:19.2 | Okay? How many of you right now is solopreneurs? It's a side hustle. of you are all full-time |
| 1:24.4 | job. You're trying to start this business side hustle. |
... |
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