If anybody would like Hey, tech late here M welcome back to another episode today.

We are drinking Hilton Garden Inn Hotel blend coffee.

Pretty good, pretty watery.

You may be wondering where I am today, and, well, I'm somewhere very successful.

I am at the Hilton Garden Inn in Los Angeles, and you can check out my amazing fantastic room these days for influence or social media influencers like myself.

This is a necessity.

I thought I could show you around this amazing place.

Let's check out this amazing view we have here.

Well, yeah, It just opens up onto this beautiful courtyard.

You could imagine that you could put a swimming pool out there if you want.

Maybe in a few years you could build something out.

What's great is I can actually walk out here.

Oh, yeah, it's so cool.

It's so nice.

It's amazing.

Let me just quickly show you this amazing bathroom as well is really good.

Um, you know, there's no bathtub, but the rest, you know, this is success.

And what I'm gonna tell you today are seven tips about how you two can become successful in your next business venture.

Oh, look at that.

Oh, it's so good.

Look at that.

I could have coffee on my bed before we get started.

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Now one for anything about my history is that I've actually had a string of successful business ventures.

At least three have made considerable amounts of money, and then a few others have actually made these that money as well.

Maybe I can share some of my learnings with you about how to come up with a successful business idea because I've seen so many other people just tossing out completely random, pure garbage ideas.

And, you know, people might say something like, Well, why don't we make a coffee shop for dogs?

And it was pretty clear to me why the idea is not going to work, but may not be so clear to you.

And I wanted to share my top seven tips.

The first tip and one that is perhaps a little bit cynical is to learn to copy people's ideas and not to focus too much on inventing some crazy new idea all by yourself.

Back in the day when I was making a lot of abs, I would try to build my own app idea.

I would try to sit down for hours and think up some crazy, innovative idea that nobody had done before, and then I would try to push it out.

And every now and then, yeah, maybe I can find something that started to getting some traction, but it was just extremely difficult.

And after a while I realized that what I could do was just check out the top leader board in the APP store, figure out which absolute doing well, and they spend the week copying that up and release it.

And I found that this tribe that you worked extremely well, like the APP idea was really proven.

I knew that as soon as I launched that I could even put in some marketing budget on this advertiser.

That and there were many other larger companies and businesses that solely implemented ideas like this.

No one really had a good formula, a good idea for creating in the lab.

The only proven idea was really to just copy other app ideas.

And the other thing to realize is that ideas are cheap.

A lot of people like to protect their ideas a lot.

In reality, much of the innovation that you bring to the table is going to be in the execution.

If you take a look at Amazon, for example, the idea of buying and selling products online, it's a very boring and generic idea.

They weren't the 1st 1 to invent an idea like that.

Many people have traded what they brought to the table with the execution, like very low margins, a very good usable website.

There's so much more that you can bring to the table in terms of the execution of some idea.

And on top of that, you can add your own spin to it, make the U I a little bit better at certain features and all that.

Those are going to go a long way.

My second trip for you and this is a tip I would have for any young person is to learn to ride a wave.

You know, there are certain industries that are generally flat and they don't really change.

Like, for example, doctors, lawyers, dentists, thes air, great businesses.

They're fine.

But it's just a flat, basic, basic sort of lifestyle, and that might be good, is very stable.

But for a business to really succeed and take off, I think that you want to be writing some sort of wave.

And this is like opportunity.

Waves come and go in certain industries, certain areas, and you need to be paying attention to things like this.

Several years ago, it was all about Web two point now and getting really cool looking slick websites.

Then the mobile trend came, and everyone wanted to get their websites on to mobile phones.

After that, it was all about Epps like Eiffel Naps, android APS, mobile games, things like that.

That was a very big trend then.

We've got other trends, like being an instagram influencer like me.

You could check me out that instagram dot com slash patrick shoe and then we've also got other trends, like augmented reality, virtual reality, crypto currency.

So if you're a young person that's going to be really where there's the most opportunity and the least competition, and these are all going to work heavily in your favor.

Whenever I see someone threw out a business idea, I'd like to ask them Why now?

Why is now the right time for this idea to finally succeed?

Why didn't it succeed five years ago or 10 years ago?

You know, people must have thought up an idea similar to this.

They must have tried it.

Why is now good?

What new technology is it using or enabling?

What new trend is a following?

You know something along the lines of that you want?

Ask yourself if it's a classic, timeless age old idea and you just want to do it like you want this.

So air conditioners.

It was just like, Well, why?

Why is that such a great idea?

Now my 30 for you is to give yourself the freedom to fail and to correct course.

And a lot of people are failure adverse.

They're taught to be this way when they're going through school and classes.

If they fell in the test, that's the end.

Their life is over But in reality it's not quite like that.

You know, in businesses you can fail a ton of times and it's fun.

And as long as you're correcting course you're learning from your mistakes.

You won't be able to see how features perform a because them quickly pivot.

If you need to build up quick and V piece of new ideas that you may think is interesting and your hide, there's no good that maybe create another idea.

I remember I had met a few other entrepreneurs back in college, and they had told me that it would take at least three failed attempts before.

I would probably come up with some successful idea and I just thought to myself, Wow, I don't want the failed three times You don't want to it right away.

But in reality, I later look back and I see that I had failed probably 10 to 20 times when I was building up ideas I might make like 10 naps and I would expect the one to succeed.

These days is very difficult for me to get really excited about any one single idea.

Rather, it's area that I might get excited about a problem space working within that problem space.

How can I come up with various solutions?

And here's to tackle that problem.

If I can identify a problem than that is going to be much more meaningful to me than just being able to say, Well, here's one fantastic idea, and for sure this one fantastic idea is going to work because I know that this idea may fail.

But what will never fail is the problem.

The problem is always going to be there.

If no one has solved this problem yet, then I know that there was at least some opportunity there.

The fourth bit of advice I have for you is to consider a marketing plan, a vision for your idea to take it from zero users toe one user to 1000 users and then to a 1,000,000 users.

And let me explain to you away.

One thing is I found that over time I had a lot of products that nobody wanted to use these with the ideas that I thought millions of people with use and yeah, I couldn't get a single person to use it.

I remember back in the day I made a job where you could submit your resume to my little app, and then people can go look at your resume and match up with some job.

When I launched the project, there were no resumes and no employers on there, and the project failed within 24 hours.

Within one day, I realized yet this was a completely ridiculous idea.

Why did I even build it?

No one wants it.

Not assuming you figured out at least one person who wants your product.

I would encourage you to think about how I can expand that to, say, 100 or 1000 people who might want this same product.

Now the reason I say that the 1st 100 or 1000 people are the most difficult to get is because that is where you're still figuring out what your product market fit is.

Can you say that the landing page, where people submit their email addresses and you start collecting at least 100 email addresses for people who want this product that you have in mind of building?

A lot of times, people gonna think up an idea, and this is very easy and idea that scales well to millions of people.

A typical idea is like a dating app and rally.

The If you imagine your project with only, say, 10 people, 100 people and it doesn't seem like it's going to be interesting at that level, then it's going to be very difficult to grow to anything larger than that.

You're gonna want a project that works well at 10 people at 100 people at 1000 people and then be up to scale it up to a 1,000,000 people.

At each phase, your project may transform toe whether it needs to be.

For example, Amazon started out only selling books that managed a smaller scale.

Once it became bigger, they were able to expand the whole bunch of different areas and do a bunch of different things.

Whatever I did, you have, you may want to be thinking about how you gonna start small, what the project's going to look like.

House going to serve just a few people.

And then how is going to expand and mutate itself, transform into something that conserve many different people?

We're getting a little short on time here, so I'm going to speed things up for you a bit.

The fifth tip I have for you here is to work alone.

I love or gan loan, and there's a few reasons for this besides the obvious resume, which is that you don't need to generate as much revenue, right.

If you have a co finder, you need to generate twice as much revenue to get yourself the same amount of income.

Besides the obvious reason, the main reason, I would say is accountability.

It keeps you accountable when you have a second person in the picture.

If there's any piece of job or test that you don't really enjoy doing, you just say like, Whoa, is is that other person's job.

You don't wanna do it.

You can say it's their fault.

When you're the only person there, then you take full responsibility.

You become the owner of the project and you're doing the hard work that may be necessary.

Once there was a second person, I find I may begin to just slack off.

Yeah, I'm I said, Hey, if that other person, my co founders not doing work, why should I do work?

You know, no one needs to work.

Let's all just go to the beach and we just end up self sabotaging each other.

I think co founders are great to have and to bring in one's your project starts to get more attraction.

Once you figure out Hey, you've actually got something going here and there's no chance that this project is just going to be abandoned or disappear.

Then you bring in the co founders and you start scaling up the business.

My sixth tip for you is to finish the project.

Too many people these days are interested, I think, in plain, with some new piece of technology just goofing off playing around.

They don't have the determination that the NASA t the pernicious, pernicious nous to actually go through and finish a complete project.

Wrapping your project up in the complete package, said the payment options making accessible to as many people as possible putting on the final Polish center project to be up to ship it out.

You know, I'd like to remind myself that the last 20% of a project requires 80% that work, or you couldn't even say that the last 1% of the project requires 99% of the work.

Keep that in mind as you're going through that this is going to be your secret weapon, something that you know that most other people will not know.

Last final tip I have for you is to find a niche market.

Be a big fish in a small pond.

You know you don't necessarily want to be.

Peddling your wares to millions of people is just such a competitive area.

Find the area where you have some sort of competitive edge.

But if you're selling hot dogs, for example, that's something anybody can do.

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