Starting A Business in 2023 | YAPSnacks | Part 1

Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)

YAP Media Network

Education, Marketing, Entrepreneurship, Business, Self-improvement

4.8 • 1.3K Ratings

🗓️ 13 January 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

When Vishen Lakhiani moved to New York City, he was making $7,500 a month at a company with a difficult, problematic, and even racist culture. After creating multiple streams of passive income and taking baby steps toward his goal of running his own meditation business, he was able to quit his job and eventually scale his company, Mindvalley, to nine figures. Vishen’s story is one of many entrepreneurial success stories we’ve heard on Young and Profiting Podcast, and in this episode, you’ll learn about the fundamentals of starting a business from these successes. Featured in this episode are Vishen Lakhiani, founder and CEO of Mindvalley; Nick Loper, founder of the popular blog and podcast, Side Hustle Nation; Josh Kaufman, author of The Personal MBA; and Alex Hormozi, founder of Acquisition.com and bestselling author of $100M Offers: How To Make Offers So Good People Feel Stupid Saying No. In this episode, Hala and various guests will discuss: - Calculating your minimal livable income (MLI) - Do what you love, what you’re good at, and what will make you money - Don’t quit your day job until you can afford to - Generating passive income - Testing your business idea - Today’s most profitable side hustles - Finding a viable market - Five parts of every business - You can make more money by serving a different audience - Why you shouldn’t focus entirely on generating revenue when you’re first starting out - And other topics… Resources Mentioned: - Vishen Lakhiani: The Law of Attraction is Bunk! The Truth about Intuition and Manifesting for High Performers | E201: https://podcasts.apple.com/us/podcast/vishen-lakhiani-the-law-of-attraction-is-bunk/id1368888880?i=1000590605986 - Nick Loper: The Art of Side Hustles | E10: https://podcasts.apple.com/us/podcast/nick-loper-the-art-of-side-hustles-e10/id1368888880?i=1000423665576 - Josh Kaufman: Launching a Business or Side Hustle | E106: https://podcasts.apple.com/us/podcast/josh-kaufman-launching-a-business-or-side-hustle-e106/id1368888880?i=1000512998935 - Alex Hormozi: The Value Equation, How to Make Offers So Good People Feel Stupid Saying No | E199: https://podcasts.apple.com/us/podcast/alex-hormozi-the-value-equation-how-to-make-offers-so/id1368888880?i=1000588801031 - Josh Kaufman’s Book, The Personal MBA: https://personalmba.com/ - Napoleon Hill’s Book, Think and Grow Rich: https://www.amazon.com/Think-Grow-Rich-Landmark-Bestseller/dp/1585424331 Sponsored By: Shopify - Sign up for a free trial at shopify.com/profiting The Jordan Harbinger Show - Check out jordanharbinger.com/start for some episode recommendations More About Young and Profiting Download Transcripts - youngandprofiting.com Get Sponsorship Deals - youngandprofiting.com/sponsorships Leave a Review - ratethispodcast.com/yap Watch Videos - youtube.com/c/YoungandProfiting Follow Hala Taha LinkedIn - linkedin.com/in/htaha/ Instagram - instagram.com/yapwithhala/ TikTok - tiktok.com/@yapwithhala Twitter - twitter.com/yapwithhala Learn more about YAP Media Agency Services - yapmedia.io/ Join Hala's LinkedIn Masterclass - yapmedia.io/course

Transcript

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0:00.0	Hey everyone. You're listening to Yapsnacks, a series of bite-sized content hosted by me,
0:17.3	Hala Taha.
0:18.5	This week's episode is focused on starting a business.
0:21.5	We've rounded up the best clips about that from the podcast, and we'll hear from
0:25.1	serial entrepreneurs like Vishin Lakiani, Alex Hermose, Josh Kaufman, and Nick Loper.
0:31.0	I'm sure a lot of you guys tuning in have the goal of being financially free this year.
0:35.4	And in my opinion, the ultimate freedom is to work for yourself.
0:39.1	Now, I was an entrepreneur straight out of college and I failed. I then went back into corporate
0:43.5	and worked in corporate for about seven years and now I'm back to being an entrepreneur. And trust me,
0:49.0	there is no freedom like working for yourself and there's no freedom like not being dependent
0:54.0	on just one
0:55.2	income. When people think of starting a business, you often think of like huge companies like
1:00.1	Amazon or Microsoft. But not every business has to be this Fortune 500 company that has over
1:06.4	a thousand employees making millions of dollars a year. your small business can have the purpose of making
1:12.5	you an extra 100k a year, maybe income to replace your full-time job or income to supplement
1:18.0	your full-time job. Starting a business is the freedom to grow your business as big or small
1:23.8	as you want. And so I want you to remember that. It could just be a side hustle forever.
1:28.1	And that's okay. There are so many approaches to get started when it comes to a business.
1:33.7	And here's Mind Valley CEO Vishin Lakiani giving us two cents on what you should do before
1:38.5	you go out and start a business on your own.
1:42.4	You must, must, must, must, must, must know your minimal livable income, your MLI. That's the word I coined.
1:52.4	Your MLI is the minimum amount that you need to survive, lead a decent, healthy life.
	...

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