Starting another business

When considering starting another business, insights from successful entrepreneurs can be invaluable.

1. Tori Dunlap emphasizes that the hardest part of starting any new venture is simply getting started. She discusses overcoming mental barriers such as fear of failure, societal pressures, and the paralyzing anxiety of not having all the answers immediately. Dunlap advises focusing on the present and facing challenges as they come rather than being overwhelmed by the distant future 1.

2. Alex Hormozi shares his experience and lessons learned as a CEO. Instead of recommending starting multiple businesses simultaneously, he advises on the importance of focusing on customer acquisition, increasing revenue per customer, and improving retention 2. Hormozi candidly shares his biggest business mistake: starting a second business prematurely, which led to reduced profit margins despite increased revenue. His experience highlights the importance of timing and the right skill set before diversifying 3.

   • 

     1

     Overcoming Business Barriers

     00:02:49
   • 

     2

     Growing Business Lessons

     00:00:00
   • 

     3

     Lessons in Business Mistakes

     00:00:15
   • 

     4

     Want vs. Need

     00:00:00

3. Dean Graziosi discusses the vital difference between what people need and what they want. He cautions entrepreneurs not to fall in love with a product only because they see a need for it. Instead, success often comes from aligning products with what consumers genuinely desire. Graziosi underscores the importance of understanding and tapping into consumer wants to ensure business success 4.

These perspectives provide a balanced view, emphasizing preparation, focus, understanding consumer psychology, and learning from past mistakes when considering starting another business.