Chapter
The Right Business to Build
51:35 - 55:54 (04:19)
The speaker discusses his preference for difficult, scalable businesses that can use the latest technology to increase efficiency and be replicable.
Clips
The speaker discusses the value in choosing business ventures with a natural selection biased against them to increase the chances of building wealth.
51:35 - 53:09 (01:34)
Summary
The speaker discusses the value in choosing business ventures with a natural selection biased against them to increase the chances of building wealth.
ChapterThe Right Business to Build
Episode#61 - How to Buy, Manage and Grow Cash-Flow Positive Businesses + Corona Virus Impact on the Economy
PodcastMy First Million
The speaker suggests partnering with a small company that already has infrastructure in place and investing in the latest technology to make the business more efficient and scalable.
53:09 - 54:08 (00:58)
Summary
The speaker suggests partnering with a small company that already has infrastructure in place and investing in the latest technology to make the business more efficient and scalable. They also recommend developing a billing and sales model that can be replicated and finding a unique niche in the industry to create a competitive advantage.
ChapterThe Right Business to Build
Episode#61 - How to Buy, Manage and Grow Cash-Flow Positive Businesses + Corona Virus Impact on the Economy
PodcastMy First Million
The speaker expresses an interest in getting involved in non-tech entrepreneurship such as lawn and garden care as opposed to finance or trading.
54:08 - 54:55 (00:47)
Summary
The speaker expresses an interest in getting involved in non-tech entrepreneurship such as lawn and garden care as opposed to finance or trading.
ChapterThe Right Business to Build
Episode#61 - How to Buy, Manage and Grow Cash-Flow Positive Businesses + Corona Virus Impact on the Economy
PodcastMy First Million
The best way to find a profitable niche is to talk to people in the industry and identify their biggest problems or pain points.
54:55 - 55:54 (00:59)
Summary
The best way to find a profitable niche is to talk to people in the industry and identify their biggest problems or pain points. One suggestion was a junk removal business, but applied to lawn care or irrigation services instead.