Every business exists to solve a problem. Running a business is not a hobby or a way to pass the time; it is an exchange of time, energy, money, and attention.
As a budding entrepreneur, you must understand the problem you intend to solve. Of course, you’ll start with a vague idea, but your goal is to hone in on the final product rather quickly.
Entrepreneurship and business are about adding value, not collecting money. People will only exchange money if they receive value. Therefore, you must focus on adding value before exchanging money.
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Problems as everywhere. Why do you want to be an entrepreneur? Starting a business is extremely challenging. Why build something when you can just go get a job?
The life of an entrepreneur is demanding; people only care about you or your business once it is successful. You need to have “iron determination” and “steadfast resolve” to continue your mission.
But what is your mission? When you begin your journey, you may not understand your true purpose—that’s okay.
My path to entrepreneurship. I had no intention of becoming an entrepreneur; I was happily working for the government.
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In June 2019, I stumbled upon the words “passive income,” and my life changed forever. I learned that going to work wasn’t the best way to live.
A year later, I read most of Robert Kiyosaki’s books, including “Rich Dad, Poor Dad,” “Rich Dad’s Cash Flow Quadrant,” “Rich Dad’s Guide to Investing,” and “Retire Young, Retire Rich.”
Of course, these books sparked my interest in entrepreneurship. There was one statement in particular that I took as a personal challenge.
In “Rich Dad’s Guide to Investing,” Robert Kiyosaki asks, “How can you create an asset from thin air?” The question stumped me. I actually took an hour to think about the question because I wanted to solve it independently.
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The answer was you create an asset from your brain. If you have the knowledge, you can create something that someone else will purchase. I immediately wanted to create assets from thin air.
Three months later, I released my first book on Amazon. I have been enjoying the passive income grind ever since.
What is my mission statement? Every business should have a mission statement, and every entrepreneur should understand how they conduct business.
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The mission statement for Military Family Investing is to make information about financial freedom accessible to all.
I believe that if someone wants the information, they should be able to obtain it. Everything I write is available for free.
What problem do I try to solve? Reading is the easiest way to get ahead in life. However, the majority of people do not read, and others read mystery and romance.
I want to lower the barrier of entry to all that want to improve their finances and lifestyles. I also aim at families that don’t have the information.
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I had a wife and two older children before I understood the information. Luckily, I took massive action to get out of debt and start saving and investing.
My goal is to get as much information into a tiny book as possible. I don’t want to give specific answers, just enough general knowledge to get people started.
Let’s focus on you. Now, let’s turn your attention back to you. It’s okay to start a business to make money, but helping others MUST be your driving factor.
Many businesses fail because the entrepreneur or business owner only wants to make money. Your goal is to give so much value that the customer has to exchange money with you.
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Let’s take a chef that cooks Mexican food. This entrepreneur may have unique recipes that only they know. How do they give massive value to their audience?
Focus on the experience. What problem does the chef’s audience experience? They probably cook bland meals or lack time to experiment.
The chef can give away his recipes during his YouTube videos. It may sound counterproductive to give away valuable secrets, but it’s part of the process.
How long can you keep a secret in today’s social media-focused age? However, the chef will become known for producing new recipes from scratch.
Once the chef has a nice-sized audience, he can release a fancy cookbook for his Superfans to purchase. Only 2-4% of his audience will make the purchase, but these hardcore fans will pay enough to make it wildly successful.
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Becoming a friend and mentor. Now more than ever, people need someone who inspires them. Big corporations don’t have the personal touch they once did.
Often, the problem you solve for people is becoming their friend, life coach, and mentor. This means they want to understand your journey, passions, and plans.
Today, business is much more than a product you launch; it is seeing the long-term value in your audience. I have watched the same YouTube channels for over 6-7 years.
Your business is just as much about you as your product. If your audience knows, likes, and trusts you, you can pivot to sell them almost any product that fits into THEIR lives.
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A word of artificial intelligence. Don’t buy into the quick hype of artificial intelligence. Your human spirit will be what separates your business from others.
There will be a gold rush toward artificial intelligence, but it will fizzle out quickly. People will attempt to produce 100 blog posts daily or 25 A.I. drawings for Pinterest.
Conclusion. Your personal touch will be more crucial than ever. At least 50% (random number) of your business will be from how you conduct business.
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If you are selling fitness products, people want to know why you use these products. If you write books on finance, people want to understand your financial past and future.
Think of your business as an extension of you. I believe in a content-first approach to business. It is a low-cost way to get your message out and refine your product directly through your audience.
Becoming an entrepreneur is about your audience and your reputation. When you add enough value to the world, the money will come—not the other way around. Good Luck!
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. All Right Reserved Military Family Investing
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