Starting a Business with a Business Coach : 5 vehicles to choose from
In this transcript, business coach Clay Clark (US SBA Entrepreneur of the Year) discusses where to start: 5 vehicles to choose from when starting a business on Thrive15.com, one of the top business schools in Michigan!
Clay Clark: To be an investor or a business coach… What’s the pro of being an investor? The pro is that you’re having your money work for you. Right? That’s the pro. I mean, your money, right now while the investor sleeps, if you’re a successful investor, when you’re sleeping …
There’s one guy I know who has a little over $100,000,000 net worth. What he does, while he sleeps, while you’re watching this video right now, he’s making about $80 an hour without working. What does that mean? You mean this guy’s making like $800 a day without working? Yes. To further irritate us, that’s $4000 a week. To further irritate you, I’m not being totally truthful. He makes about $8000 an hour. Do you know how crazy that is? To make $8000 an hour? At the end of the day to have $64,000 by not working? That’s crazy. Well, an investor has their money working for them like a business coach.
The other pro about being an investor is that you get to focus on areas of high joy. You don’t have to work in the minutia any more. You don’t have to flip burgers. You don’t have to DJ, like I did. You don’t have to make sales calls. You don’t have to do that. You can focus on your areas of high joy. That’s what an investor can do. An investor can actually do that.
Now, the other area that’s a pro for an investor is that they make massive money. We’re talking about massive amounts of money. Warren Buffet, Bill Gates, Steve Jobs. These are all guys who made massive amounts of money. A lot of those guys invested in their own business, but when you get to that investor level, your money makes more money without you working than you could possibly make when you’re working.
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So, what are the cons? What are the cons to being an investor? A business coach can help explain why What are the bad parts about being an investor? One, your money works for you. You make your money work for you, but your money can also cost you. What if you invest in a company that goes belly-up and now you owe money, because the company loses more money than they had and now you owe money. Your money could cost you.
Also, you have to be a wise business coach. If you’re going to spend your day looking at investments all the time and you’re not going to be flipping burgers, you have no income coming in if you make poor decisions. So, you have to be wise. There’s a book, by the way, by Graham. This book is endorsed by Warren Buffet and if you get a chance to look up Warren Buffet and then a guy by the name of Graham, you can see the books that Graham recommends. I’m just telling you Warren Buffet and Graham are like the people you want to study. When it comes to making wise investment decisions, these guys know what it’s all about. Just know that.
The final area is you can make massive money. You can also lose massive money. I know people who’ve had huge amounts of money come into their life and come out of their life, quickly, because they were not able to be a good investor. Meaning, they had a $1,000,000 and they sold a company. They took that money and they invested it and it cost them. They were not wise and they lost massive amounts of money.
So, why do we have to go through these four? If you’re watching this right now and you have a ton of money, why can’t you just hop into an investor? Well, let’s review real quick here so we can be on the same page. I’m hoping this makes sense to you. Before you can be an investor, you have to know how to be a good business owner. How would you know what to invest in if you don’t know how businesses run? You have to be a good business owner before you can become a good investor. That’s how that works.
You have to understand what it’s like to be self-employed to understand how to be a good business owner. You can’t be a good business owner if you haven’t ever been a good self-employed person. These are fundamentals you build on. It’s like a foundation.