Entrepreneurship is about more than just being a business owner. It involves taking risks and finding potential in unfamiliar industries. The challenge that entrepreneurs face is knowing how to capitalize on opportunities presented by other businesses.
By the end of this episode, listeners will gain a new perspective on how to thrive in business. Our guest, Carl Taylor, shares the blueprint for his transformation from introverted student to successful business strategist. He talks about the value of buying already existing businesses over starting from scratch. We also discuss common mistakes to avoid, struggles with self-doubt, and resources for aspiring entrepreneurs. Join us on this eye-opening and inspiring journey to reach your dreams.
Episode Highlights
Carl’s Beginnings
- Carl was introverted and bullied as a child. He used this as motivation to improve his skills and find something to succeed in.
- His grandmother lent him the money he used to start his first unofficial business venture. He learned his first lesson in business from this experience: without customers, you have no business.
- Carl was always interested in computers. He learned how to code, which served as the foundation for much of his success. His first real business was doing web design and development.
- After selling his first business, he saw the potential of buying and selling businesses. He has since been sharing this strategy with aspiring entrepreneurs.
- He lives by the Tony Robbins principle of “you meet your musts.” Carl believes in the importance of understanding what motivates you.
Overcoming Initial Challenges
- The fundamentals of being a business owner remain constant: get people interested in your product, convert them into customers, and make sure they keep coming back. It’s only strategies that change, depending on your type of business.
- You must believe in your ideas and fight self-doubt. Having the right mindset is crucial.
- Having an initial success doesn’t mean you’ll continue to be successful.
- Carl has two acronyms for fear: “False Expectations Appearing Real,” and “Finding Excuses And Reasons.”
Starting Your Business The Smart Way
- Rather than starting a business from scratch, you can buy an existing one.
- Buying an established business saves you the time and effort of building it, finding clients, and setting up systems for it.
- If you negotiate properly, you can buy a business for less than the asking price, even with minimal capital.
Personal Development
- Read and research on all the great thinkers of your industry.
- When you’re stuck, learn something new.
- The answer to a mental block is more research.
Avoiding Common Mistakes
- When considering buying a business, look beyond your expertise. Don’t limit yourself to what’s familiar to you — look for what you can add value to.
- Look beyond your budget. Don’t limit yourself to what you can afford. Remember that you can always negotiate.
- Don’t get emotionally connected. Fact check, evaluate the business, and gather information from the business owner.
- Don’t act out of desperation. Even when taking risks, make sure they are calculated.
There Are No Shortcuts
- No guru has a secret to making money.
- All that exists are systems and tools, but your success as a business owner will still require legwork and implementation.
- Find out what you have an excess of — time, knowledge, or money — and leverage it to work for you.
- Build a team.
Powerful Quotes
“One of the big myths in business is you think just because you’ve been successful once, means you’ll continue to be successful.”
“And that’s who my audience is. They’re the people who, they’re passionate about business, they see that this is how they can change the world. This is how they can achieve their dream.”
“I think when you truly become that serial entrepreneur, it’s no longer ‘I do business.’ It’s like, ‘I am business.’”
“If I think I can, I can. If I think I can’t, I can’t, because I’ll give up.”
“Business is a team sport. You know, business is not something you do solo.”
About Carl
Carl Taylor is an entrepreneur, bestselling author, and business strategist. He was a business owner at 15 years old and has since gone on to buy and sell multiple companies. Carl also teaches aspiring and existing entrepreneurs how to save time, money, and effort by buying, building and selling businesses. He mentors other business owners through his business education company, Business Builders Academy. He also founded Automation Agency, an online marketing agency that helps small business owners implement the latest marketing strategies.
You can connect with Carl through his website, LinkedIn, Twitter, Facebook, and Youtube. You may also check out Business Builders Academy and Automation Agency.
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P.S.
- Do you already have a successful business, meaning you're up, running, and paying your bills with some profit left over?
- Are you interested in growing your business, automating/streamlining things, and staying one step ahead of your competition?
- Do you want to achieve your goals, get more things done in less time, and double your sales?
📨 If you can answer YES to all three questions, visit: https://www.members.bestbusinesscoach.ca/problems-we-fix/ To see if we can fix what's holding you back.
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