Transcription
2015 and this is very, very important. This is going to be a major way you should change your thinking in regards to business. So you've learned a lot of things so far. You're about to learn something else, and I think I've mentioned this before on Twitter, but if you missed it, this is very, very, very important. You have to change the way you think about money, and you're going to change where you think about money by only thinking about money all of the time.
So I'll give you an example. 99.9% of people who go in a coffee shop go in a coffee shop and buy coffee and sit down. If I go in a coffee shop, I go in, I look at the prices of the coffee, I look at how busy the place is, I buy my coffee, and I sit down. And then I think, if I had to run this business, would I make money? Could, is there a way I could run this business and make more money? How much do I think the rent is in this establishment? How much are these coffees? How busy is it here? Do they sell cakes and sandwiches to make extra revenue? Who are the main customers? Well, it's mainly businessmen. I can see there must be a business district across the road. Why are the waitresses, or why the people who work here, not hot young girls to attract more men to come in, if that's the main customer? Think outside the box and look. If I were to open a coffee shop right next door, could I beat them? Are these coffees expensive? Are they cheap? Are they good?
You have to start looking at every single business you interact with, every single one, and see how you would compete with them, or if you had to run their business, if you believe you make a profit. Because what you'll often find is you'll see there's a lot of people making mistakes, and you think you could probably do better, and you might be able to beat them. So you need to sit, and when you're going through your normal life, you're having your coffee, you're sitting in [ __ ] starbucks, whatever. Obviously, competing with a multi-national like that's been very difficult, but any business you interact with, just start training your mind to view their business how you believe it works. Everything from rent, overheads, the product, the profit margin, whether you think you could sell more, any tips or tricks they're missing, everything from start to finish. Just have a look and see if you can work it out. You'll be surprised how much you learn about business, self-taught. I do it with every bar I'm in, every restaurant I'm in, every coffee shop I go in, everything. Even simple things like even things I know nothing about, like a mechanic's. I don't know anything about fixing cars. Still, I look at the amount of cars they have around, I look at how much they charge me for my time, how much the labor is, how much I think they're charging the low-level workers. Where's the big boss? How much is he making? You need to start thinking about money and thinking about businesses like this every time you interact with one. You need to analyze it, and your analysis will get better, and you'll get more precise. Obviously, there's some information you don't know. You don't know exactly what the rent is, you can estimate it, you should be able to estimate it.
So this is one a really important mind hack. I teach anyone who wants to get serious about hustling and making money. You need to start approaching and looking at all businesses this way. Because what's going to happen is when you eventually open your own business, there's going to be some lessons that you identified, some mistakes you identified in the previous businesses that you're going to make sure you don't make. Whether you're opening a coffee shop or an online company, it doesn't matter what it is. You're going to identify the mistakes and you're going to change them. So even next time you buy something online, buy something online. Most websites nowadays are extremely streamlined, but still, if you identify a problem with the website, if you identify a problem with the email that comes afterwards, if you're unhappy with a particular aspect of customer support, if you don't like the packaging it comes in, whatever, analyze everything and remember everything, because you're going to use this stuff for your new company.
So this is a very important mind hack. This is something you need to do permanently, as a matter of habit. It's what rich people do. When they're sitting around money being made, or they're sitting around money being exchanged, because money's never made, money's only exchanged. When they're sitting around and they see money being exchanged, they work out exactly how and why and who's benefiting. This is something you need to start doing as a matter of habit. It's extremely important.