Hey, what's going on everybody?
This is Coulton Woods and you are listening to learning from the experts and today I actually want to talk to you about how bad advice is the most costly thing you can pay for.
So here's the deal. I know how frustrating it is as an entrepreneur to waste countless hours sifting through wanna-be experts who never actually helped me in the end.
Then to learn years later that there was an expert who really could help me 100 times faster than learning on my own.
I have created this podcast to save you time and money while taking you on a journey with me as I learned from and interview real experts who can actually help you grow your business.
My name is Coulton Woods and you're listening to learning from the experts.
Speaking about advice.
I remember going through college, I actually majored in entrepreneurship.
At first, I was majoring in business management with an emphasis in marketing and they switched it to entrepreneurship later on.
But as I switched it to entrepreneurship, I remember people would ask me, "do you know, what are you going into?"
Well I'm going into a business management degree.
And they're like, okay, yeah, what are you emphasizing in?
Well, I'm actually emphasizing in entrepreneurship and I remember the look or the reaction that I would get from people like, Oh, you're going into entrepreneurship?!
That's kind of weird and really scary at the same time.
And people would actually look at me and be like, don't, you know that 90% of businesses fail.
It really bugged me for a while because a lot of people would say this to me and I thought
maybe they're right, you know, like, what am I missing?
But I had created my own business at this point and I was running my own thing and it Kinda got to me because they had no idea that I was actually running a business.
After a while of thinking about it, I thought, wait a second, don't they realize that they are actually working for that business that they just said that 90 percent of them fail and every job in the entire world is for a business and that business has the same chances.
I mean, obviously it changes after how many years the business has been in existence.
But yes, a lot of startups do fail, but I think that's because of a lot of them have a lot of changes and a lot of pivoting here and there.
I've seen a lot of people start up a business and then say, that's not the direction I would take them and they go start something else.
And it's not like they had a ton of employees and it was huge and then it failed.
But so after awhile I realized that those people don't understand.
So I would actually tell that to people. I would say, I'm in entrepreneurship, and they'd be like, yeah, don't you know businesses fail all the time and I would actually respond and say yeah, don't you know that you work for those businesses or that you're going to work for a business.
I remember getting a lot of reactions, like "I've never thought of that...".
I'm actually going to work for that business that could fail.
Oh man.
Wouldn't you rather be at the top knowing where the heck the business is going to go and be getting paid a ton more?
Or would you just rather work at the bottom and think that your job is safe and then when the business goes under or when they don't have enough to pay for everybody and they have to cut down on people and start firing people and you get fired.
I mean it's no different.
Obviously, yes, there are a lot more risks when you are the owner.
There's a lot more time and a lot more energy involved at being at the top, but there's a lot better compensation involved as well.
And honestly, some of these jobs nowadays that I'm seeing, people are working their guts out for not much, and they literally put in 60 - 70 hours a week for their corporate job and they're making $60,000 - $70,000 a year.
Does that really add up?
I don't really see it.
I see so many people doing side hustles on the side, even while doing 9 to 5's at the beginning and they ended up making way more than that on their side hustle.
It's interesting to me nowadays, there are so many opportunities out there.
And that's another thing I hear people saying, nowadays it's really hard because there's so much going on, you can't really do much because there's just not a whole lot of opportunity because there's so many people already doing it.
Are you kidding me?
This is like the best time in the world to like be alive. This is the best time in the world for opportunity.
And I mean, look at it. It's so much easier nowadays to get big.
I mean people that you didn't know two years, or nobody knew about two years ago, everybody now knows about them.
I even think about Stephen Larsen, like two years ago when he first started publishing, nobody knew who he was, nobody knew anything about him.
And now he's huge.
But honestly, he's worked his face off, he's also published a lot as well and now he's huge.
I seen a lot of the older generation as well that think change is too much.
Back then to make changes, it was different.
It was a lot harder.
Took longer.
A lot of people are tied up in that false belief that change is too hard and It takes too much time.
They think you can't just start up a business and you have to have all this capital and you have to have investors and blah, blah, blah.
That's not true at all.
I didn't have any investors for my first business.
I started from literally nothing.
I think I put like 100 bucks into it at first and quickly got my money back and then just kept rolling the money into it until it got bigger.
I mean, that's a little bit of a slower way to do it, but you can find a little bit of cash to get started.
Boot strap it!
There are so many more options and tools out there and they're not expensive, they're really not that much money to get going.
So I just wanted to go over that a little bit.
I know this is probably gonna be a little bit of a shorter episode today, but if you're listening to those around you that aren't doing what you want to do, they won't be able to tell you the correct things to do.
They're not going to give you the best advice because their advice will be "don't do it" or "that's too hard" or "it's not possible" because they've never done it.
They don't know.
And so if you're listening to them, and they can be very close family members.
I remember even my wife would was not very keen about me doing my own thing for a very long time until the day happened when we couldn't make bills in college and all of a sudden I sold something or somebody asks for repair and it brought in some cash and then we could pay for bills and have some extra money to go do something with or pay for other things.
And it wasn't until then that she was like hey, this is actually really cool and you're making more on this than you are your other job while going to school.
Obviously going to school, you don't get paid much or it's hard to find a good paying job.
And that's why I started doing stuff on my own.
But those around you, those closest to you can be giving you bad advice.
They can be giving you advice that is totally against what you believe were totally against where you want to go.
Whereas there's an expert out there or somebody else who has done it, that has already been through it.
They can tell you the good advice and help you get to where you want to be.
It's not impossible nowadays to do anything or to accomplish some huge things.
If you look at clickfunnels, I was listening to Russell Brunson's podcast and he said today's our four year anniversary.
They've only been in business for four years and they are way past $100,000,000 in revenue for the year.
It's crazy.
If you listen to people who have done it, they can tell you the past.
They can help give you the ideas or, the advice that you need in order to get to where you want to be.
That's what I wanted to get across today.
don't let those people who are negative takeover what you believe.
I was definitely hard for me.
Took me a while because I mean, I was hearing it in school and I'm hearing it from all these people, all these friends.
And every time I'd say I want to be an entrepreneur I could just see their face like, oh, I'm sorry, you're not gonna make it.
You know?
And I'm like, dude, if there weren't entrepreneurs, if there weren't people out there building these businesses.
I mean agencies are huge.
That's a big thing now.
They employ a lot of people.
Agencies are awesome for that.
If there weren't those entrepreneurs doing that, if there weren't people building the businesses, we wouldn't have businesses.
We wouldn't keep cycling the businesses through to become the bigger businesses that employ people.
If we just stopped creating businesses now, we would probably end up losing a lot of businesses that are open now, and over the years we'd probably end up losing a lot of businesses and then the unemployment rate would go up.
So what do you guys want?
I just that thinking.
That drove me nuts while I was going to school and just hearing so many people be negative about entrepreneurship.
Like, oh my goodness, you're not going to make it.
I'm like, yeah, well neither are you...
You know what I mean?
That's what I wanted to say.
But obviously I'm not rude like that, but think about it guys.
If you're going to go to work, you're working for a business.
Now if you're going to create your own business, you're going to have the choices and you can change the direction of your own business when you manage it.
But when you're the at the bottom of the pyramid, you're not gonna have the opportunity to change a whole lot.
So yeah, that's just kind of the idea that I wanted to go over today and I hope you guys enjoyed this podcast and please do not listen to the bad advice around you.
Start listening to books, podcasts, whatever.
Find the people who have the right advice for you, follow them, learn from them and go from there.
That's what I have for you guys today.
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