This is an AI translated post.
[Undercover Billionaire] Glen Stearns
- Writing language: Korean
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Base country: All countries
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- Economy
0000-00-00 00:00:00
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Summarized by durumis AI
- It explains the process of a $2 billion asset owner building a million-dollar business in 90 days step by step. The first stage involves earning seed money by investing time and labor, the second stage involves starting a business buying and selling goods using capital, and the third stage emphasizes the process of automating the business by building a system.
- In particular, the second stage emphasizes the strategy of "find the buyer first" and explains that it is important to understand the consumer's needs and provide solutions.
- Finally, it points out that while successfully completing the first and second stages solves the problem of making a living, most people stay stuck in the first stage and emphasizes the importance of moving on to the third stage.
The owner of 2 trillion assets goes to a place where he has no connection and starts a business with an old truck, a smartphone, and $100.
He challenges himself to build a $1 million business within 90 days.
He seems confident that his past methods will still work today.
Woojung Kim also seems to have said something similar to the protagonist in the past.
(I can see money flowing, so even if I start over, I can make money well)
"Phase 1"
He started with simple labor to raise initial seed money.
The main character (making t-shirts, selling pet supplies, etc.)
Phase 1 requires a brute force input of time and labor.
Phase 1 is a formula, regardless of time or place.
"Phase 2"
Now, using the capital raised in Phase 1, he starts buying and selling things.
1. Used tires, 2. Used cars, 3. Housing
"Find buyers first =
Understand the needs of consumers and provide them with solutions that meet their needs"
This seems to be a saying that applies to any job.
"Phase 3"
1. With the capital raised through Phase 2, he strives to build a system where money earns itself in Phase 3.
The main points in Phase 3 are
To select the right people and delegate work to them.
In fact, if you do Phase 1 and 2 well, you can solve your livelihood problem.
Most salaried workers are stuck in Phase 1 and never even move on to Phase 2 or 3.
You can move on to each stage step by step, or you can go all at once.
The worst thing you can do is to stay in 'Phase 1' only.
The key to Phase 3 is to build a system (delegation of authority and responsibility) and to withdraw from the system itself.
In any case, you must lay down the foundation for "find the buyers first" in all stages.
