8 Minute Millionaire: Learn the Secrets of Millionaire Entrepreneurs
300. The Business of Buying Businesses with Jaryd Krause
May 6, 2024
Jaryd Krause, a former plumber from Australia, reveals his inspiring journey to becoming a successful online entrepreneur. He shares crucial insights into the art of purchasing existing online businesses for sustainable income. Jaryd emphasizes the importance of rigorous due diligence and effective risk mitigation strategies. He explores various online business models, the motivations behind selling profitable ventures, and the mindset shifts needed to succeed. With a focus on authenticity and realistic expectations, he encourages aspiring entrepreneurs to stay committed to their goals.
42:27
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Quick takeaways
- Jaryd Krause highlights the necessity of thorough due diligence in online business acquisitions to minimize investment risks and drive informed decision-making.
- He emphasizes the importance of cultivating a resilient mindset among aspiring entrepreneurs to navigate challenges and set realistic expectations for success.
Deep dives
The Journey from Plumber to Online Success
Jared Krause shares his inspiring transition from being a plumber in Australia to a successful online entrepreneur living in Bali. He initially sought ways to make money online while traveling, which led to various attempts including a travel blog and an e-commerce business. Although his early ventures failed, he learned from these experiences and shifted his strategy after discovering the alarming statistic that 90% of startups fail. Instead of creating a new business from scratch, he wisely chose to invest in existing online businesses that were already successful, allowing him to travel more freely and sustainably.
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