The Money Expert: From $0 to $110M the EASY WAY (Michia Rohrssen)
Oct 5, 2023
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Michia Rohrssen, who built and sold a tech business at age 25 for $110 Million, talks about topics such as shifting perspectives on money, real estate misconceptions, starting a software company, and the dark side of Silicon Valley. They also discuss the impacts of selling a business for $110 Million and their goals of reaching a million subscribers on YouTube and buying a private jet.
Building wealth is straightforward and can be followed by anyone, according to Michia Rohrssen.
Passion alone is not a guarantee of success for young entrepreneurs; instead, focus on strategies and goals for financial stability and long-term success.
Surrounding yourself with successful individuals who support and encourage your goals can provide valuable insights and opportunities.
Identifying a large market, a change or gap in the market, and offering a product or service that addresses that gap increases the chances of building a thriving and lucrative business.
Deep dives
Building Wealth is Down to a Simple Formula
Building wealth is straightforward and can be followed by anyone, according to Mikaya Rawson. Many fake gurus online have only gotten wealthy through selling information rather than by following their own advice. Rawson shares his real knowledge with aspiring entrepreneurs to help them avoid being led astray by these false teachings.
Passion is Not the Key to Success
Following passion is often one of the worst pieces of advice for young entrepreneurs. Rawson argues that passion alone is not a guarantee of success, as it may not lead to financial stability. Instead, he advises aspiring entrepreneurs to focus on strategies and goals that will help them achieve financial freedom and long-term success.
Surrounding Yourself with Success
Rawson highlights the importance of surrounding yourself with successful individuals who support and encourage your goals. By networking with and learning from successful mentors, you can gain valuable insights and opportunities. If you lack potential mentors in your immediate surroundings, seeking guidance from successful figures through books, podcasts, and online communities can also be beneficial.
Attributes of a Successful Business
Rawson emphasizes three key attributes of successful businesses: a large market, a change or gap in the market, and a product or service that addresses that gap. By identifying these factors, entrepreneurs increase their chances of building a thriving and lucrative business.
Importance of Market Research and Idea Validation
Prior to starting a business, it is crucial to spend time researching the market and evaluating the proposed idea. This step significantly impacts the chances of success. Thorough market analysis, including the size of the market, customer spending habits, and market trends, helps in picking the right idea with potential for growth. Consulting reports from well-established firms can provide valuable insights into changing markets and emerging technologies. Understanding the fundamentals of the chosen market and aligning one's passion with the idea plays a significant role in entering the market successfully.
Learn from Mistakes and Adapt to Succeed
Building a successful product or business often requires going through a process of trial and error. It is common to face initial failures and setbacks. By listening to customer feedback and being open to critique, it becomes possible to identify flaws and gaps in the product or service. Making necessary changes and improvements based on customer insights and market knowledge allow for successful adaptation and growth. Accepting mistakes, humbly seeking feedback, and continuously learning from the market are key elements in transforming initial failures into long-term success.
Knowing When to Quit and Persistence
The decision of when to quit a business venture is a critical one. Many young entrepreneurs tend to quit too early, constantly jumping from one idea to another without giving enough time for learning and growth. While it is essential to persevere and give the business sufficient time to succeed, continuing on a failing path for too long can be detrimental. Striking a balance is crucial, and typically, quitting within the first 24 months is considered too early. Persistence is necessary, but it is also important to be realistic and evaluate whether the venture is showing signs of progress and potential for future success.
Managing Risk and Debt in Business
Managing risk is a critical aspect of building a business. It is unwise to risk personal financial stability by investing heavily in a venture without a thorough understanding of the industry and potential outcomes. Bootstrapping a business and keeping personal financial risk low by maintaining side income while building the business is a recommended approach. Borrowing against personal assets or accumulating debt to fund a business can be dangerous, leading to potential financial ruin if the business fails. It is important to balance ambition and financial stability while navigating the world of entrepreneurship.
Today we speak with with Michia Rohossen built and sold a tech business at age 25 for $110 Million… and whats even more impressive is that he beleives it was pretty straightforward!
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