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Investors Reveal: 3 Major Mistakes Aspiring Entrepreneurs Make

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There’s an old saying about first time entrepreneurs—they don’t know what they don’t know. 

No matter what field you are in, or what type of business you own, it is so important that you understand some of the mistakes that tend to plague so many entrepreneurs in today’s market.

There is one main mistake you can avoid from the jump. But it’s the same one many founders miss, investor Sebastien Eckersley-Maslin says.

“Most people come up with a solution first, without thinking through the problem,” Eckersley-Maslin told CNBC.

More often than not, aspiring entrepreneurs come up with a great idea…only to discover there’s no need. 

This looks pretty obvious, at first, but you’d be amazed to know how many people overlook it. So what are the right moves to make?

Here are some common mistakes aspiring entrepreneurs make.

1) Underestimate the amount of time it takes to learn a new industry

“One dumb mistake I made is to underestimate the barrier and knowhow when entering into a new industry,” says Zhifei Li, Founder & CEO of the Beijing-headquartered Mobvoi, the maker of the smartwatch called Ticwatch.

“Irrelevant experience can be a burden,” Zhifei Li, Founder & CEO of Mobvoi & Ticwatch. “Stay humble, stay hungry.”

 

2) Holding on to an under-performing employee for too long

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Chris Myers, the CEO and co-founder of the Denver-based financial tracking and analytics tools for small businesses BodeTree, says he held on to an under-performing employee for too long.

“I hesitated to take action, instead holding out hope that somehow the individual would fix their behavior and get back on the right track,” says Myers. 

3) Launching a company with no customer validation

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Victor Chang’s first startup idea, LifeCrumbs, a social journaling app, seemed brilliant to him. But Chang never tested it with potential consumers and that was, he says, a “terrible mistake.” He spent five months building the app in stealth mode.

“This hurts a lot because when we finally launched the service, we realized this isn’t what the customers were looking for!” In hindsight, Chang says, LifeCrumbs wasn’t different enough from existing products to be successful.

Entrepreneurs

The Top 10 Investment Opportunities To Capitalize On During A Recession

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A recession can be a challenging time, but it can also present opportunities for investors to make smart investment decisions.

During a recession, certain industries tend to perform better than others, and identifying these opportunities can be the key to success.

Here are the top 10 investment opportunities to capitalize on during a recession:

1. Defensive Stocks

Defensive stocks are those that tend to perform well EVEN during economic downturns.

These include companies that provide essential goods and services, such as healthcare, utilities, and consumer staples.

Defensive stocks may not offer the highest returns, but they can provide stability and protection during a recession.

Defensive stocks include Johnson & Johnson, Procter & Gamble, PepsiCo, and Walmart, among others. (You can buy them all inside the NYCE app.)

2. Gold

Gold is often seen as a safe haven during times of economic uncertainty.

As a tangible asset, it can provide a hedge against inflation and currency fluctuations. During a recession, the price of gold may rise as investors seek a safe haven for their money.

READ: 3 Ways To Invest In Gold (In 3 Minutes Or Less)

3. Real Estate

Real estate can be a good investment opportunity during a recession. Especially if you are looking for a long-term investment. (Hence why NYCE exists.)

While property values may dip during a recession, they tend to recover over time. In addition, rental properties can provide a steady stream of income, even during a recession.

After all: Real estate has created more millionaires than any other asset class.

4. High-Quality Bonds

High-quality bonds, such as U.S. Treasury bonds, can be a safe investment during a recession.

These bonds are backed by the full faith and credit of the U.S. government, which makes them less risky than other types of bonds. (Though this has become less safe today than in the past.)

They may not offer the highest returns, but they can provide stability and protection during a recession.

5. Consumer Discretionary Stocks

Consumer discretionary stocks are those that are tied to consumer spending, such as retail, travel, and entertainment companies.

During a recession, these stocks may suffer as consumers cut back on non-essential spending.

However, if you believe that the economy will recover, investing in consumer discretionary stocks can be a good bet.

6. Healthcare Stocks

Healthcare stocks tend to perform well even during economic downturns, as people still need healthcare services regardless of the state of the economy.

In addition, the aging population in many countries is driving demand for healthcare services, which can provide long-term growth opportunities for investors.

7. Technology Stocks

Technology stocks can be a good investment opportunity during a recession, as many companies in this sector have strong balance sheets and cash reserves.

In addition, the shift towards remote work and online shopping during the pandemic has increased demand for technology products and services.

8. Emerging Markets

Emerging markets can be a good investment opportunity during a recession, as these countries may be less affected by the economic downturn than developed countries.

In addition, emerging markets often have higher growth rates than developed countries, which can provide long-term growth opportunities for investors.

9. Dividend Stocks

Dividend stocks can be a good investment opportunity during a recession, as they provide a steady stream of income even during tough economic times.

Look for companies with a history of paying dividends and a strong balance sheet.

10. Cash

Finally, cash can be a good investment during a recession, as it provides flexibility and liquidity. Having cash on hand can allow you to take advantage of investment opportunities as they arise.

In conclusion, while a recession can be a challenging time for investors, it can also present opportunities for smart investment decisions.

By identifying the top investment opportunities during a recession, you can position yourself for long-term success.

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Entrepreneurs

From Zero to Millionaire: How 9-5 Marketing Guy Made A Fortune Selling Pet Rocks As A Joke (1)

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No BS—this is actually a real story.

The pet rock—a seemingly ridiculous idea—became a sensation and made its creator, Gary Dahl, a millionaire in the 1970s.

Dahl, a marketing executive, came up with the idea as a joke during a conversation with friends.

He packaged rocks in a cardboard box with holes and called them “pet rocks,” complete with an instruction manual on how to care for them.

There was virtually no upfront investment, as the rocks themselves were free, and the packaging was inexpensive.

“It was a joke,” Dahl told ABC News years later. “It was a satire. It was fun. And it became an overnight success.”

The pet rocks became an instant hit, with Dahl selling over a million of them in six months.

LEARN: How to build a $100K side hustle in 1 hour.

He appeared on popular TV shows and even wrote a book about his success. The pet rock craze died down after a year, but Dahl had already made his fortune.

After the pet rock craze died down, Gary Dahl continued to work in marketing and advertising.

He also tried to launch other novelty products, such as “sand-breeding kits” and “mood rings,” but none of them achieved the same level of success as the pet rock.

“I think that’s one of the things that is wrong with business today. People are so serious, they forget to have fun,” Gary Dahl said.

The success of the pet rock shows that sometimes the most unconventional ideas can lead to great success.

Case Study: How A $49 Investment Could Make You $100K+ In 6 Months

Why Gary’s story matters to you…

The story of Gary Dahl and his pet rock is a testament to the power of thinking outside the box. Sometimes, it’s the seemingly ridiculous ideas that can lead to the biggest successes.

Dahl’s story is not only inspiring, but it’s also a reminder to keep a sense of humor and not take ourselves too seriously.

In business, it’s easy to get bogged down in strategy and analysis, but we should never forget the importance of creativity and fun.

The success of the pet rock is also a lesson in the power of marketing.

Dahl’s packaging and instruction manual turned a simple rock into a desirable product. It’s a reminder that sometimes it’s not the product itself that’s important, but how it’s presented to the world.

So if you’re feeling stuck in your business or just need a little inspiration, take a cue from Gary Dahl and his pet rock.

Keep an open mind, don’t be afraid to take risks, and don’t forget to have a little fun along the way.

Who knows…you might just come up with the next big thing.

About author:

wealthlab is a platform for hustlers, doers, entrepreneurs and investors to do epic s&%. Our mission is to create 100M new investors worldwide. Join our academy here.*

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Business

How Big Real Estate Moguls Avoid Taxes (And How You Can, Too) 👀

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I was looking around Google for an old article on tax strategies and this five-year old video of myself happened to pop up.

I’m interviewing a tax expert about how real estate investors avoid paying taxes in perpetuity—AND how everyday citizens can do the same thing.

(Real estate—our TEMPLE I and TEMPLE II projects included—has a number of tax benefits savvy investors have capitalized on for years, including Opportunity Zone breaks and 10-year tax abatements.)

There’s the 1031 exchange, of course, which I’ve shared with you guys before. 

Just to refresh your memory, the 1031 Exchange allows you to roll over gains from your last project into a new property TAX FREE—as long as said property is worth the same or more.

But there’s ANOTHER TAX LOOPHOLE that can take your portfolio to an entirely new level by splitting your capital gains into MULTIPLE properties.

So I thought I’d share it with you guys. 💎

You can check it out here.

Let me know what you think. 😎

PS: In our next update, I’m going to break down how real estate moguls get paid from their properties…tax free. 👀
PPS: If you want to learn how to implement generational wealth strategies like this one, you can join our NYCE wealth academy (TRIBE U) here.

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