Why people believe they can't do things that they are clearly capable of.
Some people call these "limiting beliefs"...
I prefer to call them delusions.
Most people think they aren't delusional, they like to think they're smart, rational and of sound reason and sanity...
The truth is -- they're nuts!
They're just not aware of it...
In today's video I dismantle one of the largest delusions to ever plague the planet Earth --
The belief that you need to become an expert and gather qualifications before going to the market and getting paid.
In this video I share why most people live behind the veil of this delusion and why its crippling their lives, incomes and personal freedom.
Check it out and let me know what you think in the comments section?
To your success!
Sam Ovens & the team at Consulting.com
Hey, what's going on, everyone? It's Sam Ovens here, and I wanted to make this quick video for you to share with you some new content that I've been creating this week. I've been working on a new webinar this week, and there's one thing in particular that I want to share with you on this video today. It's what I call the Market Backwards approach.
What I'm always interested in and fascinated in is, "What are the main limitations that most people see as to why they can't start their own business?" Because there's all of these things which we believe to be true. I'll give you a big one, for example. I constantly ask people, "Why don't you start your own business?" Or, "Why don't you start your own consulting business?" And a big answer that I get all the time is, "I don't have any skills. I don't have any experience. I don't have any qualifications, and so I'm not worth anything." Most people believe that you need to have all of these skills and all of these qualifications, and MBAs, and certificates and everything before they're worth any money or value in the world. That couldn't be further from the truth.
Sometimes people with qualifications are in a worse situation, and actually hurt their income. I know that sounds really counterintuitive, but it's true. I'm going to jump onto my computer right here, and I'm going to walk you through this content which I created for the webinar, and I'm going to tell you a story about something which I call the minimum wage MBA, which is going to fascinate a lot of you. Then I'll share the market backwards approach, and some actionable steps which you can take right away, like starting today, so that you can actually see for yourself that you don't need all of these skills and qualifications and everything to start your own business and be an entrepreneur, and make quite a lot of money with it. Let's jump on the computer right now, and we'll get started.
All right. This is a common thing that pops up all the time. A lot of people believe that to be a consultant or a business owner or an entrepreneur, you need to be an expert and have tons of skills, qualifications, and experience. Most people believe this to be true, and this is the reason why a lot of people don't believe they're worth a lot of money, or they're able to charge for their skills or anything like that. The truth is that this is a big lie. This is a total misconception, and I'm going to tell you why right now.
I want to tell you a quick story that I call "The Minimum Wage MBA." Back when I was at business school, and I pretty much ... All I did every day was hang out with my friends and drink beers. That's pretty much what a business degree is these days. I didn't really know what I was doing or anything, but one night we were out, and my friend was sober driving, and we stopped at this gas station to get some gas. I remember walking up to the window. It was like 3:00 AM on a Saturday night, so I had to pay through this little hole in the window, and I got chatting to the dude, and I was a bit chatty because I'd had a few beers. Somehow we got into what he was doing and all of this, and he told me that he had a business MBA from a top university.
I was like, "What the hell? Why are you working at a gas station at 3:00 AM in the morning on a Saturday, which is the worst shift ever?" And he said, "Honestly, it's because I'm overqualified. I got an MBA. I'm $120 or $150 grand in debt, and I can't find a job, and so I had to end up doing this minimum wage job at this gas station here. Not only minimum wage, but the worst shift." I was like, "What on earth? How did this happen? How did this guy have an MBA and work at a gas station?" The truth is, is that stories like this, they're not rare. They're extremely common, and there are so many people in the world right now who are overqualified and they come out of college and university and everything with all of these degrees and certificates and credentials, and then they're not able to find a job. Often, they work up ending in totally different industries or territories and not using their skills at all, or they just end up with totally low-paying jobs and everything. This is a big problem.
Why I wanted to tell you this story is to really show you that it's not the skills and everything. That if an MBA really was the thing that you needed, then stories like this wouldn't exist. Really what I want to tell you is that everybody has it backwards. Pretty much the whole world has it backwards. This is what most people believe is the way that you start making a lot of money. You've got you, and then everyone believes that you've got to go to college or university and get all of these qualifications and certificates, and become smart, and then once you've got all these qualifications and you're considered smart and everything, then you go to the market, and then when you go to the market with your skills and qualifications, the market rewards you for being smart and having all of these, and they just throw money at you and offer you jobs, and you're rich. That's what most people believe. That's what most people are following blindly right now across the entire world. Millions of people. Most of planet earth.
This is totally wrong, because I told you, like that guy who went and got an MBA first, and then he went to the market, and the market didn't have any rewards, or money, or jobs for him at all, so he had to end up working at a gas station. Everybody has it totally backwards. I call this approach, which everyone uses, the Skills Forward approach. I call it that because it starts off with the skills first. You know, people think, "Oh, I've got to get all of the skills, and then I'll go to the market, and then the market's going to throw all this money at me." Well, I'm here to tell you that this is totally wrong. It's totally backwards, and following it will really get you nothing in life.
The right way to do it, which I really discovered after a lot of struggle and heartache myself trying to figure all of this stuff out, the only real way to do it and the right way to do it is with something I call the Market Backwards approach. The Market Backwards approach, instead of starting with the skills and then going to the market, and then sometimes, or most of the time, finding out that the market doesn't actually want or need your skills, we start with the market first. Before we learn anything, before we get any skills or any of that stuff, we go to the market, and then we talk to the market, and we find out what they need. We might pick a little niche in the market and talk to them, and discover what problems they're facing, and what they need help with, and what they really want and need right now to help them. Then, and only once we've figured out that, then we reverse engineer it, and then we acquire the skills necessary to solve or satisfy that market need. We go from the market backwards, and then we acquire these skills.
You don't need to go to college or university or anything like that to get these skills. You can grab some books on Amazon. You can read some blogs, some articles. You can enroll in an online course or something, and you can learn these skills very quickly. Then the best way to learn is on the job and actually through practicing with your first few customers or clients. This is the Market Backwards approach, and it really is the only surefire way in life and business to make sure that you learn the right thing, because like my friend who went and got a $150 grand in debt and did an MBA in business, and then he ended up working at a gas station, he found that his skills weren't needed to solve a problem more in need in the market. He thought that if he had skills, the market would throw him money. Not true. When you have skills that can solve a market need, that's when you make money. That's when you get rewarded, and all of that good stuff.
This is really good news, because a lot of people, they think, "Oh, I can't be an entrepreneur. I can't start my own business, because I don't have all of these qualifications and experience, and all of this stuff." Guys, you don't need that. That stuff is totally irrelevant. No one ever hires someone because they've got a business degree. God help them if they do, because that's not why you should hire anyone. The reason why people hire people, or the reason why people get customers in business and in life, and everywhere in the economy, is because people want to solve their problems. This is really good news, because it really levels the playing field, and it means that if you don't have any skills or background knowledge, or qualifications, or any of that stuff, you're not really at any disadvantage compared to all the people that do.
Sometimes you're in a better position, because I know that a lot of people with business degrees and all of that, they're blinded, because they think that the only thing that's important is their business degree, so they're just looking at themself with their business degree, and it's a very selfish view of the world. When they're going out and looking into the marketplace, they're blinded by that, and they just think that they're worth this money because they have a business degree or something, and they totally forget about the market needs, and the market's desires, and all that stuff. But when you're starting fresh with no qualifications and no background experience or anything, it's actually a good position to be in, because you're unbiased. You've got fresh, clean eyes. When you look at the market and you spot a need, you don't have a bias which is trying to force it into fitting in with the skills that you already have. This is really good news for a lot of people, and if you want to start your own business, this is good news, because I'm telling you that you don't need to have all of that stuff.
Now, let's talk about some actionable steps, some action steps that you can take immediately to actually implement this principle and this strategy in the real world, because right now we understand it from a high level conceptually. We might say, "Oh, yeah. This is true," or whatever. But it doesn't mean anything unless we can apply it and actually materialize it. Here's a simple five step process which I came up with for really using the Market Backwards approach and implementing it.
Step one is to pick a niche that you're interested in, and this can be absolutely anything. The reason why we pick a niche is because the world is too complex to understand as a whole. It's too big. We need to select a zone of the world, so a niche. Just a specific cluster that we can understand. This can be anything. Don't be biased by thinking, "Oh, it should be dentists because they make money. It should be lawyers because they make money." Honestly, that is the wrong thinking. People that believe that sort of stuff, they end up leaving disillusioned, understand? Most people think dentists and lawyers have all this money, and so they're absolutely battered to death by consultants and businesses, but they actually don't have that much, and they're actually totally sick of people's marketing and all of that stuff.
Be original. I've got some clients who are in things like irritable bowel syndrome consulting, porn addition consulting, video game addiction consulting, and horse dentistry consulting, and weird, strange things like that. Those people make a lot more money, and it's way easier for them, because they've chosen counterintuitive things. Step one, when you're going to pick a niche, just remember it can be anything. Totally anything.
Then step two is to talk to the niche and find out what their problems are. You don't need to do any fancy market research or hire a Boston consulting group to do some quantitative analysis. You don't need to do anything like that. All you need to do is just talk to some people. You could send out some emails, or you could call them up, and you could just say, "Hey, I'm just trying to do some market research on this niche." Let's say it's plumbers or something. "And I'm just interested in understanding, what are the main problems that you face on a day-to-day basis?" Then just start some conversations. Learn about people. Learn about what they struggle with day to day, and identify what some of the problems are in that niche.
Then once you've identified them, ask them how much they would pay to solve their problem. Don't jump the gun. Don't think, "Oh, because I found a niche, and I found a problem that they've got, I should now go and start a business around this." No. First of all, you must validate that they're willing to pay money to solve their problem. A lot of problems are trivial, and people face problems all the time, but they're so trivial and small that they're not worth paying any money for. On top of that, there's a lot of problems that people are willing to pay money for, but not that much. You want to make sure that you find a painful problem that people are willing to pay at least really $2,000 to solve, because that way you can build a solid business out of it.
Before we take any risk ... And there's two types of risk: Time risk and money risk. Before we take any of those risks, we work out upfront, we front-load all the risk. Before we go and take any time or risk any money, we find out where this niche has a problem, and that they're willing to pay money to solve it. Boom, boom, boom. We get these things aligned.
Then and only then, once we've found out all of these things, then we learn the necessary skills to solve the problem. This can be really easy to do. You can go on Amazon and find some books and read those. You can search articles and search blogs online, and you can also enroll in online courses. There's a lot of online courses out there that teach you a lot of good stuff about specific industries and specific disciplines and practices for a really good price, and they're instantaneous. That's how you can learn the skills. Then remember, the ultimate way you're really going to learn the skills is by doing your first client, by working with your first client or customer and figuring it out in the real life, because no theory, no amount of practice, no amount of theory can ever replace or make up for actual real world practice.
Then once you've done that, and you've figured it out, and you've helped one client or two clients with it, and you've got the skills necessary, bam. Just like that, you can start selling your solution to everybody in the market. That is how you do it. That is the simple five-step process for taking the Market Backwards approach.
I'm sure a lot of you are probably thinking, "It can't be that simple." Like, "Surely, Sam, it can't be that simple. It's gotta be more difficult than that." I want to show you this email that this guy called Josh Bullock sent me. It's kind of an angry email, but he said this, and it's a very good question. He said, "Hi, Sam. I've got a question for you. You need to be an expert in any service you provide to make money, especially when charging a high rate. However, you can't become an expert in a service overnight. No matter how much you try to cram into 90 days, if you're totally new to a subject, it takes serious amounts of time to become an expert."
This was my answer to him. I said, "It's not about becoming an expert. It's about becoming better at something than your client is, and knowing just enough to solve their problem. This knowledge can be acquired within 30 days or less, and my students do this every single day, all the time, and I've got thousands of them. This is in no way shady or unethical, provided we're solving the client's problem. You've got to remember that's all that matters. Remember, nobody pays us to be smart or to know it all. They pay us to solve a problem and get a result."
Guys, you've got to understand that it's not about being smart. It's not about having degrees and certificates. That's the selfish view of the world. No one pays someone because they're smart. I mean, when was the last time that you left your house with credit card in hand, and went hunting for smart people, and found them, and then started giving them money? You don't do that. You don't care about them. You care about solving your problem. People have got the wrong view of everything, and it's all about solving problems. Remember, we're not academics trying to accumulate Nobel Prize-winning knowledge on a particular topic. We're trying to acquire enough knowledge to solve a particular problem, and you've got to understand that value in this world is derived from solving problems, not knowing things. Most wealthy people focus on solving problems instead of pursuing status on topics.
Guys, that is the Market Backwards approach. I'll show you this again. This is the wrong way to do it, the Skills Forward approach. Starting with you and the skills, then going to the market and rolling the dice, and seeing if anyone wants them. The right way to do it is with the Market Backwards approach. Find a need, validate it, validate its worth, people paying money for. Then acquire the skills through Amazon, online courses, blogs, articles, and actually working with the clients, and then that is the way to do it. That is the difference of the market backwards approach, and when you thoroughly understand this properly, it will totally change everything for you and start making you a lot of money.
That's it for this video. I just wanted to share a little bit of a main point from this webinar that I've been creating, and so if you've enjoyed this video, just let me know in the comment section below. Just let me know if you enjoyed this, or let me know if you didn't enjoy this either. Just give me some feedback to let me know, and also if you could just like this post and share it on Facebook or social media, that would be awesome. I'd really appreciate that. Finally, remember to subscribe to my channel on YouTube, because I'll be releasing a lot more content like this, and we already have a lot more content like this already on our channel.
That's it for this video. Thanks, everyone.