ilmscore | How I Became A Millionaire In My 20's (my story)

How I Became A Millionaire In My 20's (my story)

Published: 2021-08-11
Status: Available | Analyzed

Predictions from this Video

Total: 10
Correct: 0
Incorrect: 0
Pending: 10
Unrated: 0
Prediction
Topic
Status
The speaker defines passive income as setting up a business or investing money once and earning from it without continuous work, though it requires maintenance.
"kickstarting passive income is certainly not an easy thing to do but the idea is that you can do something once like setting up a business or investing some money and then earn from it even when you're not working"
Passive Income
Pending
After 10 years, the speaker's business had expanded to three shops and a warehouse, with plans for further growth to become number one.
"after 10 years we had three shops and a warehouse stuffed full of gear but we wanted to be number one so we had plans to push on even more"
Business Growth
Pending
The speaker was heavily reliant on their retail shop's income and was caught off guard by the rise of internet shopping, realizing the need to adapt quickly to survive, as many businesses were failing.
"i was so heavily focused on one stream of income from my retail shop so when internet shopping struck i was completely taken by surprise it was really sink or swim everyone i knew was getting wiped out of business and i knew it was only a matter of time before that was going to happen to me if i didn't quickly adapt to the times"
Market Adaptation
Pending
To safeguard against future challenges, the speaker recognized the need to create multiple passive income streams, rather than relying on a single source.
"i knew that if i wanted to protect myself from something like this happening in the future then adapting wouldn't be enough i needed to create more passive income streams so i wasn't just balancing my life on one"
Diversification of Income
Pending
The speaker had primarily focused on B2C (business-to-consumer) sales but had a long-standing idea to establish a B2B (business-to-business) venture for a different income stream.
"my passive income streams has always been b2c meaning i sold from my business to my customers but i had always had the idea of starting a business that sold to other businesses which would create an entirely different income source"
B2B Business Opportunity
Pending
To successfully sell to other businesses, the speaker understood the necessity of developing a unique product range.
"i knew that if i wanted to sell to other businesses then i need to build out my own unique product range"
Product Development
Pending
To mass-produce products, the speaker decided to travel to Shanghai, China, to find a suitable factory.
"now all that was left was getting the mass produced so i decided to travel to shanghai in china to find a factory"
Global Sourcing
Pending
The speaker believes that meeting people in person is crucial for building strong business relationships and loyalty, as opposed to relying solely on digital interactions.
"i still think that if you take the trouble to meet people for real then you can grow a real bond in business where you help each other you have to press the flesh to gain that loyalty"
Business Relationships
Pending
The speaker's key takeaway is that adapting and stepping outside one's comfort zone carries less risk than taking no action or remaining stagnant.
"one of the most important things i've learned from my experience is that there is less risk in stepping out of your comfort zone and adapting than there is in not taking any risk at all"
Risk and Adaptation
Pending
The speaker states that the barriers to starting a business are lower than ever, requiring only a computer, intelligence, and an internet connection to generate initial startup capital.
"the barriers to entering the business world have never been this low all you need is a computer some brains that certainly helps and an internet connection to make your first bit of startup money"
Entrepreneurial Barriers
Pending