If You Can't Answer These 3 Questions, Don't Start a Business

Ken McElroy discusses his key strategies for starting a successful business. He delves into topics such as identifying market needs, the importance of offering unique services and solving real customer problems. He even reveals what business he would start today if he had to start all over.
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ABOUT KEN:
Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, The ABC’s of Property Management, and has an upcoming book: "ABCs of Buying Rental Property: How You Can Achieve Financial Freedom in Five Years." Ken is a Rich Dad Advisor.
Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.
Ken's company: mccompanies.com/
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DISCLAIMERS: Any information or advice available on this channel is intended for educational and general guidance only. Ken McElroy and KenMcElroy.com, LLC shall not be liable for any direct, incidental, consequential, indirect, or punitive damages arising out of access to or use of any of the content available on this channel. Consult a financial advisor or other wealth management professional before you make investments of any kind.
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Ken McElroy makes no warranties or representations of any kind concerning the accuracy or suitability of the information contained on this channel.
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#kenmcelroy #realestate #realestateinvesting #business #entrepreneurship #marketneeds #scarcity #competition #customerproblems #solvingproblems #profitability #propertymanagement #realestate #investment #startups #economicstrategies #marketanalysis #businessmistakes #viability #Uber #DoorDash #Amazon #marketsaturation #consumerbehavior #businessgrowth #financialfreedom

[@KenMcElroy]

If you appreciate the effort we're putting into these videos and want to support the channel, share this with someone you think would benefit! It would really mean a lot. thanks

[@directorchris2]

CrapPork R Skull & Bones?

[@henrywinterheld1773]

I was looking to start a business years ago, and a friend of mine said something to me that wound up coming true. Just because there is a gap in the market, doesn't mean there is a market for the gap. That wound up being true in my case and we went under. Lesson learned

[@poonekar]

Most people, experienced and inexperienced, spit out theoretical concepts of how one can be successful in business, which makes sense but most people don't know how to apply it. The way this video is different is that it provides a real example of a business idea based on these principles that you can start today and be wildly successful. Great stuff Ken!

[@leadgenjay]

Ken really hits the nail on the head about solving real customer problems. To add to that, a successful business often hinges on the founder's ability to validate the market quickly and cost-effectively through techniques like the 'Lean Startup Method' which focuses on building a minimum viable product to test market assumptions. It's a game-changer for minimizing risk and capital.

[@bfrances2354]

Excellent presentation Ken!

[@athenapaquette]

@kenmc this is great basics nakes you more global biz wise. These general pricipals are great.

[@corythegreat13]

Thank you, Ken! How would you recommend learning the management game? are there any books or courses that helped you back in the day?

[@motoole3200]

Thanks 👍

[@jesusgil2256]

Awesome video Ken!

[@BScott-hi2hc]

Ken not sure if you'll actually see this,but if somehow you do I would greatly appreciate any advice. I'm currently about to start a business to become a home inspector and keep my day job as well. I'm about to get into investment properties as well. I feel like in this field It can help me know the ins/outs of a house plus making me extra $. Any advice I would appreciate. Love your content and it's been so helpful with my education process of real estate. Thank you. God bless!

[@zeusbear4683]

Good stuff!

[@sumoftheoutdoors824]

Just landed in your town. I have a 2 hour lay over. I'm thinking that someday I'll be at your level and would just drop in and say hello. For now I'll just keep planning my way to the top.

[@bvssrsguntur6338]

Problem: Amazon returns employee in Kohls not even given a chair to sit even when not transacting.

[@cascades500]

Hey there ken. I'm a fellow Seattle light. That's not the electrical company. What do you think about the new regulations they're bringing into handcuff landlords so that they get take an advantage of by their tenants. Huge problem in seattle.

[@perennialcannabisbrand2602]

Whoa... The shirt is a trip! Is he going to build and eventually sell-out to Blackrock?

[@precisionc3656]

No that’s the golf course in Idaho

[@claudiadiarte5309]

How can one start a property management company? If no experience, should one go work for a property management company first?

[@katydid2877]

There are property management franchises

[@iamanovercomer3253]

Dollar general is crooked ‼️ they are understaffed, price is higher at the register than on shelf ‼️

[@davidbrooks8809]

😢True!!😮

[@missmocharn]

What about the bread aisle?

[@aname1689]

Thank you! I just researched the state of Texas and they require you to be a Real Estate Broker. It takes at least 5 years to obtain that. Do you know how one can circumvent that? I'm thinking that you can somehow hire a broker. a general answer is cool. I know that you can't say anything specifically.

[@victoriaalai5041]

5 years seems like a long time. In Colorado, bank in the day, I earned my real estate license in 3 week, super concentrated program every day.

[@antoniostephano]

@0:55 I am not sure I agree that you want to he the only restaurant. In places like NYC, areas become more popular because they become destinations for people who want to go out to eat and want choices. When these areas become destinations each of the several restaurants can potentially do better than if they were the only restaurant.

[@khucngantieu]

Scarcity is your restaurant unique and good enough for people to go out of their ways? If not then your point holds.

[@DoctorMindbender]

Yeah, I'm sure no one thought of grocery delivery before door dash.

[@JuanPena-wy4hx]

Are you using compression on your audio cause your sounds is all over the place

[@nedhill1242]

lol if you're the only business doing it there is little to no demand. If you do it better with better quality and service you aren't concerned about competition. This video is purely retail focused. Retail is a tiny fraction of the local economy.

[@fabuloushostess6171]

Why are you wearing a BlackRock shirt and why does it have skull and bones on it?

[@RD-zq7bp]

That is a little unsettling actually. Think he’s compromised

[@curtissnow9546]

Larry fink is based now it’s ok

[@mainstreetsilverback]

That doesn’t look like a skull and bones. Zoom in.

[@josecarlosllerena7201]

Thanks Ken , Thank you for all the advice. I am currently a property manager in Miami Downtown . I would like you to advise me on how to create my business. Or if you have a course that I can pass to learn and open my own business.

[@truthsayer9534]

Blackrock cannot be trusted

[@motoole3200]

What is the secret to success in property Managment?

[@athenapaquette]

He has a Blackrock shirt on. Is that his exit strategy 😅

[@RD-zq7bp]

Blackrock shirt?

[@BethanyGuajardo]

It’s a golf course in Idaho :)

[@thyslop1737]

Lack of discipline is one reason, another would be undercapitalized.

[@gavnonadoroge3092]

3:38

[@wendyshoowaiching4161]

No Business Capital Startup, No Market Demand, No Sustainable Customers

[@garvess]

Dude in a Black Rock t-shirt telling you how he will manage your pods... Goes to show that following the money doesn't always take the world to a good place.

[@CindaMurphyRealEstate]

It’s not for the evil black rock. It’s for a posh golf course up in Idaho. Not really sure why it has skulls and crossbones in the background but it’s not the big evil. Larry Fink company.

[@futureoutfit]

Trade services is where it's at in Australia. You'd have to be a moron to go bust being a tradie in Australia.