A Millionaires Masterclass In Business, Side-Hustles and Passive Income - Mark Tilbury | Summary and Q&A

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March 23, 2023
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Deep Dive with Ali Abdaal
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A Millionaires Masterclass In Business, Side-Hustles and Passive Income - Mark Tilbury

TL;DR

Mark Tilbury shares his inspiring journey, from leaving school with no qualifications to becoming a multi-million dollar CEO, and discusses the strategies and skills needed to build a thriving business.

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Key Insights

  • šŸ¤” People often underestimate the amount of time they have in their 20s to pursue new opportunities and restart their lives.
  • šŸ‘„ This podcast episode features an interview with Mark Tilbury, a self-made multi-million dollar CEO who started his first business after leaving school at 16 with no qualifications.
  • šŸ’¼ They discuss the importance of learning practical skills, thinking like an entrepreneur, and building both physical and online businesses. ā° Time is a valuable asset for young people to make money and invest wisely. Many people underestimate the value of their time and don't take advantage of the opportunities available to them.
  • šŸ”’ A shocking statistic mentioned in the podcast is that 81% of viewers on YouTube watching the episode have not yet subscribed to the channel, highlighting missed opportunities and the need to take action.
  • šŸš€ Mark emphasizes the importance of taking risks and following your passions when it comes to entrepreneurship and building a successful business.
  • šŸ’” Starting a business doesn't have to be complicated or intimidating. Mark shares his personal experience of starting a hobby as a side hustle and turning it into a successful business.
  • šŸ’° Money management and understanding the value of your time are crucial aspects of business and personal finance. It's important to think long-term and make wise investments.
  • šŸŽÆ Having a clear exit strategy is crucial for any business. Planning for the future and creating a business that can operate without your constant presence is key for long-term success.
  • šŸŒ The internet has opened up endless possibilities for starting and growing businesses. Digital products and location independence offer new opportunities for entrepreneurs.
  • šŸ’ø People often struggle with pricing their products or services. Understanding your worth and charging appropriately is essential for the success and sustainability of a business.

Transcript

what's the worst that can happen when you're 20. you lose what you have you're 20. you've got all your life ahead of you to restart something else I mean how exciting is that hey friends and welcome back to Deep dive the weekly podcast where every week it's my immense privilege to sit down with academics and authors and creators and entrepreneurs a... Read More

Questions & Answers

Q: How did Mark Tilbury start his entrepreneurial journey?

Mark started his entrepreneurial journey at a young age, exploring various side hustles and eventually becoming a carpenter and joiner.

Q: What skills are needed to survive in the world of business?

According to Mark, skills such as adaptability, problem-solving, and the ability to provide value to customers are crucial for success in business.

Q: What is the meaning of "passive income" and how can young people make the most of their time to generate income?

Mark explains that passive income is not truly passive, as it requires an initial investment of time or money. He suggests that young people should recognize the amount of time they have, and focus on building a business or investing in skills that can generate income in the long term.

Q: How does Mark view the concept of going to university versus pursuing a trade?

Mark believes that too many people go to university without considering other options, such as learning a trade. He highlights the value of trades and the potential for entrepreneurship within those fields.

Q: What advice does Mark offer to young people who are uncertain about their career paths?

Mark suggests that young people take time to explore different jobs and side hustles to understand what they enjoy and what they don't. He also emphasizes the importance of considering the long-term prospects and potential benefits of different career paths.

Q: How did Mark secure funding to start his first business?

After being turned down by one bank, Mark approached another bank and secured a startup loan that allowed him to open his first business, a model shop.

Q: What advice does Mark have for someone looking to start a food business, such as a burger van?

Mark recommends starting with a simple and unique concept, focusing on quality, and considering an exit strategy for the business. He also suggests using the "three F's" (friends, family, and fools) for initial funding before seeking additional financing options.

Q: How did Mark Tilbury start his entrepreneurial journey?

Mark started his entrepreneurial journey at a young age, exploring various side hustles and eventually becoming a carpenter and joiner.

Summary & Key Takeaways

  • Mark Tilbury left school at 16 without qualifications and started exploring various side hustles to make money.

  • He eventually became a carpenter and joiner, but his passion for self-employment led him to start his own business.

  • Mark emphasizes the importance of thinking like an entrepreneur, building physical and online businesses, and making the most of the opportunities available.

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