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Ep 116: 9 questions to ask before you build a business
04:09 – What do you want your lifestyle to look like? If your business fits your lifestyle, then you have an absolute winner on your hand.
05:27 – Kyle will give you the 9 questions that he thinks his business has completely provided for him and helped him to be able to see that clear path of his business.
05:45 – The first question is, “What kind of time freedom do you want?” or “Do you want time freedom?”. You have to define how much and what you will do with that time freedom.
06:41 – The second question is “Do you want to travel?”. Do you want your business to get you travelling or allow you to travel.
08:30 – Is passion important? For Kyle, it is not. He explains why. He also added that suddenly your passion becomes your obligation, and you lose your passion.
12:39 – The next question is “Does it fit your skillset?”.
14:32 – What defines your version of financial freedom?
16:33 – The sixth question is “Do you want to be on a desk or do you want to be out on the field?”. You need to define what type of business is going to help you either be at a desk or being out on the field.
18:06 – Can you make it passive and automated?
20:28 – If you can make it passive and automated, can you scale it? The ability to scale things is much different than making it passive or automated it.
21:55 – The last question is “Can you exit?”. Is there a way if these things become successful, you have the ability to exit, ideally profitably but at least exit without anything being left on the table.
23:19 – If you don’t have an exit, you might be a slave to the business for your entire life. And that is not something that you ever want to be especially if you lose that passion you had in the beginning.
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