The riches are NOT in the niches 🤯 i interviewed @Neil Patel nine figure marketing entrepreneur on how he would make $1 million in one year starting from $0… I asked him how he would get the capital to buy a business without any money and if banks will lend you money if you don’t have any capital to start. I also asked him the most common reason why businesses fail in todays world. #wealth #entrepreneur #financialfreedom #motivation

How old are you now? I'm 39. And how old were you when you became a millionaire? 17. 17 years old? Yeah. Did you inherit the money? No. My mom was a teacher and my dad worked at a bank. If you had to start from zero and you had one year to make a million dollars and you're like dependent on it, what would you do? I would go buy a business from someone who's retiring in a boring ugly field like roofing, plumbing, HVAC, and put in technology and automate all the stuff they're not doing and grow the business. But if you were to start from zero, how would you get the money to buy that business? You would sell their base finances. So you say, "Hey, you're retiring. You're six years old. You don't want your HVAC business anymore." I'll buy it from you. I'll put down 2X profit, which I can get bank financing for, and you hold the note and provide the rest of the finance. Will banks give you money if you don't have any capital? Yes, they will, based on that business. And the government helps. It's called SBA Finance. Wow. They don't use that in school. You know that, right? They don't. Most people who go to Harvard right now, they're graduating Harvard and saying, "Hey, instead of going and working for someone, I should just go buy one of these boring ugly businesses that are owned by the six-year-olds who are retiring that's printing off millions of dollars in profits." One of the greatest transfers of wealth is about to happen. That's right. And what line of businesses are you in now? I own a marketing agency. What was the most amount of money that you made in a single year? Hundreds of millionaire. And why do a lot of companies fail in today's world? The riches are not in the niches. Most people would say, "Most businesses fail because of lack of capital." I say that most businesses fail because they're going after too small of a tab. Tam stands for total addressable market. Someone may look at my business and be like, "Oh, nine figures. That's a lot of money." Well, some of my competitors do 15, 18 billion a year in revenue. So if you're after a really big market, it's not hard to take 1, 2, 3, 4, 5% of the market.