Speaker 1: There's something that I kind of wanted to remind people about when you're getting into the market, doing anything in any, any service and in any part of the world, really. And that is, um, so when you start, you're selling your stuff, whether it's translation and digital products or whether it's a land or whether it's cows or whether it's training courses or whatever it is, you have to look into the marketplace to find out what the price point is so that you can sell profitably. And what does that include? Some people don't realize that includes the actual price of the product. I know some business owners like we're the cheapest in the marketplace. We have the advantage over everybody because we can do everything cheaper, faster, better than anybody else. And they don't realize that, um, part of the price of your product, if you can't pay somebody to market your product and sell it, then you're either your price points off or the market might not want the product that you have to sell. So one example is, I'm going to tell you about cattle because I'm walking in a cow field. Oh, this is my solar system. By the way, I built that last year with one of my, one of my friends. It's really cool. It's really working nicely. Um, and so in my cow farm, right, I had to, I wanted to start selling cows, right? This you got to make, there's got to be an economic engine behind your, your business. So that's my second hobby business doing cattle. And I really enjoy that. I have about 160 head of cattle right now. And um, so when I go out and try to figure out what model I need to use so that I can be profitable, I don't just to go get to go to the market and say, okay, market, this is what I want to sell you. Buy it from me for a profit. That doesn't work. You have to go to the marketplace. So this is for the entrepreneur out there. This is for the person starting their business. You go to the marketplace and you find out, you do your research, you find out what your price can be based on what they want. So I, at first, just an example, I first, here's one of my cows. This is one of my favorite cows. Her name is Betsy. And she's just like a Simmental breed cow. And she's really, she has like her own special character. Anyways, it's a really pretty one, right? Um, so you go to the marketplace, you say, okay, what do you want? And the way they vote is often, is most often by their dollars. So I brought, I wanted to get into cattle and I wanted to sell like the biggest bulls that I could sell into the marketplace. Cause obviously the, the biggest weight and, um, they, you know, I wanted to raise them to two to three years old and then sell them, you know, at their highest weight into a meat market. But that's not what the market wanted. And so I did that for the first year and I was like, Whoa, this is not, this is, I'm okay. Obviously it takes a couple of years to raise the bulls like that. So I raised a couple of bulls or a herd of bulls till about, uh, two years old. And then I wanted to sell them. Well, I took that to the market and they were like, eh, we don't really want that. So I had to sell, to work really, really hard to sell all of those. And then at the end of the day, I sold them for a loss. And I called that, okay, learning and doing my market research. That was the fee I paid to learn what the market wanted. So what the market wanted was steers. Steers meaning a castrated animal that's not older. Well, they can be any age, but not older than 12 months. And so they wanted 12 months or younger steers. And that's it. That's it. That's the highest profit, highest per pound animal that I'm going to be able to sell. I can't sell. I mean, I could, I can sell anything I want, but the amount of effort that I'm going to have to spend to market and sell that it's going to be so high that it will, it will drive me nuts. And because for me, this is a hobby farm. I do that. We do the digital services and translation interpretation as our main business. I didn't want to have to spend tons of hours selling. And I didn't have to, I don't have tons of hours to, to work, to sell those animals. So if I'm selling pears or selling, um, selling, um, uh, cow calf pears or, or selling two-year-old bulls or selling, uh, herd bulls or selling whatever, you know, configuration of animals you can sell many different types. But what I understood is the highest profit per animal per, per, uh, herd is going to be selling steers. So that's what I do now. The market said, we want steers. I raised steers. And so that's an important business lesson, not just for cattle, but I'm trying to point, make the point that in other areas of business, here they are, here's one of my small herds. I raised mainly Hereford. I have one Angus herd and a one Simmental herd. And most of them are, most of them are Herefords. So the market's going to tell you what it wants and it's going to vote with its dollars. And you have to make your business fit that or go do a different business. If you can't make your business work with the numbers that you can't make the numbers for your business work with what the market wants you to offer it, then you don't have a business and you need to go do something else. You need to choose a different product and then start working into the market and figuring out what your profits are and what they should be. What, what's sustainable for your company based on what the market is telling you. And that's going to take some time. It's going to take some effort. And it's not, it's not just a simple process that happens without trial and error. So, so I've mentioned steers, right? So here's some, here's one, there's another one. That little guy over there, those guys had to be castrated this last weekend because, because the market wanted steers. And so I had to make, I have to make steers. There's one, he's looking really good. All these guys are looking pretty, pretty healthy and pretty strong. So everything went really well. So we tried to keep it really sterile and keep everything really nice. So, but these guys are looking really healthy and strong. So it looks like everything went really, really well. So, so I had to adapt what I wanted to do. So my, you know, dream of selling cows and being, being in the cattle business, it had to be, it couldn't, I couldn't just come and impose my own will and say, market, you will pay me this for what I want to sell. I had to say, okay, market, what are you going to, what are you going to buy my wares for? And what is the product that you need the most? And then make sure that my margins would be profitable inside that framework. So when you take your product to the market, don't boast that you're the cheapest and what have you. Cheapest cheapest often means you haven't done your homework to understand how much it's going to cost you to market your product. Because for example, the price for advertising your products online and using digital advertisers, using Google AdWords, using Facebook remarketing, using, using digital creators, all those have to be added into your costs. And so many people at the beginning, they don't, they just say, well, we can do it for cheaper than anybody else because we know how to do this thing. We got the skill and that's nice. That's good. It's good that you have that, but it doesn't pay the bills. And you, if you can't build your business, paying yourself, paying your team, and then paying all of those ancillary costs, the cost of marketing, the pay per click costs and make money, then that business model isn't going to be sustainable. So when you look at your business, make sure that you as a business owner, don't just try to go to the market and force your product on the market. Your product has to work with the numbers that are available in the market for that product. So that's just a small lesson from the cattle field today for, for a business development and entrepreneurship. And I hope that helps somebody out there. If it does, please like and subscribe to this video. I'm going to be, I post videos each and every, every single day, whether it's shorts or whether it's a long, longer form content and just want to help people out there grow their businesses, do better at business and be profitable so that they can create those incredible incomes, sustainable outcomes that they want and influence the world in a, in a better way. All right guys, have a good one.