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When serial entrepreneur and viral social media personality Tai Lopez hosts a live stream to share advice and strategies, thousands of followers join in real time. After building a following of millions on Instagram, TikTok, YouTube, and more, Tai’s business portfolio continues to grow while he shares lessons he has learned with his audience.
In an interview, Tai shared some of the newest ventures that he is interested in right now as well as how the current economic landscape affects his business decisions. He shared practical advice for entrepreneurs and what often holds them back from success.
Tai expressed his excitement about taking his businesses that find success outside of the U.S. and bringing them to the United States. He likens the process to Starbucks’ early days. Starbucks was an idea that originated when Howard Schultz was traveling in Italy; Schultz got the idea and brought it to America. Nike and Red Bull are other examples of successful brands that started out in Asia and were brought global from there. Tai gains confidence from the success of these brands and seeks to replicate their business models.
When asked about economic turbulence, Tai asserted that he does not make decisions based on a possible recession in the U.S. economy, taking inspiration from his mentor, Professor Pissarides, a Nobel Prize winner in Economics. He specifically mentioned Pissarides’s quote, “The thing is, for all the mistakes that politicians are making there’s one thing that offsets that potentially, which is growth and technology,” as a guide for his business ventures. Tai believes it is easier to build a new business these days. He mentioned that online businesses have trouble thriving because of the amount of competition, but does not see them impacted by the possibility of a recession.
As an entrepreneur, Tai has unique insight into the current business market. His 67-Step Course, which details the 67 most important things he learned from his millionaire mentors, has become a highly successful business. He has continued to build off that model, launching other courses like 484 Frameworks of a Good Life and 121 For Health.
Tai believes that there are a few key qualities that are vital to entrepreneurial success, including adaptability, compromise, and quick thinking. He quoted Charles Darwin, saying, “It’s not the strongest or the smartest who survive. It’s the most adaptable.” Acting quickly on your ideas, being willing to acknowledge that you will not win every argument, and adapting to the market will help anyone succeed in business.
According to Tai, the two main mistakes you can make as an entrepreneur are growing too fast and growing too slow. He’s willing to admit to having done both. People who plateau for seven to ten years at the same income are growing too slowly. Conversely, and he doesn’t believe any better, some people try to make a billion dollars overnight. Neither of these strategies has worked for Tai. He staunchly believes that growth requires hard work and resilience.
Tai’s valuable advice will come in handy for the next generation of online entrepreneurs entering this unpredictable and competitive market.
