✈️ How to Find Your Next Million-Dollar Business Idea

How I Built My Three Successful Companies

Author

Yong-Soo Chung
December 13, 2023

First-time traveler? Welcome aboard, Jetsetter! 👋🏼

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Welcome to First Class Founders, your favorite destination to learn proven strategies to grow your mindset, audience, and business.

Before we begin… a quick word from our sponsor.

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💸 How to Find Your Next Million-Dollar Business Idea

Ever scratch your head wondering what business you should start next? Yeah, we've all been there, and done that.

This is a question that I probably get the most from my audience on X.

Today, I'm tackling this head-on, diving deep to unravel the simple decision-making process that led me to create my successful businesses. From my venture into startups after Wall Street to the unexpected success of my brand UrbanEDC.

I share my invaluable insights and practical advice on how to identify micro and macro forces to help you succeed, validate business ideas, and create your own luck in entrepreneurship.

Today, you’ll learn:

  • 💻 Finding Your Niche

  • 💰How to Turn Passion into Profession

  • 📈 How to Identify Micro and Macro Forces

  • 📱 Importance of Leveraging Social Platforms

Here’s the Hyper-Visual summary for today’s episode.

(Click the visual below to enlarge it.)

Here are a few juicy excerpts from today’s episode to get you flowing:

Economic Forces and Personal Development: "Micro forces are internal motivations that add up over time and space to give you direction. Macro forces on the other hand are beyond your control and determine how much momentum your idea will have when you launch it." — Yong-Soo Chung (03:32)

Identifying Personal Entrepreneurial Opportunities: "Because what you buy is often a pretty good indicator of what might make a good entrepreneurial venture for you... Money and time are the two resources that determine literally everything about our lives. So ask yourself, what do I spend my free time doing? Chances are the answer to this question will intersect a lot with your credit card statement." — Yong-Soo Chung (06:07)

This episode is a real game-changer!

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✈️ First Time Listener? Here’s What You Missed…

🏷 Lost & Found

Did you miss these? Each week, I round up all sorts of interesting things I found on the internet that you missed. Enjoy!

🎛 Metrics Dashboard

I'm building First Class Founders in public. Each week, I share my numbers exclusively through subscribers of this newsletter only.

Newsletter:

  • Subscribers: 10,782

  • Open Rate: 47.9%

  • Click Rate: 5.1%

👍🏻 Recommendation: Thinking of starting a newsletter? I use and recommend Beehiiv with powerful features like boosts, recommendations, segmentations, automations, and detailed subscriber metrics.

Podcast:

  • 90-Day Downloads: 9,361

  • 30-Day Downloads: 2,317

  • 7-Day Downloads: 485

👍🏻 Recommendation: Best hosting platform for your podcast? I use and recommend Buzzsprout. Get $20 when you sign-up using this link.

📢 Sponsor: Audience Builder X

All right, everyone… listen up!

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✈️ Travel Further With Me

Here are 3 ways I can help you:

  1. Join First Class Founders Membership:

    • Early access to new episodes each week

    • Uncut extended guest interviews that never aired

    • Private ad-free podcast with bonus content each week

  2. Get In Front of My Audience:

    • 25k+ Twitter followers

    • 12k+ Podcast subscribers

    • 10,000+ Newsletter subscribers

  3. Work with Me:

    • Broader strategies on a particular topic

    • Dig deeper into specific tactics on a topic

💬 Final Word

Hey all, I had the opportunity to interview the HoldCo legend, Michael Girdley, a few weeks back.

He just came out with a brand new course on how to find great businesses to buy. Knowing how knowledgeable he is in the space, I would recommend his new course 100%.

He’s one I follow closely on X not only for his amazing content, but he’s just an amazing human.

Please go check out his new course if you’re into buying businesses!

See you next week.

Yong-Soo Chung — Serial Entrepreneur, Podcaster

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