Episode 37 Transcript

welcome to episode 37 of the business in
Morocco podcast
I'm Ryan Maimone and once again this week I'm on my own as my partner Ryan Kirk is
still in Saudi Arabia he's doing a
training on the five choices to
extraordinary productivity at the Saudis
public investment fund in Riyadh so
Ryan safe travels you're missed once
again and I hope next week we can get
some feedback from you on your
experience and what it was like doing
the trainings for the University and the
investment fund there in Saudi Arabia
for me my updates include the
entrepreneurs Club which we've mentioned
in the last few episodes there's been a
good response so far we have 21
applications for the club coming from a
wide variety of individuals people who
are employed in companies auto
entrepreneurs and others who have formed
a formal business we have men and women
Moroccans and foreigners so so far we
have a good mix and I'm looking forward
to our first meeting which I'll schedule
once I have at least 40 applications
we'll have our first meeting and it'll
be an informational session people can
confirm their registration in the club
at that time one of the questions I have
received is why is there a 200 dirham
monthly fee for the club well the answer
to that is the club has limited places
and we're only looking for people who
are serious about doing business about
growing their business becoming
entrepreneurs and learning and
contributing to the club and making a commitment
to the club and one of the ways that you
demonstrate your commitment and your
seriousness is by investing in the club
and in your own training 200 dirhams is not
a lot of money when you compare it to
what you would pay for French language
training or English language training or
business training in general at any of
the academies or universities here in
Morocco
the other thing is that if you join
the club and you pay for the first month
and you don't think you're getting any
value out of it you can quit the club
so the minimum upfront cost is 200 dirhams and we have to earn your business as a
club every month by providing you value
that you're willing to pay for whether
it comes to the value of meeting people
making connections networking the value
of the training that we offer the value
of resources classes and the ability to
develop and grow your business and be
among other entrepreneurs who are doing
similar things one of the other
interesting pieces of feedback that I
have from the 21 applicants is that some
of the reasons that they want to join is
to help overcome their fear of failure I
think many people hesitate from starting
their own business or pursuing their
passion or creating a business because
they don't want to fail and they see other people fail or they hear of
other people failing and they want to go
the safe route but in many ways it's not
satisfying the safe route is not
satisfying but they want to limit their
risk of failure to be as little as
possible and this is going to be one of
the great advantages of the club is to
be able to learn from other people
and their experiences to be able to
learn from their successes and
failures to help you avoid common
mistakes and common pitfalls and take
advantage of things that have worked for
other people in the past so it's
exciting I'm looking forward to the
start of this club and meeting all of
you who have sent in applications now
the thing that's tied to that is the
preparation of my office it's been about
three weeks since I got the keys to the
office and the work continues we are
building desks tables we're installing
lights we're fixing the plumbing and
electrical and I'm hoping that the
office will be ready to host an event by
mid November but there's several things
that we still need to do including
buying some furniture and finishing some
construction projects all right let's
get into the topic of the day which is
how to pursue your passion through a
side hustle or a side project there are
many different ways to start a business
one of them is you can use money that
you've saved through work to create your
business and you can fund your business
through money that you've saved another
way is you can ask friends or family
members to invest money in your business
so that you can grow it you can get an
office or retail space hire employees
buy stocks of supplies and products so
that you can resell another way is to
raise money meaning to get investors to
invest in your company and the last
option that we're going to be talking
about today is essentially a self-funded
option you have a full-time job you have
a way of paying the rent and your bills
and your food and your entertainment for
example working in a call center or in a
company like Orange or Carrefour or
Renault working as an employee in a
company so you work during the week for
your company
you receive a paycheck and then during
your own time on nights and weekends and
holidays you work on your side project
to build up your company I'll give you a
perfect example I met with a potential
member of the entrepreneurs Club of
Casablanca this week he works at a call
center but he's interested in sales he's
interested in starting a company and
being involved in the sale of products
and services and what I advised him to
do was to become an auto entrepreneur
and to start selling products and
services during his free time outside of
work hours this way
he has his full-time job he receives his
salary and then he works on this project
on the weekends or at night until the
point where his side project is
successful enough and he's learned
enough where his side project can be his
full-time job and the advantages of
being an auto entrepreneur is that you
can be an employee and an auto
entrepreneur at the same time it's
really not that difficult and it's
completely legal the other advantages of
doing it this way meaning having a full
time job and starting a side project or
a side hustle is that you don't have the
stress and the pressure of paying the
bills paying for your lifestyle through
the money you make on your side project
and this allows you to experiment with
different products and services
different customers and value
propositions to the point where you find
something that people really like they
really value and appreciate and they're
willing to pay for it sometimes if you
start a business that you're passionate
about but it has to pay the bills right
away this will force you into certain
kinds of behavior that you may not be
excited about I'll give you a perfect
example
I have several larger clients that pay
the general bills for me and I use my
spare time to do things like the podcast
the entrepreneurs club and to work with
smaller clients where I am developing a
web application and a mobile application
that will service small customers now
right now this these other side projects
that I'm doing they don't produce enough
revenue in order to pay for my lifestyle
and if I were to quit the projects that
I have for larger clients there would be
a lot of pressure and stress associated
with my side projects that would not
allow me to pursue the passion the type
of work that I want to do I could not
create this mobile application if it had
to pay the bills today because it's not
ready yet
I'm not in a position where I want to
spend my savings or ask investors to
invest in the company because I'm still
refining my value proposition and trying
to figure out what product and service
will work best for the customers that
I'm targeting and I need to develop that
and refine it and essentially prove the
concept before I build the application
and pursue it as a full-time business
all that to say the value of working on
side projects is that you can pursue
things that other people may not think
are profitable or are worth the time but
in the end are actually very valuable
but need more time and more work to be
refined to become profitable are you
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to the show the other benefit of
pursuing your passion through a side
project is that you can take the time to
research the market to research the
customers to research the competitors
you can listen to podcasts and watch
videos you can read blog articles you
can go out into your neighborhood and
into your city and you can talk to
potential customers you can use the
products or services of your competitors
you can figure out where they're weak
and where they're strong and how you can
improve on the solutions that are
already available I know many Moroccans
here that that work in various places
and they're not very passionate about
the work they do but they have those
jobs because it was the only type of job
that was available to them the other
advantage of pursuing a passion through
a side project is that you can go to try
to work in the domain that you're
interested in you can try to work in the
industry that you're interested in in
your spare time you can offer to do
volunteer work or you can work with
friends or colleagues in that industry
and you can do it at your own pace and
you can do it without being hired by a
company in that industry so you can work
in that industry especially as an auto
entrepreneur and you can pursue
knowledge and experience without having
to get a full time job in that area and
getting this knowledge and experience
will allow you to update your CV
update your resume and make your overall portfolio experience more
attractive to potential companies and
employers in the industry in which you
are passionate the other advantage of
hustle or a side project is that you
have incredible flexibility you can come
to understand the customer and the
market and the products and the services
and be able to adjust many times if you
start a business and you create your
statutes here in Morocco they have to be
fairly narrowly defined meaning you're
not allowed to do a wide variety of
activities your activities have to be
relegated to the areas that you mention
in your company statutes so if you pursue
your passion through a side hustle or a
side project as an auto entrepreneur you
can more narrowly define the type of
business that you're going to do the
type of customers you're going to engage
and the products or services that you
are going to offer and flexibility is a very important aspect of business
many of the very successful businesses
that come out of the United States that
come out of California and Silicon
Valley they very rarely become
successful with the idea that the
founders started the company with
meaning many of the founders they
started they had an idea and they
pursued that idea but they realized it
wasn't the best idea after time they
changed the direction of their company
or their product offering and pursued
what the market told them was needed the
problem that needed a solution that is
the goal of all businesses it's to
provide a solution to a problem that is
currently not being met in a
satisfactory way the other advantage of
project is that you don't need to grow
it to be a big successful company that
pays for your car and your house and to
feed you and clothe your family you can
pursue your passion because it is your
passion whether it's being an artist or
a musician or maybe you want to create
websites or web applications you like
programming you can pursue this passion
as an auto entrepreneur or as a side
project and it can be a way for you to
express yourself and get fulfillment in
your work without having the burden and
the pressure of providing for or paying
for your lifestyle I want to bring this
back to the idea of working in groups
and being among people that have the
same types of passion it's very well
known that an entrepreneur mindset an
entrepreneurial mindset is not common
most people grow up they go to school
they go to university and they work for
another company for their whole lives
this is very normal in the United States
and Europe all around the world to want
to start your own project to want to
start your own business is very unusual
and it's very hard because many times
you can be alone you can be on your own
and you need all of the motivation to
pursue your passion to come from inside
of you and so a great way to have
endurance and to sustain yourself is to
be among other people doing the same
thing and that's one of the main reasons
I'm creating this club is so that we'll
have an atmosphere and environment of
encouragement of support of camaraderie
where we can share our experiences our
difficulties our Joys our successes
together and encourage and help one
another to succeed whether it's being a
part of the entrepreneurs Club of
Casablanca or another group another
co-working station or an incubator here
in Casablanca or other places in
you should get around other people that
are pursuing the same types of passions
that you're pursuing so that you can be
encouraged and you'll have a much higher
chance of being successful there will be
many members of this club who meet this
criteria they have full time jobs and
they're pursuing their passion on the
side during their free time these
meetings will be held in the evenings or
on weekends outside of normal working
hours so that you can keep your
full-time job and pursue your passion by
being a member of a club like this so
for those of you listening that want to
pursue your passion you want to pursue
your passion but you don't want to quit
your full-time job you want to pursue it
as a side project or a side hustle I
encourage you to apply to the
Entrepreneurs club of Casablanca go to
Moroccopodcast.com and there's a big
green button at the top of the page
click on the button and you can fill out
the application in either English or
French and come join us see what it'll
be like see if it's something you want
to be a part of and if it's something
can that can help you pursue your
passion you've been listening to the
business in Morocco podcast my name is
Ryan Kirk here with my co-host Ryan
Maimone.if you enjoyed this episode be
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our theme music is
lovely day by bill withers used under
Creative Commons and we hope you'll have
a lovely day doing business in Morocco
we'll see you next time

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