Buying a business in an industry you don't understand can be a daunting task. How do you make sure you don't lose your shirt? In this article, we will discuss the Apprentice Model, a tried and true method of learning the ins and outs of a business before investing in it.
What is the Apprentice Model?
The Apprentice Model is a method of learning the ins and outs of a business before investing in it. This is a method that has been used for centuries, and is still applicable today. A famous example of this is Benjamin Franklin, who apprenticed to be a printer when he was 16. He worked hard and learned everything he could about the printing business, and then went on to start his own printing company and become the first millionaire in the United States.
The Apprentice Model is surprisingly simple. All you need to do is:
- pick an industry that you are interested in, and
- then find a list of businesses in that industry. You can do this by searching the Yellow Pages or using a website like Upwork.
- Then, find a business that is willing to take you on as an apprentice and learn everything you can.
It's literally that simple if you let it be. :)
Why Don't More People Use the Apprentice Model?
The main reason why more people don't use the Apprentice Model is fear and lack of commitment. People are often not sure if this is the right path for them, and so they don't take the plunge. However, if you are willing to commit to the process, it can be incredibly rewarding.
For example, if you started the Apprentice Model when you were 19, you could have a great enterprise by the time you were in your mid-twenties. You would have learned the ins and outs of the industry, and you would be able to make informed decisions about investing in a business.
The majority of the wealthiest young people (20's and 30's) we meet started by working in the business with one of their parents or family members, apprenticing, and then taking over or expanding into a similar business that leveraged their experience.
Conclusion
The Apprentice Model is a great way to learn the ins and outs of a business before investing in it. It may not be the quickest way to buy a business, but it can help you reduce your risk and make informed decisions. If you are willing to commit to the process, you can reap the rewards in the long run.