Entrepreneurship Masterclass — How to Make $10k - $1M Per Month - Daniel Priestley

Deep Dive with Ali Abdaal

50 highlights · October 2023 – November 2023

the source

Testing Ideas: Intro Events, Quizzes, and WhatsApp Groups Key takeaways: - The speaker discusses different ways to test ideas for a product, including running an intro event, a quiz, and a WhatsApp group - The speaker gives an example of using a WhatsApp group to gather people interested in a specific product - A real-life example is provided of a person creating a WhatsApp group for family office managers with the purpose of networking Transcript: Speaker 1 So yeah, it's probably a page of notes about the idea in the, in the early stages. So we're going to talk about what's the product going to look like, whom, who might it before, um, those sorts of things, but then pretty quickly, we want to test that. So I've got three ways that I like to test ideas. I like to run an intro event, which is purely and simply just an introduction to blank. Um, I like to run a quiz, which is, um, uh, are you ready to blank answer 10 questions and find out on score app? Um, and I like to do a WhatsApp group. So would you, yeah, what's up group is like, um, so what's up group is like, um, for example, if I was going to do the, um, Pakistan ball, I would say we're thinking about doing a, um, a Pakistan Ball, all the tickets will be released in this WhatsApp group. Would you like to join the free WhatsApp group and get access to tickets? So it's like just purely and simply, if I can get people to join the WhatsApp group, yeah, I'll give you a real life example, a friend of mine, Max, he wanted…
Launching a Family Office Group on LinkedIn Key takeaways: - He reached out to them. Message them on LinkedIn. - He is launching a family office group with an already agreed company. - Creating WhatsApp groups can be a good first test. - Clinics can create pop-up WhatsApp groups for better fertility awareness. - Quizzes, WhatsApp groups, and events are effective marketing tools. - The speaker enjoys making burgers as a potential business idea. Transcript: Speaker 1 He reached out to them. Yeah. Oh, it's a message to them. Yep. Message them on LinkedIn. Um, I'm launching a family office group. I've got this company who've already agreed to come and join. Would you, would you like access to that? My, um, my, my group, um, people, sure. Cause here's the thing. It's like, well, I can always leave like it's a WhatsApp group. So who cares? But it's a really good first test. Mm. Um, I know someone who did a clinic, a fertility clinic and they created a pop up WhatsApp group, um, five days to better fertility awareness. Um, and it was basically a five day pop up group, uh, join the group. And it's basically looking at research and, um, uh, what's called minor and macro markers or something like that. Um, and it basically helps people to have five days to better fertility understanding of fertility awareness. And I think four or 500 people joined it. So yeah. So quizzes, WhatsApp groups and events, okay, zoom events, free events, online things. Speaker 2 So let's say my business…
Validating a Productivity App with Minimal Cost Key takeaways: - Starting a productivity app can be costly and require raising money - Testing the idea with a small event and presenting productivity hacks can gauge interest - Creating a productivity assessment can help evaluate potential improvement - Forming a productivity-focused WhatsApp group can foster idea-sharing and engagement - These initial tests can be done at minimal cost using free or affordable tools - Outreach efforts can include social media, professional networks, and personal connections Transcript: Speaker 2 So don't do a productivity app. Speaker 1 Um, because there's a J curve, you're going to have to raise a bunch of money. It's going to be a performance business, but you're going to have to raise a much money. You'll lose money before you make money. Anyway, you can here's how you started. Yeah. You would start by doing a first up, you would do a little event and it would be any introduction to productivity hacks. Um, and it would be 30 people on a zoom call. Yeah. And you would present four or five productivity hacks and see if you can get 30 people. Um, and that's, that's test number one. Test number two is, are you ready to be more productive? Take the scorecard, um, answer 10 questions and find out if you could be improving your productivity. Right. So a three minute, a three minute productivity assessment. How's your personal productivity? Answer the score app scorecard. Boom. Uh, now what…
Pricing Strategies: Finding the Right Value for Your Business Key takeaways: - In business, it is important to consider the value of the product or service being offered - Higher priced offerings can lead to more profitability and a larger client base - B2B sales often involve packaging product services and outcomes Transcript: Speaker 2 Oh, okay. Cause this is where I definitely would have gone wrong back in the day when I was trying to build businesses and school in, and at university, I could not have even remotely imagined paying A thousand pounds for anything. Yeah. Except maybe like a MacBook, and I would have gotten further student discount, MacBook Air, base version for 800 quid so as to not have to pay the thousand pounds. And therefore all of my business ideas were around like, okay, if I could do this thing for a tenor, this thing for a hundred quid, this thing for 120, like I'm sort of stuck in that price Speaker 1 Pricing zone. Well, here's the thing. If you were to go get a job as a doctor, you'd be selling a package called a year of employment for 40,000 pounds. Right. So you were selling something for 40,000 pounds, but it was a, it was, I have one client, the NHS, and I allocate my entire stock, my time, to this one client. So if you were to, um, have, uh, 20 clients who you do some sort of health intervention with, uh, and they all pay two grand each, well, now you've got 40 grand, but it's split between 20 Clients. Um, so ideally when we want to do a…
Selling Meaty Solutions: Non J-Curve Businesses Key takeaways: - Selling something for a fixed price upfront is a key aspect of a non J curve business. - Non J curve businesses typically sell B2B (business to business). - Sales businesses package their product/services/outcomes and sell them to businesses. - Examples of sales businesses include financial planners, accountants, and business coaches. - Volume businesses are another type of business model. Transcript: Speaker 1 Well, here's the thing. If you were to go get a job as a doctor, you'd be selling a package called a year of employment for 40,000 pounds. Right. So you were selling something for 40,000 pounds, but it was a, it was, I have one client, the NHS, and I allocate my entire stock, my time, to this one client. So if you were to, um, have, uh, 20 clients who you do some sort of health intervention with, uh, and they all pay two grand each, well, now you've got 40 grand, but it's split between 20 Clients. Um, so ideally when we want to do a non J curve business, we've got to be selling something that's meaty. We've got to be normally selling B2B as in business to business. So we're normally making some sort of a sale and it's typically a solution sale. We're packaging up product services, outcomes, and we're, we're selling that to a business that wants all those things. They're going to sign up for it. They're going to sign a little agreement. And then you're going to go ahead and do all of that. And it's…
Expanding the Definition of Business: Beyond Volume-Based Ventures Key takeaways: - Firmware updates can provide new perspectives on familiar concepts - Volume-based J-curve businesses are common examples of traditional business models - Financial planning and high-value services can be more lucrative business opportunities - $5,000 packages with consistent signups can lead to substantial annual income Transcript: Speaker 2 OK, so this is a big, I think I think this is a big firmware update for me as well, because I've never really thought of it in this way. And therefore I suspect people listening to this haven't thought of it in this way. I've been in the entrepreneurship game for like ages now, but like still when I think of a business, what I imagine is a productivity app or a cupcake store or a laundromat or a restaurant Or a coffee shop or a I enjoy making burgers. Let me go and set up a food van and 100% of these things that come to my mind when I think business are volume based J curve businesses, where I'm selling a low ticket item and trying to sell Lots of it. Whereas when the things you were describing financial planning and like that guy, it wouldn't wouldn't even cross my mind. Speaker 1 Those are businesses, much better businesses. Yeah, much better businesses. Like if you have a $5,000 package and you can make four signups per week, that's a million dollars a year.
Expanding the Definition of Business: High Ticket vs. Volume-based Key takeaways: - The speaker highlights a shift in their perception of business through a firmware update. - The speaker points out that they used to associate business with volume-based J curve businesses. - The speaker acknowledges that there are more profitable businesses, such as financial planning. - A $5,000 package with four signups per week can generate a million dollars a year. - To make four signups, the speaker suggests talking to only 20 people. - By making four sales per week, one can earn 20 grand a week, resulting in a million dollars a year. Transcript: Speaker 2 OK, so this is a big, I think I think this is a big firmware update for me as well, because I've never really thought of it in this way. And therefore I suspect people listening to this haven't thought of it in this way. I've been in the entrepreneurship game for like ages now, but like still when I think of a business, what I imagine is a productivity app or a cupcake store or a laundromat or a restaurant Or a coffee shop or a I enjoy making burgers. Let me go and set up a food van and 100% of these things that come to my mind when I think business are volume based J curve businesses, where I'm selling a low ticket item and trying to sell Lots of it. Whereas when the things you were describing financial planning and like that guy, it wouldn't wouldn't even cross my mind. Speaker 1 Those are businesses, much better businesses.…
The Underserved Key takeaways: - Selling a team and focusing on scalability can be beneficial. - A high ticket, low volume approach can lead to financial success. - Selling higher priced products can result in fewer sales needed for financial freedom. - A small number of wealthy individuals dominate the economy. Transcript: Speaker 1 Imagine you sold them your team. Yeah. So that it's scalable. So you just run around, you know, signing up the clients and then you've got an amazing team. Yeah. Yeah. Speaker 2 I think the whole high ticket low volume thing, you know, one of our friends was over yesterday and he was trying to make like 5K a month and was selling his product for $40. That's a lot of sales. Yeah. And I was like, that's a J curve. That's exactly. It's a Jacob business. And he was kind of happy because he was like, yeah, I'm getting a sale every few days through my Twitter and this kind of stuff. And I was like, OK, you know, imagine. I mean, he's doing a higher ticket consulting stuff, which is which takes up his time. But I was challenging him like, what if you could sell a $300 product? How many sales of a $300 product would you need to be financially free as it were? Yeah. From from your right. And he was like, shit, if I could get 10 sales a month. Yeah. Speaker 1 And he has my, oh my God. Wow. Here's the other thing too. It's unfortunate, but a very small number of people have a lot of money and they are massively underserved in most cases. So you if you…
Understanding the High Earnings of the Top 1% and the Importance of Knowing Your Target Market Key takeaways: - The average earnings of a top 1% are $360,000 per year. - High-income individuals have limited time and prioritize activities that generate income. - Identifying customers with high return on investment is crucial. - The perception of whether something is expensive depends on the buyer's perspective. - Understanding who can benefit the most from your offerings is essential. Transcript: Speaker 1 And then once you get in there, the average earnings of a top 1% are is 360,000 a year. So they're on about a grand a day, 360 days a year. So you don't need many of those people and they've got no time. And everything that they do is benchmarked against what they do to create that income. So like, let's say they're a surgeon. Anytime they're not being a surgeon, like mowing their lawns or, you know, dropping kids at school or any of that sort of stuff. They're losing money because they can be earning a lot of money in the thing that they're earning a lot of money at. So if you can figure out how do I sell to people who've got that kind of money, that's helpful. So a really good idea is to just start by thinking who has the highest return on investment. Is a Ferrari an expensive car? Yes. Depends who's asking. It depends who's looking at it. So to an average income earning person, a Ferrari is a very expensive car. To a billionaire, it's just a toy. It's no big deal to an…
Proper businesses: Can you make 5 sales of 2 grand per month? Key takeaways: - They are frustrated with something that takes up their time. - Starting a business as a guitar teacher may not be lucrative. - Hobby businesses are not as exciting as proper businesses. - The goal is to reach $10,000 per month. - A rule of thumb is to aim for five sales of $2,000 each. - Offering guitar lessons with a monthly commitment and in-home teaching could be a possible business model. - The focus is on delivering on the sales goal. Transcript: Speaker 1 It's something that they are frustrated. They, you know, it's it takes up their time and their time is more valuable or whoever's looking after the misin doing a reliable job. Speaker 2 Oh, okay. So that really narrows things down because when I was thinking, oh, you know, I used to play guitar back in my youth. I was like, okay, can I start a business as a guitar teacher? Not a dot. Speaker 1 Uh, yes, you can, but it's not going to be a massive, you're not going to sell that for, you know, you might sell some courses. You could. Yeah. These are not the kind of businesses I get excited about. You know, these are, these are the hobby, hobby businesses. Do you want to talk about hobbies or proper businesses? I think let's go. Proper businesses. So proper businesses, we want to get to 10,000 a month. We want here's what, here's what my rule would be. Five sales of two grand. Is it feasible that we can do five sales of two grand? So if…
Proper businesses: aiming for a clear model of 10k/month Key takeaways: - These are not the kind of businesses to get excited about - Proper businesses aim for $10,000 a month - Five sales of $2,000 is a feasible goal - Guitar lessons with a minimum 12-month commitment could meet the criteria - A clear model is needed to make $10,000 a month - Most business ideas are ruled out by these criteria Transcript: Speaker 1 Uh, yes, you can, but it's not going to be a massive, you're not going to sell that for, you know, you might sell some courses. You could. Yeah. These are not the kind of businesses I get excited about. You know, these are, these are the hobby, hobby businesses. Do you want to talk about hobbies or proper businesses? I think let's go. Proper businesses. So proper businesses, we want to get to 10,000 a month. We want here's what, here's what my rule would be. Five sales of two grand. Is it feasible that we can do five sales of two grand? So if we're going to do guitar lessons and we're not, um, it would have to be that we're signing up people for a commitment of 200 a month times 12 months. And we're doing like family guitar lessons and we come around and we have a guitar teacher who comes into your house and does the thing and it's 200 a month and it's a minimum 12 month commitment. Okay. Fine. Uh, now we're in two grand packages. Can we make five sales of that per month? Speaker 2 Then delivering on that. Speaker 1 Well, then yeah, we knew. We need guitar…
The Importance of Getting Close to Your Customers in Business Key takeaways: - Starting a business requires being close to customers and understanding how they interact. - Getting hands-on with clients is crucial for tech entrepreneurs. - In the early stages, it's important to gather feedback and adapt to customer preferences. - Customers may not provide detailed feedback online, so it's important to have face-to-face interactions. - Understanding customer preferences can help in gaining their trust and securing their business. Transcript: Speaker 2 Yes. No, come on. That's not, that's not my idea of what a business is. I thought I just sit in my bedroom and make something and then suddenly become a, become a millionaire. Speaker 1 You eventually do. Uh, but the, the, yeah, when you're starting business, you want to get close enough to lick their face. You want to be right up close to your customers. You want to see exactly how they interact. Speaker 2 Isn't that such an old school way of like thinking about business? Surely the world has changed. Surely I can just like make an app or something. Yeah. Speaker 1 Um, the best, the best tech entrepreneurs I know, they love to get a hand, hands, hand really hand on with a client with a, with a potential client. So in the early days, we're talking about going in stages and stage one, we just want to see how does the person react? When I tell people, this is what we've created for you. Would you like to sign up and they go,…
Importance of Hands-On Engagement with Potential Clients Key takeaways: - Tech entrepreneurs prefer hands-on interactions with clients in the early stages - It is important to engage with potential clients directly to understand their needs and preferences - 30 sales meetings are necessary to gather meaningful data on customer response - Statistical significance in analyzing product or service requires at least 30 samples - Judging a product or service should be based on feedback from 30 customers Transcript: Speaker 1 Um, the best, the best tech entrepreneurs I know, they love to get a hand, hands, hand really hand on with a client with a, with a potential client. So in the early days, we're talking about going in stages and stage one, we just want to see how does the person react? When I tell people, this is what we've created for you. Would you like to sign up and they go, hmm, does it come in blue? Uh, yeah, we can make it in blue. Oh, could I get it in extra large? Yeah. We could do it in extra large. I need it to be spaced out over six payments. Can we do six payments? Yeah, we can do six payments. OK, cool. Yeah, I will sign up if it's blue and extra large and six payments. Fantastic. Um, so that's what we need to do. And they won't do that online. They won't actually, they won't drop you an email and say, well, if it was this and this and this, then I would have done it. They'll just go, no, not for me. So you have to be, you have to do at least 30 sales meetings…
Exploring Business Ideas: Web Design Agency or Video Content? Key takeaways: - Business ideas should be something that can be solved for - Consider web design agency or video content as potential business ideas - Finding someone credible in web development can save time and effort - Selling packages for web development can be a profitable venture Transcript: Speaker 2 Okay. Nice. Okay. So let's say I'm going to make up a round of offer. So let's say I lose everything on my YouTube channel. I get canceled overnight, but I still have the skills. I'm keeping in mind that my business ideas have to be something I can solve for. Ideally 2K ideally five sales a month. I might be thinking either web design agency type situation potentially, but I've kind of been outside of that market for a while, or I'd be thinking video content. Just quickly. Yeah. Speaker 1 You've been outside of that market. Do you know someone who's credible web development? Do you know someone who's a web developer? Yeah. Yeah. Sell them. Hmm. Speaker 2 Yeah, that could work. Actually, in my head, it was defaulting to, oh, I guess I'd have to do it myself. So I need to learn quite a lot of stuff. No, you don't. Speaker 1 You can find someone who's good at web development and you can just go running around selling to grand packages for them to build. Ooh. Okay. That could work too. There you go. There's 10 grand a month.
Offering Personal Brand Video Content for Startup Founders and Business Owners Key takeaways: - Personal brand video content for startup founders and business owners can be a lucrative business opportunity. - Offering a monthly video filming and editing service for social media platforms can be a valuable service. - Having a diverse team with lead content creators and international members can enhance content creation and reach. - The entrepreneur's role is to be the organizing force and not necessarily the one doing the work. Transcript: Speaker 2 What if I was like, hey, I know how to use a camera. I know how to do video editing. Therefore, if I do personal brand video content for startup founders, who I know have money or business owners like you who I know have money and I could be like, Dan, you have books. You want to be on all the content to social platforms. I'll show up to your house once every month and we'll film a bunch of stuff. I'll ask you the questions. I'll chop it up content for Instagram, Facebook, LinkedIn, et cetera, et cetera. Speaker 1 So I'm out. Yeah. Speaker 2 I'm rock and roll. Yeah. Of course. Speaker 1 So that's a great example. Yeah. And you just sign me up and you might say it's initially two grand and see if you like it, then it's two grand a month after that. Now you might say, by the way, I've got whole team. I've got an amazing team of people. I've actually found I've got lead content creators here in the UK. I've also got an…
The Role of an Entrepreneur in Organizing and Building a Business Key takeaways: - The role of an entrepreneur is to be the organizing force and bring together people needed to achieve the customer's goals - Entrepreneurs should focus on understanding customer needs and providing the necessary solutions - Building a business requires clear understanding of the customer's objectives - Creating and executing a business plan does not necessarily require expensive software Transcript: Speaker 2 So the sort of person who enjoys organizing people who enjoyed like organizing university societies back in the university days and like organizing, bringing people together and Speaker 1 Like keeping people entrepreneurs job is to be the organizing force. It's not to do the work. Damn. Speaker 2 I still keep on thinking. It's like, yeah, you know, what skill do I have? What skill can I offer? That's the schooling system. Speaker 1 That's that's the school. Yeah, your component labor. You're like, which component do I fit in? It's like none. You're not in the business. You're the entrepreneur. You're building the business. Your job is to get really clear about what the customer is trying to achieve and then be the organizing force to fill that for them and bring together all the people that you might need In order to do that. So that's your first 10 grand concept audience offer sales. That's all you have to do. It's cheap to do. You can do it with Microsoft Word. You can do it with…
The Path of Least Resistance: Sales and Medical Diagnoses Key takeaways: - There is the current reality and the desired reality for a person, along with obstacles and criteria in the way. - Sales is similar to being a doctor, where you ask questions, do an assessment, and recommend a treatment plan. - Sales involves understanding where someone is now, where they want to be, and what is stopping them. Transcript: Speaker 1 There is the current reality that the person has. That is their current situation. There is their desired reality. That's what they want. And then there's the obstacles and criteria that are in the way. Right. These are all the things that stop them from getting what they want. And then there's you who says, this is the path of least resistance. Here's what you need to do. You need to go and do this, this, this, this, and this. And that is going to get you from your current reality to do as a desired reality. And it's a lot like being a doctor. So if you're a doctor, you're actually, it's so similar to sales. When you see someone who's not happy with their current reality, you ask them. I'll throw a load of questions. What's going on? All right. You ask them a load of questions. Yeah. And then you might say the first thing I want to do is a diagnosis. I want to do some sort of assessment. Yeah. Right. So then you do an assessment and then you say, OK, so I think I've got a treatment plan, which is just a path of least resistance or a solution. Oh, OK,…
Sales Training and Recommendations at Peloton Store Key takeaways: - Peloton uses a central sales trainer who provides daily video uploads for sales training. - The training includes product knowledge, rapport building, objection handling, and making product recommendations. - The goal is to provide a positive and professional experience for customers. - To achieve a revenue of 10k, the speaker suggests coming up with a concept that can be charged at 2k and planning for five clients per month. - Keeping track of leads and potential customers is important in the sales process. Transcript: Speaker 1 Oh, well, it's like Peloton. They have a central sales trainer who does video uploads to the iPads. They do 40 minutes of sales training every day. Oh, well, they do a combination of product knowledge and they do rapport building, objection handling. And they actually make suggestions as to things you can buy right now today. That's part of their process. They want you to walk out of the store with something. Mm. But it's positive. They're professional. Right. They're not pushy. They are making recommendations. They're trying to solve your problem. If you go in there and say, I'm a professional speaker and I like to give talks, they're going to go, OK, so you use a lot of keynote. Yeah. OK. Did you know that this thing here, this is like a touch bar and it actually shows you your slides as you're going through and you can see your slides when you're speaking and you can jump To…
The 4 Steps to Successful Sales Key takeaways: - To go from zero to 10k, the speaker suggests coming up with a concept that can be charged around 2k and finding five clients per month through a sales process. - Sales requires learning and executing the steps of leads, appointments, presentations, and closing. - Keeping track of leads, appointments, presentations, and sales in a spreadsheet or dashboard is important for sales success. - Consistently engaging in the steps of leads, appointments, presentations, and sales is beneficial for both salespeople and entrepreneurs. Transcript: Speaker 2 So it sounds like to go from zero to 10k, all we need to do is come up with some kind of concept that we can charge ideally 2k for. Yep. And find a way to plan five clients a month through a sales process. Speaker 1 I will say one more thing about sales. You need to learn how to do laps, leads, appointments, presentations, sales. So you just keep a little spreadsheet. Who are your leads? Who are the people that might buy? Can you book an appointment to speak with them, right? Actually get their their commitment to just focus. Yeah. Can you present them with a solution? Can you actually do a presentation or an actual conversation? And then can you ask them whether they would like to go ahead or not? And those are the four steps, lead appointment, presentation, sales. So great sales people do a rhythm of weekly laps. They do lead appointments, presentation, sales, and they just have a…
Final Tips for the Zero to 10k a Month Bracket Key takeaways: - Stay curious and embrace critics - Ask why when someone doesn't like your product - Don't take feedback personally - Approach business as a scientist conducting experiments - Be emotionally detached from the results - Start with the mindset that things probably won't work Transcript: Speaker 2 Any final tips or red resources for the zero to 10 k a month bracket before we move beyond 10 k a month? Speaker 1 Um, final tips or results. So concept audience offers sales. Um, I would just say just stay curious, be embrace the critics. When someone says they don't like it, just ask why. Um, you know, if someone says, oh, I like, no, I'm not at all interested in that. Oh, that's really, that's really curious. I'm so surprised because I imagined you would be interested in this. So just don't take anything personally. You're a scientist conducting experiments. And it's like, whoa, that worked. Well, that didn't work, but don't be emotionally invested in it. You know, you have to start the process has to begin with curiosity of this probably won't work.
The Importance of Selling to the Right People Key takeaways: - Snake oil doesn't work; it's important to sell products that actually provide value. - Trading courses often fall into the category of snake oil as they generally don't deliver the promised results. - It's crucial to consider the suitability of a product for the buyer; selling a Ferrari to someone who can afford it and genuinely wants it is different than pressuring someone into buying it. - The problem lies not in the product itself, but in who it is sold to; ensuring that customers genuinely feel good about their purchase is key. - Anything can be missold or well sold depending on the target audience; it is important to discern the right people to sell to. - Caring about selling to the right people is a characteristic of responsible sellers; those who don't care are the ones who behave poorly in the economy. Transcript: Speaker 2 I've just never considered that. I just sort of like float around thinking, Oh, people just buy and sell stuff. And, but if I'm selling something that's bad, and if someone's buying from me, then like, Oh, like, I better make sure like I'm like not selling them snake oil. And is all of the, the palpitations start. Yeah. Speaker 1 So of course, there's a couple of things. Snake oil doesn't work and that's the problem with it. Yeah. Right. So like, for example, trading courses, they don't work. You're not going to beat the traders. You're not going to beat the professionals. So it is…
Snake oil and the importance of selling to the right people Key takeaways: - Snake oil doesn't work and that's the problem with it. - Trading courses don't work against professionals; it's akin to snake oil. - It's important to ensure that the right people feel good about the product being sold. - Anything can be missold or well sold based on the target audience. - Worrying about selling to the right people indicates being a good actor in the economy. - For a hypothetical business earning 10k a month, the team size is typically two to four people. - A salesperson is usually part of the team at this stage. Transcript: Speaker 1 So of course, there's a couple of things. Snake oil doesn't work and that's the problem with it. Yeah. Right. So like, for example, trading courses, they don't work. You're not going to beat the traders. You're not going to beat the professionals. So it is snake oil because it doesn't work. If you sold a trading course to a professional trader to make them go from good to great, then it wouldn't be snake oil. If you sell a Ferrari to someone who can afford a Ferrari, if someone sells their company for $100 million and they've always wanted a Ferrari and it's their childhood dream to have a Ferrari and they've got loads of money. And for them, it's just a great thing and they've always wanted it. Yeah. That's, that's not a thing. If I pressured someone into getting a Ferrari and they couldn't really afford it, and I signed them up to a payment plan…
How to Find the Right People Key takeaways: - 10 grand a month is normally a two to four person team. - When starting a business, ask friends and family for referrals. - Look for rebels and misfits when hiring, not just the 'right' people. Transcript: Speaker 1 What does our team look like at this point? And then how do we go to 100k a month? You're right. That seems like bloody hell of a million. Yeah, exactly. You're either two to four people at this point. So 10 grand a month is normally a two person, three or four people. So two to four people typically. You normally would have a salesperson. You would have someone who's like customer service or fulfillment. Maybe you've got a bookkeeper or an administrator or an assistant. So when I started, I arrived in 2006, 2007 to London. First thing I did is hired an executive assistant and a salesperson and a event manager because we were running events. So fulfillment. So I literally week two had three people on the team. Speaker 2 How did you find these people? Speaker 1 How did I find them? Speaker 2 Or how would one find people these days? Speaker 1 I literally I'm launching a business and I'm looking for some people who can help. Does anyone know anyone who's looking for something? Speaker 2 I was asking friends and family and stuff. Speaker 1 Just asking around. Most people know someone who's looking for. You're looking for rebels and misfits. You're looking for the wrong people, not the right people. What do you…
We are a multi-million pound business and we don't have offices Key takeaways: - The company does not have physical offices. - The team utilizes quarterly meetings, Zoom calls, Slack channels, and WhatsApp groups for communication. - The company goes out to dinners together to build chemistry. - The company hires freelancers or employees based on their passion and alignment with the business. - The company looks for individuals who see the opportunity as a step up in their career. - In the early days, the company was open to anyone who was willing to join. - Now, the company seeks experienced entrepreneurs. Transcript: Speaker 1 You don't have that remotely. Of course. Yeah. Yeah. I mean, as a score app doesn't have actually offices, we have quarterly meetings where we get the whole team together and we have Zoom calls where we get a run together and we have Slack Channels and WhatsApp groups and like nattering and all that sort of stuff. We go out to dinners together to build chemistry, but we are a multi-million pound business and we don't have officers and never have. Hmm. And would you sort of freelancer part time, full time, what's the whatever fits the business as long as they're passionate, as long as they're like in it, they're in on it. They're in on the joke. Yeah. They get it where hey, we're doing this thing, you know. Speaker 2 And how do you pitch them to like who's who's going to be like, hell yeah, I want to sell the financial planning services for 2K a…
Assessing Skills and Vibes for Building a Team Key takeaways: - Establish yourself as a key person of influence - Build up a team of eight people - Have a front person for cut through Transcript: Speaker 2 Okay. Yeah. And like, are you assessing for certain skills or like, is it mostly vibes? I'm like, what's what's your philosophy here? They can breathe. Speaker 1 I'm in the early days, genuinely. I'm just looking for anyone I can rope in. Okay. Right. Now mind you, I'm now an experienced entrepreneur with a lot behind me. So I can rope in some pretty good people. Yeah. Um, so my, the standard, you might see me roping in pretty amazing, talented, incredible people, but I've built up to that. But in the early days, it's literally anyone I can rope in. Can I rope in the neighbor's, neighbor's kid? Can't like as in teenager, um, not like a seven year old, like a seven year old. No, lick those steps. Uh, send out that thing. Um, uh, no, I'm talking about can I like, you know, the, the neighbor's kid, 17 years old and doesn't have a job. Can I get them to do stuff on weekends? Speaker 2 Um, like I'm just trying to rope some people in in the early days. Cool. Right. So 10 K a month, 10 K to a hundred. At this point, I'm sure we've got to stay high level. But like, what's the, what's the philosophy here? Speaker 1 The philosophy is you must establish yourself as key person of influence. People have to fall in love with you as a personal brand. So you've got to be this key…
The Power of Personal Influence and Branding Key takeaways: - Richard Branson has significantly more followers than his company, Virgin. - Cristiano Ronaldo has more Instagram followers than all football clubs combined. - Personalities like Gordon Ramsey drive consumer interest in businesses. - People are more inclined to buy from individuals rather than institutions. Transcript: Speaker 1 So if we look at, uh, Richard Branson, millions of followers, virgin only has like quarter of a million followers, quarter of a million to 400,000, uh, depending on which platform. Branson is like orders of magnitude more followed than virgin. He's been directing us to virgin for decades. We don't care. We like Branson. Um, Cristiano Ronaldo, 500 million followers on Instagram, every single football club combined less than 200 million. Now these are hundred year old institutions and one player has double the, the follow account. Um, if we, I was just into buy. They're like a big billboard saying we're opening a restaurant and it's going to be Gordon Ramsey and, um, Heston Blumenthal. And it's like all these like super chefs. Now they're not talking about the building. They're not talking about the food. They're not talking about the fit out. They're talking about their person, the key person of influence. You're going to book this restaurant because Gordon Ramsey. Um, so this is how humans work. We, we, we buy into people, people love people. Uh, here's a thought experiment. If you had…
Personal branding can significantly impact the growth of businesses Key takeaways: - Being the face of a brand can significantly increase its growth - Collaborating with influencers can benefit both parties - Personal branding is a key factor in the success of well-known brands Transcript: Speaker 1 Yeah. Like, you know, like, take, like, take a yoga studio. If you said I'm now the face of the yoga studio and I'm going to direct everyone to that yoga studio, right? Well, it would probably double in size very rapidly. Um, if you, uh, like a clothing, a little clothing apparel brand that was just a business, just a, just a, like a thing, well, it would blow up. Speaker 2 That one should do that. I should stop buying from like Lulu lemon. And then like they don't need me. Speaker 1 Yeah. There. Well, you should do a deal with them. They should at least be sending you boxes of clothes. Really? Yes. Speaker 2 I mean, I buy 50 quity shirts every few, every few weeks. Well, anyone who, anyone who's at Lulu, get in touch. It works a little in the, let me know. Anyone who's a gym shark, you might want to swoop on in. Right. Speaker 1 So, so this is the personal brand experiment. Like you could take any restaurant on the street. If Jamie Oliver suddenly said, that's my restaurant, it would double in size straight away. So, uh, what happens is that the key person of influence. And by the way, if you go back to the origin story of most really well-known brands, they have a key…
How to Be a Key Person of Influence Key takeaways: - Establishing oneself as a key person of influence can significantly grow a business - Personal branding is crucial for building successful brands - Being the face of the brand helps create differentiation and recognition - Publishing content through various mediums is important for establishing credibility and reach - Releasing a book and giving away copies can be a successful strategy for scaling a business Transcript: Speaker 1 So, so this is the personal brand experiment. Like you could take any restaurant on the street. If Jamie Oliver suddenly said, that's my restaurant, it would double in size straight away. So, uh, what happens is that the key person of influence. And by the way, if you go back to the origin story of most really well-known brands, they have a key person of influence Ferrari. Like it's Mr. Ferrari and he, he drove it for the first 50 years based on his personal brand. Um, fender, Stratocaster guitars, Mr. Fender was the guy driving that for those years. Now they've, they end up as faceless brands, but not at the beginning. Yeah. Right. So Disney drove Disney Walt Disney drove Disney and he was like Mr. Walt Disney and he was the personal brand. Steve Jobs carried Apple. He competed with IBM. He competed with everyone and everyone knew who he was. Um, Bill Gates did the same for Microsoft. So these personal brands, that's what people want. So you have to establish yourself as a key person of…
Establishing Yourself as a Key Person of Influence: Pitching, Publishing, and Expanding Products Key takeaways: - Establishing oneself as a key person of influence involves being the one who pitches, does group work, and makes differentiation for the business. - Publishing content such as videos, articles, podcasts, blogs, and social media content is crucial for becoming a key person of influence. - Releasing a book and giving away a thousand copies per year is an effective strategy for scaling as a key person of influence. - As a key person of influence, expanding the product range is important, including gifts, products for prospects, core offerings, and products for clients. Transcript: Speaker 1 So you have to establish yourself as a key person of influence. So what does that mean? Number one, you're the one on stage pitching. You're the one doing group work. You're the one making differentiation for the, for the business. Number two is publishing. You've got to publish content, videos, articles, podcasts, blogs, social media content. So you've got to publish stuff. Perfect scenario is a book. Um, putting a book out is a really good key person of influence move. And giving away a thousand copies of the book away per year is a really great strategy for a key person of influence. Not thing, not something you do at the beginning. Cause it's too soon. Something you do once you're growing, once you're already going, but now you're a, now you're a six to seven figure…
Types of products for building a product ecosystem Key takeaways: - There are four types of products: gifts, products for prospects, core offerings, and products for clients - A key person of influence builds out the product ecosystem - A YouTube channel can generate significant revenue with the right product strategy - The YouTuber academy offers free YouTube videos, a one dollar course for prospects, a thousand dollar course as a core offering, and a five thousand dollar a year service for clients Transcript: Speaker 1 Yeah. Um, there's four, by the way, there's four types, four types of products. There's gifts, things you give away for free, product for prospects, things that are designed to start the relationship, core offerings, which is the main thing you do and product For clients, which is the ongoing journey. Um, so those are the four types of products that you need to build and a key person of influence will build out the product ecosystem. Speaker 2 So if we think of our YouTuber academy, I'm obviously the key person of influence behind this YouTube channel. Um, bit of a Jacob business and that took like two years to really get going. But then in year three, when we launched our YouTube course, boom, we suddenly did like exactly 1.2 million revenue that year, which is a hundred K a month. Um, and now our offerings are free is YouTube videos. Yeah. How to grow YouTube channel product for prospect is our one dollar course. Yep. For our scorecard. Yep. Um, the…
Becoming a Key Person of Influence in Web Design Key takeaways: - One key takeaway is the importance of becoming a key person of influence in a specific field, such as web design. - Another takeaway is the value of specializing in a niche market, such as working with dentists. - Additionally, the transcript highlights the significance of establishing a digital presence and personal branding for professionals, such as doctors. - Finally, the mention of speaking at conferences, being a guest on podcasts, and publishing a book emphasizes the importance of actively promoting and evangelizing one's expertise. Transcript: Speaker 2 So if we think of our web design agency, for example, yeah, and so to go from where, we're at 10 K a month by doing five clients at two K pop life is good. And then me as the web designer, as the entrepreneur behind the web design agency, I need to become a key person of influence in the web design world. Speaker 1 So now you're standing up on stages and you're saying, Hey, look, we are specialists in working with dentists and we sponsor all the dental practices and we're on all the dental podcasts Speaker 2 And we do web strategy for dentists. Okay. All right. Do like just like web strategy for doctors, cause previous origin story, I used to be doctor, I decided web design was my thing. There you go. Okay. Speaker 1 So we do online personal branding and web strategy for doctors and, uh, you speak at conferences, you on podcasts, you become a…
The Importance of Personal Branding and Web Strategy for Doctors Key takeaways: - Online personal branding and web strategy for doctors are important - Speaking at conferences and on podcasts can help promote the idea of every doctor needing a digital presence - Giving away copies of a book can be a successful strategy to promote personal branding - Differentiating from other web design agencies is crucial - Offering additional services like hosting and content management can generate recurring revenue - Building a team and increasing sales can lead to substantial monthly income - Expanding services to target other professions can be a potential pivot Transcript: Speaker 1 So we do online personal branding and web strategy for doctors and, uh, you speak at conferences, you on podcasts, you become a guest, you, you get out there and you evangelize this idea That every doctor needs a digital presence of digital footprint. Yeah. Um, you put out a book called doctor digital, um, digital doctor. And suddenly you give away a thousand copies of digital doctor and everyone's like, Oh, that's a great strategy. Why didn't I think of that? I needed as a doctor, I should have a personal brand. That's what I need to have. So now they're like, yeah, that's great. I love that. I love the book that you did, right? Yeah. Speaker 2 And that differentiates me from every other web design agency in the world. Speaker 1 Everyone's coming to you for the web design. So you have a package, maybe…
The Eiffel Tower Model: Building a Product Ecosystem Around Your Personal Brand Key takeaways: - A personal brand should be like the Eiffel Tower, with various products and services around it that generate income. - The Eiffel Tower attracts people, but it is the establishments around it that make the money. - Having a product ecosystem around a personal brand is important for generating income. - Being involved in multiple businesses or ventures can help enhance a personal brand. - Each business within a personal brand should have its own product ecosystem. Transcript: Speaker 1 So people are willing to go on a journey with you, provide it. It's okay to have a product ecosystem. Yeah. So I want to, I want you to think about yourself. I know this all sounds strange. Imagine you're like the Eiffel Tower. Okay. But how does the Eiffel Tower make money? Actually, the real money is made in all the things around the Eiffel Tower. So when people go to hotels, restaurants, cafes, museums, galleries, that's all stuff that's around the Eiffel Tower. So people are attracted to the Eiffel Tower, but there's all the things around the Eiffel Tower that make all the money. The, like very few people go to Paris and drop all their money on like a trip up to the Eiffel Tower and back. That's like, yeah, 15 credits. No, they like to be around it. They like to see it. They don't, you know, they don't actually expect to spend all that much money on it. But this is what a personal brand should…
The Eiffel Tower and the Concept of a Product Ecosystem Key takeaways: - Having a product ecosystem around a personal brand can be a lucrative strategy - The Eiffel Tower analogy illustrates the idea that the surrounding businesses make more money than the main attraction - A key person of influence should have multiple businesses and products within their ecosystem - Not every business has a key person of influence, but those that do are more likely to succeed Transcript: Speaker 1 So people are willing to go on a journey with you, provide it. It's okay to have a product ecosystem. Yeah. So I want to, I want you to think about yourself. I know this all sounds strange. Imagine you're like the Eiffel Tower. Okay. But how does the Eiffel Tower make money? Actually, the real money is made in all the things around the Eiffel Tower. So when people go to hotels, restaurants, cafes, museums, galleries, that's all stuff that's around the Eiffel Tower. So people are attracted to the Eiffel Tower, but there's all the things around the Eiffel Tower that make all the money. The, like very few people go to Paris and drop all their money on like a trip up to the Eiffel Tower and back. That's like, yeah, 15 credits. No, they like to be around it. They like to see it. They don't, you know, they don't actually expect to spend all that much money on it. But this is what a personal brand should be like. A key person of influence should be the Eiffel Tower and they should have a product…
Mr. Beast's Ambitions and Building a Digital Brand Key takeaways: - Mr. Beast turned down a billion dollars and aims to build a multi-billion dollar empire. - Becoming a key person of influence involves speaking directly to customers and discovering their interests. - Utilize guest appearances on podcasts to discuss relevant topics and indirectly promote your product or service. - Establish a connection with customers by offering expertise and directing them to a designated agency representative. Transcript: Speaker 1 OK, so you could play much bigger. Well, Mr. Beast, he's like turned down a billion dollars. He's like, I'm going to be much bigger than that. He know he's figuring it out, but he knows that he has the capacity to build a multi-billion dollar empire off the back of the Mr. Beast brand. Speaker 2 OK, so my web design agency, I'm becoming a key person of influence. Yep. Am I? Ah, but because I'm doing web design for doctors, I'm not bothering going to the web design conferences. Speaker 1 I'm going to the doctor. No, you go to the customers. You're going to the market and you're speaking in front of them and you're and you discover that there's a little podcast. They're all listening to. So you become a guest on there and talk about digital strategy for doctors. But I'm not I'm not speaking and plugging my product. Well, you're the you're the Eiffel Tower. So you're basically saying, hey, I wrote the book called Dr. Digital and I'm a big believer in digital…
The Role of the Key Person of Influence in Business Success Key takeaways: - The key person of influence is like a quarterback in American football, throwing opportunities to the other players and leading the team - The key person of influence doesn't personally run all the businesses, they have someone else to do it - Running a business doesn't always require a high-level executive, someone with experience running a branch or a call center can suffice Transcript: Speaker 1 So you got it a bit like this. You know, in American football, the quarterback throws the ball to the other players and then they score the goals, but the quarterback is like the star of the show, even though they're Not actually scoring the goals. So the key person of influence has a team and they're out there speaking. They're out there engaging with the marketplace being a key person of influence. They're seeing opportunities and they go take that one team, have that one team, have that one team. Right. So they're just throwing the opportunities like a combine harvest up and all of these opportunities are going into the businesses and then the businesses are thriving as a result. Speaker 2 How does the key person of influence have time to run all these businesses if they're going out doing all this? They don't run the businesses. The key person of influence has someone who runs the businesses. Speaker 1 So here's something you should keep in mind. Have you ever been in a Starbucks? Yes. Starbucks…
Skills needed to run a business: Monday morning meetings, dashboards, and problem-solving Key takeaways: - Running a business involves teamwork and clear communication - Monday morning meetings are important for setting weekly tasks - A dashboard helps track sales, customer complaints, and problem-solving - A general manager handles various tasks such as financial control, scheduling, and hiring - The general manager's role is to keep the business owner out on the front line Transcript: Speaker 2 What does what are the skills needed to run a business? Like what does it involve? Speaker 1 So here's here's what I like to think of Monday morning meeting, getting the whole team together. Everyone's got a job to do. Everyone declares their three things to six things that they're going to do for the week, as in the most important things, not micromanaging, but what are the three to six big things You're going to do for the week? And then on Friday, we talk about what did we get done? What didn't we get done? We keep a dashboard. So we have a dashboard of like, did we make sales? Did we, were there any customer complaints? Did we need to solve any problems? So those kinds of things happen. And then essentially a general manager is like doing all the little problem solving along the way. So for example, loading up payments and then the payments go out and collections or there's a customer who didn't pay and they need an email saying you need to pay. So that's a bit of financial…
Growing a Team: When Does it Become Unmanageable? Key takeaways: - At around 13 people, a team can become unmanageable. - The addition of the 13th person can cause a team to split into multiple teams. - With 12 people or fewer, everyone can be part of one conversation. Transcript: Speaker 2 OK, we're at. So we talked about zero to 10k. We've talked about sort of 10 to 100. At what point does the team grow to an unmanageable level? And like what? What are people? Speaker 1 12 13, 13 people. So 12 is manageable. 13 is not 13 13. How do you learn about that? Speaker 2 Like that's it's the last. Something. Obviously specific. Speaker 1 Yeah, there's there's always, you know, there's always this issue that with somehow magically 12 up to 12 people can just hold together. Everyone can just be having one conversation. The 13th person splits it into three teams. Suddenly you've got the sales team and you've got the ops team and you got the finance team. The 13th person just goes breaks it all into into three teams.
When Does a Team Become Unmanageable? Key takeaways: - Up until 12 people, the team can function as one cohesive unit. - With the addition of the 13th person, the team starts to fragment into smaller teams. - At around 40 people, the executive team structure becomes necessary for running a larger business. - The executive team typically consists of a CEO, COO, CFO, CMO, and CTO. - In addition to the executive team, there may be non-executive board members and a coach. Transcript: Speaker 2 OK, we're at. So we talked about zero to 10k. We've talked about sort of 10 to 100. At what point does the team grow to an unmanageable level? And like what? What are people? Speaker 1 12 13, 13 people. So 12 is manageable. 13 is not 13 13. How do you learn about that? Speaker 2 Like that's it's the last. Something. Obviously specific. Speaker 1 Yeah, there's there's always, you know, there's always this issue that with somehow magically 12 up to 12 people can just hold together. Everyone can just be having one conversation. The 13th person splits it into three teams. Suddenly you've got the sales team and you've got the ops team and you got the finance team. The 13th person just goes breaks it all into into three teams. So up until 12, you're just one team where just one family, it's the original crew. And then the 13th person is ruining things for everyone. Then it doesn't get good again until you're about 40 people plus. So when you're about 40 people, you've got what's called an…
The Modern Day Assets Key takeaways: - Assets are the modern day assets and can boost productivity - Real estate salespeople's productivity can vary based on the underlying assets they have - Media, intellectual property, and software are the main assets that drive business productivity - Data is also an important asset in addition to the main ones mentioned Transcript: Speaker 1 Like a track. As an asset that yeah, so boost your productivity. Yeah. So if I've got a if I've got a big lumberjack who's got a little axe and I've got a 17 year old with the chainsaw, who cuts down the tree faster. Right. So assets are the modern day assets are digital assets. They're either intellectual property media or software typically. And they are things that make everything run really, really well. Now, as a thought experiment, if I had two real estate salespeople and both of them like optimize their diary and they're like working super hard and they were like, get up and do their Cold plunge in the morning. And like, you know, they've got like their gadgets and all of that sort of stuff. They have a stand up walking desk each, right? All of that stuff is super optimized. Yeah. But one of them is working in Mayfair and one of them is working in Blackpool. OK. Yeah. Do you get what I mean? Yeah. So who's more productive? It's going to look like the Mayfair salesperson sells hundreds of millions of dollars worth of real estate each year. And the Blackpool salesperson is lucky to make a…
How to Increase Capacity for Customer Support Key takeaways: - An intangible new asset has been awarded that are the big productivity boosters. - The 5k a year offering has heavy customer support, which requires increasing capacity. - Hiring freelancers can help increase capacity without adding them to the core team. - Intellectual property, media, and software are methods of doing things. - If the problem cannot be solved with IP, media, and tech, it has to be solved with people. Transcript: Speaker 1 Yeah. Right. Yeah. So it's an intangible new asset that has just been awarded. So these are these are the actual like the really big productivity boosters are assets. It's the underlying assets, IP, media and tech. Speaker 2 OK, so we have a problem right now because our 5k a year offering is quite heavy on customer support because it's like a 12 months of both customer support. Yeah. And we are finding that like if we wanted to add more clients to that, we would have to increase capacity and the way we increase capacity is broadly by where we were attempting to do it By hiring a bunch of freelancers who are not technically part of the core team, but a part of like the wider team and we're trying really hard on your advice to avoid this desert territory Where it's like, yeah, we're creeping into. But it sounds like if I were to take this model, this model seriously, I'd be thinking intellectual property is a method of doing things. Speaker 1 Normally it looks like a poster…
How to Make Money While You Sleep Key takeaways: - There is a desire to find a better way to build an asset that generates income passively. - The ability for a product to make money while the user sleeps is highly desirable. - The price of a product can vary depending on the individual's financial situation. - Having one person responsible for training can help manage a larger client base. - The real value lies in intellectual property, media, and technology rather than people. Transcript: Speaker 2 Yeah, I've been feeling a bit like about this because when people, yeah, when I, whenever I have to work for money or hire for money, I'm like, oh, there's there's got to be a better way Of like building an asset. Yeah. Makes money while I sleep. Yeah. And if thing, like this five year product does not make money while I sleep. The one day product does and that's like pretty nice. Even though five year product is like five times much, it's like, oh, we should have a high price offering. And yeah, or maybe it's 10 grand. Yeah. And true supply demand. Yeah. Speaker 1 And also maybe, and depending on who it is, 10 grand is not a lot. 10 grand is not a lot to certain people. Yeah. You know, if you've already got a half a million pound business, a half a million dollar business, 10 grand. Okay. Yeah, we can do that. Right. Maybe can we do it in two payments? Yeah, sure. Great. Fine done. So also you can have one person on your team who's responsible for training and who's that's…
How to Make a Million a Month Key takeaways: - Getting from 100k to one million a month requires transitioning into a bigger business with an executive team and teams of teams. - Having millions of followers puts you in a distinguished category where it is possible to achieve a million a month with a smaller team. - For most businesses, reaching a million a month typically requires around 40 to 50 people. - Breaking the company into products, territories, functions, or markets and having teams of teams is a common approach at this stage. - A city based model could potentially achieve two million. Transcript: Speaker 2 So how does one philosophically get from 100k to one million a month? Speaker 1 We're not yet. We're somewhere in between that threshold. Yeah. So this is where you go into this bigger business. You've now got an executive team and you've got teams of teams. So we had to do that with our team of the 12, 13. You might be able to do it. Speaker 2 Unless we really sweat the media assets and like really, yeah. You're not, you are an edge case. Speaker 1 And the reason you're an edge case is millions of followers. All right. So that puts you in a distinguished category that yes, you possibly could with 12 people get to a million a month. For most businesses, the well-worn path is that you would have about 40 or 50 people at that stage. So you would have teams of teams. You'd either have functions, territories, products or markets. So functions is like sales,…
Protecting Your Audience and Building a Equity Portfolio Key takeaways: - Good judgment is necessary when choosing opportunities. - Being protective of your audience is important when recommending products or services. - Using the private equity portfolio approach can be beneficial. - Valuing partnerships and setting goals for deals can lead to a portfolio of equity. - Investors can be brought in to raise capital and share in the success. - A two and 20 ride along fee structure can be implemented for investors. Transcript: Speaker 1 So it depends upon you having good judgment. You have to be really looking at 30 opportunities before you pick one. Okay. All right. So that's your job to pick who you partner with. Yeah. Um, you need to be really protective of your audience and say, Hey, look, I'm not going to send you a product if it's no good. Like if, if I recommend this drink, then trust me, it's a great drink. Or if I recommend this app, it's a great app. Um, so this would be the private equity portfolio approach. Yep. Where you put a value on your, you put a value on that partnership. Let's say you value that partnership at half a million and you say, okay, our goal is to do three of those deals per year. Um, and we end up with a portfolio of equity. Um, you know, over the coming four or five years, we end up with a portfolio of 30 companies. And as they mature and exit, you know, that's another deal done. And now you, you end up, if you want to advance that, you could…
The Benefits of Building Passive Income with Courses Key takeaways: - The speaker enjoys building assets like writing books and creating courses that generate passive income. - Scaling customer support for courses remains a challenge for the team. - The speaker believes that partnering with a business that generates millions in profit can lead to a lucrative exit. - A software company with a two million a year revenue could potentially be sold for 10 to 20 million dollars. Transcript: Speaker 2 And the journey is not going anywhere. Ready? I mean, right now we'll just keep, well, no, no, you know, we'll just keep building our assets, building the assets as fun. Writing, writing books is fun, making courses is fun, making courses that require ongoing customer support is less fun right now, because we haven't figured out a way to scale that In a way that doesn't add more people to our team, but certainly making courses and then having them on autopilot, making passive income while I sleep is really fun. And keep doing that. And then, yeah, we've slowly started dabbling with the whole equity. Speaker 1 Yeah. Let me, let me just sell you on the equity thing. One last thing. Yeah. When a business sells, it normally sells for multiples of like years worth of profit or years worth of revenue. All right. So if it's possible to build a course that does millions, then theoretically it's possible to partner with a business that does millions. Yeah. And then when that business sells,…
The Role of Sales Calls in Building a YouTube Business Key takeaways: - The speaker has built a YouTube business without ever doing a sales call. - The speaker finds the idea of sales calls difficult, but sees the role of a key person of influence as easy. - The speaker's role is to create opportunities for sales calls to happen. - The speaker compares their role to that of a partner at KPMG or a Goldman Sachs representative. Transcript: Speaker 1 And and she, yeah, I mean, it worked watching and seeing how and Alex Amosie's doing that. Oh, yeah. Yeah. That's what I'm going to do. What do you think about that whole journey and does it actually start sounding predictable because at the beginning, it's like, Hey, like, is this actually predictable? Like, does it sound like a predictable set of steps? Because I'm so close to it to me. Yeah. Speaker 2 It's it's weird because it like this YouTube thing that I've built, I feel isn't isn't a real business is it? Or it's it doesn't have the same characteristics that one of the like I've never had to I've literally never in my life done a sales call. Yeah. Speaker 1 What do you think of real businesses? Speaker 2 Like, well, I don't know. It's someone that does a real thing. Speaker 1 Yeah. You do a real thing. Speaker 2 No, but but I guess given that I've never done a sales call in my life, to me, the idea of a sales call feels like, Oh, that feels hard. You're doing the key person of influence role. Yeah. Speaker 1 You're…
The Importance of Predictability in Business Key takeaways: - Breaking down the process of coding and building software makes it more predictable - It is not easy to make money quickly by learning to code and building software - The payback for entrepreneurship can be huge, with the potential to earn millions - Selling a company can result in earning what most people earn in their entire career in one hit - Entrepreneurship comes with upside (such as potential for high earnings) and downside (such as stress and complexity) - Motivation in entrepreneurship is driven by bigger carrots (rewards) and bigger sticks (challenges) Transcript: Speaker 2 But I think I think breaking it down like this definitely does make it seem more predictable. It also makes it feel like, Oh, OK, like, like, you know, that that relationship had at the start was that was like, Oh, it's not as. Speaker 1 It's not like an easy thing of just like, Oh, just just learn to code and build a software and your pyjamas and your bedroom and suddenly you're making 10 k. Yeah, it's hard. The whole thing is hard. Yeah. But that's but like the payback is huge. Like millions, millions and millions. You you sell a cut if you sell a company, you earn what most people earn in their entire career in one hit. So like if you take someone who's on 50 grand times 40 years, what's that two million? So yeah, and they they pay tax. Like that's a career. And you don't have to sell it like a two million exit is not a big…
How to Be an Entrepreneur Key takeaways: - The speaker is excited about building a great software company with a huge opportunity. - The team in Ukraine is an integral part of the business and the speaker values their camaraderie. - Entrepreneurship is a constant pursuit of solving problems and exploring opportunities. - Having enough money is not the sole focus of entrepreneurship. Transcript: Speaker 1 Because of the carrots and the sticks at the moment I've got a software business. Yeah. And the upside is 100 million plus. And I can't stop thinking about building a great company. I'm really excited about what we do. It's a huge opportunity as a business, but it's also a fun business. We we we're building quizzes, right? And we're using AI and we're doing data and we've got this amazing team in Ukraine, who if it wasn't for us, they would be enrolled in the army and they'd be on the front line. And like, you know, it's amazing that we have this camaraderie with that team. And we have like the hopes and dreams of our like team and like it's a game worth playing. So if I was a professional athlete, yeah, look, maybe I would maybe Roger Federer reads fiction to get his mind off tennis as a deliberate strategy because he needs to rest his head. But like most of the time, it's like, how am I going to play better tennis? Yeah. You know, so when you become an entrepreneur, you just, you know, you there's always something to do. There's always like a problem to solve or an…
The Different Chapters of Life Key takeaways: - There is a natural desire to reproduce and it can feel incredibly fulfilling - Life is made up of different chapters, each with its own unique experiences - Holding onto a previous chapter can lead to unhappiness - Some people struggle to move on from past chapters and remain stuck in them Transcript: Speaker 1 And like there is a unbroken chain and I'm going to not break that chain. I'm going to pass the life forth and it feels incredibly good. Um, so there is this part of you that wants to reproduce and it feels great to reproduce it like in the same way eating does or any of that sort of stuff. So I wouldn't miss out on that. Um, and getting on a plane is also cool, but it's not like biologically hardwired to feel that great. Yeah. Right. Now with that said, life moves in chapters. There's a chapter called single totally unencumbered. And then there's a chapter called this couple who travel together and we're like a great sexy couple and we're gorgeous and traveling and free as a couple. And we're, we're loving being a couple. And then there's like the couple with young kids chapter. And then there's the couple with teenagers and the teenagers are off doing their own thing. And then there's the couple with, you know, kids who have left. So there's these chapters that you go through and people who cling to the last chapter, they're miserable. Yeah. I hate to say it like it's horrible to say, but there are people who just…
Episode AI notes 1. Testing ideas is crucial in the early stages of developing a business. Intro events, quizzes, and WhatsApp groups can be effective ways to gather feedback and engage potential customers. 2. Validating a product or idea doesn't have to be costly. Hosting small events, creating scorecards, and utilizing online platforms like WhatsApp can help validate ideas at minimal cost. 3. Having the right pricing strategy is key. Selling a valuable product or service and focusing on B2B sales can lead to significant profits. 4. Expanding the definition of business to include high-ticket ventures can be highly lucrative. Selling to the top 10% of wealthy individuals and focusing on scalable consulting can lead to financial freedom. 5. Proper businesses aiming for $10,000 per month need to generate five sales of $2,000 each. This requires clear planning, a solid business model, and effective sales strategies. 6. Getting close to customers and understanding their needs is crucial for business success. Face-to-face interaction and personalized offerings can help secure loyal customers. 7. Finding the right people to build a team is essential. Look for rebels and misfits with a positive attitude and relevant skills. Networking and asking for recommendations can be effective ways to find the right team members. 8. Establishing yourself as a key person of influence can significantly impact business growth. Personal branding, pitching on stage, and publishing…

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