original video: https://youtu.be/awnn-bqV_Tw
Video Notes
- what would he do if he lost everything and had to start over?
- the 3 foundation principles and then the 5 steps after
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Build in Public
- so you can build an audience
- you can them monetize them and be wholesome over time
- provide value to them
- everything I learn, or save, or help me build this business or idea
- create youtube videos or blog posts
- then share to linkedin, twitter, facebook, instagram et.c
- document the process
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Provide value first
- don't expect quick returns
- don't sell anything or be not authentic while you are building in public and showing insights or tools or techniques that could be interesting or useful to your audience.
-
target the market you actually care about
- build your business around that specific audience you know about and you want to learn more about (have passion about).
- passion = perseverance
- 5 actionable steps to start your own business
- learn a monetize-able skill that helps the people that I care about
- list out those skills and see which ones are closest to your skillsets or the skillsets you want to learn
hidden
- list out those skills and see which ones are closest to your skillsets or the skillsets you want to learn
cold emailing or just reach out to people I know personally that I could help in order to build a portfolio of work
reminds me of this tweet: Creating your own Agency#Jordan Ross Twitter Guide,
building a basic email / text offer where I can give people value for free and ask for solid feedback, a testimonial, and one other person to refer to
:::hidden
- keep learning and growing while sharing online so you can build your domain authority
- productive the service
- "Take your shot" by Robin Waite (Read)
- change your pricing model
- convert hourly pricing to productized charging rate
- *create service packages with different price tiers
- *create an asset that has either a high enough price to justify your time, or
- **create a product that brings in revenue regardless of your direct involvement at time of sale
- Hire people
- Read these books
- The E-myth revisited
- Traction
- once you are profitable as solopreneur
- bring people on board to scale
- do this usually after 2-3 years of success
- after that you can build a business system that delivers results, not solely from individuals themselves.
- Read these books
original video: https://www.youtube.com/watch?v=IK4B7XUqXWY&list=PLzK__islD6Ot03bSsm3saqEqj3TSjZpIy&index=15
Video Notes
- Tip 5: Invest in Yourself First
- it's great to invest, because you are trying to get more out of it than you put in
- but you should invest in yourself first because that will pay you way more than 7% - 10% per year.
- invest in your skills, and your ability to make money.
- Ask myself: "What can I invest in for myself to improve my ability to make money"
- Tip 4: Work for a Startup
- join a start up that is small if you want to start your own business
- you'll learn more about creating and managing your own business.
- Tip 3: Take the 3rd Door
- life is like a night club, there are three doors to any nightclub
- the front where everyone waits and it takes forever
- the backdoor: where the billionaires and actors get in
- then the third door: the one that you have to hustle for; through the window, into the kitchen, bride the guard, and eventually make your way inside
- **most really successful people always take the third door.
- life is like a night club, there are three doors to any nightclub
- Tip 2: Everything is downhill from lead generation
- Notion page discussing this topic
- loads of people will come to free events, or products -> and a percentage of them will be interested in your actual paid product
- generate score card MVP
- make a quiz or something that gets market data alongside giving someone what they are looking for
- **"Free quiz to find out the best AI tool for your business"
- ask questions to narrow down results
- keep question data for better feedback and product-market fit
- make a quiz or something that gets market data alongside giving someone what they are looking for
- ask social media
- before you make product -> validate with leads
- Tip 1: Extraordinary results == extraordinary inputs
- if you go hard => results will seem to come easy
- magic is -> spending more time on something than anyone else might reasonably expect
- What do you put in an extraordinary amount of time doing (that most people might not reasonably expect) ... but you enjoy the process as well?
$0 -> $10K how to start a business
Notes
from current timestamp: 26:10
freelancing is not the best = selling your own labor
entrepreneur => focus on outcomes instead of component labor
find the components (people) that can specialize in the work and organize them to quickly get your client's desired outcome.
if freelancing => 50% of the time you are just trying to get your next customer
and a lot of downsides of not working at a company without the upside.
think more like:
=> what is the problem I am trying to solve for other people? (instead of just trying to solve your problems...)
how can I organize and run a business to efficiently solve that problem.
Mindset Shifts
shift your mindset towards money -> $3K is not a lot of money
- never read the news (it's always going to be irrelevant)
- everything is downstream from lead generation.
-
started as a RevShare model like mentioned in $100M Offers
-
should you start a startup or join someone else's
join someone else's
-
do two years in someone else's startup / agency first, then start your own.
-
learning how everything works is so much better than getting funneled into an organization
-
revShare example:
customer pays for costs of service, but you get a percentage of the success profits
would use low-risk first step (free lead magnet) to draw leads that would be interested.
- like onlinebusinessbuilder, etc.
- would charge a combination of success fees based on leads and sales.
"you need to grind"
-
success can happen quickly if you tap into a trend and the flood gates could open.
-
some businesses compound over time. "j-curve businesses"
- technology
- restaurants
-
their cashflow over time looks like a J
-
technology companies are a good example: spend 1 million for a software product, and charge $10 / month per user.
as you get more and more customers your cashflow will start exponentially growing.
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consulting - non j-curve
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low startup costs but exponential cashflow potential.
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j-curve businesses have frictionless sales process
-
non-j-curve businesses require a sales process.
Discover your Passion
- find a skill that you enjoy or a process in which you enjoy (for the most part) all the components
- if I had 100M in the bank, How would I choose to spend my time
- Skill vetting
- what generates energy instead of taking energy
- what do I have an aptitude for
- and what do I enjoy doing.
- Skill and Validate the Market
- make sure that when you are thinking of these skills, think in terms of helping other people solve problems
- Castle Method & Validate with quiz
Step 2
Generate Leads
decide on a business model
- Service
- Product
- Content -> post free content and get money through advertisers etc. (like TV)
If I had to create a service, product or content around this skill, what would it be?
Step 3
build an MVP
what is the minimum viable product that you can build that gets your service/product/content in front of people and where you can get feedback?
if there isn't a market, or problem, or need for your service/product/content then it's just a hobby.
there needs to be a starving audience that can pay you.
Step 4
scale sustainably and work-life balance
Step 5
periodically re-evaluate and pivot
periodically ask: "Is the thing you're currently doing actually the thing you want to be doing?"
Common Mistakes
- neglecting market validation
- need to focus on product-market fit
- scaling too fast too soon
- forgetting work-life balance
- enjoy life