Podcast Summary
Learning new skills and staying employed can lead to greater opportunities: Staying employed and learning valuable skills can lead to financial growth and success in building a business, but requires hard work, persistence, and strategic decision-making.
Focusing on learning new skills and building a career while still employed can lead to greater opportunities and financial growth than quitting a job prematurely. The speaker's experience of transitioning from a job to a successful business involved learning valuable skills, taking calculated risks, and recognizing the importance of saying no to certain opportunities in order to stay focused on long-term goals. While it may be tempting to quit a job and pursue a business idea right away, it's important to consider the potential benefits of staying employed and using that time to gain valuable experience and knowledge. The speaker's success came from a combination of hard work, persistence, and strategic decision-making, and serves as a reminder that building a successful business takes time and dedication.
Consider making twice the income from your side hustle before quitting your full-time job: To build a sustainable side hustle, aim to make twice the income from it before leaving your full-time job. This approach ensures long-term thinking and financial security.
Before quitting your full-time job to pursue a side hustle, aim to make twice the income from your side hustle first. This goal will force you to think bigger and more long-term, as the natural volatility of side hustles may lead to ups and downs. It also allows you to leave from a place of security rather than scarcity. This approach goes against the popular advice of burning the ships and going all-in on your passion, but it can help you build a sustainable, efficient business. If you find yourself lacking energy after work, understand that having more time and money won't necessarily change your behavior. Instead, focus on improving your efficiency and energy levels before making the leap to full-time entrepreneurship.
Personal responsibility and time management for success: Personal responsibility and efficient use of time are crucial for success. Control smaller chunks of time, find high-leverage ways to deploy it, and maintain a positive mindset to make progress towards your goals.
Personal responsibility and efficient use of time are key to achieving success, whether it's in a day job or a side hustle. The speaker emphasizes that no one is coming to save you, and every outcome in your life is your responsibility. He suggests starting with controlling a smaller chunk of time before trying to take control of your whole day. He also shares his experience of overlapping a day job with a side hustle and the importance of having a solid backup option for security. The speaker emphasizes that making more time doesn't necessarily mean making more money, and it's essential to deploy time in a high-leverage way. He encourages finding ways to make your side hustle or other projects feel good and generate positive emotions to increase productivity and energy. Overall, the key takeaway is that with personal responsibility, efficient use of time, and a positive mindset, you can make significant progress towards your goals.
Making sacrifices for a successful side business: To build a successful side business, make sacrifices in the present for future opportunities. Operate at extremes, give full effort during hustle hours and fully relax in free time. Aim for outrageous outcomes with outrageous inputs.
Building a successful side business while maintaining work-life balance and personal well-being requires immense effort and intensity, often more than what one might initially think. This means making sacrifices in the present to unlock opportunities in the future. For example, the speaker shared how he gave up social events, alcohol, and parties for two years during his side hustle journey. He advocates for operating at extremes rather than trying to balance work and rest halfway. This mindset allowed him to put in full effort during his side hustle hours and fully relax when he wanted to. He also emphasized that outrageous outcomes require outrageous inputs, and that most people have a job, so making enough money on the side to double your income and quit is an audacious goal that requires significant effort. To stay motivated, the speaker suggested projecting yourself into the future and feeling the pain of not achieving your goals, then using that feeling to fuel your present efforts. Ultimately, the key is to find ways to make the side hustle enjoyable and not feel like a grind, as humans tend to do things we want to do and avoid things we don't.
Three questions to ask before committing to a new opportunity: Consider the potential for no failure, exponential upside, and personal commitment before embarking on a new endeavor for long-term growth and development.
To continuously challenge yourself and grow, it's essential to find ways to make learning and personal development enjoyable and fulfilling, while also recognizing the importance of setting up a system with a clear upside and minimal downside. This approach can be applied to various aspects of life, such as learning new skills, starting a side hustle, or even going to the gym. When considering a new opportunity, ask yourself three questions before committing: 1) Is there no way that this is a failure? 2) Is there exponential upside if you can stick with it for the long term? 3) Can you stick with it? Ensure that the worst-case scenario is still a positive outcome, like learning something new. Look for exponential upside, such as unlocking new opportunities or skills. Lastly, evaluate whether you can commit to the endeavor for an extended period. By focusing on these three aspects, you can create a strong foundation for long-term growth and development, making it more likely for you to stick with it and reap the benefits.
Sharing learned knowledge is easier than researching new topics: Documenting past skills and experiences or future learning paths can lead to valuable content
Creating content, especially educational or informative videos, is easier when you're building on existing knowledge and skills. The speaker shares his experience of documenting what he already learned requiring less effort than delving into new topics with extensive research. He also emphasizes the importance of considering a long-term format for content creation, as unsustainable effort levels can lead to burnout. Moreover, the speaker discusses the benefits of using tools like Grammarly for effective communication and Hostinger for creating a professional website. He encourages looking back on past skills and experiences or forward to future learning paths to identify valuable content topics. In essence, creating content is about sharing knowledge and documenting the journey, whether it's from the past or the future.
Learning, documenting, and sharing for growth: Continuously learn, document, and share knowledge to provide value, build community, and grow an audience online. Overcome imposter syndrome and recognize the worth of your experiences and lessons.
Continuous learning, documenting, and distilling knowledge are key to creating sustainable value and growing an audience online. The speaker's journey from focusing on productivity to writing about various topics like business, health, and relationships is an example of this. By sharing what they've learned, individuals can provide value to those on their own journeys, creating a sense of gratitude and community. The Internet provides a vast platform where everyone can share their unique experiences and expertise, regardless of the number of listeners or followers. The speaker emphasizes the importance of overcoming imposter syndrome and recognizing the value of one's experiences and lessons. This approach of learning, documenting, and sharing is an infinite game, allowing individuals to keep growing and leveling up throughout their lives.
Reflect on past and future goals, engage with others: Reflect on past lessons, set future goals, engage with others' insights, evaluate content for learning value, avoid wasting time on unproductive content
Creating content on the Internet and sharing what we've learned can save others time and effort. The speaker emphasizes the importance of reflecting on the lessons from the past two years and the goals for the next two years, and encourages listeners to engage by leaving comments with their lists. Additionally, the speaker emphasizes the importance of evaluating content consumption based on whether it helps us create more in the future or remove bottlenecks in our personal or professional lives. He also warns against wasting time on content that doesn't meet these criteria. Overall, the message is to not only consume but also create and apply knowledge in order to maximize learning and growth.
Understanding Time and Energy with Children and Side Hustles: Identify activities that reenergize you and avoid draining ones, challenge limiting beliefs for more energy, and pursue your passions for a successful side hustle.
Time and energy are more malleable than we think. Many people, especially parents, feel they don't have enough time or energy before having children, but once they have them, they realize young people have more time than they thought. Similarly, when we feel drained and lacking energy, it's often due to limiting beliefs and habits that drain us further. To increase energy, identify activities that genuinely reenergize you and avoid those that drain you. Behaviors like doomscrolling, eating poorly, or watching TV when tired can perpetuate a cycle of low energy. To find a niche for writing, consider your passions, experiences, and unique perspective. Look for gaps in the market or topics that resonate with you and your audience. Remember, everyone starts small, and consistency and persistence are key to building a successful side hustle.
Stand out in crowded markets by finding a niche or unique angle: To succeed in crowded markets, focus on creating unique content or targeting specific clients with high-value interactions.
Finding a niche or unique angle in content creation or service provision is essential to stand out in crowded markets. On the content side, using personal credibility and unique interpretations can create a niche. On the service side, being hyper-specific in targeting ideal clients can lead to high-value interactions with a smaller audience. AI summaries may replace those who simply summarize, but those who apply insights and share personal experiences cannot be easily replicated. Instead of focusing on attracting a large audience, aim for attracting the ideal audience who will truly benefit from your unique perspective. In the end, everything is a derivative of past ideas, but how we apply and share them is what sets us apart.
Continuous learning through curation and remixing ideas: Immerse in various worldviews, curate and distill knowledge, embrace the role of a learner, recognize new forms of leverage, and never stop seeking new perspectives and experiences.
Learning and growth are a continuous journey, built on the foundation of curation and remixing the ideas of those who came before us. Rumi's wisdom that the journey reveals itself along the way still holds true today. Start by immersing yourself in various worldviews and frameworks, as Ollie did by studying Gary Halbert, David Ogilvie, Tim Ferris, and Brene Brown. Curation and distillation of knowledge are essential steps towards creating your own unique perspective. Moreover, recognize that everyone, regardless of their expertise level, can learn from and teach others. Embrace the role of a 3rd grader in the vast digital world, seeking to understand the experiences of those just ahead and sharing your knowledge with those behind you. Breakthrough moments in personal growth often come from recognizing new forms of leverage, such as making your first dollar online, having someone sell something on your behalf, or publishing content that resonates with people across the globe. These experiences challenge our perspectives and push us to explore new possibilities. In summary, embrace the journey of learning, build on the ideas of those who came before, and never stop seeking new perspectives and experiences to expand your understanding and grow as an individual.
Experiencing moments of leverage and delegation: Experiencing leverage and delegation can lead to addictive accomplishment and a desire for continued growth, whether in business, technology, or personal growth.
Experiencing moments of leverage and delegation in various aspects of life, whether it be in business, technology, or personal growth, can lead to a sense of addictive accomplishment and the desire for continued growth. This was evident in the speaker's experiences of creating an app, selling a business, and giving a talk that went viral. Brilliant, a sponsor of this episode, offers an engaging and interactive way to learn new skills, making it an excellent resource for those looking to level up in their chosen field. Whether you're a beginner or a pro, Brilliant's courses cater to all abilities. The speaker's experiences of feeling leveraged and the impact of his talk going viral served as a catalyst for his future endeavors, including the creation of his YouTube channel.
From 94 attempts to viral success: Success requires dedication, continuous improvement, and a willingness to learn from experiences. Start small, gather feedback, and iterate to scale effectively.
Consistent effort and learning from experience are key to achieving success. The speaker shared his personal journey of creating YouTube videos, where he recognized that his first viral video didn't come until his 94th attempt. He emphasized the importance of putting in the work and improving skills before expecting to see results. Additionally, he discussed the value of outsourcing tasks, such as video editing, and the potential of investing in businesses instead of selling courses. The speaker also advised starting small when launching a product or service, gathering feedback from a select group, and iterating based on live feedback to scale it effectively. Ultimately, success requires dedication, continuous improvement, and a willingness to learn from experiences.
Identifying and improving bottlenecks for progress: Focus on improving the area limiting progress towards your goal, whether it's acquiring more leads, converting leads, or streamlining operations, for better overall performance.
Identifying and addressing the bottleneck in your business or personal goals is crucial for achieving success. A bottleneck is the area that limits progress and output, much like a narrow part of a bottle that restricts the flow of liquid. To identify the bottleneck, you need a clear goal, as it provides direction and context. Once identified, focus on improving the bottleneck area, whether it's acquiring more leads, converting leads better, or streamlining operations. The example of Hurley, the chubby kid in the hike, illustrates this concept well. By moving him to the front of the line, the entire group's progress was improved. The same concept applies to businesses and personal growth. The book "The Goal" by Eliyahu M. Goldratt provides a more in-depth explanation of this concept. The process of identifying, inhaling (understanding the goal and bottleneck), and iterating (making improvements) is essential for overcoming bottlenecks and achieving your goals.
Identify and remove bottlenecks for growth: Determine the root cause of issues, gather resources, and continuously iterate to remove bottlenecks and accelerate growth.
Identifying and addressing the bottlenecks in your personal or professional life is key to making progress and achieving your goals. This can be applied to various areas, such as business growth or personal habits. To do this, first, determine the bottleneck by examining the root cause of the issue. Once identified, gather resources and knowledge to remove the bottleneck through learning and implementation. Continuously iterate and evaluate progress until the bottleneck is resolved, allowing for further growth and progress. This framework has been effective in various aspects of life, including health, relationships, and business. By focusing on the bottlenecks and addressing them efficiently, you can maximize your efforts and accelerate your growth.
Focus on specific platform, person, problem, and way to address bottlenecks: To rapidly scale a business to $1,000,000, focus on a specific platform, person, problem, and unique approach to effectively address bottlenecks and become an expert in your niche.
Identifying and addressing the bottleneck in your business or project is crucial for scaling rapidly. The bottleneck can present itself in various forms, such as a lack of skills, resources, or leverage. It's essential to recognize the bottleneck and prioritize addressing it over other tasks, even if it means putting other aspects of the business on maintenance mode. This thinking guides decision-making and allows for efficient problem-solving. However, it's easier said than done, and confronting the bottleneck can be challenging. To apply this concept to reaching a $1,000,000 in a year, it's essential to focus on a specific platform, a specific person, a specific problem, and a specific way. By concentrating all efforts on one platform, one can become an expert and effectively market their product. The specific person refers to identifying and targeting a specific audience or customer base. The specific problem is understanding the pain points and needs of that audience and offering a solution. Lastly, the specific way refers to the unique approach or value proposition that sets the business apart from competitors. By focusing on these four areas, one can effectively address bottlenecks and scale their business.
Targeted marketing approach for revenue growth: Identifying a specific problem and providing a solution through a targeted marketing approach can lead to significant revenue. Continuously analyze results to niche down and provide more value to reach larger revenue goals.
Identifying a specific problem to solve and providing a solution through a targeted marketing approach can lead to significant revenue. This was demonstrated through the success of Ship 30 for beginner writers and PTYA for aspiring YouTubers. The framework involves identifying the target audience and platform, launching the product, and then analyzing the results to niche down and provide more value. To reach larger revenue goals, such as $10,000,000 a year, it's important to reverse engineer the numbers and consider launching higher value services or more scalable versions of existing products. The business journey is not always about having everything figured out from the start, but rather about making progress day by day and continually analyzing and adjusting strategies.
Investing in growth and fixing issues: Consistently invest time and money in business growth, learn from mentors, overcome money beliefs, and prioritize education for long-term success
Growing a business to new levels requires consistent effort and investment. The speaker shares their experience of reaching new levels every three months, but then spending six months fixing the issues that arose during the growth process. They emphasize the value of a mentor or coach who has already gone through the process and can provide valuable insights. The speaker also acknowledges that personal money beliefs can hinder progress, and that investing money in education and information can lead to greater returns than saving it. They advise that time is a valuable resource and that it's important to invest in education and information to reach the next level of earning potential. The cost of education increases as one progresses in their business journey, and not taking action on the advice received from more experienced individuals or programs can result in wasted investment.
Providing value beyond information: People invest in information products for implementation, outcomes, and accountability, not just the information itself. Target wealthy individuals or businesses for potential growth, but also provide resources for effective implementation.
People don't pay for information itself, but rather the packaging, speed, implementation, and outcomes that come with it. Beginners may not be able to afford high-priced education or masterminds due to the value of their time, but as they progress, they can afford to invest money to gain access to valuable information more quickly. In the information product world, it's essential to provide not just information, but also accountability, check-ins, templates, and other resources that help people implement what they've learned. Additionally, targeting wealthy individuals or businesses can be more profitable due to their potential for exponential growth, but it's not the only way to succeed. Using the bottleneck analysis in personal goals, such as weight loss, can help identify the root cause of the problem and find effective solutions.
Overcoming ignorance taxes and bottlenecks: Identifying and addressing ignorance taxes and bottlenecks are essential for personal and business growth. Through self-reflection, journaling, and seeking knowledge, we can overcome these obstacles and make significant progress towards our goals.
Identifying and addressing ignorance taxes and bottlenecks are crucial for both personal and business improvement. These obstacles can prevent us from achieving our goals, whether it's in the gym, health, or professional development. To overcome them, we must first determine what needs to be done and why we aren't doing it. This process involves self-reflection, journaling, and seeking out the necessary knowledge and resources. The answers to these challenges are often painfully obvious once we confront them head-on. By acknowledging and addressing our ignorance taxes and bottlenecks, we can make significant progress towards our goals and improve our overall well-being.
Embrace the journey and enjoy the 'glory days': Set ambitious goals, work hard, and appreciate growth, recognizing that current struggles are evidence of progress
Setting ambitious goals and working hard to achieve them is important, but it's equally essential to enjoy the journey and be present in the moment. Reflecting on past struggles and growth can help us appreciate the current experience and recognize that we're in the "glory days." As the speaker mentioned, growth is having problems today that we would have wanted 2 years ago, and saying no to opportunities that we would have grasped at eagerly in the past is a sign of growth. The speaker also emphasized the importance of enjoying every step of the way, even during the hard moments, as a reminder that we'll look back on these times fondly in the future. The speaker's perspective was influenced by the idea that our identity lags two years behind our circumstances, meaning that we may not fully recognize our growth until we look back on it with hindsight. Overall, the key takeaway is to set ambitious goals, work hard, and enjoy the journey, recognizing that we're in the "glory days" and that our current struggles are evidence of growth.
Investing in experiences for personal growth: Investing in experiences can broaden horizons and propel personal growth, but requires a mindset shift to afford it
Accelerating personal or business growth requires adjusting not only to external changes but also to internal ones. This can be challenging as it involves unlearning deeply ingrained beliefs and conditioning. For some, investing in business class experiences can be a catalyst for this growth, as it exposes us to new perspectives and normalizes higher levels of spending. However, everyone has their own framework for making such decisions, and it's essential to understand that the ability to afford such investments is a mindset shift. By investing in experiences that challenge us, we can broaden our horizons and ultimately propel ourselves forward.
Identifying and overcoming personal growth bottlenecks through side hustles: Starting a side hustle can help individuals grow beyond income limitations in their full-time job by focusing on skill development and mindset shifts.
Starting a side hustle can help individuals identify and overcome personal growth bottlenecks that may limit their income in a full-time job. The speaker shares his personal experience of feeling financially inadequate due to his humble background and how normalizing wealth through business class travel helped him reframe his mindset. He emphasizes that when working a full-time job, personal growth is often the bottleneck to earning more money, but with a side hustle, growth is limited only by one's skills and beliefs. The speaker encourages individuals to focus on developing necessary skills and disciplines to grow their side hustle and achieve financial abundance. Additionally, he reflects on the importance of considering priorities beyond financial growth, such as relationships and health, and questioning the necessity of constant business growth for happiness.
Embrace the mindset of abundance: Focus on gratitude, evaluate limiting beliefs, and pursue mission-driven goals to create a harmonious balance between having more and needing less in various areas of life
Creating abundance in life is about having a harmonious balance between having more or needing less in various areas, such as wealth, health, and relationships. This mindset of abundance stems from a feeling of gratitude and contentment. To achieve abundance, one can either pursue making more or changing one's lifestyle to require less. It's essential to evaluate the limiting beliefs that might be hindering the pursuit of abundance and reframe wealth as a positive sum game, where creating value for others leads to personal wealth. The key is to focus on mission-driven goals and view wealth as a means to help others, rather than a negative or morally questionable pursuit.
The vast impact of creating value: Creating value has a far-reaching impact, and recognizing and valuing that value benefits both the creator and the consumer. Charging for offerings can ensure commitment and help maximize returns on investment.
Creating value goes far beyond what we can directly perceive. Using the example of a meetup, the speaker notes that only a small fraction of attendees expressed their gratitude for the impact of the speaker's content. Yet, if all 5,000,000 subscribers were present and shared their appreciation, it would fill over 100 NFL stadiums. This underscores the vast reach and impact of the speaker's work. Furthermore, the speaker acknowledges the importance of recognizing the value of their offerings, especially when it comes to charging for courses or content. The speaker emphasizes that the value delivered disproportionately benefits those who invest in themselves, and that the returns on these investments can be significant. The speaker also reflects on the moral implications of charging for content versus giving it away for free. While they acknowledge that some people may not complete or fully utilize free content, they also recognize that charging for content can help ensure that people are fully committed to implementing the knowledge and skills they gain. In essence, the takeaway is that creating value is a powerful force, and recognizing and valuing that value is crucial for both the creator and the consumer. By understanding the downstream effects of the value we create and the potential returns on investment, we can feel morally obligated to charge for our offerings and help others achieve their goals.