Podcast Summary
Discovering Passion Late in Life: Feeling unfulfilled? It's never too late to pivot and find passion in what you do, as Derek Moore and Jeremy Kirby did.
No matter what path you've chosen in life, it's never too late to pivot and find passion in what you do. Derek Moore, an orthopedic spine surgeon and entrepreneur, shared his story of feeling unfulfilled in his career due to external pressures. He discovered Gary Vee's content and learned about self-awareness, ultimately leading him to leave clinical medicine and join Bull Bullitt Health, a company he's passionate about. Similarly, Jeremy Kirby, the founder and CEO of Dugout Creative, started out in the baseball industry but had to pivot when COVID-19 shut down youth sports. Both Derek and Jeremy found success by aligning themselves with their visions and helping others avoid making the same mistakes. So, whether you're feeling unfulfilled in your current career or facing unexpected challenges, remember that it's possible to pivot and find passion in what you do.
Staying Curious and Open to New Opportunities Leads to Success: Discovering personal passions and being open to new opportunities can lead to unexpected success stories. Adaptability and resilience in the face of change can help entrepreneurs pivot their businesses and build communities around their new ventures.
Being adaptable and open to new opportunities can lead to unexpected success. The speakers shared stories of pivoting their businesses to capitalize on viral moments or personal passions, leading them to new ventures and communities. Dr. Malachi, an entrepreneur and pastor, started as a digital marketing agency owner but discovered a passion for business coaching. He was inspired by personal losses and the desire to help others succeed. Nicholas Strand, founder of Choose Your Attitude, began his career as a video engineer for concerts but was motivated by the loss of his wife to write a book about love and loss. Both men used their experiences to fuel their entrepreneurial endeavors and build communities around their passions. These stories demonstrate the importance of staying curious, being open to new opportunities, and focusing on your passions to achieve success.
Navigating societal struggles and finding personal growth through brand creation: Choose your attitude, create a brand, and find personal growth through networking and learning opportunities in the podcasting industry
Brianna's quote "choose your attitude, create your life" inspired the creation of a brand aimed at helping people navigate societal struggles and find personal growth. The brand, You're Welcome, was founded during a difficult time when the music industry collapsed, leaving the founder without income. Podmax, a training and event company for entrepreneurs and thought leaders, was born from this experience. The founders, Eric and Josh, had also found personal success through podcasting and wanted to help others do the same. They offer a virtual event where podcast hosts can record on multiple shows and network, providing a platform for personal growth and development. Derek and Sarish, the founders of Ortho Bullets and Med Bullets, discussed their identity issue as their company being a manifestation of themselves. They aim to provide tactical advice in their niche areas.
Monetizing a Valuable Community: Despite a large following, monetizing a valuable community can be a challenge. Consider exploring different monetization options, such as subscription fees and a SaaS business model, to maximize revenue potential.
While having good intentions and building a valuable community is essential, monetizing a business is necessary for growth and sustainability. The speaker, who built a successful medical education platform without charging doctors, now faces the challenge of monetizing it. He has a significant following, with over 1 million surgeons worldwide, and generates revenue through a combination of subscription fees from doctors and a SaaS business model for training hospitals. However, he feels conflicted about charging doctors, as he believes they are already in debt. The speaker's dilemma is that he has already established a monetization model but isn't maximizing its potential. A potential buyer of the business suggested having a product-service strategy conversation to explore different monetization options and convert the vast page views into revenue. The speaker acknowledged the need to reconsider his monetization strategy to grow the business further.
Exploring the Untapped Potential of B2C Sales: Businesses focusing on B2B sales may be missing out on significant revenue by neglecting their B2C user base. By focusing on monetizing the larger B2C audience, businesses could potentially increase revenue through affiliate marketplaces, lead generation platforms, or other strategies.
The business may be focusing too much on B2B sales while neglecting the B2C aspect, which accounts for 50% of the revenue. The speaker suggests that the business could potentially increase revenue by focusing on monetizing the larger B2C user base, which currently only contributes 3% of the payments despite making up half of the user base. To do this, the business may need to reconsider its approach, potentially raising capital and hiring a strong CTO to build out an affiliate marketplace or lead generation platform. This shift could help the business capture a larger portion of its existing traffic and increase conversions. The speaker emphasizes that the business is sitting on a valuable opportunity and must make a decision to either pursue venture capital and infrastructure growth or embrace the potential of the B2C market and make it the front-facing aspect of the business.
The Importance of Building a Strong Brand on TikTok: Focus on creating culturally relevant content, avoid making every post the same, and leverage Facebook groups to build communities and foster brand loyalty for long-term growth on TikTok.
Building a strong brand organically, especially on platforms like TikTok, is crucial for long-term success in business. This was emphasized during a discussion where it was acknowledged that many businesses, including their own, had neglected brand-building in favor of immediate sales and revenue. The speakers emphasized that a brand is not just the output of marketing efforts, but the feelings people have towards a company or product. They advised against trying to make every post or ad the same, and instead encouraged businesses to focus on creating culturally relevant and enjoyable content. Additionally, Facebook groups were suggested as a powerful tool for building communities and fostering brand loyalty. Overall, the importance of brand-building, particularly on social media, was emphasized as a key strategy for long-term growth and success.
Investing in sales and identity to build a brand: Consistently invest in sales and identity to build a unique brand. Collaborate, develop signature elements, and consider new opportunities like NFTs. Stay transparent and committed to your vision, even during challenges.
Building a successful brand requires consistent investment, both in sales and in creating a unique identity. This can include collaborating with other creators, developing a signature brand element, and even taking risks in new areas like NFTs. However, it's important to be cautious and transparent with your audience about potential changes or challenges that may arise. Personal experiences and resilience can also play a big role in the journey of building a brand. As the speaker shared, even in the face of setbacks like the COVID-19 pandemic, it's possible to keep pushing forward and turn challenges into opportunities. Ultimately, the key is to stay committed to your vision and keep taking steps towards growth, even when it feels like progress is slow or difficult.
Focus on revenue generation for business success: Define your business model and focus on generating revenue for business success. Consider bringing in a business partner for financial expertise if needed.
To build a successful business, it's essential to define how you want to make money and focus on that area. The speaker in this conversation emphasized the importance of having a clear vision for generating revenue, whether it's through a brand, speaking engagements, or partnerships. He also suggested considering bringing in a business partner to handle the financial aspects if that's not your strength. The conversation touched on various examples, from Phil Knight selling running sneakers to Jeff Bezos expanding beyond books to owning IP. Ultimately, the key takeaway is that having a clear business model and focusing on revenue generation is crucial for any business to thrive.
Finding a business partner is crucial for success: To build a successful business, find a partner with operational expertise to complement your strengths and help bring your vision to life.
Building a successful business, especially one with a strong brand, requires more than just inspiration and a clear vision. It also necessitates operational expertise and the ability to build a strong team. The speaker emphasized the importance of finding a partner who can complement one's strengths and help bring the business to life. He also suggested that the speaker consider partnering with someone who has operational experience, as he believed the speaker's focus on the vision and attitude might not be enough to build and grow the business on his own. The speaker also offered to help connect the speaker with potential guests for his podcast and provided some guidance on standing out in small town America with a digital agency.
Finding the right business coach: Aligning with learning style and intent: Approach business coaching with a critical mindset, focusing on finding the right fit and ensuring genuine growth and learning.
Finding the right business coach can be beneficial, but it's essential to ensure that the coach aligns with your learning style and genuine intent. Gary Vaynerchuk shared his experience of hiring a business coaching organization and emphasized the importance of believing in the value of the coaching and feeling good about the investment. He also warned against coaches who prey on insecurities or simply aim to make money. Additionally, Gary discussed his upcoming podcast launch and encouraged branding it broadly for flexibility. He emphasized the importance of staying true to oneself and embracing the diversity of interests. Overall, the key takeaway is to approach business coaching with a critical and thoughtful mindset, focusing on finding the right fit and ensuring that the investment aligns with genuine growth and learning.
Offering personalized audits and gradual price increases: Providing value through personalized audits and gradually increasing prices can help small digital agencies secure high-profile clients and build a successful business.
Providing value to potential clients through personalized audits and gradual price increases can help a small digital agency stand out and succeed. Gary Vaynerchuk shared his experience of building VaynerMedia by offering social media services at gradually increasing prices, starting from as low as $5,000 a month. He emphasized the importance of not underselling oneself and continuing to ask for higher retainer fees until reaching a point of consistent rejections. This approach not only helped him secure high-profile clients but also built a successful business. Additionally, creating valuable content and engaging with potential clients on social media platforms can also contribute to a digital agency's growth.
Recognizing and Utilizing Natural Talents: Recognize your unique abilities, provide value without asking for something in return, and build a thought leadership platform to monetize responsibly.
Having natural talent or unique abilities can be both an advantage and a disadvantage. The speaker in this conversation has recognized his exceptional business acumen and wants to use it to provide value and monetize it responsibly. He emphasizes the importance of providing value without asking for something in return, as it increases leverage for monetization. The speakers also discuss their experience in the podcasting industry, where they realized they had created a funnel but lacked products to sell. They are now focusing on building a thought leadership platform and offering podcast booking and production services to increase brand awareness and revenue. Overall, the conversation highlights the importance of recognizing and utilizing natural talents, while also being mindful of the potential risks and opportunities that come with them.
Impatience can hinder building a strong brand: Focus on providing value beyond transactions to build a strong brand and attract more attendees in the long run.
Being impatient and focusing too much on transactions from the start can hinder the building of a strong brand. The speakers in this discussion acknowledged their own impatience, which may have contributed to selling only a few tickets to their virtual event. They also recognized the importance of providing value beyond just the event, such as training and being on reputable podcasts. However, they may have overestimated the value of their offerings and underestimated the market's expectations. To improve, they need to focus on enhancing the quality of their podcasts and the overall value they provide to attendees, rather than just making transactions. This approach will help build a stronger brand and attract more attendees in the long run.
Patience and quality key to podcast success: Focus on improving product/supply and patience leads to significant ROI in podcasting, as shown by Joe Rogan and Guy Raz's success. Overdelivering and building relationships also help overcome initial challenges.
Patience and improving the quality of your product or supply are key to success in business, as demonstrated in the growth of podcasts as a powerful platform. Despite initial setbacks and criticism, the potential ROI is significant, as seen with the success of podcasts like those of Joe Rogan and Guy Raz. Overdelivering and cultivating relationships can also help overcome initial perceived shortcomings and build a strong following. It's important to remember that being too early or too late to a market is often a matter of perspective, and the real key is to focus on improving and delivering value.
Intuition's Role in Business Success: Trusting your instincts and separating media and business can lead to pivotal decisions and brand success.
Intuition plays a crucial role in business success. Gary Vaynerchuk shared how he initially planned to sell wine on QVC but changed course due to an intuitive decision, which led him to become "America's wine guy" instead. He emphasized the importance of trusting your instincts and separating your media and business to avoid diluting your brand. Although his business model was vulnerable, he chose to follow his intuition and became a major player in the wine industry. Intuition, according to Gary, is underrated and essential in society. He encourages learning more about it and becoming an expert to make better decisions. Ultimately, his intuitive decisions led him to pivot from a transactional business to a more authentic and successful brand.
