Entrepreneurship Masterclass: How to Make $10k - $1M per Month - Daniel Priestley

📚Check out my New York Times Bestselling book Feel-Good Productivity!

Season 6 Episode 13

00:00:00 Most popular guest on the podcast. Why?
00:04:28 Demystifying entrepreneurship
00:07:49 Why is entrepreneurship so alien to the way most of us were educated?
00:12:52 Entrepreneur vs solopreneur
00:14:16 Managing people
00:15:41 0 to 10k a month
00:16:20 CAOS framework - Concept
00:18:16 OMV - Origin story, mission and vision
00:35:14 Example 1
00:36:20 Example 2
00:38:26 What is a J-curve business?
00:53:41 A - Audience
00:53:46 O - Offer
00:57:46 Example 3
00:58:26 Example 4
01:01:27 S - Sales
01:06:34 LAPS - Leads, Appointments, Presentations, Sales
01:07:26 Entrepreneurship vs day jobs
01:08:13 Would you be disappointed if your kids got a “real” job?
01:10:32 Should we feel bad about being part of the capitalist system?
01:13:59 10k-100k a month
01:14:50 How to find the right people for your business?
01:16:51 Remote vs in-person work
01:17:57 Freelance, part time or full time?01:18:11 How to pitch the job to people?01:18:42 What skills are you looking for?01:19:42 Establish yourself as a key person of influence
01:24:53 4 types of products
01:26:38 Example of web design agency
01:30:05 The Eiffel Tower metaphor
01:35:35 Find someone to run your business
01:37:23 What does running a business involve?
01:41:51 Owning multiple businesses
01:45:45 Growing to 100k and above
01:59:40 Getting from 100k to 1 million a month
02:15:34 Entrepreneurship is a game worth playing
02:23:55 Resource recommendations

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📄SHOW NOTES & TRANSCRIPT

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[DeepDivewithAliAbdaal]

📚Pre-order my book to get an exclusive ticket to The Feel-Good Productivity Annual Planning Workshop

[vosesmrd]

There's a book called money's hidden tricks, and it talks about how using some secret tehniques you can attract a lot of money, it's not some bullshit law of attraction, it's the real deal

[azieltobias]

I began my investment journey at the age of 33, primarily through hard work and dedication. Now at the age of 58, I am thrilled to share that my passive income exceeded $100k in a single month for the first time. This success reinforces the importance of the advice mentioned earlier. It is not about achieving quick wealth, but rather ensuring long-term financial prosperity.

[CameronFussner]

Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future. Making money is not the same as keeping it there is a reason why investments aren't well taught in schools, the examples you gave are well stationed, the market crisis gave me my first millions, people shy away from hard times, I embrace them.. well at least my advisor does lol.

[dianarabbanii]

Agreed that many people are considering NVDA as the "Stock of the year." However, I'm curious about which stocks could potentially become the next META in terms of growth over the next decade. I've allocated $200k for investment, looking for companies to make additions to boost performance

[AnnaKrueger]

The greater the automated income you can build, the freer you will become. Taking the first step is the hardest, but 5 houses later living off automated income since July 6,
2016. You've got to start taking steps to achieve your goal.

[tonysilke]

So much knowledge! Absolutely free! I was never taught anything about money, I am praying and working to change that. I am 46 no retirement no savings because I made a lot of mistakes when I started investing, trying to correct that now. Already have a few thousand$ saved up to invest for long term. I would like to know what advice you could give to start my investing journey. Listening to you gives me inspiration and wisdom. Thank you so much!

[AdventureBusinesses]

I started a company with nothing but an idea.
Lost everything during covid. Pivoted. Built a proof of concept. Made my first sale. 18 months ago we opened our doors. Became the busiest axe venue in the country. Have had 70k customers. 75M views on social media. And already done 1M+ of revenue.

Its a fun story.

[DarleneMurphy]

What are the best strategies to protect my portfolio from a crash? I've heard that the market crash will devastate the financial market, so I'm concerned about my $200k portfolio.

[Gladys_smith]

I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.

[natanribeiro]

🎯 Key Takeaways for quick navigation:

00:00 🎯 Daniel Priestley discusses his background and how he built multiple companies without having specific skills, emphasizing his role as an "organizing force."
00:28 💡 The episode covers the entrepreneur journey from 0 to 10K, then 10K to 100K, and finally 100K to a million dollars a month.
00:43 🛠️ Frameworks will be discussed to help people at different stages of their business careers, including the four different types of products.
01:11 🌟 As a key person of influence, you should focus on what only you can do, rather than running your business.
02:21 🌍 Discusses the changinglandscape of work and how people are increasingly dissatisfied, making entrepreneurship an appealing option.
03:30 🏗️ Entrepreneurship is likened to building Lego, following specific steps to reach the end goal, demystifying the perceived risk.
04:56 ❗ Distinguishes between trading and entrepreneurship, noting that trading is a zero-sum game, whereas entrepreneurship allows for value addition.
06:31 🎲 Talks about de-risking entrepreneurship by going through a process of discovery to find unmet needs in the market.
07:54 🎓 Critiques the education system for preparing people for a world that no longer exists, making them ill-suited for entrepreneurship.
10:24 💰 Defines entrepreneurship as a pursuit of commercial success, involving risk and organizing resources beyond your control.
12:58 🤔 Challenges the idea of being a 'solopreneur, ' emphasizing the limitations of not having a team to scale the business.
15:18 📝 Introduces the 'CHAOS' framework for aspiring entrepreneurs: Concept, Audience, Offer, Sales.
19:19 🧠 Entrepreneurs often seek to recapture early moments of empowerment from their youth.
19:47 💻 Coding and creating websites were cited as a specific empowering moment.
20:44 🦸‍♂️ Origin stories can be positive or negative but are foundational for entrepreneurs.
21:38 💼 The concept of "business" became empowering during a garage sale experience.
23:03 💲 Successful entrepreneurs aren't solely motivated by money; it runs deeper.
23:47 ⚠️ Entrepreneurship is not for everyone and can be stressful.
24:45 🛠️ Gain experience by working in a small business first.
30:22 🎯 Discusses the difference between a business "vision" and "mission."
31:19 🎓 Students are not an ideal market because they prefer to throw time at problems rather than money.
32:00 💡 Test business ideas quickly and cheaply; an idea can start as a page of notes.
33:51 📈 A good product should offer a clear 10-to-1 return on investment.
37:50 🚫 Food-related businesses can be capital-intensive and hard to scale.
38:43 🛑 Daniel Priestley advises against launching a productivity app without significant capital due to the "J curve" in finances.
39:10 📊 Validate your business idea with low-cost methods, like hosting a Zoom event or setting up a scorecard for potential customers.
40:34 📣 Use various platforms like Instagram and LinkedIn for customer outreach and validation.
40:48 📉 Explains the "J curve" in business, describing how some businesses lose money before they start to make money.
44:05 💼 Differentiates between sales businesses and volume businesses, suggesting the former are better for beginners.
45:31 🚨 Warns against low-ticket, high-volume businesses that require a large team and significant scale to be profitable.
50:13 💰 Focuses on the wealth distribution, advising businesses to target high-income individuals for better ROI.
54:31 🎯 Emphasizes the need for a business model that can generate at least $10, 000 per month, ideally through high-ticket sales.
56:37 ❌ Highlights the importance of ruling out business ideas that don't meet stringent criteria for scalability and profitability.
57:19 🤝 Recommends presenting your offer in person to gauge customer reactions better and improve your product.
57:48 📱 Tech entrepreneurs should be hands-on with potential clients to understand their needs and preferences.
58:29 🚫 Online interactions may not provide sufficient customer insights; face-to-face meetings are essential.
58:57 📊 Conduct at least 30 sales meetings to gather statistically significant data on customer reactions.
01:00:08 ⚒️ Refining your product is an iterative process, like a blacksmith sharpening metal.
01:00:33 📝 Take detailed notes after each customer meeting to understand likes, dislikes, and potential areas for improvement.
01:01:28 🤝 Entrepreneurship is about organizing forces; you don't have to be the expert in the service you're selling.
01:03:19 🎯 The entrepreneur's role is to be the organizing force, not necessarily the one doing the work.
01:04:56 🛒 Sales should not be viewed as a "dirty word"; it's a valuable skill involving listening and understanding.
01:09:55 📈 Use the LAPS (Leads, Appointments, Presentations, Sales) model for a systematic approach to sales.
01:15:35 💡 Capitalism is fundamentally about mutually beneficial transactions; both parties should feel they're getting a good deal.
01:16:47 🎯 Focusing on the right target audience is crucial for sales, and worrying about this shows you're a responsible player in the market.
01:17:15 👥 At 10K a month, your team is likely 2-4 people, including roles like sales, customer service, and administration.
01:18:25 🧩 When hiring, look for "Rebels and misfits" who don't fit the usual molds but have good attitudes or unique talents.
01:20:20 💬 Team chemistry, even in remote settings, is vital for communication and motivation.
01:22:58 🌟 To scale from 10K to 100K a month, become a "key person of influence" and expand your reach through multiple channels.
01:24:50 👥 Personal brands drive businesses; examples include Steve Jobs for Apple and Bill Gates for Microsoft.
01:27:09 📚 Publishing content like books can help establish you as an authority and drive business growth.
01:28:20 📦 Diversifying your product range is crucial, including gifts, core offerings, and subscriptions.
01:31:35 💰 When scaling, recurring revenue stacks up quickly, especially when targeting high-paying clients like doctors.
01:35:06 🏢 Businesses can have multiple revenue streams; the key person of influence is the centerpiece that attracts customers to these streams.
01:37:10 🎯 Importance of targeting your audience by going to their specific conferences instead of industry-related events.
01:38:06 🏈 The 'Quarterback' model: The key person of influence throws opportunities to the team, helping the business to thrive.
01:39:00 ☕ Running a business doesn't require a high-profile manager; even young people manage multi-million dollar businesses like Starbucks.
01:40:10 🕒 Once you reach a certain revenue, you should focus on higher-impact tasks and delegate day-to-day operations.
01:41:06 📊 Importance of having a dashboard for monitoring key business metrics.
01:43:12 📚 Your high-value tasks as a key person of influence are content creation, like writing a book or doing a podcast.
01:45:04 📈 Owning multiple businesses can be less stressful than owning just one.
01:49:11 👥 Team dynamics change around the 13th employee, leading to a need for sub-teams and more complex management.
01:51:09 🏜️ "Crossing the desert": The phase where a business is too big to be small but too small to be big, requiring crucial decision-making.
01:56:01 🛠️ Modern assets for productivity are typically digital, such as intellectual property, media, or software.
01:57:09 💼 The assets of a business, such as media, intellectual property, and software, contribute significantly to productivity.
01:58:17 📚 Intellectual property can manifest as methods, recipes, or data, and is crucial for scaling.
01:59:43 🤖 A scalable business model requires fewer people as it grows, focusing instead on leveraging assets like software.
02:01:04 🤝 Partnerships can offer a scalable way to grow, especially when combined with intellectual property and media.
02:03:18 📈 Companies can scale by having teams of teams focused on different functions, products, or markets.
02:06:04 ⚖️ Some businesses scale easily while costs remain low, unlike industries like childcare where costs scale with the business.
02:08:12 💡 A ventures model, involving partnerships and equity, can offer significant upside while still maintaining a lean team.
02:12:36 🤑 In finance, scaling is easier and can involve large sums with comparatively small teams.
02:14:15 📊 Companies often sell for multiples of their profit or revenue, providing a fast route to significant gains.
02:16:51 🎯 Being a key person of influence in a business ecosystem can pave the way for other roles and opportunities.
02:17:18 🚀 Entrepreneurship is not an easy path but the payoff can be huge, potentially earning in one deal what many earn in a lifetime.
02:17:58 😓 The downside of entrepreneurship includes stress and complexity.
02:18:11 🥕 Entrepreneurial life is motivated by "bigger carrots and bigger sticks, " meaning both the rewards and the risks are greater.
02:18:53 💡 The speaker is driven by the potential and the camaraderie of his current software business.
02:20:13 💲 Entrepreneurship isn't just about the money; it's about the game and the identity associated with it.
02:21:37 📈 Business success is a scoreboard for validation; it's crushing when someone cancels a subscription.
02:23:15 ⚖ Life is a series of trade-offs, especially when balancing freedom and family commitments.
02:24:38 🏠 Life moves in chapters, and clinging to a past chapter can lead to unhappiness.

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[codeblue]

Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.

[jencottes]

This was excellent! Thank you for giving us solopreneurs / entrepreneurs so much value. It’s often difficult to understand what the road ahead could look like. Having this framed is so valuable and allows me to plan and stay in my phase as I incrementally grow into the next one with a solid foundation behind me. ❤❤❤

[rimshamustafa]

ali always asks the most relevant and best counter questions
the moment something comes up in my mind he asks that question within the next minute
i love this

[austinandriese]

This was a phenomenal breakdown of entrepreneurship 👏🏼. I love Daniel and his mission. Excited to read his books

[simyeeeee]

Daniel is great! So many valuable insights for entrepreneurship, love it.

[guiller]

Your stories and advice are so valuable; thank you so much!

[jenniferlucas]

If you wanna be successful, you most take responsibility for your emotions, not place the blame on others. In addition to make you feel more guilty about your faults, pointing the finger at others will only serve to increase your sense of personal accountability. There's always a risk in every investment, yet people still invest and succeed. You must look outward if you wanna be successful in life.

[brankelly]

Legend legend LEGEND Daniel !! More golden learning in this one video than my ~2 years of youtube videos, podcasts and vlogs. Maybe it's just so well structured and direct. Appreciate this so so much Ali and Daniel.

Wish you both continue to grow tremendously and live happy and fulfilled lives!

[robertsprasath]

Ali's interviews are right on the money! There are different interviews of Daniel but this one really strikes to the point and keeps engaged even though its a long interview.