The video titled "Entrepreneurship Masterclass: How to Make $10k - $1M per Month" with Daniel Priestley discusses the frameworks and principles for success in entrepreneurship. It emphasizes the importance of finding unmet needs in the market and providing value. The video covers topics such as demystifying entrepreneurship, transitioning from solopreneur to building a team, managing people, the CAOS framework (Concept, Audience, Offer, Sales), and the LAPS framework (Leads, Appointments, Presentations, Sales). It also explores the importance of establishing oneself as a key person of influence, owning multiple businesses, and strategies for scaling from $100k to $1 million per month. The video concludes by highlighting the motivation and fulfillment that comes with playing the game of entrepreneurship.
Most popular guest on the podcast. Why?
The most popular guest on the podcast is Daniel Priestley, who discusses entrepreneurship and how to make $10k to $1M per month. The episode covers different frameworks and principles for success at different stages of a business career. The guest emphasizes the importance of focusing on what you're good at as a key person of influence. The video aims to demystify entrepreneurship and provide a clear roadmap for listeners.
Demystifying entrepreneurship
Demystifying entrepreneurship involves finding unmet needs in the market and providing value, but this can be challenging as most market needs are already met. The education system, designed for the Industrial Age, does not teach the necessary skills for entrepreneurship. However, steps can be taken to de-risk and demystify entrepreneurship.
Key points:
- Trading is a zero-sum game, while entrepreneurship involves finding unmet needs and providing value.
- Most market needs are already met, making it challenging to find unmet needs.
- The traditional education system does not teach the skills necessary for entrepreneurship.
- Steps can be taken to de-risk and demystify entrepreneurship.
Why is entrepreneurship so alien to the way most of us were educated?
Entrepreneurship is different from traditional education because it focuses on creating solutions for existing problems, rather than developing skills to fit into an employer's needs. In the digital age, entrepreneurship allows for creativity, innovation, and specialization. Entrepreneurs prioritize understanding customer wants and needs, and bring together various components to provide a complete solution. The goal of entrepreneurship is to achieve commercial success and make money.
Key points:
- Entrepreneurship involves making money through commercial success, taking risks, and organizing resources beyond one's control.
- Entrepreneurs enroll others to join their team, invest in their venture, and buy unproven products.
- Solopreneurs do not organize a lot of human labor and their businesses are heavily reliant on their personal involvement.
- Entrepreneurship requires individuals to take on multiple roles and responsibilities simultaneously.
- Solopreneurs face the challenge of managing everything on their own, making it a precarious and never-ending task.
- Once successful, it becomes difficult to switch off from the constant demands of running a business.
Entrepreneur vs solopreneur
The most profound aspect of the text is the importance of transitioning from being a solopreneur to building a team as the business grows.
- Transitioning from being a solopreneur to building a team is crucial as the business grows.
- Managing and organizing a team can become complex and challenging.
- Having a self-organizing team and specializing in high-value tasks is beneficial as an entrepreneur.
Managing people
Managing people in the context of entrepreneurship involves building a self-organizing team of around eight people. To achieve success, entrepreneurs should focus on the process of making $10k - $1M per month. The "CHAOS" framework, which stands for concept, audience, offer, and sales, is introduced as a guide for developing a successful business idea.
0 to 10k a month
Starting a business and making $10k to $1M per month involves choosing between a lifestyle business and a performance business.
Key points:
- Lifestyle business: small, fun, freedom, flexibility, no debt or investors
- Performance business: growth, scalability, potential for higher profits
CAOS framework - Concept
The CAOS framework, discussed by Daniel Priestley, emphasizes building a valuable business. Key points include:
- Choosing between a lifestyle business or a performance business
- Aligning your business with your background and passions
- Having an origin story that connects to your business
OMV - Origin story, mission and vision
The origin story, mission, and vision of OMV (Origin, Mission, Vision) involve moments of empowerment and independence at a young age, which drive entrepreneurs to recreate that feeling through their ventures. This desire to create and share aligns with platforms like YouTube. The importance of having an origin story for a business is emphasized, as well as the need to gain experience and understand the intricacies of running a business. The speaker discusses the concepts of origin, vision, and mission, using the example of World War II to illustrate the difference between vision and mission. The video also highlights the importance of standing out as an entrepreneur, solving problems that people are willing to pay for, and testing business ideas quickly and cheaply. The speaker emphasizes the importance of delivering a return on investment for customers and offers examples of how the YouTuber Academy provides a clear return on investment. The video also discusses the concept of generating business ideas and testing them, as well as understanding the return on investment for a product.
Example 1
Using WhatsApp groups as a marketing tool allows for gathering a specific target audience. In the example, a friend created a WhatsApp group for family office managers to connect with each other and promote his product.
- WhatsApp groups can be utilized as a marketing tool to gather a specific target audience.
- Creating a WhatsApp group allows for connecting individuals with similar interests or professions.
- The example showcases how a friend used a WhatsApp group to connect with family office managers and promote his product.
Example 2
- Using WhatsApp groups, quizzes, and events can be effective strategies for building a successful business.
- Entrepreneurs have successfully utilized these methods to attract and engage a large number of people.
- Starting a food business, such as a burger van, is not advised due to its capital-intensive nature and limited scalability compared to software-based businesses.
What is a J-curve business?
The J-curve business model requires a significant upfront investment before generating profits. Key points include:
- Initial tests can be done at a low cost or for free to validate business ideas.
- J-curve businesses typically make high-volume sales of over a thousand dollars.
- Examples of J-curve businesses include building a productivity app or targeting a niche market.
- Selling high-ticket, low-volume products or services allows for greater scalability and profitability.
- J-curve businesses involve significant setup costs, unlike service-based businesses.
A - Audience
- Building an audience is crucial for successful entrepreneurship
- Identify a target audience and create a product or service that meets their needs
- Platforms like Shopify help reach and sell to a wide audience
O - Offer
The most profound aspect of the text is the importance of creating a clear and scalable business model.
- Creating a clear and scalable business model is crucial for success in entrepreneurship.
- Constructing a compelling offer and engaging with customers directly is essential.
- Understanding customer reactions and preferences is key to delivering value.
- Building a successful business requires getting close to customers and delivering value.
Example 3
- Being hands-on with clients in the early stages of a business is crucial for success.
- Understanding how potential clients react to the product or service is important.
- Flexibility to accommodate client preferences and requirements is necessary.
Example 4
The importance of conducting sales meetings with potential customers is emphasized in the video. The speaker shares their personal experience of launching a product and conducting numerous sales meetings to gather data, refine the product, and improve the sales process. Key points include:
- Need for at least 30 sales meetings to obtain meaningful data
- 150 meetings for a higher level of statistical significance
- Taking detailed notes during meetings to identify customer preferences, value propositions, and areas for improvement.
S - Sales
The most profound aspect of the text is the importance of being an organizing force in sales entrepreneurship, rather than focusing on specific skills.
- The entrepreneur's role is to understand the customer's needs and bring together the necessary people to fulfill those needs.
- The first step in making money is to have a clear concept, audience, offer, and sales strategy.
- Sales is often seen as a scary and dirty word, but the key is to approach it professionally by asking great questions, giving guided advice, and doing thorough research.
- Sales is a valuable skill that can be used in any profession.
- It involves listening, understanding, and making sensible recommendations to meet the customer's needs.
- The goal is to create a path of least resistance between the customer's current reality and their desired reality.
LAPS - Leads, Appointments, Presentations, Sales
- The LAPS framework stands for Leads, Appointments, Presentations, and Sales.
- It is compared to being a doctor, helping customers transition from current to desired reality.
- Understanding customer needs and providing solutions is crucial in sales.
- LAPS framework offers a clear path for entrepreneurs to achieve desired outcomes.
Entrepreneurship vs day jobs
Entrepreneurship vs day jobs: The video emphasizes the need to stop certain behaviors to succeed in entrepreneurship. It introduces the concept of a treatment plan in sales and challenges the adversarial nature of sales. The speaker acknowledges the expectation of combative sales situations but admits to never experiencing it personally.
Would you be disappointed if your kids got a “real” job?
The most profound aspect of the topic is whether parents would be disappointed if their children pursued traditional jobs instead of becoming entrepreneurs.
Key points:
- The video discusses entrepreneurship and making a significant amount of money per month.
- Apple Geniuses are mentioned as an example of a positive experience in a traditional job.
- The key to success is coming up with a concept that can be charged at $2,000 and landing five clients per month.
- The importance of learning how to generate leads, book appointments, make presentations, and close sales is emphasized.
Should we feel bad about being part of the capitalist system?
Should we feel bad about being part of the capitalist system?
- The allure of stability and enjoyment of spare time activities in the capitalist system
- The potential for entrepreneurship to make $10,000 per month
- The extra work, stress, and responsibility that comes with entrepreneurship
- The suggestion that entrepreneurship is done reluctantly to bring something to life in the world
- Tips and resources for those in the 0 to 10K a month bracket in entrepreneurship
- Emphasizing the importance of curiosity, embracing critics, and not taking things personally
- Approaching entrepreneurship as a scientist conducting experiments and being open to failure
- Acknowledging emotional feelings about money and selling, but encouraging overcoming them.
10k-100k a month
- The video explores the potential to earn $10k - $1M per month through entrepreneurship
- It highlights the advantages of capitalism and the concept of marginal utility
- Both the business owner and the customer can benefit from a transaction
How to find the right people for your business?
Finding the right people for your business involves creating transactions where both the buyer and seller are satisfied. This requires selling products or services that work and provide value to the customer, targeting the right audience, and ensuring affordability and genuine desire for the offering.
- Create transactions where both buyer and seller are satisfied
- Sell products or services that work and provide value
- Target the right audience
- Ensure affordability and genuine desire for the offering
Remote vs in-person work
Remote vs in-person work:
- Remote work allows for flexibility and eliminates the need for a physical office space.
- In-person work promotes face-to-face collaboration and can lead to stronger team dynamics.
- At the $10k per month revenue level, a small team of 2-4 people is typically sufficient.
- Roles in this team may include a salesperson, customer service or fulfillment personnel, and possibly a bookkeeper or administrator.
- Scaling up to $100k per month may require additional team members.
Freelance, part time or full time?
- Freelance work can be done either part-time or full-time.
- The video explores the pros and cons of both options.
- Networking and referrals are crucial for finding clients and launching a business.
How to pitch the job to people?
Finding the right people for a job requires seeking out rebels and misfits, rather than relying on personal connections or chance encounters. For example, someone with a positive attitude while working at McDonald's could be a great fit.
Key points:
- Look for rebels and misfits when pitching a job to people
- Avoid relying solely on personal connections or random encounters
- Consider individuals with positive attitudes in unexpected places, such as fast food jobs
What skills are you looking for?
- Importance of finding the right people for a startup
- Hiring individuals with unique circumstances
- Rebels and misfits can bring valuable skills and perspectives
Establish yourself as a key person of influence
Establishing yourself as a key person of influence involves building a strong personal brand and focusing on your unique skills and expertise. Here are the key points:
- Importance of team vibes and chemistry in a remote or in-person work environment
- Building chemistry through quarterly meetings, Zoom calls, slack channels, WhatsApp groups, and dinners
- Hiring freelancers or employees based on passion and alignment with the business
- Attracting rebels and misfits in the early stages
- Transition from one-to-one sales to group engagement for scaling up
- Richard Branson as an example of a key person of influence with millions of followers
- Building a personal brand that sets you apart from others
- Becoming a recognized authority in your field to attract a large following and gain influence.
4 types of products
- Personal branding has a significant impact on business success
- Influential individuals can double the size of a restaurant by associating themselves with it
- Many well-known brands are built around the personal brand of a key individual
- Individuals with a strong personal brand can greatly impact the growth and success of a business
Example of web design agency
Establishing oneself as a key person of influence in entrepreneurship is crucial for success. A web design agency serves as an example of how this can be achieved. By being the face of the business, publishing content, and expanding the product range, the agency was able to generate significant revenue and establish a strong presence in the industry. The agency offers different types of products, including gifts, products for prospects, core offerings, and products for clients. By providing ongoing services and support, the agency can make $10k - $1M per month. The goal is to increase revenue by acquiring more clients and offering additional services.
The Eiffel Tower metaphor
The Eiffel Tower metaphor illustrates the concept of becoming a key person of influence in a specific niche to achieve success in entrepreneurship. This involves specializing in a particular industry, establishing a strong personal brand, and attracting clients who are willing to pay premium prices. Recurring revenue and scaling the business by targeting additional markets are also emphasized. The metaphor further highlights the importance of creating a product ecosystem, where a range of complementary products or services attract customers. Building a personal brand that acts as a central figure, with multiple businesses or products supporting it, increases the likelihood of success and profitability.
Find someone to run your business
The most profound aspect of the topic is the importance of finding someone to run your business.
Key points:
- Successful entrepreneurs like James Hoffman and Mr. Beast have built multiple businesses by leveraging their large following and influence.
- Being a key person of influence can lead to the opportunity to have multiple businesses and achieve significant financial success.
- The speaker shares their own experience of having multiple seven-figure businesses with tens of thousands of followers.
- Finding someone to run your business allows you to play a much bigger role and potentially build a multi-billion dollar empire.
What does running a business involve?
Running a business involves actively engaging with the market, speaking at events, and leveraging opportunities. The key person of influence acts as the quarterback, throwing opportunities to their team who then implement them in the businesses. The key person of influence does not need to personally run all the businesses, but rather has someone who can effectively manage them. Finding someone to run the business is not difficult, as demonstrated by the example of Starbucks.
Key points:
- The key person of influence plays a crucial role in running a business by actively engaging with the market, speaking at events, and leveraging opportunities.
- The key person of influence delegates the day-to-day operations and management of the business to someone who can effectively run a business, such as a manager or executive assistant.
- Tasks like organizing team meetings, setting goals, monitoring progress, solving problems, and handling financial control should be delegated to the appropriate individuals.
- As the business grows, additional roles like a financial controller may be necessary.
- Running a business involves various tasks such as sales, marketing, operations, finance, and leadership.
- Entrepreneurs need to be proactive, resourceful, and able to handle multiple responsibilities.
Owning multiple businesses
Owning multiple businesses can be easier than owning just one by hiring great people and trusting them to run the businesses, allowing the owner to focus on finding new opportunities. This approach provides more flexibility and less obsession over one business.
Growing to 100k and above
Growing a business to 100k and above involves multiple strategies and challenges. Here are the key points to consider:
- Having multiple businesses within a larger business allows for a more hands-off approach, with the owner focusing on numbers and letting each team handle their responsibilities.
- Becoming a key person of influence and leveraging one's brand can lead to becoming an equity stakeholder in multiple businesses.
- Managing a team of 12 people is manageable, but once it reaches 13, maintaining cohesion becomes difficult. An executive team structure is needed when the team reaches around 40 people.
- As the team grows, leaders and managers are necessary to handle increased complexity. Regular in-person meetings help to stay connected and aligned.
- Two growth options are scaling back and focusing on core strengths or building a massive business with a team of YouTubers and multiple products.
- Managing external influences such as investors, debt, and partners is crucial as the business grows. Assets, both physical and digital, play a significant role in boosting productivity.
- Intangible assets like intellectual property, media, and technology are important for productivity. Customer support capacity should be increased without relying too heavily on freelancers.
- Intellectual property can be in the form of a method or recipe, media can be recorded videos, and software can automate tasks. Selling a high-value video course can be a valuable asset.
Getting from 100k to 1 million a month
Strategies to go from earning $100k to $1 million per month in entrepreneurship:
- Offer a high-priced accelerator package with one-on-one coaching sessions
- Create a reservoir of vetted coaches and use a software system to match clients with coaches
- Certify coaches with a large following on YouTube and train them in the business methodology
- Emphasize the importance of supply and demand and consider the affordability of $10k for certain individuals
- Have a team responsible for training clients and leverage intellectual property, media, and technology
- Expand into multiple cities or launch additional products to increase revenue
- Understand the specific challenges and costs associated with scaling a business
- Choose a scalable business model and use a ventures model to partner with companies
- Be selective in choosing partnerships to protect your audience
- Use the private equity portfolio approach or raise deal-by-deal finance to build a portfolio of companies
- Leverage past experience and expertise to make new ventures easier
- Build assets such as books and courses to continue growing
- Consider buying and selling companies as a way to scale up faster
Entrepreneurship is a game worth playing
Entrepreneurship is a game worth playing because it offers the opportunity to create a real business that generates significant income. Being a key person of influence involves creating opportunities and having a team that knows how to monetize them. While it may not be easy, the potential payback is huge, with the possibility of earning millions or even more in one hit, surpassing what most people earn in their entire careers.
Key points:
- Entrepreneurship offers the chance to create a profitable business
- Being a key person of influence is important for success
- The potential for high income is significant
Entrepreneurship is a game worth playing because it offers significant upside potential, but also comes with stress and complexity. As an entrepreneur, you have bigger carrots and bigger sticks, meaning greater motivation and challenges. The path is often rough and smooth, with those who put in the initial grit experiencing breakthroughs and scalability. Despite having enough money, entrepreneurs are driven by the desire to build a great company and make a meaningful impact. It becomes a game where there is always something to do, a problem to solve, or an opportunity to explore.
Key points:
- Entrepreneurship comes with motivation and challenges
- The path is often rough and smooth
- Entrepreneurs are driven by the desire to make an impact
Entrepreneurship is a game worth playing, and it's not just about the money. Successful entrepreneurs continue to run businesses because it's their identity and they enjoy the game. Money is like a scoreboard that validates their value creation in the world. They give away a lot, but the value of their products is determined by whether people are willing to pay for them. It's crushing when customers cancel subscriptions, as it feels like a failure in the game. Entrepreneurs are driven to keep playing and improving because they find fulfillment in the game of entrepreneurship.
Key points:
- Entrepreneurship is about more than just money
- Successful entrepreneurs enjoy the game and find fulfillment in it
- The value of products is determined by customer willingness to pay
In summary, entrepreneurship is a game worth playing because it offers the opportunity to create a profitable business, comes with motivation and challenges, and provides fulfillment for successful entrepreneurs.
Resource recommendations
The most profound aspect of the topic of resource recommendations is the importance of having a variety of resources in order to succeed in entrepreneurship.
- Resources can include books, courses, mentors, networks, and experiences.
- Continuous learning and expanding one's knowledge and skills is crucial.
- Entrepreneurs should invest in themselves and their personal development.
- Embrace change and not cling to the past.
- Specific book recommendations include "The Lean Startup" and "The E-Myth Revisited".
- Networking and building relationships with successful entrepreneurs is significant.