Summary Making $1 to $3 million a year is tough because you're in what I call "the swamp." It's hard to get past this because you're stuck with tough choices. Let's say you're making a $400,000 profit. You have two tough choices: either work even more hours or hire someone better than your current team….
Summary There are four main ways to become ultra-wealthy. First, you can use other people's money to invest in other people's businesses, like a fund manager does. Second way is to invest your own money in other people's businesses. Third option is to raise funds by using other people's money to invest in your own…
Summary Filming content is crucial for building a strong brand. It's not just about working out but also about focusing on content creation. Creating a long podcast episode, around 2 to 3 hours, especially with a guest from out of town, can maximize our opportunities to provide value. Planning a YouTube video that includes all…
Summary Many entrepreneurs wrongly believe their business isn't scalable or should be changed to something more scalable. This mindset needs to die because all businesses have inherent challenges when scaling. Service businesses are easy to start and profitable but face challenges when scaling due to human resource constraints. E-commerce and software businesses also have their…
Summary Most people fail because they don't start. This is usually because of a belief issue. They give up before they even begin. Distraction is a big reason people fail after starting. They start many businesses at once, hoping one will succeed. This shows a lack of understanding about how business truly works. When you…
Summary If you aim to build significant wealth, understand that you don't need to own 100% of your company. Even the richest people, like Jensen Wang of Nvidia who owns 4% and Jeff Bezos who owns 9% of Amazon, don't hold total ownership. To create something really big, you need more than just one lifetime….
Summary I've learned that changing things in a business often leads to a 20% decrease in performance. It's crucial to ensure that any changes made offer at least a 20% improvement to justify this cost. Sometimes, not changing anything can still result in a 5% improvement as people get better at their roles over time….
Summary Focus on one competitive advantage to beat 99% of businesses. You can choose from speed, risk, price, or ease. Speed is crucial. Delivering faster than others gives you a strong advantage, and it usually doesn't cost more. Make processes quicker through templates and pre-made items, and increase availability. Be consistent and reliable to reduce…
Summary If you own a business, think about your best employee, your A player. Now imagine if you had five of them. Picture how much more your business could earn. Would you double your income, or even 10x it? By having multiple A players, your company can grow faster and be worth more because it…
Summary When building a brand, it's important to balance reach and depth. Don't sacrifice your values just for more views. Focus on aligning your actions with your brand's goals. If you're a lawyer, for example, dancing on TikTok might not bring you the right customers. Authenticity is key. Do things that truly represent who you…