Lead generation earned him $10.7 million in three years, from 21 to 24 years of age.
Businesses that follow a J-curve, such as tech and restaurants, provide frictionless buying, e.g. a meal at a restaurant. On the other hand, non-J-curve businesses, like consulting, have no overhead and involve a sales process.
School teaches us to be a part of the labor force. When we freelance, we are doing this to ourselves. As an entrepreneur, we are outside this loop, and our focus is on the outcome. Avoid being a component in someone else’s system.
At minute 37, Daniel recounts a story about his mentor having him carry around $1,000. It impacted his view on money and I found it very intriguing. I strongly suggest watching that segment.
Everything is downstream of lead generation
Buying is a wish to close a gap between what we current state and what we want something to be → psychological tension
Get customers through Urgency, logic, emotion
Professor Robin Dunbar, known for his concept of “Dunbar’s number” – the notion that humans can only maintain relationships with about 150 individuals – states that it takes seven hours of contact to develop trust.
From the high times of the 90s to the global financial collapse of 2009, life has changed dramatically, even for Daniel Priestley. Key Person of Influence and Entrepreneur Revolution have ushered in a new era with different rules.
Schools are still largely unprepared for this change, teaching students to be cogs in the machine, components of labor. Nevertheless, the skills used to “cheat” in school, like gathering smart kids to do the work for you, can help create a high-functioning executive team in business life.
Unfortunately, there is still an unhealthy obsession with qualifications. Entrepreneurs need to focus on building assets, such as intellectual property, media, or tech; with no entrance barriers, there’s no MBA, course, or certificate that will allow you to do so. You just need to provide value.
Work-life balance for entrepreneurs
At the start of achieving success, there should be no work-life balance: there is no easy way to achieve ambitious goals. The average successful businessperson begins building their business in their early 40s, and sells it in their late 50s. Life only gets harder after the 20s, so don’t regret starting and grinding in your early years.
As Daniel Priestley puts it: “Life moves in chapters.” Now, he has achieved work-life balance, being able to work little hours, have lunch with his wife, take his kid to and from school, and play video games with them.
But he now sees making money as a way of applying the craft and skills he built over the years to create, buy, and sell businesses.
Mentioned strategies for successful entrepreneur endeavours
- Survey your costumers. You can even do so before creating the asset, so that you personalize it to your target market
- Interest Signaling: Elon Musk and the $100 Deposit for the Cybertruck
- Elon Musk has generated a lot of interest in his new Cybertruck. He’s been doing this through interest signaling by requiring a $100 deposit to reserve a vehicle. This has been an effective way of creating buzz and excitement around the product.
Final Remarks
- Don’t watch the news – spend time watching how amazing the world is right now!
- It’s an incredible time to be an entrepreneur.