Got any plans for this weekend? Noah Kagan is about to clear your schedule. The serial entrepreneur sits down with me in this latest podcast to talk all about the hacks for success he learned from building million-dollar businesses from the ground up. Spoiler alert: they’re easier to implement than you think. Keep reading for a rundown of our discussion and the top takeaways you can start using today.
Defining Your Freedom Number: Decoding How Much Money You Really Need
Believe it or not, most people don’t want to have to work a dead-end job only to make enough to barely scrape by. That’s a choice of perceived force in the world we live in. Something that might be escapable, if only we had enough resources at our disposal to build a better reality.
For many, this starts with a dream. The only problem is funding it. For those of us who aren’t born into riches, not having the financial means to pursue our ambitions can be a major setback. It’s not insurmountable, though, says Noah, who has personally walked the journey of self-made success several times over. You just need to be serious about getting things off the ground.
This starts with identifying what he calls a “freedom number”. It represents the total amount of money needed to overcome whatever fears and logistical barriers are holding you back from pursuing your passion. That crappy day job will be a lifelong reality if you don’t start earning on the side.
Surprisingly enough, most people’s freedom number is quite attainable. Having seen tens of thousands of cases firsthand, Noah says it averages around 3,000 bucks a month. Once hit, that benchmark serves as a safety net to cushion the jump from unfulfilling employment to 100% self-reliance.
Identify Existing Demand and Satisfy It
To reach your freedom number, you need to identify a market demand that already exists and provide a solution for it. This will ensure that there is a ready audience for your product or service, making it easier to generate income.
Start by thinking about your own skills, interests, and experiences. What problems have you faced in your life that could potentially be solved by a product or service? Think about the problems that your friends, family, or colleagues have encountered as well. It’s the twenty-first century, and there’s a solution for almost everything.
Now, Not How
From being employee number 30 at Facebook to founding AppSumo and Okdork.com, his entrepreneurial career is a mixed story of setbacks and steps forward. His best advice for aspiring successes?
“Just start, man. It’s never too late. He says. “All you have to do is start, start today, and then keep starting and starting until you finally get that thing working.”
Think: what can you do right now? Dwelling on the potential of ideas is often what slows down their realization the most. Even if things aren’t perfect, getting something out there is crucial to establishing the confidence and momentum needed to keep going. You might not start out with much or even feel qualified enough to hit ‘go’, but that doesn’t matter.
“Even as I started Million Dollar Weekend, I was like, ‘Yes, I’ve started up Sumo.com… I’ve started TidyCal. com, I’ve done Gambit. com… I’ve done all these companies that have done well, and a lot that haven’t done well. And I was still insecure. Like, is there someone else that can do it better?”
The answer is maybe. What matters is acting on the business idea first. Their work doesn’t have to be perfect in order to succeed, they just have to take action. Noah uses the mantra “now, not how” to define this state of mind.
Building Courage and Confidence by Starting Small
With the importance of starting being stated, Noah emphasizes the fact that our first steps don’t have to be big. Starting small is in fact the best way of gauging your own skills and capabilities. It’s a chance to explore potential avenues and develop new skills before diving into a potentially larger, more complex venture.
Family and friends offer a perfect opportunity for this kind of small-scale experimentation. They are a safe and supportive environment where one can test ideas, gather feedback, and refine processes without the fear of failure or judgment from strangers.
This not only allows for growth but also builds courage and confidence. When one sees that their ideas and actions can be successful even on a small scale, they are more likely to take bigger risks in the future.
Use the Law of 100 for Persistent Success
Of course, some of us have no trouble getting started with new business ideas. The challenge is sticking with them long enough to see success. Noah follows the “law of 100” to help him avoid quitting too soon. Essentially, it’s about committing to doing something at least 100 times before giving up on it. This way, you have enough information and experience to make an informed decision about whether or not it’s worth continuing.
This principle can be applied to various aspects of the creative field. For example, if you’re a photographer, challenge yourself to take 100 unique photos and share them on social media. This not only helps you hone your skills but also serves as a way to showcase your work and attract potential clients.
The top takeaway everyone should have from my conversation with Noah Kagan is this: business success isn’t reserved for the rich and well-resourced. It simply sits behind a veil of hard work, persistence, and a willingness to take risks. The most important thing is to start now and keep pushing through the challenges that come your way. I highly recommend reading Noah’s new book, ‘Million Dollar Weekend‘, for full insight into his journey and strategies.
Enjoy!
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