The Money Making Expert: The 7,11,4 Hack That Turns $1 Into $10K Per Month! This 90 Day Rule Will 10x Your Income! Daniel Priestley
In this episode of The Diary Of A CEO, host Steven Bartlett and guest Daniel Priestley discuss how entrepreneurs must embrace modern strategies to succeed in the Digital Age. Priestley highlights the obsolescence of traditional business models, emphasizing the role of personal branding, scalable digital products, and leveraging technology and data.
The pair delve into the "5 Ps" framework, covering critical topics such as pitching, publishing content, developing scalable products, enhancing one's profile, and forming strategic partnerships. Beyond tactics, they explore the vital mindset shifts required in entrepreneurship: adopting an abundance mentality, building resilience and persistence, and prioritizing well-being for long-term sustainability.
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1-Page Summary
From Industrial to Digital Age: New Rules for Entrepreneurial Success
Economic and Technological Shifts Obsolete Old Rules
Daniel Priestley notes society has transitioned from the Industrial to the Digital Age, rendering old business models infeasible. General-purpose technologies empower individuals with capabilities once reserved for institutions. Old entrepreneurial rules around skilled labor and stable jobs no longer apply.
Entrepreneurs Must Embrace Digital Age Rules to Thrive
Priestley urges entrepreneurs to embrace personal branding, scalable business models, and intellectual property. Marketing requires CEOs to be personable, as personal branding attracts talent and customers. Entrepreneurs use technology, data, and AI to create innovative solutions, not just extract value. Success comes from prototyping with data and leveraging tools like AI.
Building Personal Brand, Platform, and Business Strategies
The "5 Ps": Pitch, Publish, Product, Profile, Partnerships
Daniel Priestley emphasizes crafting a compelling pitch using frameworks like name, same, fame, aim, and game. Steven Bartlett recommends publishing content and testing titles as Facebook ads to gauge interest. Priestley says scalable products leveraging IP beat trading time for money. Boosting your profile via podcasts and social media is key. Strategic partnerships expand reach.
The Importance Of Productizing the Sales Process
Demos and needs analyses can be packaged as valuable products, not transactions. Customer data informs tailored offerings. Positioning the sales process as an enriching experience enhances customer relationships.
Mindset & Psychology for Digital Age Entrepreneurial Success
Embracing Abundance Over Scarcity Mindset
Priestley underscores transitioning from institutional to personal brands. The digital age's democratization of tools unlocks abundant opportunities, as every person is a potential customer. Wealth now stems from innovation, not just economic extraction.
Building Resilience and Persistence in Entrepreneurship
Bartlett acknowledges the emotional rollercoaster, suggesting resilience is needed to find exponential opportunities. He advises focusing on small, consistent actions over grand goals.
Prioritizing Health and Well-Being for Long-Term Success
Bartlett likens health to foundational tectonic plates, noting its underestimation by entrepreneurs. Priestley reinforces health's invaluability, saying without it, other goals pale. Balancing intense work with rest and enjoyment is key for consistency.
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Counterarguments
- While embracing digital tools and personal branding is important, not all successful businesses require a high-profile CEO; some may thrive on the strength of their products or services alone.
- The emphasis on personal branding and CEO visibility may not be suitable for all types of businesses or entrepreneurs, particularly those who value privacy or operate in industries where the product, rather than the founder, is the focus.
- The idea that old entrepreneurial rules no longer apply may be overstated; fundamentals like cash flow management, customer service, and product quality remain crucial.
- The focus on technology and AI may overlook the importance of human elements in business, such as empathy, ethical considerations, and personal relationships.
- The notion that every person is a potential customer in the digital age might be overly optimistic, as it fails to consider market saturation, niche targeting, and the relevance of products to different demographics.
- The concept of productizing the sales process may not align with all business models or customer expectations, particularly in industries where personalized service is valued.
- The advice to focus on small, consistent actions over grand goals might not resonate with every entrepreneur, as some may find success through bold, transformative visions.
- The emphasis on health and well-being, while important, may not acknowledge the real challenges and sacrifices that some entrepreneurs face, especially in the early stages of their ventures.
- The idea that wealth stems from innovation alone may discount the role of execution, market timing, and other factors that contribute to entrepreneurial success.
- The suggestion to use Facebook ads for testing content may not be as effective for all target audiences or industries, especially as social media algorithms and user behaviors change.
- The assertion that scalable products leveraging IP always beat trading time for money may not consider the value of bespoke services or the potential for high-quality craftsmanship that can command premium prices.
- The push for strategic partnerships as a means to expand reach may not be the best strategy for all businesses, especially if it leads to overextension or dilution of the brand.
- The idea that general-purpose technologies empower individuals might not fully account for the digital divide and the fact that access to technology is not equally distributed.
- The notion that old business models are infeasible may not recognize that some traditional businesses continue to thrive by adapting to new technologies without completely abandoning their foundational practices.
Actionables
- You can explore the potential of your ideas by setting up a simple landing page with a service like Carrd or Wix to present your concept and collect email addresses of interested visitors. Explain your idea briefly, offer a sign-up form for updates, and track the number of sign-ups as a preliminary interest metric.
- Start a micro-project by identifying a small problem you encounter daily and brainstorming a digital solution, such as creating a simple spreadsheet tool or a basic web app using no-code platforms like Bubble or Glide. Share your solution on forums or social media groups related to the problem to get feedback and iterate on the design.
- Engage in virtual networking by joining online communities related to your interests, such as Slack groups, LinkedIn communities, or Reddit threads. Actively participate in discussions, offer your insights, and connect with individuals who share your entrepreneurial spirit to foster potential strategic partnerships.
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From Industrial to Digital Age: New Rules for Entrepreneurial Success
Daniel Priestley and Steven Bartlett outline how the transition from the Industrial to the Digital Age requires entrepreneurs to adopt new strategies for success, underlining the obsolescence of old rules and the potential of technology, data, and intellectual property.
Economic and Technological Shifts Obsolete Old Rules
Priestley notes that society was once built for the Industrial Revolution but is now being overshadowed by the digital age, which brings a set of entirely new rules. He explains that people trained for a world where there were once safe jobs now feel in competition with AI and other global forces, which has made traditional business models infeasible.
Industrial Age Career and Business Models Not Viable in Digital Age
Reflecting on the transitions from the agricultural age to the industrial age, and now to the digital age, Priestley points out that general-purpose technologies have empowered individuals with capabilities once reserved for institutions. He asserts that the old model of entrepreneurship, dependent on variables such as geography and venture capital, is giving way to a diverse entrepreneurial landscape unrestricted by these parameters.
Feeling Invisible and Disconnected in a Changing World
Bartlett and Priestley discuss the challenges faced by individuals who, accustomed to old rules, feel invisible in the rapidly changing digital landscape. They suggest feeling disconnected and stuck, particularly those without a personal brand or those in fields like hospitality that may not readily lend themselves to the AI and tech revolution.
Entrepreneurs Must Embrace Digital Age Rules to Thrive
Priestley urges entrepreneurs to step away from old paradigms of skilled labor and embrace the digital age's demands for personal branding, scalable business models, and the innovative use of intellectual property.
Building a Personal Brand and Scalable Business Model
The importance of developing a personal brand is emphasized by Priestley, who explains that, in the digital world, even a small personal brand can generate significant income if connected to the right business. Marketing in the digital age requires CEOs to be personable and authentic, as personal branding is critical in attracting talented people, loyal customers, and keeping investors engaged.
Old Rules of Skilled Labor, Stable Jobs Don't Apply
Priestley portrays the old rules—skilled labor trading time for money—as outdated, contrasting this to the successful practices of entrepreneurs in the digital age who innovate using data ...
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From Industrial to Digital Age: New Rules for Entrepreneurial Success
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Clarifications
- General-purpose technologies (GPTs) are transformative innovations that have broad and profound impacts on economies and societies. Examples include the steam engine, electricity, and information technology. These technologies can reshape entire industries, create new opportunities, and fundamentally change how businesses operate. Adoption of GPTs may initially disrupt existing systems but can lead to significant long-term benefits and productivity gains.
- Prototyping and testing products using data involves creating initial versions of a product to gather feedback and insights from users. Data-driven prototyping helps in refining and improving the product based on real user interactions and preferences. By collecting and analyzing data during the testing phase, entrepreneurs can make informed decisions to enhance the product's features and functionality. This iterative process allows for continuous improvement and increases the likelihood of creating a successful and market-ready product.
- Nvidia's supercomputer, known as the DGX Station, is a powerful AI computing system designed for small teams and individuals. It provides significant computational capabilities for tasks like training deep learning models and running complex AI algorithms efficiently. This technology enables faster development and testing of AI applications without the need for large-scale infrastructure typically required for such tasks. The DGX Station is a compact and user-friendly solution that brings high-performance computing power directly to the desks of researchers, developers, and small AI teams.
- Extracting valu ...
Counterarguments
- While digital technologies are indeed transformative, not all traditional business models are obsolete; many can adapt and integrate digital tools to remain competitive.
- Personal branding is not the only path to success; some entrepreneurs thrive through strong team branding or product-centric approaches.
- The importance of skilled labor may change, but it does not disappear; certain industries still require specialized skills that cannot be replaced by AI or automation.
- The digital divide can exacerbate inequality, as not everyone has equal access to the necessary technology and education to compete in the digital age.
- AI and technology can sometimes lead to job displacement, raising ethical and social concerns that need to be addressed alongside entrepreneurial innovation.
- Intellectual property laws can sometimes stifle innovation and protect outdated business models, which can be counterproductive in a rapidly evolving digital landscape.
- The assumption that all indus ...
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Building Personal Brand, Platform, and Business Strategies
Experts discuss strategies for building a personal brand and becoming a key person of influence using the "5 Ps": Pitch, Publish, Product, Profile, Partnerships, and the importance of productizing the sales process.
The "5 Ps": Pitch, Publish, Product, Profile, Partnerships
Create an Exciting Pitch for Your Idea
Daniel Priestley illustrates the value of a compelling pitch for your business idea. He suggests using a communication framework called name, same, fame, aim, and game to create a powerful pitch. This structure allows entrepreneurs to introduce their business succinctly, highlighting their unique value proposition and vision.
Publishing Content to Build Your Brand and Reputation
Publishing content helps create your brand and reputation. Bartlett’s approach of testing book titles as Facebook ads to see which generate interest exemplifies publishing's potential. He found that running 70 different book titles as ads led to a waiting list where people could express their interest through their email addresses. Daniel Priestley also mentions that books and YouTube channels are valuable resources for publishing content, while Steven Bartlett found that posting a tweet every day grew his educational and communicative abilities.
Scalable Products Over Time-For-money Trading
Daniel Priestley highlights the significance of creating scalable products that leverage intellectual property rather than trading time for money. Examples such as WD40 and Fender guitars showcase successful businesses that found a profitable product and scaled it, suggesting that identifying such products can lead to exponential growth.
Boosting Your Profile Via Social Media, Events, and Media Coverage
Priestley advises entrepreneurs to create content that enables anyone to spend time getting to know them, using various platforms to reach audiences. Engaging with as many podcasts as possible is recommended to disseminate one's business story.
Expanding Reach and Capabilities Through Partnerships and Joint Ventures
Entrepreneurs can expand their reach and capabilities through strategic partnerships and joint ventures. This path allows businesses to collaborate on capital, distribution, or integrate complementary products, and Priestley notes that every micro-niche benefits from key persons of influence that suggest potential for such collaborations ...
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Building Personal Brand, Platform, and Business Strategies
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Counterarguments
- While creating an exciting pitch is important, it's also crucial to back it up with substance. A pitch that overpromises and underdelivers can damage credibility.
- Publishing content is a long-term strategy and may not yield immediate results. It also requires consistent quality and engagement to maintain and grow a brand.
- Scalable products are beneficial, but not every business model can avoid trading time for money, especially service-oriented professions.
- Boosting your profile through social media and events can be effective, but it also requires a significant time investment and may not be suitable for all personality types or privacy preferences.
- Partnerships and joint ventures can be powerful, but they also come with risks such as loss of control and potential for conflict if not managed properly.
- Productizing the sales process can enhance customer experience, but it ma ...
Actionables
- You can refine your business pitch by practicing in unconventional settings like virtual reality environments, where you can simulate different audiences and receive immediate feedback from AI-driven avatars. This allows you to test your pitch in a variety of scenarios and fine-tune your delivery based on the virtual audience's reactions, which can be programmed to represent different demographics and interests.
- Enhance your brand by creating an interactive online quiz related to your industry, which provides personalized results that lead to tailored content you've created. This not only engages your audience but also serves as a data collection tool, giving you insights into your audience's preferences and needs, which can inform future content and product development.
- Transform your sales pr ...
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Mindset & Psychology for Digital Age Entrepreneurial Success
Entrepreneurship in the digital age is as much about technology and innovation as it is about the mindset and psychology of the individuals behind it. Daniel Priestley, along with Steven Bartlett and others, discuss the requisite perspectives for navigating the entrepreneurial landscape of the digital era.
Embracing Abundance Over Scarcity Mindset
Embracing Opportunities in the Digital Age
Daniel Priestley underscores the necessity of transitioning from institutional to personal brands and embracing the abundance of opportunities available due to the democratization of tools and platforms. The conversation covers a mindset shift from scarcity to abundance, recognizing that in the digital age, every individual can potentially be a customer, and the global reach provided by the internet creates power law opportunities.
Wealth Comes From Innovation, Not Just Economic Extraction
Priestley's narrative implies that wealth in the digital age is generated through innovation and new forms of productivity, facilitated by widespread access to advanced technology. The notion that wealth comes from providing special, rare experiences and products to an affluent minority highlights an innovative approach that diverges from traditional business models solely focused on economic extraction.
Building Resilience and Persistence in Entrepreneurship
Embracing the Entrepreneurial "Hell and High Water" Journey
Steven Bartlett acknowledges the emotional journey of entrepreneurship, including the "hell and high water" of ups and downs. Daniel Priestley's decade-long imbalance in favor of work suggests resilience is required to uncover exponential opportunities. They stress the importance of engaging in this journey despite the hardships and inevitable struggles that come with building a successful venue.
Cultivating Consistent Focus on Small Daily Actions
Bartlett advises shifting focus from grand end goals to small, consistent daily actions, such as making one small improvement each day. He points to this as the key to moving forward, a clear call to foster resilience and persistence in the face of entrepreneurial challenges.
Priori ...
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Mindset & Psychology for Digital Age Entrepreneurial Success
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Counterarguments
- While personal branding is important, institutional brands still hold significant value and trust in the market.
- An abundance mindset is beneficial, but it's also important to recognize and navigate market saturation and competition.
- Not every individual can be a customer due to various factors such as market segmentation, product relevance, and economic disparities.
- The global reach of the internet does create opportunities, but it also introduces challenges like cultural differences and regulatory compliance.
- Innovation is a key driver of wealth, but economic extraction remains a reality in many industries and cannot be entirely dismissed.
- Catering to an affluent minority may not be sustainable or ethical in all contexts, and mass-market strategies can also lead to significant wealth generation.
- Resilience is crucial, but it's also important to recognize when to pivot or exit to avoid sunk cost fallacy and personal burnout.
- Small daily actions are important, but without a clear vision and strategy, they may lead to inefficiency or l ...
Actionables
- You can start a micro-podcast series using just your smartphone to share your personal brand story and insights, which can be done in short, daily episodes to engage a growing audience. By using a simple recording app and social media platforms for distribution, you can create a personal connection with listeners and showcase your expertise or passions, gradually building a personal brand that resonates with the digital audience.
- Develop a habit of sending personalized video messages to potential customers or clients using your phone or webcam, which can make them feel valued and increase the chances of engagement. This approach leverages the global reach of the internet to create a more intimate connection with individuals who might be interested in your services or products, turning the vast online space into a series of one-on-one opportunities.
- Integrate short, nature-based ...
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