5 Golden Nuggets from an Event with Millionaires and Influencers ๐
Issue #102: Five Priceless Lessons I Learned at an Exclusive Event. $825 Million-Dollar Advice. The Most Powerful Word in The World.
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๐ก Here are 3-ideas to help you learn, grow, and be inspired this week!
๐ย Learn
Last week, I hung out with millionaires, internet celebrities, and a few billionaires in Victoria, Canada, for two days.
I had a bit of imposter syndrome when I signed up for this event. But the experience and wisdom I gained from the people there blew my wildest expectations.
As you know, Iโm an obsessive note-taker. I took tons of notes because every minute, someone at the event was dropping some golden nuggets.
Iโll share some of those big and small wisdom nuggets in today's issue.
Nugget #1: Storytelling is a Very Powerful Skill, Especially for Businesses
Matthew Dicks is one of my favorite authors and an amazing storyteller. He convinced me (and everyone in the audience) that storytelling is the most powerful way to make your brand loveable and memorable. If you want to see and feel the magic of storytelling, watch this.
Resources to Learn Storytelling:
Book: Storyworthy by Matthew Dicks.
Book: Stories Sell by Matthew Dicks (This is Matthewโs new book; I highly recommend it to all founders).
Read my tips on storytelling onย step #9 from my guideย to public speaking.
Nugget #2: Gut Feeling is a Reliable Guide to Decision Making
If youโve read my checklist for decision-making, you know Iโm very analytical in my approach. I love my process because it gives me the confidence to make good (and sometimes fast) decisions.
However, many successful people at this event shared that they reasonably rely on their gut feelings (instincts) in key decisions, which helped them make (or save) millions of dollars.
After this realization, Iโve decided not to ignore my gut feeling when making critical decisions. In fact, Iโll put it on top of my checklist.
Situations to Trust My Gut Feeling:
When I donโt have the time and means to gather all the evidence.
When it doesnโt cost much to act.
When itโs a two-way door, meaning I can easily (with some effort) reverse the decision.
Nugget #3: Undervalued (Arbitrage) Opportunities are the Best Growth Hacks
The โinnovatorโ in me gets very excited about big, innovative, hot business ideas, like AI and Electric Cars.
There are a few problems with big, popular ideas:
They require big time and money investments.
The failure rate is high because you need to figure out the right business model.
It can be very crowded and competitive.
On the other hand, there are several boring, undervalued, un-sexy, but highly profitable businesses (with lots of upsides) opportunities that donโt get any spotlight. Here is an example of this type of un-sexy multi-million dollar business.
Finding and focusing on this kind of arbitrage is the best hack to grow in 2024.
Nugget #4: First Build Audience and Then Build Business
One big lesson I learned last year is that we should first build an โaudienceโ and then a โproduct.โ
I met several internet celebrities who first focused on building an online audience (followers and subscribers), and then they launched their products and businesses.
I think that is a very smart, best, and sure way to grow an online business in 2024 and beyond. Here is how it works:
Traditional Startup Journey: Build a Product โ Find Customers
2024 Startup Journey: Build an Audience โ Build a Product
Nugget #5: Pricing is One of the Most Powerful Growth Levers for Business
Warren Buffet recouped all his investment within a few years of buying โSeeโs Candyโ in 1972.
Do you know how?
He just did one thing - increased the price of candy every year.
Here are three business growth levers:
Operation Efficiency: Focus on improving team productivity to increase profit margins.
Customer Growth: Focus on selling more units and acquiring more customers.
Pricing Creativity: Focus on optimizing your product pricing (rate of service) and growing.
Pricing is the most underrated growth lever.
Here are 3 tips to leverage this lever:
If you are running any discount, cut it in half.
Offer some kind of add-on to existing customers, like priority support.
Review (and revise as needed) your pricing every 3 months.
Here are a few Small Nuggets:
An A-player in the team is 3x more expensive but 10x better than your C-player.
People are successful for different reasons but miserable for the same reasons.
What nerds do on weekends, we all do eventually. Donโt ignore nerds!
Diversification will keep you rich but will not make you rich.
๐ย Growth Tip
Watch this video if you want to learn how to build (and grow) a successful business. Here is what (and more) you will learn.
How to build an MVP?
How to Get Your First 100 Customers?
๐คฉย Inspiration
โI amโฆ โ is the most powerful word in the world.
I am an investor
I am a writer
I am a failure
Whatever you say repeatedly after "I am..." shapes who you become.
Choose your words wisely!
Anil
May the Peaceful Growth be with you! ๐ชด
I am inspired! ๐
The storytelling tip from Matthew Dicks is powerfulโI'll be diving into his books. Trusting gut feelings in decision-making and focusing on undervalued opportunities are refreshing perspectives Iโm excited to apply. Building an audience before a product and optimizing pricing regularly are game-changing strategies for 2024. Thanks for the wisdom and inspiration.