A conversation with an aspiring entrepreneur
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Hey friends,
Over the weekend I went to a friendβs birthday dinner where I found myself sat across from a lovely chap in his 30s who teaches Religious Education (RE) at a school in London. The chap (letβs call him John) had seen some of my videos, and as we settled into dinner, he asked with full sincerity: βSo Ali, how do I become successful?β I smiled, settling nicely onto my soap box.
Hereβs how the conversation went.
John: So Ali, how do I become successful? Ali: Haha what does βsuccessfulβ mean to you?
J: Ooh good question. I guessβ¦ right now, it means being able to do whatever I want. Being financially free. Not having to work if I donβt want to.
A: I seeβ¦ that wouldnβt be my personal definition of successβ¦
J: Whatβs your definition of success?
A: Well for me, βsuccessβ is when youβve got a goal in mind and youβre working towards it while enjoying the journey. That means I can consider myself βsuccessfulβ along every step of that journey, rather than just when Iβve βarrivedβ at a particular destination.
J: Haha okay nice thatβs a good definition. Okay so for meβ¦ I guess the goal Iβm working towards is to become a millionaire.
A: Right⦠so to have a £1m in the bank? In what sort of timeframe are we thinking here?
J: If I could have a million in the next 8 years, that would be amazingβ¦ If I had that, Iβd feel totally financially free, and feel like I can do whatever I want.
A: Okayβ¦ For the record, I can basically guarantee that when you get there, youβll set your sights higher than a million, but letβs go with Β£1m for now. So if you want to make a million in the next 8 years, you need post-tax-and-post-expenses income of Β£125k every year for the next 8 years, right?
J: Huh yeah youβre right, I guess Iβve never thought about it in that way by actually doing the calculation lol.
A: All goodβ¦ so weβve got aΒ goalΒ in mind (to get a million in the bank in the next 8 years). Whatβs your current strategy for getting to that goal?
J: What do you mean?
A: A goal is like the destination weβve got in mind, and the strategy is ourΒ planΒ to get there. So right now, your strategy for making money is being an RE teacher in a high school in London. If you continued with this strategy, do you think youβd reach your goal of Β£1m in the next 8 years?
J: Absolutely not (laughing). Nowhere near that.
A: Great! So weβve established that the strategy weβre following isnβt going to get us to the goal weβve got in mind. That means we can either (a) change the goal, or (b) change the strategy. Which would you like to do?
J: Well I really want to be a millionaire, so letβs change the strategy.
A: Okay awesome! So⦠can we brainstorm some possible strategies for getting to £1m in the next 8 years?
J: Huh⦠well I guess I could go into real-estate.
A: You could. But to average Β£125k in post-tax-post-expenses income each year for the next 8 years, youβre going to need aΒ lotΒ of money to get started with real-estate investing. Do you have a load of money to be able to invest?
J: Lol nope Iβve got nothing. Okay so maybe real estate investment isnβt the wayβ¦ how about some sort of business?
A: Great! I agree – starting and growing your own businessΒ couldΒ get you to Β£1m in the next 8 years. How would you feel about that?
J: Yeah Iβd love to have my own business. But I donβt really have any good business ideasβ¦ and Iβve been wanting to start a business for years, but Iβve never really done it.
At this point, John presents a few different business ideas to me. Could he start another private tutoring business? Could he start a business hiring supply teachers and offering those to schools in London when their teachers are off-sick? Could he sell an online course about safeguarding? I get the vibe from the conversation that Johnβs thinking about βbusiness ideasβ in a somewhat βbeginnerβ way. After a bit of back-and-forth about his business ideas, I ask:
A: Just out of curiosity, how many books have you read about starting a business? J: Erβ¦ noneβ¦
A: All good, Iβm just curious. And how many podcasts have you listened to about starting a business or about making money?
J: Erβ¦ yeah I donβt really listen to podcasts.
A: No worries. And how many YouTube videos have you watched specifically about how to start a business?
J: Erβ¦ yeah I donβt really watch those sorts of YouTube videos.
A: So can I just check Iβve got this right? Youβve been wanting to start a business for many years, and you feel that starting your own business is the vehicle that could get you to your goal of financial freedom which is a really meaningful goal for youβ¦ but you havenβt read any books, watched any videos, or listened to any podcasts about starting a business?
J: Er yeah thatβs right (looks around sheepishly).
A: Haha no worries, Iβm not saying that to be mean, just to point out something that I see a lot. I know a lot of people who would love to start a business, but who for some reason, donβt try to learn anything about the process. True, you learn a hell of a lot by justΒ doingΒ itβ¦ but if youβre completely new to the world of business, then thereβs quite a lot of basic groundwork thatβs worth understanding before diving into it.
J: Groundwork?
A: Yeahβ¦ itβs like if youβre applying to medical school. You need to study chemistry, biology and maths at school, so that when you start learning Medicine, youβve got a basic foundation. If someone tried to join Medical school without having a basic grounding in chemistry and biology, things would be really tricky. In the same way, trying to start a business, especially one thatβll make you a millionaire, without having read anything about starting a business, is going to hold you back quite a lot.
J: Okay so what would you suggest?
A: Easy. I can give you a reading list of a few books to read, and a few podcasts to listen to, and those will immediately give you a huge firmware update in your brain about what sort of business ideas you might want to think about, and how to go about starting a business that can make you a millionaire.
At this point, everyone else around us (listening in to the conversation) jumps in, asking if they could have the list too. I oblige. This is the list.
Books (in this order)
- βThe Millionaire Fast LaneΒ – MJ Demarco
- βMillion Dollar WeekendΒ – Noah Kagan
- β$100m OffersΒ – Alex Hormozi
- βDotcom SecretsΒ – Russell Brunson
Podcasts
- βMy first interview with author & serial entrepreneur Daniel Priestley on Deep Diveβ
- βMy second interview with author & serial entrepreneur Daniel Priestley on Deep Diveβ
- βMy interview with business coach Robin Waite on Deep Diveβ
Someone looks at the list and says βlol these are all your podcasts?β And I say: βYep. These are all interviews that are specifically all about how to make your first $10k/month online, and I promise theyβll answer a bunch of questions you have about starting a business, and give you a bunch of things to consider that you never did beforeβ.
To somewhat attest to the power of this list (in particular the reading list), around 9 months ago, I shared the same list with a friend who took a break from his management consulting job to try and make money on the internet. This friend was also a noob to the world of business, but after reading the books on the list (minus Million Dollar Weekend which only came out a few weeks ago), he said: βMan I can literally never get another job again now that Iβve read these booksβ. He then built his own software which has grown over the past 9 months to be making $35k+ per month. Obviously, your mileage is going to vary and these results are atypical, but it speaks to the power of having the right foundation (from these books) and applying single-minded execution to get rich lol.
Anyway, itβll be interesting to see if John (or anyone else who took down the reading list) will actually read any of the books on it. I might see them at the same birthday dinner next year and Iβll ask them about it if I do π
Have a great week!
Ali xx
P.S. I’ve been working on a secret project called Productivity Lab. It’s a new community designed to help you become your most productive self, all while enjoying the journey along the way. We’ll be launching soon, and you can sign up for the waitlistΒ here. We’d love to have you x
π¬ My New Videos
π€Β A Step By Step Guide To Making $10,000 a MonthΒ – I recently interviewed serial entrepreneur Daniel Priestley and he told me about his step by step method, The CAOS Framework, which I wanted to share with you guys here. This is one of the best frameworks I’ve come across for starting a business, so I hope you get some value from this video and are potentially inspired to start something of your own.
πHow to Grow a YouTube Channel From Nothing in 2024 –Β In this video, I sit down with Izzy Sealey, a YouTuber with 500k subscribers, to talk about her journey on YouTube and what advice she would give to someone just getting started today. There’s so much I wish I’d known when I started YouTube myself, and Izzy captures a lot of that advice in this video, so I think you’ll get value from it.
βοΈ Quote of the Week
FromΒ Letters from a StoicΒ by Seneca. Resurfaced usingΒ Readwise.
What a nice π explanation . Itβs has inspirer me too to work hard no given up β¬οΈ
Absolutely love this! The 4 books recs are super dope, I unfortunately started out of order prior to this email lol Once I saw your post about Alex Hormozi (who is an absolute game changer) I read $100m offers, which was AMAZING. I’m currently reading millionaire fastlane based off these recs. Thanks Ali! I gotta check out the podcast interviews as well! Lots of catching up to do, I am a medical resident myself so your journey has been super inspirational!