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The 'Million Dollar Weekend' Author Reveals the Surprising Edge Between You and Wealthy 'Very, Very Dumb People'
The Million-Dollar Mindset: It's Simpler Than You Think
The Founders
September 12, 2024
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As an entrepreneur, you’re always looking for ways to take your business to the next level. But what if the key to success isn’t about being the smartest person in the room?
According to Noah Kagan, the author of Million Dollar Weekend, the real difference between successful people and wealthy "very, very dumb people" is something surprising. Let’s explore these insights and see how you can use them to your advantage.
"If you build a remarkable product, and give more value than you take, things have a way of working out in your favor." — Noah Kagan
So, What is the Surprising Edge?
The answer lies in a concept Noah Kagan calls "Financial Literacy with a Fighter's Mentality." Here's what it entails:
Financial Literacy: Understanding core financial concepts like budgeting, investing, and taxes is crucial. You don't need a PhD in finance, but a solid grasp of the fundamentals empowers you to make informed decisions with your money.
Fighter's Mentality: Building wealth requires resilience. There will be setbacks, market downturns, and moments of doubt. But a fighter's mentality keeps you pushing forward, learning from mistakes, and adapting your strategies.
Noah Kagan's Insights
Noah Kagan was the 30th employee at Facebook, the fourth employee at Mint.com, and has started many successful businesses of his own. Now, his company AppSumo does nearly $100 million in annual revenue. Along the journey, he says he's discovered something: Success isn't about long-term dreams; it's about immediate action. His new book Million Dollar Weekend lays out a plan for just that. He explains:
"People often say they want to start a business, but they don't have an idea. I think ideas are bullshit. That's a hot take. Ideas are bullshit! There are so many articles out there with business ideas, so how come more people haven't become millionaires? The reality is, the idea isn't the problem. The person is afraid — that's the problem. They're not prepared to ask people to be their customer, or to be their employee, or to give them feedback. Instead of thinking about ideas, think about problems. Get excited about problems you can solve for people."
His Emphasis Taking Immediate Action
"You can do this in a weekend?" Kagan asks. "Entrepreneurship is a skill that's developed. The more you practice it, the better it gets. If you're thinking about a business, what are the things you can do right now? Let's say you're good at email marketing. Is there one person you can contact right now and say, 'I went through your emails. Here's three things you could change. Want to be one of my first customers?' You just need to be comfortable doing it."
"That's the fundamentals of business. All the billionaires I've interviewed or worked for — a lot of them say the best skill is sales. And what is sales? It's an ask. In my book, I teach the famous 'coffee challenge'."
"This is where you go to a coffee shop and ask for a discount on the coffee, right?"
"Yes. It's about asking, getting rejected, and realizing rejection's not so bad. Then you ask again. And again. As you keep doing this, you keep getting better, until you eventually find a problem that people are excited to give you money for, and you're on your million-dollar path."
Practical Tips for Entrepreneurs
Embrace Failure: Don’t fear mistakes. Learn from them and use that knowledge to do better next time.
Be Resilient: Stay strong and motivated, even when things get tough. This attitude can make a big difference.
Network Actively: Build genuine relationships with others. You never know where your next big opportunity or support might come from.
Keep Learning: Always be curious and open to learning new things. This can help you stay ahead in your business.
Survey-to-Sale Method: Communicate with people through a survey, ask them about themselves, and learn the problems they have. If you can help solve their problem, they’ll be excited to pay you for your help. If you have a 100-person email list, get on the phone or send a sales pitch to 10 of them. If all 10 buy, great. Roll it out to more. If they don’t, try something else.
The Power of Belief
Another big insight from the Million Dollar Weekend author is the power of belief. Wealthy people often have a strong belief in their vision and abilities. This belief helps them keep going, even when things get hard.
How to Build This Belief?
Set Clear Goals: Know what you want to achieve. Clear goals give you direction and purpose.
Visualize Success: Imagine yourself succeeding. This mental practice can boost your motivation and confidence.
Surround Yourself with Positivity: Spend time with positive influences. Whether it’s mentors, books, or peers, positive reinforcement can strengthen your belief.
The surprising edge between you and wealthy "very, very dumb people" is persistence, adaptability, and belief. By focusing on these traits, you can overcome the limitations of intelligence and find your path to success. Remember, entrepreneurship is not just about being smart; it’s about being persistent, adaptable, and relentless in your pursuit of your goals.
By applying these simple strategies, you can tap into the same edge that has helped many entrepreneurs achieve great wealth and success. Keep pushing forward, stay resilient, and believe in your potential.
Thank you for reading The Founders' Weekly. Let's continue learning and building strong customer relationships together!
If you're frustrated by one-sided reporting, our 5-minute newsletter is the missing piece. We sift through 100+ sources to bring you comprehensive, unbiased news—free from political agendas. Stay informed with factual coverage on the topics that matter.
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