Hey, learner, welcome back for another deep dive with us.
You know, today we're gonna be looking at a YouTube video.
It's called, Want to Be Rich?
Don't Start a Side Hustle.
And it's by William Lee.
So.
Yeah, this one really caught my eye too.
I mean, it's a pretty bold statement, right?
Yeah, totally.
It kind of goes against like all the advice
we hear these days, you know?
Yeah.
Like everyone's saying, hustle harder, stack those gigs.
But Lee's saying, hold on a second.
That might actually be setting yourself up to fail.
Exactly.
Like what I found interesting is he's saying that
all that juggling, like all those side hustles,
it can really just drain your energy.
And then you just end up stuck, you know,
like on that hamster wheel.
Oh, totally.
I've been there for sure.
Like where I'm just juggling so many things.
Yeah.
That I don't even have the mental space to think about.
Like, you know, the big picture.
Right.
And Lee's saying, look, your time and your energy,
those are your most valuable resources.
And if you just spread yourself too thin,
it's gonna be way harder to really focus
on building something big, you know?
Like trying to build a house of cards.
Yeah, exactly.
But Lee's not just some random guy on YouTube, right?
Like he has the background to support this.
Oh yeah, definitely.
He's got an MBA from Cornell.
And he's worked as a CFO for a bunch of software companies.
Okay, so side hustles are out.
Seems like it.
Yeah.
So what does he want us to do instead?
Does he have like a magic formula or something?
Well, not magic exactly.
But he does lay out a really clear framework
with four steps.
And the first one is just identify a problem,
which sounds simple enough, right?
Right.
But then you need to take that problem
and figure out a solution.
Okay, so find a problem, solve the problem.
Exactly.
Then you gotta figure out how to get paid
for solving that problem.
That's where your business model comes in.
Okay.
And then finally, you just keep refining your solution
and keep repeating those steps.
So it's not about like finding some crazy million dollar idea.
It's more about seeing that there are problems everywhere.
Exactly.
And if you can come up with a good solution,
people will pay you for it.
But I'm curious, even before he gets into those steps,
he talks about procrastination.
And that really hit home for me.
It's like we could have all these amazing ideas,
but if we don't actually do anything about them,
they're just ideas.
He calls it overcoming inertia
and then building positive momentum.
Sometimes the hardest part is just getting started.
Like we get stuck overthinking things,
planning everything out perfectly.
But he just says to take that first step,
even if it's something small.
Totally.
Like that saying, you know,
a journey of a thousand miles begins with a single step.
But even that first step can feel scary sometimes.
So how do we actually break through that
and start working on these problems Lee's talking about?
Well, that's where step one comes in,
identifying those problems that are worth solving.
And you might be surprised where he says to look.
Oh, really?
Yeah.
Okay, I'm intrigued.
Tell me more.
So he says you should start by just looking
at your everyday life, the things that bug you,
the things that seem too complicated,
the needs that aren't being met.
Those are all opportunities.
Hmm, that's a really cool way to think about it.
It's not about coming up with like
some groundbreaking world changing idea.
It's more about paying attention to the little things.
Exactly.
The little things that annoy us every day.
Yeah.
And in the video,
he even uses this kind of funny example.
He talks about struggling to reach the like button
on his screen.
Oh yeah, I remember that.
It's like such a small problem.
But it totally makes his point.
Problems come in all shapes and sizes.
So learner, think about those moments when you're like,
ooh, there has to be a better way to do this.
That's where your next big business idea could be hiding.
Exactly.
And once you've found a problem worth solving,
that's when you move on to Lee's second step,
developing a solution.
And he really emphasizes starting small,
creating what he calls a minimum viable product,
or MVP.
Okay, I've heard that term before, MVP.
But sometimes I think people hear that and they're like,
oh, so you just want me to put out like,
a half baked solution.
But that's not what Lee's saying, is it?
No, not at all.
An MVP isn't about creating something bad.
It's about focusing on the core features,
the ones that actually solve the problem.
That way you can test your idea quickly.
And you avoid getting stuck in that perfectionism trap.
Right, that makes sense.
It's like, why build the whole house
when you can start with a solid foundation?
Yeah, exactly.
And he actually gives a great example in the video.
He talks about fitness blender, the fitness YouTubers.
Oh yeah, I love them.
Yeah, so they started out with these
really simple workout videos,
just filmed in their living room,
no fancy equipment or anything.
And now they have millions of subscribers.
It just goes to show you,
you don't need a ton of resources to get started.
You just need to focus on providing value.
Exactly, and once you have that MVP out in the world,
you can start getting feedback.
Yeah. And making it even better.
Okay, so we've identified a problem.
We've created a solution.
Now comes the fun part, right?
Yeah. Getting paid.
Step three, how does Lee suggest we approach this?
Well, he has some really solid advice here.
He talks about doing market research
to see what other people are charging
for similar products or services.
Right, it's important to understand the market.
And how much people are willing to pay.
Yeah. And he even gives some specific tips
for doing that research,
like checking out your competitors' websites,
or serving potential customers,
or using online tools to analyze industry benchmarks.
That's really helpful. Yeah. And of course.
He also talks about making sure
you're actually making a profit, not just breaking even.
Makes sense. It's business 101,
but it's easy to overlook that stuff
when you're excited about launching something new.
Yeah, for sure.
He also seems to acknowledge that pricing can be tricky,
especially when you're first starting out.
Oh, definitely.
Like you might not know how long something's gonna take,
or how much your ideal customer is willing to pay.
Right.
So his advice is basically, air on the side of caution.
Make sure you're pricing yourself fairly.
It's better to start a little higher,
and then adjust as you go.
Yeah, I like that. Don't undervalue yourself.
Well, this leads us perfectly to Lee's final step.
Refine and repeat.
This is where we go from just having a solution
to building a real business.
Right. This step is all about turning your business
into a well-oiled machine.
Ooh, I like that.
It's about constantly analyzing what you're doing,
finding ways to improve,
and making everything more efficient.
So you're not just selling something.
You're building a system.
Yeah, exactly.
A system that can consistently deliver value.
Exactly. And as you refine your process,
you can start to think about scaling up,
maybe bringing on some team members,
or investing in some new technology.
So what's like taking that lemonade stand
and turning it into a global beverage empire?
I like that analogy.
You start small.
But you learn and grow as you go.
Exactly. And Lee actually uses John Lee Dumas
as an example here, the host of Entrepreneur on Fire.
Oh yeah, love that podcast.
Yeah, so he started out with this daily podcast,
interviewing successful entrepreneurs.
Right, and what's cool is he didn't stop there.
No, he didn't.
Once the podcast took off,
he used that success to create other things.
Like online courses and coaching programs.
He took that one core idea
and turned it into this multifaceted business.
That's awesome.
So he really did refine and repeat his way to success.
Exactly.
I love that.
It's a great example of how hard work
and a willingness to adapt can really pay off.
And it all comes back to Lee's main message.
You don't have to be superhuman
to build a successful business.
You just need to put in the work,
learn from your mistakes, and keep moving forward.
Get to say it.
Embrace the journey.
Yeah, entrepreneurship is a marathon, not a sprint.
So, learner, as we wrap up this part of the deep dive,
I'm curious, what problem has been nagging at you lately?
What solution are you itching to create?
Because Lee's right.
The world is full of problems waiting to be solved.
And you might just be the one to solve them.
We'll be back in a flash for the final part of our deep dive.
So keep those gears turning, learner.
Until next time.
And he says to start by just looking at your everyday life.
The things that bug you,
the things that seem too complicated,
the needs that aren't being met,
those are all opportunities.
Hmm, that's a really cool way to think about it.
It's not about coming up with like,
some groundbreaking world changing idea.
It's more about paying attention to the little things.
Exactly.
The little things that annoy us everyday.
Yeah.
And in the video, he even uses this kind of funny example.
He talks about struggling to reach the like button
on his screen.
Oh yeah, I remember that.
It's like such a small problem.
But it totally makes his point.
Problems come in all shapes and sizes.
So, learner, think about those moments when you're like,
ooh, there has to be a better way to do this.
That's where your next big business idea could be hiding.
Exactly.
And once you've found a problem worth solving,
that's when you move on to Lee's second step,
developing a solution.
And he really emphasizes starting small,
creating what he calls a minimum viable product, or MVP.
Okay, I've heard that term before, MVP.
But sometimes I think people hear that and they're like,
oh, so you just want me to put out like,
a half baked solution.
But that's not what Lee's saying, is it?
No, not at all.
An MVP isn't about creating something bad.
It's about focusing on the core features,
the ones that actually solve the problem.
That way you can test your idea quickly.
And you avoid getting stuck in that perfectionism trap.
Right, that makes sense.
It's like, why build the whole house
when you can start with a solid foundation?
Yeah, exactly.
And he actually gives a great example in the video.
He talks about fitness blender, the fitness YouTubers.
Oh yeah, I love them.
Yeah, so they started out with these really simple
workout videos, just filmed in their living room,
no fancy equipment or anything.
And now they have millions of subscribers.
It just goes to show you,
you don't need a ton of resources to get started.
You just need to focus on providing value.
Exactly, and once you have that MVP out in the world,
you can start getting feedback.
And making it even better.
Okay, so we've identified a problem,
we've created a solution.
Now comes the fun part, right?
Yeah.
Getting paid.
Step three.
How does Lee suggest we approach this?
Well, he has some really solid advice here.
He talks about doing market research
to see what other people are charging.
For similar products or services.
Right, it's important to understand the market.
And how much people are willing to pay.
Yeah.
And he even gives some specific tips
for doing that research,
like checking out your competitor's websites,
or surveying potential customers,
or using online tools to analyze industry benchmarks.
That's really helpful.
Yeah, and of course.
He also talks about making sure
you're actually making a profit,
not just breaking even.
Makes sense.
It's business 101,
but it's easy to overlook that stuff
when you're excited about launching something new.
Yeah, for sure.
He also seems to acknowledge that pricing can be tricky,
especially when you're first starting out.
Oh, definitely.
Like you might not know how long something's gonna take,
or how much your ideal customer is willing to pay.
Right.
His advice is basically,
err on the side of caution.
Make sure you're pricing yourself fairly.
It's better to start a little higher,
and then adjust as you go.
Yeah, I like that.
Don't undervalue yourself.
Well, this leads us perfectly to Lee's final step.
Refine and repeat.
This is where we go from just having a solution
to building a real business.
Right, this step is all about
turning your business into a well-oiled machine.
This step is all about
turning your business into a well-oiled machine.
Okay, I like that.
It's about constantly analyzing what you're doing,
finding ways to improve,
and making everything more efficient.
So you're not just selling something.
You're building a system.
Yeah, absolutely.
A system that can consistently deliver value.
Exactly.
And as you refine your process,
you can start to think about scaling up,
maybe bringing on some team members,
or investing in some new technology.
So it's like taking that lemonade stand.
Yeah.
And turning it into a global beverage empire.
I like that analogy.
You start small.
But you learn and grow as you go.
Exactly.
And you know,
they'd actually use as John Lee Dumas as an example here,
the host of Entrepreneur on Fire.
Oh yeah, I love that podcast.
Yeah, so he started out with his daily podcast,
interviewing successful entrepreneurs.
Right, and what's cool is he didn't stop there.
No, he didn't.
Once the podcast took off,
he used that success to create other things.
Like online courses and coaching programs.
He took that one core idea,
and turned it into this multifaceted business.
That's awesome.
So he really did refine and repeat his way to success.
Exactly.
You know, one thing that really struck me
about Lee's video is how much he emphasizes action.
Oh yeah, for sure.
He's not just talking about theory.
He's really pushing us to get out there and do it.
Remember that line, get started now.
I'll see you in the next one.
Yeah, I love that.
It's like he's holding us accountable.
He's like, don't just watch this video.
Go make something happen.
Exactly.
I think that's a big difference between people
who dream about starting a business
and people who actually do it.
Right.
It's that willingness to experiment, to take risks,
to accept that you're probably gonna make some mistakes
along the way.
It's about embracing that messy process.
It reminds me of when I first started learning to code.
I spent so much time reading tutorials,
trying to get everything perfect
before I even wrote a single line of code.
Yeah, I bet that got overwhelming.
It did.
And then a friend gave me the best advice.
She said, just start building something.
Even if it's a simple website or a basic app,
you'll learn way more by doing than by just reading about it.
And I bet you did.
Oh yeah, for sure.
It's like you can read all the cookbooks in the world.
But until you actually get in the kitchen
and start cooking, you're not gonna learn how to be a chef.
That's a great analogy.
And that's what I love about Lee's four step formula.
It encourages us to learn by doing.
Yeah, it gives you that structure
to test your ideas in the real world.
It takes the mystery out of entrepreneurship.
Totally.
He's not saying you need some brilliant
once in a lifetime idea.
He's saying, look around you.
Find a problem that bugs you
and then figure out how to solve it.
And then the real magic happens in that fourth step.
Refine and repeat.
That's where you go from just having a solution
to building a real sustainable business.
Exactly.
Lee uses this great analogy
of turning your business into a factory.
I like that.
It's about creating systems and processes
that can consistently produce and deliver value.
So you're not just working in your business.
You're working on your business.
Exactly.
It's about working smarter, not harder.
So instead of you manually churning out each widget,
you build a machine that can crank out thousands of widgets.
And that frees you up to focus on the big picture,
strategy, innovation, growth.
It's not about getting trapped in the day to day grind.
It's about building something that can run smoothly
even when you step back.
And ultimately, I think Lee's message is about more
than just making money.
Yeah, it's about creating something
that has a positive impact.
Using your skills and passions to make a difference.
So, learner, as we wrap up this deep dive,
what's sticking with you?
What problem are you going to tackle?
Because Lee's right.
The world is full of problems waiting to be solved.
And you might just be the one to solve them.
A huge thanks to Expert Speaker for joining us today.
It was my pleasure.
And learner, thanks for tuning in to another deep dive.
Until next time, keep diving deeper.
Keep exploring and keep learning.
We'll be here to guide you along the way.