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Hey, learner, welcome back for another deep dive with us.

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You know, today we're gonna be looking at a YouTube video.

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It's called, Want to Be Rich?

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Don't Start a Side Hustle.

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And it's by William Lee.

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So.

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Yeah, this one really caught my eye too.

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I mean, it's a pretty bold statement, right?

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Yeah, totally.

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It kind of goes against like all the advice

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we hear these days, you know?

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Yeah.

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Like everyone's saying, hustle harder, stack those gigs.

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But Lee's saying, hold on a second.

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That might actually be setting yourself up to fail.

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Exactly.

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Like what I found interesting is he's saying that

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all that juggling, like all those side hustles,

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it can really just drain your energy.

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And then you just end up stuck, you know,

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like on that hamster wheel.

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Oh, totally.

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I've been there for sure.

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Like where I'm just juggling so many things.

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Yeah.

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That I don't even have the mental space to think about.

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Like, you know, the big picture.

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Right.

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And Lee's saying, look, your time and your energy,

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those are your most valuable resources.

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And if you just spread yourself too thin,

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it's gonna be way harder to really focus

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on building something big, you know?

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Like trying to build a house of cards.

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Yeah, exactly.

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But Lee's not just some random guy on YouTube, right?

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Like he has the background to support this.

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Oh yeah, definitely.

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He's got an MBA from Cornell.

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And he's worked as a CFO for a bunch of software companies.

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Okay, so side hustles are out.

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Seems like it.

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Yeah.

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So what does he want us to do instead?

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Does he have like a magic formula or something?

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Well, not magic exactly.

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But he does lay out a really clear framework

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with four steps.

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And the first one is just identify a problem,

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which sounds simple enough, right?

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Right.

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But then you need to take that problem

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and figure out a solution.

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Okay, so find a problem, solve the problem.

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Exactly.

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Then you gotta figure out how to get paid

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for solving that problem.

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That's where your business model comes in.

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Okay.

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And then finally, you just keep refining your solution

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and keep repeating those steps.

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So it's not about like finding some crazy million dollar idea.

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It's more about seeing that there are problems everywhere.

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Exactly.

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And if you can come up with a good solution,

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people will pay you for it.

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But I'm curious, even before he gets into those steps,

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he talks about procrastination.

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And that really hit home for me.

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It's like we could have all these amazing ideas,

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but if we don't actually do anything about them,

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they're just ideas.

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He calls it overcoming inertia

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and then building positive momentum.

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Sometimes the hardest part is just getting started.

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Like we get stuck overthinking things,

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planning everything out perfectly.

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But he just says to take that first step,

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even if it's something small.

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Totally.

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Like that saying, you know,

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a journey of a thousand miles begins with a single step.

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But even that first step can feel scary sometimes.

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So how do we actually break through that

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and start working on these problems Lee's talking about?

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Well, that's where step one comes in,

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identifying those problems that are worth solving.

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And you might be surprised where he says to look.

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Oh, really?

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Yeah.

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Okay, I'm intrigued.

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Tell me more.

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So he says you should start by just looking

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at your everyday life, the things that bug you,

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the things that seem too complicated,

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the needs that aren't being met.

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Those are all opportunities.

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Hmm, that's a really cool way to think about it.

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It's not about coming up with like

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some groundbreaking world changing idea.

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It's more about paying attention to the little things.

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Exactly.

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The little things that annoy us every day.

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Yeah.

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And in the video,

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he even uses this kind of funny example.

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He talks about struggling to reach the like button

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on his screen.

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Oh yeah, I remember that.

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It's like such a small problem.

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But it totally makes his point.

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Problems come in all shapes and sizes.

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So learner, think about those moments when you're like,

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ooh, there has to be a better way to do this.

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That's where your next big business idea could be hiding.

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Exactly.

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And once you've found a problem worth solving,

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that's when you move on to Lee's second step,

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developing a solution.

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And he really emphasizes starting small,

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creating what he calls a minimum viable product,

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or MVP.

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Okay, I've heard that term before, MVP.

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But sometimes I think people hear that and they're like,

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oh, so you just want me to put out like,

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a half baked solution.

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But that's not what Lee's saying, is it?

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No, not at all.

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An MVP isn't about creating something bad.

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It's about focusing on the core features,

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the ones that actually solve the problem.

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That way you can test your idea quickly.

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And you avoid getting stuck in that perfectionism trap.

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Right, that makes sense.

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It's like, why build the whole house

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when you can start with a solid foundation?

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Yeah, exactly.

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And he actually gives a great example in the video.

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He talks about fitness blender, the fitness YouTubers.

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Oh yeah, I love them.

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Yeah, so they started out with these

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really simple workout videos,

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just filmed in their living room,

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no fancy equipment or anything.

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And now they have millions of subscribers.

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It just goes to show you,

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you don't need a ton of resources to get started.

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You just need to focus on providing value.

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Exactly, and once you have that MVP out in the world,

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you can start getting feedback.

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Yeah. And making it even better.

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Okay, so we've identified a problem.

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We've created a solution.

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Now comes the fun part, right?

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Yeah. Getting paid.

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Step three, how does Lee suggest we approach this?

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Well, he has some really solid advice here.

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He talks about doing market research

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to see what other people are charging

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for similar products or services.

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Right, it's important to understand the market.

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And how much people are willing to pay.

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Yeah. And he even gives some specific tips

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for doing that research,

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like checking out your competitors' websites,

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or serving potential customers,

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or using online tools to analyze industry benchmarks.

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That's really helpful. Yeah. And of course.

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He also talks about making sure

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you're actually making a profit, not just breaking even.

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Makes sense. It's business 101,

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but it's easy to overlook that stuff

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when you're excited about launching something new.

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Yeah, for sure.

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He also seems to acknowledge that pricing can be tricky,

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especially when you're first starting out.

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Oh, definitely.

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Like you might not know how long something's gonna take,

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or how much your ideal customer is willing to pay.

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Right.

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So his advice is basically, air on the side of caution.

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Make sure you're pricing yourself fairly.

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It's better to start a little higher,

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and then adjust as you go.

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Yeah, I like that. Don't undervalue yourself.

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Well, this leads us perfectly to Lee's final step.

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Refine and repeat.

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This is where we go from just having a solution

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to building a real business.

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Right. This step is all about turning your business

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into a well-oiled machine.

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Ooh, I like that.

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It's about constantly analyzing what you're doing,

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finding ways to improve,

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and making everything more efficient.

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So you're not just selling something.

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You're building a system.

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Yeah, exactly.

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A system that can consistently deliver value.

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Exactly. And as you refine your process,

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you can start to think about scaling up,

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maybe bringing on some team members,

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or investing in some new technology.

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So what's like taking that lemonade stand

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and turning it into a global beverage empire?

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I like that analogy.

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You start small.

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But you learn and grow as you go.

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Exactly. And Lee actually uses John Lee Dumas

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as an example here, the host of Entrepreneur on Fire.

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Oh yeah, love that podcast.

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Yeah, so he started out with this daily podcast,

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interviewing successful entrepreneurs.

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Right, and what's cool is he didn't stop there.

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No, he didn't.

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Once the podcast took off,

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he used that success to create other things.

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Like online courses and coaching programs.

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He took that one core idea

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and turned it into this multifaceted business.

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That's awesome.

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So he really did refine and repeat his way to success.

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Exactly.

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I love that.

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It's a great example of how hard work

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and a willingness to adapt can really pay off.

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And it all comes back to Lee's main message.

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You don't have to be superhuman

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to build a successful business.

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You just need to put in the work,

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learn from your mistakes, and keep moving forward.

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Get to say it.

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Embrace the journey.

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Yeah, entrepreneurship is a marathon, not a sprint.

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So, learner, as we wrap up this part of the deep dive,

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I'm curious, what problem has been nagging at you lately?

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What solution are you itching to create?

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Because Lee's right.

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The world is full of problems waiting to be solved.

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And you might just be the one to solve them.

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We'll be back in a flash for the final part of our deep dive.

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So keep those gears turning, learner.

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Until next time.

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And he says to start by just looking at your everyday life.

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The things that bug you,

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the things that seem too complicated,

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the needs that aren't being met,

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those are all opportunities.

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Hmm, that's a really cool way to think about it.

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It's not about coming up with like,

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some groundbreaking world changing idea.

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It's more about paying attention to the little things.

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Exactly.

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The little things that annoy us everyday.

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Yeah.

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And in the video, he even uses this kind of funny example.

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He talks about struggling to reach the like button

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on his screen.

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Oh yeah, I remember that.

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It's like such a small problem.

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But it totally makes his point.

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Problems come in all shapes and sizes.

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So, learner, think about those moments when you're like,

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ooh, there has to be a better way to do this.

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That's where your next big business idea could be hiding.

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Exactly.

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And once you've found a problem worth solving,

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that's when you move on to Lee's second step,

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developing a solution.

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And he really emphasizes starting small,

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creating what he calls a minimum viable product, or MVP.

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Okay, I've heard that term before, MVP.

273
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But sometimes I think people hear that and they're like,

274
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oh, so you just want me to put out like,

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a half baked solution.

276
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But that's not what Lee's saying, is it?

277
00:09:14,760 --> 00:09:15,720
No, not at all.

278
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An MVP isn't about creating something bad.

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It's about focusing on the core features,

280
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the ones that actually solve the problem.

281
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That way you can test your idea quickly.

282
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And you avoid getting stuck in that perfectionism trap.

283
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Right, that makes sense.

284
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It's like, why build the whole house

285
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when you can start with a solid foundation?

286
00:09:33,960 --> 00:09:34,880
Yeah, exactly.

287
00:09:34,880 --> 00:09:36,720
And he actually gives a great example in the video.

288
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He talks about fitness blender, the fitness YouTubers.

289
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Oh yeah, I love them.

290
00:09:40,640 --> 00:09:42,800
Yeah, so they started out with these really simple

291
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workout videos, just filmed in their living room,

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no fancy equipment or anything.

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And now they have millions of subscribers.

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It just goes to show you,

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you don't need a ton of resources to get started.

296
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You just need to focus on providing value.

297
00:09:55,320 --> 00:09:58,440
Exactly, and once you have that MVP out in the world,

298
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you can start getting feedback.

299
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And making it even better.

300
00:10:01,840 --> 00:10:04,680
Okay, so we've identified a problem,

301
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we've created a solution.

302
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Now comes the fun part, right?

303
00:10:07,680 --> 00:10:08,520
Yeah.

304
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Getting paid.

305
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Step three.

306
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How does Lee suggest we approach this?

307
00:10:14,720 --> 00:10:17,040
Well, he has some really solid advice here.

308
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He talks about doing market research

309
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to see what other people are charging.

310
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For similar products or services.

311
00:10:23,240 --> 00:10:25,920
Right, it's important to understand the market.

312
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And how much people are willing to pay.

313
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Yeah.

314
00:10:28,240 --> 00:10:30,080
And he even gives some specific tips

315
00:10:30,080 --> 00:10:31,360
for doing that research,

316
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like checking out your competitor's websites,

317
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or surveying potential customers,

318
00:10:36,920 --> 00:10:41,160
or using online tools to analyze industry benchmarks.

319
00:10:41,160 --> 00:10:42,160
That's really helpful.

320
00:10:42,160 --> 00:10:43,320
Yeah, and of course.

321
00:10:43,320 --> 00:10:44,600
He also talks about making sure

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00:10:44,600 --> 00:10:46,360
you're actually making a profit,

323
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not just breaking even.

324
00:10:47,720 --> 00:10:48,560
Makes sense.

325
00:10:48,560 --> 00:10:49,640
It's business 101,

326
00:10:49,640 --> 00:10:51,400
but it's easy to overlook that stuff

327
00:10:51,400 --> 00:10:53,480
when you're excited about launching something new.

328
00:10:53,480 --> 00:10:54,760
Yeah, for sure.

329
00:10:54,760 --> 00:10:57,960
He also seems to acknowledge that pricing can be tricky,

330
00:10:57,960 --> 00:10:59,640
especially when you're first starting out.

331
00:10:59,640 --> 00:11:00,480
Oh, definitely.

332
00:11:00,480 --> 00:11:03,280
Like you might not know how long something's gonna take,

333
00:11:03,280 --> 00:11:05,800
or how much your ideal customer is willing to pay.

334
00:11:05,800 --> 00:11:06,640
Right.

335
00:11:06,640 --> 00:11:08,080
His advice is basically,

336
00:11:08,080 --> 00:11:10,480
err on the side of caution.

337
00:11:10,480 --> 00:11:12,840
Make sure you're pricing yourself fairly.

338
00:11:12,840 --> 00:11:15,080
It's better to start a little higher,

339
00:11:15,080 --> 00:11:16,400
and then adjust as you go.

340
00:11:16,400 --> 00:11:17,240
Yeah, I like that.

341
00:11:17,240 --> 00:11:18,400
Don't undervalue yourself.

342
00:11:18,400 --> 00:11:22,120
Well, this leads us perfectly to Lee's final step.

343
00:11:22,120 --> 00:11:23,880
Refine and repeat.

344
00:11:23,880 --> 00:11:26,480
This is where we go from just having a solution

345
00:11:26,480 --> 00:11:28,120
to building a real business.

346
00:11:28,120 --> 00:11:29,600
Right, this step is all about

347
00:11:29,600 --> 00:11:32,640
turning your business into a well-oiled machine.

348
00:11:32,640 --> 00:11:33,560
This step is all about

349
00:11:33,560 --> 00:11:35,840
turning your business into a well-oiled machine.

350
00:11:35,840 --> 00:11:37,000
Okay, I like that.

351
00:11:37,000 --> 00:11:39,520
It's about constantly analyzing what you're doing,

352
00:11:39,520 --> 00:11:41,640
finding ways to improve,

353
00:11:41,640 --> 00:11:43,400
and making everything more efficient.

354
00:11:43,400 --> 00:11:44,560
So you're not just selling something.

355
00:11:44,560 --> 00:11:45,680
You're building a system.

356
00:11:45,680 --> 00:11:46,520
Yeah, absolutely.

357
00:11:46,520 --> 00:11:48,480
A system that can consistently deliver value.

358
00:11:48,480 --> 00:11:49,720
Exactly.

359
00:11:49,720 --> 00:11:52,240
And as you refine your process,

360
00:11:52,240 --> 00:11:54,600
you can start to think about scaling up,

361
00:11:54,600 --> 00:11:56,800
maybe bringing on some team members,

362
00:11:56,800 --> 00:11:58,760
or investing in some new technology.

363
00:11:58,760 --> 00:12:00,680
So it's like taking that lemonade stand.

364
00:12:00,680 --> 00:12:01,520
Yeah.

365
00:12:01,520 --> 00:12:03,720
And turning it into a global beverage empire.

366
00:12:03,720 --> 00:12:04,680
I like that analogy.

367
00:12:04,680 --> 00:12:05,520
You start small.

368
00:12:05,520 --> 00:12:07,480
But you learn and grow as you go.

369
00:12:07,480 --> 00:12:08,320
Exactly.

370
00:12:08,320 --> 00:12:09,160
And you know,

371
00:12:09,160 --> 00:12:12,280
they'd actually use as John Lee Dumas as an example here,

372
00:12:12,280 --> 00:12:14,120
the host of Entrepreneur on Fire.

373
00:12:14,120 --> 00:12:15,200
Oh yeah, I love that podcast.

374
00:12:15,200 --> 00:12:18,520
Yeah, so he started out with his daily podcast,

375
00:12:18,520 --> 00:12:20,560
interviewing successful entrepreneurs.

376
00:12:20,560 --> 00:12:22,640
Right, and what's cool is he didn't stop there.

377
00:12:22,640 --> 00:12:23,480
No, he didn't.

378
00:12:23,480 --> 00:12:25,000
Once the podcast took off,

379
00:12:25,000 --> 00:12:27,800
he used that success to create other things.

380
00:12:27,800 --> 00:12:30,400
Like online courses and coaching programs.

381
00:12:30,400 --> 00:12:33,480
He took that one core idea,

382
00:12:33,480 --> 00:12:36,160
and turned it into this multifaceted business.

383
00:12:36,160 --> 00:12:37,000
That's awesome.

384
00:12:37,000 --> 00:12:40,240
So he really did refine and repeat his way to success.

385
00:12:40,240 --> 00:12:41,360
Exactly.

386
00:12:41,360 --> 00:12:42,600
You know, one thing that really struck me

387
00:12:42,600 --> 00:12:46,840
about Lee's video is how much he emphasizes action.

388
00:12:46,840 --> 00:12:48,360
Oh yeah, for sure.

389
00:12:48,360 --> 00:12:50,160
He's not just talking about theory.

390
00:12:50,160 --> 00:12:52,080
He's really pushing us to get out there and do it.

391
00:12:52,080 --> 00:12:53,880
Remember that line, get started now.

392
00:12:53,880 --> 00:12:55,320
I'll see you in the next one.

393
00:12:55,320 --> 00:12:58,000
Yeah, I love that.

394
00:12:58,000 --> 00:12:59,120
It's like he's holding us accountable.

395
00:12:59,120 --> 00:13:00,720
He's like, don't just watch this video.

396
00:13:00,720 --> 00:13:01,800
Go make something happen.

397
00:13:01,800 --> 00:13:02,640
Exactly.

398
00:13:02,640 --> 00:13:05,040
I think that's a big difference between people

399
00:13:05,040 --> 00:13:07,120
who dream about starting a business

400
00:13:07,120 --> 00:13:08,640
and people who actually do it.

401
00:13:08,640 --> 00:13:09,480
Right.

402
00:13:09,480 --> 00:13:12,000
It's that willingness to experiment, to take risks,

403
00:13:12,000 --> 00:13:13,720
to accept that you're probably gonna make some mistakes

404
00:13:13,720 --> 00:13:14,560
along the way.

405
00:13:14,560 --> 00:13:17,560
It's about embracing that messy process.

406
00:13:17,560 --> 00:13:19,600
It reminds me of when I first started learning to code.

407
00:13:19,600 --> 00:13:22,320
I spent so much time reading tutorials,

408
00:13:22,320 --> 00:13:23,480
trying to get everything perfect

409
00:13:23,480 --> 00:13:25,280
before I even wrote a single line of code.

410
00:13:25,280 --> 00:13:26,600
Yeah, I bet that got overwhelming.

411
00:13:26,600 --> 00:13:27,440
It did.

412
00:13:27,440 --> 00:13:29,760
And then a friend gave me the best advice.

413
00:13:29,760 --> 00:13:32,520
She said, just start building something.

414
00:13:32,520 --> 00:13:35,320
Even if it's a simple website or a basic app,

415
00:13:35,320 --> 00:13:39,000
you'll learn way more by doing than by just reading about it.

416
00:13:39,000 --> 00:13:39,840
And I bet you did.

417
00:13:39,840 --> 00:13:41,080
Oh yeah, for sure.

418
00:13:41,080 --> 00:13:43,240
It's like you can read all the cookbooks in the world.

419
00:13:43,240 --> 00:13:44,880
But until you actually get in the kitchen

420
00:13:44,880 --> 00:13:48,560
and start cooking, you're not gonna learn how to be a chef.

421
00:13:49,560 --> 00:13:50,560
That's a great analogy.

422
00:13:50,560 --> 00:13:52,960
And that's what I love about Lee's four step formula.

423
00:13:52,960 --> 00:13:55,560
It encourages us to learn by doing.

424
00:13:55,560 --> 00:13:57,480
Yeah, it gives you that structure

425
00:13:57,480 --> 00:13:59,760
to test your ideas in the real world.

426
00:13:59,760 --> 00:14:02,000
It takes the mystery out of entrepreneurship.

427
00:14:02,000 --> 00:14:02,840
Totally.

428
00:14:02,840 --> 00:14:04,080
He's not saying you need some brilliant

429
00:14:04,080 --> 00:14:05,320
once in a lifetime idea.

430
00:14:05,320 --> 00:14:06,880
He's saying, look around you.

431
00:14:06,880 --> 00:14:08,560
Find a problem that bugs you

432
00:14:08,560 --> 00:14:09,880
and then figure out how to solve it.

433
00:14:09,880 --> 00:14:12,800
And then the real magic happens in that fourth step.

434
00:14:12,800 --> 00:14:14,240
Refine and repeat.

435
00:14:14,240 --> 00:14:16,520
That's where you go from just having a solution

436
00:14:16,520 --> 00:14:18,560
to building a real sustainable business.

437
00:14:18,560 --> 00:14:19,640
Exactly.

438
00:14:19,640 --> 00:14:21,200
Lee uses this great analogy

439
00:14:21,200 --> 00:14:23,720
of turning your business into a factory.

440
00:14:23,720 --> 00:14:24,560
I like that.

441
00:14:24,560 --> 00:14:27,240
It's about creating systems and processes

442
00:14:27,240 --> 00:14:29,880
that can consistently produce and deliver value.

443
00:14:29,880 --> 00:14:31,600
So you're not just working in your business.

444
00:14:31,600 --> 00:14:33,000
You're working on your business.

445
00:14:33,000 --> 00:14:33,840
Exactly.

446
00:14:33,840 --> 00:14:36,680
It's about working smarter, not harder.

447
00:14:36,680 --> 00:14:39,960
So instead of you manually churning out each widget,

448
00:14:39,960 --> 00:14:43,200
you build a machine that can crank out thousands of widgets.

449
00:14:43,200 --> 00:14:45,680
And that frees you up to focus on the big picture,

450
00:14:45,680 --> 00:14:47,480
strategy, innovation, growth.

451
00:14:47,480 --> 00:14:50,920
It's not about getting trapped in the day to day grind.

452
00:14:50,920 --> 00:14:54,040
It's about building something that can run smoothly

453
00:14:54,040 --> 00:14:55,200
even when you step back.

454
00:14:55,200 --> 00:14:58,160
And ultimately, I think Lee's message is about more

455
00:14:58,160 --> 00:14:59,800
than just making money.

456
00:14:59,800 --> 00:15:01,480
Yeah, it's about creating something

457
00:15:01,480 --> 00:15:02,800
that has a positive impact.

458
00:15:02,800 --> 00:15:05,640
Using your skills and passions to make a difference.

459
00:15:05,640 --> 00:15:09,120
So, learner, as we wrap up this deep dive,

460
00:15:09,120 --> 00:15:10,120
what's sticking with you?

461
00:15:10,120 --> 00:15:11,440
What problem are you going to tackle?

462
00:15:11,440 --> 00:15:12,440
Because Lee's right.

463
00:15:12,440 --> 00:15:15,000
The world is full of problems waiting to be solved.

464
00:15:15,000 --> 00:15:17,400
And you might just be the one to solve them.

465
00:15:17,400 --> 00:15:20,120
A huge thanks to Expert Speaker for joining us today.

466
00:15:20,120 --> 00:15:21,040
It was my pleasure.

467
00:15:21,040 --> 00:15:24,400
And learner, thanks for tuning in to another deep dive.

468
00:15:24,400 --> 00:15:27,280
Until next time, keep diving deeper.

469
00:15:27,280 --> 00:15:29,760
Keep exploring and keep learning.

470
00:15:29,760 --> 00:15:32,520
We'll be here to guide you along the way.