1 00:00:00,000 --> 00:00:02,360 All right, so let's jump right in. 2 00:00:02,360 --> 00:00:03,400 You know, you've been digging into 3 00:00:03,400 --> 00:00:05,600 this whole entrepreneurship thing, 4 00:00:05,600 --> 00:00:07,040 and I know you love those stories. 5 00:00:07,040 --> 00:00:09,000 You know the ones where somebody turns 100 bucks 6 00:00:09,000 --> 00:00:10,840 into like 100 grand a month? 7 00:00:10,840 --> 00:00:11,800 Yeah, yeah. 8 00:00:11,800 --> 00:00:14,400 So we're gonna unpack some of that today. 9 00:00:14,400 --> 00:00:16,800 Specifically, we've got excerpts 10 00:00:16,800 --> 00:00:20,280 from this YouTube interview with Daniel Priestly. 11 00:00:20,280 --> 00:00:24,040 He was featured on the diary of a CEO. 12 00:00:24,040 --> 00:00:27,920 And he has some pretty bold claims 13 00:00:27,920 --> 00:00:32,920 of how anybody can achieve significant financial success. 14 00:00:33,160 --> 00:00:34,400 Well, and that's what's really interesting 15 00:00:34,400 --> 00:00:35,960 about his approach is that it's not just 16 00:00:35,960 --> 00:00:37,920 about like grinding and hustle. 17 00:00:37,920 --> 00:00:41,200 He's actually built multiple successful businesses. 18 00:00:41,200 --> 00:00:42,040 Yeah. 19 00:00:42,040 --> 00:00:45,760 And he really focuses on this blend of strategy 20 00:00:45,760 --> 00:00:47,840 and mindset and process. 21 00:00:47,840 --> 00:00:50,280 Yeah, it's not just hard work, it's smart work. 22 00:00:50,280 --> 00:00:51,200 Exactly. 23 00:00:51,200 --> 00:00:53,520 So he calls it the money making formula. 24 00:00:53,520 --> 00:00:57,680 This idea of going from $100 to $100,000 a month. 25 00:00:57,680 --> 00:00:59,320 It sounds almost too good to be true. 26 00:00:59,320 --> 00:01:00,160 Right. 27 00:01:00,160 --> 00:01:01,840 But he insists that anybody can do it 28 00:01:01,840 --> 00:01:03,360 if they follow his approach. 29 00:01:03,360 --> 00:01:04,200 Okay. 30 00:01:04,200 --> 00:01:05,800 And he's got a pretty impressive track record too. 31 00:01:05,800 --> 00:01:06,640 Yeah. 32 00:01:06,640 --> 00:01:09,360 Multiple businesses hitting a million dollars 33 00:01:09,360 --> 00:01:10,800 in their first year. 34 00:01:10,800 --> 00:01:11,640 Wow. 35 00:01:11,640 --> 00:01:13,800 A few that surpassed 10 million. 36 00:01:13,800 --> 00:01:15,240 That's impressive. 37 00:01:15,240 --> 00:01:17,000 One of the first things he talks about 38 00:01:17,000 --> 00:01:20,080 is this whole idea of sharpening ideas in the market, 39 00:01:20,080 --> 00:01:21,080 not in the mind. 40 00:01:21,080 --> 00:01:25,080 Yeah, so many people spend months and years 41 00:01:25,080 --> 00:01:27,760 perfecting an idea just in their head. 42 00:01:27,760 --> 00:01:29,920 And they never even tested in the real world. 43 00:01:29,920 --> 00:01:30,760 Right. 44 00:01:30,760 --> 00:01:32,520 You could have what you think is a brilliant product, 45 00:01:32,520 --> 00:01:34,240 but if there's no demand. 46 00:01:34,240 --> 00:01:35,200 If nobody wants it. 47 00:01:35,200 --> 00:01:36,600 Yeah, you're just wasting your time. 48 00:01:36,600 --> 00:01:37,440 Totally. 49 00:01:37,440 --> 00:01:39,520 So that's where real world testing comes in. 50 00:01:39,520 --> 00:01:40,360 Exactly. 51 00:01:40,360 --> 00:01:44,360 And he really advocates for validating these ideas quickly 52 00:01:44,360 --> 00:01:45,320 and cheaply. 53 00:01:45,320 --> 00:01:46,160 Cheaply and quickly. 54 00:01:46,160 --> 00:01:47,600 Like think about Elon Musk. 55 00:01:47,600 --> 00:01:48,440 Oh yeah. 56 00:01:48,440 --> 00:01:50,000 And the waiting lists for the Tesla. 57 00:01:50,000 --> 00:01:51,440 Yeah, that's a perfect example. 58 00:01:51,440 --> 00:01:52,360 That's genius. 59 00:01:52,360 --> 00:01:53,200 Totally. 60 00:01:53,200 --> 00:01:56,000 He was able to gauge demand before he invested heavily 61 00:01:56,000 --> 00:01:57,400 in production. 62 00:01:57,400 --> 00:02:00,760 It reminds me of what Priestly did with his idea 63 00:02:00,760 --> 00:02:03,080 for an AI book writing tool. 64 00:02:03,080 --> 00:02:03,640 We wrote. 65 00:02:03,640 --> 00:02:05,760 Yeah, he had this idea, but he wasn't 66 00:02:05,760 --> 00:02:07,560 sure if there was a market for it. 67 00:02:07,560 --> 00:02:08,000 OK. 68 00:02:08,000 --> 00:02:10,800 So he just put up the simple LinkedIn post. 69 00:02:10,800 --> 00:02:11,520 Oh wow. 70 00:02:11,520 --> 00:02:13,400 Created a waiting list. 71 00:02:13,400 --> 00:02:17,440 Ended up with 750 signups. 72 00:02:17,440 --> 00:02:20,320 That was all the validation he needed 73 00:02:20,320 --> 00:02:23,320 to start building the product and even get funding. 74 00:02:23,320 --> 00:02:24,480 That's incredible. 75 00:02:24,480 --> 00:02:26,480 So it's a powerful lesson, right? 76 00:02:26,480 --> 00:02:29,440 These low cost, low risk tests can give you 77 00:02:29,440 --> 00:02:31,680 such crucial feedback without having 78 00:02:31,680 --> 00:02:34,520 to sink a ton of time or money into something 79 00:02:34,520 --> 00:02:35,400 that might not work. 80 00:02:35,400 --> 00:02:35,960 Totally. 81 00:02:35,960 --> 00:02:37,800 But this leads us to a question that I 82 00:02:37,800 --> 00:02:39,320 bet you're asking yourself right now. 83 00:02:39,320 --> 00:02:39,760 OK. 84 00:02:39,760 --> 00:02:40,800 What about passion? 85 00:02:40,800 --> 00:02:42,600 Right, does passion matter? 86 00:02:42,600 --> 00:02:45,280 Do you need to be head over heels in love 87 00:02:45,280 --> 00:02:47,760 with your business idea to succeed? 88 00:02:47,760 --> 00:02:50,000 Yeah, that's the age old question. 89 00:02:50,000 --> 00:02:51,960 Breastly has a really interesting take on it. 90 00:02:51,960 --> 00:02:52,360 OK. 91 00:02:52,360 --> 00:02:56,360 He says passion is important, but it's not the whole story. 92 00:02:56,360 --> 00:02:58,600 He argues that while passion is 93 00:02:58,600 --> 00:03:02,200 essential for perseverance, especially when things get tough. 94 00:03:02,200 --> 00:03:03,720 Especially when it's hard. 95 00:03:03,720 --> 00:03:04,400 Yeah. 96 00:03:04,400 --> 00:03:07,120 It needs to be coupled with market demand. 97 00:03:07,120 --> 00:03:08,360 Yeah, you got to have both. 98 00:03:08,360 --> 00:03:09,360 For real success. 99 00:03:09,360 --> 00:03:12,880 Right, it's finding that sweet spot where your drive 100 00:03:12,880 --> 00:03:16,440 intersects with the real need in the market. 101 00:03:16,440 --> 00:03:18,200 He has a framework for this. 102 00:03:18,200 --> 00:03:18,760 Oh, OK. 103 00:03:18,760 --> 00:03:20,960 He calls it origin, mission, and vision. 104 00:03:20,960 --> 00:03:21,760 OK. 105 00:03:21,760 --> 00:03:24,040 It's about figuring out what you're 106 00:03:24,040 --> 00:03:27,320 genuinely passionate about, but then making sure 107 00:03:27,320 --> 00:03:32,080 that aligns with a purpose that resonates in the real world. 108 00:03:32,080 --> 00:03:34,520 So it's not just about chasing trends. 109 00:03:34,520 --> 00:03:36,560 It's not about making a quick buck. 110 00:03:36,560 --> 00:03:37,000 OK. 111 00:03:37,000 --> 00:03:40,440 It's about building something that you truly believe in. 112 00:03:40,440 --> 00:03:41,800 Right, something meaningful. 113 00:03:41,800 --> 00:03:44,120 That solves a problem for other people. 114 00:03:44,120 --> 00:03:44,760 I like that. 115 00:03:44,760 --> 00:03:47,480 And that brings us to the art of the pitch. 116 00:03:47,480 --> 00:03:48,720 Oh, the pitch. 117 00:03:48,720 --> 00:03:51,880 Chris Lee is a huge advocate for pitching and not 118 00:03:51,880 --> 00:03:52,920 just for investors. 119 00:03:52,920 --> 00:03:54,040 Right. 120 00:03:54,040 --> 00:03:56,080 He believes you're constantly pitching. 121 00:03:56,080 --> 00:03:56,720 Oh, interesting. 122 00:03:56,720 --> 00:03:59,880 Whether you're selling a product attracting talent. 123 00:03:59,880 --> 00:04:00,280 OK. 124 00:04:00,280 --> 00:04:03,480 Or even convincing a friend to go to lunch with you. 125 00:04:03,480 --> 00:04:03,840 It's true. 126 00:04:03,840 --> 00:04:05,320 We're always trying to persuade someone. 127 00:04:05,320 --> 00:04:08,680 And he's got this framework he calls Capstone. 128 00:04:08,680 --> 00:04:09,240 Capstone. 129 00:04:09,240 --> 00:04:11,360 For crafting a compelling pitch. 130 00:04:11,360 --> 00:04:12,320 OK, I like it. 131 00:04:12,320 --> 00:04:15,640 It stands for clarity authority problem solution. 132 00:04:15,640 --> 00:04:19,080 Why opportunity next steps. 133 00:04:19,080 --> 00:04:20,280 And essence. 134 00:04:20,280 --> 00:04:23,320 OK, so clarity authority, those make sense. 135 00:04:23,320 --> 00:04:24,240 Yeah. 136 00:04:24,240 --> 00:04:25,280 You need to be clear. 137 00:04:25,280 --> 00:04:27,040 You need to position yourself as an expert. 138 00:04:27,040 --> 00:04:27,800 Right. 139 00:04:27,800 --> 00:04:29,280 But essence. 140 00:04:29,280 --> 00:04:29,760 What is this? 141 00:04:29,760 --> 00:04:31,960 This essence part has me intrigued too. 142 00:04:31,960 --> 00:04:32,480 Yeah. 143 00:04:32,480 --> 00:04:33,840 What does he mean by that? 144 00:04:33,840 --> 00:04:37,080 It's all about the emotional impact of your pitch. 145 00:04:37,080 --> 00:04:37,600 OK. 146 00:04:37,600 --> 00:04:40,160 People remember how you made them feel. 147 00:04:40,160 --> 00:04:42,880 Do you want your listener to walk away feeling inspired? 148 00:04:42,880 --> 00:04:43,280 Right. 149 00:04:43,280 --> 00:04:44,640 Hopeful, intrigued? 150 00:04:44,640 --> 00:04:45,880 It's about the story. 151 00:04:45,880 --> 00:04:47,760 It's about making a genuine connection. 152 00:04:47,760 --> 00:04:47,880 Yeah. 153 00:04:47,880 --> 00:04:49,320 Not just conveying information. 154 00:04:49,320 --> 00:04:50,000 Yes. 155 00:04:50,000 --> 00:04:51,840 And then he's got this really interesting concept 156 00:04:51,840 --> 00:04:53,720 called with or without you energy. 157 00:04:53,720 --> 00:04:54,040 OK. 158 00:04:54,040 --> 00:04:56,320 It's this way of pitching where you make it clear 159 00:04:56,320 --> 00:04:58,280 that you're moving forward regardless. 160 00:04:58,280 --> 00:04:58,840 OK. 161 00:04:58,840 --> 00:05:01,000 But they have the opportunity to be a part of it. 162 00:05:01,000 --> 00:05:01,720 Interesting. 163 00:05:01,720 --> 00:05:03,400 And he tells this incredible story 164 00:05:03,400 --> 00:05:06,760 about how he secured 10,000 pounds. 165 00:05:06,760 --> 00:05:07,240 Yeah. 166 00:05:07,240 --> 00:05:08,280 Worth of camera equipment. 167 00:05:08,280 --> 00:05:09,240 From Samsung. 168 00:05:09,240 --> 00:05:11,600 From Samsung early in his career. 169 00:05:11,600 --> 00:05:13,080 He just boldly asked. 170 00:05:13,080 --> 00:05:15,440 He just asked if he could borrow some cameras. 171 00:05:15,440 --> 00:05:15,720 Yeah. 172 00:05:15,720 --> 00:05:18,400 And promised to display their logo in return. 173 00:05:18,400 --> 00:05:19,200 And they said yes. 174 00:05:19,200 --> 00:05:20,760 And it worked. 175 00:05:20,760 --> 00:05:21,440 That's some kind of. 176 00:05:21,440 --> 00:05:23,840 Got some confidence and belief in your vision. 177 00:05:23,840 --> 00:05:24,360 Yeah. 178 00:05:24,360 --> 00:05:26,040 You know, he also has this great saying, 179 00:05:26,040 --> 00:05:27,840 money is relationships. 180 00:05:27,840 --> 00:05:28,680 Oh, I like that. 181 00:05:28,680 --> 00:05:32,200 He's a firm believer in building genuine connections. 182 00:05:32,200 --> 00:05:32,400 Yeah. 183 00:05:32,400 --> 00:05:33,640 And a valuable network. 184 00:05:33,640 --> 00:05:34,320 So important. 185 00:05:34,320 --> 00:05:37,080 He even suggests that if you're on a tight budget. 186 00:05:37,080 --> 00:05:37,560 OK. 187 00:05:37,560 --> 00:05:39,560 You can still invest in relationships 188 00:05:39,560 --> 00:05:41,800 by taking interesting people out to dinner. 189 00:05:41,800 --> 00:05:42,920 Oh, that's a good idea. 190 00:05:42,920 --> 00:05:44,440 It's not about schmoozing. 191 00:05:44,440 --> 00:05:45,120 Right. 192 00:05:45,120 --> 00:05:46,960 It's about genuine connection. 193 00:05:46,960 --> 00:05:50,600 It's about building rapport and adding value to others' lives. 194 00:05:50,600 --> 00:05:53,440 And he actually shares a story about an email. 195 00:05:53,440 --> 00:05:53,800 OK. 196 00:05:53,800 --> 00:05:54,720 That stood out to him. 197 00:05:54,720 --> 00:05:55,080 Right. 198 00:05:55,080 --> 00:05:57,520 Because the person clearly did their research. 199 00:05:57,520 --> 00:05:57,880 Yeah. 200 00:05:57,880 --> 00:06:00,320 Offered a specific value proposition. 201 00:06:00,320 --> 00:06:00,920 OK. 202 00:06:00,920 --> 00:06:03,960 And demonstrated that they genuinely wanted to connect. 203 00:06:03,960 --> 00:06:05,240 So he responded. 204 00:06:05,240 --> 00:06:06,320 And because of that. 205 00:06:06,320 --> 00:06:06,720 Yeah. 206 00:06:06,720 --> 00:06:07,520 He responded. 207 00:06:07,520 --> 00:06:08,080 That's great. 208 00:06:08,080 --> 00:06:10,920 So it's a good reminder that even in our digital world. 209 00:06:10,920 --> 00:06:11,600 Right. 210 00:06:11,600 --> 00:06:14,120 Personalized and thoughtful outreach. 211 00:06:14,120 --> 00:06:14,800 Yeah. 212 00:06:14,800 --> 00:06:16,400 Can be so effective. 213 00:06:16,400 --> 00:06:17,280 It can. 214 00:06:17,280 --> 00:06:19,080 But now for a little curveball. 215 00:06:19,080 --> 00:06:19,480 OK. 216 00:06:19,480 --> 00:06:23,640 Priestly suggests this pretty unconventional path 217 00:06:23,640 --> 00:06:25,520 to wealth creation. 218 00:06:25,520 --> 00:06:26,560 What is it? 219 00:06:26,560 --> 00:06:28,880 Acquiring existing boring businesses. 220 00:06:28,880 --> 00:06:30,280 Boring businesses. 221 00:06:30,280 --> 00:06:32,200 You're probably thinking what. 222 00:06:32,200 --> 00:06:32,680 Yeah. 223 00:06:32,680 --> 00:06:35,440 But his logic is actually pretty sound. 224 00:06:35,440 --> 00:06:36,160 OK. 225 00:06:36,160 --> 00:06:38,640 These businesses, while not the most exciting. 226 00:06:38,640 --> 00:06:39,280 Yeah. 227 00:06:39,280 --> 00:06:41,080 Often have a strong foundation. 228 00:06:41,080 --> 00:06:41,560 OK. 229 00:06:41,560 --> 00:06:43,680 Established infrastructure cash flow. 230 00:06:43,680 --> 00:06:44,680 A customer base. 231 00:06:44,680 --> 00:06:46,560 So instead of starting from scratch. 232 00:06:46,560 --> 00:06:48,320 You're leveraging something that's already there. 233 00:06:48,320 --> 00:06:48,800 OK. 234 00:06:48,800 --> 00:06:51,120 And he points out that a lot of baby boomers. 235 00:06:51,120 --> 00:06:51,480 Right. 236 00:06:51,480 --> 00:06:52,680 Are nearing retirement. 237 00:06:52,680 --> 00:06:53,080 Yeah. 238 00:06:53,080 --> 00:06:55,800 And they're looking for succession plans for the businesses. 239 00:06:55,800 --> 00:06:56,640 OK. 240 00:06:56,640 --> 00:06:59,480 This creates a potential gold mine of opportunity. 241 00:06:59,480 --> 00:07:00,680 Like what kind of businesses. 242 00:07:00,680 --> 00:07:01,240 Think about it. 243 00:07:01,240 --> 00:07:02,560 Dry cleaners. 244 00:07:02,560 --> 00:07:03,960 Plumbing companies. 245 00:07:03,960 --> 00:07:05,160 Manufacturing firms. 246 00:07:05,160 --> 00:07:05,640 Oh. 247 00:07:05,640 --> 00:07:05,960 OK. 248 00:07:05,960 --> 00:07:08,440 These are the businesses that are the backbone of our economy. 249 00:07:08,440 --> 00:07:08,920 Yeah. 250 00:07:08,920 --> 00:07:10,160 They might not be trendy. 251 00:07:10,160 --> 00:07:10,360 Right. 252 00:07:10,360 --> 00:07:11,720 They might not be flashy. 253 00:07:11,720 --> 00:07:12,160 Yeah. 254 00:07:12,160 --> 00:07:13,880 But they've got solid track records. 255 00:07:13,880 --> 00:07:14,400 Right. 256 00:07:14,400 --> 00:07:16,080 Loyal customers. 257 00:07:16,080 --> 00:07:17,320 They're reliable. 258 00:07:17,320 --> 00:07:19,000 And what they might be lacking. 259 00:07:19,000 --> 00:07:19,560 Yeah. 260 00:07:19,560 --> 00:07:21,280 Is a fresh perspective. 261 00:07:21,280 --> 00:07:23,280 Someone with the energy and vision. 262 00:07:23,280 --> 00:07:23,520 Right. 263 00:07:23,520 --> 00:07:25,360 To bring them into the digital age. 264 00:07:25,360 --> 00:07:26,000 Makes sense. 265 00:07:26,000 --> 00:07:29,040 And he even suggests that you might be able to acquire one 266 00:07:29,040 --> 00:07:30,200 of these businesses. 267 00:07:30,200 --> 00:07:30,600 Really. 268 00:07:30,600 --> 00:07:32,960 With little to no upfront capital. 269 00:07:32,960 --> 00:07:33,160 Wait. 270 00:07:33,160 --> 00:07:34,400 How is that possible. 271 00:07:34,400 --> 00:07:35,680 We'll get into the details later. 272 00:07:35,680 --> 00:07:36,040 OK. 273 00:07:36,040 --> 00:07:39,000 But it involves understanding deal structuring. 274 00:07:39,000 --> 00:07:39,480 Yeah. 275 00:07:39,480 --> 00:07:40,840 And vendor financing. 276 00:07:40,840 --> 00:07:41,520 Got it. 277 00:07:41,520 --> 00:07:43,480 He uses this example of his friend. 278 00:07:43,480 --> 00:07:43,960 Yeah. 279 00:07:43,960 --> 00:07:46,600 Who acquired a business called Kit King. 280 00:07:46,600 --> 00:07:47,200 OK. 281 00:07:47,200 --> 00:07:49,880 And turned it into this massive success. 282 00:07:49,880 --> 00:07:50,400 Wow. 283 00:07:50,400 --> 00:07:52,800 The business was already doing well. 284 00:07:52,800 --> 00:07:54,920 But the owner was ready to retire. 285 00:07:54,920 --> 00:07:55,360 OK. 286 00:07:55,360 --> 00:07:56,840 The new owner came in. 287 00:07:56,840 --> 00:07:57,240 Yeah. 288 00:07:57,240 --> 00:07:58,600 Digitized operations. 289 00:07:58,600 --> 00:07:59,280 Yeah. 290 00:07:59,280 --> 00:08:01,120 Re-energized the team. 291 00:08:01,120 --> 00:08:03,160 Focused on building a strong brand. 292 00:08:03,160 --> 00:08:03,720 Oh, right. 293 00:08:03,720 --> 00:08:05,080 And within a couple of years. 294 00:08:05,080 --> 00:08:05,320 Yeah. 295 00:08:05,320 --> 00:08:08,520 The business had grown by 500%. 296 00:08:08,520 --> 00:08:09,080 500%. 297 00:08:09,080 --> 00:08:13,000 So it's about seeing the potential that others might 298 00:08:13,000 --> 00:08:13,640 overlook. 299 00:08:13,640 --> 00:08:13,840 Yeah. 300 00:08:13,840 --> 00:08:15,360 And applying those same principles. 301 00:08:15,360 --> 00:08:16,400 And those cool principles. 302 00:08:16,400 --> 00:08:17,520 That we've been talking about. 303 00:08:17,520 --> 00:08:20,600 Idea validation, relationship build, asset creation. 304 00:08:20,600 --> 00:08:21,480 It's all connected. 305 00:08:21,480 --> 00:08:22,600 It's fascinating. 306 00:08:22,600 --> 00:08:23,000 It is. 307 00:08:23,000 --> 00:08:25,240 But this is where it gets even more interesting. 308 00:08:25,240 --> 00:08:25,840 OK. 309 00:08:25,840 --> 00:08:29,520 He suggests that in today's world, 310 00:08:29,520 --> 00:08:33,960 you don't necessarily need a high priced CFO. 311 00:08:33,960 --> 00:08:34,480 Oh, really? 312 00:08:34,480 --> 00:08:37,280 To help you with structuring these deals. 313 00:08:37,280 --> 00:08:37,840 Interesting. 314 00:08:37,840 --> 00:08:42,440 Tools like ChatGPT are becoming increasingly powerful. 315 00:08:42,440 --> 00:08:44,800 And they can offer initial guidance. 316 00:08:44,800 --> 00:08:45,280 On what? 317 00:08:45,280 --> 00:08:46,720 On structuring a deal. 318 00:08:46,720 --> 00:08:47,200 OK. 319 00:08:47,200 --> 00:08:49,040 Drafting heads of terms. 320 00:08:49,040 --> 00:08:51,000 Reviewing contracts. 321 00:08:51,000 --> 00:08:53,360 And even generating emails. 322 00:08:53,360 --> 00:08:54,280 That's a game changer. 323 00:08:54,280 --> 00:08:56,000 To potential business partners. 324 00:08:56,000 --> 00:08:56,440 OK. 325 00:08:56,440 --> 00:08:59,320 And Priestly believes this is just the tip of the iceberg. 326 00:08:59,320 --> 00:08:59,680 Yeah. 327 00:08:59,680 --> 00:09:01,840 When it comes to AI's impact on business. 328 00:09:01,840 --> 00:09:02,120 Right. 329 00:09:02,120 --> 00:09:04,840 So it's like having a virtual business consultant 330 00:09:04,840 --> 00:09:05,880 at your fingertips. 331 00:09:05,880 --> 00:09:07,000 It really is. 332 00:09:07,000 --> 00:09:10,640 But with all this talk about leveraging AI, 333 00:09:10,640 --> 00:09:13,520 it makes you wonder, what about the human element? 334 00:09:13,520 --> 00:09:13,880 Right. 335 00:09:13,880 --> 00:09:15,080 Is there still a place for humans? 336 00:09:15,080 --> 00:09:17,360 And that's something Priestly addresses directly. 337 00:09:17,360 --> 00:09:17,840 OK. 338 00:09:17,840 --> 00:09:21,320 He cautions that while AI can be an incredible tool, 339 00:09:21,320 --> 00:09:24,240 can also turn us into mindless consumers. 340 00:09:24,240 --> 00:09:24,400 Right. 341 00:09:24,400 --> 00:09:27,240 Glued to our screens, constantly bombarded 342 00:09:27,240 --> 00:09:28,760 with targeted advertising. 343 00:09:28,760 --> 00:09:28,960 Yeah. 344 00:09:28,960 --> 00:09:29,920 It's a slippery slope. 345 00:09:29,920 --> 00:09:32,240 So how do we avoid that trap? 346 00:09:32,240 --> 00:09:33,360 How do we stay human? 347 00:09:33,360 --> 00:09:36,240 How do we use AI without letting it use us? 348 00:09:36,240 --> 00:09:37,280 Exactly. 349 00:09:37,280 --> 00:09:40,600 He believes it comes down to making a conscious choice. 350 00:09:40,600 --> 00:09:41,480 So? 351 00:09:41,480 --> 00:09:44,760 Do we want to be controlled by algorithms? 352 00:09:44,760 --> 00:09:47,960 Or do we want to use AI as a force for good? 353 00:09:47,960 --> 00:09:48,680 I like that. 354 00:09:48,680 --> 00:09:49,600 A force for good. 355 00:09:49,600 --> 00:09:51,280 It's a question we all need to consider. 356 00:09:51,280 --> 00:09:51,920 We do. 357 00:09:51,920 --> 00:09:55,480 As AI becomes increasingly integrated into our lives. 358 00:09:55,480 --> 00:09:56,160 Yeah. 359 00:09:56,160 --> 00:09:59,960 But amidst all this talk about business strategy and AI, 360 00:09:59,960 --> 00:10:02,680 Priestly also touches on something that's really important. 361 00:10:02,680 --> 00:10:03,320 OK. 362 00:10:03,320 --> 00:10:04,600 Work-life balance. 363 00:10:04,600 --> 00:10:05,840 A work-life balance. 364 00:10:05,840 --> 00:10:09,080 He believes that the concept of work-life balance 365 00:10:09,080 --> 00:10:10,520 is often misunderstood. 366 00:10:10,520 --> 00:10:10,960 OK. 367 00:10:10,960 --> 00:10:14,160 He points out that people who achieve significant success 368 00:10:14,160 --> 00:10:15,720 typically work very hard. 369 00:10:15,720 --> 00:10:16,200 They do. 370 00:10:16,200 --> 00:10:18,280 However, there's a big difference 371 00:10:18,280 --> 00:10:22,680 between grinding away at a soul-crushing job 372 00:10:22,680 --> 00:10:27,160 and pursuing work that is both challenging and fulfilling. 373 00:10:27,160 --> 00:10:27,360 Yeah. 374 00:10:27,360 --> 00:10:29,920 It's about finding work that energizes you. 375 00:10:29,920 --> 00:10:30,520 Yes. 376 00:10:30,520 --> 00:10:31,920 Not drains you. 377 00:10:31,920 --> 00:10:34,120 So it's about finding work that energizes you 378 00:10:34,120 --> 00:10:35,720 rather than drains you. 379 00:10:35,720 --> 00:10:36,520 Exactly. 380 00:10:36,520 --> 00:10:38,920 He argues that the key is to find work that 381 00:10:38,920 --> 00:10:40,720 allows you to build assets. 382 00:10:40,720 --> 00:10:41,080 OK. 383 00:10:41,080 --> 00:10:43,240 That will continue to generate value. 384 00:10:43,240 --> 00:10:43,640 Yeah. 385 00:10:43,640 --> 00:10:45,480 Even when you're not actively working. 386 00:10:45,480 --> 00:10:48,080 So it's not just about trading time for money. 387 00:10:48,080 --> 00:10:51,080 It's about creating something that has lasting impact. 388 00:10:51,080 --> 00:10:51,400 I like it. 389 00:10:51,400 --> 00:10:53,760 He uses the example of his own podcast. 390 00:10:53,760 --> 00:10:54,160 Right. 391 00:10:54,160 --> 00:10:57,360 Which continues to reach new audiences and generate revenue. 392 00:10:57,360 --> 00:10:57,680 Yeah. 393 00:10:57,680 --> 00:11:00,360 Even when he's not actively recording new episodes. 394 00:11:00,360 --> 00:11:00,960 That's the dream. 395 00:11:00,960 --> 00:11:02,440 He also mentions his wife. 396 00:11:02,440 --> 00:11:02,680 Go ahead. 397 00:11:02,680 --> 00:11:04,320 Who renovates properties. 398 00:11:04,320 --> 00:11:07,560 So she's generating income and appreciating assets. 399 00:11:07,560 --> 00:11:08,200 At the same time. 400 00:11:08,200 --> 00:11:09,280 Simultaneously. 401 00:11:09,280 --> 00:11:09,960 That's smart. 402 00:11:09,960 --> 00:11:13,320 So it's about finding work that aligns with your passions. 403 00:11:13,320 --> 00:11:14,840 Allows you to grow and learn. 404 00:11:14,840 --> 00:11:15,360 Yeah. 405 00:11:15,360 --> 00:11:18,840 And ultimately creates something of value 406 00:11:18,840 --> 00:11:21,360 that extends beyond your direct effort. 407 00:11:21,360 --> 00:11:22,280 That's a good way to put it. 408 00:11:22,280 --> 00:11:23,480 This is so insightful. 409 00:11:23,480 --> 00:11:24,160 It is. 410 00:11:24,160 --> 00:11:24,360 OK. 411 00:11:24,360 --> 00:11:26,120 Now for a question that caught me off guard. 412 00:11:26,120 --> 00:11:26,640 OK. 413 00:11:26,640 --> 00:11:28,760 The interviewer asks priestly. 414 00:11:28,760 --> 00:11:29,200 Yeah. 415 00:11:29,200 --> 00:11:31,040 What's one thing he wishes he had known. 416 00:11:31,040 --> 00:11:31,720 OK. 417 00:11:31,720 --> 00:11:33,520 About sex and relationships. 418 00:11:33,520 --> 00:11:33,920 Oh wow. 419 00:11:33,920 --> 00:11:34,840 In his youth. 420 00:11:34,840 --> 00:11:35,320 OK. 421 00:11:35,320 --> 00:11:37,960 And his answer is surprisingly profound. 422 00:11:37,960 --> 00:11:38,360 Really. 423 00:11:38,360 --> 00:11:42,680 He talks about this realization that the enjoyment of sex 424 00:11:42,680 --> 00:11:45,760 is deeply connected to the quality of the relationship 425 00:11:45,760 --> 00:11:46,840 outside of the bedroom. 426 00:11:46,840 --> 00:11:47,480 Interesting. 427 00:11:47,480 --> 00:11:50,600 He emphasizes the importance of love, connection, 428 00:11:50,600 --> 00:11:52,240 shared experiences. 429 00:11:52,240 --> 00:11:54,360 So it's not just a physical act. 430 00:11:54,360 --> 00:11:56,360 It sounds like in his younger years. 431 00:11:56,360 --> 00:11:56,640 Yeah. 432 00:11:56,640 --> 00:11:58,960 He viewed sex as purely physical. 433 00:11:58,960 --> 00:11:59,360 OK. 434 00:11:59,360 --> 00:12:00,720 But as he matured. 435 00:12:00,720 --> 00:12:01,120 Yeah. 436 00:12:01,120 --> 00:12:03,680 He realized the emptiness of that approach. 437 00:12:03,680 --> 00:12:03,880 Right. 438 00:12:03,880 --> 00:12:06,200 He goes on to advise young men. 439 00:12:06,200 --> 00:12:06,880 Does he? 440 00:12:06,880 --> 00:12:09,720 That true confidence and attractiveness. 441 00:12:09,720 --> 00:12:10,160 OK. 442 00:12:10,160 --> 00:12:12,640 Come from building a strong sense of self. 443 00:12:12,640 --> 00:12:13,200 Mm-hmm. 444 00:12:13,200 --> 00:12:16,680 Not relying on tricks or manipulative tactics. 445 00:12:16,680 --> 00:12:16,880 Yeah. 446 00:12:16,880 --> 00:12:18,240 You got to be authentic. 447 00:12:18,240 --> 00:12:21,480 It's a perspective that shifts the focus from conquest 448 00:12:21,480 --> 00:12:23,400 to genuine connection. 449 00:12:23,400 --> 00:12:23,840 Right. 450 00:12:23,840 --> 00:12:24,920 And mutual respect. 451 00:12:24,920 --> 00:12:25,680 Exactly. 452 00:12:25,680 --> 00:12:26,160 Yeah. 453 00:12:26,160 --> 00:12:28,160 And in true deep dive fashion. 454 00:12:28,160 --> 00:12:28,680 Of course. 455 00:12:28,680 --> 00:12:30,240 He connects this back. 456 00:12:30,240 --> 00:12:30,600 To what? 457 00:12:30,600 --> 00:12:33,680 To the concepts of functionality versus vitality. 458 00:12:33,680 --> 00:12:34,720 Oh, interesting. 459 00:12:34,720 --> 00:12:37,720 Sex can be a purely functional act. 460 00:12:37,720 --> 00:12:38,040 OK. 461 00:12:38,040 --> 00:12:41,760 Or it can be an expression of love and life force energy. 462 00:12:41,760 --> 00:12:42,120 Right. 463 00:12:42,120 --> 00:12:43,840 Shared between two people. 464 00:12:43,840 --> 00:12:44,760 To a different level. 465 00:12:44,760 --> 00:12:46,760 It makes you think, right? 466 00:12:46,760 --> 00:12:47,120 It does. 467 00:12:47,120 --> 00:12:49,480 Having these conversations earlier on. 468 00:12:49,480 --> 00:12:49,880 Yeah. 469 00:12:49,880 --> 00:12:52,320 Could lead to more fulfilling relationships. 470 00:12:52,320 --> 00:12:52,920 Yeah. 471 00:12:52,920 --> 00:12:53,360 For sure. 472 00:12:53,360 --> 00:12:56,480 It's amazing how even a conversation about business 473 00:12:56,480 --> 00:12:57,640 and entrepreneurship. 474 00:12:57,640 --> 00:12:57,880 Right. 475 00:12:57,880 --> 00:13:01,360 Can lead to such unexpected insights about life. 476 00:13:01,360 --> 00:13:03,120 These deep dives, they always take us down 477 00:13:03,120 --> 00:13:04,600 these unexpected paths. 478 00:13:04,600 --> 00:13:05,440 They do. 479 00:13:05,440 --> 00:13:07,720 But there's always something valuable to learn. 480 00:13:07,720 --> 00:13:08,200 Always. 481 00:13:08,200 --> 00:13:10,480 From exploring these ideas together. 482 00:13:10,480 --> 00:13:11,600 This is just the beginning. 483 00:13:11,600 --> 00:13:14,440 We've got so much more to unpack in this interview. 484 00:13:14,440 --> 00:13:17,800 Stay with us as we continue to delve into Prisley's insights 485 00:13:17,800 --> 00:13:21,000 on entrepreneurship, success, and life itself. 486 00:13:21,000 --> 00:13:22,040 I'm excited. 487 00:13:22,040 --> 00:13:23,000 Welcome back. 488 00:13:23,000 --> 00:13:26,600 We're continuing our deep dive into Daniel Prisley's insights 489 00:13:26,600 --> 00:13:28,680 on entrepreneurship and success. 490 00:13:28,680 --> 00:13:29,760 Yeah. 491 00:13:29,760 --> 00:13:32,240 Before the break, we were talking about his unconventional 492 00:13:32,240 --> 00:13:35,840 advice on acquiring boring businesses. 493 00:13:35,840 --> 00:13:36,360 Yeah. 494 00:13:36,360 --> 00:13:38,520 And I'm really curious to hear more about how that works. 495 00:13:38,520 --> 00:13:38,920 OK. 496 00:13:38,920 --> 00:13:42,680 But before we jump into the specifics of buying a business, 497 00:13:42,680 --> 00:13:45,160 let's talk about this idea of self-awareness. 498 00:13:45,160 --> 00:13:45,560 OK. 499 00:13:45,560 --> 00:13:47,400 Especially for entrepreneurs. 500 00:13:47,400 --> 00:13:50,400 Prisley talks about this idea of surrounding yourself 501 00:13:50,400 --> 00:13:51,520 with overlings. 502 00:13:51,520 --> 00:13:52,080 Overlings. 503 00:13:52,080 --> 00:13:54,320 People who are better than you in specific areas. 504 00:13:54,320 --> 00:13:54,840 OK. 505 00:13:54,840 --> 00:13:58,240 And how essential that is for building a successful business. 506 00:13:58,240 --> 00:13:58,600 Right. 507 00:13:58,600 --> 00:14:00,640 It's about recognizing that you don't 508 00:14:00,640 --> 00:14:02,160 have to be the expert in everything. 509 00:14:02,160 --> 00:14:02,600 Right. 510 00:14:02,600 --> 00:14:06,680 In fact, your success might depend on your ability 511 00:14:06,680 --> 00:14:09,960 to bring in people who can elevate the entire operation. 512 00:14:09,960 --> 00:14:11,400 It's a humbling perspective. 513 00:14:11,400 --> 00:14:11,760 It is. 514 00:14:11,760 --> 00:14:14,160 You have to let go of the ego and acknowledge 515 00:14:14,160 --> 00:14:16,840 that others might excel in areas where you don't. 516 00:14:16,840 --> 00:14:20,080 He uses this analogy of an orchestra conductor. 517 00:14:20,080 --> 00:14:20,760 OK. 518 00:14:20,760 --> 00:14:23,040 The conductor might not be able to play every instrument. 519 00:14:23,040 --> 00:14:24,000 Right. 520 00:14:24,000 --> 00:14:27,280 But they know how to assemble a talented group of musicians. 521 00:14:27,280 --> 00:14:27,960 Yeah. 522 00:14:27,960 --> 00:14:30,040 And guide them towards a shared vision. 523 00:14:30,040 --> 00:14:31,280 That's a great analogy. 524 00:14:31,280 --> 00:14:31,520 Yeah. 525 00:14:31,520 --> 00:14:34,960 So the entrepreneur is like the conductor. 526 00:14:34,960 --> 00:14:35,440 Exactly. 527 00:14:35,440 --> 00:14:37,200 Bringing together the right people 528 00:14:37,200 --> 00:14:38,600 to create something amazing. 529 00:14:38,600 --> 00:14:39,840 To make beautiful music. 530 00:14:39,840 --> 00:14:41,840 And that leads us to another important point. 531 00:14:41,840 --> 00:14:42,440 OK. 532 00:14:42,440 --> 00:14:44,400 You don't have to be a founder. 533 00:14:44,400 --> 00:14:44,760 Right. 534 00:14:44,760 --> 00:14:47,680 To create incredible value and wealth. 535 00:14:47,680 --> 00:14:48,160 OK. 536 00:14:48,160 --> 00:14:51,280 Prisley talks about how taking a business. 537 00:14:51,280 --> 00:14:51,800 Yeah. 538 00:14:51,800 --> 00:14:55,880 From $2 million to $20 million in revenue. 539 00:14:55,880 --> 00:14:56,360 Wow. 540 00:14:56,360 --> 00:14:58,760 Requires a different skill set. 541 00:14:58,760 --> 00:14:59,080 Yeah. 542 00:14:59,080 --> 00:15:00,880 Then launching a startup from scratch. 543 00:15:00,880 --> 00:15:01,080 Right. 544 00:15:01,080 --> 00:15:01,920 Different stages. 545 00:15:01,920 --> 00:15:02,840 Different skills. 546 00:15:02,840 --> 00:15:05,800 So someone who's really good at scaling and growing 547 00:15:05,800 --> 00:15:07,080 and established business. 548 00:15:07,080 --> 00:15:07,360 Right. 549 00:15:07,360 --> 00:15:09,480 Can create just as much impact. 550 00:15:09,480 --> 00:15:10,040 If not more. 551 00:15:10,040 --> 00:15:12,480 As someone who comes up with a brand new idea. 552 00:15:12,480 --> 00:15:12,960 Totally. 553 00:15:12,960 --> 00:15:16,640 And that's where this whole concept of acquiring existing 554 00:15:16,640 --> 00:15:18,160 businesses comes into play. 555 00:15:18,160 --> 00:15:18,680 Yeah. 556 00:15:18,680 --> 00:15:21,120 Prisley sees a massive opportunity 557 00:15:21,120 --> 00:15:23,280 in the current generational shift. 558 00:15:23,280 --> 00:15:24,080 With the baby boomers. 559 00:15:24,080 --> 00:15:25,800 With baby boomers retiring. 560 00:15:25,800 --> 00:15:26,120 Right. 561 00:15:26,120 --> 00:15:28,200 And looking to pass on their businesses. 562 00:15:28,200 --> 00:15:28,800 Makes sense. 563 00:15:28,800 --> 00:15:32,360 And he's not just talking about tech startups 564 00:15:32,360 --> 00:15:33,720 or high growth companies. 565 00:15:33,720 --> 00:15:34,120 Right. 566 00:15:34,120 --> 00:15:37,080 He sees potential in those boring businesses 567 00:15:37,080 --> 00:15:38,160 we talked about earlier. 568 00:15:38,160 --> 00:15:39,400 No sexy businesses. 569 00:15:39,400 --> 00:15:42,600 Those businesses that might not be exciting. 570 00:15:42,600 --> 00:15:42,920 Yeah. 571 00:15:42,920 --> 00:15:44,960 But have a solid foundation. 572 00:15:44,960 --> 00:15:47,000 A consistent cash flow. 573 00:15:47,000 --> 00:15:48,280 Sturieri. 574 00:15:48,280 --> 00:15:50,520 They might just need a fresh perspective. 575 00:15:50,520 --> 00:15:50,760 OK. 576 00:15:50,760 --> 00:15:53,440 And someone with the drive to take them to the next level. 577 00:15:53,440 --> 00:15:53,600 All right. 578 00:15:53,600 --> 00:15:55,440 Someone to come in and shake things up. 579 00:15:55,440 --> 00:15:57,520 So what does that look like in practice? 580 00:15:57,520 --> 00:15:57,800 Yeah. 581 00:15:57,800 --> 00:15:58,840 How do you actually do it? 582 00:15:58,840 --> 00:16:01,400 How do you go about acquiring one of these businesses? 583 00:16:01,400 --> 00:16:03,360 Well, he talks about vendor financing deals. 584 00:16:03,360 --> 00:16:04,160 Vendor financing. 585 00:16:04,160 --> 00:16:07,000 Where the current owner essentially finances 586 00:16:07,000 --> 00:16:08,720 the purchase over time. 587 00:16:08,720 --> 00:16:12,200 So you don't necessarily need a huge chunk of money up front. 588 00:16:12,200 --> 00:16:12,680 Right. 589 00:16:12,680 --> 00:16:12,880 Yeah. 590 00:16:12,880 --> 00:16:14,720 A lot of these baby boomers are looking for someone 591 00:16:14,720 --> 00:16:16,040 to carry on their legacy. 592 00:16:16,040 --> 00:16:16,440 Right. 593 00:16:16,440 --> 00:16:18,840 And they're willing to be flexible with the terms. 594 00:16:18,840 --> 00:16:20,640 But of course, you need to demonstrate 595 00:16:20,640 --> 00:16:23,520 that you have a clear vision for the business. 596 00:16:23,520 --> 00:16:24,480 You got to have a plan. 597 00:16:24,480 --> 00:16:26,960 And can be trusted to take it over. 598 00:16:26,960 --> 00:16:27,360 Right. 599 00:16:27,360 --> 00:16:28,720 It's starting to make sense. 600 00:16:28,720 --> 00:16:31,960 You're essentially leveraging the existing infrastructure 601 00:16:31,960 --> 00:16:33,000 and cash flow. 602 00:16:33,000 --> 00:16:33,640 Exactly. 603 00:16:33,640 --> 00:16:36,400 Of the business to finance the acquisition. 604 00:16:36,400 --> 00:16:38,200 It's like a built-in funding mechanism. 605 00:16:38,200 --> 00:16:42,000 And that ties back to Prisley's idea of sharpening ideas 606 00:16:42,000 --> 00:16:43,960 in the market, not in the mind. 607 00:16:43,960 --> 00:16:44,120 Right. 608 00:16:44,120 --> 00:16:47,520 Instead of trying to come up with the next big thing, 609 00:16:47,520 --> 00:16:52,320 he suggests looking for opportunities that already exist. 610 00:16:52,320 --> 00:16:53,360 Things that are already working. 611 00:16:53,360 --> 00:16:55,000 Things that have been proven to work. 612 00:16:55,000 --> 00:16:55,440 Yeah. 613 00:16:55,440 --> 00:16:58,480 And then finding ways to improve and scale them. 614 00:16:58,480 --> 00:17:00,560 I like that it's a more practical approach. 615 00:17:00,560 --> 00:17:01,040 It is. 616 00:17:01,040 --> 00:17:01,440 You know what I mean? 617 00:17:01,440 --> 00:17:02,080 More grounded. 618 00:17:02,080 --> 00:17:02,440 Yeah. 619 00:17:02,440 --> 00:17:03,560 It's less risky, too. 620 00:17:03,560 --> 00:17:08,560 So instead of brainstorming the next billion dollar app idea, 621 00:17:08,560 --> 00:17:11,440 I should be scouring the classifies for a dry cleaner 622 00:17:11,440 --> 00:17:13,000 that needs a little love. 623 00:17:13,000 --> 00:17:14,200 Maybe not a dry cleaner. 624 00:17:14,200 --> 00:17:14,600 OK. 625 00:17:14,600 --> 00:17:16,760 But the point is there's opportunity everywhere. 626 00:17:16,760 --> 00:17:17,280 Yeah. 627 00:17:17,280 --> 00:17:19,320 Even in those seemingly boring businesses. 628 00:17:19,320 --> 00:17:20,640 You just got to keep your eyes open. 629 00:17:20,640 --> 00:17:22,680 It's about looking beyond the surface. 630 00:17:22,680 --> 00:17:23,280 Yeah. 631 00:17:23,280 --> 00:17:26,400 And recognize the potential that others might overlook. 632 00:17:26,400 --> 00:17:27,120 OK. 633 00:17:27,120 --> 00:17:28,040 I'm starting to see it. 634 00:17:28,040 --> 00:17:28,280 Yeah. 635 00:17:28,280 --> 00:17:30,560 It's about finding those hidden gems. 636 00:17:30,560 --> 00:17:31,000 Right. 637 00:17:31,000 --> 00:17:33,280 And then applying those same principles. 638 00:17:33,280 --> 00:17:34,320 The core principles. 639 00:17:34,320 --> 00:17:38,440 Of idea, validation, relationship building, asset creation. 640 00:17:38,440 --> 00:17:39,160 Exactly. 641 00:17:39,160 --> 00:17:41,560 That apply to any business venture. 642 00:17:41,560 --> 00:17:43,160 Whether you're launching a startup. 643 00:17:43,160 --> 00:17:43,680 Right. 644 00:17:43,680 --> 00:17:46,080 Or acquiring an existing business, 645 00:17:46,080 --> 00:17:47,640 the fundamentals remain the same. 646 00:17:47,640 --> 00:17:49,120 Find a market need. 647 00:17:49,120 --> 00:17:50,440 Build a strong team. 648 00:17:50,440 --> 00:17:51,400 Create value. 649 00:17:51,400 --> 00:17:54,000 Be relentless in your pursuit of excellence. 650 00:17:54,000 --> 00:17:57,360 And don't forget to leverage those technological tools. 651 00:17:57,360 --> 00:17:58,040 Like AI. 652 00:17:58,040 --> 00:17:58,960 Like AI. 653 00:17:58,960 --> 00:17:59,240 Right. 654 00:17:59,240 --> 00:18:01,320 That can help you amplify your efforts. 655 00:18:01,320 --> 00:18:02,640 But use them wisely. 656 00:18:02,640 --> 00:18:04,520 Don't let them use you. 657 00:18:04,520 --> 00:18:05,480 Exactly. 658 00:18:05,480 --> 00:18:07,240 This has been a fascinating deep dive. 659 00:18:07,240 --> 00:18:07,800 It has. 660 00:18:07,800 --> 00:18:10,320 Full of unexpected twists and turns. 661 00:18:10,320 --> 00:18:11,840 Lots of twists and turns. 662 00:18:11,840 --> 00:18:14,320 We started with this simple curlton. 663 00:18:14,320 --> 00:18:18,800 Can you really turn $100 into $100,000 a month? 664 00:18:18,800 --> 00:18:20,520 The million dollar question. 665 00:18:20,520 --> 00:18:22,440 And while there's no easy answer. 666 00:18:22,440 --> 00:18:22,960 Right. 667 00:18:22,960 --> 00:18:25,080 No guaranteed formula for success. 668 00:18:25,080 --> 00:18:25,720 Yeah. 669 00:18:25,720 --> 00:18:28,040 Priestly's insights have definitely 670 00:18:28,040 --> 00:18:29,920 given us a lot to think about. 671 00:18:29,920 --> 00:18:31,440 He's challenged our assumptions. 672 00:18:31,440 --> 00:18:32,040 He has. 673 00:18:32,040 --> 00:18:33,840 About passion and risk. 674 00:18:33,840 --> 00:18:34,200 Yeah. 675 00:18:34,200 --> 00:18:36,880 And even what constitutes a good business opportunity. 676 00:18:36,880 --> 00:18:38,000 But more importantly. 677 00:18:38,000 --> 00:18:38,480 Yeah. 678 00:18:38,480 --> 00:18:43,160 He's reminded us that success in business and in life 679 00:18:43,160 --> 00:18:45,600 is about more than just chasing money. 680 00:18:45,600 --> 00:18:47,200 It's about more than just the money. 681 00:18:47,200 --> 00:18:48,640 It's about building relationships. 682 00:18:48,640 --> 00:18:48,960 Yeah. 683 00:18:48,960 --> 00:18:50,000 Creating value. 684 00:18:50,000 --> 00:18:50,600 Absolutely. 685 00:18:50,600 --> 00:18:52,120 And finding that sweet spot. 686 00:18:52,120 --> 00:18:52,960 That sweet spot. 687 00:18:52,960 --> 00:18:54,920 Where your talents and passions intersect. 688 00:18:54,920 --> 00:18:55,440 Yeah. 689 00:18:55,440 --> 00:18:56,960 With a need in the world. 690 00:18:56,960 --> 00:18:57,600 I love that. 691 00:18:57,600 --> 00:19:00,480 And as we navigate this new era of AI. 692 00:19:00,480 --> 00:19:00,800 Right. 693 00:19:00,800 --> 00:19:03,160 His insights offer a fresh perspective 694 00:19:03,160 --> 00:19:05,240 on how to embrace both the challenges. 695 00:19:05,240 --> 00:19:06,680 The challenges and the opportunity. 696 00:19:06,680 --> 00:19:08,600 And the opportunities that lie ahead. 697 00:19:08,600 --> 00:19:09,520 It's an exciting time. 698 00:19:09,520 --> 00:19:10,080 It is. 699 00:19:10,080 --> 00:19:10,720 It is. 700 00:19:10,720 --> 00:19:11,960 Let's take a quick break. 701 00:19:11,960 --> 00:19:14,440 When we come back, we'll wrap up this deep dive. 702 00:19:14,440 --> 00:19:14,720 All right. 703 00:19:14,720 --> 00:19:16,000 With some final thoughts. 704 00:19:16,000 --> 00:19:16,400 OK. 705 00:19:16,400 --> 00:19:17,520 And key takeaways. 706 00:19:17,520 --> 00:19:18,000 I'm ready. 707 00:19:18,000 --> 00:19:21,840 For you to apply on your entrepreneurial journey. 708 00:19:21,840 --> 00:19:22,480 OK. 709 00:19:22,480 --> 00:19:24,760 We're back and ready to wrap up our deep dive 710 00:19:24,760 --> 00:19:28,040 into Daniel Priestley's insights on entrepreneurship. 711 00:19:28,040 --> 00:19:28,880 Yeah. 712 00:19:28,880 --> 00:19:30,680 It's been a whirlwind of ideas. 713 00:19:30,680 --> 00:19:31,240 You know. 714 00:19:31,240 --> 00:19:33,920 From validating those business ideas. 715 00:19:33,920 --> 00:19:37,040 To the power of boring businesses. 716 00:19:37,040 --> 00:19:37,480 Right. 717 00:19:37,480 --> 00:19:39,840 And even some unexpected reflections. 718 00:19:39,840 --> 00:19:40,080 Yeah. 719 00:19:40,080 --> 00:19:42,400 On life and relationships. 720 00:19:42,400 --> 00:19:42,680 Yeah. 721 00:19:42,680 --> 00:19:43,480 It's been a journey. 722 00:19:43,480 --> 00:19:46,520 And I think what's really striking about Priestley's approach. 723 00:19:46,520 --> 00:19:46,880 Yeah. 724 00:19:46,880 --> 00:19:50,360 Is that he encourages us to think differently. 725 00:19:50,360 --> 00:19:50,680 Yeah. 726 00:19:50,680 --> 00:19:52,120 To challenge conventional wisdom. 727 00:19:52,120 --> 00:19:52,360 Yeah. 728 00:19:52,360 --> 00:19:54,440 To explore unconventional paths. 729 00:19:54,440 --> 00:19:54,920 Exactly. 730 00:19:54,920 --> 00:19:58,960 So is this money making formula a guaranteed ticket to riches. 731 00:19:58,960 --> 00:20:00,840 Well there are no guarantees in life are there. 732 00:20:00,840 --> 00:20:01,240 Right. 733 00:20:01,240 --> 00:20:04,600 But what Priestley offers is a framework. 734 00:20:04,600 --> 00:20:05,040 OK. 735 00:20:05,040 --> 00:20:06,640 A set of principles. 736 00:20:06,640 --> 00:20:07,120 Yeah. 737 00:20:07,120 --> 00:20:10,320 That can significantly increase your chances of success. 738 00:20:10,320 --> 00:20:12,000 He's given us so much to think about. 739 00:20:12,000 --> 00:20:12,360 He has. 740 00:20:12,360 --> 00:20:15,200 What are some of the key takeaways that you think 741 00:20:15,200 --> 00:20:16,960 our listeners should really focus on. 742 00:20:16,960 --> 00:20:20,960 One of the biggest ones for me is the importance of action. 743 00:20:20,960 --> 00:20:21,720 Oh yeah. 744 00:20:21,720 --> 00:20:24,680 It's easy to get caught up in the excitement of an idea. 745 00:20:24,680 --> 00:20:25,640 Right. 746 00:20:25,640 --> 00:20:27,760 But without testing it in the real world. 747 00:20:27,760 --> 00:20:28,080 Right. 748 00:20:28,080 --> 00:20:29,520 You're just spinning your wheels. 749 00:20:29,520 --> 00:20:30,200 Yeah. 750 00:20:30,200 --> 00:20:32,080 Remember Priestley's motto. 751 00:20:32,080 --> 00:20:35,040 Sharpen ideas in the market not in the mind. 752 00:20:35,040 --> 00:20:36,120 That's such a good point. 753 00:20:36,120 --> 00:20:36,480 Yeah. 754 00:20:36,480 --> 00:20:40,000 It's about getting out there and getting that real feedback. 755 00:20:40,000 --> 00:20:42,240 Don't be afraid to put your ideas out there. 756 00:20:42,240 --> 00:20:42,440 Yeah. 757 00:20:42,440 --> 00:20:43,920 Even if they're not perfect. 758 00:20:43,920 --> 00:20:44,520 Exactly. 759 00:20:44,520 --> 00:20:47,360 And don't underestimate the power of relationships. 760 00:20:47,360 --> 00:20:49,080 Relationships are huge. 761 00:20:49,080 --> 00:20:52,120 Priestley's belief that money is relationships. 762 00:20:52,120 --> 00:20:52,440 Yeah. 763 00:20:52,440 --> 00:20:54,040 It's more than just a catchy phrase. 764 00:20:54,040 --> 00:20:54,640 It is. 765 00:20:54,640 --> 00:20:59,520 It's about understanding that success in business and in life 766 00:20:59,520 --> 00:21:02,760 is often about who you know and the value you 767 00:21:02,760 --> 00:21:04,280 bring to those connections. 768 00:21:04,280 --> 00:21:07,280 So building a strong network is essential. 769 00:21:07,280 --> 00:21:07,880 It is. 770 00:21:07,880 --> 00:21:10,720 And he gave us some practical tips on how to do that. 771 00:21:10,720 --> 00:21:10,960 Yeah. 772 00:21:10,960 --> 00:21:12,680 Even if you're on a tight budget. 773 00:21:12,680 --> 00:21:14,200 Even if you don't have a lot of money. 774 00:21:14,200 --> 00:21:17,000 But it's not just about networking for personal game. 775 00:21:17,000 --> 00:21:17,400 Right. 776 00:21:17,400 --> 00:21:19,720 It's about building genuine connections. 777 00:21:19,720 --> 00:21:19,960 Yeah. 778 00:21:19,960 --> 00:21:23,160 And finding ways to add value to the lives of others. 779 00:21:23,160 --> 00:21:24,080 It's about giving back. 780 00:21:24,080 --> 00:21:26,600 And of course we can't forget about the elephant in the room. 781 00:21:26,600 --> 00:21:27,160 AI. 782 00:21:27,160 --> 00:21:27,800 AI. 783 00:21:27,800 --> 00:21:28,680 It's everywhere. 784 00:21:28,680 --> 00:21:30,480 Priestley believes it's going to revolutionize 785 00:21:30,480 --> 00:21:31,880 the way we do business. 786 00:21:31,880 --> 00:21:35,120 And those who embrace it will have a significant advantage. 787 00:21:35,120 --> 00:21:36,960 Those who don't will be left behind. 788 00:21:36,960 --> 00:21:41,280 But he also cautions against becoming mindless consumers. 789 00:21:41,280 --> 00:21:41,680 Right. 790 00:21:41,680 --> 00:21:43,120 Controlled by algorithms. 791 00:21:43,120 --> 00:21:44,560 We don't want to become robots. 792 00:21:44,560 --> 00:21:48,000 It's about using AI as a tool. 793 00:21:48,000 --> 00:21:48,320 Yeah. 794 00:21:48,320 --> 00:21:51,800 To amplify our creativity and productivity. 795 00:21:51,800 --> 00:21:52,120 Right. 796 00:21:52,120 --> 00:21:54,760 Not to replace our own thinking and decision making. 797 00:21:54,760 --> 00:21:55,360 Exactly. 798 00:21:55,360 --> 00:21:56,800 It's a balancing act for sure. 799 00:21:56,800 --> 00:21:57,320 It is. 800 00:21:57,320 --> 00:21:59,440 And I think that's a great theme that runs through all 801 00:21:59,440 --> 00:22:00,720 of Priestley's advice. 802 00:22:00,720 --> 00:22:01,120 Oh yeah. 803 00:22:01,120 --> 00:22:02,440 Finding the right balance. 804 00:22:02,440 --> 00:22:03,240 Balance is key. 805 00:22:03,240 --> 00:22:05,880 Balance between passion and market demand. 806 00:22:05,880 --> 00:22:06,200 Yes. 807 00:22:06,200 --> 00:22:10,600 Between working hard and creating a life you love. 808 00:22:10,600 --> 00:22:11,040 Right. 809 00:22:11,040 --> 00:22:15,600 Between leveraging technology and staying true to your values. 810 00:22:15,600 --> 00:22:16,440 You got it. 811 00:22:16,440 --> 00:22:17,800 So where do we go from here? 812 00:22:17,800 --> 00:22:18,120 Yeah. 813 00:22:18,120 --> 00:22:21,920 How do we take all these insights and actually apply them 814 00:22:21,920 --> 00:22:24,840 to our own lives and businesses? 815 00:22:24,840 --> 00:22:26,320 That's the million dollar question, isn't it? 816 00:22:26,320 --> 00:22:26,960 It is. 817 00:22:26,960 --> 00:22:28,880 I think the first step is to reflect 818 00:22:28,880 --> 00:22:32,120 on what resonated with you the most from this deep dive. 819 00:22:32,120 --> 00:22:36,560 Was it the idea of validating your ideas early and often? 820 00:22:36,560 --> 00:22:39,440 The power of building strong relationships? 821 00:22:39,440 --> 00:22:42,040 Or maybe the unconventional path of acquiring 822 00:22:42,040 --> 00:22:43,080 an existing business. 823 00:22:43,080 --> 00:22:44,440 Whatever it is. 824 00:22:44,440 --> 00:22:44,680 Yeah. 825 00:22:44,680 --> 00:22:46,560 Don't let it just sit there in your mind. 826 00:22:46,560 --> 00:22:46,840 Right. 827 00:22:46,840 --> 00:22:47,880 Take action. 828 00:22:47,880 --> 00:22:48,440 Do something. 829 00:22:48,440 --> 00:22:49,600 Start exploring. 830 00:22:49,600 --> 00:22:50,120 Exactly. 831 00:22:50,120 --> 00:22:52,960 Even a small step can make a big difference. 832 00:22:52,960 --> 00:22:53,800 It can. 833 00:22:53,800 --> 00:22:56,400 And remember, this is just the beginning of your journey. 834 00:22:56,400 --> 00:22:57,440 This is just the start. 835 00:22:57,440 --> 00:22:59,200 There's always more to learn. 836 00:22:59,200 --> 00:23:00,160 Always more to learn. 837 00:23:00,160 --> 00:23:01,520 More to explore. 838 00:23:01,520 --> 00:23:02,720 More to explore. 839 00:23:02,720 --> 00:23:04,320 So keep diving deep. 840 00:23:04,320 --> 00:23:05,800 Keep diving deep. 841 00:23:05,800 --> 00:23:07,840 Keep asking questions. 842 00:23:07,840 --> 00:23:09,080 Keep asking questions. 843 00:23:09,080 --> 00:23:12,280 And keep pushing yourself beyond your comfort zone. 844 00:23:12,280 --> 00:23:13,720 That's where the magic happens. 845 00:23:13,720 --> 00:23:15,440 And we'll be right here with you. 846 00:23:15,440 --> 00:23:16,080 We'll be here. 847 00:23:16,080 --> 00:23:17,760 Exploring new ideas. 848 00:23:17,760 --> 00:23:18,160 Yeah. 849 00:23:18,160 --> 00:23:20,760 Uncovering those hidden gems of knowledge. 850 00:23:20,760 --> 00:23:21,800 Those golden nuggets. 851 00:23:21,800 --> 00:23:24,760 That can transform your life and your business. 852 00:23:24,760 --> 00:23:25,520 Absolutely. 853 00:23:25,520 --> 00:23:28,920 Until next time, keep learning and keep growing. 854 00:23:28,920 --> 00:23:39,480 See you next time.