All right, so let's jump right in.
You know, you've been digging into
this whole entrepreneurship thing,
and I know you love those stories.
You know the ones where somebody turns 100 bucks
into like 100 grand a month?
Yeah, yeah.
So we're gonna unpack some of that today.
Specifically, we've got excerpts
from this YouTube interview with Daniel Priestly.
He was featured on the diary of a CEO.
And he has some pretty bold claims
of how anybody can achieve significant financial success.
Well, and that's what's really interesting
about his approach is that it's not just
about like grinding and hustle.
He's actually built multiple successful businesses.
Yeah.
And he really focuses on this blend of strategy
and mindset and process.
Yeah, it's not just hard work, it's smart work.
Exactly.
So he calls it the money making formula.
This idea of going from $100 to $100,000 a month.
It sounds almost too good to be true.
Right.
But he insists that anybody can do it
if they follow his approach.
Okay.
And he's got a pretty impressive track record too.
Yeah.
Multiple businesses hitting a million dollars
in their first year.
Wow.
A few that surpassed 10 million.
That's impressive.
One of the first things he talks about
is this whole idea of sharpening ideas in the market,
not in the mind.
Yeah, so many people spend months and years
perfecting an idea just in their head.
And they never even tested in the real world.
Right.
You could have what you think is a brilliant product,
but if there's no demand.
If nobody wants it.
Yeah, you're just wasting your time.
Totally.
So that's where real world testing comes in.
Exactly.
And he really advocates for validating these ideas quickly
and cheaply.
Cheaply and quickly.
Like think about Elon Musk.
Oh yeah.
And the waiting lists for the Tesla.
Yeah, that's a perfect example.
That's genius.
Totally.
He was able to gauge demand before he invested heavily
in production.
It reminds me of what Priestly did with his idea
for an AI book writing tool.
We wrote.
Yeah, he had this idea, but he wasn't
sure if there was a market for it.
OK.
So he just put up the simple LinkedIn post.
Oh wow.
Created a waiting list.
Ended up with 750 signups.
That was all the validation he needed
to start building the product and even get funding.
That's incredible.
So it's a powerful lesson, right?
These low cost, low risk tests can give you
such crucial feedback without having
to sink a ton of time or money into something
that might not work.
Totally.
But this leads us to a question that I
bet you're asking yourself right now.
OK.
What about passion?
Right, does passion matter?
Do you need to be head over heels in love
with your business idea to succeed?
Yeah, that's the age old question.
Breastly has a really interesting take on it.
OK.
He says passion is important, but it's not the whole story.
He argues that while passion is
essential for perseverance, especially when things get tough.
Especially when it's hard.
Yeah.
It needs to be coupled with market demand.
Yeah, you got to have both.
For real success.
Right, it's finding that sweet spot where your drive
intersects with the real need in the market.
He has a framework for this.
Oh, OK.
He calls it origin, mission, and vision.
OK.
It's about figuring out what you're
genuinely passionate about, but then making sure
that aligns with a purpose that resonates in the real world.
So it's not just about chasing trends.
It's not about making a quick buck.
OK.
It's about building something that you truly believe in.
Right, something meaningful.
That solves a problem for other people.
I like that.
And that brings us to the art of the pitch.
Oh, the pitch.
Chris Lee is a huge advocate for pitching and not
just for investors.
Right.
He believes you're constantly pitching.
Oh, interesting.
Whether you're selling a product attracting talent.
OK.
Or even convincing a friend to go to lunch with you.
It's true.
We're always trying to persuade someone.
And he's got this framework he calls Capstone.
Capstone.
For crafting a compelling pitch.
OK, I like it.
It stands for clarity authority problem solution.
Why opportunity next steps.
And essence.
OK, so clarity authority, those make sense.
Yeah.
You need to be clear.
You need to position yourself as an expert.
Right.
But essence.
What is this?
This essence part has me intrigued too.
Yeah.
What does he mean by that?
It's all about the emotional impact of your pitch.
OK.
People remember how you made them feel.
Do you want your listener to walk away feeling inspired?
Right.
Hopeful, intrigued?
It's about the story.
It's about making a genuine connection.
Yeah.
Not just conveying information.
Yes.
And then he's got this really interesting concept
called with or without you energy.
OK.
It's this way of pitching where you make it clear
that you're moving forward regardless.
OK.
But they have the opportunity to be a part of it.
Interesting.
And he tells this incredible story
about how he secured 10,000 pounds.
Yeah.
Worth of camera equipment.
From Samsung.
From Samsung early in his career.
He just boldly asked.
He just asked if he could borrow some cameras.
Yeah.
And promised to display their logo in return.
And they said yes.
And it worked.
That's some kind of.
Got some confidence and belief in your vision.
Yeah.
You know, he also has this great saying,
money is relationships.
Oh, I like that.
He's a firm believer in building genuine connections.
Yeah.
And a valuable network.
So important.
He even suggests that if you're on a tight budget.
OK.
You can still invest in relationships
by taking interesting people out to dinner.
Oh, that's a good idea.
It's not about schmoozing.
Right.
It's about genuine connection.
It's about building rapport and adding value to others' lives.
And he actually shares a story about an email.
OK.
That stood out to him.
Right.
Because the person clearly did their research.
Yeah.
Offered a specific value proposition.
OK.
And demonstrated that they genuinely wanted to connect.
So he responded.
And because of that.
Yeah.
He responded.
That's great.
So it's a good reminder that even in our digital world.
Right.
Personalized and thoughtful outreach.
Yeah.
Can be so effective.
It can.
But now for a little curveball.
OK.
Priestly suggests this pretty unconventional path
to wealth creation.
What is it?
Acquiring existing boring businesses.
Boring businesses.
You're probably thinking what.
Yeah.
But his logic is actually pretty sound.
OK.
These businesses, while not the most exciting.
Yeah.
Often have a strong foundation.
OK.
Established infrastructure cash flow.
A customer base.
So instead of starting from scratch.
You're leveraging something that's already there.
OK.
And he points out that a lot of baby boomers.
Right.
Are nearing retirement.
Yeah.
And they're looking for succession plans for the businesses.
OK.
This creates a potential gold mine of opportunity.
Like what kind of businesses.
Think about it.
Dry cleaners.
Plumbing companies.
Manufacturing firms.
Oh.
OK.
These are the businesses that are the backbone of our economy.
Yeah.
They might not be trendy.
Right.
They might not be flashy.
Yeah.
But they've got solid track records.
Right.
Loyal customers.
They're reliable.
And what they might be lacking.
Yeah.
Is a fresh perspective.
Someone with the energy and vision.
Right.
To bring them into the digital age.
Makes sense.
And he even suggests that you might be able to acquire one
of these businesses.
Really.
With little to no upfront capital.
Wait.
How is that possible.
We'll get into the details later.
OK.
But it involves understanding deal structuring.
Yeah.
And vendor financing.
Got it.
He uses this example of his friend.
Yeah.
Who acquired a business called Kit King.
OK.
And turned it into this massive success.
Wow.
The business was already doing well.
But the owner was ready to retire.
OK.
The new owner came in.
Yeah.
Digitized operations.
Yeah.
Re-energized the team.
Focused on building a strong brand.
Oh, right.
And within a couple of years.
Yeah.
The business had grown by 500%.
500%.
So it's about seeing the potential that others might
overlook.
Yeah.
And applying those same principles.
And those cool principles.
That we've been talking about.
Idea validation, relationship build, asset creation.
It's all connected.
It's fascinating.
It is.
But this is where it gets even more interesting.
OK.
He suggests that in today's world,
you don't necessarily need a high priced CFO.
Oh, really?
To help you with structuring these deals.
Interesting.
Tools like ChatGPT are becoming increasingly powerful.
And they can offer initial guidance.
On what?
On structuring a deal.
OK.
Drafting heads of terms.
Reviewing contracts.
And even generating emails.
That's a game changer.
To potential business partners.
OK.
And Priestly believes this is just the tip of the iceberg.
Yeah.
When it comes to AI's impact on business.
Right.
So it's like having a virtual business consultant
at your fingertips.
It really is.
But with all this talk about leveraging AI,
it makes you wonder, what about the human element?
Right.
Is there still a place for humans?
And that's something Priestly addresses directly.
OK.
He cautions that while AI can be an incredible tool,
can also turn us into mindless consumers.
Right.
Glued to our screens, constantly bombarded
with targeted advertising.
Yeah.
It's a slippery slope.
So how do we avoid that trap?
How do we stay human?
How do we use AI without letting it use us?
Exactly.
He believes it comes down to making a conscious choice.
So?
Do we want to be controlled by algorithms?
Or do we want to use AI as a force for good?
I like that.
A force for good.
It's a question we all need to consider.
We do.
As AI becomes increasingly integrated into our lives.
Yeah.
But amidst all this talk about business strategy and AI,
Priestly also touches on something that's really important.
OK.
Work-life balance.
A work-life balance.
He believes that the concept of work-life balance
is often misunderstood.
OK.
He points out that people who achieve significant success
typically work very hard.
They do.
However, there's a big difference
between grinding away at a soul-crushing job
and pursuing work that is both challenging and fulfilling.
Yeah.
It's about finding work that energizes you.
Yes.
Not drains you.
So it's about finding work that energizes you
rather than drains you.
Exactly.
He argues that the key is to find work that
allows you to build assets.
OK.
That will continue to generate value.
Yeah.
Even when you're not actively working.
So it's not just about trading time for money.
It's about creating something that has lasting impact.
I like it.
He uses the example of his own podcast.
Right.
Which continues to reach new audiences and generate revenue.
Yeah.
Even when he's not actively recording new episodes.
That's the dream.
He also mentions his wife.
Go ahead.
Who renovates properties.
So she's generating income and appreciating assets.
At the same time.
Simultaneously.
That's smart.
So it's about finding work that aligns with your passions.
Allows you to grow and learn.
Yeah.
And ultimately creates something of value
that extends beyond your direct effort.
That's a good way to put it.
This is so insightful.
It is.
OK.
Now for a question that caught me off guard.
OK.
The interviewer asks priestly.
Yeah.
What's one thing he wishes he had known.
OK.
About sex and relationships.
Oh wow.
In his youth.
OK.
And his answer is surprisingly profound.
Really.
He talks about this realization that the enjoyment of sex
is deeply connected to the quality of the relationship
outside of the bedroom.
Interesting.
He emphasizes the importance of love, connection,
shared experiences.
So it's not just a physical act.
It sounds like in his younger years.
Yeah.
He viewed sex as purely physical.
OK.
But as he matured.
Yeah.
He realized the emptiness of that approach.
Right.
He goes on to advise young men.
Does he?
That true confidence and attractiveness.
OK.
Come from building a strong sense of self.
Mm-hmm.
Not relying on tricks or manipulative tactics.
Yeah.
You got to be authentic.
It's a perspective that shifts the focus from conquest
to genuine connection.
Right.
And mutual respect.
Exactly.
Yeah.
And in true deep dive fashion.
Of course.
He connects this back.
To what?
To the concepts of functionality versus vitality.
Oh, interesting.
Sex can be a purely functional act.
OK.
Or it can be an expression of love and life force energy.
Right.
Shared between two people.
To a different level.
It makes you think, right?
It does.
Having these conversations earlier on.
Yeah.
Could lead to more fulfilling relationships.
Yeah.
For sure.
It's amazing how even a conversation about business
and entrepreneurship.
Right.
Can lead to such unexpected insights about life.
These deep dives, they always take us down
these unexpected paths.
They do.
But there's always something valuable to learn.
Always.
From exploring these ideas together.
This is just the beginning.
We've got so much more to unpack in this interview.
Stay with us as we continue to delve into Prisley's insights
on entrepreneurship, success, and life itself.
I'm excited.
Welcome back.
We're continuing our deep dive into Daniel Prisley's insights
on entrepreneurship and success.
Yeah.
Before the break, we were talking about his unconventional
advice on acquiring boring businesses.
Yeah.
And I'm really curious to hear more about how that works.
OK.
But before we jump into the specifics of buying a business,
let's talk about this idea of self-awareness.
OK.
Especially for entrepreneurs.
Prisley talks about this idea of surrounding yourself
with overlings.
Overlings.
People who are better than you in specific areas.
OK.
And how essential that is for building a successful business.
Right.
It's about recognizing that you don't
have to be the expert in everything.
Right.
In fact, your success might depend on your ability
to bring in people who can elevate the entire operation.
It's a humbling perspective.
It is.
You have to let go of the ego and acknowledge
that others might excel in areas where you don't.
He uses this analogy of an orchestra conductor.
OK.
The conductor might not be able to play every instrument.
Right.
But they know how to assemble a talented group of musicians.
Yeah.
And guide them towards a shared vision.
That's a great analogy.
Yeah.
So the entrepreneur is like the conductor.
Exactly.
Bringing together the right people
to create something amazing.
To make beautiful music.
And that leads us to another important point.
OK.
You don't have to be a founder.
Right.
To create incredible value and wealth.
OK.
Prisley talks about how taking a business.
Yeah.
From $2 million to $20 million in revenue.
Wow.
Requires a different skill set.
Yeah.
Then launching a startup from scratch.
Right.
Different stages.
Different skills.
So someone who's really good at scaling and growing
and established business.
Right.
Can create just as much impact.
If not more.
As someone who comes up with a brand new idea.
Totally.
And that's where this whole concept of acquiring existing
businesses comes into play.
Yeah.
Prisley sees a massive opportunity
in the current generational shift.
With the baby boomers.
With baby boomers retiring.
Right.
And looking to pass on their businesses.
Makes sense.
And he's not just talking about tech startups
or high growth companies.
Right.
He sees potential in those boring businesses
we talked about earlier.
No sexy businesses.
Those businesses that might not be exciting.
Yeah.
But have a solid foundation.
A consistent cash flow.
Sturieri.
They might just need a fresh perspective.
OK.
And someone with the drive to take them to the next level.
All right.
Someone to come in and shake things up.
So what does that look like in practice?
Yeah.
How do you actually do it?
How do you go about acquiring one of these businesses?
Well, he talks about vendor financing deals.
Vendor financing.
Where the current owner essentially finances
the purchase over time.
So you don't necessarily need a huge chunk of money up front.
Right.
Yeah.
A lot of these baby boomers are looking for someone
to carry on their legacy.
Right.
And they're willing to be flexible with the terms.
But of course, you need to demonstrate
that you have a clear vision for the business.
You got to have a plan.
And can be trusted to take it over.
Right.
It's starting to make sense.
You're essentially leveraging the existing infrastructure
and cash flow.
Exactly.
Of the business to finance the acquisition.
It's like a built-in funding mechanism.
And that ties back to Prisley's idea of sharpening ideas
in the market, not in the mind.
Right.
Instead of trying to come up with the next big thing,
he suggests looking for opportunities that already exist.
Things that are already working.
Things that have been proven to work.
Yeah.
And then finding ways to improve and scale them.
I like that it's a more practical approach.
It is.
You know what I mean?
More grounded.
Yeah.
It's less risky, too.
So instead of brainstorming the next billion dollar app idea,
I should be scouring the classifies for a dry cleaner
that needs a little love.
Maybe not a dry cleaner.
OK.
But the point is there's opportunity everywhere.
Yeah.
Even in those seemingly boring businesses.
You just got to keep your eyes open.
It's about looking beyond the surface.
Yeah.
And recognize the potential that others might overlook.
OK.
I'm starting to see it.
Yeah.
It's about finding those hidden gems.
Right.
And then applying those same principles.
The core principles.
Of idea, validation, relationship building, asset creation.
Exactly.
That apply to any business venture.
Whether you're launching a startup.
Right.
Or acquiring an existing business,
the fundamentals remain the same.
Find a market need.
Build a strong team.
Create value.
Be relentless in your pursuit of excellence.
And don't forget to leverage those technological tools.
Like AI.
Right.
That can help you amplify your efforts.
But use them wisely.
Don't let them use you.
Exactly.
This has been a fascinating deep dive.
It has.
Full of unexpected twists and turns.
Lots of twists and turns.
We started with this simple curlton.
Can you really turn $100 into $100,000 a month?
The million dollar question.
And while there's no easy answer.
Right.
No guaranteed formula for success.
Yeah.
Priestly's insights have definitely
given us a lot to think about.
He's challenged our assumptions.
He has.
About passion and risk.
Yeah.
And even what constitutes a good business opportunity.
But more importantly.
Yeah.
He's reminded us that success in business and in life
is about more than just chasing money.
It's about more than just the money.
It's about building relationships.
Yeah.
Creating value.
Absolutely.
And finding that sweet spot.
That sweet spot.
Where your talents and passions intersect.
Yeah.
With a need in the world.
I love that.
And as we navigate this new era of AI.
Right.
His insights offer a fresh perspective
on how to embrace both the challenges.
The challenges and the opportunity.
And the opportunities that lie ahead.
It's an exciting time.
It is.
Let's take a quick break.
When we come back, we'll wrap up this deep dive.
All right.
With some final thoughts.
OK.
And key takeaways.
I'm ready.
For you to apply on your entrepreneurial journey.
OK.
We're back and ready to wrap up our deep dive
into Daniel Priestley's insights on entrepreneurship.
Yeah.
It's been a whirlwind of ideas.
You know.
From validating those business ideas.
To the power of boring businesses.
Right.
And even some unexpected reflections.
Yeah.
On life and relationships.
Yeah.
It's been a journey.
And I think what's really striking about Priestley's approach.
Yeah.
Is that he encourages us to think differently.
Yeah.
To challenge conventional wisdom.
Yeah.
To explore unconventional paths.
Exactly.
So is this money making formula a guaranteed ticket to riches.
Well there are no guarantees in life are there.
Right.
But what Priestley offers is a framework.
OK.
A set of principles.
Yeah.
That can significantly increase your chances of success.
He's given us so much to think about.
He has.
What are some of the key takeaways that you think
our listeners should really focus on.
One of the biggest ones for me is the importance of action.
Oh yeah.
It's easy to get caught up in the excitement of an idea.
Right.
But without testing it in the real world.
Right.
You're just spinning your wheels.
Yeah.
Remember Priestley's motto.
Sharpen ideas in the market not in the mind.
That's such a good point.
Yeah.
It's about getting out there and getting that real feedback.
Don't be afraid to put your ideas out there.
Yeah.
Even if they're not perfect.
Exactly.
And don't underestimate the power of relationships.
Relationships are huge.
Priestley's belief that money is relationships.
Yeah.
It's more than just a catchy phrase.
It is.
It's about understanding that success in business and in life
is often about who you know and the value you
bring to those connections.
So building a strong network is essential.
It is.
And he gave us some practical tips on how to do that.
Yeah.
Even if you're on a tight budget.
Even if you don't have a lot of money.
But it's not just about networking for personal game.
Right.
It's about building genuine connections.
Yeah.
And finding ways to add value to the lives of others.
It's about giving back.
And of course we can't forget about the elephant in the room.
AI.
It's everywhere.
Priestley believes it's going to revolutionize
the way we do business.
And those who embrace it will have a significant advantage.
Those who don't will be left behind.
But he also cautions against becoming mindless consumers.
Right.
Controlled by algorithms.
We don't want to become robots.
It's about using AI as a tool.
Yeah.
To amplify our creativity and productivity.
Right.
Not to replace our own thinking and decision making.
Exactly.
It's a balancing act for sure.
It is.
And I think that's a great theme that runs through all
of Priestley's advice.
Oh yeah.
Finding the right balance.
Balance is key.
Balance between passion and market demand.
Yes.
Between working hard and creating a life you love.
Right.
Between leveraging technology and staying true to your values.
You got it.
So where do we go from here?
Yeah.
How do we take all these insights and actually apply them
to our own lives and businesses?
That's the million dollar question, isn't it?
It is.
I think the first step is to reflect
on what resonated with you the most from this deep dive.
Was it the idea of validating your ideas early and often?
The power of building strong relationships?
Or maybe the unconventional path of acquiring
an existing business.
Whatever it is.
Yeah.
Don't let it just sit there in your mind.
Right.
Take action.
Do something.
Start exploring.
Exactly.
Even a small step can make a big difference.
It can.
And remember, this is just the beginning of your journey.
This is just the start.
There's always more to learn.
Always more to learn.
More to explore.
So keep diving deep.
Keep diving deep.
Keep asking questions.
And keep pushing yourself beyond your comfort zone.
That's where the magic happens.
And we'll be right here with you.
We'll be here.
Exploring new ideas.
Yeah.
Uncovering those hidden gems of knowledge.
Those golden nuggets.
That can transform your life and your business.
Absolutely.
Until next time, keep learning and keep growing.
See you next time.