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by
Ramit Sethi
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January 22 - January 26, 2018
“I went from no business, no idea — nothing — to having my first launch in 3 months. With only an email list of 340 people, I made $1,749 in 3 days. [Ramit’s work] changed my life.” — Alice Bush, aliceslifestyle.com “It’s been amazing … Recently I had a launch that earned me over $10,000.” — William Horvath, permacultureapprentice.com “It’s a year since I started … and I can’t believe where I am now compared to where I was then. My revenue doubles every time I launch a course or a product.” — Amy Shah, amyshahmd.com “I never saw myself as an entrepreneurial person … [Ramit’s work] gave me the
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If you’re just starting out, an extra $1,000 a month can dramatically improve your quality of life. Fortunately, there’s a TON of ways to earn an extra $1,000. In fact, when you break down the numbers, it’s not very hard: • $1,000/month = $250/week • $250/week = $50/day, 5 days a week So you just need to earn an extra $50, Monday through Friday. That’s achievable. And the beauty of it? Now here’s your third lesson: It’s not magic. It’s math. By the end of this book, you’ll know that a profitable business is not some magical thing that only certain people can do. It’s
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my opinion, the best way to earn extra money by far is starting your own business. Why? Because with things like salary negotiations and selling on eBay, there’s a natural ceiling you’re going to hit. For example, even if you’re the world’s best negotiator, there’s only so much a company can pay you.
But when you start your own business, there’s no limit to how much you can earn.
Again, it’s not magic, it’s just math. Here’s what $1,000,000 in revenue looks like: • $50 product x 20,000 sales • $100 product x 10,000 sales • $200 product x 5,000 sales • $500 product x 2,000 sales • $1,000 product x 1,000 sales
But no one talks about the invisible risk of doing nothing. The Invisible Risk of Doing Nothing
But the biggest failures aren’t things you did. They’re things you didn’t do. Playing it safe is one of the biggest failures possible. The first step is learning to recognize it in every facet of our lives.
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The invisible risk of working at a job you don’t love is every day you’re not being challenged, you’re not just stagnant — you’re actually going backwards compared to other people who are learning new skills, getting more responsibility, and getting paid what they deserve.
On a given day, nothing. Over a year, maybe a little. Over 10 years, the invisible risks of playing it safe add up, compound, and soon become as inescapable
Rule #1: People Pay Me for the Value I Create The world is not a zero-sum game. You would not believe how many emails I get from people that say, “Oh, Ramit. So this is it? After getting 15 free emails from you, now I realize it was all leading up to a course that you’re SELLING?”
That’s a scarcity mindset. People with a scarcity mindset believe there’s a limited pie, and if you take one piece, that’s one piece less for everyone else.
For now, just remember that if you create value for others, they’ll happily pay for it.
Rule #2: The More Money I Make, the More Value I Can Create
you join any program from I Will Teach You to be Rich, you know that it’s been researched and been tested with typically 100,000 plus data points.
Interesting
The more money you make, the more value you can create.
best entrepreneurs know we have an OBLIGATION to ask for the sale, because that’s the best way to help our customers. The best entrepreneurs know we have to avoid reporting the “fake” numbers and focus on the number that matters — sales.
Here we go: 1. What are some things I already pay to learn? 2. What would I pay to learn if I could afford it, if money was no issue? 3. What’s a problem I have that I’d pay almost anything to solve?
“You know what? I’m pretty good at something. I’m good enough that if I can find the right people, they will pay me.”
• College degrees • Music instruction • Wine tasting • Personal training • Yoga classes • Personal development courses • Certifications • Learning Spanish • Scuba diving
These ideas were great. I had the expertise to teach them, and the know-how to package them into great products. Too bad none of that matters because NOBODY WANTED THEM.
Create something that people WANT to buy.
Question #1: What do I already pay for? I like to lead with this question because a lot of us can’t even fathom the idea that someone would pay us for something. But when you think about it, we already pay other people for tons of random stuff. For example, maybe you pay someone to: • Clean your apartment • Change the oil in your car • Make your dinner
What doi already pay people for?
Question #2: What skills do I have? What are you great at? Write those things down. Remember, there are no bad ideas here. Your list of skills can include anything you want. • Are you good at cooking? • Do you speak Spanish? • Are you an Excel whiz? As you make your list, you’ll start to see what people might pay you
What skills do i have
“Ramit, I do not have any skills,” go ask your friends. It might seem a little weird, but I bet they’ll give you a list of at least 3 things you’re amazing at. Add these ideas to your list. Shoot for at least 3-5 ideas and feel free to ask coworkers and family if you want. You might get different insights that way.
Ask acquaintances regarding skills
See how it works? It’s a great way to test your ideas for (1) profitability and (2) demand. It’s not meant
Business decision matrix
