The Benefit of Starting Your Business on the Side

The Learning Leader Show With Ryan Hawk

Text LEARNERS to 44222

Full show notes can be found at www.LearningLeader.com

The Learning Leader Academy: http://bit.ly/thelearningleaderacademy

Episode #355: Ramit Sethi - How To Live A Rich Life

Notes:

• Ramit's book buying rule - If you are even thinking about buying the book, don't deliberate, just buy it.  You could invest $17 and it could change your life.  Even one idea makes it worth it.
• Excellence - "Consistently do the work."
  • Put it on the calendar
  • Seek out people who are successful and then ask them for advice
  • In motion - Refuse to be stuck or paralyzed -- Take action
• "Show me your spending and your calendar and I'll show you your priorities."
  • What are the 3-4 most important things in your life? Does your spending and your calendar reflect that?
• Ramit starting learning how money worked while he was in college at Stanford... "The basic, boring truth. Consistency..."
• Starting your blog can be your experimental laboratory
• What is the future of online courses?
  • Online learning will continue to grow -- "Great leaders are always learning."
  • You should join The Learning Leader Academy
• The trajectory of hiring as you're growing a business:
  • Part time assistant --> Researcher --> Full time
• What do you look for when choosing who to add to your team?
  • Excellent at the task of doing the work
  • Curious - They ask great questions
  • Likable - They are someone you want to spend time with
• Start your business on the side:
  • It's practical... Going from zero to 1 is very hard: Start this part while you have a job and don't need the money from your new endeavor
• The psychology of pricing:  There is a profound difference in customers who get it for free vs. those who pay for it
  • You need to create "skin in the game."  People value it more if they have a financial stake in it.
  • "In business, you're not looking for the most people, you're looking for the right people."
    • "If you're a cheapskate, you'll attract cheapskates."
• The power of mentors: They can be massively helpful, but you need to do the work to be a valuable mentee.  Show up to your meetings prepared and with a purpose.  Don't wander through life.
• Atul Gawande - A coach in the operating room -- EVERYONE needs a coach.
• Automate your finances - It's the crown jewel.  Set up your system so you don't need to think about it after it's created.
  • Create auto saving behaviors
• "People are so busy asking $3 questions instead of $30K questions."
  • "How do I use my money to live a rich life?"
  • "What does rich mean to you?"