How to Start a Successful Business

5min Snip

00:00

Play full episode

Summary

Transcript

Episode notes

"I've always been very actively morally driven. And I think this monetization system has to exist for us to like, I think it's one of the, you know, five to seven things that's going to lead to the destruction of society if we don't get it right," he says. "It doesn't have to be passionate. It's like I'm interested in playing video games. So like I'm going to figure out how like I can teach people to like monetize on Twitch." He adds: "Once you're in the game, you'll start to see other opportunities too"

Sky King is an entrepreneur and podcaster, passionate about creating systems that incentivize authenticity in media. He founded his company Modern Stoa based in Austin, Texas where he helps podcasters like Aubrey Marcus, Paul Saladino, Luke Storey, and more create and monetize sincere media. His new podcast Sky King’s Mental Playground will be launching in late August on Supercast. If you want to be early to the party subscribe at skyking.substack.com

Artwork and illustrations by Jack Butcher of @VisualizeValue

Huge thanks to Modern Stoa (modernstoa.co) for his help on creating and growing this very podcast you’re listening to now. If you need help with podcast growth or monetization, go to modernstoa.co or hit him up on Twitter (@consumersky) or Instagram (@iamaskyking).

If you want to support the podcast, here are a few ways you can:

>> Buy a copy of the Navalmanak: www.navalmanack.com/

>> Share the podcast with your friends and on social media

>> Give the podcast a positive review to help us reach new listeners

>> Make a weekly, monthly, or one-time donation: https://app.omella.com/o/9Bufa

>> Follow me on Twitter: @ericjorgenson

>> Follow @FirstsFamous on Twitter

>> Learn more and sign up for the “Building a Mountain of Levers” course and community: https://www.ejorgenson.com/leverage

>> Join the Course Correctly community: https://coursecorrectly.com/about/

I appreciate your support!

Important quotes from Naval on building wealth and the difference between wealth and money:

How to get rich without getting lucky. - Naval Ravikant

Making money is not a thing you do—it’s a skill you learn. - Naval Ravikant

I came up with the principles in my tweetstorm (below) for myself when I was really young, around thirteen or fourteen. I’ve been carrying them in my head for thirty years, and I’ve been living them. Over time (sadly or fortunately), the thing I got really good at was looking at businesses and figuring out the point of maximum leverage to actually create wealth and capture some of that created wealth. - Naval Ravikant

Seek wealth, not money or status. - Naval Ravikant

Wealth is having assets that earn while you sleep. - Naval Ravikant

Money is how we transfer time and wealth. - Naval Ravikant

Ignore people playing status games. They gain status by attacking people playing wealth creation games.

You’re not going to get rich renting out your time. You must own equity—a piece of a business—to gain your financial freedom. - Naval Ravikant

The most important skill for getting rich is becoming a perpetual learner. You have to know how to learn anything you want to learn. The old model of making money is going to school for four years, getting your degree, and working as a professional for thirty years. But things change fast now. Now, you have to come up to speed on a new profession within nine months, and it’s obsolete four years later. But within those three productive years, you can get very wealthy. - Naval Ravikant