455 | Creating Your Entrepreneurial Flywheel | Nathan Barry
Sep 18, 2023
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Nathan Barry, Founder of ConvertKit, discusses his entrepreneurial journey and the importance of skill stacking, trial and error, and personal growth. He emphasizes the power of consistency, shows how to create an entrepreneurial flywheel, and highlights the value of money and time. The chapter descriptions include building ConvertKit, spending money on experiences, finding your unique angle, the importance of consistency, the power of compounding, and the golden age of entrepreneurship.
Developing a marketable skill and offering a unique perspective are crucial for building a successful side hustle.
Consistency and perseverance are key to achieving significant growth in business.
The flywheel effect, characterized by consistent effort and building on small wins, leads to substantial long-term success.
Deep dives
The Journey of ConvertKit: From Humble Beginnings to Business Success
Nathan Barry, founder and CEO of ConvertKit, shares the story behind the growth and success of his email service provider company. He discusses the importance of having a marketable skill, finding a unique perspective in a crowded market, and the power of direct sales. Nathan emphasizes the significance of showing up consistently for a long period of time and shares how the compounding effect of hard work and perseverance can lead to significant growth in business.
Building a Successful Side Hustle: The Importance of Skill Building and a Unique Perspective
Nathan Barry highlights the key elements of building a successful side hustle. He emphasizes the importance of developing a marketable skill that sets you apart from the competition and offers a unique perspective. Nathan discusses the power of direct sales and the value of building relationships and trust with potential customers. He also encourages consistent effort and perseverance, reminding aspiring entrepreneurs that success often comes after a period of dedicated work.
The Flywheel Effect: How Consistency and Momentum Lead to Business Growth
Nathan Barry explains the concept of the flywheel effect and its relevance to business growth. He uses the analogy of a flywheel gaining momentum over time to represent the compounding effect of consistent effort and positive results. Nathan highlights that while initial progress may be slow and challenging, maintaining consistency and building on small wins can lead to significant growth and success in the long run.
The Power of Vision and Clear Goals: Connecting Money to a Purpose
Nathan Barry emphasizes the importance of having a clear vision and specific goals tied to money. He shares his personal experience of connecting his financial goals to specific milestones and objectives, such as funding a coffee shop or buying a Tesla Model 3. Nathan encourages a playful and intentional approach to money, especially when financial stability and the ability to explore new opportunities are within reach.
The Power of Flywheels in Podcasting
The podcast episode discusses the concept of flywheels in podcasting and how they can contribute to the growth and success of a podcast. The host gives the example of using reviews as a flywheel, where getting more reviews leads to more listeners, which in turn leads to more reviews. The host emphasizes the importance of actively asking for reviews from listeners and making it easy for them to leave a review. The flywheel concept is highlighted as a way to continuously improve and make the podcasting process more efficient.
Using Money to Make a Difference
In this episode, the host shares a personal story about using his financial resources to make a positive impact on the lives of his family members. By gifting a portion of his stock in a successful company, the host was able to provide financial security and early retirement for his parents and in-laws. The host reflects on the value of money when it is used to support loved ones and create meaningful experiences, such as buying properties, enjoying VIP experiences, and going on sailing trips. The conversation highlights the importance of finding joy, learning new skills, and using money to make a difference in the lives of others.
In this episode: it's not easy it's simple, the flywheel, being consistent, skilling up, the gift of time, and what money can provide.
This week we are joined by founder and creator of ConvertKit, Nathan Barry to discuss his entrepreneurial journey and how the fundamentals of FI helped drive him to create and build a successful business. We often discuss the importance of skill stacking when on the journey to FI, but we sometimes forget to touch on the trial and error that comes with learning and creating something new for yourself. While you can’t expect to start something new and be faced with little to no challenges, this leaves more opportunities for personal growth and important lessons! So whether it’s learning a new side hustle or starting a business, it’s important to remember that you may not always know how to do something perfect when you begin. You should not count yourself out or give up when you don’t see instant results, but rather reach out to new communities and take the lessons in stride! Though it takes time and effort, it’s worth it!