E51: Why is it that the richest people in the world work the same hours as we do, yet they make way more money than we do? What are they doing differently? The answer lies in the concept of leverage.
Today, host Yong-Soo Chung (@YongSooChung) takes us on a journey to uncover the secret behind the immense wealth and success of these successful entrepreneurs and reveals how they have been using leverage differently.
Get ready to discover how you might be wasting valuable leverage without even realizing it!
On today’s episode, you’ll learn:
- The Four Types of Leverage
- The Importance of Utilizing Leverage
- How to Master the Concept of Leverage
- The Power of Leverage in Entrepreneurship
This episode is not to be missed. Let's get down to business!
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EXCERPTS:
The Power of Code and Media: "The next generation of successful founders will emerge primarily from this permissionless average. The old ways of relying solely on capital and labor for leverage are no longer applicable. New ways to build products using code and media and distribute them to willing consumers." — Yong-Soo Chung (09:24)
The Power of Leverage in Entrepreneurship: "My Personal Holding Company is actually the perfect combination of all 4 types of leverage. Capital, Labor, Code, and Media. I use code and media leverage to create my businesses, I use social media to build my brand and find customers for my businesses. Then once my businesses begin taking off, I switched from the solar promotion model and infused the traditional averages of capital and labor to grow them even further. Finally, once they become somewhat sustaining, I find an operator who I can trust to run the business and hand it over." — Yong-Soo Chung (17:43)
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LINKS:
Episode 48
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First Class Founders is a show for indie hackers, bootstrapped founders, CEOs, solopreneurs, content creators, startup entrepreneurs, and SaaS startups covering topics like build in public, audience growth, product marketing, scaling up, side hustles, holding company, etc.
Past guests include Arvid Kahl, Tyler Denk, Noah Kagan, Clint Murphy, Jay Abraham, Andrew Gazdecki, Matt McGarry, Nick Huber, Khe Hy, and more.
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