How Much Money Do You Really Need To Earn? - Noah Kagan Interview
Oct 6, 2020
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Noah Kagan, a serial tech entrepreneur and CEO of AppSumo.com, shares invaluable business insights from his impressive career. He discusses the myth of 7-figure incomes, emphasizing that true happiness lies in profit rather than revenue. Kagan reveals how to start a business with just $100 and explains his 18-month rule for evaluating opportunities. He candidly addresses the discomfort around discussing money and the need for meaningful contributions. This engaging conversation is packed with actionable advice for aspiring entrepreneurs.
Embracing experimentation and accepting failure are essential for entrepreneurs to discover successful business ideas, overcoming self-doubt in the process.
Building genuine relationships through networking can significantly enhance an entrepreneur's journey by creating opportunities and leveraging collective strengths.
Redefining one’s relationship with money fosters openness and empowerment, encouraging entrepreneurs to focus on financial goals that align with their lifestyle.
Deep dives
The Importance of Bold Entrepreneurship
Entrepreneurial success often requires the courage to take risks and try new things. The discussion emphasizes the importance of testing ideas without fear of failure, likening it to 'throwing shit against the wall to see what sticks.' This approach is crucial for aspiring entrepreneurs who tend to overthink their ideas and often get caught in self-doubt. The speaker encourages listeners to embrace experimentation, reflecting on successful ventures that arose from willingness to pivot and adapt.
Building Relationships for Business Success
Networking is framed not merely as transactional interactions but as genuine relationship building. The speaker emphasizes the value of nurturing connections as a cornerstone of entrepreneurial growth, suggesting that efforts spent on meeting new, interesting people can significantly impact one’s business journey. By collaborating and syncing goals with others, entrepreneurs can leverage collective strengths for mutual benefit and newfound opportunities. This principle reiterates that personal connections are often just as important as the business strategies employed.
Understanding Money and Wealth
The conversation explores the complexities of discussing personal finances and the cultural taboos that surround them. One participant reflects on their discomfort in openly sharing financial success, contrasting it with a more liberating perspective where money should not be considered taboo but a tool for empowerment and freedom. This discussion highlights that much of the fear surrounding money stems from upbringing and cultural influences. Ultimately, the podcast suggests that redefining one’s relationship with money can foster openness and a healthier approach to financial discussions.
The Path to Entrepreneurial Freedom
Entrepreneurship is framed as a journey toward freedom, where control over one’s time becomes a crucial factor in achieving success. Manifesting this freedom involves understanding what one really needs financially, rather than just pursuing arbitrary wealth figures. The conversation highlights that defining a clear financial goal that aligns with personal desires and lifestyle can create a more fulfilling entrepreneurial experience. Aspiring entrepreneurs are encouraged to make practical financial assessments to focus their efforts on what genuinely contributes to their desired lifestyle.
Setting Realistic Goals and Timelines
The discussion stresses that achieving significant financial milestones typically requires considerable time and effort, emphasizing the '10-year rule' for generating one's first million. New entrepreneurs are advised to set realistic short-term goals, such as aiming for consistent monthly income from initial ventures. The advice of committing to completing a set number of tasks, like the 'law of 100', encourages persistence and dedication, reinforcing that success often comes from sustained effort over years rather than instant gratification. This perspective on goal setting serves to manage expectations for those at the beginning of their entrepreneurial journeys.
Gentlemen, welcome to another NEW episode of the Alpha M Podcast. In this episode, I sat down with the inspiring Noah Kagan to discuss business and the lessons he's learnt throughout his career. He's the CEO of AppSumo.com, he was the 30th employee at Facebook, employee #4 at Mint and someone shares business insights weekly at OkDork.com
In this interview, we speak about:
My personal fear around speaking about money and my income
Why making 7 figures isn't the ultimate goal for happiness
The importance of profit over revenue
How to start a business with $100 in your bank account
Noah's experience with self funding over funded businesses
Why Noah's calling is to find greatness or promote greatness
The 18 month rule Noah uses for business alongside his 7 figure opportunity approach
How to find an idea for your business
Plus so much more...
This was an awesome conversation, however I do apologise for some of the audio isuses!
But sit back, relax, and enjoy this episode!
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