43.32 How to Build a Business that Lets you Quit your Job - Dickie Bush

Timestamp

• 00:00 The beginning
• 02:22 Types of Compensation
• 03:20 The Importance of Not Quitting Your Job Too Soon
• 06:35 The Need for Intense Effort and Focus
• 10:20 Creating Content
• 26:16 Continuing to Learn and Create
• 35:49 The Illusion of Busyness and Time Management
• 36:45 Exploring the Malleability of Time and Energy
• 39:38 Finding a Niche and Unique Angle
• 43:00 The Role of AI in Summarising and Creating Original Content
• 45:54 The Journey from Curation to Creation
• 50:11 Brain-breaking moments and Leverage
• 58:51 The Four Layers of Specificity for Success
• 01:09:26 Reverse Engineering to Achieve a Million Dollars a Year
• 01:13:14 Scaling to a Million Dollars a Month
• 01:14:12 Continuous Learning and Investing in Oneself
• 01:15:44 Seeking Guidance from Mentors and Coaches
• 01:23:44 Identifying and Overcoming Bottlenecks in Growth
• 01:39:00 Finding a Balance Between Financial Success and Other Aspects of Life

Takeaways

There are three kinds of ways to get compensated:

1. Job -> You get compensated for your hours.
2. Career -> You get compensated for your hours, + You are a valuable asset as you bring revenue.
3. Business -> You employ the above two.

• Initially, you can do trade type as a job only if you are paid to learn.
• Do not quit your job, but try to switch to a career ASAP with some ownership or aligned incentives.
• Don't quit your job; instead, set a goal to make two times as much income from your side hustle than your full-time job sustainably for three to six months. Instead, set a goal to sustainably make two times as much income from your side hustle as your full-time job.
• So why is it two times enough? Due to the natural volatility of side hustles, Internet income, and things like that, there will be ups and downs. If you can prove to yourself that you can get to two times, which I think for most people, you set the goal of like 10 to 15k a month, I think for most people, it's like two times me that was around, I wanted to get to like 15k, a month 15 or 20. And that forces you to say, I'm not going to quit until I get there, which will force me to think differently.
• And I'm going to lead from a place of security rather than scarcity.
• Time and money are similar in that most people think having more of them will change their behavior. But it's just going to expose and amplify their destructive behaviors. So if you are inefficient and unable to be energized enough to work two hours before and two hours after work, more than likely, when you have the entire day to work on that thing, you're still not going to be able to do what you think you're going to. Time and money are amplifiers. They amplify both good and bad things.
• Side hustle forces you to only address the bottleneck of your business at any given time.
• If you don't have the energy to spend three hours working on a side hustle because you're tired from your full-time job, that is precisely why you should spend six hours working on your side hustle because if your full-time job is tiring you out that much. You have to get out of there.
• How do I get the motivation? Think about the future if you do not do the grinding work today. What will it look like? Bring motivation from there.
• If you're thinking about building a side hustle, writing on the internet, or whatever it is you're evaluating, you should be able to answer three questions.
  1. Is there no way that this is a failure? No matter what happens, I will use the example of writing on Twitter when I ask if there is an upside. The downside If I wrote every day for a month was that I better understand the podcast I listened to is that downside? No zero. So when I took on that 30-day writing challenge and took on the year-long newsletter, the downside was that there was no worst case I learned. So, it would be best to have a worst-case scenario that is still a positive outcome.
  2. You need exponential upside if you can stick with it for the long term. So, if it works out, writing a newsletter or writing on Twitter—that's precisely what happened. I unlocked that exponential upside.
  3. You need to be able to stick with it. Can I stick with this long enough to see the benefits of compounding? If you can say yes to all of those. So there's no downside.
• Two paths are infinite games, and we're playing this right now.
  1. It's moving ahead, documenting the journey to the people behind you. And then
  2. Learning something ahead of you, documenting yourself, learning that, teaching it to people behind you, and that is the infinite. I can continue to progress and play this forever while getting all the upside of learning, meeting people, and building valuable things.
• What do I uniquely already know? Talk about that. What do I want to know? You learn that and then talk about it. And then do that for the rest of your life.
• Explain and write about things your three years younger version will value a lot.
• If you like the idea of creating content on the Internet, whether it's writing or videos, make a list of everything, like the big categories of things that you have learned in the last two years that you wish you could go back and tell your two-year-old self, make yourself from two years ago. Make another list of the cool things you want to learn over the next few years. And email them to us. Or leave a comment or leave a comment. Oh, yeah, if you're watching this on YouTube, leave a comment below that.
• The things that drain more even drain your energy and put you into a vicious cycle of zombie mode.
• Do more than just summarize or write the takeaways. Write how you applied the information and what the result was.
• What is the bottleneck? Find it for your goal and focus on fixing it. The people who move the fastest continue to apply the correct efforts to improve their bottlenecks and achieve their goals.
• To get to a million dollars a year in something. It's four layers of specificity. So
  • a specific platform,
  • a specific person,
  • a specific problem and
  • A specific way for things.
• Bottlenecks for personal improvement
  1. You need to figure out what to do.
  2. You know what to do, but you do not know how to do it
  3. You know how and what to do but are not doing it. Why? <-- Do bottleneck (5-why) analysis
• There are two ways to create abundance: you can have more or need less. We'll come back to that because I think that paints the picture of what you pursue. Harmony is when every piece of your life is working together. There's nothing competing with one another; everything improves every other area. And then Gratitude is the feeling of those first two.