Noah Kagan on Overcoming Fear, Entrepreneurship & Financial Success
Added: Jan 31, 2024
Noah Kagan, a successful entrepreneur and founder of AppSumo, shares his insights on entrepreneurship, fear of starting, and the power of asking in this podcast interview with Ali Abdaal.Key takeaways
Overcome the fear of starting and asking by practicing in fun ways, like asking for discounts or upgrades.
Embrace entrepreneurship as a means of creative expression and financial freedom, regardless of your current job status.
Set achievable goals and commit to consistent effort to overcome fears and maintain momentum.
Experiment with different income levels and find a balance between financial success and personal fulfillment.
Find joy in the process of building a business, prioritize health and relationships, and seek accountability and support.
Fear of Starting and Fear of Asking
Kagan discusses the two main fears that hold people back from starting a business: the fear of starting and the fear of asking. He emphasizes that the fear of starting often stems from the belief that one is not ready or lacks the right business idea. Similarly, the fear of asking is rooted in the fear of rejection and the belief that one is bothering or harassing others. Kagan encourages overcoming these fears by practicing asking in fun and creative ways, such as asking for discounts or upgrades, and setting rejection goals to desensitize oneself to rejection.
The Power of Selling and Entrepreneurship
Kagan reframes the concept of selling as a way of helping others and emphasizes the importance of being an entrepreneur. He defines an entrepreneur as someone who creates and believes that everyone should be an entrepreneur. He argues that entrepreneurship offers the best return on investment and is the best way to learn about oneself. Kagan encourages individuals to pursue entrepreneurship as a means of creative expression and financial freedom, regardless of their current job status.
The Law of 100 and the Importance of Consistency
Kagan introduces the concept of the Law of 100, which emphasizes the importance of sticking with a venture for a significant period of time. He shares personal experiences of quitting too soon and highlights the need for a framework to stick with a venture, such as committing to 100 days of consistent effort. Kagan believes that consistency is key to success and encourages individuals to set small, achievable goals to maintain momentum and overcome the fear of starting.
Examples of Overcoming Fears and Starting Small
Kagan shares personal examples of overcoming fears and starting small, such as asking for sponsorships, approaching first-class passengers for interviews, and practicing rejection challenges. He also highlights the stories of individuals who have used the principles of the "million dollar weekend" to start small businesses, such as a school teacher who wanted to make extra money for her family and a man who overcame his fear of starting by making a single sales call each day.
The Power of Setting Less Ambitious Goals
Kagan also discusses the concept of setting less ambitious goals, which allows for sustained growth and long-term success. He emphasizes the importance of finding a balance between ambition and contentment, and how setting smaller, achievable goals can lead to greater freedom and creativity in business and life.
The Journey to Financial Success
Kagan shares his journey to financial success, starting with modest salaries at various companies before eventually starting his own business. He discusses the significance of reaching his "freedom number," which allowed him to have the financial security to pursue his passions and live life on his own terms. Kagan also highlights the importance of experimenting with different income levels and finding a balance between financial success and personal fulfillment.
The Impact of Money on Happiness
Kagan challenges the notion that money doesn't buy happiness, sharing his personal experiences of how having financial freedom has positively impacted his life. He discusses the freedom and opportunities that come with having a certain level of income, and how it has allowed him to live a more fulfilling and enjoyable life. Kagan also emphasizes the accessibility of financial success, encouraging listeners to take action and pursue their own financial goals.
Diminishing Returns and Contentment
Kagan acknowledges that there are diminishing returns to increasing wealth, and that at a certain point, additional income may not significantly impact overall happiness. He shares his personal threshold for feeling financially secure and content, and how reaching that point has allowed him to focus on other aspects of his life beyond financial success. Kagan also discusses the importance of finding contentment and balance in life, rather than constantly striving for more wealth.
The Importance of Taking Action
Throughout the podcast, Kagan emphasizes the importance of taking action and getting started on the path to financial success. He encourages listeners to set achievable goals, experiment with different income levels, and find a balance between financial success and personal fulfillment. Kagan's personal journey serves as a testament to the power of setting ambitious yet attainable goals and taking action to achieve them.
The Importance of Enjoying the Process
Noah Kagan stresses the importance of enjoying the process of building a business and finding fulfillment in the journey. He shares his own experiences of finding joy in the work he does and the importance of having fun along the way. He encourages listeners to find ways to make their work and personal pursuits enjoyable and fulfilling.
The Power of Experimentation
Noah Kagan discusses the power of experimentation in both business and personal life. He shares examples of how he has experimented with different business ideas and approaches, and how this has led to success. He encourages listeners to approach life as a series of experiments, trying out new things and learning from the results.
The Role of Patience and Generosity
Noah Kagan discusses the importance of patience and generosity in both business and personal life. He emphasizes the need to be patient with oneself and others, and to approach challenges with a generous and open mindset. He shares how these qualities have helped him in his own journey to success.
Finding Joy in Health and Relationships
Noah Kagan shares his insights on finding joy in health and relationships, emphasizing the importance of prioritizing these aspects of life. He discusses the value of finding ways to make exercise and self-care enjoyable, and the importance of building strong and fulfilling relationships.
The Million Dollar Weekend Book
Noah Kagan introduces his new book, "Million Dollar Weekend," and discusses the process of writing and publishing it. He shares how the book is designed to help readers change their lives and start a business in just 48 hours. He emphasizes the value of coaching and support in achieving personal and professional goals.
The Importance of Accountability and Support
Noah Kagan highlights the importance of accountability and support in achieving personal and professional goals. He shares examples of how having a fitness coach and accountability partner has helped him stay on track with his health and fitness goals. He encourages listeners to seek out support and guidance in their own pursuits.
