The Business Expert - I Made MILLIONS At 21 With “Zero Skills” (Daniel Priestley) E026

Added: Dec 11, 2023

Priestley advises aspiring entrepreneurs to seek out mentors and work with smaller businesses to gain valuable experience. He stresses the importance of learning from those who have already achieved success and gaining practical knowledge of how businesses operate behind the scenes.

He also encourages individuals to have multiple business ideas and to evaluate them thoroughly before deciding on one to pursue. He suggests keeping a business journal and actively seeking out problems in the world that can be solved through innovative business ideas.

Priestley shares his own experience of starting and growing businesses, including the challenges he faced during the 2008-2009 economic downturn. He explains how he transitioned from being a broker for other companies to owning his own assets, such as intellectual property, media, and technology. This shift in strategy led to the successful valuation of his businesses and their eventual growth and success.

He emphasizes the importance of starting with a small group of clients who pay a lot, rather than focusing on high volume, low-value sales. He suggests that entrepreneurs should focus on creating high-value, low-volume offerings to attract clients who are willing to pay more for a premium service. He also discusses the importance of packaging products and services to deliver a specific outcome for the customer, rather than selling individual components.

Priestley provides examples of how entrepreneurs can test their business ideas, such as setting up waiting lists, creating discussion groups, hosting Zoom events, and using scorecards or assessments to gather data from potential customers. He emphasizes the importance of gathering insights from customers to understand their current reality, desired reality, and obstacles, in order to create a solution that meets their needs.

The discussion also delves into the psychology of why people buy, with Priestley highlighting the importance of addressing the logical, emotional, and urgency factors that influence purchasing decisions. He provides the example of Rolex watches, which create a sense of urgency and desire through limited availability and exclusivity, in addition to the logical appeal of holding value over time.

In response to a question about how to encourage customers to take a digital product more seriously, Priestley suggests implementing campaigns and gamification to create a sense of urgency and exclusivity. He also recommends building a product ecosystem that offers a range of products and services to meet the diverse needs of customers, ultimately driving profitability through demand and supply tension.

Priestley also discusses the significance of being a key person of influence in the industry. He explains that a key person of influence is someone whose name frequently comes up in conversations within the industry and is trusted and respected by others. He emphasizes the importance of building a following and a brand that directs attention towards a particular product or service. He also discusses the difference between a key person of influence and an influencer, stating that a key person of influence uses their brand and profile to direct attention towards a specific product or service, while an influencer seeks to be in the spotlight themselves.

The conversation then shifts to the topic of partnerships and co-founders in business. Priestley emphasizes the importance of alignment between co-founders and the need to have a clear understanding of each other's goals and expectations. He also discusses the potential challenges that can arise when one co-founder's personal life, such as marriage or having children, affects the alignment and dynamics of the partnership. He advises having a clear plan in place to address such changes and potential conflicts.

The discussion then delves into the impact of personal life events, such as marriage and having children, on one's drive and focus in business. Priestley shares his personal experience of how these life events can significantly change one's perspective and priorities, leading to a new level of drive and focus. He also discusses the challenges and rewards of raising children and the impact it has on one's approach to business and long-term planning.

Priestley also shares insights into the process of writing a book and the different types of books, such as thought leadership books, manuals, and personal biographies. He emphasizes the importance of clarifying one's thinking and the learning process that comes with writing a book. He also acknowledges that as one continues to learn and grow, they may look back at their book and wish to approach certain aspects differently.

He also discusses the impact of artificial intelligence on various industries and how it is a general-purpose technology that will revolutionize the way businesses operate. He highlights the two superpowers of AI: the ability to get people to consume more and the power to create at a hyper level. He warns that AI will divide society into hyper consumers and hyper creators, and individuals need to make a conscious decision to be creators rather than consumers.

The guest also shares his passion for developing entrepreneurs who can make a positive impact in the world. He gives examples of businesses, such as Gift Wellness, a company that provides feminine products and donates products to women in refugee camps. Priestley believes that entrepreneurship can be a force for good and that businesses should use their influence to create positive change in the world.

Priestley emphasizes the importance of surrounding oneself with talented executives. He believes that attracting the right team and gaining the trust of investors are crucial for success in buying and selling companies. He also encourages individuals to transition and evolve in their careers, as sticking to a single label or identity may limit their potential for growth.

Throughout the podcast, Priestley emphasizes the need for individuals to adapt to the changing world, become creators rather than consumers, and use entrepreneurship as a force for positive change. He also shares his book recommendations, including "Entrepreneur Revolution," "Key Person of Influence," "Over Subscribed," "24 Assets," and "Scorecard Marketing," which provide insights into building a personal brand, running successful campaigns, and creating valuable businesses.