This Is What Billionaires Regret Before Dying - Noah Kagan

Added: Mar 24, 2024

Working in Billion-Dollar Markets

Kagan also highlights the significance of working in billion or trillion-dollar markets, where there is ample room for growth and success. He notes that finding a large ocean to swim in, one that is expanding, is crucial for long-term success. By identifying market trends and opportunities early on, entrepreneurs can position themselves for success and capitalize on emerging industries.

The Importance of Consistency

Another key point Kagan discusses is the importance of consistency and playing the long game. He mentions that most billionaires did not achieve their wealth overnight but rather through years of dedication and persistence. By staying committed to their goals and continuously improving their craft, they were able to achieve significant success over time.

Focusing on the Problem

Additionally, Kagan touches on the idea of finding something that the world wants and solving a problem that resonates with people. He emphasizes the importance of focusing on the problem rather than the solution and finding opportunities where there is a clear need in the market. By addressing these needs and providing value to customers, entrepreneurs can build successful businesses that stand the test of time.

Growing a Podcast

Kagan also shares his experience with starting and growing his podcast, highlighting the importance of perseverance and passion. Despite facing challenges and slow growth in the beginning, Kagan stayed committed to his show and continued to produce content consistently. Over time, his efforts paid off, and the podcast experienced significant growth and success, reaching a wider audience and attracting high-profile guests.

The Power of Reaching Out

In terms of marketing and promotion, Kagan discusses the power of asking and reaching out to others for support. He shares how his background as a club promoter helped him overcome the fear of asking for help and leverage his network to promote his podcast. By being persistent and proactive in reaching out to potential listeners, Kagan was able to generate buzz and attract a larger audience to his show.

Finding Opportunities

Kagan also emphasizes the importance of finding opportunities that others may overlook and being willing to take risks in pursuit of success. He shares how he identified market trends early on and capitalized on emerging industries to build successful businesses like AppSumo. By staying ahead of the curve and being willing to experiment and adapt, entrepreneurs can position themselves for long-term success and growth.

Importance of enjoying what you do

Kagan emphasizes the importance of enjoying what you do in order to stick with it in the long run. He believes that passion and enjoyment are key factors in sustaining motivation and drive. He mentions that doing something you love, regardless of external accolades, can lead to long-term success and fulfillment.

Less aggressiveness and sustainability

Kagan reflects on his leadership style and business strategy, mentioning that being less aggressive can lead to more sustainable success. He believes that maintaining a steady pace and focusing on long-term growth is more beneficial than constantly pushing for immediate results.

Lessons from billionaires

Kagan discusses his interactions with billionaires and shares insights into their mindset and approach to success. He mentions that while some billionaires are constantly chasing more wealth and success, others like John Paul DeJoria prioritize kindness, authenticity, and giving back. He emphasizes the importance of finding contentment and balance in life, rather than constantly striving for more.

Self-reflection and self-compassion

Kagan talks about the importance of self-reflection and self-compassion in achieving personal growth and success. He shares his own struggles with self-criticism and negative self-talk, and how he has learned to counteract these thoughts by practicing self-compassion and acknowledging his positive qualities. He encourages listeners to be kinder to themselves and to focus on their strengths rather than their shortcomings.

Challenges of success and fame

Kagan discusses the challenges that come with success and fame, using the example of Joe Rogan, who has achieved immense success with his podcast. He highlights the misconception that successful people are not allowed to be unhappy or face difficulties, despite their material wealth and accomplishments. He emphasizes the importance of recognizing that inner struggles and challenges can exist regardless of external success.

Kagan talks about the guilt he feels for not appreciating his success and material wealth, as he realizes that many people would love to be in his position. He reflects on the concept of "champagne problems" and "Titanic problems," where individuals have internal struggles despite not having any material concerns. He admits that he made his journey harder by being unhappy and disappointed in himself along the way.

Facing Hard Truths and Embracing Change

Despite his past struggles, Kagan recognizes the importance of facing hard truths and embracing change. He shares how he learned to stop avoiding difficult situations and confront his fears head-on. By taking on challenges and working through discomfort, Kagan was able to transform his life and find more contentment and peace within himself.

Internal Validation and Patience

Kagan emphasizes the importance of internal validation over external validation. He discusses the need to find pride in one's accomplishments and to focus on personal growth rather than seeking validation from others. He also highlights the value of patience in the journey towards self-improvement, noting that success is a gradual process that requires perseverance and self-reflection.

The Role of Coaching and Therapy

Kagan reveals that he has invested over a million dollars in coaching to help him navigate various aspects of his life and business. He works with coaches who have experience in areas where he wants to grow, such as finance and emotional intelligence. Additionally, he shares that he regularly sees a therapist to work on pausing and responding to triggers, as well as addressing his discomfort with being alone.

Kagan mentions his CEO coach, Aman Al Abdullah, who has helped him focus on consistency and improving what is already working well in his business. He also talks about his business coach, Dan Putt, who has helped him strategize and clarify the goals for his company.

Kagan reflects on the importance of hiring coaches to learn from their expertise and experience. He emphasizes the value of seeking guidance from those who have already achieved success in areas where he wants to improve. He shares his experience with hiring a health coach, which has positively impacted his relationship with food and overall well-being.

Learning from Mistakes and Cultivating Self-Awareness

Through his coaching and therapy sessions, Kagan has learned to acknowledge his mistakes and work on improving his emotional responses. He rates himself weekly on aspects like consistency and emotional behavior, allowing him to track his progress and make adjustments for the future.

Living Up to a Public Persona

The conversation shifts to the pressure of living up to a public persona that one creates online. Kagan mentions a fellow entrepreneur who felt the need to live up to the image he had projected publicly, leading to internal conflict. This discussion prompts Kagan to reflect on his own experiences with creating a public image and the pressure to maintain that image in private.

Kagan shares a personal anecdote about inviting his girlfriend to his luxurious house and expecting her to be impressed by his external possessions. However, she surprises him by expressing that she values him for who he is, not for his material possessions. This realization has been a game-changer for him, as he now feels more comfortable being himself without the need to impress others with his wealth.

Seeking External Validation

The conversation delves into the desire for external validation and recognition for one's achievements. Kagan reflects on his own experiences with seeking approval from his father and feeling a sense of resentment when his accomplishments were not acknowledged as he had hoped. He shares a poignant moment with his father, where he announces his financial success, only to receive a nonchalant response. This experience highlights the importance of finding validation within oneself rather than seeking it from external sources.

Pursuing Personal Passions

Kagan discusses the balance between pursuing personal passions and meeting the expectations of the audience or market. He shares a story about creating a video about a fisherman he admires, despite it not garnering as many views as his other content. This experience reinforces the idea that true fulfillment comes from pursuing what brings joy and meaning, rather than solely focusing on external validation or monetary success.

Section 5:

In the podcast, Noah Kagan discusses his book "Million Dollar Weekend: The Surprisingly Simple Way to Launch a Seven-Figure Business in 48 Hours." He talks about his journey from working at Intel to becoming an entrepreneur and the lessons he learned along the way. Kagan emphasizes the importance of taking risks and facing fears in order to achieve success.

Starting a Business

Kagan shares insights on starting a business and the misconceptions people have about entrepreneurship. He believes that anyone can become an entrepreneur and that it's important to take the first step towards realizing one's potential. He encourages people to start small and gradually build their business, rather than waiting for the perfect opportunity.

The Power of Asking

Kagan emphasizes the importance of asking for what you want in life. He believes that many people are held back by their fear of asking and that overcoming this fear can lead to greater opportunities and success. Kagan encourages people to practice asking for small things, such as discounts or compliments, in order to build confidence and assertiveness.

Building Relationships and Support Systems

Kagan highlights the importance of building strong relationships and support systems. He talks about the value of having friends and mentors who can provide guidance and assistance when needed. He emphasizes the need to be there for others and to offer help and support in return.