The Money Expert: How To Get Rich Starting With $0 (Daniel Priestley)

Added: Feb 9, 2024

Mindset and Success

Priestley explains the three settings of the brain - reptile, autopilot, and visionary. He stresses the significance of operating from the visionary mindset, which allows for strategic thinking, empathy, and long-term planning. He encourages individuals to trigger their visionary mindset through activities like gratitude journaling or visualizing future success. 

Entrepreneurial Journey

Priestley shares his entrepreneurial journey, starting from humble beginnings as a Pizza Hut delivery driver to building multiple successful startups. He discusses the roller coaster of successes and setbacks he experienced, including negotiating a multi-million dollar exit and navigating the global financial crisis. Despite facing challenges, Priestley's resilience and ability to adapt have led to continued success in business.

Building a Successful Business

Priestley offers advice for aspiring entrepreneurs, suggesting they work for small companies with less than 20 employees to gain a comprehensive understanding of how a business operates. He emphasizes the importance of learning from experience and being willing to start at the bottom to acquire valuable skills and knowledge. He also highlights the significance of having a balanced team with diverse strengths to drive business growth and success.

Strategies for Success

Priestley outlines strategies for achieving success, including leveraging one's strengths, surrounding oneself with a supportive team, and maintaining a visionary mindset. He encourages individuals to focus on long-term goals, develop good habits, and continuously learn and adapt to changing circumstances. Priestley's approach to success involves a combination of strategic thinking, resilience, and a willingness to take calculated risks.

Finding a mentor or joining a team led by an inspiring entrepreneur is crucial for gaining valuable experience and insights. Priestley advises individuals to pitch themselves to potential mentors or companies by expressing their eagerness to learn and contribute. He highlights the significance of being proactive and seeking out opportunities rather than waiting for them to come to you.

Generating Business Ideas

When it comes to generating business ideas, Priestley suggests looking at past successes, exploring startup awards, seeking input from successful entrepreneurs, and identifying emerging trends in the market. He emphasizes the importance of aligning with the type of work that excites you and offers potential for growth and success.

Priestley also discusses the concept of a "moving bus," referring to opportunities that are currently trending and have the potential for significant growth in the near future. He mentions AI as a major industry with ample opportunities for innovation and growth. However, he cautions against simply following trends without a solid plan or unique value proposition.

Funding a Business

In terms of funding a business, Priestley explains the benefits of raising capital from angel investors. By bringing in multiple investors, entrepreneurs can not only secure funding but also gain valuable expertise, connections, and support. Having a diverse group of investors can also help mitigate risk and provide a solid foundation for the business.

Concept Development

Priestley highlights the significance of validating a business idea before moving forward. He suggests that entrepreneurs should consider the impact of AI on various industries and identify opportunities for growth. By focusing on a specific niche or campaign, entrepreneurs can create a targeted approach to developing their business idea.

Audience Building

To build an audience, Priestley recommends creating lead magnets, such as waiting lists, registration of interest lists, and discussion groups. By engaging with potential customers through online scorecards and assessment tools, entrepreneurs can gather valuable insights and feedback. Additionally, hosting events like introduction sessions and high-end dinners can help establish connections with influential individuals in the industry.

Offer Development

Once the audience is engaged, entrepreneurs should focus on fine-tuning their offer. Priestley suggests creating gold, silver, and bronze packages to cater to different customer needs. By packaging various services and products together, entrepreneurs can provide a comprehensive solution to their target market. It is essential to consider the outcome that customers desire and the value proposition that the business can offer.

Sales Strategy

In order to scale the business, entrepreneurs need to implement a structured sales strategy. Priestley introduces the concept of LAPS - leads, appointments, presentations, and sales. By setting revenue targets and breaking them down into weekly goals, entrepreneurs can track their progress and adjust their sales approach accordingly. It is crucial to calculate the cost of acquiring a customer and the lifetime value of a customer to optimize the sales process.

Key Person of Influence

Priestley emphasizes the importance of establishing the founder as a key person of influence in the business. By building a personal brand and being visible in the industry, entrepreneurs can attract customers and investors. However, it is essential to consider the long-term sustainability of linking the business to a specific individual, as changes in leadership can impact the brand's reputation.

Different Types of Brands

Three types of brands are discussed: key person of influence, company brands, and product brands. Priestley explains that a core team of at least 30 people is essential for a business to run smoothly. He also highlights the importance of having proprietary assets, such as intellectual property and recurring revenues, to make a business valuable and attractive for an exit.

Priestley uses examples like Nike and Apple to illustrate how personal brands can evolve and impact the success of a business. He mentions that Apple shifted from a rebellious and visionary brand under Steve Jobs to a more predictable and safe brand under Tim Cook, which has led to increased profitability.

Scaling a Business

The discussion then moves on to the process of scaling a business from a 12-person team to a 30-person team. Priestley advises starting with financial modeling to understand what a larger business would look like in terms of revenue and profit. He suggests creating a future state org chart and assembling a leadership team to lead the growth.

Continuous Learning

Priestley emphasizes the need for continuous learning and improvement in sales, comparing it to performing Shakespeare on a stage. He advises practicing role-plays and honing the craft of sales to effectively handle objections and close deals.