Do You Have One Good Idea?

 

Do You Have One Good Idea?

  1. What should I do with $50,000?
  2. If you could recommend 5 books for young teenagers to read, what would they be?
  3. How important are personal skills for success?
  4. What are the most common traits of millionaires?

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Show Notes:

Episode – 05-20-16

Title: N/A

Subtitle: N/A

Summary:

In this episode, Dan tackles the question: “Do you have one good idea?” A single good idea can change your life: but you need to know how to exploit that idea properly. Dan also deals with a ton of questions from the 48 Days community and shares inspiring success stories – learn how one man has made over $100k from a side business in just two years; what sets millionaires apart, and the 5 books your kids should be reading.

Sponsored By:

Casper Mattresses – Use the code SleepYouLove to get $50 off any purchase and free shipping

Harrys.com – use 48Days as the code to get $5.00 off your purchase of Dan’s favorite razor

Time Stamped Show Notes:

  • 01:30 – Preview of today’s topics and questions
    • What should I do with $50,000?
    • If you could recommend 5 books for young teenagers to read, what would they be?
    • How important are personal skills for success?
    • What are the most common traits of millionaires?
  • 02:20 – Today’s Quote
    • “Properly exploited, one good idea that occurs to you when walking down the beach is worth several lifetimes of hard work” – Gary Halbert
  • 03:44 – Today’s success stories
    • Aaron – I’ve earned over $100k in public domain royalties with a very small number of books published while I had a full-time job. I’m convinced public domain royalties are a viable form of passive income
    • Marcie – She’s helping people make over their resumes
    • Eric – I’ve signed on to be a volunteer at Podcast Movement this year and I’m convinced it’s going to be a very special and memorable event
  • 15:25 – Coaching and teaching the skills you have can be worth more than the business itself
    • Picking up old computers for free, refurbishing them, and onselling them
    • Turning old books into scrap paper
    • Train other people, rather than just using those skills every day
    • You greatest value is not in cranking out products – it’s in teaching
  • 19:30 – Question from Renee: Should I self-publish or seek an agent?
    • You can find agents like Morgan James who work with entrepreneur-authors.
    • Get endorsements and testimonials, whatever route you go down
    • Look at all the options – self-publishing is great but publishers will give you a wider reach
  • 23:30 – Recording from Richard: I’ve noticed the theme of service that’s come through in all of your podcasts. I’d like to offer Julie, who called in the other day, some service in coaching her sons in professional skills. I also have a copy of my book, Professionalism Is For Everyone, that I’d like to offer your sons
    • Professional skills need to be developed: how you dress, how you hold your hands, how you speak, how you control your intonation
  • 27:58 – Question from Avila: I’d like to develop a non-fiction note-taking system. Do you have any advice?
    • My books fill up with post-it note tabs
    • I group my bookshelves according to content
    • I love Evernote, but it’s ancillary for me – I prefer physical books
  • 30:01 – Question from Brian: How many non-profit boards should I serve on as a balance to running my own business?
    • I decided a few years ago not to serve on non-profit boards – because I hate the process of how decisions are made
    • I was on a board for 3 years – they rest of the board couldn’t make the business profitable, so they turned it into a non-product
  • 33:09 – Question from Dan: A friend of mine wants to come on board my new company. Is it ever too early bring someone on to do sales?
    • If you bring someone in on commission, with a viable product, it’s never too early
  • 34:40 – Question from Anon. “I’m 64 years old and will soon inherit $50,000. What should I do?”
    • If you’re financially set, then pay off your mortgage.
    • But if you’re going to be around for another 30 years, then start looking at ways to generate some income from your $50,000
    • There are a lot of potential investments
  • 37:35 – Question from Brian. “If you could recommend 5 books for teenagers to read, what would they be?
  • 42:35 – Question from Natalie. “What’s next? I’m a physical therapist but my passion is for fitness training. How can I find my unfair advantage to leverage my skills?
  • 45:00 – Question from Anon. “What are the most common traits of a millionaire?”
    • They have clear goals
    • They’re involved in continuous learning
    • They have a willingness to take risk
  • 46:05 – Question from Paul. “I’m trying to get my sisters to listen to your podcast and read you book. Can you pass on your theme song to me? I’m confident that the song will pique their interest in your other work”
    • I hope it works!
    • But if it doesn’t – then don’t let their reluctance hold you back
  • Upcoming conferences and appearances
    • Innovate – Sanctuary, Franklin, TN May 26-27th
    • New Media Europe, London – London, England June 18-19th
    • Podcast Movement – Chicago, IL July 6-8th
    • The Ultimate Advantage Cruise – leaving from Ft. Lauderdale, FL, Feb 12-19th 2017

 

3 Key Points:

  1. Your greatest value is in what you know. Look for ways to teach, speak, write, and coach on your field of expertise.
  2. Don’t let others’ reluctance or poor decision-making hold you back. Ignore them, or get out of situations that drain your time and energy,
  3. One good idea, properly executed, can be life-changing. But you need a plan adnsome hard work to make that execution successful.

Resources Mentioned:

 

Credits:

  • Show Notes provided by Mallard Creatives

Share this Post

  • Great podcast Dan, I will have my kids read those books too. I have read them all and enjoyed them as you have recommended them before. I enjoyed meeting you at CWE in February too.

    • Thanks Tom. I loved introducing my kids to these books too – and now my grandkids. Great having you here for CWE!

  • Archie

    Dan, I LOVE how you explained how a for profit business that is adding value to a community is the right way to go. I’ve always thought that a non-profit is the best way to help others. That changed my perspective and I know will for other listeners as well.