717 Noah Kagan — How to Launch a Million-Dollar Business This Weekend
This is a OPEN AI summary of the Tim Ferriss Podcast #717- visit www.TinyTim.blog for more AI summaries, or www.Tim.blog for the official Tim Ferriss Podcasts
Tim Ferriss and Noah Kagan, who have known each other for a long time, discuss their past experiences and current successes. Noah has been a part of successful companies like Facebook and Mint, and now helps run AppSumo.com. He also has a popular YouTube channel and will soon release a book. They met in Mountain View, California and Noah wrote a successful guest blog post on Tim's blog in 2011, which helped launch his career. They also discuss the rise of Austin, Texas as a popular city for entrepreneurs.
Noah Kagan discusses his decision to move to Austin, Texas 14 years ago and how it has become a hub for tech and other industries. He also talks about his love for Barcelona, Spain, where he spends half of the year due to its lower cost of living, better social fabric, and healthier lifestyle. Kagan's girlfriend is now pregnant and they plan to continue splitting their time between both cities.
Austin has become a hub for Brazilian jiu-jitsu and standup comedy, thanks to Joe Rogan and his club. It was previously seen as a diverse town without a dominant industry, but now certain communities and industries are emerging. Barcelona is predicted to become the remote working capital of the world, with its metropolitan setting and access to other cities. However, obtaining a digital nomad visa for Spain is more complicated than it seems.
The speaker discusses various ways to obtain a visa, including dealing with bureaucracy, investing in a property, and being in a relationship with a citizen. They also mention the option of obtaining citizenship through genealogy. The difficulty of navigating the immigration process is acknowledged, and the importance of making it easier for economic and national security reasons is emphasized.
Tim Ferriss and Noah Kagan discuss the challenges and strategies of starting and running a successful business in a short amount of time. They highlight the importance of incremental growth and finding a balance between work and personal life. Kagan shares insights into his company, AppSumo, including its structure and use of remote employees. They also discuss Kagan's negotiation tactics, such as being proactive and seeking discounts.
The conversation discusses tips for negotiating better prices on leases and credit card statements, with a focus on being positive, understanding what the other party wants, and having clarity on the value being negotiated. The speakers also mention the importance of reviewing expenses regularly and asking for discounts. Finally, they suggest using a technique of giving a number and then remaining quiet to encourage the other party to make a better offer.
In a recent conversation, Noah Kagan discussed his approach to negotiation and gave an example of how he used a chargeback to get a discount on a sauna he had purchased. He emphasized the importance of staying calm and sticking to the facts when negotiating, and shared a tactic of stating your desired outcome and then remaining silent. This approach has been a successful habit for Kagan, developed over time and used in both personal and business situations.
The speaker discusses the importance of cutting expenses and negotiating prices in business. They share personal experiences and advice on how to approach negotiations by focusing on what is in it for the other party. They also suggest practicing on less important things before attempting to negotiate on more important matters.
People can get 10% off purchases by simply asking for it and using the Million Dollar Weekend method. This approach can also be applied to other aspects of life, such as dating or business. Tim Ferriss believes that being specific and asking for what you want leads to success, and this was a key focus of his presentations at Princeton. He encourages becoming a good dealmaker by understanding what the other person wants and using tactics from books like Getting Past No. This concept is known as a "comfort challenge" and involves stepping out of one's comfort zone and asking for what they want in order to achieve success.
Noah Kagan shares two small challenges to help build tolerance to discomfort and improve confidence in business. The first is to ask a friend for a dollar as an investment in your business idea, and the second is to approach strangers and ask them about their profession. These exercises can be fun and universal, regardless of one's financial status or gender, and can ultimately lead to success in sales, which is crucial for entrepreneurs.
Billionaires are skilled at sales and persuasion, even if they are not naturally outgoing. One technique for improving sales skills is the "compliment challenge," where one compliments strangers on their clothing. There is a misconception that salespeople are bothering others, but in reality, it can be a positive interaction. Feedback is valuable and considered a superpower at AppSumo.
Tim Ferriss and Noah Kagan discuss the importance of effectively promoting oneself and one's work, as well as the boundaries of approaching others for business opportunities. They share personal experiences and advice on how to navigate these situations.
The article discusses a conversation between Ferrell and Kagan about physical greetings and successful sales strategies. Kagan shares his framework called LOT (listen, options, transition) for successful sales and also talks about his daily practices at AppSumo.com. Their main goal for the year is to reach $45 million net revenue.
A Slack bot is used daily to post key metrics that lead to a company's main goal. The bot is tied into automation and uses tools like Zapier and Snowflake. The main goal is to reach a net revenue of $45 million by the end of the year, and the three key metrics that lead to this are traffic, conversion rate, and average order value. The company focuses on optimizing the number of deals they offer as their main input for achieving their goal. Other businesses should also identify their core input for reaching their main outputs.
In Silicon Valley, it is believed that a company must be 10 times better than its competitors to be successful. However, this may not always be true and it is important to focus on core numbers that drive the business. Seeking feedback and regularly asking for the top three things that are being done well and the bottom three things that can be improved upon can help a business grow and improve.
The speaker discusses two key points from the past quarter: one about managing credit card bills and trusting employees, and the other about setting a longer-term vision for the company. The team provided feedback that led to changes in approach, including creating a three-year vision and setting milestones to reach it. The speaker emphasizes the importance of involving the team and tracking progress towards goals.
The speaker discusses different methods for keeping oneself and their team accountable in achieving their goals. These methods include using scorecards, having clear communication and alignment, and conducting weekly reviews. The speaker also emphasizes the importance of being able to say no and challenging ideas respectfully in order to improve and achieve success.
Noah Kagan and Tim Ferriss discuss a tool they use for tracking and evaluating their weekly performance and leadership consistency. The tool includes three questions: how was the week, was I consistent, and what are my top three goals for next week. They also mention a similar tool called Lattice that they stopped using due to cost. They also discuss the importance of setting clear goals and having a singular focus for the upcoming quarter.
The discussion is about setting goals that are sustainable and achievable, rather than aiming for unrealistic and ambitious ones. Noah Kagan shares his experience with AppSumo and how setting smaller growth goals has allowed them to experiment and have more freedom. Tim Ferriss adds that while ambitious goals can be helpful, it's important to consider the context and incentives, especially in the venture-backed startup world. They also discuss the importance of consistency and developing certain attributes for success in entrepreneurship.
The speaker interviewed several billionaires and millionaires about their regrets and takeaways from their success. They all emphasized the importance of spending time with family and focusing on one thing. They also highlighted the value of entrepreneurship and sales skills. However, not all of them seemed completely happy despite their wealth. One individual, John Paul DeJoria, stood out for his kindness and balanced approach to life.
The conversation discusses the possibility of being a successful Silicon Valley workaholic while maintaining a fulfilling life. Tim Ferriss and Noah Kagan discuss the importance of not having to be a "prick billionaire" and finding different ways to be successful in sales. Tim shares his experience starting out as a low-paid salesperson and taking a different approach compared to others in the industry. They also explore the success of immigrants and their strong work ethic and positive attitude.
Tim Ferriss and Noah Kagan discuss the effort and strategy behind the launch of Ferriss' first book. Ferriss interviewed successful authors to gather tips and insights on promoting a book, and discovered that blogs and radio programs were more effective than traditional media. He then focused his budget on attending events in order to network with bloggers and build relationships for promotion opportunities.
The author shares their experience of building their network and promoting their book at South by Southwest. They emphasize the importance of being kind to everyone and how it led to a chance encounter with influential blogger Robert Scoble, who helped promote their book. They also mention pitching themselves to the director of programming at South by Southwest, which led to a successful book launch.
The speaker goes to South by every year out of a sense of karma and took a last-minute spot to give a presentation on The 4-Hour Workweek, which was supported by a quote from the developer of Firefox. Despite technical difficulties, the presentation was successful and led to the book becoming a bestseller. The speaker emphasizes the importance of finding uncrowded and undervalued markets, using podcasts as an example.
The speaker discusses the excitement and hard work that went into writing a successful book and building a successful business. They reflect on the early stages of entrepreneurship, where they had to be resourceful and creative to make something from nothing. They also acknowledge the difficulties and challenges they faced, but ultimately find joy in the unknown and nostalgia for those early chapters. The speaker also mentions the importance of not letting nostalgia deceive them and staying focused on their current projects.
Tim Ferriss and Noah Kagan discuss their past pursuits of fame and money, and how they have shifted their priorities towards mental health and well-being. They reflect on the past and realize that their past accomplishments were formative but not necessarily fulfilling. They also discuss the fleeting nature of success and how it is important to find new goals and challenges to stay motivated. Tim Ferriss reflects on his past patterns of focusing on certain ventures for 5-10 years before moving on to something else. They also touch on the topic of YouTube and podcasting, and the challenges that come with staying relevant in a constantly changing landscape.
The speaker discusses their thoughts on YouTube and the importance of standing out in a competitive market. They also mention the risks of relying on social media platforms and their personal concerns about privacy and recognition. They consider YouTube as a potential avenue for growth but also weigh the potential downsides. The idea of longevity and fame in today's media landscape is also brought up.
The speaker discusses the dominance of algorithm-chasing in determining what content is popular and how this has removed the possibility of someone being as dominant as Oprah was in the past. They also mention the short half-life of fame in the online world and how it impacts content creation. The speaker expresses concerns about this trend and mentions potential areas for investment, such as mental health therapeutics. They also reflect on the importance of creating unique, quality work rather than rushing to produce a high volume of content.
The conversation between Tim Ferriss and Noah Kagan revolves around the idea of taking a patient approach instead of rushing into things. They discuss the importance of observing and understanding oneself before making decisions and finding one's unique, underserved niche. They also touch on the increasing difficulty in standing out in the crowded podcast and YouTube market.
Asking oneself what they can uniquely do and what they are uniquely suited for can lead to successful decisions, but it is also important to consider market fit and endurance. It is important to be careful of the masks one wears and the influence of their audience. Rather than chasing new trends, considering neglected old ideas can also be successful. Keeping a balance between profit and personal/professional well-being is crucial in decision-making. The ability to create the life you want is a key advantage of entrepreneurship, but it is important to make sure you are actually living the life you want. Experimentation and testing ideas can be a valuable approach to decision-making.
The conversation is between Tim Ferriss and Noah Kagan discussing the use of virtual assistants and the benefits of hiring from sites like hiremymom.com. They also touch on the importance of setting clear goals and avoiding vanity metrics in order to achieve success.
Tim Ferriss and Noah Kagan discuss the importance of hiring the right people for your business, and suggest testing potential hires for a few months before making them full-time employees. They also talk about the benefits of reflecting on past accomplishments and progress. The conversation ends with a discussion on how to launch a successful business in just 48 hours.
The conversation discusses the prevalence of clickbait and false promises on YouTube and podcasts, and how to determine if someone is a trustworthy source of information. They also discuss the importance of taking action and starting small in order to achieve success in business. A case study is shared about someone who was able to make progress in their side hustle in just 48 hours. The key takeaway is to overcome the fear of starting and taking small actions consistently over time.
The book emphasizes taking action in the present moment rather than getting caught up in planning and details. The authors share personal experiences of starting successful ventures with minimal resources, such as filming a YouTube video with a phone or creating a prototype of a pinball machine with basic materials. The key takeaway is to simplify and take the first step towards a goal, rather than getting bogged down in the how-to's and potential obstacles.
The book discusses ways to overcome fear and start making money through finding something that people are willing to pay for. It gives practical exercises, such as the coffee and dollar challenges, to build confidence and momentum. The book also focuses on generating ideas and testing their profitability.
The one-minute business model involves finding customers through social media, using email to sell and communicate, and implementing a growth machine. Creativity thrives under constraints, such as limited time or resources. Examples of successful businesses starting in a weekend include Airbnb and licensing ideas to big companies. To start a business, make a list of daily struggles and find a solution to sell to others.
The conversation revolves around identifying business opportunities by solving personal problems or finding areas where people are cobbling together solutions. One example is a toy rental business, another is a sports nutrition company. They discuss the importance of looking at credit card statements and to-do lists to find potential business ideas. The conversation also touches on the importance of market size and potential profitability in pursuing a business idea.
Noah Kagan discusses the importance of choosing the right market when starting a business, and suggests using tools like Google Trends and Facebook ads to determine the potential profitability of a business idea. He also emphasizes the importance of understanding the business model and calculating potential revenue and expenses to determine if a business can make a million dollars. Kagan shares his experience with changing his own business model to increase profits.
Tim Ferriss and Noah Kagan discuss the simplicity of successful businesses and the freedom that entrepreneurship can bring. They both share stories of being fired from their first jobs and how it led them to pursue their own ventures. They encourage people to consider starting a side hustle, even if they enjoy their current job, as it can provide additional options and opportunities for growth.
The speaker believes that everyone should start a podcast and a business, but also acknowledges that there are trade-offs and downsides to both. They use real-world examples, such as Jake's golf trip business, to show how using a one-minute model can help determine potential profits and make informed decisions. The speaker encourages a healthy mindset of considering trade-offs in decision-making.
The article discusses a business model for generating revenue and reaching a million-dollar business. The authors, Tim Ferriss and Noah Kagan, discuss different strategies such as pre-selling and finding a problem that people want to solve. They also share an anecdote about creating a golf trip package and successfully pre-selling it to potential customers. The article emphasizes the importance of taking action and not just having ideas or hobbies in order to create a successful business.
The conversation between Tim Ferriss and Noah Kagan discusses the process of starting a business and the importance of staying within one's zone of influence and expertise. They use the example of Jake, who successfully pre-sold a golf trip to his friends by leveraging his credibility and relationships. The key is to ask for feedback and make it easy and fun for potential customers to commit by asking for a deposit. This approach avoids the tendency to make things more complicated or challenging, and instead focuses on facing reality and getting customers to tell the truth with their wallet.
Rejection is a test to see if we really want something and if we are committed to it. It is important to learn from rejection and use it as an opportunity to improve. Overdelivering on promises is crucial in business, and it is important to stay focused and not get distracted by new ideas. It is also important to not worry about scaling too quickly and instead focus on delivering a quality product.
The speakers discuss the common observation of entrepreneurs focusing on scaling their businesses rather than delivering a quality experience. They emphasize the importance of starting small and solving a problem that people care about, and finding and targeting the right audience. They also mention the idea of pre-selling as a validation method for a business idea.
Noah Kagan discusses his journey towards creating AppSumo, a platform for software deals. He shares his interest in deals and marketing, and how he experimented with the idea on weekends. He also explains how he cold emailed Imgur and Reddit to promote his product, leading to its success.
The speaker paid $48 to Mohammed to help put a PayPal button on AppSumo.com, and then spent $12 on the website. They advertised a deal on Reddit for Imgur Pro and gave Alan $7 from the sale. This manual approach to customer service eventually led to a successful business with a large team and diverse product offerings. The importance of high-touch interactions with customers and doing things that don't scale is emphasized.
The author shares how they initially ignored a supplement that could improve their track performance, but eventually utilized it for sports. They started their business by pre-selling to friends and negotiating with manufacturers to get the deal done. They also used creative tactics, such as offering exclusive ads to distributors in exchange for pre-orders, to grow their business.
The speaker discusses the strategy of buying ad space as remnant to make a profit. They also highlight the importance of finding underserved opportunities in business and putting in extra effort to stand out. They give examples of their own experiences and encourage others to copy successful techniques. The importance of avoiding a forceful approach in communication is also emphasized.
The speakers discuss the effectiveness of a gentle approach in pitching ideas or products to others, rather than being forceful. They share personal experiences where a light touch has resulted in success, and emphasize the importance of being genuine and not expecting anything in return. They also mention how starting with a small ask can lead to a bigger ask later on.
The speaker discusses the concept of rejection and how it relates to their perspective on opportunities and human nature. They share their belief in the abundance of opportunities and their approach of viewing rejections as feedback rather than failures. They also mention their tendency towards hedging against worst-case scenarios and framing things as experiments rather than pass/fail situations.
The speaker discusses the importance of conducting experiments and learning from failures in order to improve in all areas of business, including their podcast and investing style. They also mention the value of finding niche opportunities and creating a category of one in order to stand out in a crowded market. The speaker emphasizes the importance of simplicity and low-risk investments, using the same criteria for entrepreneurship, content creation, and investing. They also mention other individuals who have successfully applied these principles.
Noah Kagan and Tim Ferriss discuss the importance of pausing and responding instead of reacting to rejection. They also talk about the power of optimism and believing that opportunities exist in both business and relationships. Kagan shares his experience with learning optimism and finding success in dating and business by changing his mindset.
Tim Ferriss and Noah Kagan discuss the success story of Pat, a man who started as a customer support worker in Poland and turned his passion for YouTube into a successful business. They emphasize the importance of doing free work to gain experience, build relationships, and showcase skills. Tim shares examples from his own career where he used free work to achieve success and recommends others do the same.
The author discusses the benefits of doing work for free, citing personal examples of how it has led to success in his career. He also shares the strategy he used to plan a high-end event and its potential for profitability. The conversation highlights the importance of taking risks and thinking creatively in business ventures.
The speaker shares how they sold tickets for an event for $10,000 and increased the price each week. They wanted a diverse group of people and asked for proof of financial stability from applicants. They also shared their book and marketing proposals at the event to ensure attendees got their money's worth. The speaker also discusses the importance of buying first customers or creating a case study for marquee clients. They also mention helpful tips for running events or masterminds.
Tim Ferriss discusses his successful event where he had attendees share short bios and do a brag, give, and ask session. He also talks about the high cost of the event and how he developed relationships with handpicked attendees who would attend future events. Noah Kagan also mentions how he regrets not attending the event and how Tim's idea of surveying people to see if they would be interested in a product or service is very effective.
In a conversation between Tim Ferriss and Noah Kagan, they discuss the importance of finding the best deals and offering high quality products and services. They also talk about the importance of testing products, improving website conversion rates, and building long-lasting relationships with sponsors. They emphasize the need for efficient and effective marketing strategies in order to be successful in entrepreneurship.
Noah Kagan discusses the importance of validating business ideas to avoid wasting time and resources. He shares his personal experience of spending $100,000 and six months on a sports betting site before realizing it was not a good idea. Kagan suggests two other methods of validation: ads landing page and marketplaces. Tim Ferriss adds that it is important to test inexpensively, citing examples like CrossFit and Facebook.
The conversation discusses the importance of starting small and simple in business, rather than focusing on big, flashy ideas. It highlights examples of successful companies that started with minimal resources and gradually grew through validation and success. The importance of simplicity and avoiding unnecessary complexity is also emphasized, with the idea of trying the easy thing first before resorting to more difficult or traditional methods. The concept of "Now, not how" is mentioned as a way to encourage action and progress rather than getting caught up in the details.
Tim and Noah discuss the importance of taking action and getting feedback from customers in business decisions. They also share some gift recommendations for under $50, including a travel backpack and a board game called Schotten Totten.
Tim Ferriss and Noah Kagan discuss a two-player game called Schotten Totten, designed by Reiner Knizia, a prolific game designer. They also talk about LMNT, a sponsor of the podcast, and Noah gifts Tim with a travel nail clipper. They also mention a book called A Million Miles in a Thousand Years by Donald Miller.
The conversation between Tim Ferriss and Noah Kagan covers recommendations for books, including "A Million Miles in a Thousand Years" by Donald Miller, which inspired Kagan to bike across America and live an interesting life. They also discuss an old blog post from 2011 where Ferriss recommended a screaming monkey toy. Kagan gives Ferriss a backpack and a pen as gifts.
The two men discuss various topics ranging from their favorite pen to competition in the podcast industry. They also touch on the idea of Tim doing more YouTube videos and the potential for him to find it intrinsically rewarding. Tim mentions his competitive nature and the pressure to be entertaining in the podcast world. They briefly mention coaching and the 48-hour challenge before continuing their conversation.
The discussion centers around whether or not to use YouTube as a means to expand the podcast's audience. Tim Ferriss believes it would compromise his privacy, while Noah Kagan offers low-effort, high-result suggestions. The goal is to experiment with expanding the podcast's reach and impact, but there are concerns about the effectiveness of YouTube in achieving this.
The conversation discusses the challenges of maintaining growth in a business and the importance of staying true to one's purpose and goals. They consider different strategies for expanding reach and success, including experimenting with different formats and focusing on quality content over clickbait. The value of longer form content on platforms like YouTube is also discussed.
Platforms capture all the value, while creator value capture is also important. Tim Ferriss is focused on growing his podcast, but is also considering the long-term viability and defensibility of his newsletter. Noah Kagan suggests experimenting with YouTube to drive newsletter subscriptions, and investing in a dedicated shorts team for content creation. Ultimately, it's important to prioritize and commit to the strategies that align with one's goals.
Tim Ferriss and Noah Kagan discuss the dangers of competing for the sake of winning, and how it can lead to living a life that is not desired. They also talk about the importance of choosing the right inputs to act on, especially in regards to coaching in specific areas of weakness. Kagan shares his experience with a marketing coach and how he initially resisted their advice, but eventually saw the value in it. He emphasizes the need for inputs to align with main priorities in order to be effective.
The speaker discusses their experience with working with two different coaches, Dan Putt and Ayman Al-Abdullah. They highlight the benefits of having a coach, such as gaining clarity on business strategies and being able to make better decisions. They also mention the value of having an outlet to talk about personal and professional challenges.
The speaker and Tim discuss the importance of prioritizing and finding solutions to problems in business. They also mention the benefits of having a board of directors and advisors. The speaker challenges listeners to take action in their business within 48 hours.
Tim Ferriss and Noah Kagan are hosting a #48hourchallenge where participants have 48 hours to see how much they can achieve in their business, with the winner receiving an all-inclusive trip to Barcelona to work with Noah. To enter, listeners must leave a comment on Tim's podcast episode with the hashtag #48hourchallenge. The challenge is inspired by a previous participant, Cindy, who saw great success after working with Tim.
In this conversation between Tim Ferriss and Noah Kagan, they discuss the success of a woman named Cindy who was able to launch her own business in just 48 hours with the help of Tim and Noah. They emphasize the importance of simplicity and focusing on the most important tasks for maximum results. They also mention their book "Million Dollar Weekend" which outlines a simple method for launching a 7-figure business in just 48 hours. Noah Kagan can be found at milliondollarweekend.com and on social media as Noah Kagan.
Noah Kagan and Tim Ferriss discuss the #48hourchallenge and the success of Kagan's book, Million Dollar Weekend. They encourage kindness and self-care to make the world a better place. They also talk about preserving energy and dealing with difficult days. The podcast episode can be found on tim.blog/podcast.
https://tim.blog/2024/01/23/noah-kagan-million-dollar-weekend/
