Thursday, June 7, 2018
This podcast episode of The Tim Ferriss Show is coming up on the 11th anniversary of my first book, The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich. While there are parts written by my 29-year-old self that make me cringe, I’m both honored and amazed that it continues to strike a chord with so many.
Rather than re-editing the book and risking the loss of whatever made it work in the first place, I’d like to share case studies of people who have used it as a blueprint to build successful businesses as detailed in The Million-Dollar, One-Person Business by freelance journalist Elaine Pofeldt (@ElainePofeldt).
Much like 11 years ago, I hope this episode inspires more people to make a change for the better and accomplish more than they thought possible.
Please enjoy this episode!
Want to hear a podcast with someone who inspires others to build businesses and live lives on their own terms? — Listen to my conversation with Seth Godin in which he details the rules, principles, and obsessions that help him manage his life. (Stream below or right-click here to download):
This podcast is brought to you by 99designs, the world’s largest marketplace of graphic designers. I have used them for years to create some amazing designs. Whether your business needs a logo, website design, business card, or anything you can imagine, check out 99designs.
I used them to rapid prototype the cover for The Tao of Seneca, and I’ve also had them help with display advertising and illustrations. If you want a more personalized approach, I recommend their 1-on-1 service. You get original designs from designers around the world. The best part? You provide your feedback, and then you end up with a product that you’re happy with or your money back. Click this link and get a free $99 upgrade.
This episode is also brought to you by LegalZoom. I’ve used this service for many of my businesses, as have quite a few of the icons on this podcast — such as Automattic CEO Matt Mullenweg of WordPress fame.
LegalZoom is a reliable resource that more than a million people have already trusted for everything from setting up wills, proper trademark searches, forming LLCs, setting up non-profits, or finding simple cease-and-desist letter templates.
LegalZoom is not a law firm, but it does have a network of independent attorneys available in most states who can give you advice on the best way to get started, provide contract reviews, and otherwise help you run your business with complete transparency and up-front pricing. Check out LegalZoom.com and enter promo code TIM at checkout today for special savings and see how the fine folks there can make life easier for you and your business.
QUESTION(S) OF THE DAY: What was your favorite quote or lesson from this episode? Please let me know in the comments.
Scroll below for links and show notes…
SELECTED LINKS FROM THE EPISODE
SHOW NOTES
- Laszlo Nadler brings in more than $2 million a year with online store Tools4Wisdom. [11:16]
- Starting your own business doesn’t mean you have to abandon your full-time job before making sure it’s sustainable. [11:56]
- According to the US Census Bureau, what is (and what isn’t) a nonemployer firm? [12:30]
- Three things these businesses offer that elude most workers today. [13:22]
- The two paths entrepreneurs have traditionally taken, and the third path opened up by one-person businesses. [13:32]
- What’s driving the growth of the million-dollar, one-person business? [14:26]
- A shift in attitudes. [15:15]
- How do you get from where you are currently to enjoying the freedom of an entrepreneur? [15:50]
- Key questions to ask yourself first. [17:44]
- Solo businesses and partnerships that hit the million-dollar range typically fall into these six categories. [19:01]
- In spite of their differences, entrepreneurs generally have these practices in common. [19:35]
- Split-testing for profit. [21:24]
- Mastering the art of delegation. [24:22]
- The point of comfort challenges. [27:00]
- Your first entrepreneurial efforts don’t have to succeed — as long as you learn from them. [28:51]
- How outsourcing smaller tasks and decisions helps you focus on the bigger tasks and decisions of your business. [31:53]
- Making and managing require different schedules. [36:20]
- How observing these schedules has helped Ben and Camille Arneberg pursue further business opportunities. [40:05]
- Fewer distractions = more growth. [41:24]
- Two key ideas that helped Dan Faggella grow his revenue far beyond the average “nonemployer” business. [42:30]
- How I test potential candidates for a job. [43:28]
- How Dan Faggella ensured a smooth transition when selling his company (and why he would want to sell such a successful business in the first place). [46:03]
- Success through liberation — having the money to do things you want to do doesn’t matter if you don’t also have mobility. [48:14]
- How Sol Orwell chose a second-in-command to handle things when he goes off the grid. [53:21]
- What Sol does with his “free” time. [56:02]
- Rethinking scale and profit. [56:51]
- Why the story of the businessman and the fisherman resonated with “successful” entrepreneur Jayson Gaignard. [58:18]
- How a Seth Godin talk inspired Jayson’s next business venture. [1:02:02]
PEOPLE MENTIONED
Posted on: June 7, 2018.
Please check out Tribe of Mentors, my newest book, which shares short, tactical life advice from 100+ world-class performers. Many of the world's most famous entrepreneurs, athletes, investors, poker players, and artists are part of the book. The tips and strategies in Tribe of Mentors have already changed my life, and I hope the same for you. Click here for a sample chapter and full details. Roughly 90% of the guests have never appeared on my podcast.
Who was interviewed? Here's a very partial list: tech icons (founders of Facebook, Twitter, LinkedIn, Craigslist, Pinterest, Spotify, Salesforce, Dropbox, and more), Jimmy Fallon, Arianna Huffington, Brandon Stanton (Humans of New York), Lord Rabbi Jonathan Sacks, Ayaan Hirsi Ali, Ben Stiller, Maurice Ashley (first African-American Grandmaster of chess), Brené Brown (researcher and bestselling author), Rick Rubin (legendary music producer), Temple Grandin (animal behavior expert and autism activist), Franklin Leonard (The Black List), Dara Torres (12-time Olympic medalist in swimming), David Lynch (director), Kelly Slater (surfing legend), Bozoma Saint John (Beats/Apple/Uber), Lewis Cantley (famed cancer researcher), Maria Sharapova, Chris Anderson (curator of TED), Terry Crews, Greg Norman (golf icon), Vitalik Buterin (creator of Ethereum), and nearly 100 more. Check it all out by clicking here.