💰 How to make your first million

📉 Gary Vee’s “Biggest Failure”

Last week, we talked about how to build a failing business in 3 steps.

Based on our polls, it was a big hit. Specifically one section…

The Entrepreneur Death Trap.

So today, I thought I’d expand on it and give it the attention it deserves.

Why?

Because this is a mistake that every entrepreneur makes. It’s what Gary Vee calls “his biggest failure”...

And overcoming it is what Warren Buffet says is "the difference between successful people and really successful people

What is it?

Split attention.

Here’s what we got for ya:

  • ☕️ Counting Your Cups

  • 💰 How To Spot A Billion-Dollar Opportunity

  • 🗓 30-Day Windows

Read Time: 4 min 9 sec

☕️ Counting Your Cups

Elon Musk has over 4 income streams. Jeff Bezos has at least 3.

Most billionaires have at least 2.

But all started with one - the one that made them their first billion.

Here’s why:

Think of your focus as a glass of water and every ‘opportunity’ as a cup.

If you have one cup that you pour water into, you’ll reach the top fast.

But if you have 3 cups, you have to split your water between each while losing some switching between cups.

And if you have too many cups, you’ll never fill one at all.

So you may be doing all the right things to build something great, but you will never build anything if you have too many cups.

In his book Outliers, Malcolm Gladwell talks about what it takes for someone to become an expert at something.

He talks about how every great musician, athlete, and billion-dollar CEO can attribute their success to repeated practice that compounds over time.

And it’s usually around the 10,000-hour mark that they become truly exceptional, or ‘an outlier.’

How long it takes to hit 10K hours

So the more cups you have, the longer it will take you to hit your 10,000 hours.

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💰 How To Spot A Billion-Dollar Opportunity

When you pick a new opportunity, you’re putting a downpayment on success.

You’re sacrificing time, effort, and money for something that will (hopefully) make you billions.

The problem is most put their downpayment on the wrong opportunity.

So how do you know what opportunities to pick and when to say no?

It’s simple…

Choose an opportunity that allows you to sell your skills to the most amount of people.

Take copywriting for example.

  • Bottom-level opportunity - Writing for vet clinics in 1 city

  • 2nd level opportunity - Using the internet to write for vet clients anywhere in the world

  • 3rd level opportunity - Teaching vet clinics one-on-one how to train and hire copywriters

  • Billion-dollar opportunity - Creating a sellable program that can be sold to any business to help them hire and train copywriting teams

This is a billion-dollar opportunity because there are far more business owners who need a copywriting team, than vet clinics.

But, you have to build the skill first before you can move to the billion-dollar opportunity.

So in the beginning, the opportunities you take won’t be the ones that get you to a billion.

Yet, you still need to give it undivided attention until you can find the billion-dollar opportunities.

🗓 30-Day Windows

Here’s a chart of the top 3 billionaires and how long it took them to get to a million, and then to a billion:

It took each billionaire over 25 years to make their first million. But once they got to a million it took them less than 5 years to reach a billion.

Key point: It takes longer to make your first million because you have to learn the skills and build the assets to get there.

But once they are built, they compound over time and 10x your success later.

I like to think of this as your ‘30-day window.’

The reason that you’re seeing success today is because of something you did 30 days ago.

So if you can apply this concept into years…

(EX - If I do this today and keep doing it for 30 years, I’ll see a 30x return)

You’ll be building like a billionaire.

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