How I Make $100M a Year (After 12 Failed Businesses)

Summary

The speaker recounts their entrepreneurial journey, starting from childhood with small ventures like selling cookies, to eventually building businesses generating over $100 million in revenue annually. They discuss the evolution of their businesses, from a streetwear venture to a successful Instagram page sale, and the lessons learned from failures in ventures like a Vietnamese roll shop. The speaker emphasizes the importance of focus, learning from failures, and leveraging platforms like Facebook ads. They conclude with the success of their weighted blanket brand and the launch of an educational platform, Daily Mentor, highlighting the value of mentorship and strategic diversification.

Takeaways

• 🍪 Early Entrepreneurship: The speaker started entrepreneurial ventures early, selling cookies during primary school.
• 📈 Learning from Failure: The first lesson learned was the importance of understanding the cost of products, which led to the failure of the cookie business.
• 🌐 Digital Business: The speaker's next venture involved selling streetwear through a Facebook group, highlighting the early use of social media for business.
• 🔄 Adapting to Trends: The streetwear business failed due to not adapting to changing fashion trends quickly enough.
• 💊 Supplement Business: A successful business involved selling supplements, which taught the importance of understanding and communicating product value.
• 📈 Instagram Growth: The speaker learned how to grow an Instagram page through shoutouts and partnerships, leading to brand collaborations.
• 💼 Diversification: The speaker diversified into personal training and Instagram business, creating multiple income streams.
• 💸 Selling Too Early: The decision to sell the Instagram page too early was a mistake, as the potential for much greater earnings was not realized.
• 🍳 Tough Industry: The food business (Vietnamese roll shop) was tough and unprofitable, showing that not all ventures succeed.
• 📈 Facebook Ads Mastery: Learning Facebook ads was critical for later success, demonstrating the value of mastering marketing platforms.
• 🔥 Rapid Success: The weighted blanket business grew rapidly, showing the potential of finding the right product at the right time.
• 🎥 YouTube as Networking: Starting a YouTube channel was more about networking and teaching than making money, showing different motivations for entrepreneurship.
• 💼 CEO Transition: Stepping down as CEO to allow for professional management was a strategic move for growth and personal learning.
• 🔒 Focus on Core Business: The importance of focus was emphasized, as diversification without the right management can lead to failure.
• 💼 Coaching and Mentorship: The launch of Daily Mentor was driven by a desire to help other founders avoid past mistakes, showing a shift towards mentorship.

Q & A

What was the first business venture the speaker started as a child?

The speaker's first business venture was baking cookies and making cordial during lunch breaks in primary school, then selling them to classmates for a dollar.

What was the first lesson the speaker learned from his early business experiences?

The first lesson the speaker learned was to know the cost of the product, after his mother made him pay for all the ingredients he used for his cookies.

How did the speaker transition into selling streetwear merchandise?

The speaker noticed the popularity of NBA merchandise among his peers in Australia and figured out how to order them online cheaply, then sell them through a Facebook group.

What was the turning point that led to the decline of the streetwear business?

The streetwear business declined when the style trend ended, and the speaker failed to adapt the product offerings to the changing market.

What was the successful business that the speaker still recommends others to try?

The successful business the speaker recommends is starting an Instagram page focused on fitness and supplements, which eventually led to paid promotions from brands.

Why did the speaker sell his nutrition-focused Instagram page?

The speaker sold his Instagram page because he was tired of managing everything alone, wasn't tracking his progress, and was offered a significant sum of money for it.

What was the outcome of selling the Instagram page for $100,000?

The speaker felt like he had made it financially, but looking back, he realized it was the wrong move and that he should have continued to grow the business.

What was the main lesson the speaker learned from his failed café business?

The main lesson learned was that the food business is brutal and not all businesses that seem promising on the surface will be profitable, even with hard work.

How did the speaker's experience working for 'The Fifth Watchers' influence his understanding of e-commerce?

Working for 'The Fifth Watchers' taught the speaker the importance of communicating value to customers and the impact of influencers on brand authority, which were critical aspects he was missing in his previous ventures.

What was the first e-commerce product that the speaker launched that was successful?

The first successful e-commerce product the speaker launched was weighted blankets under the brand 'Calming Blankets', which were aimed at helping with anxiety and sleep disorders.

What mistake did the speaker make after achieving success with 'Calming Blankets' and 'Udi'?

After achieving success with 'Calming Blankets' and 'Udi', the speaker mistakenly assumed it was easy to launch successful brands and diversified too quickly, leading to the failure of several other e-commerce ventures.

What is the main focus of the speaker's current business endeavors?

The speaker's current main focus is on e-commerce, specifically managing 'Udi', growing 'Daily Mentor', and investing in 'Trend Rocket', while also maintaining a focus on his YouTube channel for networking and educational purposes.