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.

Outlines

00:00

💼 Entrepreneurial Journey and Early Ventures

The speaker recounts their entrepreneurial journey starting from a young age, detailing various businesses they started and the lessons learned from each. They began by selling homemade cookies and cordial during lunch breaks in primary school, learning the importance of understanding the cost of products. They then moved on to selling streetwear merchandise, which initially succeeded but eventually failed due to changing fashion trends. The speaker emphasizes the importance of adaptability and mentorship in business. They also discuss their early ventures in fitness and Instagram, which eventually led to a successful sale of their fitness page to a larger network.

05:01

📈 Learning from Failures and the Importance of Focus

After selling their fitness Instagram page, the speaker reflects on the decision to sell and the subsequent realization that it was a mistake. They invested the money into a Vietnamese roll shop but faced the harsh realities of the food business and eventually gave it away. The speaker discusses the common mistake of entrepreneurs chasing visible businesses like clothing brands and gyms instead of focusing on digital and emerging markets. They also share their experience of moving to Melbourne to work for a company and learning about the importance of communicating value and leveraging influencers for brand authority. Despite several failures, they continued to build skills and eventually found success with a weighted blanket business.

10:02

🚀 Scaling Success and the Power of Diversification

The speaker shares their success with the weighted blanket business, which quickly grew to over $10 million in sales. They also launched a line of wearable blankets, which, despite initial setbacks, also reached over $10 million in revenue annually. However, the speaker expresses that this success did not bring happiness but fear of losing it all. They then diversified into multiple e-commerce brands, which led to failures due to a lack of focus and understanding of the e-commerce landscape. The speaker emphasizes the importance of focus and the need to replace oneself with capable people before diversifying. They also discuss their current ventures, including a YouTube channel, an educational platform for founders, and an investment in a trend forecasting tool, all while maintaining a focus on their core businesses.

Keywords

💡Entrepreneurship

Entrepreneurship refers to the process of designing, launching, and running a new business. In the video, the speaker describes their journey of starting multiple businesses since childhood, which is a testament to their entrepreneurial spirit. Their ventures range from baking cookies to selling streetwear and eventually creating successful e-commerce brands, illustrating the core concept of entrepreneurship.

💡Revenue

Revenue is the income generated from the sale of goods or services. The video discusses how the speaker's successful businesses generate over $100 million in revenue annually. This term is central to the video as it measures the financial success of the speaker's entrepreneurial endeavors and is a key motivator for their business pursuits.

💡Cost of Product

The cost of product refers to the expenses associated with producing a good or service. In the video, the speaker recounts their early lesson of understanding the cost of their product when they had to pay for the ingredients used in baking cookies. This concept is crucial for any entrepreneur to grasp as it impacts profitability and business sustainability.

💡Market Trend

A market trend is a general direction in which a market is moving. The speaker mentions how they capitalized on the trend of streetwear popularity in Australia to sell NBA merchandise. Understanding market trends is essential for entrepreneurs to identify opportunities and align their products with consumer demands.

💡Inventory

Inventory refers to the stock of goods that a business holds for sale to customers. The video describes a period where the speaker's bedroom was filled with unsold inventory of hats and jackets, which led to financial strain. Managing inventory effectively is a critical aspect of business operations to avoid overstock and cash flow issues.

💡Digital Marketing

Digital marketing involves promoting products or services using digital channels. The speaker's success with their Instagram page 's fitness' and later with Facebook ads exemplifies the power of digital marketing. This concept is integral to the video as it showcases how leveraging digital platforms can significantly boost a business's reach and sales.

💡Opportunity Cost

Opportunity cost is the loss of potential gain from other alternatives when one option is chosen. The speaker reflects on their decision to sell their Instagram page 'nutrition planet' and how it was influenced by the opportunity cost. Understanding opportunity cost is vital for entrepreneurs to make informed decisions that maximize their potential gains.

💡E-commerce

E-commerce refers to the buying and selling of goods or services using the internet. The speaker's ventures into e-commerce, such as the weighted blanket brand 'calming blankets', highlight the growth and potential of online business. E-commerce is a central theme in the video as it represents the modern approach to entrepreneurship and the speaker's primary income stream.

💡Focus

Focus in a business context means concentrating on specific activities or products to achieve excellence and efficiency. The speaker emphasizes the importance of focus after experiencing failures due to diversification without proper management. Focus is a recurring theme in the video, illustrating its necessity for sustainable business success.

💡Burnout

Burnout is a state of chronic physical and emotional exhaustion caused by prolonged stress or frustration. The speaker mentions feeling burnt out from managing multiple businesses, leading to a decision to step down as CEO. Burnout is a significant concept in the video as it underscores the human aspect of entrepreneurship and the importance of work-life balance.

💡Diversification

Diversification in business means spreading investments across various assets to reduce risk. The speaker talks about diversifying into multiple e-commerce brands, which initially seemed successful but eventually led to failures due to lack of focus. Diversification is a key concept in the video as it highlights the risks associated with overextending oneself across too many ventures.

💡Influencer Marketing

Influencer marketing involves partnering with influencers to promote products. The speaker recounts initial negative responses from influencers for their wearable blanket line 'Udi'. Despite this, they persisted, and the product eventually succeeded. Influencer marketing is relevant to the video as it demonstrates the power of social proof in product acceptance and sales.

💡Mentorship

Mentorship is a process where an experienced person guides and helps another person in their professional development. The speaker's launch of 'daily Mentor' was inspired by their desire to help other entrepreneurs avoid the mistakes they made. Mentorship is a key concept in the video as it reflects the speaker's commitment to giving back and helping others succeed in business.

💡Financial Management

Financial management involves organizing and strategizing an individual or business's financial activities. The speaker discusses poor capital management as one of the mistakes they made, leading to the creation of 'daily Mentor' to help others avoid similar pitfalls. Financial management is crucial in the video as it is a common issue faced by entrepreneurs and a key factor in business sustainability.

Highlights

The speaker has started 15 different businesses since the fourth grade.

Currently, the speaker's businesses generate over $100 million in revenue annually.

The speaker learned the importance of understanding the cost of products early in their entrepreneurial journey.

The rush of turning something valuable into cash was a driving force for the speaker.

The speaker's first significant business involved selling street wear via a Facebook group.

Adapting to changing trends was a key lesson when the speaker's street wear business declined.

The speaker's venture into the supplement industry on Instagram led to a successful sale of the page.

The speaker emphasizes the importance of tracking and managing business growth.

The sale of the Instagram page provided a significant but not life-changing amount of money.

The speaker started a Vietnamese roll shop, which eventually failed due to the brutal nature of the food business.

The speaker's experience with the fifth Watchers taught them the importance of communicating value to customers.

The speaker's first successful business, Calming Blankets, was inspired by a Facebook post and made over $1 million in the first year.

The speaker launched a line of wearable blankets called Udi, which eventually reached over $100 million in revenue.

The speaker's diversification into multiple e-commerce brands led to failures due to a lack of focus.

The speaker stepped down as CEO of Udi to focus on other ventures and learn from an experienced leader.

The speaker's YouTube channel, with 400,000 subscribers, serves as a platform for teaching and networking rather than profit.

The speaker launched Daily Mentor to provide immediate business coaching and problem-solving.

The speaker invests in ETFs and crypto, emphasizing the importance of focus in maintaining these investments.

Transcripts

I've had 15 different businesses since I

was in the fourth grade today I'm going

to break down the businesses that

actually work which now generate me over

$100 million of Revenue every single

year but before that I need to break

down every single business that failed

and the key lessons they taught me see

growing up in primary school I was

obsessed with becoming a millionaire my

primary school it was located next door

to my house so I literally could see my

bedroom from my classroom during lunch

I'd jump over the fence back home and I

would bake cookies and make cordial and

then as soon as school ended I jump back

up for the fancy Grand grab it all and

sell them for a dollar my plan was

pretty simple get really rich and buy

trading cards and it worked for a while

I came back at the end of the day with

my picnic basket which was filled with

cookies before and then now it was just

filled with money thinking I'd made it

this plan quickly fell apart when my mom

actually made me pay for all of the

ingredients wondering why I'd cleaned

out the cupboard it was here I learned

my first lesson which is know the cost

of your product my $20 in sales quickly

went to zero despite my first setback I

was utterly hooked just the rush of

turning something that someone values

Into Cash was just incredible looking

back on it I can't really remember the

first day that I said that I was going

to be a millionaire always knew I wanted

it I just didn't know how it was going

to happen I was constantly trying to

impress people constantly not impressed

with myself but I was still on this

Quest just to become absolutely rich the

good news now is that I had a car and I

also knew how to use the internet so I

saved a few hundred to launch my next

big business venture at the time Street

Wear was massive all the kids in

Australia despite never watching a game

of basketball in their life were wearing

NBA merch so I figured out how to find

the Merch online cheaply and order them

to Australia honestly I'm still not

really sure if this is legal but I got a

couple of hats and started a Facebook

group looking back on it it was so easy

all I had to do is post photos of the

product on this Facebook group and

people would message me to buy them i'

then go dropped them the hats in my beat

up RAV four it got to a point where My

Wo in my bedroom looked like the Culture

Kings wall just covered in hats and then

I expanded into varsity jackets thinking

that they were going to work really well

because they were the new trend unlike

the cookies I was definitely making

profit here I remember probably my best

week I did about $500 and I started

getting a decent amount of cash

underneath my mattress this was all

going well until suddenly everything

just stopped selling the style had ended

while I thought I'd built a community

that was going to keep moving on I

didn't adapt product it was a flash in

the pan if I knew more and I had more

mentors in place I could have created a

Big Brand creating my own clothing line

but instead I just panicked all my money

was sitting on my inventory in my

shelves in my bedroom and I had to clear

them at a loss so I really needed to

build another plan to make me Rich which

led me down to one of my first actual

successful businesses one that I still

recommend that you should do to this day

at the time I was assembling furniture

and I was also studying University to

become a mining engineer and after a

grueling shift I met my dad at a

supplement store down the road from work

the store was Tiny But when I walked in

there there was this huge wall of

supplements and I was absolutely

infatuated I barely read a book at that

point in my life in the 20 minutes were

there I just read these labels on the

supplements nonstop I went on to

Instagram to learn more about what the

supplements did and then I realized that

people were posting a bunch of Education

content about Fitness without hesitation

I started an Instagram called s fitness

which unfortunately standed for shredded

Fitness but you won't hear it from me

I'd go into these supplement stores take

photos of the supplements and post them

on Instagram and just write articles

about them the trick was I discovered

how to actually grow these Pages

nowadays these platforms make you go

viral and put your post as a suggested

post on the feed but back then you

didn't have like even videos on these

platforms you couldn't really go viral

instead I'd wake up at 5:00 a.m. because

that's when you could make sure the west

coast of the USA was still awake and I'd

message 10 plus Pages asking for what's

called a shout for Shout it was simple I

would post their page and that would

post my page you'd lose a few followers

here and there but you'd gain more than

you lost it got to a point where I had

six phones with me at all times at each

Instagram finally brand started contact

me to advertise on the pages and I was

like this is it I'm finally going to be

rich I dropped out of mining engineering

to focus on Fitness and Instagram I also

decided to become a personal trainer I

worked with clients and earned income

from the training sessions during the

day and then at night I would just work

on the Instagram business giving me two

streams of income all kinds of companies

started to reach out to me for paid

promotions I'd post their weight loss

tea or ebook and they give me $20 to

$300 depending on how big the page is

but unfortunately my ADHD started to

kick in here and I became bored of the

process I also started to fall behind of

other brands that were taking it way

more seriously like they were actually

managing spreadsheets and tracking all

of their results the good news is I

stuck around long enough to grow

nutrition planet to 600,000 followers I

was posting healthy re Rees and I woke

up one day to a DM from a huge page it

was called Be Fit Foods which at the

time had over a million followers and it

was owned by a girl named greater Van

Real who had a network over $ 15 million

follows and she wanted to buy my page

because I was tired of doing everything

and I wasn't tracking anything I greed

over a message and pretty much the next

day she wired me the money no contract

just a handshake and a virtual message

it was a strange feeling I was nowhere

near being a millionaire but it felt

like I was it was pretty cringe but I

remember lining up for this club with my

friends pretty much fresh out of school

and I refreshed my bank account there

was $100,000 in it the problem was

looking back on it selling was just the

wrong move I thought it was the right

move to sell because all of the mentor

were saying you know this is a can be a

house deposit or your pages could be

banned tomorrow now while there is some

truth to that unfortunately Their Fear

was based on a misunderstanding of the

space Instagram definitely was in its

infancy then but whatever you spot a new

trend and feel it's going to be big you

should go all in there were brands that

use these meme pages to create

businesses that are now worth over $100

million by staying focused but I

listened to the wrong people and didn't

believe the potential to create live

changing Money bya Instagram if you have

a decision whether to sell or double

down in your early years you need to

analyze the opportunity cost and have a

goal in mind my goal was to reach a

level of wealth that would set me up for

life and basically become a millionaire

$100,000 felt like a lot of money as the

people around me just didn't have any

after I sold I quickly realized it fell

short of my goal regretting this

decision I decided to take all my money

and chase another big win I started a

Vietnamese rooll shop I worked

tirelessly waking up early to get

supplies and running the shop while

managing some Instagram businesses still

on the side but the food business is

brutal and I eventually decided to give

it away because I could not get it

profitable no matter how much I work you

see new entrepreneurs we often glorify

businesses that we can see in things

like clothing brands gyms food places we

relate to all of those things like on a

daily basis even when we're young so we

decided to create a business in those

fields when realistically we should look

at things like in the digital space and

emerging so we can be competitive and

have an edge after failing the cafe I

lied to everyone and told everyone I

sold it because I just couldn't deal

with the shame of failing yet another

business in front of everybody I was in

a very dark place I stopped training I

stopped seeing my friends and all just

because I was trying to save this Cafe I

stred to actually question whether I was

smart enough to become rich this was one

of the clearest memories that I ever

have of being depressed I couldn't get

out of bed and just literally nothing

brought me joy anymore so I decided to

run away and moved to Melbourne to be

around like-minded people I also wanted

to learn more about e-commerce so I

started working for a company called the

fifth Watchers which ironically was

successful through similar Instagram

meme Pages this was my first real job

and it was worth it I learned the

missing link and it's the same missing

link that I see lot with of young

entrepreneurs missing at the moment

which is they don't understand how to

communicate value to customers I also

didn't understand how critical

influences can be to like building

authority for your brand so with this

inflated sense of confidence and new

skills I was going to launch another big

Venture I'd fly back from Melbourne

every single week and training all of

the savings that I had and I would just

grind seasonings in my parents shed the

smell of garlic would just stay with me

all week but again it just went under so

quickly I thought I could make the vies

look beautiful glass vies and that that

would be enough to make them sell and be

different but they were too expensive

compared to the competitors like three

times the price also all of the glass FS

broke when I shipped them when I did

actually ship a couple my bank account I

remember checking it one day refreshed

and it was $0 which was the first time

that had happened in a very long time I

was officially living paycheck to

paycheck it really did feel different I

knew and something good was around the

corner through each failure I just built

so many skills and nobody could take

that away from me I was determined to

just keep getting better and better I

moved back to Adelaide and I approached

a bunch of Adelaide based businesses and

just offered to work for them for free

this gave me hands-on experience with

two Fields Facebook ads and videography

hiring people for videography at that

stage was just super expensive because

nobody had the equipment so everyone was

eager to hire me and after a while they

started to pay me this period of

learning was Cru as it helped me

understand the platform that has made me

the most money out of anything else

which is Facebook ads you see Facebook

ads is the most efficient marketing

platform it was daunting to most people

cuz it was slightly Technical and you

could lose lots of money but by learning

on other people's time I was able to

learn the skill despite being broke

myself the skill finally led me to my

first successful business and my first

successful income stream I was scrolling

Facebook and I came across a mom who was

posting on a community group how she

makes weighted blankets for her autistic

child she wasn't selling them so all the

comments were just people begging where

can I get one can you make one for me I

did some research and I found that there

was scientific evidence for actually

using weighted blankets to help anxiety

and also Sleep Disorders so I decided to

launch my own weed blanket brand calming

blankets I got this beautifully made 7

kilo blanket and launched Shopify

website overnight within the first month

I made over $1,000 in sales on pre-order

business grew so quickly within the

first year I made over $10 million in s

not only this within a couple of months

of finding successful cing blankets I

launched the Udi a line of wearable

blankets and while the initial response

was terrible like influencers were

mocking the product and wouldn't wear it

I kept pushing it and eventually that

did over $10 million itself and now it

does over $100 million in Revenue every

single year after about year of those

Brands I thought hey this is easy I'm

going to launch another brand with one

of my friends called popnots which in

its seventh month did a millon ion in

its month by all accounts this finally

made me a millionaire and made me Rich

but it didn't make me happy it made me

scared I was terrified with what happens

if the udie got taken away from me I

wrongly decided to diversify even more

considering I thought it was easy after

all I just launched these three eight

figure Brands very quickly I went and

launched so many other e-commerce Brands

I assumed it was so easy to do but they

all started to fail despite all of the

previous businesses I still didn't

understand that the key lesson is that

focus is so important I didn't know how

to train hire and incentivize people to

replace myself out of the already

successful businesses I also didn't know

nearly as much about e-commerce as I

thought I did I was so egotistical but

having multiple income streams is often

more risk if your main income stream

still requires your attention there is a

time to diversify but chances are it's

only at the point where you can afford

to hire someone as good if not better

than you to manage that business while

you're chasing other things after a year

of focusing on Udi and restructuring the

organization I decided to Branch out

hiring a CEO to take over the business I

still had its issues but honestly I was

just completely burnt out I also didn't

know whether I was a good CEO or not and

I Knew by stepping down I could learn a

lot from what an experienced person

would do I haven't had a Super Active

role with udie for over a year now I

sometimes come in and help with product

or marketing or if there's a big issue

this actually allows me to focus on my

second stream of income you see the

whole time I was managing all of these

Brands I was also filming every Saturday

morning posting on YouTube the purpose

of this was just never to make money in

fact even now with 400,000 subscribers

and the YouTube making over $220,000 in

AdSense Revenue with all of our content

costs it still doesn't make money and

breaks even the real reason I started

YouTube is I just wanted to teach expand

my network and help with employee flow I

never thought I would sell any form of

Education because I always thought it

was sleazy selling a course but that all

changed when I had a call with a Founder

that was literally in tears and was

about to lose their business they had

just made all of the same mistakes that

I had made like lack of focus too many

products poor Capital Management I

realized a certain program could have

prevented it and I could create that by

properly paying and incentivizing

coaches and invest way more time into

experience content for Million Dollar

Plus Founders this led me to launching

daily Mentor I didn't want it to be a

course I wanted to make sure that it was

every single coach understood things

about the businesses that they were

teaching for so people could jump on a

call and we could solve problems right

then and there we've been growing

rapidly for the 8 months that we've been

around and while it's nowhere near the

profits that I've made from my

e-commerce businesses I literally love

helping these Brands more than anything

else I've ever done one thing that I

learned in my e-commerce journey is how

imperative it is to find the right

product at the right time and that led

me to launch Trend rocket besides from

those three income streams I make a

decent amount of money on like the

interest of my cash as well as dollar

cost averaging into low management fee

ETFs I also invest small bits into

crypto but I don't actively trade

because I've learned my lesson about

Focus if I take my eye off e-commerce

just even for a second oody and daily

Mentor just won't become what I really

want them to become I've just learned

this lesson of focus way too many times

so three forms of income is enough for

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