How to Get Rich Felix Dennis Book summary

Summary

Felix Dennis, a British publisher who amassed a fortune through his media empire, shares his insights on wealth accumulation in this video. He contrasts his success with the failures of his friend Albert, highlighting the importance of taking the first step, embracing challenges, and not waiting for the perfect idea. Dennis emphasizes the necessity of having a 'compulsion' for success, disregarding others' opinions, and harnessing fear to drive ambition. The video also explores the paradoxes of entrepreneurship, such as the need to be both willing to laugh at oneself and die for one's goals, suggesting that embracing these contradictions is key to achieving entrepreneurial success.

Takeaways

• 📈 **Starting is Hard**: The first step in any endeavor is the hardest, and it's crucial to not let initial challenges deter you from pursuing your goals.
• 🤔 **Idea Execution Over Perfection**: Great ideas are common, but it's the execution that matters. You don't need a perfect idea to start; you need to start and then refine.
• 🏃 **Action Over Inaction**: Waiting for the perfect moment or idea can lead to inaction. Instead, take action and be ready to adapt and improve as you go.
• 👟 **Great Ideas are Like Running Shoes**: Good ideas are necessary but not sufficient; they are like running shoes that won't get you anywhere unless you use them to run.
• 🚫 **Overcoming Fear of Judgment**: Success often comes with the risk of being judged or mocked. It's important to pursue your goals despite the fear of what others may think.
• 💡 **Compulsion Over Desire**: Desire is not enough; you need a burning compulsion to achieve your goals, which drives you to take consistent action.
• 🎭 **Embrace the Hero Mask**: Adopt a mindset of positivity and belief in your abilities. The 'mask' or belief system you wear can shape your reality and success.
• 🔥 **Harnessing Fear**: Fear is inevitable, but it should not stop you. Use it as a catalyst to take more significant and powerful actions towards your goals.
• 🌐 **Paradoxes of Success**: Embrace the paradoxes in life and business, such as being willing to laugh at your struggles while also being willing to fight for your goals.
• 💸 **Wealth and Happiness**: Understand that wealth does not equate to happiness, and happiness should not be dependent solely on financial success.

Q & A

Who is Felix Dennis and what was his profession?

Felix Dennis was a British publisher who owned around 50 different magazines and various digital properties at the time of his death. He started his career selling magazines on the streets at the age of 20 and eventually built a media empire worth around $500 million.

What is the main theme of Felix Dennis' philosophy on becoming wealthy?

Felix Dennis' philosophy on becoming wealthy emphasizes the importance of taking the first step, having a compulsion rather than just a desire, not caring about what others think, and understanding the paradoxes of success.

Who is Albert The Unlucky and what role does he play in Felix Dennis' narrative?

Albert The Unlucky is a character used by Felix Dennis to illustrate the traits and behaviors that can lead to failure. Despite being intelligent and having a college degree, Albert fails in life because he does not take the first step, waits for a great idea, and is held back by the fear of what others might think.

What does Felix Dennis mean when he says 'great ideas are like running shoes'?

Felix Dennis uses the analogy 'great ideas are like running shoes' to convey that while great ideas are necessary, they are not sufficient on their own. Execution is what moves you forward, just as running is what makes the shoes useful in a race.

How does Felix Dennis view the role of fear in the pursuit of wealth?

Felix Dennis suggests that fear should not stop one from pursuing wealth. Instead, it should be harnessed and used to take more massive and powerful actions. He believes that fear and courage coexist, and one must feel the fear but also act courageously.

What is the significance of the 'mask' analogy used by Felix Dennis?

The 'mask' analogy is used by Felix Dennis to explain how one's self-perception can become a self-fulfilling prophecy. He argues that if you wear the mask of an unlucky person, you will become one, emphasizing the importance of adopting a positive and success-oriented mindset.

What are the paradoxes of trying to become rich according to Felix Dennis?

Felix Dennis discusses several paradoxes of becoming rich, including being willing to laugh at oneself while also being willing to die for one's goals, viewing business as a game but approaching it with intense compulsion, and being okay with losing it all while also being a relentless predator in pursuit of success.

How does Felix Dennis define the difference between desire and compulsion in the context of achieving wealth?

Felix Dennis differentiates between desire and compulsion by stating that while desire is a wish for something, compulsion is an intense drive that propels one to do whatever it takes to achieve a goal. It is this compulsion that releases energy and potential, leading to focused and intense effort.

What advice does Felix Dennis give regarding the fear of failure and the fear of what others might think?

Felix Dennis advises that one should not be deterred by the fear of failure or the opinions of others. He emphasizes that failure and mockery are certainties in life, and one must not let these fears prevent them from taking the first step towards their entrepreneurial ventures.

How does Felix Dennis suggest one should approach the journey of becoming wealthy?

Felix Dennis suggests that one should approach the journey of becoming wealthy with a balance of fun and intensity, embracing the paradoxes of the journey, and understanding that fear and courage coexist. He also encourages individuals to feel like heroes and to not avoid the fear but to face it with courage.

Outlines

00:00

📚 The Path to Wealth and the Philosophy of Success

Felix Dennis, a British publisher, amassed a fortune of around $500 million through his media empire, which included magazines like FHM and various digital properties. His journey from selling magazines at the age of 20 to becoming a successful entrepreneur is a testament to his resilience and philosophy on wealth creation. Dennis believed that the first step in any endeavor is the hardest and that overcoming initial challenges is crucial. He introduced the character 'Albert The Unlucky' to illustrate the pitfalls of inaction and the importance of taking the first step despite fear and self-doubt. Dennis emphasized that great ideas are common, but it is the execution that matters, comparing great ideas to running shoes that won't help unless you run. He also stressed the importance of not being deterred by the fear of what others might think and the need to have a compulsion, rather than just a desire, to succeed.

05:02

🎭 The Power of Beliefs and the Paradoxes of Wealth

Felix Dennis discusses the concept of wearing 'masks' or belief systems that can shape one's reality, using the example of Greek theater where actors would wear masks to embody their characters. He suggests that one should adopt a 'hero mask' to feel empowered and successful. Dennis argues against the self-perception of being 'unlucky,' which can become a self-fulfilling prophecy. Instead, he encourages embracing paradoxes in the pursuit of wealth, such as being able to laugh at oneself while also being willing to make significant sacrifices for one's goals. He highlights the need to enjoy the entrepreneurial journey while maintaining a fierce determination to succeed. The paradoxical nature of business is also explored, where one must be both willing to lose everything and possess a predator-like drive to win.

10:04

🌟 Embracing Paradoxes and the Journey to Entrepreneurial Success

In this section, the discussion continues on the paradoxes of entrepreneurship and wealth creation. Felix Dennis emphasizes the importance of finding joy in the ups and downs of the entrepreneurial journey while maintaining an intense focus on success. He points out that one must be comfortable with the possibility of losing everything, yet also act with the ferocity of a predator in pursuit of their goals. Dennis also stresses the need to feel fear but also to act courageously, highlighting that these two feelings are not mutually exclusive but rather coexist and can propel one forward. The narrative contrasts the approach of 'Albert,' who avoids fear and lacks intensity, with that of successful entrepreneurs who live on the extremes of these paradoxes, fully embracing and leveraging them for growth and success.

Keywords

💡Entrepreneurial Venture

An entrepreneurial venture refers to a new business venture started by an entrepreneur. In the context of the video, it is the pursuit of starting and growing a business, often involving risk and innovation. Felix Dennis's story exemplifies an entrepreneurial venture, as he started by selling magazines on the streets and eventually built a media empire.

💡Execution

Execution is the act of implementing a plan or strategy. The video emphasizes that while having great ideas is important, it is the execution that truly drives success. Felix Dennis suggests that great ideas are common, but it is the relentless execution that sets successful entrepreneurs apart, as seen in the analogy of great ideas being like running shoes – necessary but not sufficient on their own.

💡Fear of Failure

Fear of failure refers to the anxiety or apprehension about not achieving success or making mistakes. The video discusses how Albert, a character representing those who do not succeed, is held back by this fear. In contrast, successful entrepreneurs like Felix Dennis harness fear, using it as a motivator to take action and push beyond their comfort zones.

💡Compulsion

Compulsion is a strong, uncontrollable urge to do something. In the video, it is described as a more intense form of desire, where an individual is driven to achieve a goal at all costs. Felix Dennis suggests that having a burning desire or compulsion is essential for success, as it fuels relentless effort and focus, unlike Albert, who lacks this drive.

💡Paradoxes

Paradoxes are statements or situations that seem contradictory but may still be true. The video highlights several paradoxes of success, such as being willing to laugh at oneself while also being willing to die for one's goals. These paradoxes illustrate the complex and often conflicting attitudes that successful entrepreneurs must embrace, such as being both fearless and fearful, or both intense and lighthearted.

💡Ideas vs. Action

This concept contrasts the value of ideas with the necessity of taking action. The video argues that while ideas are important, it is the action that turns ideas into reality. Felix Dennis suggests that everyone has ideas, but successful entrepreneurs are those who take action, even if the ideas are not perfect, as seen in the analogy of running shoes needing to be used to win a race.

💡Fear of What Others Think

This phrase refers to the concern about the opinions or judgments of others. The video discusses how this fear can be a significant obstacle to success, as it can prevent individuals from taking risks or pursuing their goals. Felix Dennis advises entrepreneurs to disregard this fear and focus on their own path, as it is impossible to please everyone and success often comes from taking the road less traveled.

💡Unlucky

Being unlucky implies that one is subject to bad luck or misfortune. In the video, Albert is described as feeling unlucky, using it as an excuse for his lack of success. Felix Dennis counters this by suggesting that success is not about luck but about one's mindset and actions. He encourages entrepreneurs to adopt a proactive mindset rather than blaming external factors for their circumstances.

💡Mask of Unluckiness

The 'mask of unluckiness' is a metaphor for the self-fulfilling belief that one is destined to fail or experience misfortune. The video suggests that Albert wears this metaphorical mask, which becomes a self-limiting belief that prevents him from taking action. Felix Dennis argues that one must avoid such negative self-identification and instead adopt a positive, proactive identity to achieve success.

💡Hero Mask

The 'hero mask' is a metaphor for adopting a mindset of success and confidence. Felix Dennis uses this concept to encourage entrepreneurs to visualize themselves as successful and capable, which can help drive them towards their goals. This is in contrast to Albert's 'mask of unluckiness' and represents the power of positive self-belief in achieving success.

Highlights

Felix Dennis, a British publisher, built a media empire starting from selling magazines on the streets and became worth around $500 million.

Dennis shares his philosophy on wealth, emphasizing the importance of understanding what it takes to become rich.

Albert The Unlucky, a character representing those who fail despite their intelligence, serves as a cautionary tale.

Albert's inability to take the first step and his fear of challenges are highlighted as reasons for his failure.

Dennis compares great ideas to running shoes, suggesting that execution is the key to success, not just the idea itself.

The fear of what others think is identified as a major obstacle that stops many from pursuing their entrepreneurial ventures.

Compulsion is distinguished from desire, with the former being a driving force that leads to action and success.

Dennis advises against wearing the 'mask' of an unlucky person, as this mindset can become a self-fulfilling prophecy.

Harnessing fear and using it as a motivator is presented as a key strategy for overcoming challenges.

Paradoxes in the pursuit of wealth, such as being willing to laugh at oneself yet also being willing to die for one's goals, are explored.

The paradox of viewing business as a game while also having a compulsion to win is discussed.

Dennis stresses the importance of being content without money while also being willing to do whatever it takes to achieve financial success.

Having fun and maintaining intensity in the entrepreneurial journey are presented as paradoxical yet essential elements.

Being okay with losing it all while also being a relentless predator in business is a key paradox to embrace.

Feeling fear while also demonstrating courage is a fundamental paradox that successful entrepreneurs must navigate.

The book's insights are highly recommended for entrepreneurs and those aspiring to learn from Felix Dennis's experiences.

Transcripts

how to get rich by Felix Dennis Felix

Dennis was a British publisher he at at

the time of his death he owned around 50

different magazines including FHM stuff

and a lot of different digital

properties websites and all that stuff

started selling magazines on the streets

at the age of 20 and went on to be worth

around $500 million with his whole

magazine Empire the media Empire

there's a lot to learn from this guy he

he is he he has he's a philosopher of

sorts again this is not necessarily a

story of how his racks to Rich a story

and nothing else but it's a lot of story

a lot of his philosophy a lot of his

understanding a lot of his uh ideology

about what it takes to become rich and

what it takes to um really be wealthy if

that's what you want to do

let's let's take he talks about his

friends Albert The Unlucky

Albert and why he failed in life even

though he was really intelligent sharp

had the college degree and everything

else and while Albert failed Felix

succeeded here's what happened to Albert

and you might see there are things that

you want to correct in your Endeavor in

your entrepreneurial venture because you

might be doing what Albert was prone to

doing doing quite a lot Albert would

stop himself at the first step he could

not understand that the first step is

always the hardest no matter what

Endeavor you're going to go after your

first step is going to be super hard

it's going to be tough that's when

you're uh subconscious is going to try

to sabotage it your your your your lyic

system is going to say I don't like this

new thing I don't want to do it so the

first step is going to be the hardest

and what Albert would always do is stop

himself

in the face of the first challenge in

the face of the first obstacle he

wouldn't even go and take the first step

and what did Albert do instead he was

waiting for a great idea he's like let

me just figure out this great idea and

then I can make it all work then I can

be really successful but what Felix

Dennis says is that great ideas are dime

doen great ideas are like running shoes

great ideas are like running shoes

that's a really amazing

analogy great ideas are like running

shoe while you still are in the

competition so if all you have is

running shoes but you refuse to

run the shoes will not get you

anywhere execution is like running while

great ideas are like shoes like running

shoes so having great ideas is like

having great running shoes but if you

refuse to just run and hope that somehow

the shoes will get you there that will

never happen unfortunately in society

were led to believe that when you have a

great idea when you you need a great

idea in order to be successful in in

order to do great things in life you

need to have start with a great idea and

that's what the great entrepreneurs did

maybe you think of Zuckerberg or Bill

Gates or all these guys but that's not

true they all started where they were

they all started but all they had in

common was they executed they executed

like crazy they executed executed

executed and kept on building on

whatever small idea they

had the other thing that Albert was

always stopped by was the idea that he

was worried about what others would

think the fear of what others would

think would always stop him he would be

worried about the mockery the fact that

his friends would make fun of him or

they would gloat when he would fail when

he would fall down or they' be jealous

if any possibility of success while what

Felix said Felix says you need to do is

you cannot care about other people you

cannot care about what other people

think that is that certainty in life it

is certain in life that people will mock

you people people will make fun of you

people will gloat at your failures

that's a certainty if you let yourself

wait because of those people who are

going to marck at you who going to gloat

at your failures who are going to um

basically pull you down that you're

going to wait forever cuz you cannot

stop people from Talking negatively

about your success or even about your

failures the other thing really really

really important idea is that Albert

might have had a desire he might have

want wanted to become rich he might have

wanted to uh have more money and all

that stuff but he did not have a

compulsion what is a compulsion

compulsion is so different from desire

compulsion says I will do whatever it

takes to get to this goal I will do

whatever it takes to get to this dream

to this destination that I'm after

compulsion is way way way more intense

than just a regular desire as Napoleon

Hill in his classic book Think and Grow

Rich he talks a lot about the idea of

having a burning desire not just a

desire a desire is not enough a burning

desire an obsession a compulsion what

compulsion does is it it releases so

much of your energy so much of your uh

potential energy into the system and it

makes you work so much harder and you

are so much more focused you have so

much more intensity to what you're doing

you have so much more uh Power to

everything you're doing and then what

Albert was doing all the time was that

he would always say oh I am unlucky I am

unlucky because I don't have a great

idea I'm worried about what other people

think uh you have all the wisdom and the

knowledge but I don't have any of that

and he would always wear this mask of

being an unlucky person a sad unlucky

person so this is Albert a sad unlucky

person however what what Felix was

saying is you cannot wear the mask of

feeling like an unlucky person

and hope that life will work out okay

that will not happen what will happen

ultimately is the mask will become you

the mask will become you in the sense

you will become what the mask you

thought you were putting on you will

become an unlucky person if you continue

to believe you're unlucky and things are

not working out for you that's what's

going to happen in life just because you

believe things are unlucky do you think

it's possible that suddenly you'll have

more luck in life no so what what Felix

is saying is said is that you need to

put on this hero mask you need to feel

like a hero and he takes this analogy of

back in the days in the in the Greek

times when they were doing theater the

actors would put on these

masks the they would put on The Masks of

the characters why would they do that

because the masks make them come alive

in that role they make them feel those

roles even more

intensely and that's what we do to

ourselves when we wear these masks when

we wear these belief systems that I'm

unlucky I'm not good enough that someone

else is always lucky someone else is the

hero another thing Albert was always

worried about fear he was always worried

about loss he was worried about failure

his fear of loss was incredible however

what Felix is saying is we cannot we

cannot let ourselves be stopped because

of of the fear of failure we have to

harness fear we have to harness fear and

we have to use it such that it becomes a

part of who we are such that we can we

can become better and better at it we

cannot let we cannot let fear stop us we

have to

harness fear we have to harness the

power of fear fear is very powerful in

our lives but it can do two things it

can either stop you or it can do it can

make you take even more massive bigger

powerful

action now the other great great great

thing of about this book is the

paradoxes the paradoxes of of trying to

become rich of the Paradox of s struggle

the Paradox of our lives in many ways I

love these paradoxes because they're so

true in all our lives but what we often

find is that these paradoxes are all

over all around us so let's start about

let's talk about the first Paradox

because this book has so many paradoxes

and Felix actually talks about it he

says that paradoxes are for real and we

have to man them we have to live with

them the first Paradox is that we have

to be okay with laughing at ourselves in

the process because we will fail we will

be miserable we will uh struggle we will

have problems in life but we have to be

able to laugh at ourselves what and on

the other side of this whole thing while

we also have to be able to laugh at

ourselves we have to be willing to die

for what we're going after we have to

have so much compulsion that we're going

to die for it so on one hand you're

saying I I laugh at my problems I laugh

at these things at these struggles that

are in my way on the other hand you're

saying I'm willing to die for it such a

paradoxical idea but very important we

have to embrace these paradoxes another

Paradox you look at this whole game of

making money of business as a game it is

a game it is a game you're going to win

some you're going to lose some you're

going to win you're going to lose that's

just a way a game works however however

even though it's a game you have to have

this massive compulsion you have to have

this massive compulsion to win to do

whatever it takes to make it happen it

is a game you might win you might lose

but you're going to be compuls you're

not just going to live in this gray zone

of ah it's a game it's okay I don't care

you care but still game another

thing you're going to be okay even when

you don't have the money you're happy

without it you're not this unlucky face

or unlucky mask no you're happy happy

you're okay you realize this is the way

it is I am happy even when I don't have

the money that's what you're you're

going to be able to live with on the

other hand the other side of this

Paradox the opposite is that you're

going to be willing to die for your goal

for that ambition that you have you're

willing to die for it you're going to do

whatever it takes to make this dream a

reality such a distant par just such a

such a powerfully opposing ideas you're

happy without the money you're okay

without the money and at the same time

you're willing to die for it on the

other hand what does Albert do he's not

happy without the money he's just sad

he's miserable and he's miserable and

he's like moping he's he feels unlucky

but at the same time he's not willing to

die for it he's not living on those

extremes he's living in this gray Zone

where none of these paradoxes really

come alive another thing is that you

have to have fun in this journey you're

going to go through the ups and downs

you're going to fail you're going to

rise you're going to do all those things

you're going to have fun but at the same

time you have to intense you have to go

with intensity now fun and intensity are

fun and intensity can be paradoxical

because fun is light-hearted and all

that fun you have to be lighthearted but

at the same time you have to be intense

you have to keep these paradoxes in mind

again um another guy who talks a lot

about paradoxes Michael Phelps his

biography talks about it how he had to

feel like a champion he had to feel like

he was already a champion at the same

time he had to have the hunger to feel

like he had never won before so similar

paradoxes coming in to play here another

Paradox you're okay with losing it all

you're okay with losing it all and on

the other end you are a predator you are

an animal of you're going to you're

you're going to eat it up you're going

to make it happen you're going to do

whatever it takes you are a predator

you're going to attack this

problem at the same time you're okay

with losing it all if you lose it so be

it and one of the most fundamental

paradoxes you're going to be okay with

feeling the fear you're going to feel

the fear there will be a lot of fear in

your lives as you go along this journey

as you go and grow in this

entrepreneurial Journey there will be so

much fear you will always come you will

you'll always be stepping into the Zone

where there's more fear unless you're

going into the zones of more fear you're

not really living a full life so you

have to feel the fear but at the same

time you have to do courage you feel the

fear but you also do Courage the

paradoxical idea there is fear but there

is also courage they don't exist

independent of each other they exist

together but what does Albert do instead

he avoids the fear he doesn't even allow

himself to feel the fear and in the face

of fear he just walks away he doesn't do

courage so he's living in the gray Zone

that's what the the the Alberts of the

world are living in this Grow Zone

they're not living on the extreme of

these paradoxes they're not living

intensely and then laughing at

themselves intensely they're not having

fun intensely and they're not living

like Predators they're are living in the

gray zone of life and that is deadly

that will ensure that you will not

succeed at your Endeavor at your

business Endeavor at your

entrepreneurial Adventure so beautiful

book um amazing amazing insights by

Felix Dennis he passed away in 2014 um

of course go get the book U highly

recommend as a read for anyone who's um

a starting entrepreneur an ambitious

entrepreneur you want to learn from fix

as well