7 tips to make your first $10k online

Summary

Charlie Morgan shares his journey from earning $0 a month in 2018 to a million dollars a month in 2024. He outlines seven key lessons: never quit, learn sales, know what you want, find a mentor, adopt a millionaire mindset, set goal contingencies, and balance wealth and youth. His insights emphasize the importance of perseverance, strategic planning, and personal growth in achieving entrepreneurial success.

Takeaways

• 😀 Never quit: The first year in business is about survival, not immediate success. Persistence is key to not failing.
• 💪 Develop sales skills: Sales are the most crucial skill for business growth, enabling you to persuade and acquire customers effectively.
• 🎯 Know what you want: Having a clear long-term vision is essential to avoid plateauing and to keep pushing towards greater achievements.
• 🧑‍🏫 Importance of a mentor: A mentor provides perspective and paradigm shifts, which are more valuable than specific instructions.
• 🤔 Adopt a millionaire mindset: Millionaires see the world differently, and adopting this perspective can lead to better decision-making.
• 🏆 Goal contingency: Always set new goals as you approach your current ones to maintain momentum and continuous growth.
• ⏳ Time is crucial: Success takes time; patience and understanding the pace of growth are vital.
• 🌐 Paradigm over instruction: Learning from a mentor is about adopting their perspective on business and life, not just following their steps.
• 💰 Profit over revenue: Especially in a cash flow business, profit is more important than revenue for sustainability.
• 🔄 Adaptability: Being able to pivot and adapt, as Charlie did from a done-for-you service to a high-ticket program, can significantly increase profit margins.
• 🚴‍♂️ Long-distance running analogy: Setting and resetting goals incrementally, similar to how one might extend a run, helps in achieving larger objectives.

Q & A

What were the seven key principles Charlie Morgan learned in his entrepreneurial journey?

Charlie Morgan learned to never quit, the importance of sales, knowing what you want, the value of a mentor, the significance of a Paradigm or perspective, the concept of goal contingency, and the importance of time management and not sacrificing youth for wealth.

Why is not quitting the first lesson Charlie learned in his business journey?

Not quitting is crucial because the first year in business is the hardest, and it's a trial by fire. If you don't quit, you can't fail, and as long as you keep going, you always stand a chance of winning.

How did Charlie Morgan's sales skills contribute to his business growth?

Charlie's sales skills were crucial in growing his business from $10K to $30K a month. He made hundreds of cold calls a day during his apprenticeship, which honed his sales abilities and helped him rapidly grow his business revenue.

What is the significance of knowing what you want in business?

Knowing what you want is essential because it helps you set a clear vision and long-term goals. Without a clear direction, you might plateau and not progress beyond a certain point in your business.

Why is having a mentor important in Charlie's entrepreneurial journey?

A mentor is important because they provide not just instructions, but a Paradigm or perspective that enables you to make better decisions. They help you see the world in a way that aligns with success.

What is the concept of Paradigm that Charlie learned from his mentor?

A Paradigm, or perspective, is a way of seeing the world that enables you to make informed and better judgments. It's about understanding the perspectives that enable successful people to make the right decisions.

What is goal contingency and why is it important in achieving business success?

Goal contingency is the practice of setting a new goal just as you are about to achieve the current one. It's important because it keeps you constantly striving for more and prevents you from becoming complacent once you achieve a goal.

What lesson did Charlie learn about the relationship between time and success in his business?

Charlie learned that success is a matter of time and patience. He emphasized the importance of not rushing and understanding that building a successful business and character takes time.

Why did Charlie emphasize the importance of not sacrificing youth for wealth?

Charlie emphasized this because while it's important to work hard and be successful, it's also crucial to enjoy life and not miss out on the experiences of youth. He advises finding a balance between achieving wealth and enjoying life.

How did Charlie's early experiences with entrepreneurship influence his later success?

Charlie's early experiences, such as selling fruit and participating in various small businesses, laid the foundation for his later success. These experiences taught him the basics of entrepreneurship and helped him develop a strong work ethic.