DDeep Dive with Ali Abdaal
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16 December 2024

How to start a 7-figure business in 2025: Advice from 4 millionaires

6Frameworks
15Insights

Frameworks in this episode

Insights & moments

The myth-busts, hot takes, explainers, and tools worth keeping.

Myth Buster· 2

Myth Buster20:00

Revenue is not income: the employee mindset trap

“a lot of employees will wish for they see Topline as income which is just a very employee mindset”

Guest · 20:00

“Well if you really want to make six figures a year I probably make 500 Grand a year um you know I mean revenue wise…”

Guest · 20:00
Myth Buster24:30

Your first business won't be your last (unless you're Bezos)

“I can't think of an entrepreneur besides Chef Bezos who's a freak of nature whose first business becomes the most valuable business in the world…”

Guest · 24:30

“once you start taking steps the The Next Step becomes illuminated you trying to think 100 steps into the future when you have no context…”

Guest · 25:00

Hot Take· 2

Hot Take00:00

Join a small business before starting your own

“I would highly recommend anyone who wants to start a business first do two years working inside somebody else's small business”

Guest · 01:30

“when you join a big corporate you have no idea what the whole business does you have no idea what everyone else does”

Guest · 01:00
Hot Take30:00

Winners quit things that make no objective sense

“the most successful intelligent people I've ever met have an unbelievable ability to quit things that make no objective sense”

Guest · 30:00

“in order to start something in life you actually first need to quit something else”

Guest · 29:30

Explainer· 6

Explainer00:30

The UK business landscape: why careers fairs mislead you

“so in the UK there are 7,000 large companies that have more than 250 employees there's 5.5 million businesses in the middle that already exist…”

Guest · 00:30

“so here's what goes wrong with a lot of young people they go to careers fairs and all that sort of stuff it's only big…”

Guest · 00:30
Explainer18:00

The three boxes a $3m business has ticked

“one is that they have product Market fit at some level people want something from them like something they're selling is resonating enough that they…”

Guest · 18:00

“so they've demonstrated product Market fit they have a reliable acquisition Channel just at least one uh and they have a core team a place”

Guest · 18:30
Explainer20:30

Quitting your job just makes you an employee of a business you own

“so if you're an employee when you make the switch you're still an employee you're just employee of a different business that you happen to…”

Guest · 20:30

“if you had a sixer consulting job and then you start Consulting on the side for example through your own LLC you have the same…”

Guest · 20:30
Explainer21:30

Specialise the labour: five people doing 20% each

“you need to figure out how can somebody do how can I get how can I get five people to do 20% of what I'm…”

Guest · 21:30

“because you trying to say I just need somebody to do what I do is silly right”

Guest · 21:30
Explainer11:30

Sales is a science and a transferable skill

“so sales is a science and it's a very valuable skill that you can use in any profession it doesn't matter what you are or…”

Guest · 12:00

“the word that everyone says about a good sales person is professional”

Guest · 11:30
Explainer21:00

Five ways to advertise, then figure out what to sell

“the way that you can even begin the conversation to sell stuff is that you have to have people who show interest in the thing…”

Guest · 21:00

Story· 3

Story02:30

Sitting in on list swaps and revenue splits at 19

“so when John was negotiating to do a list swap you mail your list for our product and we'll mail our list for your product…”

Guest · 03:00
Story04:30

The franchise roadshow deal: 15% of a $60,000 success fee

“now as a $60,000 franchise we would get uh 15% of the franchise success fee um as our marketing fee”

Guest · 05:00

“we would put them in front of 50 people who were potential customers”

Guest · 06:30
Story30:30

A personal history of quitting: school, university, two startups

“quit University after that first lecture quit my first startup after 2 years quit my second one after about six years”

Guest · 31:00

Takeaway· 2

Takeaway16:30

Six figures is one channel, one product, one avatar

“getting to six figures is literally just like sell something to someone like that's it it's all you have to do to get to six…”

Guest · 16:30

“and then you know when you get you want to get to Seven figures then you just do that and then add the word consistently”

Guest · 17:00
Takeaway26:00

Trade time for money to learn, not to earn

“you're trading that time for money in order to learn not to earn”

Guest · 26:30

“the vast majority of your income is coming in the terms of in the form of Education rather than earning”

Guest · 26:30