YouSaid · the spoken record

Josh Kaufman

lines on the record: 139
first: 2024-07-15
most recent: 2024-07-15
sittings or episodes: 1
sources: podcast

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“I really like my fundamental way of approaching decisions Scenario planning. Like, I really try to think through, all right, what are my options here? How much detail can I create around each of these potential options? What are the trade-offs? Are there any really hard trade-offs things that must be accounted for? And then just really in my current understanding, try to play out what's likely to happen down each of those paths and then pick the one that seems the best or the most appropriate given the circumstances.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I mean, it's almost pure hindsight bias. Which is also one of the things I talk about in personal MBA, it's a thing. For me, it is like a lot of those regrets revolve around decisions that I made that didn't work out. Relationships, I have two kids in the process of raising kids is hopefully informed trial and error, but like fundamentally trial and error. And Yeah, that's part of the learning and the experimentation too, of just like. Sometimes you have to make the call on the fly, and sometimes you don't know whether the call you made is the right one, the best one?”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“No, it's good. I think I have More mistakes of commission things have done. mistakes of omission or regrets. So generally speaking, like if I can anticipate that I'm going to regret something, I just try not to do that thing in the first place. I think some of those things can fall into like Daydreamy sorts of, oh, what would have happened if I”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“I think it's just really valuable to take a step back and think about like. What might I want to experience or what might I want to learn how to do at some point in my life? Just make a list. And it can be, I think self-editing here is not the way to go. Just like make a list of all the things that appeal to you for whatever reason. And then the benefit of an approach like the first 20 hours is it gives you a way to make actually going about doing that thing Look and feel far more approachable than it otherwise might be.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“I think that this dovetails a little bit with our conversation around Persolumbier. Spend more of your time doing weird cool things like having that exploration budget of really just like The further afield you go, the more The more things you Discover, you'll find some surprising commonalities that can be very interesting and very cool. We were talking about Apple earlier. One of the primary design inspirations for the Apple computing system was Steve Jobs taking a random calligraphy class in college. And it's not something that you would put together in some sort of obvious way, but It was an important enough influence of being able to take some part of life and like apply it in a different way in a different context to another thing that unlocked a lot of value for a lot of people. And so For me, like in the larger sense”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“Exactly. What's a chord? So for guitar, what's a chord? How do you change from one chord to another? Tracking beats, tempo, things like that. Like those are the foundational skills that apply across pieces of music. And so if you practice those first across a wide variety of things, that's just optimizing that early practice around things that will stick, that you'll use a lot.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“Than trying to get too perfect on one specific thing too quickly. So like going back to the playing guitar thing, like get a bunch and learn how to play a whole bunch of different songs not super well because it's the commonalities that you learn between the different experiences. Those are the things that really tune you into what's really important.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“Yes. Is that me? So early on in the process, There's a tendency to want to do it. Perfectly sooner versus doing it imperfectly more is actually more beneficial. And so in this case for your DJing. Mixing a lot of songs one to the other is going to teach you a lot more than just hyper focusing on song A into song B and I'm going to work until this is perfect. You're just not going to learn as much. It's the variety, the exploration and the variety of circumstances will teach you more about what it looks and feels and sounds like”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, that's kind of a subset of removing barriers to practice. And so the classic example here is so many people in the world want to learn how to play the guitar. And so the thing to not do is buy a guitar and leave it in the case and put it in a closet upstairs, far away, because that just requires too much time, energy, thought, attention of like remembering where it is, going upstairs, grabbing the guitar, getting it out of the case, getting all ready. The best thing that you can do is just make it really, really easy, remove all the friction from it. Get a little stand, put it right up next to your living room chair or couch, where it's a visible insight all you need to do is reach over, grab it, and start. It just makes it more likely you're actually going to sit down and do the work.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“Well, it's because we're busy. It's because we don't have infinite time, energy, and attention to do all the things that might look, feel, sound, fun, or interesting to us. And so there needs to be at least some minimum threshold of Yeah, this is important to me to make some trade-offs in other areas of my life or to not watch that movie or not relax on social media this night. I'm going to carve out some time in my day and actually make this a priority to sit down and do the work. Generally speaking, I found that for myself, if I'm not willing to make the pre-commitment to put at least 20 hours into it, that's a pretty good indication that it is not important enough for me to invest time and energy in and in the first place.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“But no matter what, I care about this thing that I want to learn enough that I'm going to invest at least 20 hours of my life figuring out if this is good, if this works for me, if this is beneficial.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“Yes, and that's why. Like it's an emotional management. problem. And so the way to get around that. Also, the way to get out of research mode into doing mode. And this is where the title of the first 20 hours comes from. The first 20 hours refers to a pre-commitment, which is a very useful piece of behavioral psychology that says that if you pre-commit to taking a certain action, either a certain amount of times or within a certain period of time, either to yourselves or ideally to other people, you're far more likely to actually follow through on the doing of the thing. And so, what I found is that in learning a new skill, making a precommitment that no matter what, I am going to spend twenty hours doing this thing. I might be terrible. This might be really uncomfortable. I might hate it. I might never do this again.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“Starts. And so I talk about in the first 20 hours, I call this the frustration barrier. And so generally speaking, rough rule of thumb, hours one to ten. Brutal, emotionally speaking. And so that's the period of time where you're really frustrated. Things make very little sense. You're like, I don't know what a key is, let alone a key change. What's a beat per minute? All of those self-consciousness circuits are fully online, fully firing. And no matter how much you want something, those first few hours can be pretty brutal.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, like comparison with other people, and then also comparison with ourselves. So, with other people, like. Early stages of skill acquisition. If you're comparing yourself to the masters in hours one, two, and three, you are not doing yourself any favors at all. And then even like... I think that's a little bit easier to avoid because I have only golfed a couple times in my life. Comparing myself to Tiger Woods doesn't feel like an even conceptually appropriate thing for me to do. That's not difficult. The harder thing is comparing yourself to the other person who has not golf very much, but somehow hit a shot straight or whatever. Or like it feels like this shouldn't be so hard for me. Why is this so hard for me? And then like the self recrimination feedback loop.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“Where people will start to say no, it's not something that I do. And there's a certain amount of self-consciousness that develops in the process of becoming an adult where You can start to recognize that the difference between what you can do and what you want to do can be somewhat extreme. And that self-consciousness can be an active barrier to getting started in the first place.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“This is one of the biggest barriers to learning as an adult. Adult learners hate to feel stupid. Hate to feel over our head that we don't know what we're doing, that we're going to look bad in front of others, that there's some idealized skill level that would represent success and your early attempts look nothing like that. There was an interesting study that was done about changes in In artistic ability and inclination over the human lifespan. And so when you ask a bunch of young children, Are you an artist Every one of them answers yes. Yeah, I create art. That's what I do. And there's a certain threshold and it usually happens around like the middle grades, junior high-ish.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“And then the trick on the research phase, and this is the one that I struggle with a lot because I like research. It's fun for me. I can get stuck here. And so the trick is to do Just enough research to give yourself. Context, understanding what you're looking for, an idea of what it looks like to do well or to not do well. And from there You do just enough to know a little bit of what you're doing, and then you actually start the focused, deliberate practice component. Because that's where the skill is actually built. The skill's not built in research.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“That's the thing, like. I think There's an element to which that's true. There's also an element to waiting here, going about it in a little bit more of a deliberate fashion. Is what gives us an advantage as adult learners. Like we can approach what we're doing in a strategic way. We can focus our time and attention on the things that are going to have the highest rewards first. And so just a little bit of impulse control of like. I'm going to hold off on the buttons for a couple hours to learn a little bit of this first. Like that's where you start figuring out. The inflection points in the skill, like the things that if you can just wrap your head around this, you can get a huge improvement in a very short period of time.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“Tempo and musical keys might be really important. And so it might make sense to start the process there. Let's get that really solid. We can wait for the hardware. We can wait for the plugins. We can wait for all of these things that comes later get this stuff down solid first.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“Yes, that is a brilliant example of deconstruction. It's exactly what we're talking about. So the skill is not DJing itself. It's learning about keys, learning about tempo, learning about transitions, learning about all of these smaller things that you need to use in concert in order to do that. Use them together to do this more complex thing that you want to do. So a good teacher, like the value of a good teacher, is they can help you with that deconstruction. Like, what are all the little subcomponents that I need? The next layer down from that is once you've deconstructed into the smaller parts, that's when you start to do some research of which of these parts are more important or less important. What should I focus on first? What can wait until later? And so like”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“Single skills? They're actually bundles of smaller subskills that are all important and you use in combination. And so I'm not familiar with DJing. So you can fill in the blanks for me. But what were some of the... As a thing to be able to mix one song into another”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“Exactly. And that's a great place to start because then it's like, okay, this is a concrete specific thing. I know exactly what it looks like. You probably had some experience listening to music of this type, knowing when things go well and when they don't go well. So you had a little bit of like. Taste, context, perspective. And so deciding, okay, my early goal is to do this one specific thing. The first failure mode because most people don't decide on that concrete specific thing. It's way too nebulous. There's not enough to work with. So deciding is the first part. From there Most of the things that we talk about as skills aren't.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“The best way to approach this is There's a set of five recommendations that go in order And the first is like deciding exactly what it is that you're trying to do. So in my experience, like a lot of people, when they, at the beginning of the process of learning how to do something, The goal is way too big, like it's way too much, way too soon. Whereas something specific concrete and approachable Is a way better place to start. So DJing an entire set at a crazy music festival is not the place to set the goal right at the very beginning. I want to do my first song for myself”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“I think it's valuable to shift the spotlight from mastery, which is very flashy, very high status, people who are extremely skilled at things have a lot of energy and attention around them. That's great. The type of skill acquisition that most of us do most often throughout our entire lifespan. Figure out how to do something new for the first time.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“I'm saying different goals based on different objectives. So K. Andrews Erickson was the researcher behind the 10,000 hour rule. And I think what's important to understand about that as a general guideline. Those studies were focused on mastery of very competitive performance oriented activities. So call it, so the original studies were done with correlating practice hours to how high a position do you have in like the first violin and an orchestra sort of thing. And there was a correlation between like how much do you practice, how good do you get? That's all well and good. And yeah, generally speaking, the more deliberate practice that you have on a certain thing, the better you are. That is a true thing. To me”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“To being reasonably good in much less time than you would expect. So in my experience, that's about 20 hours of focused, deliberate practice. So call it 40 minutes a day for about a month.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“Are validated by research to be both the most effective and the most efficient. So like your rate of improvement per time of or per unit of time and energy invested at the very beginning of learning something new, it's extremely high. And so the question that sparked the research for the first 20 hours is, Is there a way that we can take advantage of that consciously? Is there a way that we can? Be very conscious and deliberate about how we approach the process of learning something new, to make To reap the maximum rewards from that early stage of learning something that you're not familiar with. And how good can we get in that early window? And in my research, you can go from knowing absolutely nothing about something.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“Ted talks are fun. They're very fun. Yeah, so the TED Talk for the first 20 hours did very well. And I think part of it has to do with. It's something we all have in common, right? Wanting or needing to learn something necessary, useful, fun, cool, not really having a whole lot of time. Like we're busy people, we're busy culturally. And so there's a bit of a conflicting desire there of like, yeah, I want to learn this, but I don't have a whole lot of capacity. Despair here. And then the genesis of the book was digging into some of the psychology research that I uncovered in the process of working on personal MBA, which was all about learning new things. Learning that the first few hours of acquiring or learning any particular skill.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“And then at a certain point, if it makes sense to move in a direction based on what your customers are telling you, that's fantastic. But keeping it simple from the beginning is the way to go.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, or like it's instructive that we're talking about candles and not about some complex mechanical device that you would bolt onto a building's HVAC system to deliver scent to the entire space. Right. Like don't start there. Maybe start with a candle.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“One of the reminders of Gall's law is that it's actually okay to start simple, straightforward, strip it down, focus on the essentials, start there because every additional bit of complexity needs to serve some sort of purpose to justify its cost, either direct cost or time attention opportunity cost And so I think to our earlier conversation, sometimes. Complexity can be seen as a bit of a weird status signal. Like I'm fancy, I'm sophisticated. I think the more sophisticated thing to do is to start simple and keep it simple on purpose and then make every additional bit of complexity earn its way.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“Gaul's law is the idea that any complex system essentially evolved from a simpler system that worked. So, if you want to create a complex system that works, The easiest best thing to do is to start with a simple system and then build it up from there. And so, this is like. When we're talking about this hypothetical candle business, we're not talking about the multinational distribution version of the candle business quite yet. There's a simpler version of that business that must exist in order for it to ever reach the level of complexity and success that would allow that to actually operate in the world. And so”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, and it doesn't take that much more work. You're actually limiting your risk because you're not committing to one big batch of something that you think will work. Just experimenting a little bit more broadly, collecting some information, and allowing that information to guide your future decisions.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so you could do all sorts of different things. Like early on, you can get direct feedback. So follow up. With people asking. So, this is where the quantitative and qualitative research studies can be very, very valuable. So your first source of information is what do people buy? What's most appealing? Where does that kind of initial spark go? You'll probably see a distribution if you try 10 different cents. You'll probably see a couple very clearly stand out. And then contacting customers directly to follow up. What did you like? What did you not like? Asking quite like we were talking earlier about how did it smell when it was lit? How did it smell when it was not lit? Like all of those things spending a little bit of time digging into it in a deliberate systematic way is how you get that information.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, exactly. And that's like so trying the new thing and then paying very close attention to what happens is the valuable part. So again, in the context of the candle business, maybe you try 10 different cents at the very beginning and you do small batches of each one.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“And I think this kind of general way of going about these, like this is what early careerness, early entrepreneurship looks like. You're trying a whole bunch of very different things sometimes and collecting information about what works and what doesn't.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“The longer you do this, the more information you collect, and after a certain period of time, you start to get a feel for patterns of some things seem to be more obvious. And so over time, you shift into the second phase, which is called the exploitation phase. So you take the knowledge and experience that you have and you use it to do the best performing thing that you're aware of at the time more often. So you're playing the higher winning slots more. The key is, though, the exploration phase never stops. It just gets smaller over time. So if you're going to play this game optimally, there's always a certain subsegment of your time that's dedicated to exploring, to collecting information, to trying new things.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“And so one of my very favorite mental models, this comes from computer science and decision making, is called the Explore Exploit trade-off? Might be entertaining. It comes from decision research, actually about gambling of all things. Imagine you walk into a casino and there are a hundred slot machines that you get to play for free. Each of the machines has a different payoff. You don't know which one. Your job is to find the very best one. How do you go about? Figuring that out. Yeah, you tried the so you start collecting information, right? Like the thing to do when you walk into the room, you have no information. And so the first phase of solving this problem is to explore. You just try a whole bunch of things and you collect information every time you pull this machine. Does it pay out or not?”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“I don't know. Let's find out. And so there's a certain amount of if that's the case, if we can't be 100% certain what's going to happen if we try plan A or plan B or plan C. There are a couple of ways of approaching that. One is by working through scenarios of like, let's just imagine what would it look like if we chose plan A. Let's play that out a little bit. Let's try to make anticipations about what might work or what might not. And let's compare our different alternatives and see what looks the best feels the best based on our anticipations right now. That's valuable, but it can only go so far because it relies on all the knowledge and experience that we have collected to date. It doesn't account for the knowledge and experience that we're going to gain through the process of making a choice and learning from the choice.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I think experimentation removes the pressure. Know or feel like you know what you should be doing every moment of every day. I think there's a sense of we kind of conflate Certainty or overcertainty with competence in a way that's not necessarily functional. Whereas we're all Very imperfect oracles. Like we have anticipations based on our knowledge, our experiences, the information that we're collecting about the world around us. And we're all using that all the time to try to predict what's going to happen next, just how our brains work. It's what our brains are for. I think there's a sense of we can do that to a certain extent to eliminate some of the more obvious errors that we might make. But when it comes down to making a decision about something we've never done before, the honest answer to, will this work is?”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“Technically, we're making money, but it's just not. It's not enough to make this sustainable. And so some of that early number, like as an early stage entrepreneur is like, what is that for you? Like based on your life, based on your lifestyle, what you hope and dream for yourself, what's the number that makes a venturous long-term sustainable? Like I can keep doing this. It makes sense for right now to keep going. You focus on getting to that number first. And then from there, you have a lot of different options.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“So, what are my monthly outflows? What are my monthly sales numbers? And it's monthly because usually our modern expenses happen monthly, rent payments happen monthly, all that. How much is coming in? Product service offer sales. How much does it cost to deliver that in total? What is my monthly overhead? Everything required to keep the lights on and At the end of that is net profit, which is how much do I get to keep? And is that enough? So, for example, if you're working 80 hours a week keeping this candle business open and you have $5 to your name at the end of that month, you might be able to sustain that for a little bit. But at a certain point, there are going to be some very difficult decisions around.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I think so early on, the things that you're going to want to pay very close attention to, like early stage entrepreneurship is all about, is this, are we to the point of keeping this business sustainable? Can we keep the lights on? Can we keep going? And is it worth it to me or not? And so. Your monthly fixed overhead, like how much am I spending every month just to keep the lights on?”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“Yes. So the whole idea behind Personal MBA was to take all of these concepts like amortization, like nonprofit, all of this. Explain it in the clearest, most direct, most straightforward plain language that I possibly could. Very straightforward, yeah.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“There's some very straightforward concepts like amortization. Like, can you take something that would be a larger pool of money? How much does that cost you per month as an equivalent? Can you build that into your budget?”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“You just Yeah, I mean, most of it is common sense and simple arithmetic, really. Like we're talking addition, subtraction, multiplication, division. Some of the definitions when you really get down to it are relatively straightforward. So how much you're going to sell it for minus how much does it cost to make? How much does it cost to market? How much does it cost to deliver is your profit? And then, you know, how much on the things that you have to spend. So in the case of an online business, your website, your shopping cart, credit card processing, all the way up to if you have a physical business, how much are you spending on salaried employees, office space?”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, okay. So relatively small. So then like the financial decision making might be how many candles if I make a small batch. Like maybe of that $2,000, how much am I going to allocate to making the actual physical product? Packaging, shipping distribution, how much am I going to set aside for marketing and sales sorts of things? That's an allocation decision. And so your early decision making is how much do I have at my disposal? What are the critical things that need to be met? I have to have product to sell. I have to get people's attention somehow. I have to be able to deliver this when people buy it. And then you start making lots of decisions, lots of trade-offs about we're going to put this here, this here, this here, this here.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“If I have to make a choice between A or B, which one am I going to make? And then the finishing is basically just a systematic way of making decisions around monetary considerations. In the case of a manufacturing business, you might have raised some early capital, friends, family loans, investors, credit cards, whatever. How much do you have at your disposal? How much runway do you have? If you've hired people, How many months do you have left before you really need to be bringing in more than your outflows or else you're going to be in trouble very quickly?”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“So, you know, as you're doing all of development takes money making product requires money, customer service requires money, manufacturer, like all of these things, you're spending a bunch of money making this product. Have at this point, since this is a startup, you have a price that you think is supportable. Hopefully you're collecting pre-orders. You're getting some market information about how much you potentially be able to make here. Financial analysis is the part where you're taking a look at all of these decisions and trade-offs that you've been making. Where am I spending how much?”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT
“Totally. If you're starting a candle company, go out and buy all the candles. Burn them all, smell them all, burn them all, line your, like buy a bookshelf and fill it with candles. Because you can learn so much about how people do things. Look at their labeling, deconstruct their packaging, look at their price points. Where are they selling? How are they doing their online advertising? And the wonderful thing is, aside from your time and maybe a little bit of budget, all that market research is free. You just get to go out and learn from what people are doing and then combine that with your own research, going out and talking to customers on your own, having your own experiences, your own ideas. And that's where you get your unique take, your taste, your twist on that particular way of doing things.”
2024-07-15 · The Diary of a CEO · Josh Kaufman: The Shocking Link Between MBA & Career Success! The Easy Hack To Making Money Whilst You Sleep! · IDENTIFIED FROM THE TRANSCRIPT