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Pat Flynn

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58
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2015-01-31
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2015-01-31
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  1. “Thank you guys for having me. Thanks to all listeners out there for hearing me out. And I hope I've been able to help in some way, shape, or form. And also, if you want to just let me know that you like this, or maybe you didn't like it, maybe you thought it was terrible. Just let me know on Twitter at Pat Flynn. I'd love to hear from you. I'm very responsive on there.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  2. “Yeah, that's not what I mean to do, but if you want to make your wife really happy, really quickly, just say, you know, I appreciate you out of nowhere. But, I mean, she has the hardest job in the world. She takes care of the kids. At home mom, and she does that so I can do these things, and I love her for that. And so anyway, yeah, you'll see all that in the book and why it's called Let Go. It's not just because I got let go from my job, but there's a lot of other things in there too.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  3. “Yeah, it's really cool because I launched it on a platform called Snippet App, which if you have an iOS device like an iPad or an iPhone, you can download the book off of the Snippet app, which is a really cool multimedia experience reading platform where you're not just reading the text, but there is very, very high quality images. There's also video. And then in the Snippet app itself, it actually incorporates social media too. So you can see people having conversations about certain parts of the book as well using hashtags, which is pretty cool. And you can just pick it up on Amazon though, or go to the show notes on the site. And, you know, if you wanted to leave a review afterwards, that's cool. You don't need to buy it on Amazon to leave a review, but that is always helpful. Yeah, it comes with a lot of cool videos, including”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  4. “Go through this journey as well. And I talk a little bit about that in the book too. And hopefully it just gives you a dose of inspiration before you sort of take that massive action. It's a super short read. And so if you want that book for free, if you're listening to this, just go to just email me or send me a note on Twitter. How about that patflyn or we'll put it in the show notes?”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  5. “Really lays it on the line as far as what I mean, essentially the consequences of losing your focus on that one thing. And so I have that book very close to me at my desk here because often I will get distracted by bright shiny objects, as we all do. And it brings me back to reality on what I need to do and what I need to focus on at this current moment in time. And then I would also recommend, I don't want to feel like this is a plug or anything. And seriously, if anybody out there listening wants to get this book for free from me, just let me know. It's my book Let Go, which Harry mentioned already. It just talks about a lot of the psychological stuff that happens when you're transitioning. And a lot of the, you know, I talk, I get very personal with that book in terms of all the things I went through and the other people that were involved as well, because this isn't just you who's going to go through this journey. It's the people around you who are watching you.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  6. “It needs to have at that moment in time. So it does require upkeep. So the first one is the four hour work week by Tim Ferris. Definitely super inspirational and tells you also a lot about automating and just mostly sort of the idea of that whole 80-20 effect, you know, what 20% can you do to get 80% of the results and doing that in many different areas of your life too. So that's the four hour work week by Tim Ferris. There's also one that I would recommend called the one thing by Gary Keller and Jay Popason. And that's really important because anybody who's looking to start something new is likely wanting to start 100 new things at the same time. And when you work on 100 things at the same time, nothing gets done. And even within a particular project, maybe you pick one thing you want to do. Well, within that one thing, there might be a hundred things to do. And then you kind of just jump all over the place and you get nothing done. So this book.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  7. “I mean, there's a billion books that are great out there, obviously, but I'll just name a few. And I also have a book club on patflin.com where I recommend a cool book. Sometimes nonfiction, or sometimes fiction, but mostly nonfiction, mostly business related, but not always. But three books I would recommend. The first one is one that I first picked up that was really inspirational that showed me sort of the idea of creating this asset that could potentially be walked away from for a little bit. I mean, with anything I'm talking about these websites and stuff, it's not a set it and forget it type of thing. I mean, it's a set it and forget it for a little while potentially and take breaks from it every once in a while. And that's the cool thing. Like your website's up 24-7 365. You can take breaks from it every once in a while. It's flexible. That's the cool part about it. But it's not a once it's once you have it up there. It's that way forever. I mean, just like with your portfolio, you got to check and make sure it's up to date. And it has the shares of that.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  8. “Absolutely have a passion for serving more than anything and have fun with the process too. I mean, just a passion for, I have a passion for figuring things out and just experimentation. That's what I have fun with too. And you have to know what drives you and use that to your advantage as well. So, yeah.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  9. “In terms of passion, yeah, I mean, that's obviously there. I enjoy what I do. You might be thinking, oh, are you passionate about security guard training? No, I'm not passionate about security guard training, but I am passionate about helping the people who are looking to become security guard. My why is I just want to help people. And I know that's very general, but then you've got to narrow it down. Okay, how are you going to help people? And in that case, it just so happens to be I'm helping a certain set of people, people looking to start a security guard career and connect them to the information that they need to become a security guard and to fill that role as the person providing that solution.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  10. “I mean, persistence for obvious reasons like we've just covered. I mean, you've got to keep going. You're going to fail. You're going to make mistakes. You got to keep going. And I think what's really important about that is understand why. Why should you keep going? And it's really hard to forget why sometimes. And for me, I'm very lucky because my why runs around all day, sometimes naked or in their underwear. But I'm talking about my kids, by the way. But it's like I see them every day and I'm like, okay, I got to get when I go into my office later today or tonight or whatever, I'm going to be in work mode because I want to be able to be able to play with them tomorrow, you know, that sort of thing. So I see my why every day. And that's why I am persistent because I want to be there. Like I said before, also as an example for them when they're older as well.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  11. “And then over time, you can That's just a hidden form of procrastination, I feel. You've got to just take action and actually get something out there that can actually help people.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  12. “And it wasn't beautiful action, but I just had something up where I can begin serving my audience. I put myself in a position where I could finally start writing content. And even when I started the podcast, I remember I recorded episode number one, which came out in July in May, and I recorded that three different times because the first time wasn't good enough. The second time I actually had scripted the whole thing. So it was like 20 pages of what I was going to say. And it sounded too robotic. And the third time I was trying to do some blend between the two and it just didn't sound right. And the fourth time I recorded it finally, I was like, you know what? Screw it. I'm just going to go. I'm not even going to edit this unless you're just seeing what happens. And then over time, you'll notice if you've been a longtime listener, it improves over time because I'm just doing it. And the same thing goes with your user interface and your website. Put yourself out there. Just get something that works and focus on what's actually going to help people.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  13. “Right. And the thing about that, then, and the reason I bring this up first is it doesn't have to be perfect. You just got to go. And as we all know, we learn by doing mostly. You just got to, and when we're babies, right? When we learn how to walk, we get up, we stumble, we get up again, we keep trying, do something different, so and so forth. I mean, we lose a lot of our childhood tendencies in that way and discovery and curiosity and learning when we're older just because we don't want to fail. We don't want to look bad and it feels bad to fail. But no, failing is good as long as you use those things as learning experiences. And to your other question or to your question about the user interface or what the website looks like, it's hard for me to look at the archive of what my site used to look like because those were terrible. But I hope that shows you I took action.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  14. “Yeah, I mean, there's a couple things there. You were talking about massive action, and that's important. You always want to take bold actions with what you're doing, or else, you know, little actions, little results, big actions, big results. But with that being said, I mean, notice it's take massive actions. It's not take massive, perfect action. And the whole idea behind that is you don't have to be perfect. You just have to go and you're going to make mistakes. You are going to fail. Realize that that's going to happen, but use those things as learning experiences so you can keep moving forward. You can read all the books you want. You can listen to all the podcasts in the world and have all that information, but you might as well not have ears or know how to read if you don't put those things into action. You're just as good as somebody who doesn't know how to read if you don't put those things into action. I think it was Mark Twain or somebody who said something similar.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  15. “And they were just having a terrible day, and he felt terrible and just felt the whole world was crushing on him. You know, he's only like eight years old. And then when he was just so taken aback of strangers' kindness. And I know that this is something that this kid like years down the road. I mean, he's obviously not going to think about it every day, but maybe one day he'll think about it and do something for somebody else.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  16. “I mean, it just blows my mind. It does. It just blows your mind when you think about it. And I'm not like the star of this. I mean, I am for people who I'm connecting with, but I'm doing it as a result of Jason and Jeremy who did it as a result of somebody else who did it. You know, it's just like the way the world works. I mean, I just love all that positive energy. That's why I always do every day. I try to do one just random act of kindness. This is something I try to teach my audience to do every once in a while. Just be randomly kind to someone today. the effects that that could have on a person's life, which could have another effect on somebody else's life. Like one day I went in Starbucks and I just do this every once in a while. I bought the person behind me a coffee and he happened to be there with his son. They were having a terrible day. I found out because after I bought them that coffee, they wanted to just sit down and chat and ask, like, why did you do this? And I think he knew that this was awesome and wanted to be an example for a son. But I found out that the son had accidentally broken his mom's iPad and the mom yelled at him.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  17. “Talking about mom and dad. What's that conversation going to be? Like, I wanted to be positive. I don't want it to be like, oh man, there was so mean or they never amounted to anything. I wanted to be. We were lucky kids.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  18. “Today for the kids, how much are we making today for the kids? And I'd show him, look at Becky donated $100, and then he'd ask questions like, why are they donating money? I pick up the poop in the backyard for a dollar. Like, this is a lot of picking up. And I'm like, you know what, people are willing to pay it forward when they see that other people are in need and they know it's going to come back to them in one way, shape, or form down the road. I'm trying to teach that as much as I can to my kids. And that's where I get most of my inspiration from is actually thinking about them when they're 40 years old, having conversation at a cafe, you know, they're married and they have kids too, and just getting together one Thanksgiving be like.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  19. “That cool things happen when you put in the work and you serve people. This year, earlier this year, we did a campaign on SPI. My blog to build a couple schools in Ghana, which was really cool. And I told everybody, hey, if we can raise $25,000, I will match 100% of that $25,000 and we'll build two schools because it costs $25,000 per school through this program called Pencils of Promise at Pencils of Promise.org. I interviewed the founder of that company. And that is what inspired me last year to go and see what else I could do beyond myself, my family, my community. I wanted to do something worldly here. And we were able to raise together over 54,000 dollars. And I'm actually headed to Ghana in June to visit the schools that are being built and meet the children there. I mean, it's so cool. My son, unfortunately, won't be able to go, but he's going to see the pictures. And he even knew what he knew what was happening like every day during that campaign. He would be like, how much are we making?”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  20. “I mean, a lot of the inspiration comes from my audience and what they need, just like that player that I was talking about. I mean, that was a direct result of people asking, hey, I need something like that. And when you build an audience, even if you don't have a product yet, you maybe have a message or something that you're good at that you just are showing people how to do, if you just listen carefully, you're going to hear your audience tell you what they need. And that's where a lot of the inspiration should come from, your target audience. Now, it obviously comes from a lot of other places too. I mean, for the day in and day out, my number one inspiration is my two kids. I have a daughter who's two years old. My son is five. And especially my son, I mean, he knows what I do now. And he watches me on the computer sometimes. He listens to me in the office when I'm podcasting every once in a while. And he asks all these questions. And I want to be there as an example for him to show him that you could create whatever you want. You could do whatever you want. And I know, again, that's one of those cliche things, but I just want him to know that.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  21. “I mean, the software did obviously cost a little bit more because I had a developer team and stuff. But I mean, really, I mean, in that case, maybe I invested 15K to get all that set up. And then we were in positive numbers halfway through the beta period. And now everybody who comes on and signs on is pure profit. Minus the recurring sort of six dollars for the domain.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  22. “Have to do because that system is set up, the purchasing process, and the delivery of that code is set up. I just have to focus on marketing and making it better. And that itself is a business out of the whole slate that I have. So those are a couple examples for you.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  23. “And so I've been working with those beta customers. There was about 400 or 500 of them actually. So initially already I was making money between $50 and $80 per license that we were selling over 400 customers now. And then it was closed because we were working closely with them. We added new features. We tested. Software is a whole different beast. This is sort of my first foray into it. There's a lot of things I can break, especially because there's a lot of versions of WordPress and there's a lot of themes and a lot of themes on different versions. I mean, it's just crazy. So it's not as easy as I thought it was. But we still put in the time and effort and we just launched last week version 1.0, which means it's open for good. And we've been making sales every single day, $97 for an annual license. And every customer, they're paying $97 a year. And we already have, you know, a couple hundred customers at this point. And that's a recurring income.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  24. “Was cool because initially my answer was up, it's mine. Nobody can have it, it's mine. I custom built it. And I don't even know how to code myself. I hired somebody, obviously, to do this for me. And then obviously after maybe the fifth or sixth email, I was like, ding, business idea. And so my team and I got together to figure out, okay, how can we turn this into something that's really easy for people to use? It's already there. We just need to figure out, okay, how can we make it easy for people to use and put in their feeds and put in their show titles and things like that? And then that was launched mid-last year in beta, meaning we only sold it to a limited amount of people in a closed group with not all the bells and whistles in there. There's a really cool book called The Lean Startup, which talks about this whole thing of a minimum viable product when you sell it, meaning you just want to build the solution. You don't need to put all the bells and whistles in there. And if you do it in a closed beta group, you can work with those, the first initial customers and have them tell you what else you can do beyond that, that they actually need instead of what you think they need.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  25. “That was like a Million percent return. WordPress plugin, which was a podcast player for my website, for my new podcast when it came out last year called Ask Pat, which is a five-day week podcast. And I thought it'd be crazy if, for those of you who don't know how podcasting works, essentially, usually what you do is every time you come out with a new blog post, there is an embedded audio file in there, and then the iTunes directories or whatever reads that there's a new audio file in there. And so essentially you'd have to create a new blog post every time you want a new audio file to go in there. Well, Ask Pat was coming out five days a week and I didn't want to just overflow my audience or overwhelm them with blog posts after blog posts after blog posts. So I decided to just post those audio files onto another server and just have one player on one page be able to continuously update what those episodes were. And so I created this podcast player and at first it was called the Askpat player because that's all it was used for. And then people started asking me where did you get that player? And then I thought I was.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  26. “Investment or asset, it probably cost, let's see, the domain itself, maybe $6.95 per month, and an email list service provider, maybe another 20 bucks per year on top of that, and time. That's essentially it. So that might sound crazy because that's not even that much money. It's just mostly time.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  27. “How it went down. I actually called using the phone. Remember what that is? I called Actual Security Guard companies in different states because every state in the US I found through my research had a different requirement. And I just called and said, hey, I would love to know how to become a security guard in state of blank. And then I just created the best website out there that shared that information. And that site, since I created it in September of 2010, has been at the top of Google because it just provides that valuable information that people are looking for really easily. And it's been there for over four years. And every month it's generating between 2050 for about 30 minutes of work per month in terms of just making sure it's still running and still just checking stats and optimizing it. I mean, that's a pretty darn good investment if you think about it. And in terms of what it cost to build that.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  28. “Sure, absolutely. One of them was a case study that I actually shared live on smart passive income. I sort of built this site over time. And I wanted to show people you can build a website and here's how you do it. And it could even be in a niche where you don't really know much about. You just want to be there to serve that particular audience if nobody else is already doing that. So using this keyword research tool that Steg was talking about, Market Samurai, I discovered that there was a term out there, security guard training is a term that was searched for quite heavily in Google, but very underserved in terms of what people find when they search that term. And there's a lot of sort of numbers and things that go along with that, but I won't get into that here. And so I decided, okay, I'm going to build a site that's going to help people looking to figure out how to become a security guard. I'm not a security guard. Funnily enough, my mom actually is, but that didn't really have anything to do with this. And I just started to do the research.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  29. “No, I just want to tag on the end of what you just said there. I mean, that's where really building these assets are coming from is first with building trust of people.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  30. “Yeah, that's what they call, or I'm calling the moment of activation. That's yes. And that's how you're going to remember that person. And then you always come back to them.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  31. “That's what they say, and that's how and why they always end up saying the same thing when I meet them. They always say, Pat, I feel like I know you. Is such a cool thing. And then all the business and the money and the income. I mean, that's just a byproduct of building real relationships, I feel.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  32. “Million plus downloads. And when I go to conferences, people always start with something that they connect with based off of those little fun facts. Like people come up to me and they're like, dude, how's your fantasy football team doing? I'm like, I don't want to talk about it this year. It's terrible. And they're like, dude, I played the trumpet too or bad. I'm half Filipino also. Or I was in the marching band too.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  33. “Who that person is, and not just like what their icon looks like, but what does that person look like? And that's what makes those real connections. And that's what's going to help you stand out is you. So what's unique about you? And people might be like, oh, well, you know, I'm not unique or anything, but yes, you are. You just have to figure out sort of what it is that you do. And even if you do something that somebody else may do already, or people are going to connect with you just because people are going to connect with you. I mean, that's just the way it is. I remember for those of you who have listened to my podcast at the beginning of every episode, I put a fun little fact about me, which my voiceover guy reads. And I remember pitching that idea to some podcasting experts. And they were like, Pat, this is the dumbest idea I've ever heard. Why would you waste your time and money having another guy talk about you and these random fun facts? Nobody cares about your facts. They just want to get into the business stuff. Well, I did it anyway. And, you know, my podcast is now 13.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  34. “Yeah, but we try to make those business cards look so professional, right? With like three squares and a little swoosh coming across like a corporation, right? But we're going away from that time now where people want to know.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  35. “These are great, but they don't have any of you in it. And I'm like, what do you mean there's no me in it? He's like, there's no Pat Flynn. People connect with you. That's what makes you special. You just have this unique ability to make real connections with people in this digital world. Somehow you're able to do that. And I never heard anyone tell me that before. But when he said that, that's when smart passive income became smart passive income with Pat Flynn. And that's when Pat Flynn's personality started to get injected into everything because that's what made me unique. And I knew I had the unique advantage of being able to really make a true connection with people, although we all have that advantage as well because nobody is like any of us. And it's, oh, it's so funny because I think about back in high school, my friends and I, we made business cards. Like we didn't even have businesses, but I don't know if you guys did this too, but we just be cool at business cards and put our name and our phone.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  36. “You got to milk it because that's what's going to help you stand out. And that's truly the big lesson there. That's something I picked up because I remember in 2010 with Smart Passive Income, my website was doing okay. I just started my YouTube channel and I didn't have nearly as many people visiting the site. I only had hundreds a day. Now I have 20, 40, 60,000 people coming to the site a day. So I was in the very early days and I remember going to one of my mentors and I”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  37. “Well, I mean, the platform itself, the blog, or the podcast or the video channel or whatever it might be, that becomes your platform, essentially. That becomes your area where you can share messages and help other people who discover it tell what you're all about and what you have to offer them and how you can help them. What's really cool about the branding thing is a lot of people think about branding and they're like, oh, okay, what's the colors? What's the logo? You know, what's it going to look like? But I really want you to think even beyond that, or actually even before that, what makes you unique, your company or you, if you're branding yourself as a personal brand or your company or your product, like you have to understand what they call what is your unfair advantage. That thing that you can bring that nobody else can bring. And once you discover what that is, and you might not know what it is at first, maybe it's going to take some time to find out what it is or some conversation between you and your target customer, your target market. But once you find out what that is,”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  38. “Entrepreneur groups has been for the success that I've had because I've gotten so much great advice. I've been held accountable by those people. I am in three different what they call mastermind groups. Napoleon Hill talks about in his book, Think and Grow Rich. That's the power of being in a little group, maybe five to six people, some are bigger, some are smaller, but you hold each other accountable. You talk about each other's goals. You share the same values, and you work toward the same thing. You don't have to be in the same niche or market. But as long as you're all there and focused on helping each other, and it's the power of at one, you know, basically the way these meetings, these mastermind meetings work is one person is in the hot seat. That person shares something they need help with or a problem that they're having and everybody else collectively helps that person out and just has a discussion about it. This is such powerful stuff that has to be in there as well. And I would get involved with that sooner than later.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  39. “And you can come in as the better solution. And you don't have to reinvent the wheel here. You don't have to create try to reinvent walking like the Segway tried to do. And what do segues do now? They just roll down the boardwalk with their little tour guides, right? Like you don't have to reinvent something. You can just take something and stare an idea and make it yours, put your own voice behind it, and make it better and serve that audience better than they are being served right now. So those are a few tips for you in terms of validating your product. And then from there, it's just a matter of finding the right platform or the right people to work with to help you put that together and get, you know, at the same time, it's really important. And I didn't know if we were going to cover this later, but it's also really important to connect with other entrepreneurs as well if this is a path you want to go down. Whatever it is that you're interested in, you should always connect with other people who are interested in the same thing as well. It's human nature to be a part of a group. And I can't tell you how important being a part of other.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  40. “Whether it's a physical product and an informational product or a service, whatever. But when you talk about it with your target customer, with their pains and their wants and their needs in mind, really, you need to build a solution to a person's pain. And that's really what it comes down to. When you could do it with them, I mean, you just are creating the product that they need. Instead, you're not guessing anymore. You're going basically off of what they say. And that's how you could validate it as well. You might also find that there are companies out there, websites, products similar to what you're thinking about. Should that stop you? Absolutely not. That validates the fact that you are on the right track and you might think, oh, well, you know, I'm late to the game. I'm at a disadvantage. No, you're actually at an advantage because you're coming in late in the game, meaning you can see it from a bird's eye perspective and see how that audience is being served and where they're not being served.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  41. “Which is a free one that you can use to do that as well. But I just love using old school pen and paper and notepads and things like that. Another thing I would do when you have this idea is talk about it with people. Now this might sound counterintuitive because you might think, oh, well, this is my idea. I don't want anybody to steal it, right? And I get that, but nobody's going to be as driven as you about this idea. Nobody's going to steal your idea. And if they do, you can do it better than them. You have to realize that whatever this idea might be. But the purpose of talking about it with other people is because you will begin to have a conversation about it. It flushes out these little hidden gaps in your idea. You might even find out through conversation that this is a terrible idea. And instead of working on it for two years, spending a lot of money and putting it out there and then having people tell you it's terrible, why don't you talk about it now so people could tell you it's terrible or they tell you it's awesome and that you have to do it, in which case you would be even more”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  42. “I mean, the first thing I would do to you is just take everything in your brain that you're thinking of about this particular idea and put it on paper. Like start to take, you know, because our brains are a mess, right? We go from one thing to another. The moment you start to organize it and put it on paper, I would even put it on post-it notes. Just take this idea that you have, put it in the center of your table, and then start to make post-it notes right around it, just a cloud. It doesn't have to be organized or anything. And what's really cool is no matter what that is, whether it's a book or product or business idea or a website, you're going to start to see patterns and groupings. And those become chapters. Those become categories on your website. Those become different products for that business. It's really cool when you start to mind map. That's a sort of strategic term for what we're talking about here. There's even mind mapping software that will help you do this as well. One of my favorites is called Mindmeister. That's one of my favorites because you can actually share that and collaborate with other people on your team, which is pretty cool. Or there's another one called FreeMind.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  43. “And you don't like it, you should just quit tomorrow, and then something amazing will happen. But, I mean, there's something to be said for that. I think I, because I got laid off and didn't have a plan B, I made decisions that I wouldn't have normally made if I still had my secure job. I took risks that I wasn't normally used to taking. But again, I was just like, you know what? I have to take this risk because I would much rather live a life full of, oh, wells than a life full of what ifs.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  44. “What happens to you every time something happens to you, that's the universe, or whoever you want to think of saying to yourself, okay Here's your test. How are you going to take this next opportunity? I think it was a Greek Stoic philosopher Epictetus who said I pulled up the quote here because I knew I was going to butcher it. He said it's not what happens to you but how you react to it that matters. And it's so true. And looking back at that layoff, maybe I didn't react to it in the best way right away. But I mean, it's okay to feel terrible about situations when those things happen. But then you eventually have to just wipe off that dust and move forward. And you can either move forward or move backwards. And hopefully we'll all move forward when these things happen in our lives. And I've always found that when, like you said, when I've talked to several other entrepreneurs, they have a similar story, something tragic happens or something where they have to make a huge decision and then they find that success. I mean, I hear that over and over and over and over again. That's not to say if you have a job.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  45. “Up a lot when that happened. And it was because people connected with me. And the fact that I was a real person on the other end with a face, with a name, somebody who's actually in the same seat as they are in now back in the day when I took the exam. And so, yeah, just being real, I mean, that's really what it's all about. And I love what you're saying there, Preston, about the whole, you know, it's not, things happen for a reason, right? And it's cliched to say we hear that all the time, but it's true. But it's not just what happens to you. It's how you react.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  46. “You're welcome. And even when I go back to that initial site that I created for those people passing this architecture exam, the exam is called the lead exam, by the way, L-E-D. It's interesting because I on that site shared myself and the fact that I didn't get 100% on the exam that I was teaching people how to pass. And a lot of people were like, oh, you shouldn't put your score there because that's showing that you don't know everything. Why are people going to buy stuff from you if you show that you make mistakes? Fast forward a little bit after that conversation the United States Green Building Council who administers that exam, they came out with their own study guide to compete with mine. And I think it was a direct result of seeing how successful mine was. And I thought I was, oh, why would people buy from Pat who got 183 out of 200 when you could buy a set of study guide things from the actual company that puts on this exam, who writes the questions? My sales went.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  47. “And that's kind of what has launched me into this sort of leadership role in the area of online business and entrepreneurship, but also what I like better is the authenticity and the transparency behind it. And I see a lot of people sort of taken on that same strategy. Just, you know, don't try to put up a front. Just be real. And we're in an age now where people want to do business with other people. And the more you can be a human being on the other end, on the other end of that website, the more chances you have to make a difference and to actually make a real connection, a human, human to connection over two computer screens in that way by just sharing everything. And that's kind of the approach I take. And so sorry that was such a long story. I get so pumped when I talk about this stuff because it's just, it makes me relive this amazing journey I've had and hopefully it inspires some of the listeners out there.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  48. “For Google to find it, I had for a long time pumped content into it every single day. Again, like I said for myself and for my audience, or for my coworkers. So I just want to let everybody know that this, like any business takes a long time. And you hear these stories about overnight successes and they're a rare case. They can happen. But what I teach on my site, Smart PassiveIncome.com, which I created because people were like, oh my gosh, how are you doing this? You need to share this that it could actually be done in legitimate way. That's the kind of business I teach. The better you serve your audience, the more rewards you'll get back, just like I talked about. And so on smart passive income, now what I do is I said on the crash of the stummy, I build new businesses and I just test out things and see what happens and whether it goes well, which sometimes it does, and maybe sometimes it doesn't. Actually, most of the time it doesn't. It's always a lesson for everybody watching so they can learn from my mistakes, my wins, and my failures and successes.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  49. “Emails from people who had already passed the exam a long time ago, who purchased my book anyway, and they said, Pat, finally you gave me a way to pay you back for all of that free information you gave me when you helped me pass a few months ago. And I was just like, this is awesome because my whole perception of internet business before this was like scam, scam, red alert, red alert, you know, this whole, you know, you know what I'm talking about. This internet scammer is like Here I was in internet business and doing it in such a way that I was providing value. I was getting paid for and getting these incredible notes of thank you. And that kind of took off from there. And the business kept growing. I started to add more products like an audio guide and practice exams and it just exploded and I was able to make within a year or over $200,000 from that business. Now I tell that story and it sounds like it all happened overnight, but I just want to make sure everybody knows that that site was up for a year and a half. It had time.”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  50. “You know, it wasn't like, yes, business opportunity. It was more the resistance and the fear that we always fear when we dive into something new, right? And it was like, oh, what if the information's wrong? What if I get in trouble for doing this? I don't even know what's going on here. But then I started to get involved with internet business a little bit more. I reached out to those guys and internet business mastery. I joined their program. I talked to a lot of people there and found out that I had a great opportunity on my hands and that I really had to begin to figure out how to potentially monetize this thing. And so to make a longer story short, I published a book, a study guide in October of 2008 that took about two and a half months to launch. And it mostly took that long because I was just afraid. I was just scared of what people would think of it. But I eventually launched it because I had nothing to lose really. And in that first month, I made $7,908.55, selling a $19.99 e-book. And the really interesting thing about that month, especially was I got a number of”

    2015-01-31 · We Study Billionaires · TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT