Million Dollar Weekend - Deepstash
Million Dollar Weekend

Aki Lau's Key Ideas from Million Dollar Weekend
by Noah Kagan

Ideas, facts & insights covering these topics:

22 ideas

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PAT GOSTEK

Million Dollar Weekend” is the perfect book to turn you from wantrepreneur to entrepreneur in forty-eight hours

PAT GOSTEK

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346 reads

Three steps of the Million Dollar Weekend Process

  • Find a problem people are having that you can solve
  • Craft an irresistible solution whose million-dollar-plus potential is backed by simple market research
  • Spend NO MONEY to quickly validate whether your idea is the real deal (or not) by preselling it before you build it

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291 reads

2 main fears that hold people back

  • Fear of starting
  • Fear of asking

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301 reads

Start it

  • Ask someone you know for a dollar investment in you and your future business
  • Ask one person you respect for a business idea
  • Choose your freedom number, an attainable number (money) that you need to enjoy the freedom you want

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247 reads

There are two mistakes one can make along the road to truth … not going all the way, and not starting. 

BUDDHA

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223 reads

NOAH KAGAN

Customers want solutions, not ideas

NOAH KAGAN

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257 reads

Start with 3Ws

  • Who you are selling to?
  • What problem you’re solving?
  • Where they are?

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234 reads

Finding million-dollar ideas

  • Look for something working in one category and bring it to another
  • When in doubts, solve your own problems. If you are willing to pay for a solution, it’s likely others are, too

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198 reads

NOAH KAGAN

Focus on Zero to $1, get that first dollar, that will create your momentum and build your belief in what you’re working on

NOAH KAGAN

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179 reads

Become a problem seeker

  • The best entrepreneurs are the most dissatisfied. They’re always thinking of how things can be better
  • The crucial first step toward entrepreneurship is to study your own happiness and to think of solutions (aka business opportunities) for you to sell

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165 reads

The idea generators

  • Solve your own problems
  • Thing about problems that you have
  • Bestsellers are your best friends
  • Think about some accessorising ideas for existing bestselling products
  • Visit a marketplace
  • Find ideas by studying marketplaces where people are trying to spend money. It can be Facebook marketplace, Etsy, or other local/ global marketplaces
  • Look at search engines queries
  • Find our things that other people also search for online

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159 reads

The one-minute business model

Step 1: Find $1 Million worth of customer

Step 2: Is this a million-dollar opportunities?

Step3: The one-minute business model

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164 reads

Step 1: Find $1 Million worth of customer

  • Is the market growing or dying?
  • How many potential customers are there?

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158 reads

Step 2: Is this a million-dollar opportunities?

  • Find the size of market, cost of your product/ service, and total value
  • Size of Market X Cost of Product/ Service = Market opportunity
  • See if it’s a million-dollar idea or not

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147 reads

Step3: The one-minute business model

  • Know your target profit (e.g. $1,000,000), profit per unit sold, and total sales needed
  • Revenue - Cost = Profit
  • Target Profit ÷ Profit per unit sold = Total sales needed
  • Ask yourself, if this is going to be a one-off purchase, something customers buyu here and there when they want to consume it, or can you make it a monthly recurring sale?
  • It’s always better to be in the reorder business

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118 reads

6 ways for you to reach the goal easier

Average order value: Increase the amount someone purchase

Frequency: Increase how often someone will buy your service

Price point: Increase or decrease your price point to affect total sales

Customer type: Approach a more Lucrative/ wealthier customer segment

Product line: Add additional products to make the business more attractive to start

Add-on services: If you’re selling a product like cookies, can you offer a service like setting up birthday parties or cooking at the person’s home?

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103 reads

The million-dollar opportunity challenge

  • Pick one business idea
  • Make sure it’s a million-dollar opportunity
  • Confirm your business idea is profitable

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111 reads

Validate your business idea by getting paid

  • Ffind three customers in 48 hours who will give you money for your idea
  • You’re allowed only 48 hours
  • Collect money upfront

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105 reads

Three methods to validate any business idea

  • Direct preselling
  • Use marketplaces
  • Use landing pages

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114 reads

Make money while you sleep

  • Use social media to build an audience who will support you for life
  • Pick a platform (e.g. Instagram, LinkedIn, Facebook, etc)
  • Create content for your core circle
  • Send emails with effective copywriting
  • Get your first subscribers with a landing page

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94 reads

Create and use a lead that magnet gives people an incentive to join your email list

  • A checklist that can be used to properly perform something
  • Atemplate for determining something (e.g. a business’s profit margin)
  • An advanced guide that gives further into the details of a subject
  • x ideas to do something

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86 reads

The growth machine

  • Set a single hyper-focused exact goal
  • Create your marketing experiment list
  • Double down on what works
  • Make your first 100 customers happier

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92 reads

IDEAS CURATED BY

aki_lau

Hi there, I love the idea of summarising ideas for people to digest new content at ease. That's what the world needs more!

CURATOR'S NOTE

Million Dollar Weekend - Noah Kagan

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