Shaan Patel is the founder of Prep Expert SAT & ACT Preparation & ClearHat Digital Marketing, and winner of a Shark Tank deal with billionaire Mark Cuban.

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Resources

Ever Webinar – The Business Automation Software Of The Year Is Finally Here!

ClearHatMarketing – The World’s Most Effective Digital Marketing Course. Use promo code “EOF” to get 50% discount on Digital Marketing courses!

3 Value Bombs

1) Do what you know. Avoid going into an industry that you know nothing about.

2) Never trade time for money.

3) Self-control is the number one predictor of success.

Sponsors

Capterra: Online reviews help us make decisions daily – and they can also help you find the right software for your business! Visit Capterra.com/fire to find the tools to make an informed software decision for your business today!

TransUnion ShareAble for Hires: Enables immediate access to employment screening tools that deliver reports in minutes! Start your on-demand screening at Shareable.com/fire and use code ONFIRE50 at checkout to save 50% on your first screening!

Show Notes

**Click the time stamp to jump directly to that point in the episode.

Today’s Audio MASTERCLASS: How to Build a 7-Figure Side Hustle Without Quitting Your Full-Time Day Job with Shaan Patel

[1:13] – Shaan shares something about himself that most people don’t know.

• Shaan grew up in a budget motel in Las Vegas that his parents owned. He was exposed to the operations of the business and this is how he got into entrepreneurship at a young age.

[3:07] – Shaan talks about “Doing what you know”

• People who want to become entrepreneurs should start a business that they know.
• Billionaire Warren Buffett once said that he became a successful investor by staying within the realm of what he know.
• 1^st rule: Do what you know.

[4:42] – Why do you think people should start a service-based company?

• Service-based businesses are so much better for the solo entrepreneur due to the fact that they’re less capital intensive and have a higher probability of success.
• Sell what you know; do it online to reach wider audiences.
• #1 rule is that your strategy is the same; your service should be effective and must deliver measurable results.

[7:04] – Let’s talk about trading time for money.

• Shaan believes that one should never trade time for money.
• Trading hours for dollars will never lead to significant wealth.
• One has to setup a revenue stream that produces income even when sleeping. “Passive income is the path to wealth”.

[9:26] – Shaan discusses the idea of “adding 40 hours to your work week.”

• Starting a business is no easy task – one should work really hard.
• Shaan says he treats his weekends like weekdays, lessens his sleeping hours, and works after his day job for his business.
• To work on a side hustle, one must not forget the hustle part.

[12:42] – How do we do automate with digital marketing?

• The Internet allows an entrepreneur to automate digital marketing, like a store that is open 24 hours a day to 7.5 billion customers.
• Two years ago Shaan decided to use automated webinars in his business.
• Ever Webinar can be used to pre-record a webinar that can automatically close a sale.

[15:39] – A timeout to thank our sponsors, Capterra and TransUnion ShareAble for Hires!

[17:03] – Shaan shares how to generate millions of dollars with free PR & media exposure.

• The biggest PR and media opportunity Shaan ever landed was with Shark Tank.
• Other PR and media outlets include Forbes, Inc Magazine, Fortune.
• Golden rule about pitching on media: promote your great story.

[19:30] – Let’s talk about your deal with Mark Cuban on Shark Tank.

• Shaan co-authored an entrepreneurship book for kids called Kid Start-up with Mark Cuban!

[21:40] – Why do think people should stop sitting around and waiting for handouts?

• Start opening the doors of success yourself instead of waiting for other people to do it for you.

[23:06] – How is it possible to be a part-time entrepreneur in the 21st Century?

• Be aggressive in using web tools and technology for instant business anywhere in the world and at any time of the day.
• Be mobile. Be on the move.
• Take knowledge and experience to the next level.

[25:43] – Shaan’s #1 Secret to entrepreneurial success

• The secret to success in all aspects is self-control, and that self-control is the #1 one predictor of success.

[28:43] – What’s one thing you want make sure Fire Nation gets from our chat today, and how we can find out more about you?

• You can build a 7-figure side hustle with digital marketing, and with self-control, by adding hours to your work week.
• ClearHatMarketing – The World’s Most Effective Digital Marketing Course. Use promo code “EOF” to get 50% discount on Digital Marketing courses!

Killer Resources!

1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!

2) Free Podcast Course: Learn from JLD how to create and launch your podcast!

3) Podcasters’ Paradise: The #1 podcasting community in the world!

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