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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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.
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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.
- 1st 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.
[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!
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