Jesse Krieger is THE Lifestyle Entrepreneur, and author of the book of the same name, subtitled Live Your Dreams, Ignite Your Passions and Run Your Business From Anywhere in The World.
Today we’re chatting about how aspiring side hustlers can come up with new business ideas, validate them quickly, and begin earning money outside of their day job.
It’s a fun session with a lot of brainstorming out loud on various ideas and methodologies of going to market.
I first connected with Jesse through a HelpAReporter query I put out about how to find a business coach, and he was among the responses. Then he sent me a copy of his book and I thought he would be an interesting person to bring on for the podcast.
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Learn:
- Why some people think the term “lifestyle business” is a negative.
- How Jesse recommends side hustlers come up with business ideas.
- Why competition in your marketplace is actually a good thing.
- How to put your unique twist on an existing product or service to start your own business.
- Jesse’s “Business in a Weekend” framework.
- Our thoughts on start-up costs / investments, and why you should consider the compound effect of investing in yourself.
- Jesse’s #1 tip for Side Hustle Nation.
Links:
- Lifestyle Entrepreneur (the book)
- Lifestyle Entrepreneur (blog)
- Great by Choice
- Elance
- USBstore.co
- Alibaba
- GlobalSources
- HKTDC
- BusinessInAWeekend.co <– get the first 3 chapters of Jesse’s book free
- LifestyleEntrepreneurSummit.com
What do you think? Does Jesse’s lifestyle business framework work for you? Let me know in the comments below.
Win a Free Copy of Jesse’s Book!
In the comments below, share your biggest takeaway from this week’s show and I’ll select a winner to send a free copy of Lifestyle Entrepreneur! Hurry, this contest closes next Thursday, July 31st.
My biggest takeaway is that ideas are worthless and execution is everything.
Hi Karen, I wouldn’t say ideas are worthless, but they are certainly way easier to generate than some people think. In the process of execution, the idea will be refined and become real by virtue of people actually interacting with it.
All the best – Jesse
Do you believe that an idea can transform? And, if it does should I be concerned that I am deviating too much?
Have you seen Derek Sivers’ take on this? http://sivers.org/multiply
Nick,
I love the idea of business in a weekend course. Jesse’s example on creating a conference was a great one. I am curious why some people have a negative feeling about “lifestyle business”, or even “internet business”?
Do you think for “internet business” that tide is slowly turning toward the positive since we are seeing more and more people creating valuable products?
Great show
Hey Ryan, thanks for checking out the episode. It is funny how some people conceive a “lifestyle business” as a negative thing. It’s likely because there are a lot of hucksters out there and there are a lot of crap products, programs, books, etc. that make it sound super easy to “get rich online” – It takes effort to build any business BUT the upshot is that with an online business, you have the freedom to travel and do what you love once it is set up and running
Nick I actually found a number of great takeaways during this podcast but the Biggest Takeaway is building a business around a person’s interest and passion. Afterwards look at the economy around it for products and services. This is essentially how to monetize it. Look for opportunities for training, coaching, information products, or whatever to build a business around this passion. As Jesse said it’s not about a means to the end.
Mark,
Great points. Building a business around interests will keep you fueled when times get tough, or the road is slower going than you had imagined.
I would also suggest taking a look at products/services you like and see if there is a way to build an insider’s guide, or find a way to create ancillary products and services around them. The one that best comes to mind is Evernote Essentials. I never thought I would have needed that but it has become a useful tool with every update.
Hey Mark, glad you liked the episode! You nailed it, business shouldn’t be just a means to an end because it could take a loooong time to get to the end, or it may not work out at all. I’d always rather fail playing the game I want to win, then to “succeed” doing something I don’t enjoy.
Excellent points guys — thanks for sharing!
You know, as I listened to this, all I thought about was the old quote, “either crap or get off the pot!” when it comes down to starting and investing in yourself/business. So many have the mindset that we got from our schools that failure is a bad thing. As a teacher, I try to share with the kids that failure is a great opportunity to learn something new! My advice to all side hustlers, is to get out there and try and spend a little money on yourself and your business. Just by starting, it is now not a matter of if, but it is now a matter of when you will be successful! And you will learn and be more successful than where you currently sit (that pot-lol!)!!!!!
Love it Domenic! Failure is inevitable, there is no avoiding it. And if you fail enough times, then inevitably you have some wins along the way. I use baseball as an analogy…Babe Ruth, one of the all-time greatest home run hitters, still struck out 7/10 times at bat. Thats MORE than 50%! Michael Jordan, same deal. Entrepreneurship is no different, and you learn 10x more from making mistakes than getting lucky the first time.
Investing in your learning, trying out ideas, building things (business, blog, podcast) is always more rewarding that buying stuff. I could go on, but I think we’re on the same page :)
Yeah buddy. Thanks for stopping by Domenic and telling it how it is!
Great episode Nick. I’m checking out the Big 3 websites for value dense products right now. Thanks for another awesome interview. I still want to learn more about Drop Shipping. Have you done a show on that yet? I may have missed it.
Hi Krystal, glad you enjoyed the episode! That concept of value density could easily save you a huge business headache, really glad Nick asked me about it. There is a lot of info in my book, Lifestyle Entrepreneur about setting up a drop-shipper, or just shoot me an email.
Best – Jesse
Haven’t done one on dropshipping yet — it’s on the list :)
Great show!! My big takeaway is that everything does not have to be brand new, it can be a crank of something already in existence. I’ve been going crazy trying to think of the ‘next big thing’ and it doesn’t have to be that way! A quick update or a more efficient way to do something is all I may need. Thanks!!
Hi Tanisha, glad you liked the show! Yes, that’s a good takeaway. In fact, most “innovation” is really an incremental improvement on what already exists. When you create something brand new you run the risk of creating something no one wants. Finding something successful and adding your own twist to it (ie, adding value) is a faster, easier path to entrepreneurship.
Indeed — I like the idea of iterating on a current product or service with your own unique value added twist.
For example, with my shoe business, it definitely wasn’t the first comparison shopping site in the world, but it was the first (that I know of) completely dedicated to footwear. Because of that, we could have tighter algorithms and work closer with the stores for exclusive deals.
My biggest takeaway was the idea of investing in yourself. I recently read an article about networking that suggested setting aside money each month for an “interesting people fund” so there’s no reluctance or guilt and you can jump on opportunities to meet new people or reconnect with mentors. So a similar idea of setting aside money to spend on yourself and business makes a lot of sense to me. Thanks for the great episode!
Cool idea! The idea of a “side hustle” fund is definitely something I could explore in a little more depth!