Hey ,
Hey, it’s Zach here…
I covered Part 1 of the top 20 learnings from Inner Sanctum last week.
It’s a blast isn’t it…
With that, let’s dive straight into Part 2 where I’ll cover the last 10 mouth-watering insights.
11. Vision + Discipline Keeps us Grounded
Kenneth shared the importance of having a vision to look forward to.
Having a vision keeps you disciplined, grounded and well-behaved.
If people don’t have a vision to look forward to, they don’t adopt discipline and good habits (restraint).
A vision gives you boundaries to keep you grounded and protects you from distractions.
In Biblical Scriptures, if you want to be happy, you have to be disciplined and abide by the commandments.
Happiness doesn’t lie in freedom.
There are lots of people who indulge in freedom and pleasure but they don’t get happiness from it. Yes, they might get a sense of euphoria or temporary joy but that’s not happiness.
Real happiness actually lies in having constraints with the context of nurturing a vision.
A vision you find meaning in.
So vision creates happiness – because vision narrows your focus and freedom.
In fact, the reason why most modern people are unhappy is because they suffer from a paradox of choice.
12. The Importance of Vision Reinforcement
Your vision needs to be clarified and nurtured.
You have to make your vision clear and take action (even if it’s tiny steps) towards that.
If your vision isn’t clear yet… then actively work on your passion or strengths until it becomes clear. (It can be a side-hustle, gig or a pet project).
Be sure to take tiny steps towards achieving it:
You can build a habit and work from there.
E.g. you could be writing your emails… posting an affiliate link.
Sometimes, you don’t know what your right path is because life is not black and white.
As long as you keep watering the soil (doing the boring everyday thing to service the vision), it will become clearer and clearer.
13. As a founder, you have to think about Culture from Day 1.
Hiring and management is all about team culture.
As your business grows and more and more people get involved, culture gets more and more important.
Whenever you are hiring, you have to ensure the new hire fits into the team culture of your company.
It’s much easier if you bring someone good into your company rather than to hire carelessly where you let the new hire create chaos and then try to solve that problem later.
14. Cash is not KING. Equity is KING.
When it comes to partnership arrangements, you need to be extremely careful of how you deal with equity.
Equity gives you control of your company.
When you lose control of your equity, it’s extremely difficult to recover it.
Equity is far, far bigger than cash.
Equity gives you control. If you don’t have it… you don’t have your company.
15. Your stumbling blocks are your building blocks.
Your failures will build you up.
Every mistake you make creates your foundation.
Don’t be afraid of failure.
16. Embrace the Franken-Mind.
Franken Mind is like Frankenstein — a monster with various parts where each part (i.e. head, arm, legs) is from somewhere.
As opposed to the conventional theory of becoming a specialist and being really good at 1 thing… the idea is we want to develop a broad set of expertise which complements each other.
For example,
Even though Kenneth is an amazing copywriter… if he sticks purely to writing copy, his success is limited.
On top of that, Kenneth has extensive experience in corporate consulting and he has a massive list of leads in Asia. This gives him the option of doing lucrative JV partnerships with other offer owners.
Moreover, Kenneth is fantastic at teaching too.
Teaching is a completely different skill from writing copy.
Finally, he picked up Affiliate marketing and is able to speak their lingo… metrics like CPCs, EPCs or CPL.
As a result of combining 4 different skill sets:
Copywriting + Corporate Consulting + Affiliate Marketing + Teaching
This created many more money-making opportunities for him which are far more interesting.
Can you see how powerful the idea of the Franken-Mind is?
When you combine different skill-sets together, you can literally form something that’s greater than its sum of parts.
17. Find a market you love and you want to solve problems for.
Define that market.
You have to ensure that the market relates to the pain or problem you’re trying to solve.
Too many people start a business by focusing on the exact product or service they want to sell.
Instead, you should always enter market-first.
18. In business, Qualification is everything.
Find out who do you want to serve.
Most business owners will accept any customers.
A magnetic business owner will attract certain types of customers and repel certain types of customers.
As much as you want to pull people in, you also want to push people you don’t want away.
There’s no way to create a product that fits everyone. You can’t serve everybody.
19. Most Billionaires are experts in De-Risking (Eliminating Risk).
A way to reduce risk: You can insert a clause in your deals stating Money-Back if the client doesn’t fulfil the partnership requirements.”
Manage the various variables with second or third-order thinking to leverage opportunities and remove risks.
Don’t take more risk than you can afford to.
20. Ride the K-Shaped Waves and Mega-Trends.
From K-Shape Waves, we can predict which industries will explode exponentially over the next one or two decades.
So be sure to make full use of it.
As we’re entering a post-Covid era, there are tonnes of K-Shaped waves we can seize.
For example:
- Mental Health.
- Menopause.
- Diabetes
- Weight loss.
- Crypto.
- Blockchain.
- E-Commerce.
- Insomnia and Sleep Market.
These are markets projected to grow at an above-average pace for the next 10 years.
If we’re able to leverage these waves, we can make a good windfall from it.
This is also why Kenneth paid a lot of money to learn from one of the biggest guys in the Supplement industry last year.
The simple idea is that we should abandon sinking ships and pursue rising, explosive opportunities.
That’s it!
There we go… all top 20 learning insights from Inner Sanctum.
Which is your favourite nugget?
Hit the ‘REPLY’ button and lemme know!
Cheers,
Zach