EE 87 - Do you have a 10-year plan?
Listen on Spotify
Do you have a 10 -Year Plan?
Jamie Heaslip was my guest on the podcast this week. You can listen to that episode here.
We went deep on habits, daily routines, investment strategies, and planning. All topics very close to my heart. I was fascinated that he plans in such long cycles and I tried doing it this weekend. It was incredibly useful and strangely calming. Do you have a 10-year plan?
If you do, get in touch and let me know how you do it?
Entrepreneur Experiment Community Update
As revealed last week, I’m testing demand for creating our own private EE community.
Early feedback has been strong and we have over 50 people on the waitlist in just 1 week.
EE Online will be a closed network, limited to a small number of members and it will be a paid community. Price is TBC (approx €199-€299). People who join the waitlist will not only get priority to join but I’ll do a special price for them.
I will only launch this if demand is strong so add your name to the waitlist if you are interested. Otherwise, I’ll create it just for guests who have featured on the pod.
Is Spotify the new YouTube?
I’m clearly biased but I believe podcasts & the entire voice area is going to explode. On that point, Spotify made another big purchase this week paying $235 million for hosting & ad company, Megaphone.
Megaphone allows podcasters to insert dynamic ads into their episodes. It’s very similar to what you see popping up on YouTube when you are watching a video over there.
My guess is that you will see Spotify launch a feature to allow smaller creators and podcasters the ability to monetise their content easily.
I believe Spotify is going to do for podcasts/voice what YouTube did for video creators.
Joe Rogan’s exclusive deal with Spotify kicks in on January 1st, 2021 so I expect the look and feel of the platform to change significantly in early 2021.
Spotify will start to win big when you can only get content from your favourite creators exclusively on that channel. Expect to see them sign up more high profile names in 2021 to exclusive deals following in the footsteps of Rogan, Barack & Michelle Obama & Kim Kardashian.
My prediction is that it will become more of a direct competitor to YouTube as it offers more and more video content.
The share was price was floating around the €120/€130 mark this time last year. At the time of writing, it is at €217 having fallen back from €250-ish during the crazy stock market run of summer 2020.
I wrote this piece for Medium way back in May predicting that the Joe Rogan deal would end up being a bargain for Spotify.
Disclaimer: Feels silly even having to say this but I’m not an investment advisor and my writing should not be taken as investment advice.
Meet the Millionaire Teachers
No shock here but they aren’t teaching 15-year olds Geography and Religion down in Nenagh CBS.
These online teachers are becoming millionaires in just a few years by teaching their specialist topics online.
In the last few years, the cult of the online teacher has grown. I’ve broken down for you who they are and how they get so rich.
The path to success seems to follow this template:
Build a large social following.
Be seen as the go-to expert in a niche area (writing, podcasting, YouTube) by sharing tonnes of free content.
Develop a Skillshare or low-cost course to learn the ropes of teaching.
Launch your own premium course.
Writing: David Perell (133.5K Twitter Followers)
David has carved a niche in the online writing space and is seem as THE expert in writing as the best form of sharing your ideas online.
In February, his Write of Passage course has 198 students each paying $1,200. I’ll save you running the numbers on it. He earned $237,600 for the 7 module online course. You can insert your own mind blown emoji here.
Design: Jack Butcher (67.7 Twitter Followers)
Butcher has gone from zero to just under $2 million in revenue in under 2 years teaching design & courses showing people how to productise a service business.
He was a designer working from job to job when he realised a lot of what he was doing was highly repetitive. Instead of continuing to do it, he created products from his service business. He now also teaches people to become teachers. Teacher Inception.
Irish Niche Example
Emma O’Sullivan teaches Sean-Nos dancing online via Zoom. The long tail effect of the internet means that no matter what skill or talent you have, there are people somewhere in the world who want to learn.
What skill do you have that you could teach? It’s worth thinking about.
How to launch an online course
I found this superb breakdown of how to launch a highly profitable online course from Codie Sanchez.
This Week
Listening
Solider by Jay Morton. Audiobook from one of the guys who appears on the SAS: Who Dares Wins show on Channel 4. I love stories from people who have led a varied life. Enjoying it so far. I had fallen out of the audiobook habit and now have 1 million Audible credits.
Watching
Playstation 5 Review by Mkbhd. I missed the boat on the console pre-orders so I’m having serious FOMO now. Are you team Xbox or Playstation?
Reading
Elon Musk’s Totally Awful, Batshit-Crazy, Completely Bonkers, Most Excellent Year by Vanity Fair. Worth reading for the headline alone!
Long-form article exploring Elon’s crazy year. As an Elon fanboy, I can’t get enough of this type of stuff. Great read.