TLDR;
Tim Luong shares his experiences and lessons learned from investing $750,000 in online courses, masterminds, and mentorships over seven years. He discusses the specific insights gained from various programs, including those led by Iman Godzi, Sam Levens, Cole Gordon, Tai Lopez, Patrick Bet-David, and Alex Becker. The key takeaways include the importance of investing in content creation, building robust business systems, developing sales and leadership skills, understanding social media strategies, and continuously learning and adapting in business.
- Importance of investing in content creation and building robust business systems for monetization.
- Value of mentorship and masterminds in acquiring business skills and avoiding the isolation of entrepreneurship.
- Significance of sales and leadership training for scaling a business and building a high-performing team.
- Need for continuous learning, adaptation, and strategic pivoting to higher leverage opportunities.
- Importance of social media presence and investment in content creation.
Iman Godzi Mastermind: Scaling a Brand [0:17]
Tim Luong paid Iman Godzi $50,000 to learn how to scale his brand, focusing on Godzi's rapid social media growth. Godzi achieved this by dedicating himself full-time to content creation, employing a CEO to manage his business, and investing heavily in content distribution through numerous Clipper accounts posting content twice daily. This strategy ensured mass brand exposure and awareness. Luong realized the importance of taking content creation seriously and investing significantly in it, while also emphasizing the need for robust business systems to monetize the brand effectively and avoid financial losses. He also learned the importance of having a skilled creative director and marketer on the team to scale the brand and convert leads.
Sam Levens Mastermind: Business Skills and Entrepreneurial Environment [2:00]
Investing $108,000 in Sam Levens' mastermind was the best investment Tim ever made. At 23, living with his parents and with only $40,000 saved, Tim spent $36,000 to join the mastermind, aiming to reach six figures a month. The mastermind provided a crucial environment where Tim met other entrepreneurs, realizing they didn't possess special advantages but had more experience. This realization boosted his confidence and dispelled the feeling of isolation common in business. The competitive environment of the mastermind pushed Tim to improve his business, leading to significant growth. He also learned how to operate the business from a CEO perspective, focusing on high-leverage activities and time management.
Herozis Event: Building a Sellable Business [4:26]
The Herozis event taught Tim how to build companies for the long term, focusing on growth and eventual exit strategies. Key elements for building a sellable business include having multiple lead sources, not relying solely on the founder as the face of the company, generating recurring revenue, and ensuring team independence. If the business depends on the founder's presence or lacks recurring income, it is not easily sellable. Starting a business with the endgame in mind is crucial for long-term success and potential acquisition.
Cole Gordon: Sales and Leadership Training [5:36]
Tim spent $120,000 learning sales and leadership from Cole Gordon, which enabled him to build an eight-figure-a-year sales team. Recognizing a gap in his sales skills, Tim sought to learn from Gordon's expertise in running a sales team. He learned how to recruit closers through job postings on LinkedIn and Facebook groups, and how to develop a sales script to train new hires. Continuous daily training and motivational team meetings are essential for maintaining a high-performing sales team. The trifecta of sales involves call coaching, running effective team meetings, and conducting weekly one-on-ones to address bottlenecks and improve performance.
Tai Lopez: Removing Yourself from Day-to-Day Operations [8:05]
Tai Lopez taught Tim the importance of removing himself from day-to-day operations to scale the business to a nine-figure-a-year trajectory. This involves hiring key operators in every part of the business who can solve problems and drive the business forward, allowing the owner to focus on being the face of the brand. Tim learned how to build systems, form partnerships, and understand that owning 100% of a business is not necessary. Lopez also emphasized the importance of social media and building a personal brand, even if it attracts both love and hate.
Patrick Bet-David: Leadership vs. Management [9:51]
Investing $25,000 in Patrick Bet-David's sales leadership program taught Tim the difference between managing and leading. To reach the next level in business, one must transition from being a manager to a leader who inspires and drives the vision. Leaders attract A-player talent, individuals who are highly capable and choose to work for the leader because of their vision and leadership. Recognizing the importance of A-players led Tim to make necessary changes in his team to meet the new standards, resulting in significant business growth.
Alex Becker: YouTube Ads, SAS, and Marketing Psychology [11:21]
Alex Becker's mastermind taught Tim about YouTube ads, SAS (Software as a Service), and marketing psychology for under $40,000. Tim learned the importance of diversifying lead sources to avoid relying on a single channel. Becker also highlighted the benefits of SAS businesses, which can provide higher leverage and faster wealth accumulation compared to traditional businesses. Jumping into SAS requires cutting lifestyle costs to fund the new venture, as it may be a cash-losing machine for several years until the code is cracked.
Social Media Consultants: Getting Attention [13:40]
Tim spent over $100,000 learning how to get attention through various social media platforms like YouTube, LinkedIn, and Shorts. He learned about shooting, filming, on-camera presence, video editing, writing hooks and scripts, creating thumbnails and titles, and ideation. Packaging, including titles and thumbnails, is crucial for attracting viewers. Taking inspiration from proven concepts and creating unique, differentiated thumbnails are key strategies. Scripted intros are essential for engaging viewers in the first 30 seconds, and bullet-point outlines help maintain focus and clarity in the video content.
Online Courses: Investing in Learning [15:53]
Tim spent over $150,000 on various online courses, with only a few proving truly valuable. Despite many courses not being worthwhile, the knowledge gained from the successful ones compensated for the mistakes made. Tim emphasized the importance of due diligence before buying a course, such as evaluating the free content provided by the instructor. Investing in learning is crucial for building a successful business, and mentorship programs and masterminds are valuable for learning from experienced individuals.