Lee LeFever is the co-founder of Common Craft, pioneer of explainer videos, and author of The Art of Explanation and Big Enough.

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Guest Resources

Lee’s Website – Visit and learn more about Lee and connect with him.

Common Craft – Our Product is Explanation.

3 Value Bombs

1) Most people will decide success based on what gives them more time versus money, which is difficult.

2) Time is like a precious wealth you cannot store or save for later. Unlike money, you cannot control time; it slips away no matter what. So, if time matters to you, you have to prioritize it in your life.

3) Achieving a lifestyle where you have time is a different kind of success that brings personal happiness. Building businesses to gain time and wealth is possible, but this is rarely discussed.

Show Notes

**Click the time stamp to jump directly to that point in the episode.

Today’s Audio MASTERCLASS: The Big Enough Approach to Entrepreneurship with Lee LeFever

[1:30] – Lee shares something he believes about becoming successful that most people disagree with.

He believes people will decide success based on what gives them more time versus money, which is not easy.

[2:38] – Lee shares about The Common Craft Story.

In 2007, Lee and his wife, Fauci, created animated videos using paper cutouts on a whiteboard.
They called them “RSS and Plain English Wikis in Plain English.” These videos, which were the 2007 equivalent of going viral, marked the beginning of our journey as video producers specializing in explainer videos.
They became recognized as pioneers in this field and received contracts from large corporations.
Eventually, they shifted gears to focus on producing our content, which they licensed through their membership service at Common Craft.
Since around 2008 or 2009, our primary occupation has been running this membership service and educating people on creating their explainer videos.

[4:04] – What do you mean by “Choosing to be small as a constraint.”?

In 2008, they established a traditional creative studio or created educational videos to help educators teach technology.
They decided not to expand into a studio as it would tie them to service-based work. Instead, they explored licensing to grow their business. They viewed their videos as valuable products protected by copyright.
Lee’s “business of permission” approach involved licensing their videos multiple times for passive income, promising steady earnings compared to service-based work’s short-term gains.

[5:57] – Lee shares a couple of examples of long-term scalable business models.

As a small business run by two people, they call the shots on where their business is headed. They understood that transitioning to the long-term licensing strategy might initially reduce our income. However, they believed it would pay off in the long run. This commitment required us to be prepared for a temporary decrease in earnings.
For businesses with employees and payroll to meet, securing short-term income through services like custom videos becomes crucial. Their unique situation highlights how small businesses can embrace calculated risks and navigate through income fluctuations as they transition to new strategies.

[7:34] – A timeout to thank our sponsors!

HubSpot: With HubSpot’s customer platform you can spend less time switching between systems, and more time on growing your business. Visit HubSpot.com to learn how HubSpot’s customer platform can help you grow your business!
ThriveTime Show: Want to meet me, JLD?! Attend Clay Clark’s 2-Day Interactive Business Workshop & meet me – JLD – Tim Tebow, & Clay Clark this June! Learn More & Request Your Ticket At ThrivetimeShow.com/EOFire!

[10:07] – What do you mean by “Time as a shareholder value”?

The primary purpose of businesses, especially larger ones, is to create value for shareholders. But even small companies have stakeholders, sometimes just the owners themselves.
While many focus solely on financial gains, like income, it is also possible to see time as a form of shareholder value.
As a small business owner, you can consider financial and time-related goals. Time can mean flexibility, location, or lifestyle choices. Small businesses can uniquely prioritize what matters most to them by broadening the definition of shareholder value beyond money.

[12:19] – Lee talks about Two-person Team business models.

Satya and Lee have very different skills, and that is what makes their team strong.
While Lee focuses on the creative aspects like writing scripts and making videos, Satya is analytical and detail-oriented. She excels as an editor and handles the business side, acting like a CEO, while he takes on more of a creative director role.
They both play integral parts in our everyday discussions about the business, which has become a natural part of our lives.

[13:20] – Lee believes that free, unstructured time is becoming a form of wealth.

Time is like a precious wealth you cannot store or save for later. Unlike money, you cannot control time; it slips away no matter what. So, if time matters to you, you have to prioritize it in your life.
Success is usually linked to money, which makes sense. However, there is another aspect of success related to having time.
Achieving a lifestyle where you have time is a different kind of success that brings personal happiness. Building businesses to gain time and wealth is possible, but this is rarely discussed.

[14:48] – Lee talks about his book – Big Enough and shares why he decided to write this book and why Fire Nation needs to give this a read.

From the start, his wife’s unique view on time shaped their entrepreneurial journey. She led them to embrace staying trim, which offered a different outlook.
Not everyone will make videos or pursue licensing like them, but he wanted to challenge the idea that success means getting huge like a unicorn. While ambitious goals are vital, there is a concern that it is seen as the only way.
Entrepreneurship can be challenging and affect personal life and health. With “Big Enough,” Lee aimed to showcase their unconventional path as a two-person team.
They wanted to demonstrate that the web opens new business opportunities and that thinking differently can lead to fresh perspectives and inspiring outcomes.

[16:52] – Lee gives his call to action.

Lee’s Website – Visit and learn more about Lee and connect with him.

[16:53] – Thank you to our Sponsors!

HubSpot: With HubSpot’s customer platform you can spend less time switching between systems, and more time on growing your business. Visit HubSpot.com to learn how HubSpot’s customer platform can help you grow your business!
ThriveTime Show: Want to meet me, JLD?! Attend Clay Clark’s 2-Day Interactive Business Workshop & meet me – JLD – Tim Tebow, & Clay Clark this June! Learn More & Request Your Ticket At ThrivetimeShow.com/EOFire!

Killer Resources!

1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!

2) Free Podcast Course: Learn from JLD how to create and launch your podcast!

3) Podcasters’ Paradise: The #1 podcasting community in the world!

The Big Enough Approach to Entrepreneurship with Lee LeFever

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