From the archive: This episode was originally recorded and published in 2019. Our interviews on Entrepreneurs On Fire are meant to be evergreen, and we do our best to confirm that all offers and URL’s in these archive episodes are still relevant.
Shaan Patel is the founder of Prep Expert SAT & ACT Preparation & ClearHat Digital Marketing, and winner of a Shark Tank deal with billionaire Mark Cuban.
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Resources
Ever Webinar – The Business Automation Software Of The Year Is Finally Here!
ClearHatMarketing – The World’s Most Effective Digital Marketing Course. Use promo code “EOF” to get 50% discount on Digital Marketing courses! (Sorry! This link was active when this episode was first published in 2019 but is no longer an active offer.)
3 Value Bombs
1) Do what you know. Avoid going into an industry that you know nothing about.
2) Never trade time for money.
3) Self-control is the number one predictor of success.
Sponsors
HubSpot: A platform that’s easy for your entire team to use! Learn how HubSpot can make it easier for your business to grow better at Hubspot.com!
Roll by ADP: Roll is the first chat- based payroll app designed for small businesses. Ready to Roll? Check out RollByADP.com/fire to download the Roll by ADP app and get your first 3 months free!
Ethos: If you don’t have life insurance, then you need Ethos. Visit EthosLife.com/fire to get your free life insurance quote today!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
Today’s Audio MASTERCLASS: How to Build a 7-Figure Side Hustle Without Quitting Your Full-Time Day Job with Shaan Patel
[1:13] – Shaan shares something about himself that most people don’t know.
- Shaan grew up in a budget motel in Las Vegas that his parents owned. He was exposed to the operations of the business and this is how he got into entrepreneurship at a young age.
[3:07] – Shaan talks about “Doing what you know”
- People who want to become entrepreneurs should start a business that they know.
- Billionaire Warren Buffett once said that he became a successful investor by staying within the realm of what he know.
- 1st rule: Do what you know.
[4:42] – Why do you think people should start a service-based company?
- Service-based businesses are so much better for the solo entrepreneur due to the fact that they’re less capital intensive and have a higher probability of success.
- Sell what you know; do it online to reach wider audiences.
- #1 rule is that your strategy is the same; your service should be effective and must deliver measurable results.
[7:04] – Let’s talk about trading time for money.
- Shaan believes that one should never trade time for money.
- Trading hours for dollars will never lead to significant wealth.
- One has to setup a revenue stream that produces income even when sleeping. “Passive income is the path to wealth”.
[9:26] – Shaan discusses the idea of “adding 40 hours to your work week.”
- Starting a business is no easy task – one should work really hard.
- Shaan says he treats his weekends like weekdays, lessens his sleeping hours, and works after his day job for his business.
- To work on a side hustle, one must not forget the hustle part.
[12:42] – How do we do automate with digital marketing?
- The Internet allows an entrepreneur to automate digital marketing, like a store that is open 24 hours a day to 7.5 billion customers.
- Two years ago Shaan decided to use automated webinars in his business.
- Ever Webinar can be used to pre-record a webinar that can automatically close a sale.
[15:39] – A timeout to thank our sponsors!
- Roll by ADP: Roll is the first chat- based payroll app designed for small businesses. Ready to Roll? Check out RollByADP.com/fire to download the Roll by ADP app and get your first 3 months free!
- HubSpot: A platform that’s easy for your entire team to use! Learn how HubSpot can make it easier for your business to grow better at Hubspot.com!
[17:03] – Shaan shares how to generate millions of dollars with free PR & media exposure.
- The biggest PR and media opportunity Shaan ever landed was with Shark Tank.
- Other PR and media outlets include Forbes, Inc Magazine, Fortune.
- Golden rule about pitching on media: promote your great story.
[19:30] – Let’s talk about your deal with Mark Cuban on Shark Tank.
- Shaan co-authored an entrepreneurship book for kids called Kid Start-up with Mark Cuban!
[21:40] – Why do think people should stop sitting around and waiting for handouts?
- Start opening the doors of success yourself instead of waiting for other people to do it for you.
[23:06] – How is it possible to be a part-time entrepreneur in the 21st Century?
- Be aggressive in using web tools and technology for instant business anywhere in the world and at any time of the day.
- Be mobile. Be on the move.
- Take knowledge and experience to the next level.
[25:43] – Shaan’s #1 Secret to entrepreneurial success
- The secret to success in all aspects is self-control, and that self-control is the #1 one predictor of success.
[28:43] – What’s one thing you want make sure Fire Nation gets from our chat today, and how we can find out more about you?
- You can build a 7-figure side hustle with digital marketing, and with self-control, by adding hours to your work week.
- ClearHatMarketing – The World’s Most Effective Digital Marketing Course. Use promo code “EOF” to get 50% discount on Digital Marketing courses! (Sorry! This link was active when this episode was first published in 2019 but is no longer an active offer.)
[32:40] – Thank you to our sponsor!
- HubSpot: A platform that’s easy for your entire team to use! Learn how HubSpot can make it easier for your business to grow better at Hubspot.com!
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!
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