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Billionaires aren't a different species. They just do things that you're not doing yet. Everything around you that you call life was made up by people that were no smarter than you.
Evan Carmichael analyzes 50 billionaires to reveal the common habits and beliefs that anyone can adopt to achieve success.
Key Takeaways
- Self-belief is the foundation of billionaire success.
- Persistence and resilience in the face of rejection are crucial.
- Hard work and focused effort create disproportionate results.
- Innovative solutions often arise from personal challenges.
- Success habits are learnable and not exclusive to the wealthy or connected.
Summary
- Billionaires are not a different species; they adopt habits and mindsets accessible to everyone.
- 67% of billionaires are self-made, starting with little to no resources or connections.
- Success stems from believing in oneself before external proof or validation.
- Persistence through repeated rejection is a common trait among billionaires.
- Hard work and focused effort significantly multiply productivity and results.
- Innovative ideas often start from simple personal problems and small beginnings.
- Billionaires refuse to remain secretive and actively promote their ideas and brands.
- They compete by betting on themselves and not waiting for external approval.
- The video highlights the story of Sarah Blakeley, founder of Spanx, as a prime example.
- Habits and beliefs that lead to billionaire success can be learned and applied by anyone.
Chapters
- 00:00Introduction: Billionaires Are Just Like You
- 02:43Sarah Blakeley's Billion Dollar Idea and Persistence
- 05:45Common Traits of Self-Made Billionaires
- 08:53The Power of Focused Work and Overcoming Pain
- 12:17Making Yourself Known and Refusing to Be a Secret
- 18:58The Importance of Skills and Market Trends
- 23:14Marketing, Storytelling, and Business Survival
- 27:41Avoiding Blind Spots and Building Systems
- 31:52Owning Your Business Foundation and Avoiding Risks
Full Transcript — Download SRT & Markdown
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I just read and read and read. I probably read five to six hours a day.
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And I went digging through the data on the world's richest people. And according to Forbes, 67% of them are self-made, meaning they built the whole thing themselves instead of inheriting a single dollar. W and I started Apple in
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my parents' garage when I was 20. People like me, I was born in a very poor family. I never got a great education. I failed all the examinations. For what reason? I don't know. Later I realized I don't have money. I don't have
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technology. I don't have a lot of good backgrounds. We have a rich uncle or something. No, the only thing I compete with my people then young people is let's compete for 10 years later. So the habits that separate them from everyone
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else are the exact same habits sitting available to us today. And by the end of this video, you're going to know precisely what they are. Apple suffered for several years from lousy engineering management. There were people that were
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going off in 18 different directions doing arguably interesting things in each one of them. Good engineers, lousy management.
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You need to work super hard. And I mean, if you do the simple math, you say like, okay, if somebody else is working 50 hours and you're working 100, you'll get twice as done as much done in the course
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of a year as the as the other company. Let me tell you about a young woman selling fax machines door in Florida.
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Her name was Sarah Blakeley. Every day she'd put on her suit, walk into offices, and get doors slammed in her face so many times that she started to expect the rejection before she even knocked.
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I did that for about 3 months, worked at Disney World, and then I ended up selling fax machines door to door for 7 years until I cut the feet out of my panty hose.
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She had no background in fashion, no business degree, no rich family, and no connections in any industry that mattered to her. I'd never taken a business class. I'd never worked in fashion or retail. And I had $5,000 in
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savings. I just moved out of my mother's house. I was 27 years old and I was probably dating a loser at the time.
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What she did have was one small idea. She hated how her panty hose looked under white pants. So, one night she grabbed scissors and cut the feet off.
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And suddenly, she looked smooth and put together. It all started with my own butt. I did not like the way that it looked in white pants. So, I decided to take matters into my own hands and I cut the feet out
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of control top panty hose, threw them on under my white pants, looked fabulous, felt great, but they rolled up my legs all night. And at the end of that night, I went to a party in Buckhead. I said to
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myself, I have got to figure out a way to create this so that it stays down on the leg.
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That was a whole billion dollar idea at the start. She took $5,000 of her own savings, every penny she had, and went to work. And here's where almost everybody else would have folded. She drove all over North Carolina to the
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different hosiery mills and every single one of them told her no. They thought her idea was silly.
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I went to a website called thomasnet.com where I found a list of all US manufacturers and I literally went down the list finding hosiery and shapewear and started calling each one of them on the phone. Well, I did this for about 6
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to 8 months and everybody said the same thing which was basically no. She spent two years hearing no from the very people who made the product until one mill owner whose own daughters begged him to help her finally said yes. I
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actually got a phone call from one of the manufacturers in North Carolina, Sam Kaplan in Charlotte. And he said, I quote, "Sarah I've decided to help make your crazy idea." And when I asked him why he had the change of heart, he simply said, "I
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have two daughters." So he had run the idea by his daughters. They said, "It's brilliant. Dad helped this girl make it and he we set out to make it.
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Then she cold called Neiman Marcus, one of the biggest retailers in the country with zero connections and somehow landed a meeting.
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Second she answered the phone. I took a very deep breath. I was so scared and I said, "Hi, this is Sarah Blakeley and I've invented something that's going to completely change the way all of your customers wear clothes and I'll fly to
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see you if you'll give me 5 minutes." And she just kind of took a pause and she goes, "Well, where do you live?" I said "Atlanta." She goes, "All right, if you're willing to fly here, I'll give you 10 to 15
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minutes." When she felt the buyer losing interest, she asked the woman to come to the bathroom and showed her live how she looked in the product versus without it.
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The buyer said yes on the spot. I went to the Neiman Marcus headquarters and I started going into my spiel and I was I knew I wasn't really making a ton of sense. And so halfway through it, I
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go, "You know what? You just have to come with me to the bathroom." I go into the stall. I have on the white pants that caused me to invent it. And I come out with the Spanx on. I turn around. I
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had just shown her what it looked like without the Spanx on. And she took a step back and she goes, "I get it." And then she goes, "It's brilliant." Then Oprah Winfrey named it one of her favorite things and it exploded. Sarah
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Blakeley built Spanx into a company worth over a billion dollars while owning 100% of it, never taking a dime of outside investment and never spending money on advertising. In 2012, she became the youngest self-made female billionaire in the world at 41. She
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started by selling fax machines and cutting up her own panty hose. She didn't have anything that you don't have, but she did do something with it.
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Now, here's some of the objections that often come out. You might be thinking, "Okay, sure, but these people, they're just built differently. They're geniuses. They got lucky. They had connections or rich parents that I'll never have." And listen, I understand
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why it feels that way because that story also makes people feel comfortable. It lets you off the hook. But look at the data again. 67% of them are self-made.
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Sarah Blakeley was selling fax machines. Michael Dell was a broke college kid. When you dig into their real stories over and over, you find people who started with almost nothing and got rejected for years. What they had was a
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set of habits and beliefs that anyone can copy, including us, starting today. And that's genuinely great news because a habit can be learned. A rich uncle can't. Luck can't be scheduled, but a habit you can install this week and run
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for the rest of your life. So I look closely at how these people actually think and operate and the same seven patterns show up again and again no matter the industry, the country or the decade. So let me walk you through
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exactly what all of them have in common. Now if you've been here before, drop a hashtag believe in the comments below so I can feature you here in a future video. And if you're new, welcome to Believe Nation, the only channel that
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helps you believe in yourself daily, one video at a time. Believe it. They bet on themselves before anyone else would. The first thing they all have in common, these billionaires, is that they believed in themselves before there was a shred of proof that they
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should. Sarah Blakeley believed in cut up pantyhose while every mill owner in North Carolina laughed her out of the building. Michael Dell believed in his idea so much that he started building and selling computers out of his dorm
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room with about a thousand dollars to his name. Then dropped out of school to go and chase his dream. Larry Ellison started Oracle, which became one of the biggest software companies on the planet with less than $2,000. None of them
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waited for some committee to approve them an
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It's a decision that you make on purpose every day. You press your inner I believe button, especially on the days when there's zero evidence yet and everyone around you thinks that you have lost your mind. Notice something. None
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of these billionaires believe because it wasn't working. They believe first and the working came second. That's the order almost everyone gets backwards.
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They say, "I'll believe in myself once I see results, but the results only show up for people who believe before the results existed." So, here's what we do today. Pick the thing that you've been doubting yourself on and take one small
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action that only makes sense if you believe it's going to work. Register that domain name. Make the first call.
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Post the first video. Because if you won't bet on you, you can't expect anyone else to.
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They outwork the room because they're genuinely obsessed. So, the second thing billionaires share is a work ethic that borders on obsession. Elon Musk has openly talked about working over a 100 hours a week for years while building his companies. Now, I'm not telling you
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to burn yourself out, but the lesson that I found underneath the hours is when you're genuinely obsessed with what you're building, the work stops feeling like work. The hours fly by because you actually want to be there. Billionaires
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didn't force them through something that they hated, they found the thing that they were so lit up by that they do it for free and then they poured everything into it so they could make money at it, too. The takeaway isn't to just grind a
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100 hours starting Monday. It's find the work that pulls that energy out of you naturally. So the project that you stay up late for because you can't wait to see what happens next with it. And let me be clear about what obsession really
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means because I don't want you to hear it wrong. It doesn't mean abandon your family. It means when you're working, you're actually working fully present, not half scrolling through your phone while pretending that you're building your dream. An hour of total focus will
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beat 8 hours of distracted effort. That's how a person with a full-time job and two kids still build something extraordinary on the side, one obsessed hour at a time before the whole world wakes up. Because being leads to doing.
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When you become someone obsessed with a mission that's bigger than yourself, the doing takes care of itself. And you will outwork rooms full of more talented people who are only there for a paycheck or a strategy. Obsession beats talent
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every single time. They're learning machines who read more than they react. So number three habit for billionaires is not as uh in-your-face as some of the other ones, but it's still really powerful. These people are relentless lifelong learners.
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Warren Buffett, one of the greatest investors who ever lived, has said that he reads something like 500 pages a day and that his success builds the way compound interest builds a little knowledge stacked every day for decades.
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Bill Gates reads around 50 books a year and takes a full week off twice a year just to read and think. Do you see the pattern here? While everyone else is scrolling and reacting to the day, billionaires are feeding their minds and
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they guard their thinking time. And here's the what I think it's a really beautiful part for us. This is the single easiest habit on the whole list to copyright now for free. You don't need $5,000 or a dur room or even an
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idea yet. You just need to read 10 pages a day. Listen to the audio book on your commute. Watch the interview with someone who has done what you want to do instead of the show that leaves you entertained but empty. Every book, every
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video is a mentor that you can carry in your pocket. Someone who spent 30 years learning something hard and packed the rest of it into a few hours just for you. So, pick the one area that you want
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to change the most. Your health, your money, your business, and read the best three books on it this quarter. That alone puts you ahead of almost everyone you know because the average person doesn't finish a single book after
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school ends. Knowledge compounds exactly like money does. And the people at the top, they never ever stop being students.
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They turn their deepest pain into their purpose. Number four habit of billionaires is the one that hits me at my core because it's uh everything that I teach. The most driven people on the planet almost always built their success
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on top of their pain. Your purpose comes from your pain. the exact thing that you struggled with. Uh the wound that you still carry around, that is usually the thing that you're meant to help the world with. So, let's look at Oprah
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Winfrey. She was born into deep poverty and survived abuse as a child. And she took all of that pain and transformed it into one of the most powerful platforms for human connection the world has ever seen, becoming a billionaire as well in
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the process. Now, she didn't bury the pain. She poured it at her mission. Sarah Blakeley kept every rejection letter she ever got and her father used to ask her at dinner what she failed at that week to celebrate the failure so
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she'd never fear it. She turned the the pain of a thousand slam doors into a force for good for her. So the work for us stop running from your pain and start asking what it's trying to point you
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towards. What have you survived that you could now help someone else survive? What problem do you understand from the inside out because you actually lived it? That is not a weakness that then you hide. It's a map of purpose for you. The
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billionaires don't have less pain than you. They just pointed it in a positive direction. Also, if you want to take real action after this video, I made a free worksheet just for you. It covers the top lessons from today, gives you
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space to write your biggest takeaways, and helps you build a simple action plan. It's 100% free. Just click the link in the description below to go grab it, and I will see you there.
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They focus on one thing and cut the rest ruthlessly. So, number five habit of billionaires, they say no to almost everything. When Steve Jobs came back to Apple, the company was drowning in dozens of confusing products, and he
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walked in and slashed the entire lineup of products down to just four. He said, "Focus isn't about saying yes to what you love. It's about saying no to the hundred other good ideas." And this connects to one of the most important
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truths. 10 times is easier than two times. To merely double what you've got, you can grind harder at everything you're already doing. But to grow 10 times, you're forced to drop the 80% of your effort that's going to average
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things and pour everything into the 20% that you're genuinely world class at. The billionaires, they're masters at this. They find the one thing that they're best in the world at and they cut away everything else that creates distractions for them. They eliminate
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busy work. They automate what a tool can handle. They delegate the rest so their own hands only touch the work that only they can do. So now it's time to get brutally honest about where your hours are actually going. Write down every
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project, every commitment pulling at your attention. Then circle the one that would make everything else easier if you nailed it. That's your one thing.
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Everything you didn't circle, that's a distraction. Something to delegate or something to to let die on purpose. One scattered person doing 15 things is always beaten by a focused person doing one thing at a worldclass level. So pick
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your one thing, go all in, and let the rest go. They play the long game when everyone else wants it. Now, number six habit of billionaires is patience. The trait almost nobody talks about because it is not sexy. These people think in decades
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while everyone else thinks in days. Jeff Bezos ran Amazon at a loss for years, absorbing brutal criticism because he was building for a future that only he could see. Warren Buffett made the vast majority of his enormous wealth after
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the age of 50 simply by letting compounding do the heavy lifting over decades of patience that most people never have. Sarah Blakeley spent two full years just getting a factory to say yes before Spanx ever hit the shelf. So
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this pattern is everywhere. The billionaires, they plant seeds and they're willing to wait for the forest to grow. This world is addicted to overnight results. And you can use that as your unfair advantage because almost everybody quits early. They start a
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business. They give up at month three. They start investing and panic sell the moment the market dips a little bit.
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They start a channel and delete everything after 20 videos. If you can simply become the person who keeps going while others quit, who lets the compounding happen for them, who plants and waters the seeds without, you know, pulling it up every week and starting to
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go do something new, you'll one day be standing in front of a forest while everyone else is still complaining that their seeds never did anything in a weekend. So, stop asking how fast can this pay off and start asking where will
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this be in 5 years if I don't quit. The late gratification uh is seen as a punishment, but it's not. It really just is the price of admission to get everything that you truly want, one patient year at a time.
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They make absolutely sure the world knows who they are. The final thing that billionaires share is that they flat out refuse to be a secret. Best known beats best. It does not matter how good your product or your talent is if nobody on
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earth knows you or your company exists. The most successful people understand that being great in private doesn't really get you very far. uh especially if your company is great in private. So they tell their story and they make sure
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that they're seen. Their company is seen. Sarah Blakeley got Spanx into Oprah's hands and became the face of her own company on purpose. These founders put themselves out there or their companies out there again and again long before they felt polished or they felt
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ready. And this is exactly where so many talented people lose because you're brilliant, but you're hiding yourself telling that the work isn't good enough and hopefully someday we'll magically discover all of this stuff. That's not how it works. and waiting to be
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discovered is how most gifted people stay broke their entire lives. You have to be willing to be seen. So, pick one platform, just one, and share one useful thing that you know. It's not going to be a masterpiece. That's okay. Just one
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honest, helpful thing, and then do it again tomorrow. You'll be bad at first, and that's fine. I made about 350 videos before I stopped being completely embarrassed by my content. And so, get out there, start making. And there's one
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more thing underneath all of these seven habits, and it holds them all together. These people fail more than everyone else tries, not less. James Dyson built 5,126 failed prototypes over 15 years before his vacuum finally worked. And today,
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he's a billionaire because of it. To them, a failure is not proof that they're not good enough. It's just one piece of information, one step closer to finding the thing that works. So, go collect some nos on purpose. When you
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stop being afraid to fail, you almost become impossible to stop. You already have what they started with.
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We've now gone over everything that these billionaires have in common. Bet on yourself early. Get genuinely obsessed. Never stop learning. Turn your pain into purpose. Focus on one thing.
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Play the long game. Make yourself known and never let failure stop you. None of these requires a rich family or some genius IQ. They are all decisions and habits available to you the moment you decide to begin. And the best time to
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begin is now. Have it right now. You already have what every one of them started with. A mind that can learn, hands that can work, and a pain that can point you towards your purpose. And if you can do these things, and you can,
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then you must. And congratulations. You're one video closer to who you're meant to be. Believe. Now, let's learn the top five high-income skills that you can learn this year. Ready to discover the skills that could skyrocket your success this year? These aren't academic
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theories. They're practical, in- demand abilities that you can learn without a formal degree. Each skill taps into emerging market needs, offers entrepreneurial leverage, and has scalable impact. Let's dive in and imagine the possibilities each one opens up for your business and income. Skill
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number one, AI integration and automation, turning intelligence into income. Okay, so what is it here? We're going to leverage AI and automation tools to streamline operations, create smarter products, or even launch AIdriven services. It's using machines to do the heavy thinking or doing for
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you. From chat bots that handle customer inquiries to AI systems that optimize your marketing or inventory in real time. Here's why it matters. This year, the AI revolution isn't coming. It's right here now. And it's rewriting the rules of business. By 2024, a 70% of
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organizations reported using AI in some capacity, up from just 55% the year before. Companies are pouring investments in AI at record levels, over $ 109 billion in the US in 2024 with nearly 34 billion globally into generative AI. And they desperately need
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people who can make it work. The catch, there's a huge talent gap. 94% of business leaders say they face AI related skill shortages on their teams with one in three reporting massive gaps in critical AI roles. What does that
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mean? Demand is way bigger than supply and that means opportunities for you. Entrepreneurs who are AI savvy can step in and command premium prices for their solutions. This isn't just for tech companies either. From healthcare to finance, AI is being woven into daily
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operations. Even the FDA has approved hundreds of AI enabled medical devices and self-driving cars are logging thousands of rides right now. The world is racing to adopt AI and those who can ride that wave stand to reap huge
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rewards. So, how can entrepreneurs profit? Think of AI as a force multiplier for your business. An entrepreneur with AI skills can automate super boring processes, freeing up time to scale faster. You can make smarter products with better features. You can
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offer AI consulting and integration services to companies who are willing to pay for help. Uh so for example, a small e-commerce founder might use AI to personalize a shopping experience for each customer automatically leading to happier customers and higher sales. Or
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maybe you're launching a micro SAS tool that uses AI like a AI scheduling assistant or content generator. Even a oneperson business can serve thousands of customers when AI is doing most of the work. But the evidence is everywhere. Companies using AI report
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higher productivity and lower cost. And many have seen AIdriven projects boost their bottom line. One entrepreneur created an AI powered copywriting service and landed hundreds of clients globally, essentially earning money 24/7 as the AI works for them. The key is
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that AI is practical and learnable. With countless online courses and tools, you can start applying AI even if you're not a programmer. Many AI platforms are actually plug-and-play. So this year, knowing how to harness AI is like having
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a superpower. It's not just about efficiency. It's about unlocking new income streams. From automating your marketing to building the next JGBT like app for a niche industry, AI integration is a skill that can pay off almost immediately. So, embrace it and you ride
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the biggest tech wave of our era straight towards profit. Now, AI might be the brains, but data is the backbone.
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So, next, let's look at the skills that turn raw numbers into gold. Skill number two, data analytics and business intelligence, profiting from big data. Okay. So, what is it? It's the skill of collecting, analyzing, and drawing smart insights from data to
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drive business decisions. So, data analytics is like having X-ray vision for your business. It lets you see the patterns and trends that normal people's eyes would miss. So, business intelligence or BI goes handinand focusing on those who are using insights
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to make strategic calls. This skill isn't about math genius. It's about knowing which numbers matter and how to translate them into action. So why it matters right now and this year? We live in a world that has tons of data. Every
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click, every purchase, every interaction, it can be tracked, but few people know how to turn that ocean of information into actual real value. And that's where you can come in. Companies which realize that gut instinct isn't enough. 81% of businesses now believe
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data should be at the heart of all decision-m and they're willing to pay handsomely for those who can deliver results. Why? Because datadriven businesses simply perform better.
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They're more productive and more profitable on average than their less data savvy peers. Companies that truly embrace analytics have seen deficiencies boost as high as 60 to 80% in operations. It's not just about giant corporations. Even small startups
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benefit when they can quickly identify which product feature is a hit or which marketing channel brings the best ROI.
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And this is a very clear trend. The global big data analytics market is massive. It's over $270 billion in value and still growing. And there's a shortage of professionals who can wrangle data effectively. Executives are literally hungry for insights. A recent
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survey found 88% of business leaders rank data analytics as a top priority for upskilling in the organization. So this year being fluent in data is like having a secret weapon in your market.
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You base decisions on facts, not guesses, which is a recipe for winning. So how can entrepreneurs use it? Data analytics can make you rich in two ways.
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First, by apply it to your own business. You can pinpoint your most profitable customers. You can find inefficiencies to cut. You can test pricing strategies with actual hard evidence. For example, Netflix famously used data analytics to save $1 billion a year by recommending
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exactly what viewers wanted. So imagine bringing that kind of insight into your business decisions. Secondly, you can sell this skill as a service to others.
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Many companies, especially smaller ones, they drown in data but have no idea what to do with it. You could come in as a freelance analyst or consultant, turn their data into a clear action plan and charge premium fees for delivering
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growth or savings. So, picture telling your client, "I found a way to boost your sales 20% by analyzing your customer behavior and then actually doing it." There are real case studies of entrepreneurs doing just this. One startup founder used business
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intelligence tools to optimize her inventory and eliminated over $100,000 in annual waste, directly patting her profits. Another built a consulting agency that helps local businesses set up simple dashboards and KPIs and within a year he was booking five figure
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contracts regularly. The bottom line is data analytics is practical and learnable. There's tons of online courses, YouTube videos, tools that are now drag and drop. Master it and you can either supercharge your own business or become the go-to data guru who turns
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others confusion into cash. So, in this year, data it's a new oil and knowing how to drill for it is an extremely high income skill. Now, having great data is pointless if you can't attract customers. That's where our next skill
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comes in. It's time to cash in on the art of getting noticed. Skill number three, digital marketing and growth hacking, scaling visibility into wealth. So, what is it? Digital marketing is a skill of getting customers for people's businesses online
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through channels like social media, through search engines, through email, through LLMs and more. Growth hacking is a trendy way to say creative fast-paced marketing experimentation. Right? So, finding clever lowcost tactics to drive growth or sales for your business or
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other people's. This skill is about making your business impossible to ignore on the internet and turning that attention into revenue. So, it covers everything from running targeted ads, optimizing a website to rank on Google or GPT, crafting viral content,
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analyzing campaign data to tweak for better results, uh making YouTube videos to spread your message. Why it matters this year is you could have the best product or service in the world, but if nobody knows about it, you don't make a
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dime. This year, digital marketing remains one of the highest skills for entrepreneurs because online attention is the currency of our kingdom. Just look at the numbers. Global digital ad spending is projected to hit $843 billion. Yes, with a B. Companies large
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and small are pouring money into Facebook ads, Google searches, Tik Tok videos, wherever their audience lives online, and they need experts who know how to navigate this landscape. The job outlook also reflects that demand.
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Marketing roles are expected to grow by 10% faster than the average for all careers. And in particular, there's surging demand for people skilled in areas like marketing analytics, content creation, and SEO, SEM, because every business wants to rank number one on
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Google and decode the algorithms of chatbt. The beauty of digital marketing is that it's practical and learnable. No MBA required, just practice, creativity, and keeping up with the trends. We're also seeing new frontiers like AIdriven marketing. Over 50% of businesses are
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already using generative AI to improve their operations. All this means that entrepreneurial marketers who stay sharp can out hustle their bigger competitors.
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So in this year, if you know how to get the right message to the right people at the right time online, you basically have a license to print money. So how can you use it as an entrepreneur?
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Digital marketing is often the make orb breakak skill that determines if you scale or if you stay stuck. And so if you master it and you can acquire customers on demand, you can enter new markets quickly. You can even build a
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personal brand that multiplies all of your opportunities. Take for example an online fitness coach who leverages social media marketing by mastering YouTube and Instagram. She grows her audience to hundreds of thousands and launches a fitness app that earns seven
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figures online. Or think of a small local business owner who uses savvy Google search ads and SEO to dominate local search traffic, right? Their store goes from unknown to the go-to place in town. And these aren't hypotheticals.
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These things are happening right now all around us. As an entrepreneur, you can also sell digital marketing expertise.
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If you're great at, say, SEO or Facebook ads, you can freelance or start an agency. Businesses are eager to pay because they've seen the ROI. For every dollar spent on email marketing can yield $36 in return, as various studies
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have shown. So, a skilled email marketer is worth their weight in gold. Another real world use case. And entrepreneur growth hacked his startup by creating a referral program that went viral. So, think Dropbox's free storage for referral strategy. Acquire millions of
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users without a massive ad budget. That's growth hacking in action. So, digital marketing lets you scale up quickly. An ad campaign can reach millions of people overnight. A piece of content that catches fire can bring in floods of traffic. You're not limited by
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your local area, your storefront. And with analytics tools, you can measure every penny and double down on what works. Like truly datadriven marketing.
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and the emotional side. It's pretty thrilling to see your business blow up because of a campaign that you created.
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The control is right here. It's in your hands with consumer attention shifting every year. Today, it might be YouTube or LinkedIn newsletters. Tomorrow, who knows? Entrepreneurs who have the skill will ride each wave and outpace their competition. Digital marketing and
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growth hacking are high income skills because they directly drive revenue. And mastering them means you can virtually write your own success story in this digital age. So, now you've got the customer's attention. Now, we need to convince them to open their wallets. The
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next skill is all about the art of persuasion, and it's one of the oldest and most profitable tricks in the book.
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Skill number four, persuasive communication and storytelling, selling anything to anyone. So, what is it? This is the skill of conveying ideas in a compelling way. So, that's through sales pitches and marketing copy or even everyday networking conversations. It
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includes sales and negotiation, right? Convincing a customer or partner to say yes. Copywriting, which is writing words that sell from ads to landing pages. And storytelling, crafting a narrative that hooks people in emotionally. It's how to talk or write so people listen, trust
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you, and feel motivated to act, like clicking the buy now or signing a contract. Why it matters this year is no matter how advanced technology gets, the power of a good story and genuine connection never goes out of style. In
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fact, as automation rises, those human- centered skills become more valuable. This year's marketplace is hyper stimulated. Consumers see thousands of ads and posts a day. So, the ability to cut through that noise with a resonant message is pure gold. 68% of consumers
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say that a brand's story influences their buying decisions. People remember stories up to 22 times more than plain facts. That's huge for entrepreneurs trying to build a memorable brand or pitch to investors. And yes, we see evidence that storytelling and
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communication translate to better results. Marketing campaigns built around the narrative can boost conversion rates by 30% or more. On the sales side, companies are actively looking for leaders with strong social influence and communication skills. Even the World Economic Forum highlighted
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leadership and social influence as a top skill for the future. Why? Because a person who can rally a team, win over a client, negotiate a profitable deal, they are invaluable. Also, let's talk money. Jobs like sales executives or
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copywriters are often highpaying because they directly bring in revenue. A top performing tech sales rep, for example, can earn a six-figure base salary plus another six figures in commissions.
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Copyriters who crack the code of persuasion are similarly rewarded. Many freelance copyriters charge $100 plus an hour and businesses happily pay because one killer sales page or email sequence can generate hundreds of thousands in sales. Words are powerful and this year
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those who can wield that power expertly will find that it translates into serious income. So how can you use it as an entrepreneur? You're always selling not just your products but your vision, your brand, even selling yourself as a
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trustworthy partner. Persuasive communication turns this into a superpower. Mastering storytelling means you can craft a brand narrative that makes customers feel something and remember you. So, for example, instead of just saying, "Our shoe is comfortable," you share the story of a
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customer who, thanks to your shoe, ran their first marathon painfree to honor a loved one. Right now, you're not just selling a shoe. You're selling inspiration. You're selling identity.
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That's the difference that makes people lifetime fans. On a more practical side, entrepreneurs skilled in communication, they'll just close more deals. So, imagine you're negotiating with a supplier or an investor. If you can clearly articulate your value and
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persuade them effectively, you'll likely get better terms, maybe tens of thousands saved or gained in one conversation. If you sell services or high ticket products, strong sales techniques like consultative selling or solutions-based selling is key. Today's customers expect you to understand their
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needs and tailor your offer. Being able to do that can literally double or triple your closing rate. So, for example, you can monetize a skill by offering freelance copywriting or sales consulting. Great copywriters are in short supply even with AI writing tools
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around because someone has to give the AI the right emotional direction. Businesses will pay top dollar for emails and ads that actually convert.
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One excellent sales page can be worth millions to a company. So paying a writer $10,000 a craft that is it's a no-brainer for some companies. Skilled copywriters routinely earn over $150,000 a year once they built a reputation. And
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don't forget content creators and influencers. They are essentially storytellers, too. turning authentic communication into followers and income from ads and sponsorships or product sales. Emotions drive decisions. And if you can tap into emotions with genuine communication, you can drive decisions
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in your favor. So this year, mastering persuasive communication and storytelling isn't just a nice to have.
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It's often the difference between a business that just fizzles out and one that actually becomes a phenomenon.
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We've covered brains, data, marketing, charm. Our final skill might not sound as glamorous, but it's a massive money maker in today's world. It's all about protecting the wealth that you're building, and it's an area where demand is exploding.
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Skill number five, cyber security and data protection, guarding the digital gold mine. Okay, so what is it? Cyber security is the skill of keeping data, software, systems safe from hackers and breaches. It's being the uh digital bodyguard for businesses. This includes
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understanding how to prevent attacks. So think malware, fishing, ransomware, knowing how to plug vulnerabilities in networks or websites, and making sure that companies follow best practices. So sensitive information like consumer data is not stolen or compromised. It's deeply technical for those who
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specialize, but at a high level, it's very learn by doing problem solving field. And you don't need a PhD to get good at it. Just solid training and experience and a curious mind. Data protection goes hand in hand. So think
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dealing with proper handling and compliance like the laws of the land. So for an entrepreneur having cyber security skills means that you can both protect your own venture but also potentially offer security solutions to other people as a business. So why does
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it matter this year? One word risk. As businesses digitize every aspect of their operations, the risk of cyber attacks have skyrocketed and so have the costs. The average cost of a single data breach hit an eyewatering $4.9 million
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globally. So for a small or mid-size company, that kind of hit can be fatal.
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That's why firms are desperate for cyber security expertise and why it's become a highinccome skill, high demand skill.
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We're in a situation where there aren't nearly enough cyber security pros to go around. The global cyber security workforce is millions short. One recent study showed about 4.8 million cyber security roles are unfulfilled worldwide. There are millions of
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openings and not enough people with the skills. A gap that widened by 19% in just one year. So talent shortage is actually the number one obstacle companies face in securing their systems. This kind of supply demand mismatch is exactly what drives up
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incomes for those who have the skill. So companies have even started to prioritize this in budgets because they simply cannot afford the alternative.
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Companies without adequate security staff end up paying on average $1.76 million more per breach due to slower response and damage control. But just beyond like corporate IT departments, every entrepreneur with an online presence needs at least basic cyber
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security savviness. Cyber threats this year are more sophisticated. Yes, hackers are using AI too. So on top of that, customer trust and regulations require more solid data protection. You don't want to be that startup that leaked user data and lost credibility
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overnight. So from ransomware attacks shutting down hospitals to small businesses getting scammed from fishing, the threat is universal. This urgency is driving a huge market for cyber security products and consultants. Global spending on cyber security is rising every year, tens of billions of dollars
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annually as businesses effectively say, "Please take our money and keep us safe. If you can step in with the skills to do so, you will be richly rewarded." So, as some evidence, top freelance cyber security experts report rates of $200 to
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$300 an hour, and experienced security consultants can make over $500,000 a year by serving multiple clients. So it's no surprise that when the stakes are this high, companies are willing to pay for peace of mind. So how can
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entrepreneurs use it? If you're building your own company, cyber security skills are like an insurance policy and a selling point. You can save a ton of money by implementing security measures yourself instead of hiring some expensive firms and avoid disaster that
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could derail your business. But also being more security-minded from day one can be a competitive advantage. You can use that in your marketing. customers and partners will feel safer dealing with you. So for example, a e-commerce entrepreneur who knows how to secure
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their payment systems and protect customer data not only avoids costly breaches but can market their store as ultra secure which gains more customer trust and extra sales in an era of privacy concerns. On the other side, cyber security is also an amazing
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service and a business opportunity. So given that huge talent gap, you could start a consultancy or freelance as a virtual CISO as chief information security officer for multiple small companies that can't afford one in-house. They get your expertise
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part-time. You get a hefty paycheck. Some entrepreneurs are launching cyber security startups. So whether that's um developing a niche security software tool or you're offering specialized training, there's even demand for things like ethical hackers who companies pay to test their defenses. We've seen solo
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consultants charge retainers in the thousands per month per client just to be on call for security incidents. And with new data privacy laws popping up all the time like Europe's uh GDPR and others, businesses are scrambling for guidance, which is another avenue for
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advisory services you could offer if you're well-versed in compliance. So the key point is this. Threats are growing and talent is scarce. If you equip yourself with this skill, you become part of a highly soughtafter elite group of people. Not only can you command
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higher fees because preventing a multi-million dollar breach is essentially worth a high payout, but you also carry the confidence that you can protect the empire that you're building to in a time where a single hack can wipe out years of effort. The
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entrepreneurs who understands cyber security will safeguard their wealth and even turn security into a profitable service for others. It's truly a high impact highinccome skill for today's age. So each of these five skills, AI integration, data analytics, digital
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marketing, persuasive communication and cyber security hits the sweet spot of being practical, learnable, and immediately valuable this year. They align with the biggest technology shifts and market needs that we are seeing right now. AI is everywhere. Data is the
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king. Online growth is non-negotiable. Human connection still seals a deal and security underpins it all. The best part is you don't need a fancy degree to get started with any of these. There are YouTube videos, boot camps, online
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courses, communities for each skill that you can start learning right now. Entrepreneurs who invest time in mastering even one or two of these will position themselves to generate wealth in the short term. We're talking within a year or two, not decades. And it's all
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backed by trends and numbers that I've already cited throughout this entire video. The market is hungry for these abilities. So ask yourself which of these skills speaks to you right now.
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The entrepreneurs getting rich this year aren't necessarily the ones with the most funding or the fanciest ideas.
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Often they're the ones who have the right skills at the right time and execute relentlessly. Now you know five of those right skills. It's time to choose, learn, and leap. Here's to your success because this year might be the
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year your hard work and high- income skills make you the next great success story. I analyzed 50 failed businesses and here is what they have in common.
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Almost every business that dies gets killed by the person who started it, not the market, not bad luck and not by the economy.
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Unfortunately, and one does have to be focused on short-term and money coming in when creating a company because otherwise the company will will die.
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Apple suffered for several years from lousy engineering management. I I have to say it. And there were people that were going off in 18 different directions, doing arguably interesting things in each one of them. Good engineers, lousy management. Successful
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businesses have to satisfy a real need. A need that people will actually pay to have fulfilled. Now, you may have an idea. You may love your product. You may love your service. But if that product or service doesn't fix a specific
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problem, your business will fail. Nearly half of new businesses fail within their first 5 years. According to the US Bureau of Labor Statistics, 22% of business startups fail in the first year and 50% of new businesses fail within the first 5 years.
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And what's really on the line here, it's not just your business, it's the years of your life that you're about to pour into it and whether they add up to something that lasts or disappear like it never happened.
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Take a wild success like Airbnb everybody knows about. Well, that company was famously passed on by many smart investors because people thought no one's going to rent out a space in their home to a stranger. Of course, people prove that wrong. But one of the
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reasons it succeeded, aside from a good business model, a good idea, great execution is the timing. That company came out right during the height of the recession when people really needed extra money. Your time is limited, so don't waste it living someone else's
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life. So, I went deep on 50 businesses that died. And I kept coming back to Sam Walton before he built the biggest company on the planet. Sam was a nobody running a single Ben Franklin variety store in Newport, Arkansas, pulling in
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about $20,000 a year. He worked harder than anyone in town. He obsessed over low prices and treating customers right.
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And he turned that little rented store into one of the most profitable shops in the whole region. He did everything right. And then he lost it all. Sam didn't own the building. He only rented it. And when his landlord saw how much
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money that store was making, the man refused to renew the lease to Sam and handed his entire business to his own son. Just like that, the best store in the area was gone. And Sam Walton had nothing to show for years of work except
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one pretty brutal lesson. You have to own the land. You have to own the building. You have to own your foundation. Anyone else might have walked away right there. Most people do, but Sam didn't. Your purpose comes to
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your pain, I think. And Sam's purpose got forged the day he lost that store.
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With his wife Helen pushing him to start over in a new town, he sold what was left, moved to Bentonville, and in 1962, he opened the first Walmart. He built it on everything that lost taught him.
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Today, Walmart pulls in 648 billion a year. And about 90% of Americans live within 10 miles of a Walmart store. Your setbacks do not have to be permanent.
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It's only permanent if you stop. Sam turned the pain of losing one store into creating 10,000 more. Okay, so here's what you might be thinking. Your business might be different. You know, your idea is better. You care more.
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You'll outwork everyone around you. So those 50 dead businesses have nothing to do with you. I get it. But here's what hit me when I studied them. Almost all these founders thought the exact same thing. They weren't lazy people. A lot
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of them were brilliant. A lot of them were working 80our weeks. What killed them was not a lack of effort. It was a blind spot. One weakness that they never saw coming. Exactly like Sam Walton not owning his building. Effort doesn't save
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you from these blind spots. Seeing it does. So, let me walk you through the blind spots that killed all 50 businesses so you can find yours before it's too late. Killer number one, running out of cash. The first killer is
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running out of cash. And it took down more of these businesses than anything else. Here's the part that scares most people. You can run a business that looks profitable on paper and still go broke because profit and cash are not
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the same thing. Profit is a number on a spreadsheet at the end of the month.
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Cash is what's actually in your account on Tuesday when your payment is due. Your expenses show up fast and on time.
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Your payroll, your rent, your ad spend, your software, they all they get paid with clockwork. They're showing up. Your customer payments, they show up usually slower, 30 days, 60 days, sometimes 90 days later. That gap in the middle is
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where businesses often bleed out. And you can be growing the whole time it's happening. It gets worse when a founder hits one good month and treats it like this is the new normal. I've watched people spend tens of thousands of
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dollars on fancy equipment after a single strong week and then get wiped out the next month because they had a slow month and because they kept zero reserve. I watched a coaching company hit almost $4 million a year in revenue
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and still have to shut its doors. Almost $4 million. They ran out of cash because they spent too much on ads, paid the team too much, built a structure that they couldn't sustain and never look deeply at their accounting. And if
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you're trying to build the whole thing on $87 or $99 a month product, listen, because the capital burns out before the idea burns out. Low ticket models often need massive scale. They need huge customer service and they get hammered
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by refunds and chargebacks. So here's what you can do. Watch your cash, not just your profit. Keep at least 3 to six months of expenses in reserve so one slow month can't end you. Know your numbers cold. I know it's hard for some
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people. every week, not just once a quarter, once a year when it's already too late, and sell something with enough margin to actually fund the business.
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So, I don't like decisions that make me feel weak. And nothing makes you feel weaker than checking your bank account and realizing that the money is already gone. Killer number two, building something nobody wants. The second killer here is building something that
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nobody actually wants. This one is pretty sneaky because it feels like progress, right? Your head's down.
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You're building something. you're quietly creating and you add another feature and it feels like that you're being productive because you're busy and you're busy and and you're shipping and then you take it out to the markets and like nothing happens. And I did this
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with my very first software company. I spent months building a feature that I thought was incredibly cool, right? We took it to market like nobody wanted it.
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Nobody. All that time, all that work was gone because we built in a vacuum and never asked a single customer if they actually needed this thing or not. The fix here is so simple that it's almost embarrassing. It hurts. Go find a
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customer first, then build around what they actually need. So talk to 10 real people in your market before you build anything. And don't ask them if they like the idea. Ask them the problem that keeps them up at night and what they've
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already tried to pay to solve. Then sell it before you make it. Take a deposit, pre-sell the spot, get a real credit card payment for the promise of the thing. If real people won't pay you for the promise of it, they won't pay you
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for the furnished version either. It's a lot harder. And you just saved yourself a year. Get honest about the problem that you solve because if you don't solve a real problem, you do not have a real business. Entrepreneurship is about
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solving problems. You have an expensive hobby. And one more addition here, chasing small broke customers and hoping they grow rich with you. They won't.
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Pick customers who can actually afford you right now, who have the budget to pay you what you're worth today, right now, and build for them. Killer number three, the right things in the wrong order. Okay, the third killer here is
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doing the right things in the wrong order. A lot of these businesses, they didn't die because the founders were doing dumb things. They died because they were doing smart things in the wrong sequence. And I see it all the
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time. A founder with no steady revenue decides to build a massive global brand or launch a low ticket online course before they've ever built a simple high ticket engine that brings in real money every single month. So, they spend a
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year on logos and funnels and fancy websites and content while your bank account slowly drains. And not one of those things is actually paying your bills. The order matters more than the effort. So phase one is something higher
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ticket that generates steady cash. One offer, a clear customer, enough money per sale that a handful of clients keeps your lights on. That cash funds the team and the systems you need to survive everything that comes next. Only once
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that engine is steady do you earn the right to go to phase two, the lower ticket courses, the products that end up scaling. And then only after that you build phase three, the big brand, the global audience. get steady money coming
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in first and everything you build on top of it gets so much easier because now you're building with money in the bank instead of running on your savings and investments. When you try to skip that first step, it's like you're you're
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building a house and you're trying to create the second floor before you've even built a foundation. And you know how that ends. Killer number four, no systems, no scale. The fourth killer is having no system. A friend of mine, Nick
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Peterson, likes to say, "Nail it, then scale it." And this is also a powerful idea in the book The E-Myth Revisited, which is that most small businesses fail and most franchises can succeed. And so think about why is that? A franchise
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runs on documented, repeatable recipe that almost anyone can follow walking into any location of a big franchise and you get the same result because the magic is written down in a playbook that anyone can run instead of just locked
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inside one person's head. The average founder does the opposite, right? You keep shooting from the hip. You keep trying to do the entire business inside your own head and if you never write it down, your killer recipe, then two
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things happen and both of them can be completely fatal. First, you can't scale because you are the bottleneck for everything, right? Ever feel that you're the bottleneck. Every decision, every fire, uh, every customer waits on you.
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And second, anyone you hire operates at a lower level because they're guessing at what you do instead of following a proven process. And then you decide hiring doesn't work when really you just never gave people the recipe to follow.
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So I think being leads are doing. So start being the kind of owner who builds the systems even when it's just you.
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Write down exactly how you get a customer step by step. How you deliver the work step by step. How you keep them happy and get them to refer to you step by step. Turn the magic in your head
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into a checklist your team can run without you standing over them. The day your business can win without you in every single room is the day it stops being this fragile little egg and starts being worth something. Killer number
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five, keeping the wrong people. The fifth killer is keeping the wrong people. This is tough. This one is hard because it's personal and it cost you twice. Founders hold on to underperformers. The team members who are barely treading water, the friends
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you had from high school, the people that you might have started with, you hold on to them long after you should have let them go because firing usually feels cruel and hiring again feels pretty exhausting. But every single day
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you hold on to someone who's just okay, you give up the chance to bring in somebody great because A players are in limited supply and you've got a seat filled with someone who's just the wrong person. A B player doesn't just do
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B-level work, they block the A player who could have had that seat. And the other side of this is maybe even worse, putting good people in the wrong roles.
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If you take someone whose gift is starting new creative projects and bury them in uh monotonous, boring, repetitive grind work, they're going to burn out and fail. and it's not their fault. You put them in the wrong seat
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and then blame the person. So, match the work to the person's natural strengths. Give the starters, the new projects, and the finishers, the systems, and be brutally honest with yourself about what's actually moving the business forward and who's just kind of still
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being busy. That's a good start. But now, I want you to go further than good.
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We build a team where every single seat is filled by someone who is excellent at that exact job. And watch how much lighter the whole thing gets carried.
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Killer number six, the bestkept secret. The sixth killer is just being the best kept secret in your industry. You can have the highest quality product in your entire market and still lose to a mediocre competitor who just simply
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crack the content code because best known beats best every time. If nobody knows you exist, your quality literally does not matter because they can't buy what they can't find. And this might be a little uncomfortable. A lot of
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founders hide behind their branding, their funnels, the logos of pretty websites because all that work feels like work while letting them avoid the one thing that actually pays the bills, asking for the sale and collecting a payment. It's so much more comfortable
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to redesign your homepage for the 80th time uh than to look someone in the eye and ask for their credit card. I watched a friend of mine spend $70,000 in a single year on polished thought leadership content and get basically
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zero results to the point where he almost quit creating content completely. The content alone didn't save him because without a clear ask, it's just it's just expensive time that you're putting out every week. So, put yourself out there every single day. Tell people
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exactly what you do and who you help and then make the ask. The money is on the other side of the ask. And the only way you get good at asking is to ask more often. Killer number seven, built on
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rented land. So the seventh killer is building your whole business on land that you don't own. So remember uh Sam Walton losing that store because he only rented the building. The modern version of his mistake, it's everywhere and is
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it is deadly. You build your entire business on top of one thing that you don't actually own, like one social media algorithm, one marketplace, one big client who makes up 80% of your revenue. When I looked at those 50
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failures, more than half of them were dangerously concentrated on a single platform or a single customer. And the day that the algorithm changed or the terms changed or that one client walked away or went under, the business that
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took years to build was gone in a week. It feels completely fine when it's working, right? You're on top of the world, which is exactly why so many smart founders miss it until it's too late. The platform uh giveth and the
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platform taketh away and you don't get a vote, right? So, own your foundation. Own your email list because that's an audience nobody can uh just delete or take out from under you. Own the direct relationship with your customers, not
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just the the followers on a page that you've rented. Spread your revenue so no single channel platform or client can end you by changing their mind on a Tuesday. Build on ground you actually control the way Sam Welton swore he
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would do the day he lost that first store. Killer number eight, quitting right before it works. The eighth killer. H, this is so tough. It's quitting right before it works. When sales slow down, founders panic and fall straight into a scarcity mindset. They
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start slashing prices, offering payment plans they can't afford, chasing any customer with a pulse and making desperate decisions that dig the hole deeper instead of actually helping them climb out. And a huge number of them give up the exact moment that success
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was just around the corner. Mr. Beast, Jimmy Donaldson, made 130 videos before he ever cracked 10,000 views. 130 videos. Imagine a version of him who quit on video 129, one away from the breakthrough, convinced that it's just never going to work. That person never
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becomes Mr. Beast. It shows up in small ways, too. You send one email, you don't hear back, and you decide, "Oh, they're not interested." When the truth is, the win was three follow-ups away with just a busy person who doesn't hate you.
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They're just busy. Success lives in the consistent repeated effort, the boring follow-ups that everyone else is too proud or too scared to do. I think if you have the ability, then you have the responsibility. If you can, then you
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must. So when that voice shows up and it's telling you, hey, you should quit.
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Treat it as a signal that you're close and push for just one more time. So just build a little momentum and protect your belief like it's the most valuable asset that you own. So here's what I really want you to hear. Every one of these 50
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businesses died from something the founder could control. That's not bad news. That's actually awesome news. It's the best news that you'll get all day because it means survival is in your hands. Not not the market, not the government, not the president. I love
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this quote about a bird on a branch isn't scared of the branch breaking because her trust isn't in the branch, it's in her wings. So trust your wings.
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Go find your blind spot and fix it before it finds you. To learn the five business mistakes that you must fix quickly, check the video right there next to me. I think you'll love it.
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Continue to believe and I'll see you there. You are sabotaging your own business without even realizing it. Do you feel like you're working hard but not getting results? It's time to find out if you're making one of the five
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huge mistakes that self-taught entrepreneurs often
Topics:billionairesself-madesuccess habitsentrepreneurshipself-beliefpersistencehard workinnovationSarah BlakeleySpanx
