This podcast episode of The Tim Ferriss Show is coming up on the 11th anniversary of my first book, The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich. While there are parts written by my 29-year-old self that make me cringe, I’m both honored and amazed that it continues to strike a chord with so many.
Rather than re-editing the book and risking the loss of whatever made it work in the first place, I’d like to share case studies of people who have used it as a blueprint to build successful businesses as detailed in The Million-Dollar, One-Person Business by freelance journalist Elaine Pofeldt (@ElainePofeldt).
Much like 11 years ago, I hope this episode inspires more people to make a change for the better and accomplish more than they thought possible.
Please enjoy this episode!
- Listen to it on Apple Podcasts.
- Stream by clicking here.
- Download as an MP3 by right-clicking here and choosing “save as.”
Want to hear a podcast with someone who inspires others to build businesses and live lives on their own terms? — Listen to my conversation with Seth Godin in which he details the rules, principles, and obsessions that help him manage his life. (Stream below or right-click here to download):
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QUESTION(S) OF THE DAY: What was your favorite quote or lesson from this episode? Please let me know in the comments.
Scroll below for links and show notes…
SELECTED LINKS FROM THE EPISODE
- How to Build a Million-Dollar, One-Person Business — Case Studies from The 4-Hour Workweek (the guest blog post by Elaine Pofeldt)
- The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich by Timothy Ferrriss
- The Million-Dollar, One-Person Business: Make Great Money. Work the Way You Like. Have the Life You Want. by Elaine Pofeldt
- SciFi VC
- Tribe of Mentors: Short Life Advice from the Best in the World by Tim Ferriss
- 1,000 True Fans by Kevin Kelly
- Optimizely: The World’s Leading Experimentation Platform
- Willow & Everett
- Ideal Lifestyle Costing
- Noah’s Coffee Challenge and Flexing Your Courage Muscle by Scott Britton, Life-Long Learner
- How to Create Your Own Real-World MBA
- 99 Designs
- Maker’s vs. Manager’s Schedule
- Y Combinator
- The Email Game
- CubeFit TerraMat
- Willow & Everett Cold Brew Coffee Maker on Tap
- Science of Skill
- Scaling Up: How a Few Companies Make It…and Why the Rest Don’t by Verne Harnish
- Built to Sell: Creating a Business That Can Thrive Without You by John Warrillow
- The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It by Michael E. Gerber
- Tech Emergence
- Four Sigmatic Chaga Mushroom Elixir
- The Effective Executive: The Definitive Guide to Getting the Right Things Done by Peter F. Drucker
- NYC Charity Chocolate Chip Cookie Off
- Strand Book Store
- She’s the First
- Master Mind Talks
- Small Giants: Companies That Choose to Be Great Instead of Big by Bo Burlingham
- Laszlo Nadler brings in more than $2 million a year with online store Tools4Wisdom. [11:16]
- Starting your own business doesn’t mean you have to abandon your full-time job before making sure it’s sustainable. [11:56]
- According to the US Census Bureau, what is (and what isn’t) a nonemployer firm? [12:30]
- Three things these businesses offer that elude most workers today. [13:22]
- The two paths entrepreneurs have traditionally taken, and the third path opened up by one-person businesses. [13:32]
- What’s driving the growth of the million-dollar, one-person business? [14:26]
- A shift in attitudes. [15:15]
- How do you get from where you are currently to enjoying the freedom of an entrepreneur? [15:50]
- Key questions to ask yourself first. [17:44]
- Solo businesses and partnerships that hit the million-dollar range typically fall into these six categories. [19:01]
- In spite of their differences, entrepreneurs generally have these practices in common. [19:35]
- Split-testing for profit. [21:24]
- Mastering the art of delegation. [24:22]
- The point of comfort challenges. [27:00]
- Your first entrepreneurial efforts don’t have to succeed — as long as you learn from them. [28:51]
- How outsourcing smaller tasks and decisions helps you focus on the bigger tasks and decisions of your business. [31:53]
- Making and managing require different schedules. [36:20]
- How observing these schedules has helped Ben and Camille Arneberg pursue further business opportunities. [40:05]
- Fewer distractions = more growth. [41:24]
- Two key ideas that helped Dan Faggella grow his revenue far beyond the average “nonemployer” business. [42:30]
- How I test potential candidates for a job. [43:28]
- How Dan Faggella ensured a smooth transition when selling his company (and why he would want to sell such a successful business in the first place). [46:03]
- Success through liberation — having the money to do things you want to do doesn’t matter if you don’t also have mobility. [48:14]
- How Sol Orwell chose a second-in-command to handle things when he goes off the grid. [53:21]
- What Sol does with his “free” time. [56:02]
- Rethinking scale and profit. [56:51]
- Why the story of the businessman and the fisherman resonated with “successful” entrepreneur Jayson Gaignard. [58:18]
- How a Seth Godin talk inspired Jayson’s next business venture. [1:02:02]
- Jamie Foxx
- BJ Miller
- Esther Perel
- Roger Bannister
- Elaine Pofeldt
- Laszlo Nadler
- Eric Scott
- Max Levchin
- Henry Ford
- Kevin Kelly
- Ben Arneberg
- Camille Arneberg
- Noah Kagan
- Paul Graham
- Jack Dorsey
- Dan Faggella
- Sol Orwell
- Jayson Gaignard
- Seth Godin
Posted on: June 7, 2018.
Please check out Tribe of Mentors, my newest book, which shares short, tactical life advice from 100+ world-class performers. Many of the world's most famous entrepreneurs, athletes, investors, poker players, and artists are part of the book. The tips and strategies in Tribe of Mentors have already changed my life, and I hope the same for you. Click here for a sample chapter and full details. Roughly 90% of the guests have never appeared on my podcast.
Who was interviewed? Here's a very partial list: tech icons (founders of Facebook, Twitter, LinkedIn, Craigslist, Pinterest, Spotify, Salesforce, Dropbox, and more), Jimmy Fallon, Arianna Huffington, Brandon Stanton (Humans of New York), Lord Rabbi Jonathan Sacks, Ayaan Hirsi Ali, Ben Stiller, Maurice Ashley (first African-American Grandmaster of chess), Brené Brown (researcher and bestselling author), Rick Rubin (legendary music producer), Temple Grandin (animal behavior expert and autism activist), Franklin Leonard (The Black List), Dara Torres (12-time Olympic medalist in swimming), David Lynch (director), Kelly Slater (surfing legend), Bozoma Saint John (Beats/Apple/Uber), Lewis Cantley (famed cancer researcher), Maria Sharapova, Chris Anderson (curator of TED), Terry Crews, Greg Norman (golf icon), Vitalik Buterin (creator of Ethereum), and nearly 100 more. Check it all out by clicking here.