mind of an entrepreneur

AoL 030: The Importance of Having the Mind of an Entrepreneur with Joe Albano

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The economy changed as we knew it in 2008 after the recession hit. It made jobs much harder to find. No longer was just a resume going to cut it – especially if you wanted a job that paid more than minimum wage.

2008 was also the year that Pat Flynn lost his job and started his long journey to making SPI what it is today. Personally, I’m glad that he made that decision because without him, there would be one less voice out there promoting entrepreneurship – especially lifestyle entrepreneurship and passive income.

I graduated grad school a year later in 2009. The only jobs I knew at the time were internships and teaching in grad school. That’s why, when I got out, I was sort of lost. I knew I what I didn’t want (to be in a large corporation or a dead end job), but I wasn’t quite sure what I wanted.

It eventually occurred to me within a month or so after graduation that I wanted to get my career started with a startup because I had gotten my focus in Entrepreneurship.

That eventually happened (a couple of times) and now I’m finally doing what I went to grad school for! 🙂

However, not everyone can make that transition as easy as many of us millennials can. There are some people that are still struggling with making the transition from the plan they had before the recession. Some lost all their retirement and are forced to do menial jobs to get by. Others have just kept pushing along in a job that might no longer be providing for them at a level they were used to.

Even I questioned what was going through people’s heads when they couldn’t see the writing on the wall when I started networking in late 2009 and early 2010. Why not just start their own thing instead of waiting for someone to give them something better?

That’s also what this session’s guest, Dr. Joe Albano, thought when he started running into people who were trying to run a business with the thought process of an employee. They were waiting for their business to be given to them. Long story short, he ended up switching the focus of working with large businesses to small and medium sized ones just because he knew how much of an impact he and his company could make if he helped from the ground up.

In this discussion, we chat about that passion about working with small businesses, what it takes to make a successful startup, what’s the difference between an employee mindset and entrepreneurial one, and why new entrepreneurs don’t need advice as much as they need support.

If you’re the type of entrepreneur who’s struggling to find success with your business, or just want to know why your peers don’t understand why you’d want to pursue a business in the first place, I think that this chat will help you straighten a few things out.

SPECIFICALLY, YOU’LL FIND OUT MORE ABOUT:

  • How Joe’s older brother played an influence in Joe being interested in starting his own business.
  • Why he feels that, as a Baby Boomer, it was a good decision to embrace entrepreneurship early in his career.
  • Why he made the transition from working with big companies to working with small to medium sized businesses.
  • Why he loves helping people look more at the human side of companies vs the management side.
  • What Joe’s definition of an entrepreneur really is.
  • Why he believes that the employee mindset no longer works in today’s world.
  • What’s the first steps he recommends for your new startup.
  • What Joe suggests to those who are running out of time to do all the different jobs to get their business started.
  • Why he believes that many new entrepreneurs need less advice and more support.
  • What Joe’s capacity is when working with college students.
  • An update in what happened career-wise to one of our early hosts, Jonathan Ridge.
  • Why it’s important that you learn to manage your own career.
  • …and MUCH more.

Right click here and save-as to download this episode to your computer.

ITEMS and PEOPLE MENTIONED IN THIS EPISODE:

SHOW NOTE EXTRAS:

Become an Entrepreneur by a guy that’s new to me by the name of Aleksander Vitkin

How to be an Entrepreneur by The School of Life

A Day in The Life of an Entrepreneur by Aleksander Vitkin

Career Advice on Becoming an Entrepreneur by Richard Branson

The Top 10 Mistakes of Entrepreneurs by Guy Kawasaki:

Thanks for Listening!

Thanks so much for joining us again this week. Have some feedback you’d like to share? Leave a note in the comment section below!

If you enjoyed this episode, please share it using the social media buttons you see at the top of the post.

Also, please leave an honest review for The AoL Podcast on iTunes! Ratings and reviews are extremely helpful and greatly appreciated! They do matter in the rankings of the show, and we read each and every one of them.

If you have any questions feel free to email them over via the email mentioned in the show or by our contact form.

And finally, don’t forget to subscribe to the show on iTunes, Stitcher, and/or Podbean. It’s absolutely free to do so.

A huge thank-you to you guys for joining us!

Cheers!

Motivate Yourself

Question for You, Reader: How do You Motivate Yourself?

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So let’s try something. I know that comments are dead. Heck, even Michael O’Neal just recently said that he doesn’t get hardly any comments on his shows anymore. But I want to do this just to try and get some engagement with you on here.

You see, I was just talking to a long time friend of mine and we were having a discussion about what motivates people to get up day in and day out. While I usually spring out of bed in the morning, he dreads having to go to work.

And believe me, out of all people, when I say that I know it can be hard to stay motivated. Because it can. At one point in our lives, we’ve all said to ourselves: “I can’t do this”, “it’s just not worth it”, and “I feel like giving up.” (That’s really just the nature of this entrepreneurial beast we find ourselves on.)

However, let me tell you what my friend and I realized. We thought back to our college days and thought about how many people didn’t make it through school. I mean, statistically speaking, from day one certain professors always said, “Look around you. Only half of you in this room are going to graduate. Only half of those people are going to graduate as an electrical engineer.”

And boy, was he right. Freshman year was horrible. My sophomore year wasn’t that much better. I still remember a ton of my college experiences like they were yesterday – and sucking so hard those first couple of years were definitely downers. I went through clinical depression 3 times in those first two years!! Then in my junior year – I readjusted my game. I changed my major from EE to EE Tech. Had I wanted to stay in that field, I would have gotten the same jobs as EE’s.

As time went on in that new major, the game got easier and easier. By the time I reached grad school, I was doing victory laps. I was so happy then. It was so simple at that time. I had mastered the game! But then… it was time to graduate.

And I wasn’t ready.

I didn’t have a job waiting for me. What I had was time to think. I started thinking about what was going to be the next game. I knew it had to be something that I could passionately work towards mastering. But what?

The focus of my masters was Entrepreneurship – so maybe I should learn more about that? Get some training wheel experience under my belt. Work for a startup or two?

So I did.

And now it’s  approaching 6 years since I graduated. Do I feel like I’ve mastered the game? Haha. Not quite. HOWEVER I will say that I feel like I make a good TA. Hence, the reason I rebooted New Inceptions this past year.

Thank you for being in my class. 🙂

Negative Feelings

Whatever “it” is that we feel like giving up on, be it a project, a goal we’re trying to achieve, or something else – realize that all of those negative feelings are just a test of the game.

I view it as the Universe’s way of “weeding out” who can do what – just like professors do to young students at college and university. (In engineering we had chemistry and physics classes that were notorious for doing this.)

We get these thoughts in our heads and by only overcoming them can we succeed.

When I got my undergrad degree (after 6 long years) I learned that I can succeed in whatever I want to do, I just had to find out how I could overcome those “anti-success” feelings. The same goes for you. Find out what motivates you, and let that be your way out.

What motivates is different from person to person. Maybe it’s a quotation. Maybe it’s a person. Maybe it’s family.

When I was in school, I knew that there were better things to come. And because of that, I worked hard every day cause I knew the payoff was going to be worth it. Was it? Well, not exactly the way that I expected it to. But hey, it did eventually lead me to my wife and best friend, Maria.

Action Steps

Yeah, I know this is a quick entry. But this one isn’t coming from me. It’s not about what I have to say. I really want to hear from you guys. Comment below in what motivates you.

What have you learned over the years that motivates you? That makes you know that all the work that you’re putting into whatever you’re working on will pay off?

There are no wrong answers. Don’t be embarrassed about anything. You could say that I should feel embarrassed by not finishing in the degree that I started in – that I proved the professor right. But I don’t. He was right.

This is simply an exercise to show that there many ways to deal with those negative feelings in our heads.

I look forward to your responses.

zephan blaxberg interview

Zephan Blaxberg: Re-Scripting Your Life Through a Year of Purpose (AoL 028)

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They say that your life can change by simply meeting one person. That new person can connect you to world that you only dreamed of living in. For some people, it might be landing that awesome job at a Fortune 500 company. For others, it might be finding a coach that will push them to excel and do more in life. Yet for others, it might just be that first client that will not only be a future raving fan but might actually be a mentor for years to come.

I think about that last one quite a bit. Not necessarily because I’m looking to find a mentor. No, I have my own.

Actually, I think about it because I want to help others succeed. So much has been given to me that I want to pass that power on to others.

This session’s guest, Zeph Blaxberg, knows all about this feeling. He, too, had a mentor that broke him out of mental jail. Working at an Apple Store as a fan of Apple’s… sure, that might sound like a great opportunity. However, when approached by his first client, he was quickly transformed to someone that was unemployable.

Like me, he wants to give back to others. He wants to help people break free of their every day lifestyle and live the life they could only dream of. He does this through multiple platforms including, but limited to, his podcast, a book, and an inner city social program that he helps with regularly.

Recently he was a guest on Pat Flynn’s podcast as someone that is indeed going places. So much so, that he inspired Pat to place an image of him on one of his keynote speeches.

In this chat between Laila, JC, and Zeph, we learn about his experience being featured on Pat’s podcast, his book and where the idea of it came from, his thoughts on the “fad of entrepreneurship”, and the success he had after hiring a business coach.

If you ever have felt that you want and deserve a better life, maybe you just haven’t met that one person – or people – yet. We hope our chat today can help you re-script your life.

SPECIFICALLY, YOU’LL FIND OUT MORE ABOUT:

  • Where his unusual name comes from.
  • What his high school experience was like and how he received double credit for it.
  • What the SPI podcast meant to Zephan when he first heard it.
  • What he’s realized about Pat after meeting him in person.
  • What it was like to have an impact on Pat.
  • When he felt like he had “arrived”.
  • When he hired his business coach and what that did for him and his success.
  • What his current work is focused on.
  • When he knew it was time for him to write a book.
  • How the launch for the book went and what he learned from the whole experience.
  • What Zephan believes makes his podcast successful.
  • The secret to getting busy guests on your podcast.
  • Why he does the podcast the way he does.
  • His thoughts on the “fad of entrepreneurship”.
  • …and MUCH more.

Right click here and save-as to download this episode to your computer.

ITEMS and PEOPLE MENTIONED IN THIS EPISODE:

SHOW NOTE EXTRAS:

Zephan’s Filmography Company: ZMBMedia

Zephan’s Podcast Interview with Tara Magalski:

Pat’s Podcast Interview of Zephan (SPI Session 202)

SPI-202-sharing

Zeph Interviewed by Alex Harris:

BONUS: Zeph’s 2014 presentation on Overcoming Your Fear of Being on Camera

Thanks for Listening!

Thanks so much for joining us again this week. Have some feedback you’d like to share? Leave a note in the comment section below!

If you enjoyed this episode, please share it using the social media buttons you see at the top of the post.

Also, please leave an honest review for The AoL Podcast on iTunes! Ratings and reviews are extremely helpful and greatly appreciated! They do matter in the rankings of the show, and we read each and every one of them.

If you have any questions feel free to email them over via the email mentioned in the show or by our contact form.

And finally, don’t forget to subscribe to the show on iTunes, Stitcher, and/or Podbean. It’s absolutely free to do so.

A huge thank-you to you guys for joining us!

Cheers!

Choosing the Right Business Idea for Your Future Success

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Last week we came up with a way to make a list of decent ideas for a business. However, these are all ideas and while they might be good ideas, they might not be worth our time in pursuing. So how do we really find out if they’re ideas that we want to pursue and actually pilot? We have to dive a little deeper.

1. Is it Something You’re REALLY Passionate About?

Again, I can’t reiterate enough how important this really is. You must have passion about what it is you’re doing. Recently, the Fizzle crew talked about how doing a business you’re passionate in will be what carries you through the tough times.

See, here’s the thing, if you’re not passionate about what you’re doing (meaning you don’t naturally think or do it), even if you do the following 2 steps, it really doesn’t matter in the end because as soon as a problem comes up, then you’re going to have some issues going forward. The simple truth is if you’re passionate about your idea and you really believe that it will work, then your chances of succeeding increase drastically. You’ll put in the extra effort and extra time to make it all work for you if you have the passion behind it. Plus, you’re more likely to create a better product, which will make your customers happy and more likely to buy from you again in the future.

Think of passion as a necessary part of successful long term business.

2. Is it Something that People are REALLY Actively Looking for or Need?

Just like passion needs to be mentioned again, so does this part. Hopefully you’ve done some market research before just to make sure that your idea is worth keeping. Is there an interest in it? Are people going to use it? Even if you have the best intentions, the worst thing that could happen is that you spend a ton of time and resources building something or things that people aren’t going to utilize.

I’ve seen this way too many times in the tech field. A lot of folks will think “Oh, Idea A is good. So is Idea B. If I put them together to Idea C, I’m sure to win!” This isn’t necessary true. Sometimes it’s possible to make something a little more complex than it needs to be… and that little extra complexity can be a problem for folks.

So how do you test that people want something?

  • Ask! – As I mentioned, in the Foundation and via Ryan Levesque, we find that the best way to figure out if a product is going to be utilized is to simply ask. You can ask 10 to 20 people and get an impression of whether or not something is worth pursuing. Remember that if you know a pain so well, that the people you’re asking will think you already have a solution. That’s the point where you make the presale!
  • Are the similar sites and businesses already out there? – If you can’t tell, this is the method I used in deciding to pursue New Inceptions. While Pat is focused on passive income, and Fizzle is focused strictly on online businesses, New Inceptions is focused primarily on those of us who have stumbled into this world of business as a second career path. A resource for those who feel that their inner needs and desires were not being met in the work that they were previously doing.
  • Do some Keyword research – Similar to the one above, you can check the internet to find out if a given topic is already being used. This is achievable by doing some keyword research. There are tools that are available for this. Google has a free one called the Keyword Planner. One that I’ve been using for years is called Market Samurai.
  • Survey Your Already Existing Audience – Perhaps you already have a platform and you’re wanting to offer something new. Instead of asking random people, ask those who have already bought from you once. In fact, those that have already bought from you might realize that your quality is to their standard, so

Remember that when you’re doing this research, it’s not you that’s on trial – it’s the idea. We’d love to believe that all our ideas can make us money, but in reality, it’s up to other people – the market. The best way to see if an idea will sink or not is to find if people will buy in before we ever do the work to do it.

3. Determine Your Scalability

In the passive income world, this is the big question. You don’t want to start a business that the more success you have with it, the more your position consumes you. (However, if you’re a work-a-holic like Gary V, you might actually enjoy that kind of thing.)

Ideally, if you’re in a real passive income setting, the more sales you have, doesn’t necessarily mean you work more. If a million sales suddenly happened one day, would that be a good thing or a bad thing? If you’re pure passive, it’d be an AWESOME thing. It would mean that you wouldn’t have to do ship anything else (as either they get electronic copies or you have another company sending things out) and/or you don’t have to handle accounts payable and receivable – it’s dealt with electronically.

Even if you’re not focused entirely in generating passive income (which, let’s be honest, who isn’t?), you’ll want to think about scalability too. Just in a different perspective. Once you run your idea past a few folks and you know you’d love doing it, think about whether or not you’ll be able to have other people to do it for you. I’m not talking about paying them. Let’s say that’s taken care of. I’m saying, actually have them doing the part you’re doing. Can you train them to do what you do?

If not, then maybe you’re planning on being an artist or musician that makes it so big you that you have orders coming all the time? If so, you’ll want to hire someone to take care of your marketing, office work, and other things you shouldn’t be dealing with. If you’re giving lessons of some sort (say like Roger Love), you might also want to learn how to take care of all the paperwork and marketing that goes into making something like he does successful at his level.

Conclusion:

So, last week, we were collecting ideas that might be part of your overarching theme. This week, we’re inspecting them a little more thoroughly and sorting out the ideas that don’t quite fit. If you follow the above 3 steps, you’re planting some good seeds for a successful business. If you want further help with this subject of choosing a successful business, feel free to take a look at the course in Fizzle called Choosing a Topic by Corbett Barr. Get your first two weeks here free so you can get in without paying a cent.

AoL 027: The Process of Reinventing Yourself and Your Business with Theresa French

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Sometimes, things just don’t work out, in life or in our businesses, the way we expect them to. Whether or not we really wanted to succeed simply does not compute at times. And it’s those times that we find ourselves having to quit the path we were on. Sometimes this can be really hard. Especially since most of us are taught from an early age that we’re not allowed to quit something. (Which, I talked about how to quit without regret in a recent blog post.)

When you do finally quit something, though, whether planned or not, you’ll be starting something again soon. Whether it’s a new job, a new career, or a new business, there’s a process of reinvention.

For me, 2015 was all about reinvention. I had to figure out what I was good at and then I had to choose a business that fit my interests, what I liked to do, and even more importantly, how I wanted to make income.

This session’s guest knows more about reinvention than she probably guessed she would during her college years. While she always had the makings of an entrepreneur, it was only recently that she felt that what she did was truly an extension of her inner self. Sure, she was good at other things, but that didn’t necessarily mean that it was her passion.

Today, Theresa French finds herself loving to work with people in training environments. Helping them be more successful in their work as well as their lives.

In the chat, we specifically talk about where her perseverance comes from, how she got into photography, how she eventually transitioned into speaking and training, and one important thing you need to do before you transition from one job or career to another.

If you have ever felt like you’re lost when building that new business or are simply tired with what you’re doing now, then you can learn a thing or two from what she’s gone through. Reinvention is definitely a process that we all have to go through from time to time.

SPECIFICALLY, YOU’LL FIND OUT MORE ABOUT:

  • Where her business ownership inspiration came from.
  • Why she still went to college.
  • How she got into her first business after school.
  • How she was able to take advantage of multiples niches in that business.
  • Why many of us don’t like to see ourselves in pictures and/or videos.
  • What she learned when she had to hang up the keys on her first business.
  • How she eventually started her marketing firm and where FocusWorks Consulting came from.
  • The ONE thing that Theresa wants everyone to take away from this talk.
  • The path to how she got into graphic design.
  • The one important thing you need to do before you transition from one job (or career) to another.
  • How she plans on doing more speaking and training in 2016.
  • …and MUCH more.

Right click here and save-as to download this episode to your computer.

ITEMS and PEOPLE MENTIONED IN THIS EPISODE:

SHOW NOTE EXTRAS:

Reinvent Yourself (Motivational Video) – a new favorite of mine?

Wesley Goo (Founder of Reinvention International) on Reinvention:

Robert Green shares the key of transforming ourselves and also talks on his own personal transformation.

Dr. Mario Alonso Puig talks about Reinvention

Steve Harvey talks about Chapter 13 of his book Act Like a Success, Think Like a Success (Amazon Link)

Thanks for Listening!

Thanks so much for joining us again this week. Have some feedback you’d like to share? Leave a note in the comment section below!

If you enjoyed this episode, please share it using the social media buttons you see at the top of the post.

Also, please leave an honest review for The AoL Podcast on iTunes! Ratings and reviews are extremely helpful and greatly appreciated! They do matter in the rankings of the show, and we read each and every one of them.

If you have any questions feel free to email them over via the email mentioned in the show or by our contact form.

And finally, don’t forget to subscribe to the show on iTunes, Stitcher, and/or Podbean. It’s absolutely free to do so.

A huge thank-you to you guys for joining us!

Cheers!

AoL 025: Exploring the Hidden Truth of Vibrant Health with David Sandstrom

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When it comes to our health, Americans are a fickle bunch. Some of us are very into it, and others, like I was, simply don’t even know where to start.

For me personally, health was never a big focus of mine growing up. I only went to a doctor when I was on death’s door. However, my mom, would go all the time. The more she went, however, the more they’d give her meds to deal with whatever issue she was dealing with at the time. I swear, by the time she passed suddenly in 2010, she probably was downing 8 pills daily? I’m sure you know someone like that.

Today, I still don’t go to the doctor regularly. Opting instead to treat myself for any ailments and hoping that I’m eating correctly. For one, I simply don’t want the possibility of them just covering up symptoms of underlying issue. For my mom, they could have simply said, “stop eating sugar” and/or “here are some alternate ideas”. Instead they decided that giving her (and many other Baby Boomers) a pill concoction will be much more welcome.

Secondly, most of the nutrition advice that I see others taking today still says that carbs are ok to eat, sugar is ok in moderation, and that fat is bad. Personally, I don’t subscribe to that info.

Today’s guest is someone that can shine a ton of light on this issue. During the day, David is flying for a major airlines. However, when it’s time to put on his other hat as a Functional Diagnostic Nutrition Practitioner, you can see him making a major push to get out the knowledge he has in preventing ailments. In this session’s interview with David, we talk about his passion in holistic health,  how he got into it, what his thought are some of the more popular diets out there, and how someone can embrace holistic health into their lifestyle.

If you’re serious about improving your health and not going through the same treatment that many of our parents and grandparents have gone through, then this chat with David should really benefit you. If you get a lot out of it, be sure to share it with others you care about!

SPECIFICALLY, YOU’LL FIND OUT MORE ABOUT:

  • How a pilot with an MBA got into Holistic Health.
  • Why he has a huge passion for holistic health and teaching others about it.
  • How holistic health differs and compliments traditional western medicine.
  • How cholesterol actually helps in the healing process.
  • What actually causes heart disease.
  • Why people get addicted to carbs.
  • His thoughts on the paleo diet, ketosis, and the book The China Study.
  • How someone can embrace holistic health into their lifestyle.
  • What 3 questions you should ask yourself when seeking to improve your health.
  • What your choice of words on social media says about your future health.
  • …and MUCH more.

Right click here and save-as to download this episode to your computer.

ITEMS and PEOPLE MENTIONED IN THIS EPISODE:

SHOW NOTE EXTRAS:

Dr. Robert H. Lustig called Sugar: The Bitter Truth. Totally opened up my eyes. He talks about how bad sugar really is for you and how it’s basically in everything. Find it here:

Dr. Mark Hyman on Sugar and the Only Rules you Need to Eat Healthy:

Most of what David and Dr. Hayman say are similar. However they differ on Milk. David said that it’s good, Mark said it’s bad. Here are two videos talking about milk processing and why you might consider Raw Milk:

A farmer’s perspective on Raw Milk:

Thanks for Listening!

Thanks so much for joining us again this week. Have some feedback you’d like to share? Leave a note in the comment section below!

If you enjoyed this episode, please share it using the social media buttons you see at the top of the post.

Also, please leave an honest review for The AoL Podcast on iTunes! Ratings and reviews are extremely helpful and greatly appreciated! They do matter in the rankings of the show, and we read each and every one of them.

If you have any questions feel free to email them over via the email mentioned in the show or by our contact form.

And finally, don’t forget to subscribe to the show on iTunes, Stitcher, and/or Podbean. It’s absolutely free to do so.

A huge thank-you to you guys for joining us!

Cheers!

Understanding Passive Income as Organic Earnings

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In my last podcast session with Matt Bernstein, one of the nuggets of information he dropped (among MANY) was that he first heard of passive income from the same book I did, Robert Kiyosaki’s “Rich Dad, Poor Dad”. The main difference was that he read it when he was young and I read it when I was starting college.

I was already heading towards getting my first degree when I read the book in 2002. My workload as an engineering student was pretty massive, but I’ve been in the search of ways for it to work ever since then. Why wouldn’t I be? To me, it’s the answer of old adage ‘What? Do you think that money grows on trees?’.

Actually…

Passive income should really be called “organic earnings”. Not because they’re earnings picked from a tree, mind you, but because they are earnings that are based on how well we set ourselves up to sell something automatically. We simply have to let either word of mouth and/or online business nature take it’s course. It doesn’t matter if we personally do an additional hour of work, we’re not going to be paid any more for that one hour directly. Indirectly, however, we might get paid over and over again.

What I’ve found through 13 years of investigation and research, are a few things I really want to share with you guys today.

Passive Income Creates Options

Working on developing passive income opens up the potential for a whole new lifestyle that most would only dream of living. As they say in LTD, eventually you can have 6 Saturdays and a Sunday every week if you work on your business like a business and not a hobby.

If you want to travel somewhere – you could, with no reservations (no pun intended). Get up, buy a ticket, and go without packing. Get some clothes when you get there!

If you have some work to do, you can simply do it from the internet. All you would need is your laptop (or just an internet cafe), and your online business could still be up and running. This is exactly what Cam (from session 8) and Ginger (from session 20) do on their travels.

If travel to travel isn’t your thing, then you have other options. Perhaps you simply want to be at the gym or out on the golf range at any time you want. Or maybe, you just want the opportunity to go to any sports games you’d want. If you’re big into entertainment, you can potentially create a man cave for a king!

Or, if you’re like my wife, Maria, you could work somewhere you love that maybe doesn’t pay you a supporting wage (or you could even volunteer), and your passive income could pick up the slack.

It really depends on you and your ambitions!

If you can Share it Online, it can be a Source of Passive Income.

Any business that you do online can help you create passive income. At AMS, one of the things I struggled to do was figure out how to create passive income for the company. While we were mainly online, our events were TOTALLY not. All registrations were online, true, but our registrants had to actually come to our events. So, just like a brick and mortar store, our ability to provide value to people was based on our geographical location.

In 2016, however, we have started implementing Virtual Races. In the first race we had being virtual as an option, we had 93 registrants from all over the US. While many might wonder, “What’s the point of doing a race if you’re not at the actual location of the event?” in 2016, we should realize that many people run for the gear they get from the event. It’s their proof that they did the event. Virtual Races are considered passive income sources because all you have to do is make the event and you can theoretically sell as many entries as possible.

Likewise, one of our upcoming guests, David Picciuto, is what many of us would consider a Maker. When we think of a Maker, we typically think physical products that are limited and typically sold in a geographical region. Typically, you’d be right. However, this doesn’t necessarily have to be the case either. In fact, in our upcoming chat, we’ll explore how his site, makesomething.tv, where he shares with others how they can build things he’s built… and other topics related to doing what he’s done.

Another example of something that isn’t typically thought of being a passive income business, is being an artist. However, if you’re an artist and want to generate passive income, then one idea might be to do teach while they’re creating their work similar to how Bob Ross taught on his show for so many years. (And, in fact, whoever owns his brand now, has made a passive income site based on his teaching.)

Passive Income Doesn’t Come Cheap

However, let’s be clear that true passive income isn’t for free. In fact, earning a passive income simply isn’t a “get rich quick” idea. It takes some time, a bit of research and probably a little bit of luck too (although I like to say you can create your own luck), in order to get to a point where you’re comfortable saying you have a successful passive income creating business.

It’s about putting in the hard work now, so you can reap the benefits later. – Pat Flynn

Action Steps

Are you really serious about getting started on your path to developing passive income for yourself? If so, then you ought to think about what type of business you want and get on starting to make it. Not only that, but why?

Do you want it to…

  • Be side income on the side of your day job?
  • Be able to quit a job that you dislike?
  • Work On a project that you’re passionate about?
  • Be financially free?

This is part of what you should consider.

There are multiple resources around the web that I spoke of in this post. However, stay tuned for our very own resource that will combine the best thoughts of all these resources (and others) coming soon!

Comments are welcome below and check out Bob Ross’ site if you haven’t yet or not sure who he was. He was a great inspiration to my creativity as a kid!