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1-Page Summary of How to Be a Capitalist Without Any Capital
Overview
What is it that makes an entrepreneur successful? Usually, we’re told that it’s a combination of hard work, original ideas and single-mindedly pursuing your goals. However, this isn’t always the case. For every Steve Jobs there are hundreds of entrepreneurs who break all the rules in business by copying their rivals and putting their own twist on already successful ideas rather than blazing their own trail through the market. It may not seem fair but it works!
Nathan Latka believes that you should do things your own way. He started out with a hundred dollars and became a multimillionaire by following his own rules.
The author discusses the key points in his success recipe, such as why it’s better to multitask than focusing on one skill and how to get more out of your existing assets.
Big Idea #1: Maximizing your income sources boosts your chances of success.
You’ve heard it many times: if you want to be successful, then pick a single career path and stick with it. It’s good advice for people who want to become neurosurgeons because they’ll need to put in long hours and work hard. But what about other professions? If you don’t want to spend your life working endless hours, then you need a backup plan. That means not sticking with one profession because that leaves all your eggs in one basket. You’re more vulnerable if things don’t go well or you get fed up and quit the profession entirely; there will be no safety net if something goes wrong or you lose interest in that field of work.
So, if you don’t want to specialize in one narrow field and instead want to be financially secure, then it’s a good idea to cultivate multiple sources of revenue. That way, you’ll have something else you can fall back on if your business fails. And by spreading out your bets, the chances that all of them will fail are reduced significantly.
The author launched Top Entrepreneurs in 2016. It’s a podcast that allows him to earn money from sponsors, who pay him for the opportunity to host their content on his show. He also has a business called Top Inbox, which helps Gmail users schedule already-written emails and save time by sending them out at a later date.
The author’s podcast has a pop-up that exposes more people to his sponsors’ websites. It is a win-win situation for both the hosts and the advertisers: they get more exposure, while he gets paid $160,000 per ad slot.
Big Idea #2: Successful companies copy their competitors, and you should too.
Copying others is looked down upon. We are taught that it’s unethical and that we should come up with our own brilliant ideas before starting a business. However, if you want to be successful in business, you need to break this rule. The most successful companies copy their competitors all the time. They always have and they always will because it helps them stay on top of things. It’s not about stealing an idea but rather taking someone else’s idea and tweaking it so that it applies to your industry/business model as well.
Wealthfront is a company that uses the newest software to manage its clients’ assets. It has a policy of rewarding existing customers for bringing in new clients. If they bring in someone who becomes a client, Wealthfront gives them $10,000 worth of financial services.
The concept of this idea was not new, but it was inspired by the file-sharing service Dropbox. The company had offered extra storage space to users who referred their friends.
But small businesses can also apply this strategy. The place to start is identifying what makes your competitors successful, and one way of doing that is by checking out their profiles on online marketplaces like Etsy. Let’s take a look at how that works.
