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How I Joined the New Rich (And How You Can Too) — Transcript · YTtoTranscript

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How I Joined the New Rich (And How You Can Too)

Myles Dunphy · 3,449 words · 17 min read · EN

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Below is the complete, readable transcript of How I Joined the New Rich (And How You Can Too) by Myles Dunphy on YouTube. Read the full text, copy any part you need, or generate a transcript for any video with our free tool.

so you want to build a successful online business but there's just so much content out there you're struggling to piece it together and actually create a game plan for yourself in this video I'm going to share the exact road map that I used to sell $25 million of random [ __ ] online this is the same road map that

you can follow to create your own online business and join the new Rich if you're new here my name is Miles and I'm just a normal guy who figured out how to escape the rat race and start living life on my own terms after slogging away at a dead end job for far too many years I finally

took the plunge threw myself head first into the digital economy started my own online business business from nothing and eventually sold it for a figures so if you follow these 12 lessons correctly they'll take you all the way through these three stages from zero to your first 100,000 from 100,000 to your first

million and finally from 1 million to your first 10 million so without further Ado stage one 0 to 100,000 or the Slowpoke stage before anything else you need to lay the right foundation and start building your unique set of skills the point of this phase isn't to get everything right but it's to try and

learn new things and experiment you've just come into this brand new world of opportunity but just like a little child or an uninvolved Pokémon you'll have to learn how to crawl before you can walk or run so for many of you watching this means you've got to get outside of your comfort zone and just start I know it's

cliche advice but it's it's cliche for a reason just start by selling something anything trust me until you start you don't actually know what you need to learn but the good news is this isn't school if you pick the right starting point it won't even feel like learning done right it'll just be you exploring

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topics that you're genuinely interested in if you don't believe me just start by looking towards your own hobbies and unique interests anything that you can put a lot of time into without it feeling like work because this is how you'll find your Edge for me it was photography when I was younger I used to

want to be a Travel Photographer I love to travel I love to take photos and I it was sort of my escape from my University degree but I was also a broke University student meaning I couldn't afford a brand new DSLR at the time instead i' sit at my desk I was refreshing eBay all

day long and I just wait for a good listing to appear in the end I found one it was a Canon 40D I bought it I took it with me when I went backpack to Europe over summer break I used that can camera I abused it I came home and I ended up

selling it for 50 bucks more than I'd initially paid this was a light bulb moment short I'd only made 50 bucks but this was an important event which led me to my first ever attempted entrepreneurship flipping cameras yeah it was a lot of work but I was a bit of a Gearhead and as someone who genuinely

enjoyed the craft and the technical aspect of Photography that was fun enough that I could actually stick with it over time I got a better and better feel for the market which lenses were priced well which were priced badly and it also taught me a crucial aspect of selling online which has served me

really well ever since you've got to make it pretty I've learned that it doesn't matter whether you're running an a figure business or you're just starting a side hustle for the first time selling is all about packaging it's how your product looks next to the other product around it and this is true

whether you're selling physical items whether you're selling digital content whether you're a SAS developer or a restaurant owner good marketing helps you stand out but great marketing means that you get to choose the price so in my case I realized the key to flipping cameras was all about creating nicer listings than what was already out there

if I just took better photos of the product with the cameras that I was buying and selling then I'd get more sales so once you find something that you'd like to sell make sure you can nail the packaging you can't compete in the digital space without that now alone these three steps are probably not going

to make you rich but you will have officially started your entrepreneurial journey and you'll be well on your way to making your first $100,000 once you developed your marketing skills then you can start to push your boundaries so flipping cameras didn't make me a millionaire like maybe ID hoped but it built my confidence I made my first

$20,000 this way and it taught me a lot Retail Arbitrage the fundamentals of business how to make money online and most importantly it taught me that I could make money selling random [ __ ] online again this is why you just got to start I literally wouldn't be sitting here filming this video today if I

hadn't started by flipping cameras all those years ago you never know where that first attempt will lead you in my case it led to the next venture an online car dealership in case you haven't realized by now growing as an entrepreneur means repeatedly stepping outside of your comfort zone I didn't know anything about cars but I took the

skills and the four lessons that I'd learned from flipping cameras let's just recap them quickly one I decided to just start two I found my Unique Edge in this case I was selling online versus an in-person car dealership three I made it pretty by creating nicer listings with great photos and four I was willing to

push my boundaries in the end my business partner and I made around about $100,000 but as it turns out an online car dealership is a pretty sucky business there was so much work that we had to do going to the auctions inspecting the cars taking it to the mechanic taking all the photos dealing

with customers in the end I didn't think it was worth it I realized that sometimes quitting is necessary if the path that you're on isn't taking you to where you want to go and in my case I desperately wanted to move on to bigger and better things this led me to stage two 100,000 to the first million dollar

or the slow bro stage so making my first 100K was all about putting myself out there and just experimenting I didn't know it would work but that was kind of the point when you're in the Slowpoke stage no one expects you to have everything figured out yet and I think every entrepreneur has to go through

this period but if I wanted to go from 100K to a million to evolve from Slowpoke to slow bro I knew that I'd need to be smarter about it all so to create a business that would not only provide me with a good income but also enable the lifestyle that I wanted to

live I had to get back to the drawing board and firstly create a vision so at 26 I set the pretty audacious goal to have 1 million in net worth by the time I turned 30 and yeah I know this is just an arbitrary number but it was more about what that number signified to me

at the time Freedom it was the freedom to be able to do the things that I loved the freedom to travel the freedom to live abroad for the first time to take care of my family if they needed it to be able to provide for them and to actually do these things from a position

of abundance so my previous Ventures had taught me a lot not only did I gain a better understanding of what I wanted to do I also began to understand what I didn't want to do for starters I didn't want to be running around trying to flip cars every day I wanted something that

was hands off something I could do online and something that had a big enough market so that I'd be able to scale to my first million but I knew that to get there I'd have to set tangible targets around this time I remember a guy from my high school who seen some success by selling on Amazon

this seemed pretty crazy and out there at the time I don't think Amazon even existed in Australia at that point but the idea appealed to me a lot lot because it built on all of these skills that I'd already been developing sourcing products selling them online creating high quality listings finding customers and so on but unlike flipping

things one by one I knew that I'd have a much easier time scaling this if I could just find something that would work so my initial goal was pretty small but still exciting it was five products each making $25 a day that's roughly 46,000 a year in profit I knew I didn't need to

have everything figured out right at the beginning but I had to know where I was trying to get to and that's where that vision of 1 million and Financial Freedom came in so I didn't want to jump in with nothing but lofty expectations and I don't think you should either instead start with a humble shortterm

and achievable goal and test quickly because in business you never really know what the market will want you can only guess this means a you have to test lots of different ideas and B you have to accept that you probably won't succeed on your first try in my case rather than putting all of my eggs in

one basket I launched five products at once the first product was kind of a dud uh it kind of failed it was like this magnetic wall organizer like what I had uh something in my house at the time so I found a supplier but there were just a lot of issues from the get-go I couldn't

get the color that I wanted uh I received a sample which was pretty po quality and then worst of all I just didn't do any due diligence about if there was actually demand for this product in the first place but hey again mistakes are inevitable and some mistakes you only really have to make

once to avoid repeating them again so by the time I got to the fifth product I found something that was actually flying off the shelves so that gave me the confidence to go all in and double down because it's not easy to find things that work especially on the internet where things are always changing very

very quickly that's why when you find something that does work You' got to figure out why it works and then Double Down On It doubling down is important because it teaches you to look for the points of Leverage this is the essence of the 8020 rule some inputs are better than others to find the better inputs

and prioritize them and that's why it's important to test quickly to take as many bets as possible and then double down on the bets that work and I quickly found that my bets were working so by embracing this approach my goal of 40K per year became 40K per month and then 400k per month in less than 2 years

pretty crazy but the craziest part was my Approach was simple I just kept looking for products that were selling pretty well but had ugly listings and I just made them look better which which was the same lesson that I learned back when I was flipping cameras in University and it was through this that

I really got started on Amazon and made my first million online so what separates this second stage from all the struggles on the first part of the Slowpoke journey to $100,000 is that now we have a scalable business so whether I sold one cup a day or one 100 cups a day I never had to touch the product or run

around chasing customers I just had to manage the machine however like in the car dealership I still ran into the same problem of just working a lot more hours than I really wanted to now I was making great money but I was also feeling really stressed I was constantly checking the Amazon seller app I knew

that if something went wrong with a shipment or a listing it was still me that was on the hook to fix it not to mention keeping up with all the changes that were always happening in the Amazon ecosystem remember everything in the online world moves quickly so I thought I can't keep going on like this I needed

to free up my time so that I could return my focus to the bigger picture and this brings me to stage three 1 million to 10 million the boss stage so remember you started as a humble Slowpoke you learned to experiment and try new things you made your first $100,000 this way and you went from a a

crawl to a walk as you made your first million with a scalable business but there's one more important transition that needs to happen to complete the process so that you can evolve into your final boss form once you're at this final stage growing your business now it's all about streamlining that workflow and delegating it out either to

Virtual employees or increasingly to machines and software to do this you've got to build systems I think the single biggest thing that led to me becoming a millionaire was a shifting my mindset and the one book that was a real Catalyst for this was the emyth by Michael Gerber emth is all about how to

create a business that works without you and then avoid the classic business owner trap of just trying to juggle too many things at once so according to Gober there are three roles in each business number one the technician who creates the product and does the Hands-On work number two the manager who maintains order and consistency in the

business and number three the entrepreneur who acts as the Visionary steering the ship in the right direction and until that point I've been trying to do it all myself maybe I was the technician maybe I was the manager while it was working it wasn't effective if I stopped the business stopped whether in

1 day or in 7 days or a month it was going to stop so I realized is that to take my time out of the equation I'd have to bring somebody else on board and teach them the systems that they could follow essentially train them to be me but luckily as gerbert writes the system

isn't something that you bring to the business it's something you actually get from the process of building the business and so through my few years working in it I'd already built most of those systems out so you do the same thing in enough times and inevitably you create a process for how you do it and

at that point you just need to teach or automate that process so that you can gain leverage gaining Leverage is about finding the tools the people or the capital to magnify your capabilities and output and so for me this really kicked off with Michael Michael was a young guy I've been speaking to on Reddit around

my second year of selling on Amazon at the time he was earning about $4 an hour but he already knew a lot about selling on Amazon and after speaking with him a little bit I could already see that there was just a lot of potential in us working together so I took him on as an

apprentice with the goal of him managing my Brands this was an incredibly important decision for me by freeing up my hours with him doing my job suddenly I could take on more of the entrepreneurial role while he handled the management of the company this gave me the free time to to diversify my

income and explore other opportunities like this channel where I can share my knowledge and experience at scale and that's the key scalability throughout this entire process I finally learned how to create a scalable business the beautiful thing is that if you set this up right a scalable business will keep on making more and more money for you

but it's not a quick process I don't want you to get fooled by the online gurus who sell you the dream of quick easy passive income I've learned that even just teaching your systems that already exist takes a lot longer than you expected to let alone actually building them out so you got to be

patient I had other businesses before I started selling on Amazon I started flipping cameras all the way back in University I ran an online car dealership for a little while before that I'd spent years working as a mining engineer none of My Success happened overnight building a business is hard work and it takes time nval rant says it

like this all returns in life whether in wealth relationships or knowledge come from compound interest and it really does take time for that interest to compound but when those results do start to compound is pretty incredible in the end I sold about $15 million worth of cups to half a million C customers

around the world and not only that I built a business that I could sell this is the real secret of the third stage going from 1 million to 10 million the most valuable product that you'll ever sell is your business the biggest Payday for a business owner comes the day they exit and walk away all in all the

Journey of Entrepreneurship is different for everyone but as long as you keep learning and experimenting you'll keep increasing your odds of success and on that note please remember to enjoy the journey again this one might sound cliche as well but if you're not careful it'll be nothing but a blur when you look back one thing I've learned is that

it's way better to be a producer than a consumer when I was building my business I was too busy to really spend much of my money but once I sold that business and walked away from it suddenly I had all this free time and no Direction so I started spending a lot more money and I

can confidently say that 90% of it was a complete waste and it didn't bring me nearly as much joy as creating and producing for others so please just enjoy that process I'm not saying this to take away from the value that money does offer but I also know that being rich extends far beyond the number in

your bank account or whatever luxury items it is that you can afford so sometimes enjoying the journey just means remembering the reason why you started in the first place and keeping that perspective fresh in your mind especially when things do start to pick up because if you follow these 12 lessons it's not a matter of if but when

and with that enjoy the roller coaster ride because believe me it is a roller coaster just when I thought I had it all figured out I managed to lose 10 million because of one simple mistake if you want to hear that crazy story and learn what the mistake was make sure to click

on this video right here and give it a watch now and I'll see you there