SFN213: How To Make Decisions Like a Millionaire (in Just Four Steps)
Do you want a reliable way to make the optimal business decisions?
Billy Murphy is a former professional poker player turned entrepreneur, built a seven-figure poker training business, has run at least 20 e-commerce stores, and now he’s helping more entrepreneurs get started at ForeverJobless.com.
Billy has a uniquely mathematical, logical, and linear perspective on business that we haven’t seen anywhere else, and we’re really excited to share it with you.
In This Interview I Ask:
- 2:30 - Let’s talk about Billy’s approach to goal-setting, and how he goes about doing it.
- 9:15 - Fitness isn’t as complicated as relationships or money. So how does someone apply the process he used to get fit towards making money?
- 13:35 - Can Billy give us an example of one of his e-commerce stores? How did he analyze the deal, what were the numbers he saw, what did he find, and how did he make his decision?
- 20:00 - What is the four-step process that Billy takes people through (and uses himself) to start successful businesses?
- 27:45 - What does Billy teach people when it comes to getting started on marketing?
- 38:50 - This is how Billy used to make decisions in poker … he wants to optimize for decisions that will have a positive expected value.
Don’t Overcomplicate Your Goals
Too often, we over-complicate goals and get overwhelmed. If you simplify your goal and distill it down to the variables you NEED to be successful, you will create a road map towards your goal.
Consider a fitness goal. You want to get into shape, but you’ve never been in that kind of shape.
- What does it mean to get in shape? There are only two main variables: eat food that contributes to your goal & do workouts that contribute to your goal.
- Get advice from people who have successfully gotten fit.
- Follow the expert’s advice.
This isn’t just a hypothetical – this is how Billy transformed his body into the competition-winning figure you see above in just six months, and it was easier than he originally expected.
Know Your Goals (and Make Them BIG)
“You can have 100% success rate at something, but if you’re aiming at a goal that you don’t actually want, or won’t change your life, then you’re failing by default.”
A lot of people say they want to make money. Great… Why?
- Do you want your spouse to be able to stay home or go to school? Do you want more time or freedom? Do you want to impact the world?
Find a good motivator, and then set a BIG goal that will change your life. If you have a small goal, like losing five pounds, then you might not be motivated to work towards it every day.
Millionaire’s Math: How to Consistently Develop Great Business Ideas in Just Four Steps
“Even if you’re going to lose most of the time, you should still make the bet. It’s a no-brainer to make the bet because you transform your life if you launch the business and you succeed.”
Note: Before you go through this process, you have to know exactly what your goal is.
Step One: Ideas. How can you create something more valuable than what’s in the market?
- Generate a LOT of ideas
- Don’t go after “me too” business ideas
Step Two: Marketing. How can you reach that potential audience?
- “Even if we have the best product or service in the world, if nobody understands we exist we still fail.”
- Find people who already have the audience you want and work out win-wins
Step Three: Due diligence. What are your competitors doing?
- What are their sales? Traffic?
- How are they doing that?
- Can you do something better, or is there a gap in the market?
Step Four: Expected Values. What is the potential benefit, and how likely are you to succeed?
- See Billy break down the math for more examples in his blog post “Expected Values: Millionaire’s Math”
Do you want personal coaching and first-hand experience in this four-step process? The Forever Jobless Incubator is accepting applications until April 29th, and the next class starts in May.
- Learn more at Forever Jobless
- Apply to the Forever Jobless Incubator (deadline: April 29th)
- Read Billy’s awesome blogs: