The Money Making Expert (NEW): The 7,11,4 Hack That Turns $1 Into $10K Per Month! Daniel Priestley

by | Jan 30, 2025 | doac

I loved this podcast as it gave insight into the shifts in economy, how to build a business, and work-life balance with entrepreneurship. I hope you like it as much as I did.

Episode: The Money Making Expert (NEW): The 7,11,4 Hack That Turns $1 Into $10K Per Month!

Guest: Daniel Priestley

Summary

1. The Changing Landscape of Business & The 7-11-4 Framework

  • The Industrial Age is being replaced by the Digital Age, where success is based on personal branding and scalable digital business models.
  • 7-11-4 Framework: People need 7 hours of interaction, 11 touchpoints, and exposure on 4 different platforms to build trust with a brand or person.
  • Traditional career paths are disappearing, and entrepreneurs must build digital assets instead of relying on jobs.

2. How to Get Started in Business

  • Don’t start as an entrepreneur right away. Instead, do an entrepreneur apprenticeship by working in a small business where you can learn directly from the founder.
  • The key skills needed are:
    • Personal branding
    • Content creation (writing, video, publishing)
    • Understanding digital business models
    • Sales and marketing in a digital world

3. Testing Demand Before Launching a Product

  • Most businesses fail because they focus on supply, not demand.
  • Instead of launching a product first, test demand with:
    • Online ads with different variations to see which idea people are most interested in.
    • Creating a waitlist or survey to gather insights from potential customers.
    • Running discussion groups or intro events to gauge interest before investing heavily.

4. The Role of Publishing and Content Creation

  • Writing and publishing accelerate learning and influence.
  • People who regularly share insights (books, social media, blogs, videos) establish themselves as industry leaders.
  • Only 1% of LinkedIn users post regularly, meaning personal brand builders still have a huge opportunity.

5. The New Business Model: Monetizing the Top 10%

  • The 10-90 Rule: The top 10% of an audience holds 60% of the spending power.
  • Successful businesses give away free value to 90% of their audience while creating premium offers for the top 10%.
  • This applies to influencers, consultants, and product businesses.

6. The Importance of Friction in Business

  • Friction (exclusivity, application processes, waitlists) increases perceived value.
  • A study showed that people who had to apply to enter a discussion group valued it more than those who were allowed in freely.

7. Moving from Bell Curve Opportunities to Power Law Opportunities

  • Some industries have limited earning potential (bell curve), while others allow for exponential growth (power law). Example: A doctor in a hospital follows a bell curve, while a doctor who becomes a YouTube educator has unlimited earning potential.
  • Entrepreneurs should focus on industries where success is not capped.

8. Work-Life Balance & Entrepreneurship

  • Success requires intense focus in the early years, but later, strategic gaps in schedules allow for bigger opportunities.
  • Many entrepreneurs overbook themselves and miss out on major opportunities.

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Key Takeaways

  1. Personal branding is essential – People remember 7 hours of interaction, 11 touchpoints, and 4 platforms.
  2. Test demand before launching a product – Use ads, surveys, and waitlists instead of focusing on production.
  3. Entrepreneurs should start by learning from others before launching their own ventures.
  4. Writing and publishing content builds credibility – Only 1% of LinkedIn users post regularly, so there’s a huge opportunity.
  5. Business models must shift towards monetizing the top 10% of customers while providing free value to the rest.
  6. Friction increases value – Making customers apply or wait increases their appreciation of a product/service.
  7. The biggest business opportunities are in power law models (exponential potential) rather than bell curve models (limited growth).
  8. Overbooking yourself can limit success – Entrepreneurs need to create open time slots for unexpected opportunities.

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Actionable Insights

  1. Start creating content today – Post valuable insights on LinkedIn, YouTube, or Medium at least once a week.
  2. Validate your business idea before launching – Use Facebook ads, waitlists, and discussion groups to measure demand.
  3. Develop a personal brand – Be active across 4 platforms and build 7+ hours of content that people can consume.
  4. Monetize the top 10% of your audience – Give free content to 90% while offering high-value products or services to the top 10%.
  5. Consider an entrepreneur apprenticeship – Work with a successful founder in a small team (under 12 people) to learn first.
  6. Move towards power law opportunities – Look for business models that can scale exponentially rather than being capped.
  7. Increase friction to create exclusivity – Use waitlists, application processes, or premium memberships to raise perceived value.
  8. Slow down to identify major opportunities – If your calendar is full, you may miss life-changing opportunities.

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*The above is a summary, key takeaways, and actionable insights produced by running the transcript of this episode though ChatGPT. Please consider supporting the original Diary of a CEO podcast by subscribing.