Million Dollar Weekend: Key Lessons for Aspiring Entrepreneurs

Set a Rejections Goal 🎯

Starting a business requires facing rejection head-on. Noah emphasizes the importance of setting a rejections goal. Most people don’t ask for what they want; they wish, hint, and hope. The simple fact is, only by asking do you receive what you want. No ask, no get.

Imagine a 4-5% conversion rate when you’re just starting. That means out of 100 people, 4-5 become clients. Try to talk to at least 100 people. Set a rejections goal of 100 to get those clients. Reframe rejection into something exciting. Collect rejections like treasure.

Noah’s dad suggests loving rejections and aiming for 100 rejections weekly. If 100 is too much, aim for one rejection this week. Rejections can come from asking for a discount, sending cold pitches, or offering your product.

1. Ask why not

2. Identify potential referrals

3. Determine what would make it a yes

4. Inquire about pricing

These questions provide valuable feedback, helping improve your offer and increase your conversion rate.

Embrace Business Experimentation 🧪

Business is about experimentation. The wrong decision is better than no decision because it provides data and feedback. No decision leads to no momentum. Feeling stuck is one of the worst feelings in business.

If you can’t experiment, you can’t do business. Give experiments enough of a chance before declaring them failures. Commit to trying something 100 times before stopping. This applies to everything from pitching clients to creating content.

For example, creating 100 YouTube videos before considering quitting ensures enough data to evaluate progress. Don’t evaluate progress after every tiny task. Give yourself time to bloom.

Market Validation is Crucial 📊

Market validation is non-negotiable. Don’t launch products or services without verifying paying customers. Validation means finding three customers in 48 hours who will pay for your idea.

Create the simplest version of your offering and try to sell it immediately. For example, a freelance copywriter should offer to write a Facebook ad for $20 instead of building a website and branding packages.

Focus on talking to potential customers and finding out what they’re excited to pay for. Sales conversations aren’t necessary; it’s about understanding if you can help them and if they’ll pay for it.

1. Identify frustrations

2. Determine the benefits of your offer

3. Gauge pricing expectations

Talk to at least one potential customer and ask these questions. This feedback will be invaluable.

Start Small: Make $1 First 💵

Don’t aim to be a six-figure business on day one. Start by making $1. Every successful entrepreneur started with earning just $1. Focus on the smallest version of your business and take action on that.

For example, a digital business manager could offer to set up ClickUp for $10 for a friend. Identify the smallest version of your business and start selling it right away. This approach builds momentum and confidence.

Stop looking at the entire mountain. Take one step at a time. Create the simplest version of your offering and start selling it immediately.

Quality Over Quantity: Build a Community 🫂

Focus on quality over quantity. Building a community of high-value, attentive fans is more rewarding than having many low-value followers. This philosophy applies to YouTube, social media, and business in general.

Instead of aiming for 1 million subscribers, aim for 100 attentive subscribers who engage with your content. Quality interactions lead to meaningful relationships and long-term success.

Appreciate your attentive audience and focus on providing value. This approach builds a loyal community that supports your business endeavors.

These lessons from the “Million Dollar Weekend” book provide actionable insights for aspiring entrepreneurs. Embrace rejection, experiment, validate your market, start small, and focus on quality. Implement these strategies to build a successful business.