This Is What Billionaires Regret Before Dying - Noah Kagan

This Is What Billionaires Regret Before Dying - Noah Kagan

When Chris Emailed Noah in 2019 (00:00:00)

  • Noah Kagan invited Chris Williamson to be a guest on his show after admiring his work.
  • Despite the drawbacks of being obsessive and compulsive, Kagan stresses the significance of capitalizing on strengths and finding competitive advantages.
  • Kagan's perfectionism hindered his business launches, but he successfully launched his podcast after meticulous planning.
  • Focus on what's working, quickly identify what's not, and protect your passion throughout the entrepreneurial journey.
  • Winning is motivating, so create something people desire.
  • Don't hesitate to engage in non-scalable activities initially.
  • Kagan advises entrepreneurs to directly reach out to potential customers, set specific goals, and validate products before investing heavily in marketing.

The Pitfalls of Leverage (00:08:42)

  • Leverage has been bastardized and misused.
  • People forget that high-touch advantages exist for those who don't use leverage.
  • Noah Kagan used his club promoter background to manually send personalized messages to 2,500 contacts when he launched his podcast, resulting in many reviews.
  • Fear of asking for help holds people back in entrepreneurship.
  • Club promoters are comfortable sending unsolicited messages and asking for things.
  • Noah Kagan assumes familiarity when networking, sending messages straight to the point without any formalities.

Common Traits of Very Wealthy People (00:11:34)

  • Billionaires tend to focus on one industry and stick with it, rather than diversifying their efforts. They often work in large, growing markets and identify emerging trends or gaps to capitalize on.
  • Contrary to popular belief, most billionaires were driven by their passion for solving problems rather than the goal of becoming billionaires.
  • Many billionaires regret not balancing their time with their families and miss out on the overall balance of life for themselves and their loved ones.

Finding a Specific Niche to Focus on (00:16:40)

  • Focus on one thing and go incredibly deep before diversifying.
  • Consistency and playing long-term games are essential.
  • Find a large and growing market that others don't realize its potential.
  • Solve a problem that can help many people in the future.
  • Validate your idea quickly with customers.
  • Find market opportunities before others and take full advantage of them.
  • Put in the effort and focus to become a professional in your field.
  • Pick one platform and focus on it until you see proportional results to your effort.
  • Don't quit too soon; keep going until you reach your goals.

Taking a Less Aggressive Strategy in Business (00:19:57)

  • The speaker's podcast gained popularity after being featured on prominent platforms like Joe Rogan's podcast, highlighting the importance of consistency and persistence in achieving success.
  • Enjoying the process and setting specific goals, such as creating 100 episodes, can help maintain motivation and focus.
  • Most podcasts don't make it past episode 3, and only 10% reach episode 20, making it a significant achievement to have created 21 podcasts.
  • Noah Kagan's dedication to creating three videos a week for a year on YouTube, driven by his desire to establish himself in a respected field, resulted in a significant increase in subscribers.
  • Noah admired influential figures like Joe Rogan, Jordan Peterson, and Sam Harris and believed that following their path would benefit him and others.
  • Achieving one's goals can bring about a sense of self-doubt and introspection, leading to a strange feeling of accomplishment.

Is Wealth Worth it? (00:25:53)

  • Billionaires often regret the stress and lack of enjoyment in their pursuit of wealth, prioritizing external achievements over personal relationships and contentment.
  • John Paul DeJoria, the founder of Paul Mitchell Hair Care and Patron tequila, achieved success by focusing on a few products he believed in and emphasizing sales and customer satisfaction. Despite facing initial challenges, Patron tequila eventually gained popularity.
  • Dean Phillips, the founder of Beluga vodka and Talenti gelato, experienced a sudden increase in sales after Jay-Z featured his product on MTV.
  • DeJoria demonstrated his kindness and authenticity by donating $50 million on the day he sold his company.

The Biggest Regrets of Rich People (00:30:38)

  • Billionaires often regret not prioritizing their families and personal lives over wealth accumulation.
  • Getting stuck in outdated behaviors and mindsets can hinder personal growth and success, especially for those from working-class backgrounds.
  • As people achieve success, they may need to readjust their goals and visions to align with their evolving priorities and aspirations.
  • Overcoming fears and insecurities is crucial for personal growth and fulfillment.
  • Mark Zuckerberg's vision for Facebook has evolved significantly over time, from a modest initial intention to global dominance and beyond, reflecting his changing priorities and aspirations.

How to Enjoy the Journey of Success More (00:35:24)

  • Many people struggle with choosing the right path and fear that self-congratulation will diminish their drive.
  • Successful individuals may find that their initial drive, fueled by bitterness and resentment, is not sustainable for long-term well-being.
  • It's important to balance acknowledging mistakes with practicing self-compassion and replacing negative self-talk with positive affirmations.
  • Seeking feedback and continuously striving for improvement can lead to better outcomes and a more positive mindset.
  • Billionaires often regret being unhappy during their journey to success, but society tends to dismiss their unhappiness as "champagne problems."
  • The speaker reflects on his own journey and wonders if he could have achieved success without the unhappiness and self-doubt that accompanied it.
  • The speaker's baseline contentment has increased with age, despite facing similar problems, due to an evolved understanding and response to those problems.

Having Faith in Your Mission (00:46:07)

  • Resentment and bitterness are powerful but unsustainable motivators.
  • Aubrey Marcus regrets dwelling on the future instead of enjoying the present.
  • Surrounding yourself with positive people can help overcome negative thoughts.
  • Transformative moments come from facing and overcoming challenges.
  • The "long cut" to success involves confronting fears and challenges.
  • Facing discomfort and taking yourself seriously are crucial for personal growth.
  • Aligning behavior with desires and values is essential for fulfillment and success.
  • Overcoming challenges leads to better outcomes and a more fulfilling life.
  • The magic lies in facing the work you are avoiding to unlock your potential.
  • Focusing on the present and taking action is more important than worrying about reaching your full potential.

When Can Success Be Enough? (00:51:52)

  • External validation from the world cannot satisfy one's internal desire for validation. Instead, focus on things that matter to you and work hard to achieve them.
  • Experimenting and trying different things in life can help you find what truly matters to you and brings you fulfillment.
  • Focusing on deepening a relationship with one person can be more fulfilling than seeking variety.
  • People often prioritize observable metrics like money and status over hidden metrics like peace of mind and quality of relationships.
  • We have more ability than we think and can overcome challenges, but uncertainty and fear of inadequacy can prevent us from reaching our potential.
  • Patience with ourselves and the understanding that we don't have to have all the answers immediately are key to success.
  • Success and wealth don't always bring fulfillment, and it's important to find balance and prioritize hidden metrics over observable metrics.
  • Billionaires can suffer from mental health issues just like anyone else and may feel like they have fewer options for resolving their problems.
  • Contrary to popular belief, having money and status does not necessarily lead to greater happiness.
  • People should take a more balanced view of the downstream effects of wealth, status, and attention before assuming that these things will bring them happiness.
  • Starting something out of passion and then realizing you don't love it anymore is a common experience, and it's okay to revisit the reasons why you started in the first place.
  • It's better to be rich with problems than poor with problems because wealth provides more options and resources for addressing those problems.

Noah’s Experience With Coaches (01:02:01)

  • Noah Kagan has invested over a million dollars in coaching to enhance his personal and business growth.
  • He works with various coaches, including a CFO coach, therapist, CEO coach, and business coach.
  • Therapy has taught him to pause and respond rather than react emotionally, leading to improved decision-making.
  • His CEO coach guides him to focus on optimizing existing strategies instead of constantly initiating new projects.
  • The business coach assists with strategic planning and ensures alignment within the leadership team on quarterly goals.
  • Kagan believes that a business reflects the personality and preferences of its leader.
  • Many billionaires regret not paying closer attention to the details of their businesses.
  • Engaging in business can facilitate personal growth and self-discovery.
  • Hiring coaches or advisors can be beneficial, but verifying their credibility and assessing the immediate returns on investment can be challenging.
  • People often hire coaches or advisors for self-preservation, regardless of their qualifications.
  • Choosing a coach or advisor requires caution, as negative experiences can damage the reputation of the entire coaching industry.
  • Billionaires often regret not being more mindful of their spending habits.
  • Seeking guidance from successful individuals, preferably through referrals, can be valuable for learning and growth.
  • Having a coach or mentor can significantly contribute to business learning and development.

Believing That Your Situation is Unique (01:10:20)

  • People often believe their struggles are unique, but they are often solvable with existing solutions.
  • Hiring coaches can provide answers to difficult questions and improve various aspects of life.
  • Focusing on innovating in one area rather than multiple areas simultaneously can be more effective.
  • Copying solutions from others who have solved similar problems can save time and effort.
  • Billionaires often regret not having a clear organizational structure and overlook established business practices.
  • They experience a range of emotions, including excitement, trepidation, and pressure to succeed.
  • They question whether it's possible to achieve world-class results while also having fun and enjoying the process.
  • Reflecting on past accomplishments and progress can bring a sense of pride and gratitude.
  • Acknowledging and appreciating personal growth and achievements can help individuals feel more content and satisfied.

How We Shift Our Own Narratives (01:19:56)

  • Sam Ovens and Alex Becka, both successful individuals, experienced a shift in their identities as they realized the importance of authenticity and being true to themselves.
  • The author reflects on his own journey of seeking external validation through material possessions and emphasizes the significance of being accepted for who you are.
  • Finding a partner who values the person you are, rather than the external persona you present, can alleviate the anxiety of living up to expectations.
  • Billionaires often regret not taking more risks, spending less time pursuing wealth, and not following their passions and dreams.

Why Money Isn’t a Good Enough Goal (01:24:26)

  • Money alone cannot bring true fulfillment or happiness.
  • The pursuit of money often stems from a desire for recognition and validation, but it may not always lead to the desired outcome.
  • Focusing solely on monetary success can result in neglecting other important aspects of life, such as personal fulfillment and meaningful relationships.
  • Money can provide convenience and opportunities, but it does not guarantee lasting happiness or solve personal issues.
  • Clichés about life and success often hold true, and Bill O'Reilly's quote about money being like gasoline on a road trip highlights the need for a balanced approach to wealth.
  • People ultimately care about themselves, and external validation may not bring genuine satisfaction.
  • Engaging in activities like book tours can create opportunities for meaningful connections and self-discovery.
  • Starting a business can be a journey of self-exploration and learning about oneself through interactions with others.
  • People have the potential to achieve more than they realize, but they need to recognize this possibility and take action to develop themselves.

The Greater Risk of Inaction (01:27:28)

  • Starting a business, despite its risks, can lead to financial success and personal growth.
  • Many successful entrepreneurs started by planting seeds for their future, even if it meant doing something they disliked in the short term.
  • Focusing on finding a passion and figuring out how to monetize it is more important than worrying about money.
  • Overcoming fears, setting ambitious goals, and visualizing success are key to achieving millionaire status.
  • Finding customers who value and are willing to pay for your services is crucial for success.
  • Noah Kagan's experience highlights the importance of overcoming fears and taking action to achieve goals.

Being Comfortable With Asking & Rejection (01:36:58)

  • Rejection therapy involves intentionally exposing oneself to small, manageable rejections to overcome the fear of rejection and build confidence.
  • Practicing rejection therapy can help individuals become more comfortable with discomfort and develop a positive mindset.
  • The speaker emphasizes the importance of taking action and overcoming fears to achieve personal and business goals.
  • He suggests practicing asking for what you want in controlled and repeatable ways to build confidence and comfort.
  • Overcoming the fear of rejection can be empowering and lead to personal and professional growth.

Where to Find Noah (01:43:29)

  • Noah Kagan's website and social media handles can be found at million dooll and @Noah Kagan.
  • His book, "This Is What Billionaires Regret Before Dying," is dedicated to those willing to take a chance on themselves and become entrepreneurs.
  • Kagan emphasizes the importance of being nice to others and building relationships, as those connections can be valuable when seeking help.
  • He appreciates the embodied vibe and integrated approach to success, combining personal development and business acumen.
  • Kagan reflects on the extensive work he has done to reach his current level of success, including therapy, coaching, and personal growth.
  • He stresses the need to keep doing the work and showing up for self-improvement practices, even when feeling great.
  • Kagan encourages viewers to be mindful of what serves them and to make changes when necessary.
  • He emphasizes the importance of positive self-talk and being okay with the idea that things can always be improved.

Overwhelmed by Endless Content?