David Perell

David Perell quotes on money management

"The Writing Guy". He tweet about business, online learning, and Internet writing.

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1

The future of education. Some predictions: 1. Home schooling will be extremely common 2. The stigma around tutoring will disappear. 3. The best independent online teachers will make more than of $1 million per year. A billion dollar business will be built in each space.

2

The state of online learning: 1) YouTube will eat the low-end of the market. 2) People will pay 5-15x more for live courses. 3) The three biggest competitive advantages are the personality of a creator, the warmth of the community, and the quality of the student experience.

3

Key to hospitality: add a bonus. • If you run a hotel, give people an extra 30-minutes to check-out. • If you run a restaurant, thank guests with a free small dessert. • If you run a bakery, keep small cookies on the counter. Short-term costs create long-term loyalty.

4

Let’s set the record straight. Attention spans aren’t falling. Opportunity costs are just rising. Big, big difference. People love long, in-depth content. But it needs to be really, really good.

5

Learning to manage a team of engineers is much more profitable than learning to code.

6

This is the age of one-person media companies. Here’s the business model: • Build an email list. • Grow your list with free content. • Monetize with a subscription. • Fans pay for podcasts, ask-me-anything episodes, and behind-the-scenes videos. Small teams. Big margins.

7

If you’re starting a business, solve problems other people aren’t solving. Don’t copy. Competition makes marketing expensive. But differentiation is free marketing.

8

The school I want to build: 1) Start writing 2) Build an online audience 3) Start a company in your niche Graduate once you have a profitable business.

9

When you add complexity to a system, you feel the benefits first and the costs later — which is why it’s so dangerous. Prize simplicity.

10

Product subscriptions give you recurring revenue. Email subscriptions give you recurring attention.

11

Everybody talks about learning to code. But nobody talks about how much copywriters are making. Online commerce runs on copywriting. A great copywriter will always have a job.

12

Paid newsletters are over-rated: it’s grueling work, your best thinking is stuck behind a paywall, and selling products is much more profitable

13

Startup formula for bootstrappers: 1. Solve an existing problem to attract instant revenue. 2. Ask for feedback from customers. Listen to them and improve the product. 3. Steer the company roadmap towards a big market with little competition. Then, keep going.

14

School idea: Start a business. You have a group of peers and mentors. You can start whatever business you want and you have one year to do it. It’s costs $0 to start an online business. If you fail, it’s the fastest learning of your life. If you succeed... well... you win.

15

Thoughts on marketing: 1) Social media gets the attention, but email is the secret weapon. 2) Live video workshops are the fastest way to build a relationship with a future customer. 3) The more people share your ideas, the lower your marketing costs. Organic marketing works.

16

Things I'm thinking about: 1) As a group, academics should take religion more seriously. 2) A friendship is born when two people say: “You too, I thought I was the only one." 3) Small niches are more profitable than expected because the Internet is way bigger than you think.

17

Free business idea: Job boards for influencers. Influencers have big audiences of like-minded people. They attract job seekers, but don’t want to manage technical stuff. Build software. Run customer service. Beatiful design is the cherry on top. Very profitable business too.

18

Why I like high-end online courses: 1) Higher completion rates because students have more skin in the game. 2) Affiliate marketing is easier because there’s more revenue to share. 3) The added cost attracts serious students, which creates all kinds of positive feedback loops.

19

Silicon Valley has an excellent culture of ideas because so many of the big names would‘ve been academics if startups weren’t so profitable

20

Two markets with lots of opportunity: 1) The Internet makes solo-entrepreneurship much easier. They'll support companies that help them outsource business operations. 2) The world is aging. Old people need technology that's designed for them. Profitable, but unsexy problems.

21

Idea: Show notes for conversations. The app listens to your conversations, and curates a list of links mentioned, people referenced, and books recommended. Monetize with advertising or subscription revenue. Free version for consumers. Paid version for businesses.

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