Dan Martell - This changed how I looked at business

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00:00:00.000 One of my strategies when I coach private clients

00:00:02.240 is ask them, how do they take an expense

00:00:05.200 and turn it into an income line item?

00:00:07.100 One of them was the event.

00:00:08.240 And I was like, okay, well, you're spending all this money

00:00:09.840 on delivering an event, do you have sponsors?

00:00:11.640 And they were like, no.

00:00:12.340 Well, if you sold sponsorships to the event

00:00:14.580 where you have a built-in audience

00:00:15.760 of very high caliber people,

00:00:17.200 you probably could just cover your fixed costs

00:00:19.680 on delivering the events.

00:00:20.640 Within three months, they are break-even on their events.

00:00:23.680 Oftentimes, entrepreneurs don't look

00:00:25.340 at their expense line item.

00:00:26.700 This is what Amazon did so well.

00:00:28.160 if amazon web service was a standalone company it would be bigger than salesforce amazon said okay

00:00:33.680 what are the things we're spending money on infrastructure shipping how do we make that

00:00:37.920 revenue and they said what if we created a service called amazon web services and

00:00:41.520 and start charging other people to use our infrastructure.

Dan Martell - September 27, 2023