Shannon returns! How to Know if You Will Win at Entrepreneurship and Love It Too? (+ a Few Biz Ideas). Part 2 of 2. Ep #064

**Chris Koerner** (0:00)
And I'm thinking of myself where I got my confidence, and that was knocking 50,000 doors in Eastern Europe for two years and getting rejected almost every time. So I'm trying to think of back to us trying to be tactical and specific. What do we tell a 25 or a 55 year old or anyone in between that says, I want to do this, I want to do what you're doing, I want to do entrepreneurship, but I don't really like problem solving yet, but I want to like problem solving. And I don't know if I'm confident yet, but I want to be confident. What do you do with that?
Welcome to The Koerner Office. This is the second part of the Shannon episode that we started a week ago today. Today, we speak in a little more generalities about entrepreneurship, how to make your first dollar, what audiences online are the most valuable, how to have resilience as an entrepreneur, some practical advice for people just getting started in making money outside of a nine to five. We used an analogy about a slingshot that I think you'll like. We talked about compounding. So last week, we talked a lot about a lot of specific business ideas. And this week, we're talking in more generalities about entrepreneurship and how to get started and how to persist when things get tough. But we did talk about some tactical stuff as well. Facebook groups, Etsy opportunities, Airbnb opportunities. You're going to like it. Enjoy. Please like and subscribe, share with your friends, and we'll see you next time. I'm glad you brought up the accessibility part because I'm really leaning into that as well. You can go upstream or you can go downstream, right? You can talk about billionaires or you can talk about side hustles. And I like talking about things that are more accessible. It's not as sexy, not as cool. What are you working on right now?

**Shannon** (1:41)
I often comment that people are in love with the end state of entrepreneurship. That's awesome, and that attracts me too, of course. But I feel compelled to share the work and the little stuff. And like we were talking about earlier, it's great. Yeah, you want to make a million dollars, but let's start with a thousand and let's get a system. Because if you make a mistake at the million dollar level, it has a much greater impact on your life, right? It can be very negative because can you afford wipeout risk? Maybe in your 20s. But could you do it with your family in your 30s or 40s? I don't think so. You get to make those mistakes on the way up, and then you take a little more risk and a little more risk. So it's that mistakes or tuition and you're building your education and your curriculum along the way. So I'm with you and I'm doing it right now. We were talking about content creation. I've wanted to productize my knowledge for ever and just didn't know how to do it. So now I'm doing it. Some stuff doesn't work, some stuff works. But I celebrate the small wins, the 100 bucks, the 1,000 bucks.
That to me, it gives me energy and I can feel it. And it makes me want to get up earlier, want to stay up later, want to be in front of my computer more. That gives me energy.

**Chris Koerner** (2:59)
Yeah. What's really interesting is I've been on YouTube. And so now I have like data to back up the quote, the value of an audience when you talk about different things. Because YouTube will show, like I interview people that are ultra high net worth. And then I interview people that are making a few thousand bucks selling garage shelves on the weekend. Right? Everything in between. Thank you. And one thing that I've noticed, because YouTube will break down your CPM, your cost per mill or cost per the value of the audience on a per video basis. And when I interviewed a guy named Matt, who started an Alpine slide, cost him $8 million. He's got a bunch of like eight figure hits and he's very interesting, very engaging. And the CPM on those videos is like, I'll say RPM, because CPM is before YouTube takes their 50 or 45% cut. Revenue per mill is what I actually take home. And so MrBeast's RPM is like $2 to $3. A lot of business channels are like $6 to $8.
And when I talk to these ultra high net worth guys, for whatever reason, the RPM on those is like $8, which is above average. It's good. When I talk to the guys doing a side hustle, something more accessible, the RPM is over $20. Is that right? Which is unheard of for YouTube. And it's like, why is that reversed? And I was thinking about it, and it's like, the people watching this are probably more likely to take action, right?