Success Through Failure Podcast
Action Plan Episode #260
Dane Maxwell is the co-Founder of The Foundation, the owner of a multi-million dollar SaaS business, and has started 16 businesses in my career.
The Foundation is a six-month program designed to teach entrepreneurs how to build a profitable SaaS business. He found building a business around a painful problem to be extremely lucrative and encouraged anyone who wants financial freedom to learn the process. He teaches not to follow your passion, but to follow the pain, and become passionate about the process of problem-solving.
Failure is a key ingredient in the process of building a successful business. Dane shares how finding and leveraging failure is the key to building a successful business.
“It’s not the ‘What’ but the ‘How’ that makes millionaire-maker successful.”
“If you haven’t failed more than 10x, you haven’t failed enough yet.”
“The key to being free from the feeling of worthlessness and ugly is not how quickly I can fix it, but how I can be ‘okay’ with those feelings being here.”
What is a successful failure and why failure is a gift
Most of the people that I see that struggle in business and fail in business actually are their own worst enemy. They feel like it’s their fault. They really failed. So when you look at the emotional experience of failure, it can be devastating. If you’re not living in the right context, failure can be devastating. But if your context is Like, ‘I’m gonna be successful at entrepreneurship no matter what and where I’m going.’
It’s great! And you’re very firm in that context, a little blip of a product, not working, ain’t going to matter to you.
How did millionaire-maker become successful quickly
So quite a few of my students are respectively at the top of their fields, and they’re not respectively at the top of their fields because of what I taught them. They’re respectively at the top of their fields because of how they relate to life and how they do things. Let’s say, software developers. They think that a software product idea is what would make the business successful. They think it’s the “what” but you could give the same idea to 10 different people, and you’ll see it’ll get implemented in 10 different ways because of “how” they do it. So it’s not “what” but “how”. That’s why these guys become so successful quickly.
Why fear is the missing piece to a successful life
Fear is something inside you. That’s what holding you back. You can’t build the business that you built. You can’t have the freedom that you want and have. You can’t guide people to live the way that they want to live by building these businesses and becoming entrepreneurs in this fulfilling way that you’ve allowed them to do, without fear.
You have to fully allow yourself to identify that fear. Look at it, stare it in the face, and realize it’s probably not true. Just like those other limiting beliefs you have and move past it. Right? And that’s going to allow you to live what you listen to, whether it’s building a business or healing your relationship or whatever else it is in your life.
What is SaaS business and why it’s a great investment
So what I try to do is try to teach people how to see software as a service. We have my most successful SaaS businesses, Paperlesspipeline.com. And that’s so close to my heart. And it’s just such a remarkable product. I built that up to $700,000 a year. And then I handed it off to the CEO, and he’s grown it to beyond 2 million, and it’s growing, and it’s doing well, but it had to be a clear customer, a clear result, and a clear mechanism.
e don’t have to go out and find new customers to keep making money. We get a sale once we take care of them, like imagine if you had a customer that came in and bought from you and you knew they would keep buying for 10 years, how much better that would feel. Then if you’ve got someone to buy from you once, that’s, to me, one of the best reasons why software and services are remarkable.
Suppose you look at Clay Collins, who transferred from information marketing to LeadPages if you look at Clickfunnels and Russell Brunson, a new transfer from information marketing to SaaS. In that case, you look at some of the top marketers in the world. They’re launching SaaS businesses because it’s just such a high reward for the effort.
How to debunk neediness through clarity
The way to shift from neediness to self-reliance is with clarity.
Because as soon as you become clear, your neediness is gone. You don’t try to be liked by everybody. So if you’re needy in any area of your life, it’s I think is a sign of lacking clarity. And that’s not a thing a lot of people have. If you have that clarity, you can look at the world and not be like, gimme, gimme, gimme, gimme, need, need, need, need, who can help me?
But if you have clarity, you’d be like, I don’t need anybody. I’m going to be self-reliant. That’s probably one of the secrets or what their big thing was the focus and positive reflection. And I think definitely it’s that. And the beautiful by-product is you can become a self-reliant
There’s a very enjoyable action you can take. And it’s a practice, the 5 Question Framework with somebody that you can use to elicit a painful problem and a solution, and even what they would pay for it. And you can have that for free at www.startfromzero.com/5. It’ll take you to an excerpt in my book, it’s a five-page excerpt, and you’ll see the five-question process.
You can do the 5 Question processes five times with the same person in different contexts.
Other Episodes Referenced
- #246 Interview with Tim Ferriss: Secret (or Not-So-Secret) Routines, Experiments, and Absurd Questions from a World-Class Performer https://iimharshawir.com/tim-ferriss-interview/
- #247 Interview with Tim Ferriss (Part 2): Asymmetric Bets, Fear Setting, and Choosing the Right Target https://iimharshawir.com/247/
- #231 A Performance Psychology Hack 40 Years in the Making: Dr. Stevenf Hayes Shares the Secret to High Performance and a Meaningful Life https://iimharshawir.com/231/
- #227 The Missing Piece To Your Success: Mindset Training That Will Explode Your Results with Dana Wilde https://iimharshawir.com/227/
- The Road Less Stupid by Keith Cunningham
- #256 Steven Pressfield: Defeating Resistance and Starting Before You’re Ready https://iimharshawir.com/256/