13 Simple Rules of Business That Will Make You Rich

About this video

Martell presents 13 rules of business he says took him from a broke 22-year-old to a multi-millionaire over what he describes as a 27-year career. Rule one: take the credit card — a business starts when money exchanges hands via cash, Stripe, PayPal or Venmo, because payment validates the problem. Rule two: under-promise and over-deliver, going the extra 10%, illustrated by Dayton, who details his supercars. Rule three: simple scales, complex fails — focus on one customer, one product, one way of getting attention and one way of selling for one year. Rule four: give to get; he cites an 11-month rehab process and his ‘10% rule’ that your income is about 10% of the value you create, so making a million dollars means, in his framing, making others $10 million. Other rules cover being impeccable with your word for 90 days, treating losses as lessons — he says he lost a million dollars on a company he bought but then found his partner Kevin and now buys a company every month — managing energy not time after working 16 hours a day and 100 hours a week for 4 years in his 20s, playing to win, spending money to save time, accepting that 80% done by somebody else is awesome via the 10-80-10 rule, being deliberately incompetent so others step up, being patient with results but impatient with action, and protecting reputation, which he links to pricing power using a $2 t-shirt versus a $60 Nike-logo shirt example.

Key takeaways

• Start by taking payment — cash, Stripe, PayPal or Venmo — because a stranger paying validates that they actually have a problem they want solved.
• Keep it simple with the five ones: one clear customer, one clear product or offer, one clear marketing channel and one clear sales method, focused on for one year.
• Apply his 10% rule: he claims your income is about 10% of the value you create, so help others make more if you want to make more yourself.
• Delegate using the 10-80-10 rule — 10% ideation with your team, 80% execution by them, 10% integration by you — and accept 80% done by somebody else as fully awesome.
• Protect reputation and reach: he says brand dictates pricing power, contrasting a $2 unbranded t-shirt with a $60 shirt carrying a Nike logo.

Episode details: published September 6, 2024 · 22:36 long. Summary written by Self Growth Videos from the episode itself. Business results and any income figures mentioned are Dan Martell’s own claims, shared for education — they are not typical or guaranteed.

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