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Dave Lukas Chats with Jeff Lerner

366:  Unlock Your Potential, How Jeff Lerner Went from Broke Musician to $50 million+
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This week’s Misfit Entrepreneur is Jeff Lerner. Jeff went from being a broke jazz musician to making over 100 million Dollars in online sales. After a decade of building multiple online businesses to over 8 figures and landing on the Inc. 5000 four times, Jeff turned his focus to educating entrepreneurs about the power of digital business through his Entre Institute which to date has helped over 250,000 students.

And if that is not enough, Jeff wrote the Wall Street Journal best-seller, Unlock Your Potential: The Ultimate Guide to Create Your Dream Life in the Modern World.

I’m excited for him to share his best strategies to grow and succeed as an entrepreneur in this episode.

www.Jefflernerofficial.com
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Show Notes

Jeff started out a very young age having an epiphany in his teens that the systems we operate in have an agenda and you have to figure out your own program for your life – or you will be following someone else’s.  He dropped out of high school and focused on creating freedom more than money.  He goal was to be an artist as a professional jazz musician.  There are a lot of parallels between music and entrepreneurship and over time, he was led to building businesses as entrepreneur.  It clicked for him because of his musical background. 

His evolution to entrepreneurship happened as he wanted to be more like the people hiring him and paying him to perform.  They were living great lives and while he was a successful musician – he didn’t have much money and was the epitome of the starving artist.  He started trying businesses without a lot of success and racked up debt.  He then discovered online marketing.  He started for the first 5 years as an affiliate marketer and was able to build a good income and payoff the debt.  He then started an agency and had a lot of success building it to $30M+ in revenue. 

He exited for multiple 7-figures and started putting out content sharing how he did it which led to EntreInstitute.

Talk to us about the fundamentals – what are the fundamentals of successful entrepreneurship?
  • The more he goes through live, he had realized that there aren’t that many important questions. 
  • If you ask the right questions, you will find there are few things that guide you.
  • You must become very intentional and good at knowing what the experience to work with you.
  • What is the experience people should have from working with you?

At the 14 min mark, Jeff talks about how his musical experience translates to entrepreneurship.

Explain the 3x3 matrix…
  • It is source code of the Life Operating System.
  • It’s best to listen to Jeff go in depth explaining this.
  • There are 3 concepts that make up the matrix
    • 3Ps:  Physical, Personal, Professional (Everything in life falls into these areas in your actions)
    • 3 legs of successful action:  Knowledge, Environment, and Resources (Anything you want to do in your life will require one or a combination of these)
    • 3 phases of legacy:  Income Phase, Growth Phase, Wealth Phase

How do you people implement and execute the 3x3 Matrix?
  • The 3Ps are an organization of relationships. 
  • Physical is the relationship with yourself (Body, mind, and soul).  We neglect this one the most.
  • Personal.  The relationships close to your that interact with every day.
  • Professional.  The indirect relationships that make a difference in your life.
  • You must master the relationship with yourself first (Physical).
  • One this is done, you move into the 3 legs of action and then the phases of money.
  • You need to be obsessed with increasing the value of your time and creating surplus.

You have a responsibility to produce surplus income because it is the only way you will be able to go out and make an impact on the world and take care of the people you care about.
  • Wealth is a ratio.  Goal is to get to a 5:1 ratio of income to expenses.  Outside of taxes, you are investing 40% of your income.  Your goal in the income phase is to get to that number.
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Best advice for an entrepreneur starting out?
  • You must start and do the work on the 3Ps for yourself. 
  • Focus on your income phase and getting your 5:1.
  • Identify your success vehicle.  Examples include:  Affiliate/Referral marketing, 

Best Quote

  • You have a responsibility to produce surplus income because it is the only way you will be able to go out and make an impact on the world and take care of the people you care about.
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  Assume you are going to live a long time and plan for it.
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  How does it feel to be around you?  Look through this lens as you go through life.
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 Ask deeper questions.  The goal is to get to as few questions as possible that have as meaningful answers as   possible. 

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