Becoming Famous in Industry

How is income distributed in industries today due to technology?

Technology has created a power law distribution, where the people at the absolute top of every industry (Key People of Influence) earn exponentially more than everyone else combined. This differs from the industrial age's bell curve distribution where income was shared more fairly.

What are the three categories of people in any industry?

1. Newbies: New to the industry, still learning basic skills. Their currency is learning, and they are excited and energetic.
2. Workers: Have basic skills and get paid, typically earning between 50,000 to 150,000 per year. They form the vast majority of people but are not as excited as newbies.
3. Key People of Influence (KPIs): A small group at the top who are the most connected, well-known personal brands, earning exponentially more money.

What is the 'Merry-Go-Round of Distraction'?

This occurs when a worker in one industry sees a Key Person of Influence (KPI) in another industry, gets distracted by their success, and switches industries. They become a newbie again, work their way up to a worker, only to find it's not what they expected, and then repeat the cycle by chasing another KPI in a new industry. This prevents them from becoming a KPI in any industry.

What are the five new skills required to become a Key Person of Influence (KPI)?

To become a KPI, one needs five new skills that most people in the industry don't have, beyond their functional skills:

1. Pitching
2. Published Content
3. Product Ecosystem
4. Profile
5. Partnerships

What is 'Pitching' as a KPI skill, and what are its three types?

Pitching is the ability to enroll people into new ideas and get them excited about something they haven't considered. It's considered 'the journey of a thousand pitches.'

There are three types of pitches:

1. Social Pitch: A 30-45 second pitch for social media or settings, covering your name, 'same,' fame, aim, and game.
2. Scheduled Pitch: A 15-minute to 2-hour presentation for a known individual, tailored to take them on a new journey or course of action.
3. Sales Pitch: A transactional pitch aimed at achieving a sale (buying a product) or investment.

What is 'Published Content' as a KPI skill, and what principle is important for it?

Published Content means taking your ideas and making them public through various mediums (videos, podcasts, books, reports, social posts). Publishing signals care and establishes authority (e.g., 'author' and 'authority' are linked).

The key principle is 'prolific beats perfect.' Focus on consistently publishing content directionally correct, rather than striving for unattainable perfection. Some content will be world-class; some will be less successful, but the volume and consistency build influence.

Why is a 'Product Ecosystem' crucial for KPIs, and what are its four components?

KPIs must sell products, not time, as their primary income source, because 'income follows assets,' and product creation is a valuable asset. A product ecosystem provides scale and includes four types of products:

1. Gift: A free product offering great value, creating attention.
2. Product for Prospects: A cheap, easy first-step product that doesn't require a huge commitment, building trust.
3. Core Offering: The main, flagship, transformational product the KPI is known for.
4. Product for Clients: An ongoing subscription or membership product that takes clients into the future, creating long-term relationships.

Having all four types of products is beneficial for the overall ecosystem.

What is 'Building a Profile' as a KPI skill, and what does the SALT framework stand for?

Building a Profile is about how you are seen from a distance, making it clear to others that you are a Key Person of Influence.

The SALT framework helps build this profile:

• Social media accounts: Regularly show up on at least four platforms.
• Awards and associations: Win awards and associate with known brands.
• Live events: Be a speaker, host, or sponsor live events.
• Third-party platforms: Appear on other people's podcasts, media, or platforms.

Building a profile is about becoming the spotlight, saying 'Look at this' (ideas or client success), not 'Look at me.'

What is 'Partnerships' as a KPI skill, and what are its three types?

Partnerships involve teaming up with other Key People of Influence (KPIs) to achieve a multiplier effect (e.g., 1+1=11). These partnerships can be transformational and are typically driven by the founder/KPI.

There are three types of partnerships:

1. Brand Partnerships: Partner with someone more well-known to enhance your brand through association.
2. Product Partnerships: Enhance your product offering by including another product (e.g., Porsche with Bose stereo).
3. Distribution Partnerships: Get your products/services in front of more people by partnering with entities with large reach (e.g., stocking products in Walmart).