Digest

This episode of Deep Dive features a conversation with Eric Siew, an investor, founder, and advisor to multiple companies. Eric shares his entrepreneurial journey, including how he started his marketing agency, SingleGrain, and grew it to multi-million dollars in revenue. He also discusses the importance of focus and diversification, as well as the value of mentorship and building a strong company culture. Eric provides practical advice for aspiring entrepreneurs, including how to find their niche, build a strong team, and manage their time effectively. He also shares his insights on personal health and wellness, emphasizing the importance of sleep, nutrition, and exercise. The episode concludes with Eric's thoughts on networking and building relationships, highlighting the power of connecting people and ideas.

Outlines

00:00:00

Book Announcement and Introduction

This Chapter begins with the host announcing his new book "Feel Good Productivity" and its success on the New York Times and Sunday Times bestseller lists. He then introduces the guest, Eric Siew, an investor, founder, and advisor to multiple companies, known for his work with SingleGrain, Marketing School podcast, and Leveling Up podcast. The host expresses his excitement for the conversation with Eric, focusing on his entrepreneurial journey and strategies for building a successful life.

00:01:13

Eric's Entrepreneurial Journey

This Chapter delves into Eric's entrepreneurial journey, starting with his early days working in data entry and his transition into internet marketing. He shares his experience leading marketing at an online education startup and the subsequent bet on YouTube ads that led to their Series B funding. Eric then recounts his involvement with a failing SEO agency, his initial reluctance to take it over, and the eventual turnaround that led to significant profits. He attributes this success to their SEO strategy and the ability to refer leads to other agencies.

00:04:14

The Appeal of Starting a Marketing Agency

This Chapter explores the reasons why starting a marketing agency is a seemingly common recommendation for making money online. Eric highlights the low capital expenditure required, the cash flow nature of the business, and the potential for high multiples upon sale. He emphasizes the importance of profitability and efficiency in today's environment and shares insights on the agency's valuation based on profit levels.

00:06:56

Starting a Marketing Agency: Practical Advice

This Chapter provides practical advice for a 23-year-old aspiring entrepreneur looking to start their own marketing agency. Eric emphasizes the importance of specializing in one specific skill, such as video clipping, web design, or copywriting. He suggests targeting clients who need help with marketing or design and highlights the growing demand for services like LinkedIn and Twitter marketing. Eric also discusses the importance of doing good work, building referrals, and charging high ticket prices.

00:13:48

Scaling a Marketing Agency: Hiring and Delegation

This Chapter focuses on scaling a marketing agency once the entrepreneur runs out of time to handle all the work. Eric recommends hiring an assistant to manage logistics and administrative tasks, allowing the entrepreneur to focus on higher-level activities. He emphasizes the importance of identifying tasks that can be delegated and creating a system for managing responsibilities. Eric also provides tips on finding and hiring the right people, particularly for a service-based business.

00:16:09

The Importance of Excellence and Going the Extra Mile

This Chapter highlights the importance of being good at the core skill when running a marketing agency. Eric emphasizes the need to go the extra mile and stand out from the competition. He shares examples of individuals who impressed him with their initiative and dedication, such as a candidate who created a video showcasing their skills and a developer who provided a detailed analysis of the company's website.

00:19:51

The Enjoyment of Entrepreneurship and Building a Successful Life

This Chapter explores Eric's perspective on the enjoyment of running a marketing agency. He emphasizes the satisfaction he derives from understanding the levers to pull, constantly innovating, and building a strong company culture. Eric also shares his observations on the correlation between wealth and happiness, suggesting that those who find genuine enjoyment in entrepreneurship tend to be happier, even with significant wealth. He highlights the importance of finding what feels right and pursuing it, regardless of external pressures.

Keywords

Q&A

• How did Eric Siew get started in the marketing industry and build his successful agency, SingleGrain?

  Eric started his career in data entry but quickly transitioned into internet marketing. He gained experience leading marketing at an online education startup and then took over a failing SEO agency, which he turned around through strategic SEO and lead referral strategies.

• What are the key advantages of starting a marketing agency?

  Marketing agencies have low capital expenditure, generate cash flow from the start, and have the potential for high multiples upon sale. However, profitability and efficiency are crucial in today's environment.

• What advice does Eric give to aspiring entrepreneurs looking to start their own marketing agency?

  Eric recommends specializing in one specific skill, such as video clipping, web design, or copywriting. He suggests targeting clients who need help with marketing or design and emphasizes the importance of doing good work, building referrals, and charging high ticket prices.

• How can entrepreneurs scale their marketing agency once they run out of time to handle all the work?

  Eric recommends hiring an assistant to manage logistics and administrative tasks, allowing the entrepreneur to focus on higher-level activities. He emphasizes the importance of identifying tasks that can be delegated and creating a system for managing responsibilities.

• What is Eric's perspective on the importance of focus and diversification in entrepreneurship?

  Eric believes in the power of focus, emphasizing that it's better to excel in one area than to spread resources too thin. He draws inspiration from Warren Buffett's approach to investing, suggesting that diversification can be overdone. However, he acknowledges that diversification within a core business can be beneficial for experimentation and growth.

• What are Eric's thoughts on the correlation between wealth and happiness?

  Eric observes that those who find genuine enjoyment in entrepreneurship tend to be happier, even with significant wealth. He emphasizes the importance of finding what feels right and pursuing it, regardless of external pressures.

• What are Eric's key insights on personal health and wellness?

  Eric prioritizes sleep, nutrition, and exercise. He has a chef who delivers healthy meals, follows a specific workout routine, and uses sleep aids like a silk sleep mask and a temperature-controlled mattress.

• How has Eric built such a strong network of connections in the business world?

  Eric started by hosting small gatherings of marketers at his house. He then began speaking at events and creating content, which helped him build his reputation and expand his network. He emphasizes the importance of making introductions, connecting people and ideas, and being helpful to others.

• What is the value of hosting events and masterminds for entrepreneurs?

  Eric believes that hosting events and masterminds can be incredibly valuable for building relationships, sharing knowledge, and generating business opportunities. He shares a story of a mastermind participant who gained a significant profit from a single conversation at one of his events.

• What are Eric's final thoughts on the importance of finding enjoyment in work and life?

  Eric emphasizes the importance of finding what feels right and pursuing it, whether it's a lifestyle business or a high-growth venture. He believes that happiness comes from aligning work with personal values and finding fulfillment in the journey.

Show Notes