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Secret Academy Episode - Michael Epstein

Michael Epstein started his first business while still in college, but when he was an IT director in a management consulting firm, he was laid off and decided to go 100% with being an entrepreneur. eDimensional was launched and hit $1M is sales within its first year. eDimensional grew as a leading manufacturer and online retailer of consumer electronics. Epstein used similar methods when he launched a second business venture based around flight simulation, FS Pilot Shop, and received similar results. After a successful exit from eDimensional, Epstein is now a successful business consultant on the hunt for his next idea.

Lesson's in Today's Interview:
  • Passion must exist somewhere in your purpose
  • When was the right time to leave his day job to focus on his business 100%
  • What a business consultant is
  • Why money should be a by-product and not a business goal
  • How consulting is very different from being a manager or owner
  • How to determine whether to take on a consulting project
  • Discovering target audiences
  • How to validate your business idea
  • How to protect your business idea while validating it
  • Prospecting and customer development
  • Why the business goal was to monetize the company long-term
  • The importance of an exit strategy
  • How the recession affected his business vs. industry
  • What allowed him to grow his company so quickly
  • How he took a commercial product and innovated it for other consumers
Full Episode, Downloadable Podcast, and Other Episode Resources Available for Members Only:
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Tom Bilyeu
Co-Founder of Quest Nutrition
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Michael Luscher
Founder of POINT 3 Basketball