Today’s episode is an interview with Elaine Pofeldt who is the author of The Million-Dollar, One Person Business, a Random House book looking at how everyday Americans are breaking $1 million in revenue in businesses with no employees besides the owners. She is a former senior editor at Fortune Small Business magazine and has written about entrepreneurship for publications such as Crain’s New York Business, Fortune, Money, Inc., CNBC and many others. Elaine currently contributes to Forbes. She’s also co-founder of 200kfreelancer.com, a community for indie professionals looking to build a thriving business.

I was first introduced to Elaine through Tim Ferriss’ podcast where he highlighted case studies from Elaine’s book. It got me very excited and I just had to read the book. I picked it up and sped through it. It was a very interesting reading that I gained a lot from.

I’m excited for you to listen to my interview with her because it’s inspiring to know that as an individual you can earn a very good income on your own terms. Especially for people with creative ambitions, her principles can really help. She is very generous with her answers so I encourage you to take notes. Without further ado, here’s my interview with Elaine Pofeldt.

Time Question
1:38 What is a million dollar, one person business?
2:22 Can artists be successful entrepreneurs and still pursue their art
5:00 With tech do you see that as an added tool for entreupreneurs?
6:23 What differentiates a hobby vs a business?
7:46 In other interviews you say that funding seems to be the biggest hurdle that everyone faces. Do you think crowdfunding has helped alleviate that or not?
10:13 Part of automation is knowing where your time should be going to? How does one define that for themselves? How does one prioritize best?
13:29 How do you become knowledgable enough to understand roles even if you are not an expert?
17:45 Any common mistakes you see people make?
18:42 What are the common traits between successful companies and successful one person businesses?
20:19 What will it take in your mind for a one person business to grow to a billion dollar business?
23:18 Do one person businesses think too small? You mentioned in another interview that these million dollar one person business can bring home 200-400k in profit a year. Is that the reason these don’t’ scale more? Because these individuals don’t feel a need to earn more?
27:03:00 I imagine you’ve learned a lot from interviewing business owners over the years. What lessons do you apply in your own life?
27:03:00 What lesson or tip do you want people to ultimately take away from your writing or work?

Before you click away to another lesson from Phil, here’s a few more things. For your benefit, we’ve added links to Elaine’s book, website and some of her work in the show notes below. Additionally, Phil’s questions are time coded for you so you can revisit any of Elaine’s answers quickly. There’s a lot to unpack so be sure to leave us a comment so we can read your thoughts and respond back to any questions you may have. Plus, Elaine said she’d love to do a follow up in the future so Phil could always ask some of your questions directly when the time comes. If you enjoyed this lesson, please be sure to hit that like button and tell your friends and family about us. Also, you can support this show on patreon.com/philsvitek if it doesn’t burden you financially in any way. Every contribution is truly appreciated and helps defray the costs of putting on this show – which as you can imagine takes a lot of effort. To be notified when future episodes release, subscribe on either Apple Podcast or YouTube. Plus, the show is now available on Google Podcast, Spotify and a host of other amazing platforms. All you have to do is click the link to the specific platform that’s most convenient to you. Lastly, if you’re a new host or college student seeking an internship in the LA area and would like to join AfterBuzz, visit AfterBuzz TV’s contact page. A direct link is provided. Or of course you can Tweet @PhilSvitek or Instagram me @BonjourJuliet. Thanks for watching. I’m Juliet Vibert, a producer on the show and we’ll see you next week with another one of Phil’s life lessons. Bye.

Full Transcript: https://philsvitek.com/earn-one-million-dollars-as-a-standalone-business-even-if-youre-an-artists-an-interview-with-elaine-pofeldt/

Million Dollar, One Person Business Book: https://amzn.to/2O2Tf2x

Elaine Pofeldt’s Website: http://elainepofeldt.com/

Elaine Pofeldt’s Twitter: https://twitter.com/ElainePofeldt

Elaine Pofeldt’s Forbes Articles: https://www.forbes.com/sites/elainepofeldt/

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