About this video

• Video Title: How to Become Famous in Your Industry (and Make $1 Million)
• Channel: Daniel Priestley
• Speakers: Daniel Priestley
• Duration: 00:15:49

Overview

This video explains how to become a "key person of influence" in your industry, which is crucial for earning significantly more income, especially in today's technology-driven "power law" economy. The speaker outlines five key steps: Pitch, Publish, Product, Profile, and Partnerships, detailing strategies and mindsets for each to achieve fame and financial success.

Key takeaways

• The Power Law Economy: Modern industries are no longer a bell curve distribution of income; instead, technology concentrates wealth at the top, benefiting key influencers.
• Three Categories of Industry Professionals: Individuals fall into three groups: "Newbies" (learning and energetic), "Workers" (skilled but with realistic expectations and moderate income), and "Key People of Influence" (highly connected, well-known, and earning exponentially more).
• The Merry-Go-Round of Distraction: Many individuals get stuck jumping between industries, becoming a "newbie" in each, chasing perceived success without building expertise in one area.
• Five Pillars to Become a Key Person of Influence:
  1. Pitch: Develop the ability to enroll others into new ideas through various forms of pitching (social, scheduled, sales).
  2. Publish: Make your ideas public through content like books, videos, or podcasts to establish authority. Prolific creation beats perfectionism.
  3. Product: Shift from selling time to selling products by creating a product ecosystem (gifts, products for prospects, core offerings, products for clients) to achieve scale.
  4. Profile: Build a strong public perception using the "Salt" framework (Social Media Accounts, Awards/Associations, Live Events, Third-Party Platforms) to be easily discoverable and credible.
  5. Partnerships: Collaborate with other key influencers to leverage a multiplier effect, focusing on brand, product, and distribution partnerships.

The "Power Law" in industry income distribution describes how technology concentrates wealth at the very top of an industry, leading to a scenario where a small percentage of people earn significantly more than everyone else combined. This is a shift from the historical "bell curve" where income was more fairly distributed. The key people of influence at the apex of this power law are the ones earning exponentially more.

While the video outlines five steps to becoming a key person of influence (Pitch, Publish, Product, Profile, Partnerships), it doesn't explicitly state choosing an industry as the first step. However, the speaker does mention, "So you choose an industry that you love. And once you've chosen an industry that you love, you figure out how do I become the key person of influence at that." This suggests that selecting an industry is a foundational step before fully embarking on the five-step process to becoming influential within it.