My First Million – The Decision Register, Newsletter Woes and An Audience of One

Intro

In this episode of the “My First Million” podcast, the hosts discuss the concept of a decision register and how it can improve judgment and decision-making skills. They also delve into the challenges of creating successful newsletters and share insights on building valuable businesses at scale. Additionally, they explore the importance of podcast hosts being genuinely interested in their topics and not catering solely to algorithms. Tune in to gain valuable insights on decision-making, newsletter growth, and content creation.

Main Takeaways

Improving Decision-Making with a Decision Register

• Creating a decision register can improve judgment and decision-making skills.
• The decision register is a list of major decisions with reasons, outcomes, and lessons learned.
• Major decisions may not always seem big in the moment but can have significant impacts.
• The register can include investment decisions and questions to ask when making a decision.
• The register can be a Google Doc and should be regularly updated.

Newsletter Growth and Challenges

• Newsletters are a great way to grow a business.
• Daco is a website that provides decision-making templates and has experienced rapid growth.
• The website has achieved half organic growth and half paid growth.
• Morning Brew, a successful newsletter, generates 70-80 million dollars in revenue and requires a large team to handle sales and content.
• Creating engaging newsletter content is difficult, especially when trying to get people to take action.
• Newsletters should focus on valuable audience segments, not just trending topics.
• Milk Road’s success lies in the founder’s personal investment in the topics they cover.
• Lead stories should be based on personal curiosity rather than just summarizing headlines.
• Subscriber count is not the only metric to measure newsletter success.

The Art of Podcasting

• Successful podcasts come from having a conversation that the host is passionate about.
• The host of the podcast should have the conversation they want to have in the way they want to have it.
• Podcasts should be professionally unprofessional, not fake like late-night talk shows.
• The only way for a podcast to be interesting is if the host is genuinely interested in the topic.

Summary

Improving Decision-Making with a Decision Register

Creating a decision register can significantly enhance judgment and decision-making skills. The decision register serves as a comprehensive list of major decisions, including reasons, outcomes, and lessons learned. It is crucial to recognize that even seemingly small decisions can have substantial impacts. The register can encompass investment decisions and should include relevant questions to ask when making a decision. By maintaining the register as a regularly updated Google Doc, individuals can cultivate a habit of documenting decisions and revisiting them, leading to improved future decision-making.

Newsletter Growth and Challenges

Newsletters offer great potential for business growth. Daco, a website specializing in decision-making templates, has experienced rapid growth, with half of its growth being organic and the other half being paid. Morning Brew, a successful newsletter, generates significant revenue and requires a large team to handle sales and content. Creating engaging newsletter content can be challenging, particularly when aiming to prompt readers to take action. To achieve success, newsletters should focus on valuable audience segments rather than solely relying on trending topics. Milk Road’s success lies in the founder’s personal investment in the topics covered, emphasizing the importance of genuine interest and curiosity in crafting lead stories. While subscriber count is a metric of success, it should not be the sole measure of a newsletter’s impact.

The Art of Podcasting

Podcasts thrive when the host is genuinely passionate about the conversation they are having. It is essential for podcast hosts to have conversations they want to have in the manner they desire, creating an atmosphere that is professionally unprofessional. Unlike scripted late-night talk shows, podcasts should embrace authenticity and genuine interest in the topic at hand. A successful podcast is one that captivates listeners because the host is genuinely interested, resulting in engaging and informative content. Content creators should prioritize their own happiness and creative freedom, rather than solely catering to algorithms. Ultimately, the creator should be the highest order decision-maker when it comes to their content.

Conclusion

This episode of “My First Million” provides valuable insights into decision-making, newsletter growth, and content creation. By implementing a decision register, individuals can improve their judgment and decision-making skills. Newsletters offer significant potential for business growth, but it is essential to focus on valuable audience segments and create engaging content. Successful podcasts are driven by hosts who are genuinely interested in the topics they discuss and prioritize their creative freedom. As a content creator, it is crucial to make tough decisions based on personal interest and enjoyment rather than solely catering to algorithms. Tune in to future episodes for more insightful discussions and valuable content.