#97: CONQUER YOUR NICHE WITH STEVE OLSHER
#97: CONQUER YOUR NICHE WITH STEVE OLSHER
Want to discover your ‘What’ in life?
In this episode, we are chatting with Steve Olsher, founder and editor-in-chief of Podcast Magazine, award-winning author, and founder of the Reinvention Workshop. Throughout the course of his life, Steve has had the ultimate entrepreneurial spirit and has created several multi-million dollar companies from the ground up. He is also a New York Times bestselling author with his book, What is Your What.
In today’s episode, we chat about Steve’s childhood, how became an entrepreneur in college, and his experience with online sales in the beginning of the internet. We’ll also touch on how he got to where he is now in the podcast world, how Podcast Magazine came to be, how you can discover your ‘what,’
and how to niche-itze your idea.
Sponsored by Podcast Republic: https://www.podcastrepublic.net/podcast/1368888880
Hala’s Podcast Magazine Feature: www.podcastmagazine.com/free
Recommended Episode To Listen To Next, #60 with Evan Carmichael
Sponsored by Podcast Republic: https://www.podcastrepublic.net/podcast/1368888880
Recommended Episode To Listen To Next, #57 with Jordan Harbinger:
Follow YAP on IG: www.instagram.com/youngandprofiting
Reach out to Hala directly at [email protected]
Follow Hala on Linkedin: www.linkedin.com/in/htaha/
Follow Hala on Instagram: www.instagram.com/yapwithhala
Follow Hala on ClubHouse: @halataha
Check out our website to meet the team, view show notes and transcripts: www.youngandprofiting.com
00:45 – Steve’s Childhood and His Natural Entrepreneurial Spirit
04:34 – Why Steve Created a Club in College
11:19 – Reason for Moving Liquor Sales Online
18:25 – How He Overcame Failure
22:09 – What Drew Steve to the Podcast/Radio World
25:45 – Podcasting Back in 2009
30:57 – Story Behind Podcast Magazine
37:30 – Balancing Digital vs. Print Magazine
40:17 – How to Choose Cover Stories
45:39 – Steve’s “What”
52:59 – Discovering Your What
54:30 – What You Should Be Feeling When Finding Your What
56:20 – How to Niche-itize
1:00:06 – Why the Clubhouse App is so Interesting
1:06:31 – Steve’s Secret to Profiting in Life
Mentioned in the Episode:
Podcast Magazine: https://podcastmagazine.com/
Hala’s Cover Feature in Podcast Magazine: https://podcastmagazine.com/hala-taha-podcastings-palestinian-princess
Steve’s Book, What is Your What: https://whatisyourwhat.com/
Steve’s Website: https://steveolsher.com/
To get a free Lifetime subscription to Podcast Magazine, head here: https://podcastmagazine.com/free
[00:00:00] Hala Taha: [00:00:00] You're listening to YAP. Young And Profiting podcast, a place where you can listen, learn, and profit. Welcome to the show. I'm your host, Hala Taha. And on Young And Profiting podcast, we investigate a new topic each week and interview some of the brightest minds in the world. My goal is to turn their wisdom into actionable advice that you can use in your everyday life.
No matter your age, profession, or industry, there's no fluff on this podcast and that's on purpose. I'm here to uncover value from my guest by doing the proper research and asking the right questions. If you're new to the show, we've chatted with the likes of ex FBI agents, real estate moguls, self-made billionaires, CEOs and bestselling authors.
Our subject matter ranges from enhancing productivity, how to gain influence, the art of entrepreneurship, and more. If you're smart and like to continually improve yourself, hit the subscribe button because you'll love it here at Young [00:01:00] And Profiting podcast. In today's episode, we're chatting with Steve Olsher, founder and editor in chief of Podcast Magazine, New York Times bestselling author of What is Your What?
and founder of the reinvention workshop. Throughout the course of his life. Steve has had an incredible entrepreneurial spirit creating several multi-million dollar companies from the ground up. Tune in to hear about Steve's childhood, his wild entrepreneurship experiences in college, and his forte in online sales way back when the internet was first getting traction. We'll then touch on how Steve immersed himself in the podcasting industry and how he came to be the founder of Podcast Magazine, which skyrocketed him to the top of his field.
By the end of this episode, you'll understand how to discover your what and niche ties your idea too. Before we get started with the show, I just want to say a quick, thank you to Steve Olsher. He actually put me on the cover of [00:02:00] Podcast Magazine for it's January, 2021 issue. And it is one of the biggest highlights of my podcasting journey.
And so I appreciate that opportunity so much. I actually was interviewed by Steve about two months ago for an article in Podcast Magazine. I thought it was just going to be this little article. I didn't think much of it. And at the end of the interview, He told me he was so blown away by my story that he wanted to put me as the cover feature.
And I was just couldn't believe it. Other people have been on that magazine or John Lee Dumas, who was just on YAP last week, Joe Rogan, Hal Elrod, Katie Couric, Jenna Kutcher. These are huge names, huge podcasters. And to think that I'm in the same lineup as those people is just so motivating and inspiring and just really gets my gears going.
I am so ready for 2021. And having this opportunity is just such a blessing. And thank you so much, Steve Olsher for giving me that shout out. I'm definitely not as big as those [00:03:00] other people that you've had on the covers. And you gave me that opportunity, you gave me that recognition, and I will always be grateful for that.
If you want to check out my cover story feature in Podcast Magazine and get a free lifetime subscription head over to podcastmagazine.com/free. Hey Steve. Welcome to Young And Profiting podcast.
Steve Olsher: [00:03:23] Appreciate you.
Hala Taha: [00:03:25] Of course I'm super excited for this interview. I think it will be a lot of fun. I think we have a lot of similarities.
So you are a serial entrepreneur, even involved in multiple different industries from e-commerce to the beverage industry to podcasting. And so you've got a whole range of experiences to talk about. I wanted to start off with your childhood. So you grew up in Illinois. And from my understanding you were born in entrepreneur, you've always had this entrepreneurial spirit.
So in your own words, talk to me about your childhood and maybe share some memorable stories in [00:04:00] terms of your entrepreneurship as a child.
Steve Olsher: [00:04:03] Yeah. So I don't know people, talk about how entrepreneurs can be made or they're born and, I mean that argument's been going on nature and nurture whatever for millennia.
I don't know. I think that entrepreneurs are born. Right? Am I just think it, I just think it's in their DNA. Some people are just naturally born entrepreneurs and I think some are just not built that way. So for me, man, from it is from as long as I can remember. My parents split when I was seven.
And I think that kicked in some of that fear and scarcity and just concerned about about money. We, from the time until I was seven, my dad made pretty good money. Definitely middle-class but then when my folks split, mom took all the kids. My brother was in and out of men's till institutions, so he was not well.
And my sister was older and she had her own private, Idaho things going on [00:05:00] and mom really hadn't worked ever. And so for her to be able to take care of three kids and then get thrust into the workforce. Just, it was things were tight. If you looked at our home, you would say we were probably lower middle class at that point.
Definitely still the roof over the head and whatnot, but there were roaches in the kitchen, there were mice running around every now and again. And I'm never going to say that I'm not, I never missed a meal, but there's no doubt that for me. Some of that scarcity kicked in and then it just really felt I gotta do whatever I can do here to try and bring some money in of course being 7, 8, 9, 10 years too young to do some things.
But by the time I got a little bit older and a little bit stronger, as soon as I could pick up a rake and try to move some leaves around or. Grab a shovel and shovel sidewalks and driveways, or, save up some money and buy a lawn mower to mow lawns. I've just really just always been wired to try to rub a couple of dimes together and and make a quarter.
Yeah, as far [00:06:00] back as I can remember, it's not that I've been obsessed with making money so much as I think I've just been obsessed with not wanting to live in any sort of fear around money. And interestingly, that really hasn't gone away, we still draw those lines in the sand and it's just now that I have X number of dollars in the bank, it's just still one of those things where it's like, Ooh, I feel like I need Y number of dollars in the bank.
So it's really interesting how that almost well, not for everyone, but for me anyway, it really hasn't gone away. It's something I'm still trying to work on to this.
Hala Taha: [00:06:33] Yeah, that's so interesting. I know your motivations have changed a lot over time and we'll get into that. And some of the pivotal moments in your life, that's really cool.
And I can definitely relate. I was very similar. I actually grew up at, I think in an upper middle class home, my dad was grew up really poor and Palestine, but he was pretty successful by the time he came to America. But I still had that itch. I was always selling stuff. I was selling books.
I was selling [00:07:00] fleshy is whatever I could do. And I can get that. I think, it's just, like you said, you're just born with it. One of the most interesting things that, that stood out to me in terms of you being an entrepreneur in your younger years, was that you started a club a night club called the funky pickle when you were in college, which is pretty insane.
And really cool. So tell us about that. Why did you, what'd you do that? And I really loved how you really targeted a specific market. So early on you were smart enough to do that. So please share that story with our listeners.
Steve Olsher: [00:07:31] Yeah. So I always had a love for music where I grew up was.
Technically, we lived in Skokie, but it was the Evanston school district of Skokie, which is just north of Chicago. So I went to all the Evanston schools. Even from a young age, I was pretty darn confused about things, but yeah, we called it Kevin Sten because again, scout Skokie, but the Evanston school district anyway, the Evanston school district was very mixed, about 40% white, 40% black, 10% other let's say, [00:08:00] and a 10%, whatever my math is, you can see how well I'm doing this one with Math is in the early hours here.
But you get the points. It was very mixed. And I always gravitated largely towards the black community, just always loved RNB and hip hop. And, just most of my friends were black in high school. And so I've always gravitated towards black music, black culture and so on. And so I played drums for a number of years and eventually got to the point where I was like, what got tired of that.
And I traded in my my drums for a fraternity. And I started deejaying. This was around 16, 17 or so, and again, I always had a love for black culture, black music, a lot of hip hop, but what really caught my ear was Chicago house music, specifically the old school gospely, woman, strong woman singer strong male singer.
Like just that really soulful house with a lot of instruments and bass and strings and horns and, the whole nine and just always had an ear for what I thought would sound really good [00:09:00] on a dance floor. And so started deejaying built my reputation around that deep Chicago's soulful house and built up a pretty good following, went to college and started deejaying in a lot of the clubs.
I went to Southern Illinois University at Carbondale, which was the bottom of the state there. And I went there because my guidance counselor had told me. And I asked, I was like, I don't want to go too far from home, but I don't want to be so close to home that I'm going to be coming back or living at home or something of that nature.
And the guidance counselor has basically said are you familiar with selling Laura university? And I was like, I've never heard of it. I don't, not familiar with it at all. She's it's farther away from Chicago than any big 10 school, but you can pay in state tuition if you go there.
So I was like, oh, magic sauce. Count me in. So in-state tuition far away from home. And that's where I spent the best 36 years of my life, I think, down at a college there, but now with all seriousness DJ in the clubs and had built up a pretty decent following. And there got to the point where I was like, you know what?
[00:10:00] I wonder if I can open up my own club. And at that point I was about 19 and a half something of that nature. And I knew it couldn't be an alcohol. Club right when we couldn't serve booze there because I wasn't of age myself. But I did think that there was an opportunity to create a nonalcoholic club where we would cater to the teenagers early, who, and then Southern Illinois, there just wasn't a whole lot for teenagers to do.
So I thought maybe we could cater to those who were 18 and under. Maybe from 8:00 PM to maybe 1130 or so, and then we would close down and we would clean up and then we reopened at midnight and we'd be able to stay open as long as we want in for those 18 and over. And because all of the bars that served booze had to close because of the licensing at one 30, I figured there's probably gonna be, some people are gonna want to still hang out.
And so we'll reopen at midnight and people already have their fill and they'll just want to come and hang out and dance and ended up writing a business plan for that and raise the money that we needed to raise for it and built it in [00:11:00] about about four months or so in total. And yeah, lo and behold, by the right before I turned 20, or maybe it was right after I turned 20, whatever it was, we we eat in fact did open the funky pickle as a, as you said, it was named.
Yeah, lots of really interesting.
Hala Taha: [00:11:15] That sounds like so much fun. It wasn't been such a blast to do that when you were so young and how did it end? Like how did you close that chapter off? What happened?
Steve Olsher: [00:11:25] I mean any business run by a 1920 odd year old, right? You're only gonna be able to take it so far.
But the reality is we did really well. I remember opening night, there was a it's going to be a little bit difficult to explain, but there was there was a one-way street that was a three lane road that all the cars would come down heading towards what was called the strip there on Carbondale.
So our nightclub was on the strip. And I remember opening night, we had built up such a buzz around us, those early marketing days. And just trying to get the word out about what I'm doing. And we had built up such a buzz that the [00:12:00] crowd waiting to get in literally blocked traffic.
So there was about a thousand people outside blocking all three lanes of traffic. The cops had to reroute people and it was really crazy. And yeah, we had a really good run, it was a cash business. Cash businesses can do pretty well for you in a lot of ways. And ultimately I had a falling out with the investor who provided all the capital that we needed to do open, which in hindsight was pretty minimum.
And we only invested 25 grand to get 50% of the club. At the time didn't have the 25 grand, it's what he invested. And over time we had a falling out and and he, and my manager ran with it and I walked away.
Hala Taha: [00:12:38] Cool.
It's interesting. You know what all those experiences probably helped you later in life.
Like just learning how to manage a club, promoting the club probably helped you a lot later on. So let's talk about later on you started an e-commerce business. It was called liquor by wire, I believe. And you launched it on CompuServe's electronic [00:13:00] mall back in 1993. So most of my listeners probably were born around that time and not just poking some fun, but anyway, they were a lot of people don't even know what CompuServe's electronic mall is.
I barely know what that is. So if you can explain to us what was the internet like back then and how did you get the idea to launch a liquor store online and how did it go.
Steve Olsher: [00:13:24] Yeah. So my grandfather started foremost liquor stores in Chicago back in the forties. And so the liquor business was a part of my family.
And actually when my parents split, that was the work that my mom went and did it, she went to go work for my grandfather. And so we had a number of stores throughout a number of different states. We actually franchise the stores. So my grandfather had started foremost liquor stores and began franchising out those locations to other people that are states, et cetera.
So after the nightclub, when I went back to Chicago, my mom asked me to come and try to help out with the business a bit. [00:14:00] And there was a very small piece of that foremost puzzle, which was called at the time foremost, liquor by wire. And so if you're familiar with FTD and like how FTD works for a flower flowers, and florists and so on, that's pretty much what we did. And in terms of, if you were in California and let's say you're a business associate closed a deal in New York, you'd call us. And then we would arrange for a local retailer to deliver that bottle of champagne to that person in New York. So over time we ended up serving over 40 countries and whatnot.
But when I first got there, it was just a teeny tiny little piece as a matter of. Way back in the day, people used to call on a one 800 number, right to place orders. There wasn't even an opportunity to place orders online. So they would call an 800 number to place those orders. We would go days without the phone ringing at all.
So if we got two or three orders a week, that would be a busy week. And I just felt like there was a lot of potential there. And so I started focusing on that and we launched a catalog to support that business [00:15:00] in 1991, around 1993, early in the year or so you started to see, and this is just going to seem like a ridiculous concept to a lot of people, but you started to see these CD rom.
Popping up in little boxes at the grocery stores, and there would be a CD rom for America online, or a CD rom for prodigy or a CD rom for CompuServe. And basically you would take these CD ROMs home and you would load them into your computer. And that would give you access to this online world. That was either if you just think about the different continents, it was like all of these different continents and you would be on one continent.
Well, CompuServe was one of those, so to speak continents that existed online. So it was a computer, really just a community onto itself with lots of rooms and lots of things to do, et cetera, et cetera. One of the pieces that they have. Was there electronic mall. And so I looked at that and I said, what kind of interesting if the liquor by wire opened a [00:16:00] store on CompuServe's electronic mall.
And so back in the day, CompuServe was the real deal. That was where people were going. It was CompuServe and it was AOL. Those ended up being the two biggest players. But there were millions of people using both of those platforms. So sure enough, we opened a store and sure enough orders started to come in and those were dial up days.
And this is again, going to be hard for a lot of people to wrap their arms around. But if we had a gift or JPEG up of a bottle of wine, as an example, it could take up to a minute or more for that whole GIF or picture, if you will, to load line by line of that bottle of wine. So needless to say, people had to be incredibly patient to figure out what it is that they wanted and just to make it even more complicated.
If we got an order and then came into us by fax, so we would then get the order by fax machine and then we would have to process it and all the whole nine. So those are [00:17:00] some very interesting early days. And of course things evolved from there, but yeah, that was CompuServe. And for a long time, computers do really well.
And then they shot themselves.
Hala Taha: [00:17:09] Yeah, it's so interesting how things have evolved and how much things have changed. So you would think that, you launched one of the first e-commerce sites for liquor. I think you even had the domain liquor.com. Why are you not zillionaire liquor mogul? Why are you not Gary Vaynerchuk right now?
Steve Olsher: [00:17:28] Yeah, no, it's funny. I so I've known Gary for a long time. Obviously we ran a lot of the same circles. After CompuServe we did launch a fully functional e-commerce site in 95, ironically the same year that Amazon launched a fully functioning eCommerce site. And we were doing really well for the next few years.
We did really well. We did buy the liquor.com domain and the bourbon.com domain for $7,500 back in 1998. And so the company became liquor.com at that point. And we were doing well, but what ended up happening was we basically he got blinded by the.com [00:18:00] light from the standpoint of around 1999.
You started to see a lot of venture capital, a lot of money being poured into the world of the internet. And there were people who were literally getting millions of dollars just simply by sliding over a napkin and saying, here's my idea. And they would get funding and we're sitting there scratching our head going, geez, we've got a category killer domain.
All of the quote, unquote heavy lifting is done. We just need money to market this thing and scale it. And so we figured, okay, fine. If they can get venture capital, we can get venture capital. So we start going in that direction and made one of the worst entrepreneurs, real decisions, I think ever in the history of entrepreneurship, which is as we began to talk to some of the folks who felt like they could help us and raise some money, they told us that we need a different management.
They told us that we needed the CEO who had experienced in the gray hairs and the CFO and the CTO, and, the WTF and like all these letters, [00:19:00] saviors. And it's just kinda okay, if that's what you think we need, that's what we need. Then at that point, I had been working with my mom. We had been working solely on this after we sold off the foremost pieces in 1994 and we bought in hook line and sinker.
And sure enough, we did that. We signed away our management rights and brought in these people and we had the S one filed and we were ready to go public in March of 2000. And that's when the big bubble burst. And so we were literally a week away or so from going public and everything imploded. And so it was impossible to recover from that.
And I walked away from everything in August of 2000, so I ended up reclaiming the domain. There's another story there and whatnot, but it was certainly, it was never the same after that.
Hala Taha: [00:19:46] Wow. So that's a long time you spent at least seven years on that business, so that's probably hurt. Wow.
So that probably hurt a lot. How did you overcome that failure and what'd you pivot to after
[00:20:00] Steve Olsher: [00:19:59] Yeah, it did. So much of my identity was really caught up in being this liquor.com guy. And the interesting thing is now to this day, I'm not a big drinker. Like I've never been a big drinker.
As we discussed, I actually opened a nonalcoholic club. So I've never been a huge drinker. I like an occasional beer or an occasional something, but it's not like I've got this fancy bar at home and I'm making all these crazy drinks and, got these round sphere, like ice cubes, and all that stuff going on.
But for whatever reason, my identity was really caught up in being that liquor.com guy. And so it was hard. It was really hard. I remember we had bought the building that we worked in, my mom and I were with the team there and it was close enough to my home that I could walk to and from work.
And so I remember walking home after. After quitting, basically just saying, I can't do this. I'm outta here and left it to the other people to, do what they needed to do there. But, the [00:21:00] reality is that I came home, I sat on the stoop of our home, cried it out a little bit and knew I had to come upstairs and and tell my wife, Lena, about what happened.
And she had a son when she was younger. And so I met him when he was 10. I knew that I had to do what we needed to do to take care of the family. And so I really couldn't sit by and just well in it. I had to figure out what to do and I had to figure out what to do pretty quickly.
And interestingly enough, about maybe two weeks or so before all of this happened and I walked away, I remember I was in a gas station and I remember there were a couple of friends. They were talking. One was the clerk behind the counter and his friend was talking to him about this real estate deal that he had just done, that he had just completed.
Or he was talking about how we bought a condo and technically he didn't buy it. I think he just said that he had the contract, I think for it. And then he flipped out of the [00:22:00] contract before he even closed on it and made like 50 grand, because this was the point in time where the real estate market had started to really start to just, go nuts.
After the.com boom, there was the real estate boom. And then there was the.com bubble. And obviously we know about the real estate bubble and that burst as well, but at the time. Everybody was talking about real estate. And I was like, you know what, let me see what I can do here. Cause we lived in a multiunit building that we had bought and we were making enough money off of the other units that it was paying for our mortgage.
And we were actually making a little bit of money every month. So I was like this is cool. And if everybody else is doing this real estate thing, maybe I can do it. And and that's what I dove into next. I started started jumping into the world of real estate development.
Hala Taha: [00:22:45] Very cool.
And then now, okay, so you were saying before how you were very caught up in your identity as the liquor guy, and that was a little bit hard to overcome today. You're known as the podcast guy, you're your everything podcasts, right? And [00:23:00] so you went to real estate, but then somehow you found yourself in the radio and podcasting world.
I think you started your first podcast back in 2009, and now you're the CEO and editor in chief of Podcast Magazine, which is the biggest and most notable podcasts magazine out there. So what drew you into the radio and podcasting world? How did that come about?
Steve Olsher: [00:23:21] Yeah, it's interesting so radio to me has always been a holy grail.
Like I've always loved radio. And I thought for a long time that maybe I could be a DJ and just have a radio show. And it was something that I had kicked around the idea for a number of years and life happens, you do other things, whatever. Just focus on what you can do in that moment and deejaying it on the radio is just nothing that ever really presented itself as a, as an opportunity.
So I did other things, but in the back of my mind, I'd always just felt yeah, I would just really love the idea of doing something on radio. And I came across podcasting, as you said, in, in around 2009, I was like this is super cool. [00:24:00] It's basically okay. I guess I could have my own radio station, so to speak.
And so I started looking around on it and it piqued my interest again. I bought broker time on a local radio station in Chicago. So I bought some broker time on an am station, small am station in Chicago, and I was paying a fairly decent dollar for it. And I just, and I was sitting there thinking, I was like, what, if no one is sitting there listening at this exact moment in time and they have their radio on and they're on this exact channel.
No, one's gonna know. And right. It's just, there's so much of radio goes on heard because you just literally have to be there at that exact moment in time to hear what's going on right on that exact channel. So I'm sitting there and I'm paying this check and I'm writing these checks and then I'm taking the show itself and I'm stripping out the audio from the radio show.
And I'm saying, you know what, let me put this out as a podcast. And we were getting more downloads on that show as a podcast. And I was getting in terms of [00:25:00] people calling in or it was just, it really didn't seem like anybody was listening to the show on the radio. So I was like, you know what, forget this noise.
I'm just going to go ahead and start doing this purely as a podcast. And so that's where I dip my toe in the water. And I was like, this is really interesting because people can listen to you at almost any time, almost anywhere, and of course, on their preferred device. And that just felt a lot better to me than just the way that radio is structured in terms of just pushing things out at people versus podcasting where the consumer is really pulling the information or education or whatever it is that they need and want in that particular moment.
And so it's almost the equivalent of a 100% opt-in radar or email open rate, right? If you have an email subscriber list, when somebody pulls that episode and they listened to it to see equivalent, basically like a one, a hundred percent email open rate, Andy, 100% email click-through rate, right?
Because a hundred percent of the people are raising their hands. To [00:26:00] say, I want that so I was like, yeah this holds a lot of potential and I danced around it for years and we can go into some more of the current stuff here. But needless to say we made the decision that the conversation that we most want to be part of is the conversation around podcasting and that's really made all the difference.
Hala Taha: [00:26:17] Yeah. And so at that time, were there resources for podcasters available? Because 2009, a lot of the big people who are in podcasting now, like Jordan Harbinger, Lewis Howes, all these huge names JLD they started around that time too. A lot of these big names for the most part started around that time too.
So was there a lot of resources or is this something that you figured out on your own?
Steve Olsher: [00:26:43] It was definitely in the dark ages. And if you think about it from a consumer standpoint, You had to go through a number of steps to actually listen to a podcast way back in those days.
And I think part of the reason why you're seeing such [00:27:00] tremendous growth in the medium is because technology has truly caught up to demand. But back in 2009, as a podcaster, there was a little bit of information out there in terms of what to do and how to release a show and that sort of thing. But as a podcast consumer, if you wanted to listen to a podcast episode, you'd have to find the file somewhere.
You'd have to have a pod catcher to download the file, and then you'd have to transfer that file onto some sort of MP3 like player to be able to listen to it. So by the time you're all said and done, there was like a solid four steps. To be able to listen to shows. And so that's why, for a long time, I think that the medium struggled, and that's obviously changed quite a bit now.
But back then, if you weren't fully committed to listening to an episode, you probably weren't going to do it, let alone finding episodes that you wanted to listen to.
Hala Taha: [00:27:54] Yeah. It was much harder for everyone. I remember back then I was doing radio like shows. I was doing like [00:28:00] webcasts. They were called like online radio shows.
And we would record them. Then the video would go up on YouTube and a website, whatever the radio station website was and podcasting's were available, but nobody was really listening or doing them. I didn't know anybody who had a podcast at that time. So really cool that you started that early.
Have you seen any advantages from your perspective of you starting off, as an early adopter has that helped you in any way?
Steve Olsher: [00:28:26] So let me in full transparency. Let me say that we released our first set of episodes of reinvention, radio as podcasts in 2009. I believe we did a couple in 2010, but then I stopped.
So had I stayed the course and that's been a little bit of I don't want to say a hindrance, but it's a little bit of I get more tired of things long before others get on the bus or the bandwagon of those same things. And I get tired of talking about things long before it typically hits [00:29:00] the mainstream.
CompuServe is a perfect example. Just seeing everything that's going on online. And then moving in a different direction, right? Same thing with podcasts, you've seen that really early, but then just bailing from it and deciding, what, I'm just, I'm not going to do this on a consistent basis.
Around 2015 is when I got back into it and then said, you know what, I'm going to create episodes on a more consistent basis. And I've been doing that pretty much ever since. Had I stayed the course? I think there would have been some significant advantages for sure. But unfortunately I saw the writing on the wall in terms of, Hey, this has massive potential.
And I didn't read my own notes and took a break from it. And by the time I got back into it in 2015, still fairly early in the scheme of things, but there were folks that had some pretty good traction already, and it's always hard to play catch.
Hala Taha: [00:29:51] Yeah, totally. I wish that I had started just a couple years early.
I started in 2018, but even I look back and I'm like, damn, I'm so [00:30:00] glad that I at least started in 20. Some people are starting
to this year.
Steve Olsher: [00:30:04] Yeah. And don't get me wrong. I'm not suggesting by any stretch of the imagination that there, isn't still a tremendous opportunity there just in terms of having that first mover advantage.
I shot myself in the foot and didn't give myself the benefit, the full benefit of that first mover advantage because I didn't remain consistent. Even when you started in just running the numbers here, when we did our first new media summit in 2017, I remember I'd put up a slide that was saying, something, there was something around four or 500,000 podcasts at that point in 2017.
So fast forward to today. And now there's about 1,000,007, something of that nature. The reality is still only about 25% of the current podcasts that are available have more than 10 episodes and consistently released new content. So it's still very early. If you think about it in terms of let's just compare it to a YouTube as an example.
And there's 23 million [00:31:00] active YouTube channels versus about roughly 400,000 active podcasts with more than 10 episodes.
Hala Taha: [00:31:08] Yeah. I think if you're a podcast or you definitely have to be in there for the long game, some people just don't realize that the first year you're not going to get a lot of downloads.
You have to build it and really try and be consistent. Like you said, so it's not just going to fall in your lap. So let's talk about Podcast Magazine. Why did you start Podcast Magazine? What is the purpose behind it?
Steve Olsher: [00:31:29] Yeah it's another one of those just really interesting entrepreneurial stories of seeing
an opportunity and a medium that as I'm just, I'm so enamored with, I just really love what podcasting does in terms of leveling the playing field for people of, anywhere, everywhere to be able to share their mission and message a in a very time efficient and cost-effective manner.
And so October of 2019, I [00:32:00] remember very clearly when the idea for the magazine hit me because I was at a, I was at a conference that was all about influencer marketing. And I remember the host of the conference had when talking about for some time releasing a magazine that was going to be focused on influencers.
And I remember thinking when I first heard about his idea, I remember thinking that's a pretty smart idea. Sit down with influencers, create this magazine, released the magazine, the people that you're going to sit down with, have big followings. They're going to want to share their feature.
Hopefully they'll share their feature right. With their tribe and the magazine will get more subscribers and it'll build up, his reputation in that space, et cetera. So I was just thinking about, it's a really smart idea, but he hadn't released it and hadn't released it and hadn't released it.
And here I was at at this conference is Brendon Burchard, by the way, I don't know if Brendon or not, but it was his event called influencer. And so I remember he had one sign at the conference. We was talking about, coming soon influencer [00:33:00] magazine. I was like, okay you've been saying, that's coming soon for a while.
Hopefully you'll go ahead and do it. And I went back to my seat, hanging out whatever, and then bam, it hit me. And I was like, why isn't there a magazine? Let's just say, why isn't there rolling stone as in terms of what rolling stone does for music, why isn't there. A magazine like that for the industry of podcasts, why isn't there a wired or a vanity fair or a, a sports illustrated type magazine for their respective industries for podcasts.
And I kept thinking, and I was just like, I don't want to do something for podcasters because there's already people who are doing things for podcasts, which is great events for podcasters. There's there are some great publications for podcasters, et cetera, et cetera. And as I said, when you look at the current numbers, there's only about.
Let's just call it 400,000 active podcasts right now that have more than 10 episodes and continually produce new content. [00:34:00] So maybe there's 400,000 or so podcasters out there. Okay. That's one specific market. Current numbers right now is there's over a hundred million people who listen to podcasts on a monthly basis, right?
Those are the today's numbers back then it was about 75 million. So I'm sitting here thinking of going with a total Tam is what they call the total available market is about 400,000 versus 75 million. That's a pretty easy answer right there, but the question is there going to be a market for this?
Will people actually want to read about the podcasters that they know and go deeper into their lives and deeper into the stories of, just all the things that went through my mind, who, of what the magazine could be. And I figured, It's worth the gamble to find out because as an entrepreneur, what the last thing that you want to do, because entrepreneurs are full of ideas, right?
And some ideas are great and some need to fall by the wayside. This was one of those ideas that I sat there and I said, what, if I don't do it, I know someone else will. And if somebody else [00:35:00] does, I'm going to kick myself for not trying. And so what do you do when you have an idea? What's the first thing that you do when you have an idea?
W what's your next step when you have an idea? Good. Exactly. So you start looking as there is the domain available, is anybody else doing it? And I had found that there was a quote, unquote Podcast Magazine that somebody had tried a number of years ago. It didn't look like it was doing anything.
I figured what are you going to call this thing? If you do it? And I was like you gotta call it Podcast Magazine. What else would you call it? So started looking for that domain podcast, magazine.com somebody had, it was sitting on it and ended up tracking it down. And I'm doing this all by the way.
I'm doing this all while I'm sitting there at the conference. So I'm literally in that conference doing all of this, trying to map this out, plan it out. And I ended up tracking down to the domain and it was for sale and it was about $2,500. And so it was right at that number where I was like, it's just enough to give me pause, because if it was 30 bucks or whatever, I'd be like, okay, fine, whatever, just take it, call it a day.
But at [00:36:00] 2,500, I was like you were committed at that point. You become committed at that point. And then obviously you have the domain, but that doesn't do you any good, right? You still have to create whatever it is that you're going to create. And so trying to think, but it was, I think it was that same morning that Brendon had presented something about one of his masterminds or inner circle programs.
And I've worked with Brendon in the past and known him for years and I'm thinking, you know what, maybe I'll do something with him again. And it was 25 grand for his mastermind. So I texted my my operations manager, our president and COO Kelly. She runs the whole business and I texted her and I said, you know what?
I'm thinking about doing this? What do you think of the idea? She's it seems like an interesting idea. And I was like, okay I'm thinking about joining Brendon's mastermind. And she's like, how much is it? I was like 25 grand. And she said, why don't you put that money into podcasts magazine?
And let's see what we can do. I was like, oh, that's an easy answer right there. And so we did it, we bought the domain and started putting the team together. And literally from the moment that I sat in that seat and got that idea to [00:37:00] launch, to releasing our first issue it was roughly a hundred days.
Hala Taha: [00:37:04] Wow.
So cool that you just had this idea you made it happen and now it's like a reputable magazine that's in print. Is it mainly an online product? Would you say, I know you also have a print magazine. Would you consider it an online product or more so a print magazine. And did you have any difficulty releasing like a physical product in such a digital
Steve Olsher: [00:37:26] Yeah, so it's interesting. And of course, a lot of the haters come out in the trolls, magazine about podcasts. And how hilarious is that? You can imagine a lot of the comments that we got, but we knew it was going to be digital first. So it was always built with the intent of being a digital magazine.
We do however, print physical copies and the large majority of our subscribers are digital only subscribers. We knew that going in the majority of the people, unless we were able to partner with a Conde Nast [00:38:00] or someone would be digital subscribers. Now we're still going down that path of trying to get this onto under shelves.
Matter of fact, if, if somebody had asked her one of the big, let us know, because we'd love to partner with them and it looks amazing. It's, it's beautiful for color. Every issue is. 20 30, 40 pages. It's chock full of really amazing writing content, all about the industry.
And we do print a small handful of magazines every month for our subscribers. And then also for key people of influence. And this is something to think about for your business, right? And this is the euphemistic year business, whatever it is that you're doing, if you can get something into someone's hands, it always helps to validate your creations and always helps to validate what your vision is around, where you can see this creation going, and so that is one of the [00:39:00] reasons why we do print the magazine and we send it out to hundreds of influencers. In addition, of course, to our subscribers, but hundreds of influencers who are in this world, Because number one, we want to sit down with as many of the podcasters as we possibly can, but number two of course we want to monetize this.
And so if you're a podcaster or you have a product or a program or service that's related to the industry, there's, you'd be hard pressed to find a better platform for getting in front of people who are viable candidates for your products, programs, or services.
Hala Taha: [00:39:33] Yeah. I love that. I think what you're doing with Podcast magazine is so innovative and by the time this episode comes out, my listeners are going to be well aware that I'm going to be on the cover of the January edition of Podcasts Magazine.
So I am so excited. Thank you so much. I'm so honored. I wanted you to have an opportunity to let our listeners know other people who have been on the cover and how you typically choose your cover story.
Steve Olsher: [00:39:59] Yeah. Yeah. [00:40:00] Yeah. You're in great company there for sure. Boy, Katie Couric, Jenna Kutcher, Kim Komando, Dave Ramsey, Adam Carolla, Jocko Willink,
I am Hal Elrod? Yeah. We've had just some amazing people for sure. Join us and sit down with us. And one of the things that that I'm really proud of is that everyone who is in the magazine, we do actually sit down with them. And it is one of the reasons why I felt like the magazine itself could be instrumental in helping to fuel our growth moving forward.
Because again, a couple of years ago we made the decision that the conversation, and this is a, this is something I encourage everybody to write down, which is this fundamental question, which is what conversation do I most want to be part of. And it's just a fundamental question that you have to be able to answer, because if you think about it from the standpoint of walking into a room that have lots of different tables, right?
And let's say there's 10 different tables of 10 [00:41:00] different discussions going on. And one table is talking about health, and fitness. One table is talking about finance, one tables, talking about podcasts. You want tables talking about marketing. Et cetera, et cetera, et cetera, you walk into that room.
You can only sit at one table. So which table you're going to sit at? Number one, so we made the decision at the table that we most want to sit at is podcasting, right? That's the conversation we most want to be a part of, but what we became very clear on is that the bigger goal, the bigger objective is for you and your company to be a part of that conversation, even when you're not in the room, So how does Steve Olsher so to speak, get into a conversation around podcasting, even if I'm not in that room.
And I, and it became very clear that it wasn't going to happen based on the merits of our shows alone. Our shows do okay. But we're not competing with Rogan, right? We're not competing with NPR. We're not competing with any of the Corolla not happening. So if we are [00:42:00] committed to being a part of that conversation and having our name, including that conversation, the question then becomes, how do you become the hub of the wheel?
If you think about a bicycle and all of the spokes that connect to the center, the hub of the wheel, that's where your blue ocean of opportunity is, right? In terms of giving yourself the chance to really do something that attracts people from all different areas of your vertical, and they want to be a part of what it is that you're doing.
So again, I knew that wasn't going to happen based on the merits of our podcast. And for a long time, I tried to get people like Adam Carolla, Dave Ramsey, et cetera, to come on to reinvention radio and join me as a guest. They wouldn't even open the emails, right? No word and a publicist, nothing that they have no interest, but as soon as we launched Podcast Magazine, It's really interesting, how it just really began to open up all of those doors.
And we began to put ourselves [00:43:00] in all of those conversations about podcasting, even when we weren't present in the room for those conversations. So that's been the most interesting part about all of this is when people say, there's no more opportunities here to do this or that boat has sailed or whatever.
Sometimes you just got to take a step back and really look at the end. Yeah. Three that you most want to be a part of and try to create your own opportunity. And yeah, and it's just been incredible to see the people that have stood up to say, we'll sit down with you for a feature. And a lot of people who frankly, should be on the cover, don't even make the cover.
And they end up on the interior of the magazine, which is great. We love sitting down with them and featuring them, but people it's a very coveted spot in the industry right now, for sure.
Hala Taha: [00:43:53] I'm so hype, honestly, I'm so excited to promote my cover feature and you're so [00:44:00] amazing and I'm so thankful for you helping me out and giving me that exposure.
And you're so smart. You're so smart. What you said about entering the industry from a different vantage point, you saw an opportunity. There was no other Podcast Magazine. Now you are the Podcast Magazine guy and your brand is affiliated with that. I'm sure your podcast has grown as a result of that and just having all that exposure.
Kudos to you. I feel like I did something similar with my podcast marketing agency, because, I'm able to make all this money, having other clients and doing their podcast marketing, and then I can invest it back into my podcast. And I've seen a ton of growth since I started doing that.
So I can definitely relate.
Steve Olsher: [00:44:36] It's a super smart strategy
Hala Taha: [00:44:38] so I know that you wrote a bestselling book it's called, What Is Your What?: Discovering The One Amazing Thing You Were Born To Do? So I wanted to kick this part of the interview off asking you, what is your, what you've done, a million different things.
What's the red thread that goes through all of them.
Steve Olsher: [00:44:54] So it's interesting, right? In, in author land, they say that you write the book that you most [00:45:00] need. And so for me, trying to figure it out. Why am I here? What is it that I'm naturally wired to excel at? What really does put fire in my soul and, what am I going to we doing from a, how do I make a living standpoint, right?
Like where do all of those things intersect in terms of what I really love doing and find enjoyment doing and what I'm good at and what can I really make money doing? So where is that intersection for me in terms of just leveraging how I'm naturally wired to excel. And so for years, I struggled with that question.
I think to this day, I still struggle with that question. But the reality. After having taken the Myers-Briggs and the, what color is your parachutes and the strength finders and all of those things, all of those modalities are great, but for me, they really just left me with more questions than answers.
And so around 2009 or so around the same time that we launched a reinvention radio, and I began branding myself as [00:46:00] America's reinvention expert, because I had been reinventing. In so many ways over so many years. A lot of people were coming to me and saying, Hey can you teach me about this? Or can you teach me about that or this sort of thing?
And so I started doing some of those types of workshops in terms of trying to help entrepreneurs and taking the experiences that I had and just helping other entrepreneurs avoid a lot of the trial and tribulation and brain damage that they have to endure by trying to figure all this stuff out on their own.
And so I started teaching and the more that I started teaching, the more that the same questions began circulating around, okay, this is all well and good, but what do I actually do? I just don't understand what I should be doing, given the skill sets that I have given the experiences that I have, et cetera.
And so as I began working with more and more people in that way, It became clear that we need to have a framework. That's very simple for people to be able to use in order to hit the ground running and [00:47:00] to really start figuring out how they can make money doing what it is that they're good at and what they really love to do.
And this is how the, what is your, what framework came about, which is, it became very clear to me that there's really only three pieces of the puzzle that you have to solve for. And if you can solve for these three pieces, it really will give you a nine. I'm not going to say everything will fall into place, but it'll give you a nice jump start if you will, towards getting to where it is that you want to go in, in your life and your career.
And so the three elements of the, what is your, what framework or include number one your core gift and your gift reflects what's in your DNA. It reflects how you're naturally wired to excel. And so every one of us has a core gift. It could be teaching, it could be enrolling, it could be protecting, it could be communicating.
It could be entertaining, et cetera, et cetera. The next question is, once you understand what that core gift is, you then need to understand what's the [00:48:00] primary vehicle that you will use to share that gift. As an example, if you were primary if your gift is, if your core gift is healing, let's say you're a natural born healer.
Then maybe the vehicle that you use to share that gift is maybe like Reiki or massage or acupuncture or something of that nature. So you have your gift and your vehicle. And then the third piece of the puzzle is really having a clear understanding of who the people are that you are most compelled to serve.
So it's the combination of the gift of vehicle and the people that make up the, what is your, what framework and your gift is very static, right? It's in your DNA. It's a part of who you are. You can spend a lifetime in denial about what it is, but it really doesn't change over the course of your life.
But the vehicle that you use to share that gift and the people who you are most compelled to [00:49:00] serve those two pieces of the puzzle are more fluid. Those are more organic. Those can change over time as either new things come in and out of your life or new things come in and out of you. But just by being able to answer that question, of what is my what is my core gift, the primary vehicle I use to share that gift and who are the people that are most compelled to serve. Now, you can see how all of these things begin to work together to help you form a career and create products, programs, services or an entrepreneurial endeavor that really puts fire in you.
Hala Taha: [00:49:32] So help me understand you say that everybody has like a core gift. It makes it sound like it's singular. Are you saying that there's really just one core thing that you're naturally good at? Or can you be good at multiple things? You really believe there's just one thing?
Steve Olsher: [00:49:46] So you can, and just so that we can perhaps provide a bit more clarification, you can be good at lots of things, for sure.
I'm not suggesting to you that you're only going to be good at one [00:50:00] thing over the course of your life. What I am saying to you though, is that you have a core gift, a gift, and some people have more than one gift. You might be a really great communicator. So communicating might be your core gift and you might be really entertaining, but one of those is going to have a slight edge. Over the other, right? You maybe it's 51 49 in some cases, but the reality is you can certainly do lots of things. And when you have talent, that's where the confusion comes in. It's actually, I think it's more difficult and complicated from a life perspective when you're good at lots of things, because that way you're like, oh, I could do this and I'd be good at it.
And I can do this and I'd be good at it. And if you think about that sentence, the main word in that sentence is the word I, and that's why, when you look at [00:51:00] the, what is your, what. When you take yourself out of the equation and you look at the people that you are most compelled to serve, then it becomes about them and not about you.
And you can choose who those people are, but ultimately you're going to be serving that specific subset of the population, which of course can expand over time. But for those who get so caught up in I'm good at this and I'm good at that. I'm good at that. Okay, great. So then who do you want to serve using the gifts that you have and how the vehicle do you want to serve them?
And you can, in, in you're much better off starting with one and expanding hours and trying to do it the other way.
Hala Taha: [00:51:39] That makes a lot of sense. How about if we don't know what our true inherent gifts are? What, if we don't know what our core talent is, how do we go about figuring that out? Is there any hacks that you can share with us?
Steve Olsher: [00:51:52] Without selling the book too much? Because the, there is a specific exercise called the seven seeds of your soul, which will help people to [00:52:00] figure out what that core gift is for them. I would say that one of the easiest things to do, if you don't want to invest the time to go through this process and really leverage the, what is your, what framework then one of the easiest things to do is just to start with.
Kind of tough in this particular moment, but you can certainly do a lot of this online and in other areas as well, but you want to go out and you just want to start putting your toe in the water. And a lot of different worlds started volunteering, be an apprentice, join different groups in communities, listen to different conversations, read different things, watch different shows, watch documentaries, read books, et cetera.
But yeah, it's definitely much easier when you understand all of the different dishes on the buffet that are available to you so that you can then begin selecting which one ostensibly would I guess, for lack of a better term become your favorite.
Hala Taha: [00:52:56] Is there any feelings that you should feel when you're doing something [00:53:00] that's like your chosen path versus doing something that, that goes against, what you're naturally good at and what you're you say that your gift is in your DNA?
So what feelings should we be feeling if we're doing the right thing.
Steve Olsher: [00:53:12] And what I believe to be true is that your, what has chosen you, and it's not that what you have chosen, right? And so how do you know a few different ways? Number one, you'll jump out of bed because there's just, you've got work to do in this world, right?
Things that used to bother you will carry a lot less weight because you'll be so focused on serving those that you are most compelled to serve. And one of my favorite ways to know that you're in the right space of doing really what puts fire in your soul is fold. Number one, whatever that activity is, comes as naturally to you as breathing.
And then the other side of that is that you can either look at it as time flies by, or time stands still, whichever works [00:54:00] best for you. But the bottom line is you lose all sense of time. Let's say you, you just love building model trains as an example, and you've got your full Workday have dinner.
You spend time with the family and then, eight until 10 o'clock is your time on your model trains. And you go down at eight o'clock, you start billing them. And then by the time, it's 10 o'clock and you really wish you had more hours to, to continue to play with, and build your model trains.
So if you look for those areas of your life, where it's just wow, where did the time go? That's going to provide some clues. And so far as activities that that really do fuel.
Hala Taha: [00:54:38] And when it comes to turning this, hobby or passion that you have into a business, it's all about creating a niche, enticing it, as you say, that's really important.
Yeah. So tell us about that. How can we what is your definition of nichetizing as you say, how do we do it and why do you recommend doing it?
Steve Olsher: [00:54:58] Yeah. So [00:55:00] if you think about it, even if you take an take an industry like podcasting as an example, Yeah this is still a very niche piece of the available communication tools that, that are available.
Yes. There's a lot more people. And I know it seems like everybody and their mother has a podcast right now. I get that. Especially if you're in the coaching and offering and speaker ring, type world, online marketing, et cetera. You see so much of that. But the fact of the matter is that as a percentage of the population, it's still very small in terms of people who have podcasts.
And even in terms of people who listen to podcasts, it's still not everyone who walks this planet. The point being that as you think about where your biggest opportunity lies, typically when you're first starting out the more defined you are in that process, the more of a narrow of an approach that you take, the easier it will be for you to gain [00:56:00] traction and become that, that key person of influence at KPI, right?
That key person of influence in that respective market. Let me give you an example. If you think about Deepak Chopra, whom a lot of people know, and he's a spiritual grew and does this, and does that well when he first started out as a quote unquote spiritual guru, and he was talking about meditation and just sitting there.
In silence with your hands at your lap and closing your eyes. And, back in the seventies when he first really started coming onto the scene, that was a pretty small subset of the population who was amenable to this whole notion of even just spirituality as a, even at that point, that was a very niche market, right?
Meditation, spirituality, that whole thing. It was a lot of foreign concepts for a lot of people who just shook their head. Me included for a long time. I just raised my nose at it yeah, what are [00:57:00] these idiots doing? Just being silly about it. But that was just because I was afraid of the unknown.
Just didn't understand it. So when you think about a guy like Deepak today, he can sell anything he wants. He could sell a cookbook, he could sell, he could sell anything he wants. But back in the day, he was actually very focused just on a specific niche market, people who were open to the idea of increasing their spiritual awareness and so on.
It's a very niche market when he started now, it doesn't feel that way, but you got to go back 40 plus years to see how that was him basically digitizing and saying, there is an opportunity here for me to focus on those that I am most compelled to serve. In this particular moment, and to be able to monetize my expertise against these people who now have an interest in what it is that I'm exposing them.
Hala Taha: [00:57:50] Yeah, totally. I think that's such a great story and such great advice before we got on before we started recording, we were chatting offline. [00:58:00] We were talking about Clubhouse. It's a new social media platform that you've been using. And it's a great way. I haven't used it yet, but a lot of my friends say that podcasters are on there and people are really starting to blow up on that platform.
What can you say about like new vehicles in terms of reaching our audiences? What do you have to say about that?
Steve Olsher: [00:58:19] Yeah, so it is really interesting and of course, there's always going to be the app as you are something new, that's going to come along. And it'll be hot for a little while and then it'll disappear.
And when you can look at play like Blab, and Periscope and some of those, and the reality is it's tough to create something that becomes mainstream, and has the ability to really move the needle for you as an individual. You, as a business owner, et cetera, Clubhouse is just a, it's a very interesting opportunity.
I believe in this particular moment for people to still get it. On pretty much the ground floor. I've been, I've been preaching about podcasting for a long time and those [00:59:00] who took me up on it back when it, when I really started teaching about it in 2017 have seen some great results since then, but Clubhouse is is just very interesting because it is it's audio only.
And it is a platform that at this point is still in beta and it's invitation only. So there's only about a million people. My understanding is they just crossed a million members as of this recording. So there's only about a million people on the platform, but the engagement is off of the charts.
I've never seen anything like it. And the reason why I think that is, is because first and foremost, and for those who don't know it, let me just give you a quick overview. So it basically is I liken it to a huge conference and think about it in terms of a huge global conference, right? Where people from all over the world are there.
And within this conference, there are a ton of breakout rooms and all of these breakout rooms have a particular discussion going on. And there's a moderator, someone who is leading that discussion and they can bring other people on stage as panelists to share their thoughts. And then [01:00:00] of course, there's the audience who has the opportunity to raise their hand and come up on stage quote unquote as well.
And very interesting from the standpoint of no likes, no comments. So there's no trolling, there's nothing but respect from what I've seen so far in terms of the people who are sharing their thoughts, and then the people who are offering their thoughts on someone else's thoughts, et cetera, et cetera. But the thing that I think really is the difference maker for this particular channel is that if you think about how things work in so far as a pendulum is concerned, a pendulum kind of swings all the way this way, and then swings all the way this way and so on and so forth for a number of years now, especially as it relates to influencer marketing, the pendulum has really swung towards highly polished, highly produced content.
And it's created this huge cavern for those who don't have the team to create that highly [01:01:00] polished, highly produced content versus those who can't. And so this cavern, this divide has grown to the point where now it's just flat out insurmountable and the people who had the benefit of all of that production value and so on and so forth have created a pretty good divide between the have-nots and those who could not do what it is that those influencers were doing.
And so you saw that in terms of Facebook and in terms of Instagram and whatnot, and so far as building up their following, but that pendulum is now swinging back. And I believe that is swinging back towards raw and real and authentic and unpolished, right? Like even this episode that we're recording right now, this will be edited and things will be added on the intro, on the outro and so on and so forth.
And it'll look great and sound great. And they will continue to be a place for this. But what is so interesting in my mind about Clubhouse is they're [01:02:00] really removing that, that whole barrier to entry in terms of you just show up and you just talk and whatever happens, and nothing is recorded.
So it was a combination of the pendulum swinging back towards unpolished and unproduced and raw and real as well as capitalizing on this whole movement of, FOMO, right? The whole fear of missing out, because nothing is recorded. You have to be on at that particular moment in time in order to benefit from the content and the discussions that are being shared and so highly engaged.
It is not unusual for people to be spending 3, 4, 5, 6 hours a day. On this platform right now. And what I will say is that I do believe that if you put in the work over the next six months on that platform, you'll be able to build a significant following of people that will pay dividends for you for years to come.
I, I, all of the signs for me having been an online [01:03:00] entrepreneur for as long as I've been online and being in this space, it's not going to kill podcasts. You don't think about it. It's not killing podcasting at all. It'll be in compliment to podcasting. Podcasting is evergreen, right? Podcasting is evergreen.
It lives on, it will still be available for people to pull when they want it. So don't get it twisted. There's not going to kill podcasting, but I just think it's opening up a whole other channel here, which again, if going back to the discussion around radio really feels to me again, like it's giving the average person the ability to create a real time.
Radio station, if you will. And that's pretty interesting. I'm real bullish on it.
Hala Taha: [01:03:40] That's really cool. Thank you so much for that breakdown. A lot of my friends have been talking about Clubhouse. I've been invited now I have to definitely put it on my 2021 goals to start getting active on Clubhouse, although for a grade, or it does get quite overwhelming thinking about all the different platforms.
But I think being strategic, not spreading yourself too [01:04:00] thin and really focusing on the platforms that could give you the most opportunity right now, like Clubhouse, LinkedIn, all those kinds of platforms that still have a lot of organic growth. Very cool. So I loved this conversation. Thank you so much, Steve.
The last question I ask all my guests is what is your secret to profiting in life?
Steve Olsher: [01:04:20] Yeah, and I love that question. So I would say first and foremost, just. You gotta be really clear on what you want versus what it is that you need. And what I know to be true is that far too many people will go through life focused on what it is that they believe that they want.
And that focus on what it is that they believe that they want, as opposed to having true clarity on what it is that they actually need will continue to impact them in a way where [01:05:00] they're never truly present. And they're always looking at what is potentially available to them for them and outside of their existing arena of life, if you will.
And so it's, it becomes challenging, right? When you're so focused on what it is that you think that you want, that you forget to really just pause. Take the time to look at what you have and be grateful for what it is that you have, but also to find true fulfillment in what it is that you have. And so the easiest example I can use and share with you here is the biggest difference between having what you want and what it is that you need is like somebody who lives in, let's say a two bedroom apartment and they're paying $4,000 a month or whatever it is, if you're in Manhattan or wherever, it's a lot more than that.
But whatever it is for that, [01:06:00] but what you actually need and could very well be happy in is a studio apart. And it's the car that you're paying for that you don't need is this, it's all these things that you think that you want. And ultimately the end of the day, all of that ends, let's just say it adds up to $7,000 a month in terms of what your nut is, your expenses, et cetera, et cetera.
When in fact what you need could reflect nut perhaps of maybe just two grand a month taking public transportation instead of owning a car and all of these things. And that $5,000 difference is ultimately what keeps people living in that perpetual state of having to hustle, having to scramble, having to do more than they actually need to do.
And so that fundamental question of just having clarity around what it is that you want versus what it is that you actually need can help dramatically in pretty much all of those areas.
Hala Taha: [01:06:57] Yeah, I'm sure that if we do [01:07:00] more of, if we have a better understanding of that, we'll be a lot happier because we won't be, spinning our wheels and spending our whole life just working and working.
So I definitely agree there. And where can our listeners go to learn more about you and everything that you do?
Steve Olsher: [01:07:13] Yeah wow. We've been talking a lot about Podcast Magazine and and all the fun stuff that's going on there. We've been talking about what is your, what should we should we share a couple of those links?
Yeah, of course. I'll put them in my show notes. Yeah. All right. So let's let's give away a free lifetime subscription then to podcast magazines. We'd love to have you join us there for the, for that ride. podcastmagazine.com/ free is the backdoor link to grab a free lifetime subscription.
And then if you want to grab a free copy of the entire New York Times bestseller, what is your, what real easy, just go to, whatisyourwhat.com and we give away the entire book.
Hala Taha: [01:07:48] Awesome. Thank you so much for your generosity, Steve. It was such a pleasure speaking with you.
Steve Olsher: [01:07:53] You too.
Hala Taha: [01:07:55] Thanks for listening to Young And Profiting podcast.
I hope you enjoyed this episode with [01:08:00] Steve Olsher. My favorite part of the show was hearing about how different the internet was back then. And it really opened my eyes to see how fast things can evolve. You've got to keep a pulse on new trends, if you want to get the first advantage. And Steve did that with everything from the internet to podcasting, and that's why Clubhouse the new iPhone app is so exciting.
It's unbelievably engaging, and I've really been having a ton of fun on there. And I'm planning on putting a lot of my energy in the coming months on that platform. If you're on Clubhouse, follow me at halataha. And if you're on Clubhouse, that means you've got an iPhone. Why not leave Young And Profiting a five star review for entertaining you today.
It's a free and effective way to support the show. And if you want to hear more content around entrepreneurship and get super motivated, go check out episode number 68 surviving entrepreneurship with Evan Carmichael. Next, Evan is a serial entrepreneur speaker, author, and extremely popular YouTuber [01:09:00] who sold his first biotech company at the young age of 19.
He has a mission to help 1 billion entrepreneurs in his life and aims to solve what he believes to be the world's biggest problem, untapped human potential. Here's the clip from number 60. I recommend you go check out that episode next.
Evan Carmichael: [01:09:17] If everyday you're watching a video or listen to a podcast or reading a book from somebody who's done a lot more than you.
You may not notice a shift in yourself day to day, but if you did that every day and you look back three months, six months a year later man, I've grown so much, you can't help. If you're, this is episode 60 of Hala show, if you go back and you watch every episode, like if you take the next 60 days and start from zero and just go, you'll be a different person in 60 days.
Hala Taha: [01:09:45] Yeah, totally.
Evan Carmichael: [01:09:46] Because you got Hala in your ear, giving you confidence, boosting you up, making you feel amazing. And we need that because. You know Hala might be a cheerleader for you and your life, but you probably don't have a lot of cheerleaders in your life right now. And even though Hala [01:10:00] may not know you, you can still learn from her.
You can still get her wisdom and you can still apply it to make a meaningful change in your life.
Hala Taha: [01:10:07] As usual, I'm going to be shouting out Apple podcast reviews at the end of the show, because it is the number one way to thank me as a host and to thank our hardworking Young And Profiting team. The first review is from sea bass, informative, entertaining, and full of value in all caps.
I love everything about this show. Hala really knows how to structure things so that every episode provides massive value. It's no wonder why the show is keep rocking Hala. The next one is from raw vegan Rita. I can't go on living without this podcast. If I had to choose one podcast to listen to for the rest of my life, it would be this one you can tell Hala spends a lot of time researching her amazing guests like Seth Godin and takes such care in crafting questions.
Keeping the listener in mind. Thank you for bringing such wisdom to the podcasting world. [01:11:00] Thank you both so much for your awesome reviews. I love reading them and shouting out our loyal listeners. And if you're out there listening and you found value in today's show, please also take a few minutes to write a search review on Apple podcasts or wherever you listen to your podcasts.
And I also love seeing posts on YAP on LinkedIn or Instagram. If you're listening on Spotify, you can share the podcast straight to your Instagram story. Don't forget to tag me at Yap with Hala so I can repost or just take a screenshot of your podcast app and share to your story and tag me at Yap with Hala.
I'll always repost and support those who support us. You can find me on Instagram at Yap with Hala or LinkedIn, just search for my name. It's Hala Taha. And now I'm on Clubhouse. My username is halataha big things to the YAP team has always you guys rock. This is Hala signing off.
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