Billionaire Lawyer spills his side hustles (pick one)
John Morgan's approach to business success: "I don't hunt deer, I hunt money." Instead of focusing on hobbies like hunting, fishing, and golf, he channels all that time and energy into building multiple revenue-generating businesses. While others say focus on one thing, Morgan argues he IS focused -
1h 15mKey Takeaway
John Morgan's approach to business success: "I don't hunt deer, I hunt money." Instead of focusing on hobbies like hunting, fishing, and golf, he channels all that time and energy into building multiple revenue-generating businesses. While others say focus on one thing, Morgan argues he IS focused - just on making money through diverse opportunities rather than traditional leisure activities.
Episode Overview
John Morgan, founder of Morgan & Morgan law firm and serial entrepreneur, shares his unconventional path to building multiple successful businesses including upside-down science centers (Wonderworks), crime museums (Alcatraz East), and entertainment venues. He discusses how personal tragedy motivated his career, the importance of spotting opportunities early, and why he invests his time in business ventures rather than traditional hobbies.
Key Insights
Turn Personal Pain into Professional Purpose
Morgan's brother became a quadriplegic and was mistreated by large corporations, which fueled Morgan's rage and determination to help others in similar situations. When work doesn't feel like work because it aligns with your mission, you'll naturally outperform others.
Early Adoption Beats Perfection
Morgan saw that advertising was the future of legal services when it was still taboo among lawyers. He borrowed $100,000 to start advertising, becoming 'first to market' rather than waiting for social acceptance. Being Kleenex instead of tissue gives lasting competitive advantage.
Focus Your 'Leisure' Time on Business
While others spend time hunting, fishing, and golfing, Morgan channels that same time into building businesses. He argues he's actually more focused than people who claim to focus on one thing but spend significant time on non-revenue generating activities.
Build Your Brand as Your Mission Statement
Morgan made his URL (forthepeople.com) identical to his mission statement and brand message. This eliminated the need to say things twice - one phrase communicated his website, brand, and purpose simultaneously, creating efficient and memorable marketing.
Failure Can Redirect You to Success
When Morgan's crime museum failed in Washington DC, instead of quitting, he moved it to Pigeon Forge where it became wildly successful. He invested $8 million of his own money after all previous investors walked away, recouping the investment in 18 months.
Notable Quotes
"I don't hunt deer, I hunt money."
"My big vision was this. What if Google was a law firm? What would it look like?"
"Where my competition gets beat by me is 95% of them are shit. I'm not hunting cockroaches. I'm hunting big game."
"America is fascinated with crime and punishment like nothing else. TV shows, movies, books, Netflix, all of it."
"When you wake up and work is not work, you're a lot better at it."
Action Items
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1
Redirect Your Hobby Time to Business
Calculate how many hours per week you spend on hobbies like sports, gaming, or other leisure activities. Redirect at least half of that time toward building a side business or developing professional skills.
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2
Align Your Brand with Your Mission
Create a brand message that simultaneously communicates your website, mission, and value proposition. Test if you can explain what you do, why you do it, and how to find you in one memorable phrase.
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3
Look for Early Market Opportunities
Identify something that successful businesses are doing that your industry or peers consider 'beneath them' or taboo. Research if this could be an early market opportunity worth pursuing despite social stigma.
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4
Transform Personal Pain into Business Purpose
Identify a personal experience where you or someone close to you was treated unfairly by a system or industry. Explore how you could build a business that solves that problem for others facing similar situations.