Tim Ferriss Follows His Own Muse Advice
If you’ve read The 4-Hour Workweek, you’re likely familiar with the chapter on muse creation – specifically, Tim’s three basic types of muses: reselling, licensing, or creating a product. He prefers to create, as it’s where you have the highest potential (and perhaps the greatest risk). Specifically, he notes that creating information to sell is the best choice of all – inexpensive to create, easy to replicate (for you, to sell – not for someone else to duplicate), and little downside risk, besides the loss of your time. Ferriss says, “Information products are low-cost, fast to manufacture, and time-consuming for competitors to duplicate” (pg. 166). More importantly, he explains why you don’t need to be an expert. This is a crucial point. If you don’t need to be an expert with respect to the information you are creating, doesn’t that essentially give you unlimited options? The caveat is, you need to pull together expert sources and paraphrase them, cite them, etc. to make it your own and not infringe upon any copyrights.
He obviously wrote The 4-Hour Workweek, a collection of information that he makes money from, but now he’s doing it again in his new book, From Rapid Fat Loss to Strongmen: A Guide to Becoming Superhuman. In this blog post from last June, he calls this new book “a hacker’s guide to the human body.” It sounds very interesting. In a recent tweet, Ferriss writes that the new book will be out Sept 2010 and that “the scope and content has become much more interesting. No fluff.”
At the end of the day, Tim’s success and probable wealth really comes from one thing: selling information. It’s an interesting product, especially in an age where eBooks are becoming increasingly popular. No longer do you need a publisher or any kind of massive operation to get your information out to people. It’s not to say there aren’t high barriers to entry. The main reason Tim’s new book will be successful is because his previous book was such a success. If you take that away, it’s likely most of us would’ve never heard of him.
The bottom line is, you shouldn’t feel like the weight of “starting a business” is a heavy mass on your shoulders, requiring complex ideas, plans, and operations. It could be as simple as writing an eBook and putting it up for sale online. It isn’t even so much what you write about than it is how you promote it. Creating an information product will be my summer project this year – I really believe it’ll be my first big step in automating income.