- Early passion and opportunity : At 15, Leo was already keen on entrepreneurship and video games, particularly Pokemon during its initial craze. He capitalized on the intersection of emerging internet culture, eBay's marketplace, and the rarity of a special Pokemon to create his first business venture.
- Creating an online business : Leo learned HTML to build a crude but functional Pokemon fan website, which was an early expression of his entrepreneurial spirit. He combined this with his discovery of eBay as a platform to reach collectors and gamers alike.
- Exploiting a gap in the game : Intrigued by the rarity of the 151st Pokemon, Mew, which couldn't be caught through regular gameplay, Leo found a way to capture it using a Game Shark device. Sensing the market's desire for this elusive Pokemon, he devised a service to catch Mew for others, monetizing his unique knowledge.
- Launching an eBay service : Leo set up an eBay auction where customers would pay him to use their Gameboy cartridges to catch Mew using his Game Shark. This required him to learn and apply HTML in a practical context, coding the auction page and presenting his service to potential buyers.
- Creative value and competitive edge : His idea was not just profitable but demonstrated the importance of a unique selling proposition. Leo's success was due to his creative thinking, combining personal interests, technical skills, and the opportunities presented by new technology.
- Experiencing business ruthlessness : Leo's original idea soon faced fierce competition. Rival sellers copied his HTML code, undercut his prices, and resorted to unscrupulous tactics to ruin his reputation on eBay, ultimately driving him out of the market.
- Price war and business downfall : The aggressive price undercutting by competitors drove the service's price down, making the effort to catch Mew for others less economically viable. Coupled with negative feedback manipulation, this price war and smear campaign resulted in the end of his Pokemon venture, highlighting the cutthroat nature of business.
- Anticipating and handling competition : Leo emphasizes the need to be vigilant and strategic as success can attract copycats, sabotage, and undercutting of prices. Entrepreneurs must be prepared for the cutthroat nature of business and find ways to protect and evolve their business ideas.
- Import/export business pivot : After his initial eBay auction venture, Leo observed and took advantage of a gap between local import stores' lack of online presence and the demand on eBay for rare Japanese Pokemon games. This pivot capitalized on the Pokemon fad and allowed him to make significant profits by reselling the games online.
- Transience of high-profit margins : Leo observed that the high-profit margins from selling imported games were not sustainable. Increasing competition or changing market interests can quickly erode profitability. He noted the importance of being aware of market trends and adapting accordingly.
- Fertile ground for entrepreneurship : He encourages looking for business opportunities at the intersection of emerging technologies or platforms, as these present new grounds for creative and lucrative ventures.
- Endless emergence of opportunities : Business landscapes are in perpetual flux; old opportunities pass, and new ones arise. To succeed continually, entrepreneurs need to stay attuned to these shifts and be ready to innovate rather than becoming complacent.
- Universal business principles : Success in business relies on understanding and applying fundamental principles like creativity, innovation, competition, and customer service. These can be learned through practical experience in the ever-changing market landscape.
- Finding your 'Pokemon opportunity' : Leo points out that opportunities akin to his early internet ventures are more common than one might assume, especially with fast-paced technological advancements. Entrepreneurs should actively hunt for these moments.
- Combining passion and opportunity : The most successful businesses are built around personal passions. When entrepreneurs are passionate about their field, they can work harder, generate better ideas, and create more valuable contributions to the market.
- New horizons in evolving industries : Looking ahead to future trends, such as the legalization and therapeutic use of psychedelics, can offer new areas for entrepreneurship. Forward-thinking combined with appropriate training positions one at the forefront of emerging markets.
- Risk assessment and strategic planning : Calculated risk-taking is essential in business, and entrepreneurs need to analyze potential opportunities and make conservative bets on the ones most likely to flourish in the near term.
- Rapid implementation in market timing : Speed is critical when new opportunities present themselves. Entrepreneurs need to act quickly and efficiently to take advantage of these windows and gain a competitive edge.
- Gold rush mentality in business : Entrepreneurs should embrace the mindset of rushing to a new 'vein of gold.' Much like the California Gold Rush, seizing the initiative often determines who reaps the most significant rewards.
- Continuous emergence of opportunities : Leo highlights that just because one misses a particular business opportunity or "gold rush," it doesn't mean there are no more chances. He emphasizes that new opportunities are continuously arising, and it's crucial to stay vigilant and ready to seize them when they appear.
- Personal reflections on missed opportunities : He reflects on his earlier belief that major opportunities were scarce, noting that his perspective has changed. Leo recognizes that while he may have missed certain historical opportunities, such as the early days of Microsoft or the internet, there are always fresh ones emerging, like the advent of the smartphone market.
- Advantages of being an early adopter : Drawing on the example of the first iPhone game developer who became a millionaire, Leo underscores the significant advantage of being an early adopter in a new market and the potential for success despite starting with low capital.
- Creativity as a competitive advantage : For entrepreneurs starting with minimal capital, creativity becomes a significant competitive advantage. Leo advises focusing on innovation and niche markets that are too small for large companies yet still lucrative, as this allows for personal connections with customers and can cater to specific needs.
- Integration of work and life purpose : Leo conveys the importance of aligning business pursuits with one's life purpose for deeper fulfillment and ultimately greater business success. He advocates for selecting opportunities that you're genuinely passionate about and urges entrepreneurs to use the life purpose course to find their unique domain of mastery.
- Cultivating lasting passion and receiving love : The ultimate joy in business, according to Leo, comes from working on a project fuelled by love, culminating in positive feedback from customers who appreciate the heart and soul put into the product or service. This cycle of giving and receiving love is what motivates continuous improvement and mastery in one's niche.
- Specialization and Flexibility : In business, you must specialize in a narrow environment to thrive, developing a deep understanding and mastery of that domain. At the same time, flexibility and forward-thinking are essential to adapt to anticipated innovations in the ever-changing social, cultural, and technological landscapes.
- Business as Evolution : The arena of business is constantly evolving, and entrepreneurs must embrace this dynamic nature, seeing opportunities for creativity and growth. This perspective positions entrepreneurship not just as a means of survival, but as an active participation in the ongoing process of life and evolution.
- The Sheep and the Entrepreneur : There's a distinction between those content with a nine-to-five job, likened to sheep feeding from the matrix, and entrepreneurs who navigate complexity and innovation independently. Entrepreneurship is more stimulating, creative, and ultimately connects one to the vibrancy of life.
- Human as Creative Agents : Humans have the capacity to be creators and inventors, contributing to the evolution of existence. Recognizing one's work as part of the broader process of creation brings a meaningful connection to life and influences how one approaches their role in work and business.
- Infinite Intelligence and Creativity : Although humans only access a fraction of infinite intelligence, this small part is powerful enough to innovate, invent, and contribute to mankind's advancements. Realizing oneself as an integral thread in the fabric of creation enables a contribution to the overall beauty and evolution of the universe.
- Conscious Participation in Creation : By becoming conscious of their creative role, individuals can optimize their contributions to the broader process of creation, contrasting with the disconnected, mechanized work that fails to recognize this larger purpose. This shift in awareness can dramatically change one's approach to work and life, aligning with the process by which the universe was created.