Tim Ferriss On How To Start Your Million Dollar Side Business

In the first Build-A-Business mentor lesson, author of "The 4-Hour Workweek" explains the "muse" and how to find yours.

People tend to think they have to choose between being employed and being an entrepreneur. But there is a way to do both—but first you have to find your "muse." A muse, in Tim Ferriss' context, is a low-maintenance business that generates significant income. In this video, Tim Ferriss details how entrepreneurs can engineer their own muse to make more money while working less.

This mentor lesson is part of the Shopify Build-A-Business Competition, which encourages anyone with an idea to start an online business. In the past, thousands of "muses" have been created through the competition, and this year's winners will each get a $50,000 investment from mentors like Tim, Daymond John, Tina Roth Eisenberg, and Eric Ries.

Here are a few examples of "muses" that were created in last year's competition:

You can enter the competition by going here.

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  • Musetester.com

    I think Kasaisza is justifying her failure ahead of time. I launched my first muse which lead to another and another and another before hitting paydirt then setting up Musetester in between leading combat patrols in Iraq. It's possible. You just have to be rigidly disciplined in applying "Pareto's Law".

  • Kasaisza

    Great video, Tim Ferriss is awesome. Tim doesn't however  talk about working full time, running a prototype business, having a wife work full time too and taking care of kids. Tim's approach appears to be more from the perspective of a single person or perhaps that of a couple, where all your free time is available to work on this side business. I think his insights are awesome however they come from a perspective of a successful person. If it was so easy, everyone would be in Tim Ferriss's shoes.