Jason Allan Scott is an Award-winning Entrepreneur, Event Professional, Media Owner, Podcaster, and Investor who has sold several businesses on 3 continents.
Various media and social media platforms including Amazon have called Scott a top influencer on the web, Double Dutch called Jason one of the most influential Event Professionals in the world as did Eventbrite.
Scott has been recognized as a top 100 small business for his media business and invited to Number 10 Downing Street in 2016.
Forbes has written two articles about Jason as a solo founder, while also being featured in multiple books including but not limited to “Tiny Business, Big Money” by Forbes Contributing writer, Elaine Pofeldt.
With over 2 decades of entrepreneurial experience in the world of hospitality and tech industry spanning Proptech, Defi, Medtech, and CreatorTech. Jason has a broad understanding of multiple verticals.
Scott has also successfully delivered keynotes at over 223 conferences, events, and companies around the world focusing on buying, building, and selling companies, improving one’s financial position, resilience, audio marketing, and entrepreneurship.
What is your typical day, and how do you make it productive?
Most mornings I wake at 5 or 5:30am – no alarm needed as I do all my planning the night before. If I am not fasting, I start the morning with hot water and lemon and a cup of black coffee then 1.5ltrs ice cold water and try and walk around the block in the sun.
I then go straight to the most important part of my day, while my energy is highest, usually this is sales letters as I firmly believe money coming in is more important then money going out.
I then have breakfast with my partner at 8am ( usually oats, protein and a spoon of some kind of nut butter) and watch something funny or lighthearted till 9am. I read for another hour, before going to gym for 2 hours and the return to wash and do social media for 30min to 1 hour, this includes threads or blogs or newsletters to my community. I always write as if I am the reader so I write to motivate, educate or inspire, me.
Afternoons, I will have a leaft salad and a protein, chicken or fish and more water and one black iced coffee.
This is also a good time to check emails and respond to them.
Then more reading, I divide my reading into business, technology and life sciences.
As someone with both dyslexia and ADHD I have to often read the same thing twice or three times to get a gist, I will also use the afternoons to do podcasts where I ask experts on the subjects I am learning about questions to see if i really understand what I am reading.
I will also guest on peoples shows and do consultations in the late afternoon.
I then check emails for the last time for the day, I check 3 times a day only. I then have dinner, like burritos or some kind protien and carb as I sleep better when I have a carb at night. If I am eating out I try and do it with a friend, loved one or someone I can learn from, only.
Then journal and plan the next day using a system called Time Boxing. I get to bed early, switching the lights out at 9pm each night for 8 to 9 hours of quality sleep that i track with a WHOOP band.
How do you bring ideas to life?
I start by giving a pain I have or keep hearing about my attention.
Attention is the act of focusing closely on a given context to understand its dynamics and latent needs.
The trouble is that expertise often interferes, directing people’s attention and unconsciously blinding them to radical insights. The French call this déformation professionnelle: the tendency to observe reality through the distorting lens of one’s job or training.
I use easier words, to a hammer everything is a nail!
To combat that bias, I question what perspective drives my attention and what I may be missing as a result. Then I zoom out. Having zoomed in to gather insights about a situation, a need, or a challenge, to understand the pain points I then zoom out to gain perspective, fighting against framing and action biases that might encourage me to accept the issue as presented and rush into problem solving.
This is common for me and my neurodiversity, I have an action bias.
I try and process what I have learned, I try and detach: change activities, or take a strategic break, a walk or shower seem to help the best. This mindset is reflected in the Japanese concept ma, which stresses that space is necessary for growth and enlightenment.
To produce a truly original idea, you must free your imagination, challenge the status quo, and envision that which is not.
I also like the mantra, what would this look like if it was easy and work from there. I replace “WHY” with “WHY NOT?” And “What If” instead of , “That Cant Be Done!”.
To spur my imagination, I ask questions such as “What if we no longer did this the way we always have?” I do this as a way to envision connections between existing strengths and new opportunities. I try and use first principle thinking.
Sometimes called “reasoning from first principles,” first principles thinking is the practice of questioning every assumption you think you know about a given problem, then creating new solutions from scratch. It’s one of the best ways to unlock creative solutions to complicated problems. First principle thinking requires me to break down my first assumptions and barriers of problems and to create a completely innovative solution.
I utilise a podcast to bring people from different expertise to also look at the problem and listen closely to how they may bring the idea to life. To tap into the wisdom of experts far beyond my networks – people who may have no familiarity with the given problem, people, market or industry but can bring different experiences to bear. I then start with experimentation, to implementation using the lean startup methodology. Experimentation is the process of turning a promising idea into a workable solution that addresses a real need. The lean start-up methodology puts learning at the heart of its approach, and although that objective is certainly important, it often conflicts with the emphasis the model’s proponents also put on speed. Frenetic cycles of build-measure-learn encourage organizations to settle for a “good enough” product-market fit, leading them to miss more-ambitious solutions.
Instead, externalize your idea early and often so that others can visualize, touch, or interact with it. THEN GO GO
What’s one trend that excites you?
Ai. There are many reasons to be excited for the future of AI and here are just a few- from helping fight crime more efficiently, enabling exploration into space with less effort, being able to apply it across different industries or even making breakthroughs in healthcare.
As companies continue developing smarter algorithms and building on what they’ve learned so far about how best to leverage the power of artificial intelligence systems, there is no doubt that our lives will change dramatically because of them.
What is one habit that helps you be productive?
Timeboxing. Many people approach their work one task at a time, and concentrate on each until they complete it, however long this takes. Timeboxing is different because it encourages you to focus on time instead of tasks. you allocate a certain number of hours or days, called a “timebox,” to each activity. You then use this time – and only this time – to complete the task.
Timeboxing is a simple and effective way to manage your own, and your team members’, daily workload. For yourself, this ensures that you don’t spend too long on a task that isn’t worth the effort. For team members, it helps to ensure that they don’t over-engineer solutions, and that they don’t, unintentionally, blow the budget you have available for the work.
What advice would you give your younger self?
Stop comparing yourself to others based on what they can do better or worse than you. Instead, learn from your different abilities and use them in your favor. You are unique, and so is the way you see life. Don’t let anyone say you can or can’t do something, if you want to do it, put your mind and soul and go for it. Remember, you are gonna die, no matter what you do, so act accordingly.
Tell us something you believe almost nobody agrees with you.
Time does not exist! Seems strange for a person who just said that “TimeBoxing” was his favorite productivity tool. Also because everyone believes without question that time is real: you’ve run out of time; you don’t have time, what time is it? Albert Einstein himself once wrote: People like us who believe in physics know that the distinction between past, present and future is only a stubbornly persistent illusion. Time, in other words, he said, is an illusion and I agree. There is no past and there is no future. it’s just always NOW.
What is the one thing you repeatedly do and recommend everyone else do?
For everything in life, there’s a simpler, easier and faster way to do it.
Learning new languages, getting fit, achieving your goals, making money, changing your habits, conquering your fears, becoming an extrovert, etc. – these are just some of the things you can do in no time and with less effort than you think.
You will need total dedication, of course, but there are so many resources out there that are absolutely free, which can help you with that. Also, so many people that have done it before you share their tips, the steps they took and the problems they encountered. So for everything, and I do this all the time. ask the question, is there a simpler or easier way to do this, and try that!
When you feel overwhelmed or unfocused, what do you do?
“Memento mori — ‘remember that you have to die’. All of this will go to nothing. We are just monkeys with a plan floating through space on an organic spaceship, none of this really matters. Whenever I’m feeling like I need to prioritize what I’m doing or overthink a particular situation that is making me anxious, I try to remember this. Then I start thinking of all the people I have loved or who I have helped, and how grateful I am, then I ask what is the one thing I can do today to get me closer to where I wanna be. Just one thing. Thats all I need to do. One thing.
What is one strategy that has helped you grow your business or advance in your career?
The best strategy I have ever used and the one that seems to work no matter the industry is this.
Until you hit $1 million you should be sticking with 1 product, solving one problem, and serving one avatar, using one primary sales channel (Influencer marketing, FB, PPC, SEO etc).
£1-3 million you can add in 1 to 2 more products and add in another sales channel.
Stick with the same avatar and the same problem being solved.
£3-10 million you can add in a few more products and a couple more sales channels.
Diversification of your revenue streams gets really important here.
BUT remember, Simple Scales, Fancy Fails.
Next, remember that It’s not about the idea but the execution that counts. Look at AirBnb or Facebook none were first, all were better executors of the idea,
Always build on your own “land” if you can.
Also, make sure you’re hedging against a black swan like Facebook shutting down for a week or your account getting shut down.
Stick with the same target avatar and problem.
.Aim for 80%+ gross margins before advertising costs.
This will provide you with a lot of cash to plow back into advertising and upgrading content, hiring, etc.
If aiming for 80% seems unreasonable for your product, maybe go back and review your brand positioning + production costs to elevate your brand image and lower your COGS. This should be doable. The biggest brands in the world operate at very high margins because they provide tons of value, and it’s presented with top-notch branding. Remember it’s always easier to sell one expensive product to one rich client than thousands of cheap products and services to millions of poor people.
What is one failure in your career, how did you overcome it, and what lessons did you take away from it?
During my time as an entrepreneur, I tried to create a LinkedIn for Venues for events, called VenueMe. My intro trailer is still here if you want to see me pitch – https://www.youtube.com/watch?v=XMINshdVvc0&t=18s
VenueMe was to be a new mobile app that helped event planners find venues with three taps of the app. VenueMe enabled venues to find warm, relevant leads by alerting them in real time when event organizers are searching for a venue in their vicinity.
I faced a failure so big with this, we still refer to it as a fiasco while leading a team to develop the software solution under a tight deadline. I allowed team members to choose their tasks, believing that autonomy would motivate them as it does for me.
This approach, however, led to confusion, duplicated efforts, and unattended project aspects.
As a result, we missed the deadline and ran out of runway, or had more mouth than money as we used to say. I learned the importance of clear expectations and well-defined roles in a team. I learned that sometimes having money means you throw money at the problem rather than being scrappy and looking for other options. To improve, since, I have introduced project management tools and now do regular check-ins to ensure better communication and progress monitoring. The experience has made me a more effective leader, prioritizing structure and open communication for project success rather than making assumptions that everyone is the same and has the same motivators.
What is one business idea you’re willing to give away to our readers?
Ever want to own a piece of your favorite restaurant, support the owners or stop them from closing, or maybe just want something back after spending so much money at your favorite eatery?
Fractional ownership allows an individual to take part of a valuable asset without putting up the cash to purchase the whole asset outright. This is very similar to owning stock in a corporation. They say, you can’t Eat Equity, I say start an EquityEats Company through fractional ownership.
Eat Equity, OWN A SLICE
In fact, fractional ownership can apply to assets other than real estate. In the case of real estate, it allows multiple buyers to grab part of a property title.
If the property declines in value, the owner can sell the asset and write off the capital loss.
If it increases, the owner can sell the share and receive capital gains, the same can be done with a restaurant.
And as an added bonus you support your favorite restaurant making sure they don’t close down and You get to eat at your favorite Eatery with discounts and perks usually only held for the owner.
Need more :
Eat Equity is “inviting [fans] to be part of something exciting that gives them unique benefits they want, like additional access, exclusivity, and engaging experiences,” and allows donors to become members and provide financial donations to their favorite restaurants monthly.
Eat Equity powers restaurant businesses by giving them the tools they need to acquire, manage, and energize their paying fans.
With a subscription-style payment model, fans pay their favorite restaurants a monthly amount of their choice in exchange for VIP offerings, discounts, co-working space, and birthday and event opportunities.
This model is a win-win; restaurants retain patrons while getting the salary they deserve, even in a crisis, and fans get to rest easy knowing that their money goes directly towards creating more of what they love and their favorite restaurant won’t go out of business.
Using Eat Equity, these restaurateurs establish perks and tiers for patrons, offering exclusive opportunities and access to their venue in exchange for financial support.
Most Eat Equity users could have multiple tiers that supporters can join, with each tier corresponding to a certain monetary amount.
These tiers are set by the restaurateurs and can range anywhere from 1 a month to 500 a month. The larger a patron’s ongoing contribution is, the more perks they receive. Some of the highest tier rewards could include physical merchandise, their name displayed in the venue, a chair with their name on it, and the ability to communicate with the restaurant directly.
Some tiers may have a maximum number of “slots” that can be filled.
Restaurateurs could then use this to manage rewards for higher tiers, especially if there are rewards that involve creating custom meals or events for the most significant contributors.
Alternatively, some restaurateurs dont have to use tiers at all. Instead, they could provide the same perks to all supporters as part of a “pay-what-you-want” scheme.
Eat Equity members typically would display monetary goals on their page, with specific targets corresponding to special events or discounts or event or space opportunities ( co-working space creation from dead space). You could also see how many people are currently supporting a restaurant.
How Does EatEquity Make Money?
Eat Equity’s method of supporting itself is simple.
Eat Equity pays 90% of the amount pledged by the patrons to the restaurant owners. The company charges a 10% cut which is categorized into 5% for using the platform and 5% as processing fees or a flat fee for the first 200 users of 100 per month or 1000 annually.
How EatEquity Is Changing the hospitality industry.
For many restaurants, the rise of EatEquity could be a boon!
Traditionally, eateries have made most of their income with dining. This includes both sit-downs and take-out. However, due to the pandemic revenues have been dropping dramatically and continue to drop.
So why now, cos they need the help more then ever!
EatEquity allows restaurants to be funded directly by their biggest fans and maintain a monthly income. Many smaller restaurants will be able to focus on growth, new tools, tech or staff or just staying open with the support of their patrons.
For fans, the site is a good way of funding the work of your favorite eateries, while also getting rewards in return. If you highly enjoy someone’s restaurant, then joining their EatEquity Page is an excellent way of showing your support.
Like an ongoing Kickstarter, EatEquity allows restaurant owners to crowdfund their work. Unlike Kickstarter, though, EatEquity funding efforts don’t stop after a single project or deadline. Instead, Eat Equity lets donors become ongoing supporters of their favorite restaurant’s work.
What is EatEquity?
EatEquity is basically a crowdfunding site for restaurants. But would describe itself as a “membership platform that makes it easy for eatery owners to get paid”.
Eat Equity subscribers, set an amount every month to their favourite restaurants through Eat Equity.
Eat Equity would angle to become the dominant platform for eatery owners to turn there restauarnts into membership businesses, a position from which it could expand into other products and services for restaurant owners.
Eat Equity’s business model is straightforward, though it will become more complex. It could charge restaurant owners 10 percent of their revenues through the platform, which is divided into a 5 percent platform fee and a 5 percent payment processing fee.
Or a flat fee of 100 per month or 1000 a year for first 200 members.
Eat Equity will start as a marketplace connecting fans and restaurants then become a SaaS platform with a suite of tools for restaurant owners. From turning dead space into co-working space, to running an event business with an app and booking platform.
Rather than viewing its fees as a marketplace rake, a better analogy is to the commission model akin to that of a business manager and promoter all in one.
Eat Equity’s incentives are directly aligned with its customers’ goal of generating more income from their patrons, diners, and fans.
That simple model will get more complicated, as Eat Equity is poised to introduce additional commission fees in exchange for access to some new functionality and services as we grow.
What is one piece of software that helps you be productive? How do you use it?
It’s difficult to put a pin on precisely what Notion is because its versatility makes it so many things for so many people. Still, it’s undeniable: Notion is one of the most powerful platform for me and what I do. Notion is a complex and all-in-one tool that can be used for a variety of purposes. I use Notion as a note-taking and idea-organizing platform. I share best practices and how-to looms and notes on every part of my business so that if anything happens to me the knowledge is still there on how to do it all.
For most jobs, the work that needs to be done can be cataloged and fit neatly into organizational categories. Notion is great at this, which means that you can use Notion to keep track of things you do in your work life perfectly.
For example, here are five ways I use Notion for work.
Create design systems
Automate using API
Track and manage content
Manage complex projects
What is the best $100 you recently spent?
I bought the book, Buy Then Build: How Acquisition Entrepreneurs Outsmart the Startup Game – which cost me $20, then bought $10 worth of pens, highlighters, and pads and made notes, then bought a TIE Dynamic Mic USB dynamic USB microphone $40 and started calling M&A firms to understand what is happening with the Greatest Wealth Transfer in History. Then created a talk around this and pitched it to events in the USA. I was then chosen for one at the MGM in Vegas, The Medicarians event, where I spoke about this and tested my latest idea, an M&A boutique agency, and signed up my first two clients bringing in $350 000. BEST $100 I have ever spent in my life.
Do you have a favorite book or podcast from which you’ve received much value?
I sold my beauty content to a publishing house, which has since gone bankrupt but this lead me to the greatest mentor I have ever had, Felix Dennis who wrote How to Get Rich: an entertaining and informative tale about what it takes to amass a lot of money. Felix Dennis was an eccentric legend in the magazine publishing world, and he uses stories from his life of building businesses and chasing money to show the good, bad, and ugly of such pursuits. This helped me build and sell my most successful businesses since, I still use what I learned from him today more then any other mentor.
What’s a movie or series you recently enjoyed and why?
Succession. Succession is still a strange show to recommend.
It’s basically just a bunch of disgustingly rich adult-children fighting over their daddy’s money and approval. Every single character is terrible and grows more dislikable scene-by-scene. Even the luxe settings manage to feel soulless, a corporate, colorless wash over these lifestyles of excess and egregious behavior. But the thing that makes Succession so compelling is not its storylines, which are minimal, but rather its whip-smart writing and detailed character studies; a complicated cocktail of privilege and trauma keeping the protagonists entrenched in patterns of narcissistic self-sabotage that fill the audience with frustration and fascination – not to mention devastating cringe (Kendall Roy, I’m looking at you). Ultimately, Succession is about everything and nothing at once, people-in-rooms-talking-about-shareholders given the same intensity as Liam Neeson’s dialogue in Taken – and therein lies its brilliance, along with that banger of a theme tune by Nicholas Britell.
- Start with one message, one channel, one avatar, and one price.
- Remember that simple scales and fancy fails.
- Embrace Ai as in the end, Ai won’t take your job or company, but someone who knows how to use Ai will.
- Start with one action that gets you closer to your goal and do this every day.
- Do not start a business, but buy a business and build one, to keep a legacy alive, an economy rich, and communities and families safe.
Steve (Stefan) Junge hails from Germany and helps with the day-to-day publishing of interviews on IdeaMensch. While he and Mario don’t share a favorite soccer club, their enthusiasm to help entrepreneurs is a shared passion.