Young entrepreneurs are increasingly turning social media audiences into full-scale businesses, using digital content to build subscription communities, marketing firms and investment portfolios instead of relying on a single source of income.
"School of Hard Knocks" co-founder James Dumoulin joined FOX Business' Stuart Varney on "Varney & Co." to explain how he has grown the company into a media platform with 26 million followers while expanding into multiple revenue streams.
Dumoulin said his strategy is built around creating a business that generates value in several different ways instead of relying solely on advertising revenue.
"So what we did is we looked at our core business of having one of the biggest business media channels in the entire world... What are all the different ways that we can make money off this thing?" Dumoulin said.
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He said one lesson has stood out after spending time with successful entrepreneurs.
"Concentration builds wealth, diversification keeps it," Dumoulin said. "In our case, we became so good at one thing... And we diversified into other efforts."
The 24-year-old said his focus remains on growing the media business while adding new ventures, including a marketing agency, a consulting company and investments.
Dumoulin also shared advice for younger people hoping to build wealth, stressing that long-term success requires consistent daily action.
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"Macro patience and micro urgency is one of the most important concepts that you need to master in today's world," he said. "Billionaires take action on a daily basis."
The 24-year-old said anyone willing to adopt that approach has the potential to achieve similar success.
"I have no doubt that you'll be a millionaire one day at 24 years old like myself," Dumoulin said.
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[ H/T Fox Business ]
