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A lot of people are looking for passive income from side hustles.

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Yeah, it's the financial ozempic, and it's more accessible than ever.

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Like 90% of the ideas I talk about can be launched with $500 or less.

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And there's enough time in the day to do these on the nights and weekends.

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So in these three suitcases in front of me, I have three different amounts of money.

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And during this conversation, I'm going to punish you a box at random.

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And your job is to tell me what kind of business you would start with that amount of money.

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Sounds good. Let's do this.

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Known as the King of side hustles, Chris Kerner has launched over 80 businesses,

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earning millions in the process.

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And now the serial entrepreneur is going to teach us how to adopt a business mindset

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and launch simple, overlooked, but profitable ventures with little money.

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Many of us struggle financially, and they see a side hustle as a solution to that.

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Like for me, growing up kind of poor, business allowed me to take hold of my life

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and make it what I wanted it to be.

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And it started when I was nine years old and wanting a red-shwin bicycle.

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My friends had a bicycle, my neighbors had a bicycle, and my parents didn't have money for it.

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But I lived across the street from a golf course.

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And these golf balls would fly in my yard.

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And I would go to my neighbor's yard and go across the street, dig through the ditches,

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and I pull out all these golf balls, and I started selling them.

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That was my first business.

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That taught me that business is approachable.

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And we all have ideas, but we usually don't do anything about it.

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Why?

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I think number one, they're afraid of what people think.

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Number two is they don't have the tools.

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Or they're not connecting the tools with the ideas.

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If we can get over those, the world is our oyster at that point.

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I think I have a thousand dollars.

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What side hustle do you stop?

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The first thing that comes to mind is my favorite business idea of all right now.

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This is a zero-employed business.

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It's highly profitable.

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And that would be...

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So how important is it for you to love the thing to be successful at it?

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Ignore passion.

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Follow the profit until you can afford to follow your passion.

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Do they need a business partner?

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No.

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If you look at the stats on business failure rates with companies that have co-founders,

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it's significantly higher than companies that have solo founders.

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And how does someone validate to a business idea?

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If I had to pick one tool, it's one that one and four humans use every day.

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That's everything you need right there.

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Just give me 30 seconds of your time.

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Two things I wanted to say.

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The first thing is a huge thank you for listening and tuning into the show.

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Week after week means the world to all of us.

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And this really is a dream that we absolutely never had.

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And couldn't have imagined getting to this place.

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But secondly, it's a dream where we feel like we're only just getting started.

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And if you enjoy what we do here,

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please join the 24% of people that listen to this podcast regularly.

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And follow us on this app.

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Here's a promise I'm going to make to you.

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I'm going to do everything in my power to make this show as good as I can now and into the future.

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We're going to deliver the guests that you want me to speak to.

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And we're going to continue to keep doing all of the things you love about this show.

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Thank you.

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Chris, who are you?

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And what is the mission that you're on?

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I am a father.

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I am a husband and I'm a serial entrepreneur.

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And I love talking about business and starting businesses and inspiring other people to do the same.

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Why?

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Business has given me everything.

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Growing up kind of poor.

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It was my outlet.

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It was my way of just kind of taking hold of my life and making it what I wanted it to be.

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And I have immense gratitude for that.

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And I just love talking about it.

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It's the only thing I know.

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I can't talk you about history or nutrition or anything.

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But when it comes to business, I just love it.

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And I want other people to love it as well.

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How have you made your name in the world of business?

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Because I've heard your name a lot recently.

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People call you the king of side hustles.

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Where has this come from?

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I think I just published my life on the internet now.

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I'm always testing and launching and starting businesses.

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But only over the last couple of years have I started publishing that.

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And I didn't try to be like the king of side hustles.

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That's not something that I've ever intentionally tried to brand myself as.

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But I think people see what I do as a side hustle.

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And they call it that.

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But I think that anything is scalable.

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Any side hustle could be a multi-million dollar business.

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I mean, we live on a planet with 8 billion people and we're all connected.

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And anything can be scaled.

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And you make a lot of content now.

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So you've probably had a bit of a feedback loop in terms of understanding what it is that you say and do.

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And create that's resonant with people.

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And also why it's resonant.

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What is the crux of what people like my audiences are looking for?

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As humans, we all want a silver bullet.

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We want a solution to our problems.

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And many of us struggle financially.

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And they see a side hustle as an outlet to that or as a solution to that.

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I think everyone has ideas.

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Most people are very hesitant to execute on those ideas.

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And so when they see someone like me freely executing on all the ideas,

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it hopefully it opens their mind and helps them look at their ideas in a different way or a more approachable way.

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And maybe gives them confidence to do the same.

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In the boxes in front of me here, I have three different amounts of money.

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$500, I think I have $1,000 and $5,000.

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And during this conversation, I'm going to punish you a box at random.

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And your job is to tell me what kind of business you would start with that amount of money.

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Because I know my audience, you know,

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many of them are interested in starting their own business one day.

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And I use specifically sort of low amounts of money just to make it as accessible to them as possible.

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So we will do that at some point.

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I'll pass you the boxes.

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You give me three business ideas.

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You would start with $500, $1,000 and $5,000.

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But I want to get a view on you and the businesses that you've started.

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And there's sort of the variety of success you've had.

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So can you give me another view?

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Yeah.

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So I was nine years old living in Utah and I lived across the street from a golf course.

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And these golf balls would fly in my yard.

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And I don't know what gave me the idea.

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But I started selling them.

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I just wanted money for a bike.

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I wanted this Schwinn bicycle.

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And it was red.

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And my friends had a bicycle.

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My neighbors had a bicycle.

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And my parents didn't have money for it.

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And so for whatever reason, I connected that white golf ball in my grass with money.

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And I would go to my neighbor's yards.

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I'd go across the street.

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I'd dig through the ditches.

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And I'd pull out all these golf balls.

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I'd wash them.

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And then I put up this huge piece of plywood in front of my house that said golf balls three for a dollar.

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And that was my first business.

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And at the time, it was just normal.

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It was natural.

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I didn't know any different.

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And now I have a nine-year-old.

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And I was nine when I did that.

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And we live on a busy road today.

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I lived on a busy road then.

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And the thought of him like negotiating, haggling with grown-ups wearing polo shirts on our doorstep is unfathomable.

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But that's what I was doing.

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And that planted the seed.

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That kind of taught me that business is approachable.

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Preferably it's approachable.

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Approachable and scalable can be the same thing.

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They don't have to be adults with one another.

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And how many businesses have you started since then?

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I lose count.

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I have a spreadsheet.

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But it's at least 80.

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And what are the outcomes been?

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How much money have you made?

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How has that changed your life?

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What freedom has that given you?

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Yeah.

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So cumulatively, all of the businesses have generated low hundreds of millions of revenue.

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Low tens of millions of profit.

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But on a real number basis,

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the majority of them have been abandoned.

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Or fizzled out or failed.

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Or there was too much opportunity costs.

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So I pivoted to something else.

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It's just a numbers game.

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And how has that changed your life?

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What does your lifestyle look like?

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My life is awesome.

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We built our dream house in our 20s.

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We had all four of our kids in our 20s.

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We travel a lot.

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We're, I've been married for 17 years.

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We're a very close family.

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We take a lot of trips.

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We live in a good school district.

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But my kids got a public school.

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And we have everything we need and more.

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And we're very grateful for that.

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What is the over sort of underpinning mentality that's required for someone to be successful?

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Starting businesses in the way that you started them.

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Starting these side hustles at volume and seeing success.

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Is there like a foundational mentality or personality or character trait required before we get into the tactics?

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Yeah.

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I should say that the pain of your problem needs to be greater than how much you care about what people think about you.

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It needs to get to that point.

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Because by far, that is the biggest roadblock to success.

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Is people caring too much about what people think about them.

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And so they don't want to do the thing or they don't want to talk about doing the thing.

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Because some random person from high school follows them on Facebook and might comment something.

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Which is really silly.

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But I've been there.

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I get it.

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If we can get over that.

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If we can just flip the switch in our brain that says people are thinking about me.

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People are caring about me.

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And just switch that to off.

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Well, when?

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Because the world is our oyster at that point.

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And in terms of where we sit at this moment of time with technology, with AI, with fast internet, with mobile phones.

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Do you think this is the best time for people to start something, to start a side hustle or to try?

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Every day that goes by, the timing gets better for people.

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Things are getting more competitive.

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But there are more tools than ever.

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10 years ago, if I wanted to start a business.

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And this is what the internet is in full swing, social media is in full swing.

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I probably had to spend a lot of money or move to San Francisco or raise venture capital.

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I would love for you to try to convince me.

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Try to give me an idea where you have to raise money or where you have to go all in or where you have to quit your job.

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It doesn't exist with all these AI tools, software tools.

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You can make a website with one prompt.

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You can make an app with one prompt.

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You can post a Facebook marketplace and have hundreds of inquiries within an hour.

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You can post Facebook ads.

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You could go to Craigslist.

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You could put a sign up in front of your house.

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You could go launch a survey to people.

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There are so many tools for testing and validating and experimenting with these concepts that it is more accessible than ever.

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Why don't people?

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I think number one is they're afraid of what people think.

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Number two is they don't have the tools.

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Or at least they're not connecting the tools with the ideas.

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They'll use Facebook marketplace to sell a sectional.

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But then they won't think to use it when validating their woodworking idea.

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They're just not connecting the dots.

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There's too many tools in a sense.

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We don't know how to tie them all together.

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They also probably don't know how much the law of abundance is a real thing.

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People think business is a zero-sum game.

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Well, they think that things are oversaturated.

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They'll have an idea for a product or service.

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Then they'll get really excited.

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Then they'll go Google it.

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When I do that and I see it exist, I'm like, yes, this is it.

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Someone went to the front lines of the battlefield and validated this for me.

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Then I'll go to the web archive.

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I'll go to who is.

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I'll go look at what their website is look like over the last decade.

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See where they started.

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Maybe their product was $99.

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Now it's like 49 every two months.

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Interesting.

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I'll look at the copy of their headline.

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00:11:28.300 --> 00:11:31.300
I'll look at how many tabs they have on their website.

248
00:11:31.300 --> 00:11:33.300
Do they post their Instagram feed on?

249
00:11:33.300 --> 00:11:36.300
I'll look at all these things and see how it's evolved over time.

250
00:11:36.300 --> 00:11:38.300
I think, awesome.

251
00:11:38.300 --> 00:11:40.300
I'm going to start where he's at today.

252
00:11:40.300 --> 00:11:42.300
This guy already proved it out for me.

253
00:11:42.300 --> 00:11:43.300
He took all the risk.

254
00:11:43.300 --> 00:11:44.300
This is amazing.

255
00:11:44.300 --> 00:11:45.300
This exists.

256
00:11:45.300 --> 00:11:46.300
I don't need to do it better.

257
00:11:46.300 --> 00:11:48.300
I don't need to do it differently.

258
00:11:48.300 --> 00:11:50.300
I just need to do the same thing.

259
00:11:50.300 --> 00:11:52.300
The market is big enough.

260
00:11:52.300 --> 00:11:55.300
The world is big enough to where I can win as well.

261
00:11:55.300 --> 00:11:56.300
You said I'm web archive.

262
00:11:56.300 --> 00:11:58.300
What role does web archive play?

263
00:11:58.300 --> 00:12:00.300
What is that for anyone that isn't familiar?

264
00:12:00.300 --> 00:12:01.300
How do you use that?

265
00:12:01.300 --> 00:12:06.300
It's just a tool that shows snapshots over time of what a website looks like.

266
00:12:06.300 --> 00:12:12.300
It's a great way of reverse engineering what businesses have done to be successful.

267
00:12:12.300 --> 00:12:16.300
Then there's another tool called similar web where you can see what their traffic has been over time.

268
00:12:16.300 --> 00:12:18.300
You can overlay the two.

269
00:12:18.300 --> 00:12:20.300
You can say, oh, interesting.

270
00:12:20.300 --> 00:12:23.300
When they redesigned their website to be more mobile friendly,

271
00:12:23.300 --> 00:12:27.300
their traffic went from 3000 a month to 4500 a month.

272
00:12:27.300 --> 00:12:28.300
Interesting.

273
00:12:28.300 --> 00:12:31.300
I'm just going to make it mobile friendly from day one.

274
00:12:31.300 --> 00:12:37.300
We are at a great advantage when we start where our competitors or our future competitors already are.

275
00:12:37.300 --> 00:12:40.300
Instead of starting where we think we need to be,

276
00:12:40.300 --> 00:12:43.300
starting trying to be different or innovative or unique.

277
00:12:43.300 --> 00:12:47.300
In my experience, that's more of a signal of our pride or our ego.

278
00:12:47.300 --> 00:12:54.300
We feel weird or odd or even dirty or unethical if we're just copying and pasting a business.

279
00:12:55.300 --> 00:12:57.300
Even if we had the original idea ourselves,

280
00:12:57.300 --> 00:12:59.300
when really there's nothing to be ashamed of.

281
00:12:59.300 --> 00:13:03.300
We don't want to steal their intellectual property or their logo or anything.

282
00:13:03.300 --> 00:13:06.300
But copy was already working.

283
00:13:06.300 --> 00:13:11.300
People don't think that that's the thing because they think if I copy a business that's already working,

284
00:13:11.300 --> 00:13:17.300
then I'm not going to get any customers because this existing business has all the customers.

285
00:13:17.300 --> 00:13:18.300
But it's interesting.

286
00:13:18.300 --> 00:13:22.300
I had some on the show where they talked about how some of the greatest entrepreneurs in the world

287
00:13:22.300 --> 00:13:24.300
just copy 95% of the belief print.

288
00:13:24.300 --> 00:13:26.300
I think it was Walmart.

289
00:13:26.300 --> 00:13:30.300
They copied other regional grocery chains.

290
00:13:30.300 --> 00:13:32.300
Copying is a strategy.

291
00:13:32.300 --> 00:13:34.300
Have you done that?

292
00:13:34.300 --> 00:13:35.300
Absolutely.

293
00:13:35.300 --> 00:13:37.300
Give me an example.

294
00:13:37.300 --> 00:13:43.300
I had a phone repair business in when I was in college, 2010.

295
00:13:43.300 --> 00:13:47.300
I got a call one day from someone that said,

296
00:13:47.300 --> 00:13:51.300
hey, Chris, I want to buy all of your broken iPhone screens.

297
00:13:51.300 --> 00:13:52.300
Do you have any broken iPhone screens?

298
00:13:52.300 --> 00:13:53.300
Sure.

299
00:13:53.300 --> 00:13:55.300
We don't throw them away because we think it's bad for the environment.

300
00:13:55.300 --> 00:13:56.300
We just have a box of them.

301
00:13:56.300 --> 00:13:57.300
How much will you pay me?

302
00:13:57.300 --> 00:13:59.300
Three bucks a piece.

303
00:13:59.300 --> 00:14:00.300
Why?

304
00:14:00.300 --> 00:14:02.300
Why will you pay me $3?

305
00:14:02.300 --> 00:14:03.300
It's just broken glass.

306
00:14:03.300 --> 00:14:06.300
And they said, well, there's actually a way of remanufacturing these.

307
00:14:06.300 --> 00:14:07.300
You can send them to China.

308
00:14:07.300 --> 00:14:09.300
We can remove the broken glass, put new glass on them,

309
00:14:09.300 --> 00:14:12.300
and then we can resell them as a remanufactured unit.

310
00:14:12.300 --> 00:14:15.300
And that was just like a light bulb, right?

311
00:14:15.300 --> 00:14:20.300
So most people I think at this point would say, yeah, where do I ship these?

312
00:14:20.300 --> 00:14:23.300
But I was like, oh, I need to be in that business.

313
00:14:23.300 --> 00:14:25.300
I want to copy that guy who called me.

314
00:14:25.300 --> 00:14:27.300
Now, I don't know what his website was.

315
00:14:27.300 --> 00:14:29.300
I don't know what the name of his business was.

316
00:14:29.300 --> 00:14:31.300
There was no web archive at the time to look at.

317
00:14:31.300 --> 00:14:34.300
I just wanted to copy the business model.

318
00:14:34.300 --> 00:14:36.300
Because I thought, this is going to be a thing.

319
00:14:36.300 --> 00:14:37.300
I'm in the industry.

320
00:14:37.300 --> 00:14:38.300
I know the industry.

321
00:14:38.300 --> 00:14:40.300
I'm going to do this as well.

322
00:14:40.300 --> 00:14:43.300
So we did $2 million in the first year, then $5 and $9.

323
00:14:43.300 --> 00:14:46.300
And then we exited a few years after that.

324
00:14:46.300 --> 00:14:47.300
It's interesting.

325
00:14:47.300 --> 00:14:52.300
You often don't think that everyone's in search of a new idea.

326
00:14:52.300 --> 00:14:54.300
And it's tough to find new ideas.

327
00:14:54.300 --> 00:14:55.300
Yeah.

328
00:14:55.300 --> 00:14:58.300
Was it Einstein that said there's no such thing as a new idea?

329
00:14:58.300 --> 00:14:59.300
Sounds right.

330
00:14:59.300 --> 00:15:01.300
But you have an orientation just to look at existing models

331
00:15:01.300 --> 00:15:03.300
and to replicate them.

332
00:15:03.300 --> 00:15:05.300
Do you put a spin on it at all?

333
00:15:05.300 --> 00:15:08.300
I'll develop my own spins over time, right?

334
00:15:08.300 --> 00:15:10.300
Because we're all a product of our environment.

335
00:15:10.300 --> 00:15:13.300
And so in the case of this business,

336
00:15:13.300 --> 00:15:15.300
I started copying exactly, right?

337
00:15:15.300 --> 00:15:17.300
I went and found people in China.

338
00:15:17.300 --> 00:15:19.300
I just went to Alibaba.

339
00:15:19.300 --> 00:15:21.300
I messaged a ton of people to sold iPhone screens.

340
00:15:21.300 --> 00:15:22.300
And I said, do you recycle?

341
00:15:22.300 --> 00:15:23.300
Do you recycle?

342
00:15:23.300 --> 00:15:24.300
Do you recycle?

343
00:15:24.300 --> 00:15:25.300
Do you recycle?

344
00:15:25.300 --> 00:15:27.300
And like five or ten percent of them said yes.

345
00:15:27.300 --> 00:15:28.300
So then I shipped them samples.

346
00:15:28.300 --> 00:15:30.300
And then they shipped me some back.

347
00:15:30.300 --> 00:15:34.300
And then over time, I started taking some marketing principles

348
00:15:34.300 --> 00:15:37.300
from previous businesses, like Facebook ads, cold calling.

349
00:15:37.300 --> 00:15:40.300
And I started applying them just because I didn't know

350
00:15:40.300 --> 00:15:43.300
how this other competitor was finding success.

351
00:15:43.300 --> 00:15:45.300
I knew he was cold calling and that was working.

352
00:15:45.300 --> 00:15:46.300
That's all I knew.

353
00:15:46.300 --> 00:15:48.300
Remember I didn't even know the name of his business.

354
00:15:48.300 --> 00:15:51.300
And so over time, you start using your previous experiences

355
00:15:51.300 --> 00:15:55.300
to apply these tweaks to the business and to make it your own.

356
00:15:55.300 --> 00:15:58.300
But if you do that right at the outset, right?

357
00:15:58.300 --> 00:16:00.300
Like if I got a call and he said, I want to buy your broken iPhone screens

358
00:16:00.300 --> 00:16:02.300
and I said, okay, I'm going to do that.

359
00:16:02.300 --> 00:16:04.300
But I don't want to just sell iPhone screens.

360
00:16:04.300 --> 00:16:05.300
That's lame.

361
00:16:06.300 --> 00:16:08.300
Pretty good chance there's not even a market for that.

362
00:16:08.300 --> 00:16:10.300
Or there's not even a method for that.

363
00:16:10.300 --> 00:16:13.300
And because of my ego, my pride, my unwillingness

364
00:16:13.300 --> 00:16:15.300
to just copy what's already working,

365
00:16:15.300 --> 00:16:20.300
I wouldn't have that successful business in my back pocket, right?

366
00:16:20.300 --> 00:16:23.300
So if you do twist in the beginning,

367
00:16:23.300 --> 00:16:26.300
it's kind of like your kind of thinking of an analogy.

368
00:16:26.300 --> 00:16:28.300
Like if you're on a long road trip

369
00:16:28.300 --> 00:16:30.300
and you start taking detours early on,

370
00:16:30.300 --> 00:16:32.300
or if a flight is on a flight path

371
00:16:32.300 --> 00:16:34.300
and he starts like getting off track

372
00:16:34.300 --> 00:16:36.300
just a little bit at the beginning,

373
00:16:36.300 --> 00:16:38.300
he's going to end up hundreds of miles away

374
00:16:38.300 --> 00:16:40.300
from his destination.

375
00:16:40.300 --> 00:16:42.300
But if he starts making tweaks along the way,

376
00:16:42.300 --> 00:16:45.300
then he'll be much closer to where he would have been anyway.

377
00:16:45.300 --> 00:16:49.300
And you might reach a better destination with some of those.

378
00:16:49.300 --> 00:16:50.300
Exactly.

379
00:16:50.300 --> 00:16:52.300
Because you're blending it with your experience

380
00:16:52.300 --> 00:16:55.300
where you know better than the person that you're copying.

381
00:16:55.300 --> 00:16:59.300
And so it's important to copy the model exactly at the beginning

382
00:16:59.300 --> 00:17:01.300
because you're also going to learn what it is

383
00:17:01.300 --> 00:17:03.300
about that existing model that works.

384
00:17:03.300 --> 00:17:04.300
Yeah.

385
00:17:04.300 --> 00:17:06.300
And therefore what you can iterate on, change, expand.

386
00:17:06.300 --> 00:17:09.300
If you didn't, then you might miss something.

387
00:17:09.300 --> 00:17:10.300
Exactly.

388
00:17:10.300 --> 00:17:13.300
Because so often I made the mistake of looking at another business

389
00:17:13.300 --> 00:17:15.300
and saying, man, why are they doing that?

390
00:17:15.300 --> 00:17:17.300
Why are they charging like that?

391
00:17:17.300 --> 00:17:20.300
They're charging all these different things that are so confusing.

392
00:17:20.300 --> 00:17:21.300
I made this mistake.

393
00:17:21.300 --> 00:17:23.300
I had an e-commerce fulfillment business

394
00:17:23.300 --> 00:17:25.300
where brands would send us all their products.

395
00:17:25.300 --> 00:17:26.300
We have this big warehouse.

396
00:17:26.300 --> 00:17:29.300
And we would ship all of their stuff out.

397
00:17:29.300 --> 00:17:32.300
And I was like, why do they have storage fees?

398
00:17:32.300 --> 00:17:34.300
Pickback and ship fees.

399
00:17:34.300 --> 00:17:38.300
They charge fees for tracking their expiration dates.

400
00:17:38.300 --> 00:17:41.300
They charge extra fees if there's five items in a box for four.

401
00:17:41.300 --> 00:17:43.300
There's so much friction there.

402
00:17:43.300 --> 00:17:44.300
That's so messy.

403
00:17:44.300 --> 00:17:46.300
We're going to make this simple.

404
00:17:46.300 --> 00:17:47.300
We're going to just one flat fee.

405
00:17:47.300 --> 00:17:50.300
No storage fee, and that's going to be our differentiator.

406
00:17:50.300 --> 00:17:53.300
And then over time, over the course of months and years,

407
00:17:53.300 --> 00:17:56.300
we learned, oh, storage fees.

408
00:17:56.300 --> 00:17:59.300
It's because sometimes your customers go out of business

409
00:17:59.300 --> 00:18:01.300
and then you're left holding the bill.

410
00:18:01.300 --> 00:18:03.300
And your storage costs are actually very high.

411
00:18:03.300 --> 00:18:05.300
But there's nothing to pass on.

412
00:18:05.300 --> 00:18:08.300
Oh, pickback and ship fees because you learn all these things.

413
00:18:08.300 --> 00:18:12.300
And you're like, okay, I wasn't like this genius that had an MBA.

414
00:18:12.300 --> 00:18:14.300
I was just trying to put my own spin on it

415
00:18:14.300 --> 00:18:16.300
because I thought I was smarter than that business owner.

416
00:18:16.300 --> 00:18:18.300
Turns out someone that's been doing this for 15 years,

417
00:18:18.300 --> 00:18:21.300
versus 15 days, knows a lot more about the industry than me.

418
00:18:21.300 --> 00:18:24.300
And I'm much better off just copying his pricing,

419
00:18:24.300 --> 00:18:26.300
copying the land of his website,

420
00:18:26.300 --> 00:18:28.300
copying the size of the warehouse he has,

421
00:18:28.300 --> 00:18:30.300
copying the same niche that he's going after,

422
00:18:30.300 --> 00:18:32.300
because that's clearly working for him.

423
00:18:32.300 --> 00:18:34.300
So I don't make that mistake anymore.

424
00:18:34.300 --> 00:18:38.300
I don't assume that other competitors are idiots, right?

425
00:18:38.300 --> 00:18:40.300
Yeah, I've been proven wrong too many times.

426
00:18:40.300 --> 00:18:45.300
I assume that they're doing that because they've learned the hard way.

427
00:18:45.300 --> 00:18:48.300
And if I copy them, then I won't have to learn the hard way.

428
00:18:48.300 --> 00:18:52.300
I had several of our executives over at my house over the last couple of days.

429
00:18:52.300 --> 00:18:54.300
And we were looking at different models.

430
00:18:54.300 --> 00:18:57.300
So basically, we're looking at other companies that do similar things to us

431
00:18:57.300 --> 00:18:59.300
that have been around for a long time.

432
00:18:59.300 --> 00:19:01.300
And the question I ended up asking at one moment,

433
00:19:01.300 --> 00:19:03.300
when I was at the exact same epiphany,

434
00:19:03.300 --> 00:19:05.300
I was like, why did they do it that way, isn't that shitty?

435
00:19:05.300 --> 00:19:10.300
And there was a second where I think we were tempted to trend reinvent the wheel.

436
00:19:10.300 --> 00:19:14.300
But the question I asked myself now with the wisdom of like many years of businesses

437
00:19:14.300 --> 00:19:17.300
like, why did it end up that way?

438
00:19:17.300 --> 00:19:23.300
Which is why did our competitor, who's been doing this for 50 years, end up there?

439
00:19:23.300 --> 00:19:27.300
Because as you said, there's clearly a set of things that have happened

440
00:19:27.300 --> 00:19:32.300
that have made them conclude, whether it's that scale or some other factor that's made them conclude.

441
00:19:32.300 --> 00:19:34.300
This is the best way of doing it.

442
00:19:34.300 --> 00:19:37.300
And just like you've been wrong so many times where I've thought,

443
00:19:37.300 --> 00:19:39.300
how they just idiots, that's why they...

444
00:19:39.300 --> 00:19:40.300
I can't see this obvious thing.

445
00:19:40.300 --> 00:19:44.300
But actually, their muddle is stress tested in the market much more than minus.

446
00:19:44.300 --> 00:19:49.300
It may be I should put my ego aside and at least start how they start,

447
00:19:49.300 --> 00:19:51.300
which I think is really important advice.

448
00:19:51.300 --> 00:19:54.300
Well, there are times when a company just keeps doing something because it works.

449
00:19:54.300 --> 00:19:58.300
And so they don't take the time to test something that works better.

450
00:19:58.300 --> 00:20:02.300
But it's almost impossible to guess what that is.

451
00:20:02.300 --> 00:20:07.300
If a clothing brand is growing their business entirely through Facebook ads

452
00:20:07.300 --> 00:20:12.300
and they've just never tried Google ads, maybe Google ads could convert twice as better.

453
00:20:12.300 --> 00:20:13.300
Twice better, right?

454
00:20:13.300 --> 00:20:15.300
But I don't want to guess that.

455
00:20:15.300 --> 00:20:18.300
I just want to start with Facebook ads and then I'll still take 5% of my budget

456
00:20:18.300 --> 00:20:20.300
and start testing other concepts.

457
00:20:20.300 --> 00:20:24.300
But nine times out of 10, I ended up just coming right back to Facebook ads.

458
00:20:24.300 --> 00:20:27.300
It got me thinking about how in business, basically everything,

459
00:20:27.300 --> 00:20:30.300
again, speaking broadly here, can be put into one of two categories,

460
00:20:30.300 --> 00:20:34.300
either like old problems, where thousands of people have come before you

461
00:20:34.300 --> 00:20:39.300
and the same solutions and same thinking is still relevant and their new problems.

462
00:20:39.300 --> 00:20:44.300
Things like AI have created a set of new problems and new opportunities as well.

463
00:20:44.300 --> 00:20:48.300
And what I tend to find is that 95% of the things in business are like old problems.

464
00:20:48.300 --> 00:20:52.300
Like hiring, cash flow, how finance is done legal, all those kinds of things.

465
00:20:52.300 --> 00:20:57.300
And when you're dealing with an old problem, expertise is usually the answer,

466
00:20:57.300 --> 00:21:01.300
which is like find someone who knows, hire someone or mentor or whatever.

467
00:21:02.300 --> 00:21:06.300
And then you have these new problems where there is nobody print in our industry.

468
00:21:06.300 --> 00:21:10.300
It's a new challenge, so experimentation is the answer.

469
00:21:10.300 --> 00:21:12.300
Does that like broadly hold in your mind?

470
00:21:12.300 --> 00:21:13.300
Oh, 100%.

471
00:21:13.300 --> 00:21:16.300
Yeah, I like to say test everything except drugs.

472
00:21:16.300 --> 00:21:18.300
Like we're always testing.

473
00:21:18.300 --> 00:21:20.300
It's the basis to everything we do.

474
00:21:20.300 --> 00:21:23.300
But do you test when it's an old problem?

475
00:21:23.300 --> 00:21:25.300
Can you give me an example?

476
00:21:26.300 --> 00:21:36.300
Things like cash flow management, hiring principles around probation and notice periods,

477
00:21:36.300 --> 00:21:40.300
a lot of legal structuring and deals.

478
00:21:40.300 --> 00:21:42.300
Things with a well-established president.

479
00:21:42.300 --> 00:21:48.300
Well-established presidents, nothing has fundamentally changed in the world that makes that invalid.

480
00:21:49.300 --> 00:21:54.300
I think if it's an old problem, I look to an example of someone within the last decade

481
00:21:54.300 --> 00:21:56.300
that's solved it in an interesting way.

482
00:21:56.300 --> 00:21:59.300
And I'm more likely to copy that, like in hiring.

483
00:21:59.300 --> 00:22:03.300
Traditionally companies will, they'll spend hours and weeks or days hiring,

484
00:22:03.300 --> 00:22:06.300
going from round to round to round person to person person.

485
00:22:06.300 --> 00:22:10.300
And if you look at why combinator, arguably the greatest startup incubator in the world,

486
00:22:10.300 --> 00:22:12.300
they have seven minute interviews.

487
00:22:12.300 --> 00:22:16.300
And they said they would make it five minutes, but it just felt rude, right?

488
00:22:16.300 --> 00:22:20.300
And in their interviews, they really know in the first three minutes if it's a fit or not.

489
00:22:20.300 --> 00:22:23.300
And then the interview's done, like they're either in or they're not.

490
00:22:23.300 --> 00:22:25.300
I approach hiring the same way.

491
00:22:25.300 --> 00:22:34.300
I would much rather take like a law of large numbers approach to it and give five people 30 days

492
00:22:34.300 --> 00:22:39.300
to show what their skills are as opposed to spending 30 days going all in on one person.

493
00:22:39.300 --> 00:22:43.300
Because in my experience, that one person that I spent 30 days on

494
00:22:43.300 --> 00:22:48.300
is not anymore likely to succeed than those, those other five people that it might be testing.

495
00:22:48.300 --> 00:22:50.300
Okay.

496
00:22:50.300 --> 00:22:53.300
And your example of that storage company you started,

497
00:22:53.300 --> 00:22:55.300
it sounds like you hit an old problem.

498
00:22:55.300 --> 00:22:57.300
Yes, very much so.

499
00:22:57.300 --> 00:23:00.300
And you tried to innovate and experiment, but this was an old problem

500
00:23:00.300 --> 00:23:04.300
where the laws of human beings and how they behave and businesses getting bust was still pertinent.

501
00:23:04.300 --> 00:23:09.300
Yeah, and at the end of our two-year experiment, like we look just like all of our competitors.

502
00:23:10.300 --> 00:23:13.300
So if we would have started there, we could have saved two years.

503
00:23:13.300 --> 00:23:18.300
And this is what I find is founders waste years trying to experiment

504
00:23:18.300 --> 00:23:23.300
where old problems are still strong and still hold.

505
00:23:23.300 --> 00:23:26.300
And this is what I, the mistake, several of the mistakes I made in my company was

506
00:23:26.300 --> 00:23:29.300
I should have spent all of my time experimenting on the new problems

507
00:23:29.300 --> 00:23:35.300
and should have hired people to tell me how to navigate the old problems.

508
00:23:35.300 --> 00:23:39.300
What, what was your, I think one of the videos that made you go pretty viral

509
00:23:39.300 --> 00:23:42.300
was your story of buckies.

510
00:23:42.300 --> 00:23:44.300
We don't know what buckies is around the world.

511
00:23:44.300 --> 00:23:45.300
I think it's a US brand.

512
00:23:45.300 --> 00:23:48.300
But this shows, I think, how you've always had an orientation

513
00:23:48.300 --> 00:23:50.300
to things slightly differently or inevitably.

514
00:23:50.300 --> 00:23:51.300
Yeah.

515
00:23:51.300 --> 00:23:52.300
What happened with buckies?

516
00:23:52.300 --> 00:23:57.300
So this was during the time when I was running that business shipping products for other companies, right?

517
00:23:57.300 --> 00:24:01.300
Buckies is a gas station brand with only 50 locations.

518
00:24:01.300 --> 00:24:04.300
And from those 50 locations, they do billions of dollars of revenue.

519
00:24:05.300 --> 00:24:09.300
I said gas station, they're between 40,000, 80,000 square feet.

520
00:24:09.300 --> 00:24:10.300
Wow, they're massive.

521
00:24:10.300 --> 00:24:13.300
They have an amazing brand, an amazing logo,

522
00:24:13.300 --> 00:24:16.300
and they just have a lot of trust from their customers.

523
00:24:16.300 --> 00:24:20.300
But these gas stations are like, they're on the way out to these road trip destinations.

524
00:24:20.300 --> 00:24:21.300
They're out in the middle of nowhere.

525
00:24:21.300 --> 00:24:24.300
And so if you're, if you live in Dallas and you're driving down to the beach,

526
00:24:24.300 --> 00:24:26.300
you're going to stop by buckies on the way there, on the way back,

527
00:24:26.300 --> 00:24:29.300
and you're probably going to spend hundreds of dollars, right?

528
00:24:29.300 --> 00:24:32.300
You're going to fill up the tank, then you're going to buy shirts and snacks and all that stuff.

529
00:24:32.300 --> 00:24:36.300
So at the time we were running this e-commerce fulfillment business,

530
00:24:36.300 --> 00:24:37.300
we went to buckies.

531
00:24:37.300 --> 00:24:41.300
I brought my cousin, my business partner, just to kind of show him the experience.

532
00:24:41.300 --> 00:24:43.300
And we were just having a conversation.

533
00:24:43.300 --> 00:24:45.300
I remember exactly where I was.

534
00:24:45.300 --> 00:24:48.300
I was like under this underpass, this huge underpass in DFW.

535
00:24:48.300 --> 00:24:49.300
We were driving home.

536
00:24:49.300 --> 00:24:52.300
And I said, man, these guys must kill it online.

537
00:24:52.300 --> 00:24:54.300
They must sell so much stuff.

538
00:24:54.300 --> 00:24:55.300
Why?

539
00:24:55.300 --> 00:25:01.300
Because I knew that Disney sells like billions of dollars of t-shirts on their website, right?

540
00:25:01.300 --> 00:25:02.300
I read a stat recently.

541
00:25:02.300 --> 00:25:05.300
So I kind of just took that data point, connected it to buckies and said,

542
00:25:05.300 --> 00:25:07.300
all right, buckies is a fraction of the size of Disney,

543
00:25:07.300 --> 00:25:10.300
but they have the same amount of brand loyalty.

544
00:25:10.300 --> 00:25:11.300
People love their shirts.

545
00:25:11.300 --> 00:25:13.300
You'll see their shirts all over the world,

546
00:25:13.300 --> 00:25:16.300
even though they only have 50 locations in the southeast, right?

547
00:25:16.300 --> 00:25:19.300
So we went to their website and there was no shop button.

548
00:25:19.300 --> 00:25:21.300
There was no place to buy their stuff.

549
00:25:21.300 --> 00:25:26.300
And I was just like, all the light bulbs were going off at once.

550
00:25:26.300 --> 00:25:28.300
It was like, oh my gosh, okay.

551
00:25:28.300 --> 00:25:30.300
We need to reach out to them.

552
00:25:30.300 --> 00:25:31.300
We need to bring them online.

553
00:25:31.300 --> 00:25:35.300
I just had all these ideas and my cousin is much more balanced than I am.

554
00:25:35.300 --> 00:25:37.300
He's like the operator.

555
00:25:37.300 --> 00:25:40.300
I'm like the ADHD crazy guy, right?

556
00:25:40.300 --> 00:25:42.300
So his role is to calm me down.

557
00:25:42.300 --> 00:25:43.300
And he's very good at that.

558
00:25:43.300 --> 00:25:45.300
But I just couldn't be calm down from this.

559
00:25:45.300 --> 00:25:48.300
I'm like, no, no, no, we got to do something here.

560
00:25:48.300 --> 00:25:50.300
We're going to buy one of everything.

561
00:25:50.300 --> 00:25:53.300
We're going to hire a photographer to take pictures of it.

562
00:25:53.300 --> 00:25:55.300
We're going to launch our own buckies online store.

563
00:25:55.300 --> 00:25:57.300
And we're going to try to go viral.

564
00:25:57.300 --> 00:25:59.300
Like it's viral or bust, right?

565
00:25:59.300 --> 00:26:02.300
If we don't go viral, then I'll just be eating these unhealthy snacks

566
00:26:02.300 --> 00:26:04.300
for the next three years of my life.

567
00:26:04.300 --> 00:26:05.300
And so we did.

568
00:26:05.300 --> 00:26:06.300
We bought one of everything.

569
00:26:06.300 --> 00:26:07.300
It cost thousands of dollars.

570
00:26:07.300 --> 00:26:09.300
I brought all four of my kids.

571
00:26:09.300 --> 00:26:11.300
And we brought it back to our warehouse.

572
00:26:11.300 --> 00:26:12.300
We took pictures of it.

573
00:26:12.300 --> 00:26:14.300
We launched a website.

574
00:26:14.300 --> 00:26:17.300
And I emailed all the reporters I could find.

575
00:26:17.300 --> 00:26:21.300
And one of them just loved the idea.

576
00:26:21.300 --> 00:26:22.300
He ran with it.

577
00:26:22.300 --> 00:26:24.300
And so he reached out to buckies for comment.

578
00:26:24.300 --> 00:26:26.300
Because they wouldn't respond to my cold emails.

579
00:26:26.300 --> 00:26:28.300
I wanted to launch this like with them in tandem.

580
00:26:28.300 --> 00:26:29.300
But who am I?

581
00:26:29.300 --> 00:26:30.300
They didn't care about me.

582
00:26:30.300 --> 00:26:31.300
And I don't blame them.

583
00:26:31.300 --> 00:26:34.300
And so he wrote this big article about me.

584
00:26:34.300 --> 00:26:35.300
Millions of people read it.

585
00:26:35.300 --> 00:26:37.300
All these other news outlets wrote about it.

586
00:26:37.300 --> 00:26:41.300
And we did hundreds of thousands of dollars in our first 30 days,

587
00:26:41.300 --> 00:26:43.300
organically from that.

588
00:26:43.300 --> 00:26:45.300
How did buckies feel about that?

589
00:26:45.300 --> 00:26:48.300
They wanted us to make some key changes to the website.

590
00:26:48.300 --> 00:26:52.300
They wanted us to like basically put disclaimers everywhere

591
00:26:52.300 --> 00:26:53.300
that said we are not buckies.

592
00:26:53.300 --> 00:26:55.300
We're not affiliated with buckies.

593
00:26:55.300 --> 00:26:56.300
They wanted us to change the name.

594
00:26:56.300 --> 00:26:58.300
It had the word beaver in the name.

595
00:26:58.300 --> 00:26:59.300
That's their mascot.

596
00:26:59.300 --> 00:27:02.300
They just they didn't want it to be confusing at all.

597
00:27:02.300 --> 00:27:03.300
So we made all those changes.

598
00:27:03.300 --> 00:27:06.300
And then we got like the unofficial thumbs up from them.

599
00:27:06.300 --> 00:27:08.300
They said we're not going to sign anything.

600
00:27:08.300 --> 00:27:10.300
But like you have our blessing.

601
00:27:10.300 --> 00:27:11.300
Have fun.

602
00:27:11.300 --> 00:27:13.300
And did that website make you little money?

603
00:27:13.300 --> 00:27:14.300
Yeah.

604
00:27:14.300 --> 00:27:15.300
It's still this.

605
00:27:15.300 --> 00:27:16.300
It's been five years.

606
00:27:16.300 --> 00:27:17.300
We still own it.

607
00:27:17.300 --> 00:27:18.300
100% of it.

608
00:27:18.300 --> 00:27:19.300
And it's going great.

609
00:27:19.300 --> 00:27:20.300
And it's made you millions.

610
00:27:21.300 --> 00:27:24.300
What can someone listening take from that?

611
00:27:24.300 --> 00:27:27.300
In terms of applying that to their own life,

612
00:27:27.300 --> 00:27:29.300
finding opportunities like that out in the world?

613
00:27:29.300 --> 00:27:31.300
Or is that just a one and done?

614
00:27:31.300 --> 00:27:32.300
Is there any one opportunity like that?

615
00:27:32.300 --> 00:27:33.300
Okay.

616
00:27:33.300 --> 00:27:34.300
So specific.

617
00:27:34.300 --> 00:27:35.300
I can ask that question a lot.

618
00:27:35.300 --> 00:27:38.300
How could someone do that with another brand?

619
00:27:38.300 --> 00:27:40.300
I don't know.

620
00:27:40.300 --> 00:27:42.300
If there was another brand out there like that,

621
00:27:42.300 --> 00:27:43.300
I would be doing it, right?

622
00:27:43.300 --> 00:27:46.300
Trader Joe's a similar, but they're very litigious.

623
00:27:46.300 --> 00:27:49.300
I think that was kind of lightning in a bottle.

624
00:27:50.300 --> 00:27:52.300
For that particular experiment.

625
00:27:52.300 --> 00:27:55.300
As in launching an online brand for an in-person business.

626
00:27:55.300 --> 00:27:56.300
Okay.

627
00:27:56.300 --> 00:27:58.300
But people should not be disheartened hearing that,

628
00:27:58.300 --> 00:28:00.300
because on a macro level,

629
00:28:00.300 --> 00:28:06.300
like people should take their curious ideas very seriously.

630
00:28:06.300 --> 00:28:08.300
They need to shorten the amount of time

631
00:28:08.300 --> 00:28:10.300
spent between having the idea

632
00:28:10.300 --> 00:28:12.300
and doing something about that idea.

633
00:28:12.300 --> 00:28:18.300
Because that will strengthen their bias reaction muscle, right?

634
00:28:18.300 --> 00:28:19.300
We all have ideas.

635
00:28:19.300 --> 00:28:20.300
Some of them good.

636
00:28:20.300 --> 00:28:22.300
Some of them bad on a regular basis.

637
00:28:22.300 --> 00:28:24.300
We usually don't do anything about it.

638
00:28:24.300 --> 00:28:25.300
It's just a passing thought, right?

639
00:28:25.300 --> 00:28:28.300
Whether it's a business idea or a hard conversation

640
00:28:28.300 --> 00:28:29.300
that you need to have with something.

641
00:28:29.300 --> 00:28:30.300
Any idea, right?

642
00:28:30.300 --> 00:28:34.300
But the more we shrink the amount of time

643
00:28:34.300 --> 00:28:36.300
between doing something about that idea

644
00:28:36.300 --> 00:28:37.300
and having that idea,

645
00:28:37.300 --> 00:28:39.300
the more often we'll do that.

646
00:28:39.300 --> 00:28:42.300
And it becomes the self perpetuating snowball

647
00:28:42.300 --> 00:28:43.300
that just compounds.

648
00:28:43.300 --> 00:28:45.300
And then before we know it,

649
00:28:45.300 --> 00:28:46.300
we'll get more ideas.

650
00:28:46.300 --> 00:28:47.300
We'll do more about those ideas.

651
00:28:47.300 --> 00:28:48.300
We'll be testing things.

652
00:28:48.300 --> 00:28:49.300
We'll be learning tools.

653
00:28:49.300 --> 00:28:50.300
We'll be experimenting.

654
00:28:50.300 --> 00:28:53.300
And we'll have a whole portfolio of businesses.

655
00:28:53.300 --> 00:28:56.300
Is there something in your mentality or perspective there

656
00:28:56.300 --> 00:28:57.300
where you walk into a buckies

657
00:28:57.300 --> 00:28:59.300
and you even think about how you could do something

658
00:28:59.300 --> 00:29:00.300
where as most people walk into a buckies

659
00:29:00.300 --> 00:29:02.300
and buy their stuff and leave?

660
00:29:02.300 --> 00:29:04.300
Is there something foundational in the way

661
00:29:04.300 --> 00:29:05.300
that you're looking at the world?

662
00:29:05.300 --> 00:29:06.300
Yeah.

663
00:29:06.300 --> 00:29:07.300
But I don't think I'm any different.

664
00:29:07.300 --> 00:29:11.300
I think a lot of people have ideas like that.

665
00:29:11.300 --> 00:29:13.300
You walk into a buckies

666
00:29:13.300 --> 00:29:15.300
and you see something about something

667
00:29:15.300 --> 00:29:17.300
that could be improved.

668
00:29:17.300 --> 00:29:20.300
And people have these passing thoughts and they move on.

669
00:29:20.300 --> 00:29:23.300
I think that you become an expert

670
00:29:23.300 --> 00:29:25.300
at doing something about those ideas

671
00:29:25.300 --> 00:29:27.300
when you do something about those ideas.

672
00:29:27.300 --> 00:29:30.300
You get better at what you do, at what you test.

673
00:29:30.300 --> 00:29:33.300
Because you've built up some kind of muscle

674
00:29:33.300 --> 00:29:35.300
which means that you don't really care about.

675
00:29:35.300 --> 00:29:37.300
It seems failure as much as the average person.

676
00:29:37.300 --> 00:29:40.300
And also, in that particular case,

677
00:29:40.300 --> 00:29:41.300
the average person might think,

678
00:29:41.300 --> 00:29:43.300
well, I've got no experience in doing that.

679
00:29:44.300 --> 00:29:47.300
No one has any experience in anything until they do it.

680
00:29:47.300 --> 00:29:50.300
Every expert started out as a beginner.

681
00:29:52.300 --> 00:29:55.300
Sometimes, though, people try this

682
00:29:55.300 --> 00:29:58.300
and they learn, it doesn't give them energy.

683
00:29:58.300 --> 00:29:59.300
It's not for them.

684
00:29:59.300 --> 00:30:00.300
That's okay.

685
00:30:00.300 --> 00:30:02.300
Now, when they have ideas, they can know,

686
00:30:02.300 --> 00:30:04.300
all right, box checked.

687
00:30:04.300 --> 00:30:06.300
That's not really for me that entrepreneurship

688
00:30:06.300 --> 00:30:08.300
thinks someone else needs to do that.

689
00:30:08.300 --> 00:30:09.300
And great, good.

690
00:30:09.300 --> 00:30:10.300
All the power to them.

691
00:30:10.300 --> 00:30:13.300
I just want people to answer that question for themselves.

692
00:30:13.300 --> 00:30:16.300
I hate seeing regret in people's faces.

693
00:30:16.300 --> 00:30:19.300
Like, I have friends that want to start a business

694
00:30:19.300 --> 00:30:20.300
they've always talked about.

695
00:30:20.300 --> 00:30:22.300
And I know they would be good at it.

696
00:30:22.300 --> 00:30:23.300
And I know it just eats them up

697
00:30:23.300 --> 00:30:26.300
and they have really, really good ideas, objectively.

698
00:30:26.300 --> 00:30:30.300
And I just hate seeing them have that question

699
00:30:30.300 --> 00:30:31.300
for the rest of their lives.

700
00:30:31.300 --> 00:30:35.300
I just want them to taste entrepreneurship.

701
00:30:36.300 --> 00:30:37.300
Is it for everybody, though?

702
00:30:37.300 --> 00:30:39.300
You can think of all your friends.

703
00:30:39.300 --> 00:30:40.300
Yeah.

704
00:30:40.300 --> 00:30:41.300
You can probably put them in groups

705
00:30:41.300 --> 00:30:43.300
of this person should, this person shouldn't.

706
00:30:43.300 --> 00:30:46.300
And what defines who goes in which group?

707
00:30:46.300 --> 00:30:51.300
To me, it's how far they go in doing something

708
00:30:51.300 --> 00:30:53.300
about that idea.

709
00:30:53.300 --> 00:30:56.300
Because I will have friends that will text me ideas

710
00:30:56.300 --> 00:30:58.300
or talk to me about ideas.

711
00:30:58.300 --> 00:31:01.300
And then I never hear from them again about that thing.

712
00:31:01.300 --> 00:31:04.300
I don't worry about them, right?

713
00:31:04.300 --> 00:31:07.300
I feel like there's a selection bias at play.

714
00:31:07.300 --> 00:31:09.300
Like if they really want to do something about it,

715
00:31:09.300 --> 00:31:11.300
they would get a little further down the line.

716
00:31:11.300 --> 00:31:12.300
They'd follow up with me.

717
00:31:12.300 --> 00:31:13.300
They'd say, yeah, I did this thing.

718
00:31:13.300 --> 00:31:15.300
Because I'll always give them tips and feedback.

719
00:31:15.300 --> 00:31:16.300
You should do this.

720
00:31:16.300 --> 00:31:17.300
You should try this.

721
00:31:17.300 --> 00:31:18.300
And they'll follow up.

722
00:31:18.300 --> 00:31:20.300
And then, you know, at some point along the line,

723
00:31:20.300 --> 00:31:22.300
it'll die, right?

724
00:31:22.300 --> 00:31:25.300
But if they don't get any further than just telling me their idea,

725
00:31:25.300 --> 00:31:28.300
then I don't lose sleep over them.

726
00:31:28.300 --> 00:31:32.300
So it's kind of, it's kind of sort of self-selecting itself anyway.

727
00:31:32.300 --> 00:31:33.300
It is.

728
00:31:33.300 --> 00:31:34.300
Entrepreneurship.

729
00:31:34.300 --> 00:31:35.300
Yeah, absolutely.

730
00:31:35.300 --> 00:31:36.300
But then I have other friends that are like,

731
00:31:36.300 --> 00:31:37.300
they'll follow up, they'll follow up, they'll follow up,

732
00:31:37.300 --> 00:31:39.300
and then it dies.

733
00:31:39.300 --> 00:31:40.300
Which is okay.

734
00:31:40.300 --> 00:31:41.300
A lot of my ideas die too.

735
00:31:41.300 --> 00:31:43.300
And to me, that's the signal that it was supposed to die.

736
00:31:43.300 --> 00:31:44.300
Right?

737
00:31:44.300 --> 00:31:45.300
I'll just move on to the next thing.

738
00:31:45.300 --> 00:31:48.300
So it's those people that, maybe I'm just biased,

739
00:31:48.300 --> 00:31:50.300
and they look more like me, you know?

740
00:31:50.300 --> 00:31:53.300
Maybe that's not an accurate signal or not.

741
00:31:53.300 --> 00:31:56.300
But if they look more like me, then that's a signal that they,

742
00:31:56.300 --> 00:31:58.300
they should get further down the line

743
00:31:58.300 --> 00:32:00.300
and actually launch something that gets to revenue.

744
00:32:01.300 --> 00:32:03.300
In your head, think of one person you know

745
00:32:03.300 --> 00:32:04.300
that should never start a business.

746
00:32:04.300 --> 00:32:05.300
Okay.

747
00:32:05.300 --> 00:32:08.300
Why did you think of that person

748
00:32:08.300 --> 00:32:10.300
without telling me who they are?

749
00:32:10.300 --> 00:32:15.300
Because they make a lot of money at their job

750
00:32:15.300 --> 00:32:18.300
and they like their job well enough.

751
00:32:18.300 --> 00:32:20.300
They're not miserable.

752
00:32:20.300 --> 00:32:23.300
And they're in their late 40s

753
00:32:23.300 --> 00:32:25.300
and they probably feel like it would be too big of a risk

754
00:32:25.300 --> 00:32:26.300
to start something.

755
00:32:26.300 --> 00:32:29.300
And do you objectively agree that it would be too big of a risk for them?

756
00:32:29.300 --> 00:32:30.300
I do.

757
00:32:30.300 --> 00:32:32.300
So you're looking at that on a risk-reward basis

758
00:32:32.300 --> 00:32:35.300
thinking the reward doesn't outweigh the risk here for you?

759
00:32:35.300 --> 00:32:36.300
Yeah.

760
00:32:36.300 --> 00:32:38.300
Yeah, because people come to me like hoping

761
00:32:38.300 --> 00:32:40.300
that I'll encourage them to quit their job.

762
00:32:40.300 --> 00:32:43.300
Like begging me to do that without actually begging me.

763
00:32:43.300 --> 00:32:45.300
And I don't want to do that.

764
00:32:45.300 --> 00:32:47.300
I've never had to quit a job.

765
00:32:47.300 --> 00:32:49.300
Like I started with entrepreneurship, right?

766
00:32:49.300 --> 00:32:53.300
So the thought of being 48 with four kids

767
00:32:53.300 --> 00:32:56.300
and quitting my $400,000 a year job

768
00:32:56.300 --> 00:32:58.300
to test something that just sounds crazy to me.

769
00:32:59.300 --> 00:33:01.300
On the other hand, think of one person you know

770
00:33:01.300 --> 00:33:04.300
that isn't an entrepreneur, but definitely should be.

771
00:33:04.300 --> 00:33:06.300
But you always think, why don't they do it?

772
00:33:06.300 --> 00:33:07.300
Yeah.

773
00:33:07.300 --> 00:33:09.300
Why did you think of that person?

774
00:33:09.300 --> 00:33:13.300
Because it's a person that comes to me the most often with ideas

775
00:33:13.300 --> 00:33:15.300
and they're really, really good ideas.

776
00:33:15.300 --> 00:33:17.300
He's an engineer.

777
00:33:17.300 --> 00:33:19.300
And so he sees the world in that way.

778
00:33:19.300 --> 00:33:22.300
Engineers make great entrepreneurs.

779
00:33:22.300 --> 00:33:25.300
And he has a great work ethic.

780
00:33:25.300 --> 00:33:28.300
He's like mid-career, but not so far along.

781
00:33:28.300 --> 00:33:32.300
And I know objectively that he's not...

782
00:33:32.300 --> 00:33:34.300
He's actually quite miserable in his job.

783
00:33:34.300 --> 00:33:38.300
And I hate that for him because I see the talent that's there.

784
00:33:38.300 --> 00:33:40.300
And I want him, like I think he would excel

785
00:33:40.300 --> 00:33:44.300
and I want to see that dream come true for him.

786
00:33:44.300 --> 00:33:46.300
Why isn't he doing it?

787
00:33:46.300 --> 00:33:49.300
I think it's insecurity.

788
00:33:49.300 --> 00:33:51.300
Fear. Yeah.

789
00:33:51.300 --> 00:33:53.300
Fear of...

790
00:33:55.300 --> 00:33:58.300
Probably fear of just letting go of something certain

791
00:33:58.300 --> 00:34:01.300
that's provided his family a nice lifestyle

792
00:34:01.300 --> 00:34:05.300
and not getting that back again ever.

793
00:34:05.300 --> 00:34:09.300
I think that insecurities are at the root of our best

794
00:34:09.300 --> 00:34:11.300
and our worst selves.

795
00:34:11.300 --> 00:34:14.300
And it can drive us to be our best or our worst selves,

796
00:34:14.300 --> 00:34:18.300
depending on how self-aware we are about those insecurities.

797
00:34:18.300 --> 00:34:24.300
Is that a little bit of a flaw in his thinking in your perspective?

798
00:34:24.300 --> 00:34:27.300
Like why is it you still, even though what he's saying there

799
00:34:27.300 --> 00:34:30.300
about what you think he believes there about security

800
00:34:30.300 --> 00:34:33.300
for his family is true, you still think he should,

801
00:34:33.300 --> 00:34:35.300
which suggests that there's some kind of flaw you see

802
00:34:35.300 --> 00:34:37.300
and the way he's thinking about it.

803
00:34:37.300 --> 00:34:38.300
Yeah.

804
00:34:38.300 --> 00:34:42.300
Because he doesn't have to quit his job.

805
00:34:42.300 --> 00:34:45.300
There's enough time in the day to do this

806
00:34:45.300 --> 00:34:47.300
on the nights and weekends.

807
00:34:47.300 --> 00:34:50.300
To do enough of it to really prove itself out.

808
00:34:50.300 --> 00:34:56.300
Oftentimes like whatever our side hustle is,

809
00:34:56.300 --> 00:35:00.300
it has a very low ceiling if we're only working on it

810
00:35:00.300 --> 00:35:02.300
after hours, right?

811
00:35:02.300 --> 00:35:06.300
Let's say we're spending 20 hours a week on a side hustle

812
00:35:06.300 --> 00:35:09.300
and it makes us $50,000 a year.

813
00:35:09.300 --> 00:35:11.300
But our job pays us $200,000 a year

814
00:35:11.300 --> 00:35:13.300
and we spend 40 hours a week on that.

815
00:35:13.300 --> 00:35:16.300
One thing that I've noticed, which is kind of contradictory

816
00:35:16.300 --> 00:35:18.300
to how I feel about quitting something,

817
00:35:18.300 --> 00:35:22.300
is when we go from 20 hours a week

818
00:35:22.300 --> 00:35:25.300
on the $50,000 a year side hustle to 40 hours a week

819
00:35:25.300 --> 00:35:27.300
and we quit the full-time thing,

820
00:35:27.300 --> 00:35:31.300
that $50,000 a year goes to $500,000, right?

821
00:35:31.300 --> 00:35:32.300
We double the amount of hours,

822
00:35:32.300 --> 00:35:35.300
but we tend times the amount of money that comes from it.

823
00:35:35.300 --> 00:35:38.300
Because of the fact that we burn the boats,

824
00:35:38.300 --> 00:35:40.300
that it has to work, I just, I don't want people

825
00:35:40.300 --> 00:35:43.300
to burn the boats too soon, right?

826
00:35:43.300 --> 00:35:45.300
Like there has to be a pathway.

827
00:35:45.300 --> 00:35:47.300
Like let's say our Facebook ads are converting really well.

828
00:35:47.300 --> 00:35:50.300
We've tested scaling it and they're profitable

829
00:35:50.300 --> 00:35:52.300
and we know what that would look like.

830
00:35:52.300 --> 00:35:53.300
But if we scale it, then we're going to have

831
00:35:53.300 --> 00:35:54.300
more customer service complaints.

832
00:35:54.300 --> 00:35:57.300
We're going to have to do more architecture of the website.

833
00:35:57.300 --> 00:35:59.300
But we see a path to scaling.

834
00:35:59.300 --> 00:36:01.300
And it's already profitable.

835
00:36:01.300 --> 00:36:04.300
And we know that probably my boss will take me back.

836
00:36:04.300 --> 00:36:07.300
Like we have kind of these safety nets.

837
00:36:07.300 --> 00:36:10.300
That's like the perfect time to really burn the boats.

838
00:36:10.300 --> 00:36:13.300
Not when we have an idea or we've tested it a little bit,

839
00:36:13.300 --> 00:36:14.300
but not thoroughly.

840
00:36:14.300 --> 00:36:16.300
That's too soon, in my opinion.

841
00:36:16.300 --> 00:36:18.300
But by burning the boats, you mean the analogy of,

842
00:36:18.300 --> 00:36:21.300
I guess some of the wartime leaders who would pull up on an island

843
00:36:21.300 --> 00:36:23.300
that they were invading and burn the boats

844
00:36:23.300 --> 00:36:25.300
so that they had no plan B.

845
00:36:25.300 --> 00:36:27.300
Exactly, yeah, to quit.

846
00:36:27.300 --> 00:36:28.300
Do you think that really matters?

847
00:36:28.300 --> 00:36:30.300
The whole idea of a plan B?

848
00:36:30.300 --> 00:36:32.300
Do you think people should have a plan B

849
00:36:32.300 --> 00:36:34.300
when they embark on entrepreneurship?

850
00:36:34.300 --> 00:36:36.300
Can I contradict myself?

851
00:36:36.300 --> 00:36:39.300
100%. All right, so the rational Chris,

852
00:36:39.300 --> 00:36:42.300
the Chris with four kids says,

853
00:36:42.300 --> 00:36:43.300
absolutely.

854
00:36:43.300 --> 00:36:45.300
Like you got to be a dad, you got to be a husband,

855
00:36:45.300 --> 00:36:47.300
to provide for your family, right?

856
00:36:47.300 --> 00:36:50.300
And again, there's so many tools out there for testing,

857
00:36:50.300 --> 00:36:52.300
for scaling, for outsourcing.

858
00:36:52.300 --> 00:36:54.300
We could find a business partner to help pick up the slack.

859
00:36:54.300 --> 00:36:56.300
We could use our kids, we could use our spouse, whatever.

860
00:36:56.300 --> 00:36:58.300
There's so many ways to really vet something out

861
00:36:58.300 --> 00:37:01.300
before quitting that we don't have to quit.

862
00:37:01.300 --> 00:37:04.300
But on the other side of my mouth,

863
00:37:04.300 --> 00:37:08.300
there's been two times in my entrepreneurial career

864
00:37:08.300 --> 00:37:11.300
when someone burned the boats for me, right?

865
00:37:11.300 --> 00:37:13.300
I pull up to an island,

866
00:37:13.300 --> 00:37:15.300
and it's I've got my plan B.

867
00:37:15.300 --> 00:37:16.300
I'm testing this business.

868
00:37:16.300 --> 00:37:17.300
This business is profitable.

869
00:37:17.300 --> 00:37:18.300
It's paying the bills.

870
00:37:18.300 --> 00:37:20.300
And then someone else,

871
00:37:20.300 --> 00:37:21.300
the middle of the night,

872
00:37:21.300 --> 00:37:23.300
they snuck out, they burn my boats.

873
00:37:23.300 --> 00:37:24.300
And I wake up and I'm like,

874
00:37:24.300 --> 00:37:26.300
whoa, where's my plan B?

875
00:37:26.300 --> 00:37:29.300
I wasn't ready to burn those boats yet.

876
00:37:29.300 --> 00:37:34.300
And plan A, just freaking, drives, right?

877
00:37:34.300 --> 00:37:36.300
And it's not so much because of the fact

878
00:37:36.300 --> 00:37:38.300
that I don't have a safety net anymore.

879
00:37:38.300 --> 00:37:41.300
But it's because that event put a chip on my shoulder

880
00:37:41.300 --> 00:37:46.300
that makes me want to prove those bad guys wrong, right?

881
00:37:46.300 --> 00:37:48.300
To oversimplify those guys that burn my boat.

882
00:37:48.300 --> 00:37:49.300
Toxic motivation.

883
00:37:49.300 --> 00:37:50.300
Exactly.

884
00:37:50.300 --> 00:37:52.300
That's a good way to put it.

885
00:37:52.300 --> 00:37:54.300
To show them I didn't need those boats.

886
00:37:54.300 --> 00:37:55.300
I'm not going back, right?

887
00:37:55.300 --> 00:37:58.300
This island is better than where I came from.

888
00:37:58.300 --> 00:38:00.300
I remember reading about a study on plan B's

889
00:38:00.300 --> 00:38:02.300
where they got a group of students, two groups,

890
00:38:02.300 --> 00:38:06.300
and then they told them to do a puzzle to win a treat.

891
00:38:06.300 --> 00:38:08.300
And then in one of the groups, they told them

892
00:38:08.300 --> 00:38:09.300
that they could get this treat

893
00:38:09.300 --> 00:38:11.300
out of any machine down the hallway

894
00:38:11.300 --> 00:38:13.300
if they wanted it after.

895
00:38:13.300 --> 00:38:15.300
And the group that didn't understand

896
00:38:15.300 --> 00:38:18.300
they could get the same reward from a plan B

897
00:38:18.300 --> 00:38:22.300
worked significantly harder to complete that puzzle.

898
00:38:22.300 --> 00:38:24.300
So there's something on the human side here.

899
00:38:24.300 --> 00:38:28.300
When you know that you could get the reward in another way

900
00:38:28.300 --> 00:38:29.300
when you have a plan B,

901
00:38:29.300 --> 00:38:31.300
we work less hard at the plan A.

902
00:38:31.300 --> 00:38:33.300
I don't know if that.

903
00:38:33.300 --> 00:38:35.300
But logically maybe we should, you know,

904
00:38:35.300 --> 00:38:39.300
my practical and unresponsible,

905
00:38:39.300 --> 00:38:41.300
remove the plan B from our mind.

906
00:38:41.300 --> 00:38:42.300
Yeah.

907
00:38:42.300 --> 00:38:44.300
Yeah, I just like,

908
00:38:44.300 --> 00:38:46.300
I can't think of any stories from people

909
00:38:46.300 --> 00:38:51.300
in my sphere of influence that have tested something,

910
00:38:51.300 --> 00:38:55.300
quit the plan A, and then plan B just failed.

911
00:38:55.300 --> 00:38:57.300
And like they just lost everything.

912
00:38:57.300 --> 00:38:59.300
Like surely that's happened, right?

913
00:38:59.300 --> 00:39:02.300
That does happen when people like prematurely quit.

914
00:39:02.300 --> 00:39:04.300
But in my experience, it just,

915
00:39:04.300 --> 00:39:05.300
it doesn't happen.

916
00:39:05.300 --> 00:39:07.300
Like it has the opposite effect.

917
00:39:07.300 --> 00:39:09.300
It becomes this huge motivating factor.

918
00:39:09.300 --> 00:39:11.300
And when they quit, I ask them,

919
00:39:11.300 --> 00:39:12.300
like how do you feel?

920
00:39:12.300 --> 00:39:13.300
Are you freaking out?

921
00:39:13.300 --> 00:39:16.300
And it's always, always.

922
00:39:16.300 --> 00:39:18.300
I'm so excited right now.

923
00:39:18.300 --> 00:39:20.300
Like I'm going to go all in on this.

924
00:39:20.300 --> 00:39:21.300
Like this has to work.

925
00:39:21.300 --> 00:39:22.300
And it does.

926
00:39:22.300 --> 00:39:23.300
It just does.

927
00:39:23.300 --> 00:39:25.300
A lot of people are looking for passive income

928
00:39:25.300 --> 00:39:27.300
from side hustles.

929
00:39:27.300 --> 00:39:28.300
And I wondered what your,

930
00:39:28.300 --> 00:39:30.300
your opinion was on passive income.

931
00:39:30.300 --> 00:39:32.300
It's a word that comes up so often

932
00:39:32.300 --> 00:39:33.300
in the comment section of this channel.

933
00:39:33.300 --> 00:39:35.300
But when we're doing sort of sentiment analysis

934
00:39:35.300 --> 00:39:36.300
and what people are,

935
00:39:36.300 --> 00:39:37.300
what they're interested in,

936
00:39:37.300 --> 00:39:39.300
passive income seems to be a bit of a buzzword.

937
00:39:39.300 --> 00:39:40.300
Yeah.

938
00:39:40.300 --> 00:39:42.300
It's the silver bullet, right?

939
00:39:42.300 --> 00:39:43.300
It's like,

940
00:39:43.300 --> 00:39:44.300
it's the,

941
00:39:44.300 --> 00:39:46.300
it's the financial ozempik, you could say.

942
00:39:46.300 --> 00:39:47.300
What is passive income?

943
00:39:47.300 --> 00:39:48.300
How would one define that?

944
00:39:48.300 --> 00:39:51.300
I would define it as income that you receive

945
00:39:51.300 --> 00:39:56.300
that you don't have to continually put effort towards.

946
00:39:56.300 --> 00:39:58.300
Like buying treasuries.

947
00:39:58.300 --> 00:40:00.300
Or any 4% on your money.

948
00:40:00.300 --> 00:40:01.300
And you don't do anything.

949
00:40:01.300 --> 00:40:02.300
And you just get paid.

950
00:40:02.300 --> 00:40:04.300
And it's, it's very hard to find.

951
00:40:04.300 --> 00:40:06.300
Especially early on.

952
00:40:06.300 --> 00:40:09.300
Like we have to be willing to create active income,

953
00:40:09.300 --> 00:40:11.300
sweaty income, ugly income.

954
00:40:11.300 --> 00:40:13.300
Like by whatever means necessary.

955
00:40:13.300 --> 00:40:15.300
And the more we do that,

956
00:40:15.300 --> 00:40:16.300
the longer we do that,

957
00:40:16.300 --> 00:40:21.300
the more realistic true passive income actually is.

958
00:40:21.300 --> 00:40:23.300
Sweaty ugly income.

959
00:40:23.300 --> 00:40:24.300
Yeah.

960
00:40:24.300 --> 00:40:26.300
Give me an example of some sweaty ugly income

961
00:40:26.300 --> 00:40:29.300
that anyone listening right now could create.

962
00:40:29.300 --> 00:40:31.300
What are your favorite examples of non-obvious businesses

963
00:40:31.300 --> 00:40:33.300
that people have started that have resulted in

964
00:40:33.300 --> 00:40:35.300
passive sweaty ugly income?

965
00:40:35.300 --> 00:40:36.300
Yeah.

966
00:40:36.300 --> 00:40:40.300
I mean, most things that I've started have been just that.

967
00:40:40.300 --> 00:40:41.300
I had a,

968
00:40:41.300 --> 00:40:44.300
a concierge car buying business.

969
00:40:44.300 --> 00:40:46.300
A concierge car buying business.

970
00:40:46.300 --> 00:40:47.300
Yeah.

971
00:40:47.300 --> 00:40:48.300
What's that?

972
00:40:48.300 --> 00:40:49.300
So picture a traditional car dealership,

973
00:40:49.300 --> 00:40:50.300
a used car dealership.

974
00:40:50.300 --> 00:40:52.300
You got to get your dealers permit.

975
00:40:52.300 --> 00:40:55.300
That enables you legally to go to the auctions

976
00:40:55.300 --> 00:40:56.300
and by cars and wholesale.

977
00:40:56.300 --> 00:40:58.300
Put them on your lot and sell them.

978
00:40:58.300 --> 00:41:00.300
So I did all the regulatory stuff.

979
00:41:00.300 --> 00:41:02.300
I got my dealers permit.

980
00:41:02.300 --> 00:41:04.300
But then I would go to individuals

981
00:41:04.300 --> 00:41:05.300
and they would say,

982
00:41:05.300 --> 00:41:07.300
I want a 2024 Sequoia.

983
00:41:07.300 --> 00:41:09.300
I wanted to be blue under 30,000 miles.

984
00:41:09.300 --> 00:41:11.300
And I would just go to the auction and buy for them

985
00:41:11.300 --> 00:41:13.300
for like $700 fee.

986
00:41:13.300 --> 00:41:14.300
So they get wholesale.

987
00:41:14.300 --> 00:41:15.300
They save money.

988
00:41:15.300 --> 00:41:16.300
I make money.

989
00:41:16.300 --> 00:41:17.300
I don't have to bear the inventory risk.

990
00:41:17.300 --> 00:41:21.300
And I can buy exactly what they want.

991
00:41:21.300 --> 00:41:22.300
This sounds great, right?

992
00:41:22.300 --> 00:41:23.300
On paper.

993
00:41:23.300 --> 00:41:24.300
People do that business successfully.

994
00:41:24.300 --> 00:41:25.300
I didn't invent it.

995
00:41:25.300 --> 00:41:26.300
I copied it, right?

996
00:41:26.300 --> 00:41:27.300
I hated it.

997
00:41:27.300 --> 00:41:29.300
I was breaking down on the side of the road

998
00:41:29.300 --> 00:41:31.300
driving these things back from the auction.

999
00:41:31.300 --> 00:41:32.300
I'm not a car guy.

1000
00:41:32.300 --> 00:41:33.300
I don't care about cars.

1001
00:41:33.300 --> 00:41:34.300
I don't work on cars.

1002
00:41:34.300 --> 00:41:35.300
It's not my passion.

1003
00:41:35.300 --> 00:41:36.300
That was ugly.

1004
00:41:36.300 --> 00:41:37.300
It was hot in Texas.

1005
00:41:37.300 --> 00:41:39.300
I was standing out on the black top.

1006
00:41:39.300 --> 00:41:40.300
I was making money.

1007
00:41:40.300 --> 00:41:41.300
It was profitable.

1008
00:41:41.300 --> 00:41:43.300
And I got to the point where I just like,

1009
00:41:43.300 --> 00:41:44.300
quit it.

1010
00:41:44.300 --> 00:41:45.300
I just shut it down.

1011
00:41:45.300 --> 00:41:47.300
I moved on to something else.

1012
00:41:47.300 --> 00:41:49.300
That was very active.

1013
00:41:49.300 --> 00:41:51.300
It was not scalable on the surface.

1014
00:41:51.300 --> 00:41:52.300
It was ugly.

1015
00:41:52.300 --> 00:41:53.300
I hated it.

1016
00:41:53.300 --> 00:41:55.300
And so I pivoted because I had a plan B.

1017
00:41:55.300 --> 00:41:57.300
I didn't have to do that, right?

1018
00:41:57.300 --> 00:41:59.300
That's one example.

1019
00:41:59.300 --> 00:42:02.300
If someone likes cars, it's actually a great business.

1020
00:42:02.300 --> 00:42:04.300
I know a gentleman in Alabama

1021
00:42:04.300 --> 00:42:05.300
that makes a lot of money doing that.

1022
00:42:05.300 --> 00:42:07.300
For me, it was not great.

1023
00:42:07.300 --> 00:42:10.300
So how important is passion in this equation?

1024
00:42:10.300 --> 00:42:12.300
How important it is for you to love the thing

1025
00:42:12.300 --> 00:42:14.300
to be successful at it in your view?

1026
00:42:14.300 --> 00:42:17.300
I think you need to fall in love with business,

1027
00:42:17.300 --> 00:42:18.300
with commerce.

1028
00:42:18.300 --> 00:42:20.300
And if you can love entrepreneurship,

1029
00:42:20.300 --> 00:42:22.300
turning one dollar into two,

1030
00:42:22.300 --> 00:42:25.300
and if you could focus on that being your passion,

1031
00:42:25.300 --> 00:42:27.300
then anything that falls underneath that,

1032
00:42:27.300 --> 00:42:29.300
you should win at, right?

1033
00:42:29.300 --> 00:42:32.300
But I like to say,

1034
00:42:32.300 --> 00:42:35.300
follow the profit,

1035
00:42:35.300 --> 00:42:37.300
P-R-O-F-I-T,

1036
00:42:37.300 --> 00:42:40.300
until you can afford to follow your passion, right?

1037
00:42:40.300 --> 00:42:42.300
Because if we're trying to follow our passion from day one,

1038
00:42:42.300 --> 00:42:44.300
we're probably not ever going to get there

1039
00:42:44.300 --> 00:42:46.300
because the statistical likelihood

1040
00:42:46.300 --> 00:42:49.300
that what we love and what makes us money overlaps

1041
00:42:49.300 --> 00:42:52.300
in the beginning is almost zero.

1042
00:42:52.300 --> 00:42:55.300
So ignore passion for a time,

1043
00:42:55.300 --> 00:42:58.300
try to build your passion around commerce,

1044
00:42:58.300 --> 00:43:00.300
and then start anything.

1045
00:43:00.300 --> 00:43:03.300
And then once you're able to have more passive income,

1046
00:43:03.300 --> 00:43:05.300
then start things that you're passionate about,

1047
00:43:05.300 --> 00:43:09.300
like in the actual industry that you're passionate about.

1048
00:43:09.300 --> 00:43:11.300
Persistence.

1049
00:43:11.300 --> 00:43:13.300
Persistence is obviously going to create repetitions

1050
00:43:13.300 --> 00:43:16.300
to understand the problem, to learn more, to, you know.

1051
00:43:17.300 --> 00:43:20.300
So I want to, as it relates to passion and persistence,

1052
00:43:20.300 --> 00:43:22.300
they seem sort of instricably linked,

1053
00:43:22.300 --> 00:43:24.300
something I'm more passionate about,

1054
00:43:24.300 --> 00:43:25.300
I'm more likely to continue at,

1055
00:43:25.300 --> 00:43:27.300
even when the rewards don't show up.

1056
00:43:27.300 --> 00:43:29.300
Yeah, like my car business, right?

1057
00:43:29.300 --> 00:43:31.300
I know passion for cars.

1058
00:43:31.300 --> 00:43:33.300
And I had another business that was doing great.

1059
00:43:33.300 --> 00:43:36.300
So I abandoned that.

1060
00:43:36.300 --> 00:43:39.300
But people think that like,

1061
00:43:39.300 --> 00:43:41.300
people sometimes look at themselves as lazy

1062
00:43:41.300 --> 00:43:43.300
or they're not a hard worker.

1063
00:43:43.300 --> 00:43:46.300
So they're just, they're not confident that they could do this.

1064
00:43:46.300 --> 00:43:49.300
But there's like everyone is a hard worker.

1065
00:43:49.300 --> 00:43:52.300
Everyone on this planet has the same DNA

1066
00:43:52.300 --> 00:43:54.300
that enables them to work hard.

1067
00:43:54.300 --> 00:43:56.300
But the problem is what they're working on

1068
00:43:56.300 --> 00:43:58.300
probably gives them no energy, right?

1069
00:43:58.300 --> 00:44:00.300
They're probably not passionate about it.

1070
00:44:00.300 --> 00:44:01.300
So what am I passionate about?

1071
00:44:01.300 --> 00:44:03.300
Well, you've got to, you've got to test everything.

1072
00:44:03.300 --> 00:44:04.300
We have to try new things.

1073
00:44:04.300 --> 00:44:06.300
We have to take that curious question

1074
00:44:06.300 --> 00:44:08.300
and turn it into a business.

1075
00:44:08.300 --> 00:44:09.300
Maybe that's fun.

1076
00:44:09.300 --> 00:44:10.300
Maybe it's not, right?

1077
00:44:10.300 --> 00:44:11.300
We need more surface area

1078
00:44:11.300 --> 00:44:13.300
for finding what our passions actually are.

1079
00:44:13.300 --> 00:44:14.300
Because we might think that like,

1080
00:44:14.300 --> 00:44:16.300
like I love woodworking, right?

1081
00:44:16.300 --> 00:44:18.300
I don't have to build a business around that

1082
00:44:18.300 --> 00:44:19.300
because I love business, right?

1083
00:44:19.300 --> 00:44:21.300
So I can build a business around anything.

1084
00:44:21.300 --> 00:44:23.300
But if I got super hung up on like,

1085
00:44:23.300 --> 00:44:26.300
I cannot make a profit from this woodworking business,

1086
00:44:26.300 --> 00:44:28.300
then I would fail at entrepreneurship.

1087
00:44:28.300 --> 00:44:29.300
If I started there, right?

1088
00:44:29.300 --> 00:44:33.300
Whereas if I approached this from the angle of,

1089
00:44:33.300 --> 00:44:35.300
or I like woodworking, what else do I like?

1090
00:44:35.300 --> 00:44:36.300
Maybe I like running.

1091
00:44:36.300 --> 00:44:37.300
Maybe I like cooking.

1092
00:44:37.300 --> 00:44:39.300
Maybe I like short-form videos.

1093
00:44:39.300 --> 00:44:41.300
And I just start trying all those new things.

1094
00:44:41.300 --> 00:44:44.300
And eventually, I'm going to have enough surface area

1095
00:44:44.300 --> 00:44:46.300
for testing that I'm going to find things

1096
00:44:46.300 --> 00:44:50.300
where you've heard of the EQ guy principle, right?

1097
00:44:50.300 --> 00:44:53.300
So what you love, what you're good at,

1098
00:44:53.300 --> 00:44:55.300
what the world needs,

1099
00:44:55.300 --> 00:44:57.300
and what you can charge for, right?

1100
00:44:57.300 --> 00:44:59.300
The overlap of that is the sweet spot.

1101
00:44:59.300 --> 00:45:00.300
That's what's scalable.

1102
00:45:00.300 --> 00:45:02.300
That's what you can do until you die.

1103
00:45:02.300 --> 00:45:04.300
But if you get super hung up on that on day one,

1104
00:45:04.300 --> 00:45:06.300
like, I'm just not passionate about that.

1105
00:45:06.300 --> 00:45:07.300
Like, you're never going to find it.

1106
00:45:08.300 --> 00:45:10.300
Like, you're going to be in their job forever.

1107
00:45:10.300 --> 00:45:12.300
My career follows the same, same mark,

1108
00:45:12.300 --> 00:45:13.300
which is I tried tons of things.

1109
00:45:13.300 --> 00:45:16.300
And then I got this marketing business,

1110
00:45:16.300 --> 00:45:19.300
and then that became more of a product business and grew.

1111
00:45:19.300 --> 00:45:20.300
And I didn't love it.

1112
00:45:20.300 --> 00:45:22.300
Like, it wasn't my passion to do,

1113
00:45:22.300 --> 00:45:24.300
to help Coca-Cola someone will come to Coke

1114
00:45:24.300 --> 00:45:27.300
or like, you know, Uber sell more Uber's necessarily.

1115
00:45:27.300 --> 00:45:29.300
That wasn't like my passionate life.

1116
00:45:29.300 --> 00:45:31.300
However, it taught me a bunch of skills,

1117
00:45:31.300 --> 00:45:33.300
which then, when I quit that business,

1118
00:45:33.300 --> 00:45:36.300
and I spent some time in psychedelics, DJing,

1119
00:45:36.300 --> 00:45:38.300
building software, web through you name it.

1120
00:45:38.300 --> 00:45:39.300
I came out on the other side,

1121
00:45:39.300 --> 00:45:41.300
and could ask myself the egg guy question,

1122
00:45:41.300 --> 00:45:43.300
which is, of all the things that I have tried,

1123
00:45:43.300 --> 00:45:44.300
what is the thing that I would do,

1124
00:45:44.300 --> 00:45:45.300
like, really irrespective of money?

1125
00:45:45.300 --> 00:45:47.300
Now, I had that luxury to do that.

1126
00:45:47.300 --> 00:45:50.300
And actually, in 2020, the answer was this.

1127
00:45:50.300 --> 00:45:51.300
Like, this was the answer.

1128
00:45:51.300 --> 00:45:55.300
This answer was, I literally moved to London from New York

1129
00:45:55.300 --> 00:45:57.300
and found a place without viewing it properly

1130
00:45:57.300 --> 00:45:59.300
that looked like this,

1131
00:45:59.300 --> 00:46:01.300
because I thought this would be a good podcast set,

1132
00:46:01.300 --> 00:46:03.300
and moved into that place, called Jack,

1133
00:46:03.300 --> 00:46:06.300
and then we started about five years ago,

1134
00:46:06.300 --> 00:46:08.300
and doing this weekly.

1135
00:46:08.300 --> 00:46:10.300
And it's become a business off the back of it.

1136
00:46:10.300 --> 00:46:11.300
Yeah.

1137
00:46:11.300 --> 00:46:13.300
But I didn't have that luxury to start.

1138
00:46:13.300 --> 00:46:14.300
If I tried that from day one,

1139
00:46:14.300 --> 00:46:17.300
I wouldn't have had either skills to know how to scale an audience.

1140
00:46:17.300 --> 00:46:21.300
I wouldn't have had the flexibility to buy all these cameras,

1141
00:46:21.300 --> 00:46:24.300
which was like 50 grand or whatever at the start.

1142
00:46:24.300 --> 00:46:27.300
And I do think some people sometimes get that inverted.

1143
00:46:27.300 --> 00:46:29.300
Yeah, and you're not distracted anymore, right?

1144
00:46:29.300 --> 00:46:32.300
You're not looking for the next DJ thing or like, found it.

1145
00:46:32.300 --> 00:46:33.300
You're here, right?

1146
00:46:33.300 --> 00:46:35.300
Now you're focused on scaling this.

1147
00:46:35.300 --> 00:46:38.300
Like, people get so hung up on focus or lack thereof,

1148
00:46:38.300 --> 00:46:40.300
and they just beat themselves up over it.

1149
00:46:40.300 --> 00:46:43.300
But in my experience, like, a lack of focus is a signal

1150
00:46:43.300 --> 00:46:46.300
that there's something else out there, right?

1151
00:46:46.300 --> 00:46:49.300
That maybe we shouldn't be focusing on that thing,

1152
00:46:49.300 --> 00:46:50.300
because you've probably worked on things

1153
00:46:50.300 --> 00:46:52.300
that had perfect product market fit,

1154
00:46:52.300 --> 00:46:54.300
and we're just crushing.

1155
00:46:54.300 --> 00:46:56.300
And you weren't thinking about starting a DJing business

1156
00:46:56.300 --> 00:46:57.300
at that point, right?

1157
00:46:57.300 --> 00:46:59.300
You were all in on this one thing.

1158
00:46:59.300 --> 00:47:01.300
But in the times when you were working on something,

1159
00:47:01.300 --> 00:47:03.300
you're like, maybe I'll try this, maybe I'll try this,

1160
00:47:03.300 --> 00:47:04.300
and you beat yourself up.

1161
00:47:04.300 --> 00:47:05.300
You're like, focus, focus, focus.

1162
00:47:05.300 --> 00:47:08.300
Let's actually pay attention to those signals.

1163
00:47:08.300 --> 00:47:10.300
Why am I distracted from this thing?

1164
00:47:10.300 --> 00:47:13.300
So that's, I don't know if that's just me coping

1165
00:47:13.300 --> 00:47:17.300
with my own ADHD, or if that's actually a true principle.

1166
00:47:17.300 --> 00:47:20.300
But I try to lend some credence to those signals

1167
00:47:20.300 --> 00:47:22.300
of distraction that I get on a regular basis.

1168
00:47:22.300 --> 00:47:25.300
Yeah, I have those a Sunday shelf,

1169
00:47:25.300 --> 00:47:28.300
which is just a digital board on my Monday board,

1170
00:47:28.300 --> 00:47:32.300
where when I have ideas that like captivate me

1171
00:47:32.300 --> 00:47:34.300
at 11pm at night one night,

1172
00:47:34.300 --> 00:47:36.300
instead of trying to act on them immediately,

1173
00:47:36.300 --> 00:47:38.300
because I think in some respects, like you,

1174
00:47:38.300 --> 00:47:40.300
I put it on the Sunday shelf,

1175
00:47:40.300 --> 00:47:41.300
and I wait and see.

1176
00:47:41.300 --> 00:47:42.300
Yeah.

1177
00:47:42.300 --> 00:47:44.300
I wait and see how much it pulls at me

1178
00:47:44.300 --> 00:47:45.300
to come up with the shelf.

1179
00:47:45.300 --> 00:47:47.300
And then sometimes it comes off the shelf,

1180
00:47:47.300 --> 00:47:49.300
I get a little bit of a way down, I discover

1181
00:47:49.300 --> 00:47:51.300
that actually there's something I didn't realize,

1182
00:47:51.300 --> 00:47:52.300
and then I quit.

1183
00:47:52.300 --> 00:47:53.300
But then there's this, you know,

1184
00:47:53.300 --> 00:47:55.300
when you think about the like the excitement arc

1185
00:47:55.300 --> 00:47:56.300
of the new idea,

1186
00:47:56.300 --> 00:47:57.300
the whole surge of excitement,

1187
00:47:57.300 --> 00:47:58.300
like this is the best thing ever,

1188
00:47:58.300 --> 00:47:59.300
I'm going to become a billionaire,

1189
00:47:59.300 --> 00:48:00.300
why is no one ever thought of this before,

1190
00:48:00.300 --> 00:48:01.300
and then you kind of get into it,

1191
00:48:01.300 --> 00:48:03.300
and you get into that sort of valley of,

1192
00:48:03.300 --> 00:48:05.300
or fuck, this is a terrible idea.

1193
00:48:05.300 --> 00:48:06.300
I'm an idiot.

1194
00:48:06.300 --> 00:48:07.300
Yeah.

1195
00:48:07.300 --> 00:48:08.300
If I can come out of that valley,

1196
00:48:08.300 --> 00:48:10.300
if something pulls me up out of that valley,

1197
00:48:10.300 --> 00:48:11.300
then I think it's worth pursuing.

1198
00:48:11.300 --> 00:48:12.300
Yeah.

1199
00:48:12.300 --> 00:48:13.300
That's a good way of looking at it.

1200
00:48:13.300 --> 00:48:15.300
The valley of despair or something,

1201
00:48:15.300 --> 00:48:16.300
that's what they call it.

1202
00:48:16.300 --> 00:48:17.300
Yeah, yeah.

1203
00:48:17.300 --> 00:48:20.300
Do you follow a similar sort of path

1204
00:48:20.300 --> 00:48:21.300
with your ideas?

1205
00:48:21.300 --> 00:48:25.300
It's funny, because my kind of framework is

1206
00:48:25.300 --> 00:48:28.300
if I have an idea,

1207
00:48:28.300 --> 00:48:31.300
am I thinking about it still two weeks later?

1208
00:48:31.300 --> 00:48:32.300
For whatever reason,

1209
00:48:32.300 --> 00:48:34.300
that's just my timeline, two weeks.

1210
00:48:34.300 --> 00:48:35.300
I had an idea yesterday,

1211
00:48:35.300 --> 00:48:36.300
and I was at the airport.

1212
00:48:36.300 --> 00:48:37.300
I was excited about it,

1213
00:48:37.300 --> 00:48:39.300
and I was doing research.

1214
00:48:39.300 --> 00:48:41.300
I feel like forgot about it, right?

1215
00:48:41.300 --> 00:48:43.300
Who cares, you know?

1216
00:48:43.300 --> 00:48:45.300
But I have ideas where I just cannot get it out of my head,

1217
00:48:45.300 --> 00:48:47.300
and I'll see something out there in the world

1218
00:48:47.300 --> 00:48:48.300
that adds to the idea,

1219
00:48:48.300 --> 00:48:50.300
and I tell my friend about it,

1220
00:48:50.300 --> 00:48:52.300
and I send these manic voicemails,

1221
00:48:52.300 --> 00:48:54.300
or these manic voice notes to my friends about it,

1222
00:48:55.300 --> 00:48:57.300
and I'm still thinking about it two weeks later.

1223
00:48:57.300 --> 00:49:00.300
That's my signal that there's actually something here.

1224
00:49:01.300 --> 00:49:04.300
You used the word validating early run,

1225
00:49:04.300 --> 00:49:06.300
when you're talking about these ideas.

1226
00:49:06.300 --> 00:49:10.300
I think this is something that could really, really help a lot of people

1227
00:49:10.300 --> 00:49:11.300
who have a lot of ideas,

1228
00:49:11.300 --> 00:49:14.300
is this idea of trying to validate your ideas as fast as possible.

1229
00:49:14.300 --> 00:49:16.300
How might one validate an idea?

1230
00:49:16.300 --> 00:49:18.300
Can you give me an example of an idea that you have validated?

1231
00:49:18.300 --> 00:49:20.300
What does validation mean?

1232
00:49:20.300 --> 00:49:23.300
Yeah, so I like to see people

1233
00:49:23.300 --> 00:49:27.300
get joy from my product or service, right?

1234
00:49:27.300 --> 00:49:28.300
Not just like, oh, it's good.

1235
00:49:28.300 --> 00:49:30.300
Like, let's say I'm selling a food product.

1236
00:49:30.300 --> 00:49:31.300
It means taste good.

1237
00:49:31.300 --> 00:49:32.300
It's good.

1238
00:49:32.300 --> 00:49:34.300
Okay, people might buy this,

1239
00:49:34.300 --> 00:49:36.300
but I'm not going to have product market fit.

1240
00:49:36.300 --> 00:49:39.300
I'm going to be pushing a boulder up the hill, right?

1241
00:49:39.300 --> 00:49:41.300
But if people are like, oh my gosh,

1242
00:49:41.300 --> 00:49:43.300
this is the best thing I've ever had.

1243
00:49:43.300 --> 00:49:44.300
Where did you make this?

1244
00:49:44.300 --> 00:49:45.300
How did you make this?

1245
00:49:45.300 --> 00:49:46.300
It lights up in their face.

1246
00:49:46.300 --> 00:49:51.300
That's an example of a validation in my case, right?

1247
00:49:52.300 --> 00:49:54.300
Same industry, food product,

1248
00:49:54.300 --> 00:49:56.300
completely different reactions, right?

1249
00:49:56.300 --> 00:49:59.300
So, one specific example is

1250
00:50:00.300 --> 00:50:04.300
my wife has a cookie bar business, right?

1251
00:50:04.300 --> 00:50:05.300
Square cookies.

1252
00:50:05.300 --> 00:50:07.300
And they're amazing.

1253
00:50:07.300 --> 00:50:08.300
And we're not trying to scale it.

1254
00:50:08.300 --> 00:50:09.300
We don't want to scale it.

1255
00:50:09.300 --> 00:50:11.300
It's a way to teach our kids entrepreneurship,

1256
00:50:11.300 --> 00:50:12.300
and we love it.

1257
00:50:12.300 --> 00:50:14.300
But the best way to validate this

1258
00:50:14.300 --> 00:50:17.300
was going to our local farmers market

1259
00:50:17.300 --> 00:50:18.300
and just posting up

1260
00:50:18.300 --> 00:50:20.300
and just giving people samples

1261
00:50:20.300 --> 00:50:22.300
and just watching them, right?

1262
00:50:22.300 --> 00:50:24.300
What do they say versus how do they react?

1263
00:50:24.300 --> 00:50:26.300
And is it the same?

1264
00:50:26.300 --> 00:50:27.300
What do you mean by that?

1265
00:50:27.300 --> 00:50:29.300
Well, sometimes we try to use the internet

1266
00:50:29.300 --> 00:50:32.300
in places where it's not needful, right?

1267
00:50:32.300 --> 00:50:33.300
She sold these online, right?

1268
00:50:33.300 --> 00:50:35.300
She shipped them friends and family across the country.

1269
00:50:35.300 --> 00:50:36.300
They're like, they're great.

1270
00:50:36.300 --> 00:50:37.300
We love them.

1271
00:50:37.300 --> 00:50:38.300
Okay, I didn't see you eat it.

1272
00:50:38.300 --> 00:50:40.300
I don't know how you actually love it.

1273
00:50:40.300 --> 00:50:42.300
Are you saying that because you're my mom, right?

1274
00:50:42.300 --> 00:50:44.300
Or you're my friend.

1275
00:50:44.300 --> 00:50:46.300
But when you solicit feedback on your product

1276
00:50:46.300 --> 00:50:47.300
or service in person,

1277
00:50:47.300 --> 00:50:50.300
even if it's like an internet tool or an app,

1278
00:50:50.300 --> 00:50:52.300
in person makes all the difference.

1279
00:50:52.300 --> 00:50:54.300
You want to take note of what they say

1280
00:50:54.300 --> 00:50:56.300
and take note of their body language

1281
00:50:56.300 --> 00:50:59.300
and how they react when they experience

1282
00:50:59.300 --> 00:51:01.300
your product or service, right?

1283
00:51:01.300 --> 00:51:03.300
And if all three of those things overlap,

1284
00:51:03.300 --> 00:51:05.300
then either they're a psychopath

1285
00:51:05.300 --> 00:51:08.300
and they're just lying for no good reason

1286
00:51:08.300 --> 00:51:11.300
or you have something really special on your hands.

1287
00:51:11.300 --> 00:51:13.300
And so that's what we did with her cookie bar business.

1288
00:51:13.300 --> 00:51:15.300
And they love it.

1289
00:51:15.300 --> 00:51:17.300
And you can do that with any business.

1290
00:51:17.300 --> 00:51:18.300
It doesn't have to be food.

1291
00:51:18.300 --> 00:51:20.300
And what does a realization mean?

1292
00:51:20.300 --> 00:51:22.300
It's checking if the market gives a fuck about the thing

1293
00:51:22.300 --> 00:51:24.300
you're making as far as you can.

1294
00:51:24.300 --> 00:51:25.300
Yeah.

1295
00:51:25.300 --> 00:51:26.300
Yeah.

1296
00:51:26.300 --> 00:51:29.300
I like to kind of picture a, you know,

1297
00:51:29.300 --> 00:51:31.300
a boulder up a hill, right?

1298
00:51:31.300 --> 00:51:33.300
And most people in their businesses,

1299
00:51:33.300 --> 00:51:35.300
even businesses that are working,

1300
00:51:35.300 --> 00:51:37.300
there are two steps forward, one step back,

1301
00:51:37.300 --> 00:51:38.300
two steps forward, one step back.

1302
00:51:38.300 --> 00:51:39.300
And that's okay.

1303
00:51:39.300 --> 00:51:41.300
Like that's not a bad thing.

1304
00:51:41.300 --> 00:51:44.300
But in my experience, five percent of the time,

1305
00:51:44.300 --> 00:51:47.300
I'll have a business where the boulder is chasing me.

1306
00:51:47.300 --> 00:51:49.300
Like I'm trying to not die

1307
00:51:49.300 --> 00:51:51.300
because this boulder's chasing me down a hill.

1308
00:51:51.300 --> 00:51:54.300
And that boulder in this case represents customers, demand, right?

1309
00:51:54.300 --> 00:51:57.300
Like I can't sleep because I'm fulfilling orders.

1310
00:51:57.300 --> 00:51:58.300
I'm answering emails like,

1311
00:51:58.300 --> 00:52:01.300
I'm not getting distracted by the next shiny object.

1312
00:52:01.300 --> 00:52:03.300
That is validation.

1313
00:52:03.300 --> 00:52:05.300
That's product market fit in my experience.

1314
00:52:05.300 --> 00:52:07.300
You don't have to have that to launch.

1315
00:52:07.300 --> 00:52:09.300
I don't want people to misunderstand.

1316
00:52:09.300 --> 00:52:12.300
But if you have that, like you have something very special

1317
00:52:12.300 --> 00:52:14.300
and you need to go all in on that thing.

1318
00:52:14.300 --> 00:52:17.300
There was a book published several years ago,

1319
00:52:17.300 --> 00:52:19.300
called The Lean Startup,

1320
00:52:19.300 --> 00:52:21.300
which talks about this idea of just like testing an MVP

1321
00:52:21.300 --> 00:52:23.300
as quickly as you possibly can.

1322
00:52:23.300 --> 00:52:25.300
Can you explain that to the audience

1323
00:52:25.300 --> 00:52:27.300
who probably have ideas,

1324
00:52:27.300 --> 00:52:28.300
but in their head of thinking,

1325
00:52:28.300 --> 00:52:29.300
I've got quit my job,

1326
00:52:29.300 --> 00:52:30.300
I'm going to have to raise money,

1327
00:52:30.300 --> 00:52:32.300
I'm going to have to spend two to three years building something

1328
00:52:32.300 --> 00:52:34.300
to figure out if this is a good idea or not.

1329
00:52:34.300 --> 00:52:36.300
What is the alternative approach that you adopt

1330
00:52:36.300 --> 00:52:38.300
when you're trying to stress test an idea quickly?

1331
00:52:38.300 --> 00:52:39.300
Yeah.

1332
00:52:39.300 --> 00:52:41.300
If I had to pick one tool,

1333
00:52:41.300 --> 00:52:45.300
I mean, it's one that one and four humans use every day.

1334
00:52:45.300 --> 00:52:46.300
It's Facebook.

1335
00:52:46.300 --> 00:52:48.300
You've got Facebook groups,

1336
00:52:48.300 --> 00:52:50.300
you've got WhatsApp,

1337
00:52:50.300 --> 00:52:51.300
Instagram,

1338
00:52:51.300 --> 00:52:53.300
Facebook Marketplace,

1339
00:52:53.300 --> 00:52:54.300
Facebook Pages,

1340
00:52:54.300 --> 00:52:56.300
Facebook Ads.

1341
00:52:56.300 --> 00:52:58.300
Let's just say there's six different meta products,

1342
00:52:58.300 --> 00:52:59.300
Facebook products.

1343
00:52:59.300 --> 00:53:01.300
That's everything you need right there.

1344
00:53:01.300 --> 00:53:04.300
Why don't you give me an example of just a random business

1345
00:53:04.300 --> 00:53:07.300
and I'll tell you or the audience

1346
00:53:07.300 --> 00:53:10.300
how they could validate that with the Facebook product.

1347
00:53:10.300 --> 00:53:11.300
Okay.

1348
00:53:11.300 --> 00:53:18.300
I'm thinking of starting a

1349
00:53:18.300 --> 00:53:22.300
creatine brand for women

1350
00:53:22.300 --> 00:53:26.300
that makes creatine taste good.

1351
00:53:26.300 --> 00:53:27.300
Okay.

1352
00:53:27.300 --> 00:53:28.300
All right.

1353
00:53:28.300 --> 00:53:30.300
Are we talking powder gummy?

1354
00:53:30.300 --> 00:53:31.300
What form factor?

1355
00:53:31.300 --> 00:53:32.300
I don't know.

1356
00:53:32.300 --> 00:53:33.300
Okay.

1357
00:53:33.300 --> 00:53:34.300
Well, let's try both.

1358
00:53:34.300 --> 00:53:35.300
Okay.

1359
00:53:35.300 --> 00:53:37.300
So, I'm going to do something that seems very non-obvious

1360
00:53:37.300 --> 00:53:38.300
and probably won't work,

1361
00:53:38.300 --> 00:53:40.300
but it's the lowest amount of friction.

1362
00:53:40.300 --> 00:53:42.300
I'm going to take a description for that

1363
00:53:42.300 --> 00:53:44.300
and I'm going to use nano-banana,

1364
00:53:44.300 --> 00:53:45.300
Chad Gbt,

1365
00:53:45.300 --> 00:53:46.300
any of the AI image generators

1366
00:53:46.300 --> 00:53:49.300
to come up with what the product could look like.

1367
00:53:49.300 --> 00:53:50.300
Right?

1368
00:53:50.300 --> 00:53:51.300
In both a gummy form and a powder form.

1369
00:53:51.300 --> 00:53:52.300
Okay.

1370
00:53:52.300 --> 00:53:54.300
Then I'm going to go to Facebook Marketplace.

1371
00:53:54.300 --> 00:53:55.300
You're just going to post a Twitter.

1372
00:53:55.300 --> 00:53:56.300
Yeah.

1373
00:53:56.300 --> 00:53:57.300
I'm just going to say, like,

1374
00:53:57.300 --> 00:53:58.300
women's creatine brand

1375
00:53:58.300 --> 00:54:00.300
actually tastes good.

1376
00:54:00.300 --> 00:54:01.300
Right?

1377
00:54:01.300 --> 00:54:02.300
Like, did you know that creatine

1378
00:54:02.300 --> 00:54:03.300
improves cognitive function

1379
00:54:03.300 --> 00:54:04.300
or whatever?

1380
00:54:04.300 --> 00:54:05.300
Just your standard pitch.

1381
00:54:05.300 --> 00:54:06.300
I could even use AI to generate it.

1382
00:54:06.300 --> 00:54:08.300
It doesn't really matter at this point.

1383
00:54:08.300 --> 00:54:10.300
And I'm going to post it to Facebook Marketplace

1384
00:54:10.300 --> 00:54:13.300
simply because that's the lowest amount of friction

1385
00:54:13.300 --> 00:54:15.300
to get some level of validation or not.

1386
00:54:15.300 --> 00:54:16.300
Right?

1387
00:54:16.300 --> 00:54:17.300
Because in my experience,

1388
00:54:17.300 --> 00:54:19.300
focus is overrated

1389
00:54:19.300 --> 00:54:22.300
and momentum is underrated.

1390
00:54:22.300 --> 00:54:23.300
Right?

1391
00:54:23.300 --> 00:54:25.300
And so, you could have told me any idea.

1392
00:54:25.300 --> 00:54:27.300
And my first step that I tell you to do

1393
00:54:27.300 --> 00:54:30.300
is going to be something very, very low friction

1394
00:54:30.300 --> 00:54:33.300
because I want you to get something back from the world.

1395
00:54:33.300 --> 00:54:34.300
Right?

1396
00:54:34.300 --> 00:54:36.300
Because the most likely way to sell that product

1397
00:54:36.300 --> 00:54:37.300
is with meta ads, right?

1398
00:54:37.300 --> 00:54:39.300
But there's a lot of friction there.

1399
00:54:39.300 --> 00:54:40.300
Like, it's hard to use.

1400
00:54:40.300 --> 00:54:41.300
So, you're going to be like,

1401
00:54:41.300 --> 00:54:42.300
okay, you're going to go chat with you.

1402
00:54:42.300 --> 00:54:43.300
How do we use meta ads?

1403
00:54:43.300 --> 00:54:44.300
And then you're going to burn out.

1404
00:54:44.300 --> 00:54:45.300
And you're going to have,

1405
00:54:45.300 --> 00:54:46.300
be honest something else by tomorrow.

1406
00:54:46.300 --> 00:54:48.300
But that might be an amazing idea.

1407
00:54:48.300 --> 00:54:49.300
Right?

1408
00:54:49.300 --> 00:54:51.300
So, I'm going to tell you to go to Facebook Marketplace.

1409
00:54:51.300 --> 00:54:53.300
Even though people don't sell creatine on Facebook Marketplace.

1410
00:54:53.300 --> 00:54:55.300
And then we're going to see,

1411
00:54:55.300 --> 00:54:57.300
you know, Facebook gives us like three stats

1412
00:54:57.300 --> 00:54:59.300
when you post something to Facebook Marketplace.

1413
00:54:59.300 --> 00:55:00.300
Clicks.

1414
00:55:00.300 --> 00:55:02.300
And then how many people that reach out

1415
00:55:02.300 --> 00:55:04.300
and then how many views, okay?

1416
00:55:04.300 --> 00:55:07.300
So, I'm going to post one Facebook Marketplace ad

1417
00:55:07.300 --> 00:55:09.300
for the gummies.

1418
00:55:09.300 --> 00:55:10.300
Different picture.

1419
00:55:10.300 --> 00:55:11.300
It'll look like gummies.

1420
00:55:11.300 --> 00:55:14.300
Basically same headlines, same benefits, same description.

1421
00:55:14.300 --> 00:55:18.300
Post a Facebook in the same local market with the same radius.

1422
00:55:18.300 --> 00:55:20.300
Don't want to change any variables.

1423
00:55:20.300 --> 00:55:22.300
And then I'm going to open a Google Sheet.

1424
00:55:22.300 --> 00:55:23.300
And I'm going to say,

1425
00:55:23.300 --> 00:55:24.300
how many views?

1426
00:55:24.300 --> 00:55:25.300
How many clicks?

1427
00:55:25.300 --> 00:55:27.300
How many messages for that ad?

1428
00:55:27.300 --> 00:55:28.300
Then I'm going to do the same thing.

1429
00:55:28.300 --> 00:55:30.300
Take the same features, the same benefits.

1430
00:55:30.300 --> 00:55:32.300
Different picture because this one's powder.

1431
00:55:32.300 --> 00:55:34.300
Post it in the same market with the same radius

1432
00:55:34.300 --> 00:55:37.300
to Facebook Marketplace and have a new column.

1433
00:55:37.300 --> 00:55:41.300
Views reach out and clicks, right?

1434
00:55:41.300 --> 00:55:43.300
And then I'm going to watch.

1435
00:55:43.300 --> 00:55:45.300
And I'm going to see what's getting more clicks.

1436
00:55:45.300 --> 00:55:47.300
And I'm going to know within two hours

1437
00:55:47.300 --> 00:55:49.300
where there's more demand.

1438
00:55:49.300 --> 00:55:51.300
Now, does that little sample size indicate

1439
00:55:51.300 --> 00:55:54.300
like what form factor I should go all in on?

1440
00:55:54.300 --> 00:55:56.300
Not necessarily, but it's something.

1441
00:55:56.300 --> 00:55:58.300
It's a relevant data point, right?

1442
00:55:58.300 --> 00:56:01.300
There's not very likely to be a large amount of people searching

1443
00:56:01.300 --> 00:56:03.300
for creating gummies on Facebook Marketplace,

1444
00:56:03.300 --> 00:56:06.300
but it doesn't matter because there's two billion people using it, right?

1445
00:56:06.300 --> 00:56:09.300
So we're just trying to capture some of that traffic.

1446
00:56:09.300 --> 00:56:11.300
So I'm going to do that with two ads.

1447
00:56:11.300 --> 00:56:13.300
And then after a day or two,

1448
00:56:13.300 --> 00:56:15.300
I'm going to boost those two ads,

1449
00:56:15.300 --> 00:56:19.300
put $10 behind each of them to see how my results differ.

1450
00:56:19.300 --> 00:56:20.300
Does it make any difference?

1451
00:56:20.300 --> 00:56:21.300
Do I get a lot more clicks?

1452
00:56:21.300 --> 00:56:22.300
A lot more views?

1453
00:56:22.300 --> 00:56:23.300
Or is it just wasted?

1454
00:56:24.300 --> 00:56:28.300
And then I'm going to, I'm going to probably post like 10 more ads

1455
00:56:28.300 --> 00:56:32.300
of like different photos, different headings, different descriptions,

1456
00:56:32.300 --> 00:56:33.300
different price points,

1457
00:56:33.300 --> 00:56:36.300
and then put all those in a Google sheet and track it.

1458
00:56:36.300 --> 00:56:38.300
All right, now I have a lot of data.

1459
00:56:38.300 --> 00:56:41.300
Now, concurrently, so while I'm doing all these things,

1460
00:56:41.300 --> 00:56:43.300
I'm going to go to Facebook groups,

1461
00:56:43.300 --> 00:56:47.300
and I'm going to join Facebook groups like Moms who work out,

1462
00:56:47.300 --> 00:56:51.300
Moms who love creatine, Moms who love rucking, ultra runner moms,

1463
00:56:51.300 --> 00:56:54.300
like healthy moms, whatever, I'm going to join all these groups

1464
00:56:54.300 --> 00:56:58.300
and just start doing searches for creatine, gummies, powders,

1465
00:56:58.300 --> 00:57:00.300
price points, vendors, websites,

1466
00:57:00.300 --> 00:57:05.300
and just start like pulling pieces of data out of the atmosphere, right?

1467
00:57:05.300 --> 00:57:07.300
And I'm going to put that in my spreadsheet.

1468
00:57:07.300 --> 00:57:09.300
And I want to wait till the Facebook Marketplace tests are done,

1469
00:57:09.300 --> 00:57:11.300
I want to do that at the same time.

1470
00:57:11.300 --> 00:57:13.300
Then I'm going to start learning Facebook ads,

1471
00:57:13.300 --> 00:57:16.300
because everything I've told you to do so far takes like two hours.

1472
00:57:16.300 --> 00:57:19.300
Let's say we have an afternoon to dedicate to this, right?

1473
00:57:19.300 --> 00:57:21.300
Then I'm going to learn Facebook ads,

1474
00:57:21.300 --> 00:57:23.300
and I'm going to watch a YouTube video about, you know,

1475
00:57:23.300 --> 00:57:25.300
how to get Facebook ads up in 10 minutes.

1476
00:57:25.300 --> 00:57:27.300
How important is it to understand Facebook ads,

1477
00:57:27.300 --> 00:57:31.300
and how long would it take me to get a sufficient understanding of Facebook ads?

1478
00:57:31.300 --> 00:57:35.300
You could be proficient in a couple days.

1479
00:57:35.300 --> 00:57:37.300
If you had like one thing to sell,

1480
00:57:37.300 --> 00:57:39.300
and you just wanted to go all in on that thing,

1481
00:57:39.300 --> 00:57:43.300
and you actually learned by launching ads and not just learning,

1482
00:57:43.300 --> 00:57:45.300
not just endlessly watching YouTube videos,

1483
00:57:45.300 --> 00:57:49.300
you could be fairly proficient within a couple days easily.

1484
00:57:49.300 --> 00:57:51.300
Do you think that's the skill everybody should have?

1485
00:57:51.300 --> 00:57:53.300
Absolutely.

1486
00:57:53.300 --> 00:57:55.300
I mean, Facebook ads are like the infinite money glitch.

1487
00:57:55.300 --> 00:57:57.300
It's just like a magic money machine.

1488
00:57:57.300 --> 00:58:01.300
It's the reason they're a trillion dollar company.

1489
00:58:01.300 --> 00:58:03.300
It's like a cheat code.

1490
00:58:03.300 --> 00:58:07.300
Yeah, we should know Facebook ads like we know how to write emails.

1491
00:58:07.300 --> 00:58:09.300
We should know Facebook ads like we know how to build websites

1492
00:58:09.300 --> 00:58:11.300
or to do anything.

1493
00:58:11.300 --> 00:58:13.300
It should be foundational.

1494
00:58:13.300 --> 00:58:17.300
Oh, now many people actually have that skill.

1495
00:58:17.300 --> 00:58:19.300
Very few.

1496
00:58:19.300 --> 00:58:23.300
That's where there's so many ad agencies charging a lot of money.

1497
00:58:23.300 --> 00:58:25.300
And then so you've got the data back in your spreadsheet

1498
00:58:25.300 --> 00:58:27.300
on this creating situation.

1499
00:58:27.300 --> 00:58:29.300
How do you then make a decision whether this is something worth pursuing?

1500
00:58:29.300 --> 00:58:33.300
Yeah, then I would go find like a co-packer.

1501
00:58:33.300 --> 00:58:35.300
That's a co-packer.

1502
00:58:35.300 --> 00:58:37.300
It's a company that will take my idea

1503
00:58:37.300 --> 00:58:39.300
and put it into a physical form.

1504
00:58:39.300 --> 00:58:41.300
Right?

1505
00:58:41.300 --> 00:58:43.300
And find like a supplement company that can actually make this.

1506
00:58:43.300 --> 00:58:47.300
And I would tell it roughly like what I'm thinking

1507
00:58:47.300 --> 00:58:49.300
and then ask for samples.

1508
00:58:49.300 --> 00:58:51.300
And then I would use those samples to go get feedback from people in person.

1509
00:58:51.300 --> 00:58:53.300
Right?

1510
00:58:53.300 --> 00:58:55.300
But I wouldn't get those samples until I got feedback

1511
00:58:55.300 --> 00:58:57.300
from all these Facebook tests telling me what form factor,

1512
00:58:57.300 --> 00:59:01.300
what price point, what color, what flavor, etc.

1513
00:59:01.300 --> 00:59:03.300
And then I would go to a farmer's market

1514
00:59:03.300 --> 00:59:05.300
and actually have people try it.

1515
00:59:05.300 --> 00:59:07.300
I've had so many founders speak to me and say

1516
00:59:07.300 --> 00:59:09.300
why didn't this particular ad that I ran on this platform work for me?

1517
00:59:09.300 --> 00:59:11.300
Maybe the copy wasn't good, the creative wasn't strong.

1518
00:59:11.300 --> 00:59:13.300
But usually the problem is they're not having the right conversation.

1519
00:59:13.300 --> 00:59:15.300
Because that ad never reached the right person.

1520
00:59:15.300 --> 00:59:17.300
And if you're in B2B marketing,

1521
00:59:17.300 --> 00:59:19.300
that is much of the game.

1522
00:59:19.300 --> 00:59:21.300
And this is where LinkedIn ads solves that problem for you.

1523
00:59:21.300 --> 00:59:23.300
Their targeting is ridiculously specific.

1524
00:59:23.300 --> 00:59:25.300
You can target it by job title,

1525
00:59:25.300 --> 00:59:27.300
seniority, company size, industry,

1526
00:59:27.300 --> 00:59:29.300
and even someone's skillset.

1527
00:59:29.300 --> 00:59:33.300
And then network includes over a billion professionals.

1528
00:59:33.300 --> 00:59:37.300
About 130 million of them are decision makers.

1529
00:59:37.300 --> 00:59:39.300
So when you use LinkedIn ads,

1530
00:59:39.300 --> 00:59:41.300
you're putting your brand in front of the right people.

1531
00:59:41.300 --> 00:59:45.300
And LinkedIn ads also drive the highest B2B return on ad spend

1532
00:59:45.300 --> 00:59:47.300
across all ad networks in my experience.

1533
00:59:47.300 --> 00:59:49.300
If you want to give them a try,

1534
00:59:49.300 --> 00:59:51.300
head over to linkedin.com slash diary.

1535
00:59:51.300 --> 00:59:55.300
And when you spend $250 on your first LinkedIn ads campaign,

1536
00:59:55.300 --> 00:59:59.300
you'll get an extra $250 credit from me for the next one.

1537
00:59:59.300 --> 01:00:01.300
That's linkedin.com slash diary.

1538
01:00:01.300 --> 01:00:03.300
Terms and conditions apply.

1539
01:00:03.300 --> 01:00:07.300
I've heard you say that there's various types of entrepreneurs.

1540
01:00:07.300 --> 01:00:09.300
There's the sort of zero to one entrepreneur who's good at starting things.

1541
01:00:09.300 --> 01:00:11.300
There's the maintainer.

1542
01:00:11.300 --> 01:00:13.300
And then there's the finisher.

1543
01:00:13.300 --> 01:00:15.300
Which one are you?

1544
01:00:15.300 --> 01:00:17.300
I'm a starter.

1545
01:00:17.300 --> 01:00:19.300
Yeah, through and through.

1546
01:00:19.300 --> 01:00:23.300
If I stay in a business too long,

1547
01:00:23.300 --> 01:00:25.300
it all falls apart.

1548
01:00:25.300 --> 01:00:27.300
Right? Just objectively.

1549
01:00:27.300 --> 01:00:29.300
So I need to hand off the reins at a very specific point.

1550
01:00:29.300 --> 01:00:31.300
Or I need to have a partner from the outset.

1551
01:00:31.300 --> 01:00:35.300
That knows me, my strengths and my weaknesses.

1552
01:00:35.300 --> 01:00:37.300
That just takes over at a certain point.

1553
01:00:37.300 --> 01:00:41.300
So I like to say there are starters, maintainers, and finishers.

1554
01:00:41.300 --> 01:00:43.300
A starter could be called like a visionary.

1555
01:00:43.300 --> 01:00:45.300
And not as like a backhanded compliment way,

1556
01:00:45.300 --> 01:00:47.300
but someone an idea guy, right?

1557
01:00:47.300 --> 01:00:49.300
Not just a business idea guy,

1558
01:00:49.300 --> 01:00:51.300
but like a marketing idea guy.

1559
01:00:51.300 --> 01:00:53.300
Let's change the subject line to this idea guy.

1560
01:00:53.300 --> 01:00:55.300
Like an idea machine, right?

1561
01:00:55.300 --> 01:00:57.300
That's a visionary.

1562
01:00:57.300 --> 01:00:59.300
And then you have the maintainer,

1563
01:00:59.300 --> 01:01:01.300
which would be an operator.

1564
01:01:01.300 --> 01:01:03.300
That's a guy that just wakes up every day

1565
01:01:03.300 --> 01:01:05.300
and loves tweaking little things,

1566
01:01:05.300 --> 01:01:07.300
and making small improvements,

1567
01:01:07.300 --> 01:01:09.300
process oriented,

1568
01:01:09.300 --> 01:01:11.300
someone that loves growing something,

1569
01:01:11.300 --> 01:01:13.300
and just fixing little problems all day, right?

1570
01:01:13.300 --> 01:01:15.300
And then you have a finisher,

1571
01:01:15.300 --> 01:01:17.300
which is like a deal guy, right?

1572
01:01:17.300 --> 01:01:19.300
That's the guy that's a super connector.

1573
01:01:19.300 --> 01:01:21.300
He likes to...

1574
01:01:21.300 --> 01:01:23.300
Oh, you need to talk to Barry,

1575
01:01:23.300 --> 01:01:25.300
and then he calls Amy Connects him,

1576
01:01:25.300 --> 01:01:27.300
and like he just gets a lot of energy

1577
01:01:27.300 --> 01:01:29.300
from connecting deals,

1578
01:01:29.300 --> 01:01:31.300
coming up with creative deals,

1579
01:01:31.300 --> 01:01:33.300
for an exit, for a sale,

1580
01:01:33.300 --> 01:01:35.300
putting people together, hiring the right people,

1581
01:01:35.300 --> 01:01:37.300
seeing something to its completion.

1582
01:01:37.300 --> 01:01:39.300
But I'm definitely in the first camp.

1583
01:01:39.300 --> 01:01:41.300
Is it possible to be able to be able to be?

1584
01:01:41.300 --> 01:01:43.300
Yeah, when you're all three,

1585
01:01:43.300 --> 01:01:45.300
you're Mark Zuckerberg.

1586
01:01:45.300 --> 01:01:47.300
I mean, truly, like you start something from scratch

1587
01:01:47.300 --> 01:01:49.300
and you see it to a trillion dollars.

1588
01:01:49.300 --> 01:01:51.300
There's been like...

1589
01:01:51.300 --> 01:01:53.300
I think there have been three people on the planet

1590
01:01:53.300 --> 01:01:55.300
that have brought something from zero to a trillion.

1591
01:01:55.300 --> 01:01:57.300
Jensen Hoang in video,

1592
01:01:57.300 --> 01:01:59.300
Elon Musk,

1593
01:01:59.300 --> 01:02:01.300
and Mark Zuckerberg.

1594
01:02:01.300 --> 01:02:03.300
I think like even Bill Gates,

1595
01:02:03.300 --> 01:02:05.300
even Steve Jobs...

1596
01:02:05.300 --> 01:02:07.300
I might be wrong. Yeah, but even Steve Jobs got out long

1597
01:02:07.300 --> 01:02:09.300
before they hit a trillion market cap.

1598
01:02:09.300 --> 01:02:11.300
But a billion. A lot of people...

1599
01:02:11.300 --> 01:02:13.300
Yeah, and that's just a billion.

1600
01:02:13.300 --> 01:02:15.300
That's not nothing.

1601
01:02:15.300 --> 01:02:17.300
It's also very impressive.

1602
01:02:17.300 --> 01:02:19.300
But when you get all three, that's what you get.

1603
01:02:19.300 --> 01:02:21.300
One of the things that I find really interesting about your story is

1604
01:02:21.300 --> 01:02:23.300
is it 75, 80 businesses.

1605
01:02:23.300 --> 01:02:27.300
When I speak to people like Kevin O'Leary

1606
01:02:27.300 --> 01:02:29.300
who have worked with some of the greatest entrepreneurs

1607
01:02:29.300 --> 01:02:31.300
to ever live like Steve Jobs,

1608
01:02:31.300 --> 01:02:33.300
and he's very familiar with Elon Musk,

1609
01:02:33.300 --> 01:02:35.300
they talked to me about focus.

1610
01:02:35.300 --> 01:02:39.300
And he says to me that the great thing about Steve Jobs

1611
01:02:39.300 --> 01:02:41.300
is he was 80% signal,

1612
01:02:41.300 --> 01:02:43.300
and 20% noise.

1613
01:02:43.300 --> 01:02:45.300
I 80% of his time,

1614
01:02:45.300 --> 01:02:47.300
he was focused on the most important thing,

1615
01:02:47.300 --> 01:02:49.300
and he was brutal about not entertaining anything else.

1616
01:02:49.300 --> 01:02:51.300
Johnny Ives has famously said

1617
01:02:51.300 --> 01:02:53.300
that the one thing Steve Jobs was most known for

1618
01:02:53.300 --> 01:02:55.300
is his remarkable ability to focus.

1619
01:02:55.300 --> 01:02:57.300
He would literally ask you what you said no to

1620
01:02:57.300 --> 01:02:59.300
in order to focus on the most important thing.

1621
01:02:59.300 --> 01:03:01.300
I think about Mark Zuckerberg

1622
01:03:01.300 --> 01:03:03.300
and his unbelievable ability to focus.

1623
01:03:03.300 --> 01:03:05.300
I remember several people that matter,

1624
01:03:05.300 --> 01:03:07.300
but also I think it's a public story telling me

1625
01:03:07.300 --> 01:03:09.300
that when he realized he was late to mobile

1626
01:03:09.300 --> 01:03:11.300
he refused to take any meetings

1627
01:03:11.300 --> 01:03:13.300
about anything other than mobile.

1628
01:03:13.300 --> 01:03:15.300
Like extreme levels of focus.

1629
01:03:15.300 --> 01:03:17.300
And then Kevin O'Leary from Shark Tank said

1630
01:03:17.300 --> 01:03:19.300
the same to me about Elon Musk.

1631
01:03:19.300 --> 01:03:21.300
He says Elon Musk is the only person

1632
01:03:21.300 --> 01:03:23.300
that I think operates close to 100% signal,

1633
01:03:23.300 --> 01:03:25.300
which is he, and I interviewed World Tri-Zix

1634
01:03:25.300 --> 01:03:27.300
in his biographer and he said,

1635
01:03:27.300 --> 01:03:29.300
Elon will sit in a meeting

1636
01:03:29.300 --> 01:03:31.300
and if people aren't talking about something,

1637
01:03:31.300 --> 01:03:33.300
that is the most important thing,

1638
01:03:33.300 --> 01:03:35.300
they'll completely zone out.

1639
01:03:35.300 --> 01:03:37.300
And then the minute he hears something

1640
01:03:37.300 --> 01:03:39.300
that he considers to be the most important thing,

1641
01:03:39.300 --> 01:03:41.300
it's like he snaps into reality,

1642
01:03:41.300 --> 01:03:43.300
and he takes control and he's deep into the detail.

1643
01:03:43.300 --> 01:03:45.300
And it sits in contradiction to a lot of the narrative

1644
01:03:45.300 --> 01:03:47.300
of businesses, do as many things as you can.

1645
01:03:47.300 --> 01:03:49.300
But you've both kind of, you know,

1646
01:03:49.300 --> 01:03:51.300
you should create a life for yourself,

1647
01:03:51.300 --> 01:03:53.300
where you're a millionaire and you're free,

1648
01:03:53.300 --> 01:03:55.300
in that regard.

1649
01:03:55.300 --> 01:03:57.300
But when I look at the biggest companies in the world,

1650
01:03:57.300 --> 01:03:59.300
there's this like, there are peers to be obsessive focus.

1651
01:03:59.300 --> 01:04:01.300
Yeah.

1652
01:04:01.300 --> 01:04:03.300
I love that question.

1653
01:04:03.300 --> 01:04:05.300
I think that all else equal,

1654
01:04:05.300 --> 01:04:07.300
the guy who focuses more

1655
01:04:07.300 --> 01:04:09.300
is more likely to be a billionaire.

1656
01:04:09.300 --> 01:04:11.300
But back to momentum, right?

1657
01:04:11.300 --> 01:04:13.300
The person that keeps

1658
01:04:13.300 --> 01:04:15.300
and has and maintains momentum

1659
01:04:15.300 --> 01:04:17.300
and gets energy from what they do,

1660
01:04:17.300 --> 01:04:19.300
they're more likely to be a millionaire

1661
01:04:19.300 --> 01:04:21.300
than the average person.

1662
01:04:21.300 --> 01:04:23.300
Right?

1663
01:04:23.300 --> 01:04:25.300
I genuinely have no desire to be a billionaire.

1664
01:04:25.300 --> 01:04:27.300
Genuinely.

1665
01:04:27.300 --> 01:04:29.300
If I get there, cool.

1666
01:04:29.300 --> 01:04:31.300
But I don't want to leave my kids

1667
01:04:31.300 --> 01:04:33.300
tens of millions of dollars anyway.

1668
01:04:33.300 --> 01:04:35.300
I know where I get most of my energy from.

1669
01:04:35.300 --> 01:04:37.300
I have a lot of surface area for this.

1670
01:04:37.300 --> 01:04:39.300
I've tried the focus, I've tried having a board.

1671
01:04:39.300 --> 01:04:41.300
I don't want any of that.

1672
01:04:41.300 --> 01:04:43.300
I don't, right?

1673
01:04:43.300 --> 01:04:45.300
So if my life with hyper focused Chris

1674
01:04:45.300 --> 01:04:47.300
looks like

1675
01:04:47.300 --> 01:04:49.300
billion dollar exits

1676
01:04:49.300 --> 01:04:51.300
reporting to a board,

1677
01:04:51.300 --> 01:04:53.300
being chairman of the board, being CEO,

1678
01:04:53.300 --> 01:04:55.300
sitting in meetings all day,

1679
01:04:55.300 --> 01:04:57.300
that's miserable Chris, right?

1680
01:04:57.300 --> 01:04:59.300
And if I'm not going to,

1681
01:04:59.300 --> 01:05:01.300
if I don't want to leave a ton of money to my kids anyway,

1682
01:05:01.300 --> 01:05:03.300
then why am I making Chris miserable?

1683
01:05:03.300 --> 01:05:05.300
So my fourth great-grandkids can be rich

1684
01:05:05.300 --> 01:05:07.300
instead of just my second great-grandkids.

1685
01:05:07.300 --> 01:05:09.300
Like that's genuinely how I look at it.

1686
01:05:09.300 --> 01:05:13.300
One of my superpowers is my long-term perspective, right?

1687
01:05:13.300 --> 01:05:15.300
I think of things on an eternal scale.

1688
01:05:15.300 --> 01:05:17.300
And if I have to have a miserable life,

1689
01:05:17.300 --> 01:05:19.300
so my kids in year

1690
01:05:19.300 --> 01:05:23.300
20, 300 can still be wealthy?

1691
01:05:23.300 --> 01:05:25.300
Forget that. Like I don't,

1692
01:05:25.300 --> 01:05:27.300
I don't want them to have all that money anyway.

1693
01:05:27.300 --> 01:05:29.300
So I want to live an awesome life

1694
01:05:29.300 --> 01:05:31.300
where I'm a good and present father.

1695
01:05:31.300 --> 01:05:33.300
And to me, that looks like focusing less, not more.

1696
01:05:33.300 --> 01:05:37.300
What if you focused the next 10 years?

1697
01:05:37.300 --> 01:05:39.300
It's $1 billion on one thing.

1698
01:05:39.300 --> 01:05:41.300
And then, because you've done that,

1699
01:05:41.300 --> 01:05:45.300
you can take even more sort of experimental bets

1700
01:05:45.300 --> 01:05:47.300
with higher risk and more enjoyment

1701
01:05:47.300 --> 01:05:49.300
and more sort of pleasure-centric bets

1702
01:05:49.300 --> 01:05:51.300
over the next 40, 50, 60 years

1703
01:05:51.300 --> 01:05:53.300
of the rest of your life.

1704
01:05:53.300 --> 01:05:55.300
Yeah. I just don't think that that juice

1705
01:05:55.300 --> 01:05:57.300
would be worth the squeeze.

1706
01:05:57.300 --> 01:05:59.300
I think that those bigger bets that I take

1707
01:05:59.300 --> 01:06:01.300
will just amount to more meetings

1708
01:06:01.300 --> 01:06:03.300
and more travel

1709
01:06:03.300 --> 01:06:05.300
and more time away from my kids.

1710
01:06:05.300 --> 01:06:09.300
And I don't like it might sound controversial.

1711
01:06:09.300 --> 01:06:11.300
Like I'm not trying to change the world.

1712
01:06:11.300 --> 01:06:13.300
Like I want to help people start businesses

1713
01:06:13.300 --> 01:06:15.300
and I can do that with my iPhone.

1714
01:06:15.300 --> 01:06:17.300
And that will change the world.

1715
01:06:17.300 --> 01:06:19.300
But I'm not trying to solve world hunger.

1716
01:06:19.300 --> 01:06:21.300
I think that someone else is probably going to solve.

1717
01:06:21.300 --> 01:06:23.300
And so I just want to be a good dad

1718
01:06:23.300 --> 01:06:25.300
and work on really cool things.

1719
01:06:25.300 --> 01:06:27.300
And it's been a grind to get here.

1720
01:06:27.300 --> 01:06:29.300
Like I've had more years

1721
01:06:29.300 --> 01:06:33.300
with zero income than I've had up years.

1722
01:06:33.300 --> 01:06:35.300
But my up years have more than compensated

1723
01:06:35.300 --> 01:06:37.300
for my down years.

1724
01:06:37.300 --> 01:06:39.300
So what you're looking at today is the end result

1725
01:06:39.300 --> 01:06:41.300
of 17 years of a lot of testing.

1726
01:06:41.300 --> 01:06:43.300
Like a very patient wife

1727
01:06:43.300 --> 01:06:45.300
that was unquestioning

1728
01:06:45.300 --> 01:06:47.300
and unwavering and extremely loyal,

1729
01:06:47.300 --> 01:06:49.300
which I could not have done it without.

1730
01:06:49.300 --> 01:06:51.300
And so there were a lot of periods of my life

1731
01:06:51.300 --> 01:06:53.300
where I beat myself up

1732
01:06:53.300 --> 01:06:55.300
over that lack of focus.

1733
01:06:55.300 --> 01:06:57.300
I went and got my MBA because of my lack of focus.

1734
01:06:57.300 --> 01:06:59.300
I finished my undergrad because of my lack of focus.

1735
01:06:59.300 --> 01:07:02.300
Like getting a full-time job has never really been off the table

1736
01:07:02.300 --> 01:07:04.300
until the last five or so years.

1737
01:07:04.300 --> 01:07:08.300
So I've never been unwilling to get a job or to focus.

1738
01:07:08.300 --> 01:07:10.300
And I probably did it the hard way, honestly.

1739
01:07:10.300 --> 01:07:12.300
But I'm to the point now

1740
01:07:12.300 --> 01:07:16.300
where I don't feel the need to focus all on one thing.

1741
01:07:16.300 --> 01:07:18.300
Did you ever feel guilty

1742
01:07:18.300 --> 01:07:20.300
because of the situation

1743
01:07:20.300 --> 01:07:22.300
you put your family or your partner in?

1744
01:07:22.300 --> 01:07:24.300
Yeah.

1745
01:07:24.300 --> 01:07:26.300
More than once, yeah.

1746
01:07:26.300 --> 01:07:28.300
More than many times.

1747
01:07:28.300 --> 01:07:30.300
Give me an example.

1748
01:07:30.300 --> 01:07:32.300
I spent 18 months working on a project

1749
01:07:32.300 --> 01:07:34.300
that had no cash flow along the way

1750
01:07:34.300 --> 01:07:36.300
with the hope of a big payout.

1751
01:07:36.300 --> 01:07:38.300
And we were making no income.

1752
01:07:38.300 --> 01:07:40.300
Right?

1753
01:07:40.300 --> 01:07:42.300
And I was focused on this one thing.

1754
01:07:42.300 --> 01:07:44.300
And that is kind of the downside of focus.

1755
01:07:44.300 --> 01:07:46.300
If you focus on the wrong thing,

1756
01:07:46.300 --> 01:07:48.300
it can really come back to bite you, right?

1757
01:07:48.300 --> 01:07:50.300
But to me, this is objectively the right thing.

1758
01:07:50.300 --> 01:07:52.300
It was showing all the signals it was growing.

1759
01:07:52.300 --> 01:07:54.300
We, we, we, we, we, we, we, we,

1760
01:07:54.300 --> 01:07:56.300
we, we, we, we, we, we, we, we, we,

1761
01:07:56.300 --> 01:07:58.300
we, we, we, we, we, we, we, we, we,

1762
01:07:58.300 --> 01:08:00.300
we, we had like a few rental homes.

1763
01:08:00.300 --> 01:08:02.300
We had some assets.

1764
01:08:02.300 --> 01:08:04.300
And I was selling those things.

1765
01:08:04.300 --> 01:08:06.300
So my family could maintain the quality of life.

1766
01:08:06.300 --> 01:08:08.300
Right?

1767
01:08:08.300 --> 01:08:10.300
So I felt guilty.

1768
01:08:10.300 --> 01:08:12.300
But I was also insulating them from feeling

1769
01:08:12.300 --> 01:08:14.300
the, the pinch that I was feeling in the office.

1770
01:08:14.300 --> 01:08:16.300
Right?

1771
01:08:16.300 --> 01:08:18.300
And then at the end of that experiment,

1772
01:08:18.300 --> 01:08:20.300
it all went to zero.

1773
01:08:20.300 --> 01:08:22.300
I was out money.

1774
01:08:22.300 --> 01:08:24.300
I was out time.

1775
01:08:24.300 --> 01:08:26.300
I was out everything.

1776
01:08:26.300 --> 01:08:28.300
It was one, one example.

1777
01:08:28.300 --> 01:08:32.300
But thankfully, like we, we didn't have to sell our house.

1778
01:08:32.300 --> 01:08:34.300
We didn't have to do anything drastic.

1779
01:08:34.300 --> 01:08:36.300
And what that looked like at home was,

1780
01:08:36.300 --> 01:08:38.300
dad was quiet more often than not.

1781
01:08:38.300 --> 01:08:40.300
Dad was grumpy more often than not.

1782
01:08:40.300 --> 01:08:44.300
But dad wasn't really talking freely and openly about the things he was going through

1783
01:08:44.300 --> 01:08:46.300
because he was trying to, you know,

1784
01:08:46.300 --> 01:08:50.300
put on a brave face and insulate the family from that.

1785
01:08:50.300 --> 01:08:52.300
Even when my wife was begging to know more,

1786
01:08:52.300 --> 01:08:54.300
to get more out of me, I just,

1787
01:08:54.300 --> 01:08:56.300
talk about stressors.

1788
01:08:56.300 --> 01:08:58.300
Then it becomes more stressful to me oftentimes.

1789
01:08:58.300 --> 01:09:00.300
So I just keep it in.

1790
01:09:00.300 --> 01:09:02.300
I find the same.

1791
01:09:02.300 --> 01:09:04.300
I think my partner understands this of me.

1792
01:09:04.300 --> 01:09:06.300
And I tried to explain to her that I don't like talking about the stress

1793
01:09:06.300 --> 01:09:08.300
because in this environment,

1794
01:09:08.300 --> 01:09:10.300
it's actually de-stressing me

1795
01:09:10.300 --> 01:09:12.300
from not having to explain and conversate about it.

1796
01:09:12.300 --> 01:09:14.300
So, which is a bit of a paradox

1797
01:09:14.300 --> 01:09:16.300
because then they don't really understand.

1798
01:09:16.300 --> 01:09:18.300
Yeah.

1799
01:09:18.300 --> 01:09:20.300
And if they don't understand,

1800
01:09:20.300 --> 01:09:22.300
they might misunderstand.

1801
01:09:22.300 --> 01:09:24.300
And then you're going to tell them

1802
01:09:24.300 --> 01:09:26.300
in some sort of like argument

1803
01:09:26.300 --> 01:09:28.300
what's going on.

1804
01:09:28.300 --> 01:09:30.300
Yeah, yeah, yeah.

1805
01:09:30.300 --> 01:09:32.300
I've loved that for sure.

1806
01:09:32.300 --> 01:09:34.300
I don't know how to navigate that,

1807
01:09:34.300 --> 01:09:36.300
but it's definitely true that me going through something in work

1808
01:09:36.300 --> 01:09:38.300
and then having to come home and like

1809
01:09:38.300 --> 01:09:40.300
go through it for another hour to someone else

1810
01:09:40.300 --> 01:09:42.300
and stress them out potentially.

1811
01:09:42.300 --> 01:09:44.300
Yeah.

1812
01:09:44.300 --> 01:09:46.300
Doesn't feel like the right approach.

1813
01:09:46.300 --> 01:09:48.300
No, but I don't know what the right approach is

1814
01:09:48.300 --> 01:09:50.300
because they have a right to know about it as well, right?

1815
01:09:50.300 --> 01:09:52.300
And someone else that, you know,

1816
01:09:52.300 --> 01:09:54.300
is in our space

1817
01:09:54.300 --> 01:09:56.300
that we can just talk to about the situation.

1818
01:09:56.300 --> 01:09:58.300
I think having no outlet is also bad.

1819
01:09:58.300 --> 01:10:00.300
Yeah.

1820
01:10:00.300 --> 01:10:02.300
And I'm guilty of that.

1821
01:10:02.300 --> 01:10:04.300
I find a lot of joy in my work.

1822
01:10:04.300 --> 01:10:06.300
And so I don't look at it as work often,

1823
01:10:06.300 --> 01:10:08.300
but it still work, right?

1824
01:10:08.300 --> 01:10:10.300
Like it's still taxing.

1825
01:10:10.300 --> 01:10:12.300
So I need to be better by having an outlet.

1826
01:10:12.300 --> 01:10:14.300
Have you developed a new relationship

1827
01:10:14.300 --> 01:10:16.300
with rejection and failure

1828
01:10:16.300 --> 01:10:18.300
because, you know, starting

1829
01:10:18.300 --> 01:10:20.300
with this is, you must have dealt with a lot of failure.

1830
01:10:20.300 --> 01:10:22.300
And how does that feed into everything

1831
01:10:22.300 --> 01:10:24.300
we're talking about today?

1832
01:10:24.300 --> 01:10:26.300
Oh, man.

1833
01:10:26.300 --> 01:10:28.300
I would, I don't know where I'd be without rejection

1834
01:10:28.300 --> 01:10:30.300
and failure.

1835
01:10:30.300 --> 01:10:32.300
I'm not good at sales.

1836
01:10:32.300 --> 01:10:34.300
So if anyone's watching this and like,

1837
01:10:34.300 --> 01:10:36.300
I can't start a business, business is all sales.

1838
01:10:36.300 --> 01:10:38.300
Like, you don't have to be good at sales.

1839
01:10:38.300 --> 01:10:40.300
I'm not good at sales.

1840
01:10:40.300 --> 01:10:42.300
I can't think of a business that

1841
01:10:42.300 --> 01:10:44.300
where I had to rely on like early customers coming

1842
01:10:44.300 --> 01:10:46.300
from friends and family.

1843
01:10:46.300 --> 01:10:48.300
I didn't want to post my

1844
01:10:48.300 --> 01:10:50.300
side hustle number 37 to Facebook

1845
01:10:50.300 --> 01:10:52.300
because I just thought my friends would roll their eyes.

1846
01:10:52.300 --> 01:10:54.300
So I created this stupid constraint for me

1847
01:10:54.300 --> 01:10:56.300
where like I had to launch things

1848
01:10:56.300 --> 01:10:58.300
without the help of my

1849
01:10:58.300 --> 01:11:00.300
ever-willing friends and family

1850
01:11:00.300 --> 01:11:02.300
because I was too prideful, right?

1851
01:11:02.300 --> 01:11:04.300
So I advise against that, first of all.

1852
01:11:04.300 --> 01:11:06.300
Second of all,

1853
01:11:06.300 --> 01:11:08.300
I served a mission for my church.

1854
01:11:08.300 --> 01:11:10.300
I went to Eastern Europe for two years

1855
01:11:10.300 --> 01:11:12.300
and I knocked doors in Hungarian

1856
01:11:12.300 --> 01:11:14.300
for two years straight.

1857
01:11:14.300 --> 01:11:16.300
On the street in freezing weather

1858
01:11:16.300 --> 01:11:18.300
wearing a big Russian cat

1859
01:11:18.300 --> 01:11:22.300
like I got rejected tens of thousands of times

1860
01:11:22.300 --> 01:11:24.300
over the course of two years.

1861
01:11:24.300 --> 01:11:26.300
Being an introvert, staying an introvert,

1862
01:11:26.300 --> 01:11:28.300
still an introvert, still bad at sales,

1863
01:11:28.300 --> 01:11:30.300
still hating sales today at age 38, right?

1864
01:11:30.300 --> 01:11:32.300
But that like

1865
01:11:32.300 --> 01:11:34.300
changed me as a man,

1866
01:11:34.300 --> 01:11:36.300
as a person, right?

1867
01:11:36.300 --> 01:11:38.300
That rewired my brain

1868
01:11:38.300 --> 01:11:40.300
to just realize that every now

1869
01:11:40.300 --> 01:11:42.300
is closer to a yes.

1870
01:11:42.300 --> 01:11:44.300
When a rate is 0.1%,

1871
01:11:44.300 --> 01:11:46.300
I gotta talk to a thousand people

1872
01:11:46.300 --> 01:11:48.300
and I will surely get a conversion.

1873
01:11:48.300 --> 01:11:50.300
If I talk to a thousand and I don't get a conversion,

1874
01:11:50.300 --> 01:11:52.300
then I'm gonna get two conversions

1875
01:11:52.300 --> 01:11:54.300
by the time I get to 2000,

1876
01:11:54.300 --> 01:11:56.300
statistically speaking.

1877
01:11:56.300 --> 01:11:58.300
So I just need to keep getting rejected.

1878
01:11:58.300 --> 01:12:00.300
And that changed everything for me.

1879
01:12:00.300 --> 01:12:02.300
I think it's super underrated

1880
01:12:02.300 --> 01:12:04.300
to give kids a job in like cold sales.

1881
01:12:04.300 --> 01:12:06.300
That's what I did when I was 16

1882
01:12:06.300 --> 01:12:08.300
till 19.

1883
01:12:08.300 --> 01:12:10.300
Sounds like it's what you did,

1884
01:12:10.300 --> 01:12:12.300
are your kids gonna do that?

1885
01:12:12.300 --> 01:12:14.300
Yeah, hopefully.

1886
01:12:14.300 --> 01:12:16.300
And two of my kids are introverts,

1887
01:12:16.300 --> 01:12:18.300
two are extroverted.

1888
01:12:18.300 --> 01:12:20.300
But they are selling,

1889
01:12:20.300 --> 01:12:22.300
like they already have businesses

1890
01:12:22.300 --> 01:12:24.300
little side oscillals here and there.

1891
01:12:24.300 --> 01:12:26.300
But I am encouraging them to go on missions

1892
01:12:26.300 --> 01:12:28.300
and to do selling because it's

1893
01:12:28.300 --> 01:12:30.300
the fastest way to learn.

1894
01:12:30.300 --> 01:12:32.300
It's the fastest way to test.

1895
01:12:32.300 --> 01:12:34.300
If I talk to a thousand people,

1896
01:12:34.300 --> 01:12:36.300
then I can have a thousand different approaches.

1897
01:12:36.300 --> 01:12:38.300
And if my conversion rate is 0.1%,

1898
01:12:38.300 --> 01:12:40.300
because I'm able to test and iterate

1899
01:12:40.300 --> 01:12:42.300
and pivot based on all that feedback I get.

1900
01:12:42.300 --> 01:12:44.300
What have you learnt about team building

1901
01:12:44.300 --> 01:12:46.300
and business partners through this process?

1902
01:12:46.300 --> 01:12:48.300
What advice would you give

1903
01:12:48.300 --> 01:12:50.300
to someone who sat there alone

1904
01:12:50.300 --> 01:12:52.300
listening to this right now?

1905
01:12:52.300 --> 01:12:54.300
Do they need a business partner?

1906
01:12:54.300 --> 01:12:56.300
If they do, who, how, what?

1907
01:12:56.300 --> 01:13:00.300
Man, usually people don't need a business partner.

1908
01:13:00.300 --> 01:13:04.300
If you look at the stats on like

1909
01:13:04.300 --> 01:13:06.300
business failure rates

1910
01:13:06.300 --> 01:13:08.300
of companies that have co-founders,

1911
01:13:08.300 --> 01:13:10.300
it's significantly higher than companies

1912
01:13:10.300 --> 01:13:12.300
that have solo founders.

1913
01:13:12.300 --> 01:13:14.300
We see their survivorship bias examples,

1914
01:13:14.300 --> 01:13:16.300
right? The apples and the

1915
01:13:16.300 --> 01:13:18.300
a lot of companies we can look at

1916
01:13:18.300 --> 01:13:20.300
that had two co-founders that won.

1917
01:13:20.300 --> 01:13:22.300
But nobody talks about or writes

1918
01:13:22.300 --> 01:13:26.300
about the 90, 60, 80% of companies

1919
01:13:26.300 --> 01:13:28.300
that fail with co-founders.

1920
01:13:28.300 --> 01:13:30.300
Think about it this way.

1921
01:13:30.300 --> 01:13:32.300
When we get married, we'll spend years

1922
01:13:32.300 --> 01:13:34.300
talking about our potential plans,

1923
01:13:34.300 --> 01:13:35.300
like big goals, like what do we want to live?

1924
01:13:35.300 --> 01:13:37.300
How many kids do we have?

1925
01:13:37.300 --> 01:13:39.300
My wife and I wanted seven kids and we got married.

1926
01:13:39.300 --> 01:13:41.300
We settled on four, right?

1927
01:13:41.300 --> 01:13:43.300
It changed over time. It took years to change.

1928
01:13:43.300 --> 01:13:45.300
We realized kids are actually freaking hard, right?

1929
01:13:45.300 --> 01:13:47.300
So then we're like, where do we live?

1930
01:13:47.300 --> 01:13:49.300
What kind of a house do we want?

1931
01:13:49.300 --> 01:13:51.300
We spend all this time, maybe while we're engaged,

1932
01:13:51.300 --> 01:13:53.300
maybe while we're dating, maybe after we're married.

1933
01:13:53.300 --> 01:13:55.300
But those are big decisions, right?

1934
01:13:55.300 --> 01:13:57.300
But when we choose a business partner,

1935
01:13:57.300 --> 01:13:59.300
we go get avocado toast together

1936
01:13:59.300 --> 01:14:01.300
and we're like, 50, 50?

1937
01:14:01.300 --> 01:14:03.300
Cool. Sounds good. Let's do this.

1938
01:14:03.300 --> 01:14:05.300
It's like, who is that guy?

1939
01:14:05.300 --> 01:14:07.300
You might have even known him your whole life,

1940
01:14:07.300 --> 01:14:09.300
but who is he as a business partner?

1941
01:14:09.300 --> 01:14:11.300
Or as a business person?

1942
01:14:11.300 --> 01:14:13.300
I feel like business partnerships are significantly harder

1943
01:14:13.300 --> 01:14:15.300
than marriages, even.

1944
01:14:15.300 --> 01:14:19.300
But we put 99% less thought

1945
01:14:19.300 --> 01:14:21.300
into like the structure of things

1946
01:14:21.300 --> 01:14:23.300
and that's a giant failure

1947
01:14:23.300 --> 01:14:25.300
that I've made over and over again.

1948
01:14:25.300 --> 01:14:27.300
What do you wish someone had said to you

1949
01:14:27.300 --> 01:14:29.300
in the situations where it didn't work out with business partners

1950
01:14:29.300 --> 01:14:31.300
or really like across the board?

1951
01:14:31.300 --> 01:14:33.300
You'd had what seven business partners?

1952
01:14:33.300 --> 01:14:35.300
It says that I've had like 15.

1953
01:14:35.300 --> 01:14:37.300
Okay. So in those 15 occasions,

1954
01:14:37.300 --> 01:14:39.300
what is the advice you wish someone had given you

1955
01:14:39.300 --> 01:14:41.300
before you engaged in those business relationships?

1956
01:14:41.300 --> 01:14:43.300
Yeah. Well, what do they say about dating?

1957
01:14:43.300 --> 01:14:45.300
It's like be a, be a good,

1958
01:14:45.300 --> 01:14:47.300
like the best way to find a good spouse

1959
01:14:47.300 --> 01:14:49.300
is to be a good spouse.

1960
01:14:49.300 --> 01:14:51.300
Best way to find a good girlfriend.

1961
01:14:51.300 --> 01:14:53.300
You know what I'm saying?

1962
01:14:53.300 --> 01:14:55.300
You've got to learn more about yourself

1963
01:14:55.300 --> 01:14:57.300
before you partner with someone else.

1964
01:14:57.300 --> 01:14:59.300
Most people have no idea

1965
01:14:59.300 --> 01:15:01.300
what their strengths are or their weaknesses are.

1966
01:15:01.300 --> 01:15:03.300
They sure don't know what the other guys' strengths

1967
01:15:03.300 --> 01:15:05.300
or weaknesses are.

1968
01:15:05.300 --> 01:15:07.300
So I suggest people solo found things

1969
01:15:07.300 --> 01:15:09.300
to start to learn more about themselves.

1970
01:15:09.300 --> 01:15:11.300
Are they a visionary?

1971
01:15:11.300 --> 01:15:13.300
Are they an integrator, starter, maintainer,

1972
01:15:13.300 --> 01:15:15.300
finisher? Who are they?

1973
01:15:15.300 --> 01:15:17.300
And then when they want to jump into another thing

1974
01:15:17.300 --> 01:15:19.300
because inevitably if we launch one thing

1975
01:15:19.300 --> 01:15:21.300
we're going to launch more.

1976
01:15:21.300 --> 01:15:23.300
They know more about what to look for in a partner

1977
01:15:23.300 --> 01:15:25.300
and they can optimize for that.

1978
01:15:25.300 --> 01:15:27.300
What about equity?

1979
01:15:27.300 --> 01:15:29.300
Yeah, I mean,

1980
01:15:29.300 --> 01:15:31.300
50-50 is the old standby, right?

1981
01:15:31.300 --> 01:15:33.300
Could you imagine if,

1982
01:15:33.300 --> 01:15:35.300
like you go on a first date

1983
01:15:35.300 --> 01:15:37.300
and it's like,

1984
01:15:37.300 --> 01:15:39.300
how many kids do you want for?

1985
01:15:39.300 --> 01:15:41.300
Okay, we'll have four.

1986
01:15:41.300 --> 01:15:43.300
We'll get married.

1987
01:15:43.300 --> 01:15:45.300
And that's how many we will have.

1988
01:15:45.300 --> 01:15:47.300
No matter what.

1989
01:15:47.300 --> 01:15:49.300
That's a 50-50 partnership, right?

1990
01:15:49.300 --> 01:15:51.300
It's making an incredibly important decision

1991
01:15:51.300 --> 01:15:53.300
based on,

1992
01:15:53.300 --> 01:15:55.300
both equal 100,

1993
01:15:55.300 --> 01:15:57.300
claim to me,

1994
01:15:57.300 --> 01:15:59.300
but like what is the statistical chance?

1995
01:15:59.300 --> 01:16:01.300
This is what needs to be true

1996
01:16:01.300 --> 01:16:03.300
for a 50-50 partnership to work, okay?

1997
01:16:03.300 --> 01:16:05.300
They both have to be all in.

1998
01:16:05.300 --> 01:16:07.300
They both have to always be all in

1999
01:16:07.300 --> 01:16:09.300
for the whole lifespan of the business,

2000
01:16:09.300 --> 01:16:11.300
maybe years, maybe decades.

2001
01:16:11.300 --> 01:16:13.300
They have to put in the same amount of money,

2002
01:16:13.300 --> 01:16:15.300
same amount of effort, same amount of connections,

2003
01:16:15.300 --> 01:16:17.300
value, history, background.

2004
01:16:17.300 --> 01:16:21.300
Also, both of them should be completely selfless, right?

2005
01:16:21.300 --> 01:16:23.300
And not care if the other one's not pulling his weight.

2006
01:16:23.300 --> 01:16:25.300
They have to be vacation cool.

2007
01:16:25.300 --> 01:16:27.300
You'll make up for it later.

2008
01:16:27.300 --> 01:16:29.300
They have to be like that chill of a human being.

2009
01:16:29.300 --> 01:16:31.300
And of course, like,

2010
01:16:31.300 --> 01:16:33.300
they have to be the same as the other person.

2011
01:16:33.300 --> 01:16:35.300
If all those things are true,

2012
01:16:35.300 --> 01:16:37.300
50-50 works great.

2013
01:16:37.300 --> 01:16:39.300
And they need to develop going forward in the same way

2014
01:16:39.300 --> 01:16:41.300
because the next 10 future.

2015
01:16:41.300 --> 01:16:43.300
They need to grow at the same rate.

2016
01:16:43.300 --> 01:16:45.300
Yeah. Yeah. Which will never,

2017
01:16:45.300 --> 01:16:47.300
never, ever be the case.

2018
01:16:47.300 --> 01:16:49.300
So I like to say like,

2019
01:16:49.300 --> 01:16:51.300
you don't want a DTR to find the relationship too early

2020
01:16:51.300 --> 01:16:53.300
on, let's do 50-50 cool big mistake.

2021
01:16:53.300 --> 01:16:55.300
If you, you're two years down the line

2022
01:16:55.300 --> 01:16:57.300
and you've got all this revenue and customers

2023
01:16:57.300 --> 01:16:59.300
and you're like, all right, we should probably formalize this

2024
01:16:59.300 --> 01:17:01.300
too late because like,

2025
01:17:01.300 --> 01:17:03.300
that only works if the business just stays

2026
01:17:03.300 --> 01:17:05.300
at like a steady state forever.

2027
01:17:05.300 --> 01:17:07.300
Which it won't. It's going to go up

2028
01:17:07.300 --> 01:17:09.300
or it's going to go down, right?

2029
01:17:09.300 --> 01:17:11.300
And like, things get really ugly when either one

2030
01:17:11.300 --> 01:17:13.300
of those two scenarios happen.

2031
01:17:13.300 --> 01:17:15.300
So the sweet spot in my experience is, listen,

2032
01:17:15.300 --> 01:17:17.300
this is how this conversation would work.

2033
01:17:17.300 --> 01:17:19.300
We're going to partner together.

2034
01:17:19.300 --> 01:17:23.300
Hey, I think you're going to be great for this business

2035
01:17:23.300 --> 01:17:25.300
because you have a sales background.

2036
01:17:25.300 --> 01:17:27.300
You're great at sales. You have a lot of contacts

2037
01:17:27.300 --> 01:17:29.300
in the industry. I don't have any of that.

2038
01:17:29.300 --> 01:17:31.300
I don't even like sales. I don't know anything about sales.

2039
01:17:31.300 --> 01:17:33.300
But I'm an amazing engineer.

2040
01:17:33.300 --> 01:17:35.300
Like, I know I can build this thing.

2041
01:17:35.300 --> 01:17:37.300
You've seen me build other websites, other apps in the past.

2042
01:17:37.300 --> 01:17:39.300
I already have like a wireframe in mind.

2043
01:17:39.300 --> 01:17:41.300
Like, we're going to be great for this, right?

2044
01:17:41.300 --> 01:17:43.300
So let's just do this.

2045
01:17:43.300 --> 01:17:45.300
I don't know how this is going to go.

2046
01:17:45.300 --> 01:17:47.300
I don't know how much time you have.

2047
01:17:47.300 --> 01:17:51.300
Why don't we just get to $10,000 in revenue?

2048
01:17:51.300 --> 01:17:53.300
Let's get product market fit.

2049
01:17:53.300 --> 01:17:55.300
Let's get some good traction.

2050
01:17:55.300 --> 01:17:57.300
Maybe we'll get, like, you really have to set up

2051
01:17:57.300 --> 01:17:59.300
a defined metric around it.

2052
01:17:59.300 --> 01:18:01.300
Not like, let's see how this goes in 30 days.

2053
01:18:01.300 --> 01:18:03.300
But something like a revenue number, a number of customers

2054
01:18:03.300 --> 01:18:05.300
or something.

2055
01:18:05.300 --> 01:18:07.300
At that point, let's sit down.

2056
01:18:07.300 --> 01:18:09.300
Let's just like put it in the calendar today.

2057
01:18:09.300 --> 01:18:11.300
And let's have a conversation about what our equity looks like.

2058
01:18:11.300 --> 01:18:13.300
Because almost every time,

2059
01:18:13.300 --> 01:18:15.300
they're going to be remote,

2060
01:18:15.300 --> 01:18:17.300
just based on the world we live in.

2061
01:18:17.300 --> 01:18:19.300
Or one person will put in more money.

2062
01:18:19.300 --> 01:18:21.300
Or one person has more experience.

2063
01:18:21.300 --> 01:18:23.300
And all those things are relevant.

2064
01:18:23.300 --> 01:18:25.300
But you're going to get resentment.

2065
01:18:25.300 --> 01:18:27.300
100%.

2066
01:18:27.300 --> 01:18:29.300
And you're probably not going to talk about that resentment.

2067
01:18:29.300 --> 01:18:31.300
And it's only going to get worse.

2068
01:18:31.300 --> 01:18:37.300
It'll only get worse if things either go up or down.

2069
01:18:37.300 --> 01:18:39.300
So they will always get worse.

2070
01:18:39.300 --> 01:18:41.300
But it's hard to define.

2071
01:18:41.300 --> 01:18:43.300
Because one person might have 30 years of industry experience

2072
01:18:43.300 --> 01:18:45.300
and context and expertise.

2073
01:18:45.300 --> 01:18:47.300
And he can make one phone call that changes everything.

2074
01:18:47.300 --> 01:18:49.300
And the other person might be 18 years old

2075
01:18:49.300 --> 01:18:51.300
and just a hustler.

2076
01:18:51.300 --> 01:18:53.300
And willing to put in 80 hours a week.

2077
01:18:53.300 --> 01:18:55.300
So is the level of value the same?

2078
01:18:55.300 --> 01:18:57.300
If the level of hours put into the business?

2079
01:18:57.300 --> 01:18:59.300
Not the same?

2080
01:18:59.300 --> 01:19:01.300
It's hard.

2081
01:19:01.300 --> 01:19:03.300
It's really hard to say, hey, my one phone call

2082
01:19:03.300 --> 01:19:05.300
made us 10 millions of dollars,

2083
01:19:05.300 --> 01:19:07.300
tens of millions of dollars.

2084
01:19:07.300 --> 01:19:09.300
But you've done all the work.

2085
01:19:09.300 --> 01:19:11.300
You're the operator.

2086
01:19:11.300 --> 01:19:13.300
They're both going to take issue with that.

2087
01:19:13.300 --> 01:19:15.300
The only instance I was thinking about

2088
01:19:15.300 --> 01:19:17.300
all the business partnerships that I'm aware of.

2089
01:19:17.300 --> 01:19:19.300
So companies I've invested in.

2090
01:19:19.300 --> 01:19:21.300
There's about six or 70 companies I've invested in.

2091
01:19:21.300 --> 01:19:23.300
And then businesses I've started myself.

2092
01:19:23.300 --> 01:19:27.300
And the one time I've seen it work to split equally.

2093
01:19:27.300 --> 01:19:31.300
The two people had known each other for a long, long time.

2094
01:19:31.300 --> 01:19:35.300
And they were both late in their career.

2095
01:19:35.300 --> 01:19:37.300
So they're like, you know, when we think about

2096
01:19:37.300 --> 01:19:39.300
rate of development and potential.

2097
01:19:39.300 --> 01:19:41.300
Not only did they have a strong relationship.

2098
01:19:41.300 --> 01:19:43.300
They'd known each other a long time.

2099
01:19:43.300 --> 01:19:47.300
They'd worked together for more than five years together.

2100
01:19:47.300 --> 01:19:51.300
And they're sort of later in a more mature phase of their career.

2101
01:19:51.300 --> 01:19:53.300
Where, you know, like the kids situations figured itself out.

2102
01:19:53.300 --> 01:19:55.300
They're going to have kids or not.

2103
01:19:55.300 --> 01:19:57.300
And there hasn't been some of the big life disruptors

2104
01:19:57.300 --> 01:19:59.300
that sometimes can come along and change things.

2105
01:19:59.300 --> 01:20:01.300
And then I can give another example

2106
01:20:01.300 --> 01:20:03.300
where two people knew each other.

2107
01:20:03.300 --> 01:20:05.300
They were very, very young.

2108
01:20:05.300 --> 01:20:07.300
They'd worked together before.

2109
01:20:07.300 --> 01:20:11.300
The contract went in 50-50, although it was never really equal.

2110
01:20:11.300 --> 01:20:15.300
And then their rate of growth changed wildly where one person

2111
01:20:15.300 --> 01:20:19.300
really just like became a superstar.

2112
01:20:19.300 --> 01:20:21.300
And they look back at the contract and it was 50-50.

2113
01:20:21.300 --> 01:20:23.300
And I remember being privy to the conversation

2114
01:20:23.300 --> 01:20:25.300
where that person turned around to their business partner.

2115
01:20:25.300 --> 01:20:27.300
It's like, this is not fair.

2116
01:20:27.300 --> 01:20:29.300
Yeah.

2117
01:20:29.300 --> 01:20:31.300
This company without me goes to zero.

2118
01:20:31.300 --> 01:20:33.300
Without you, it keeps growing.

2119
01:20:33.300 --> 01:20:35.300
And there was an adjustment made to the equity at that point,

2120
01:20:35.300 --> 01:20:37.300
which is hard to do because attack reasons and stuff.

2121
01:20:37.300 --> 01:20:39.300
Yeah.

2122
01:20:39.300 --> 01:20:41.300
The one thing I will say about a 50-50,

2123
01:20:41.300 --> 01:20:43.300
and going in with someone that you've known for a long time,

2124
01:20:43.300 --> 01:20:45.300
or going in with your best friend,

2125
01:20:45.300 --> 01:20:47.300
that can be really freaking fun.

2126
01:20:47.300 --> 01:20:49.300
Like, it can just be the most enjoyable life ever.

2127
01:20:49.300 --> 01:20:53.300
So, it's just very high-risk and very high-reward.

2128
01:20:53.300 --> 01:20:55.300
And if you can make it work,

2129
01:20:55.300 --> 01:20:57.300
like oftentimes the biggest and the best

2130
01:20:57.300 --> 01:20:59.300
in the most well-ranned companies you see

2131
01:20:59.300 --> 01:21:03.300
were 50-50 partners that knew each other for a long time for that reason.

2132
01:21:03.300 --> 01:21:05.300
But the rate of failure is higher than average.

2133
01:21:05.300 --> 01:21:07.300
So, in these three suitcases in front of me,

2134
01:21:07.300 --> 01:21:11.300
I have different amounts of money.

2135
01:21:11.300 --> 01:21:15.300
And all I want you to do is to let me know,

2136
01:21:15.300 --> 01:21:17.300
if I was giving you this amount of money,

2137
01:21:17.300 --> 01:21:19.300
what business you would start?

2138
01:21:23.300 --> 01:21:25.300
Okay.

2139
01:21:25.300 --> 01:21:27.300
So, the first one has

2140
01:21:27.300 --> 01:21:31.300
$500.

2141
01:21:31.300 --> 01:21:33.300
Awesome.

2142
01:21:33.300 --> 01:21:35.300
So, most people would look at this and think,

2143
01:21:35.300 --> 01:21:37.300
we're going to do $500.

2144
01:21:37.300 --> 01:21:39.300
It's a lot of money, right?

2145
01:21:39.300 --> 01:21:41.300
In the age of today with 30-day free trials,

2146
01:21:41.300 --> 01:21:45.300
and a lot of Silicon Valley funded companies

2147
01:21:45.300 --> 01:21:47.300
willing to give you a lot of money to test your product,

2148
01:21:47.300 --> 01:21:49.300
this goes a long way.

2149
01:21:49.300 --> 01:21:51.300
So, the first thing to come to mind that comes to mind

2150
01:21:51.300 --> 01:21:55.300
is probably my favorite business idea of all right now.

2151
01:21:55.300 --> 01:21:57.300
Thankfully, you can start it with even less than this.

2152
01:21:57.300 --> 01:21:59.300
And that would be a business that helps implement AI

2153
01:21:59.300 --> 01:22:01.300
into small businesses,

2154
01:22:01.300 --> 01:22:03.300
small and medium sized businesses.

2155
01:22:03.300 --> 01:22:05.300
So, some facts for you.

2156
01:22:05.300 --> 01:22:07.300
There's 400 million small businesses on the planet.

2157
01:22:07.300 --> 01:22:09.300
They've surveyed some of these business owners.

2158
01:22:09.300 --> 01:22:13.300
And 77% of them have admitted that

2159
01:22:13.300 --> 01:22:17.300
like AI would be transformational to their business.

2160
01:22:17.300 --> 01:22:19.300
They need AI. It's not a FAD.

2161
01:22:19.300 --> 01:22:21.300
It's not going away.

2162
01:22:21.300 --> 01:22:23.300
5% of them have claimed they're using AI

2163
01:22:23.300 --> 01:22:25.300
in a meaningful way.

2164
01:22:25.300 --> 01:22:27.300
And to find that as you will.

2165
01:22:27.300 --> 01:22:29.300
This knowledge gap.

2166
01:22:29.300 --> 01:22:31.300
It's like a business cognitive dissonance of you all.

2167
01:22:31.300 --> 01:22:33.300
We know we need to do something,

2168
01:22:33.300 --> 01:22:35.300
and we're not doing it.

2169
01:22:35.300 --> 01:22:37.300
It doesn't matter how easy the tools are.

2170
01:22:37.300 --> 01:22:39.300
It doesn't matter how much you can create a new website

2171
01:22:39.300 --> 01:22:41.300
or an app with one prompt.

2172
01:22:41.300 --> 01:22:43.300
They need someone to do it.

2173
01:22:43.300 --> 01:22:45.300
I know how to vacuum my floor.

2174
01:22:45.300 --> 01:22:47.300
I know how to clean my house.

2175
01:22:47.300 --> 01:22:49.300
I still would rather just pay someone to do it.

2176
01:22:49.300 --> 01:22:51.300
And so, with a fifth of the money, call it $100.

2177
01:22:51.300 --> 01:22:55.300
I would start learning some vibe coding tools.

2178
01:22:55.300 --> 01:22:57.300
Rapplet, Lindy, there's a ton of them out there.

2179
01:22:57.300 --> 01:22:59.300
What is vibe coding for anyone that does vibe coding

2180
01:22:59.300 --> 01:23:01.300
is the non-technical person,

2181
01:23:01.300 --> 01:23:03.300
the non-coder such as myself,

2182
01:23:03.300 --> 01:23:05.300
using their natural language

2183
01:23:05.300 --> 01:23:07.300
to just say, hey, build me an app

2184
01:23:07.300 --> 01:23:11.300
that manages customers for dog trainers.

2185
01:23:11.300 --> 01:23:13.300
You'll have an app, right?

2186
01:23:13.300 --> 01:23:15.300
Is it fully functional? Is workable yet?

2187
01:23:15.300 --> 01:23:17.300
Not quite. But 10 to 20 more prompts

2188
01:23:17.300 --> 01:23:19.300
and you're going to go.

2189
01:23:19.300 --> 01:23:21.300
And for anyone that doesn't know,

2190
01:23:21.300 --> 01:23:23.300
I would suggest I'm an investor in both

2191
01:23:23.300 --> 01:23:25.300
that I would recommend going on

2192
01:23:25.300 --> 01:23:27.300
Rapplet or Lovable

2193
01:23:27.300 --> 01:23:31.300
and typing in any website I do you have,

2194
01:23:31.300 --> 01:23:33.300
just to have that sort of eureka moment

2195
01:23:33.300 --> 01:23:35.300
of watching it be made in front of you.

2196
01:23:35.300 --> 01:23:37.300
I think that eureka moment is the moment your mind expands

2197
01:23:37.300 --> 01:23:39.300
to the possibilities that are currently right in front of all of us.

2198
01:23:39.300 --> 01:23:41.300
You know, we think of building websites

2199
01:23:41.300 --> 01:23:43.300
or apps as exclusive to those

2200
01:23:43.300 --> 01:23:45.300
that have spent five years learning to code

2201
01:23:45.300 --> 01:23:47.300
that has now changed.

2202
01:23:47.300 --> 01:23:49.300
Yeah, we can all do it.

2203
01:23:49.300 --> 01:23:51.300
Yeah, and everyone should, like you said,

2204
01:23:51.300 --> 01:23:53.300
what do I prompt? What do I build?

2205
01:23:53.300 --> 01:23:55.300
Ask Chad Gbt what to build?

2206
01:23:55.300 --> 01:23:57.300
Copy paste one of those. Ask Chad Gbt to prompt it,

2207
01:23:57.300 --> 01:23:59.300
take it over to Rapplet or Lovable,

2208
01:23:59.300 --> 01:24:01.300
paste it, and see what it builds.

2209
01:24:01.300 --> 01:24:03.300
So I would use this as my education

2210
01:24:03.300 --> 01:24:05.300
and also to build a website, right?

2211
01:24:05.300 --> 01:24:07.300
Chris is AI Automations.com,

2212
01:24:07.300 --> 01:24:09.300
whatever, anything.

2213
01:24:09.300 --> 01:24:11.300
And then I would take the rest of the money

2214
01:24:11.300 --> 01:24:13.300
and I would put it into ads, right?

2215
01:24:13.300 --> 01:24:15.300
Preferably meta ads,

2216
01:24:15.300 --> 01:24:17.300
Facebook ads.

2217
01:24:17.300 --> 01:24:19.300
And I would target local businesses.

2218
01:24:19.300 --> 01:24:21.300
This is a global thing.

2219
01:24:21.300 --> 01:24:23.300
If I live in Omaha, Nebraska,

2220
01:24:23.300 --> 01:24:25.300
I could sell this to people in Tokyo.

2221
01:24:25.300 --> 01:24:27.300
It doesn't matter. I'm going to put radius around Omaha

2222
01:24:27.300 --> 01:24:29.300
and my ads are going to say,

2223
01:24:29.300 --> 01:24:31.300
I'm Chris and I can help put AI into your business.

2224
01:24:31.300 --> 01:24:33.300
I'm going to use fifth grade words.

2225
01:24:33.300 --> 01:24:35.300
I'm not going to use LLM.

2226
01:24:35.300 --> 01:24:37.300
I'm not even going to say Chad Gbt.

2227
01:24:37.300 --> 01:24:39.300
I'm just going to say,

2228
01:24:39.300 --> 01:24:41.300
I will make your business more money

2229
01:24:41.300 --> 01:24:43.300
or save your business money with AI.

2230
01:24:43.300 --> 01:24:45.300
Just a service business.

2231
01:24:45.300 --> 01:24:47.300
And then I'll get on discovery calls

2232
01:24:47.300 --> 01:24:49.300
and peppering them with questions about their business.

2233
01:24:49.300 --> 01:24:51.300
And over time,

2234
01:24:51.300 --> 01:24:53.300
I'm going to learn based on their answers

2235
01:24:53.300 --> 01:24:55.300
what their problems are.

2236
01:24:55.300 --> 01:24:57.300
What they're struggling with is a hiring,

2237
01:24:57.300 --> 01:24:59.300
the payrolls, the sales.

2238
01:24:59.300 --> 01:25:01.300
Usually it's going to be sales, right?

2239
01:25:01.300 --> 01:25:03.300
And then I'm going to take this money over here,

2240
01:25:03.300 --> 01:25:05.300
this $100 and go back to those apps

2241
01:25:05.300 --> 01:25:07.300
and start building solutions for them for free.

2242
01:25:07.300 --> 01:25:09.300
Just to kind of implement myself as an expert.

2243
01:25:09.300 --> 01:25:11.300
What are you going to challenge them?

2244
01:25:11.300 --> 01:25:13.300
I'm going to charge them between

2245
01:25:13.300 --> 01:25:15.300
$50,000 and $5,000

2246
01:25:15.300 --> 01:25:17.300
to implement it.

2247
01:25:17.300 --> 01:25:19.300
And then I'm going to charge them 20% of that amount

2248
01:25:19.300 --> 01:25:21.300
in an ongoing basis to maintain it

2249
01:25:21.300 --> 01:25:23.300
and fix it as it breaks.

2250
01:25:23.300 --> 01:25:25.300
Let's say there's a gutter cleaning business

2251
01:25:25.300 --> 01:25:27.300
in Omaha, Nebraska

2252
01:25:27.300 --> 01:25:31.300
that doesn't want to take calls after hours.

2253
01:25:31.300 --> 01:25:33.300
He's with his wife watching Netflix

2254
01:25:33.300 --> 01:25:35.300
and he knows that's a $3,000 job.

2255
01:25:35.300 --> 01:25:37.300
He doesn't want to take it.

2256
01:25:37.300 --> 01:25:39.300
So it was going to voicemail

2257
01:25:39.300 --> 01:25:41.300
and they're calling someone else

2258
01:25:41.300 --> 01:25:43.300
that is taking it, right?

2259
01:25:43.300 --> 01:25:45.300
It's really intimidating.

2260
01:25:45.300 --> 01:25:47.300
It feels like we have to have all these skills you don't.

2261
01:25:47.300 --> 01:25:49.300
You just need to prompt a couple tools a couple times.

2262
01:25:49.300 --> 01:25:51.300
I'm going to build a voice agent form

2263
01:25:51.300 --> 01:25:53.300
and then I'm going to tell him to call that agent

2264
01:25:53.300 --> 01:25:55.300
as if he were a customer

2265
01:25:55.300 --> 01:25:57.300
and say, hey, pretend you're a customer

2266
01:25:57.300 --> 01:25:59.300
that needs a gutter cleaning.

2267
01:25:59.300 --> 01:26:01.300
You're calling it 9.30 pm.

2268
01:26:01.300 --> 01:26:03.300
And just see how it reacts.

2269
01:26:03.300 --> 01:26:05.300
He's expecting there to be a delay.

2270
01:26:05.300 --> 01:26:07.300
There's really not. He's expecting it to be dumb.

2271
01:26:07.300 --> 01:26:09.300
There's not. He's expecting it to need to know

2272
01:26:09.300 --> 01:26:11.300
all about his business.

2273
01:26:11.300 --> 01:26:13.300
Then he's sold, right?

2274
01:26:13.300 --> 01:26:15.300
Charge him $3,000 for that.

2275
01:26:15.300 --> 01:26:17.300
You build it and then you charge him

2276
01:26:17.300 --> 01:26:19.300
call it $500 or $600 a month

2277
01:26:19.300 --> 01:26:21.300
to maintain it over time.

2278
01:26:21.300 --> 01:26:23.300
And then the beautiful thing is

2279
01:26:23.300 --> 01:26:25.300
you can go to every other gutter cleaning business

2280
01:26:25.300 --> 01:26:27.300
and Omaha or anywhere

2281
01:26:27.300 --> 01:26:29.300
and copy and paste that same app

2282
01:26:29.300 --> 01:26:31.300
and sell it to them.

2283
01:26:31.300 --> 01:26:33.300
Got you. So selling AI

2284
01:26:33.300 --> 01:26:35.300
to small business owners

2285
01:26:35.300 --> 01:26:37.300
who are in huge demand

2286
01:26:37.300 --> 01:26:39.300
but don't have the time

2287
01:26:39.300 --> 01:26:41.300
to resource expensive competence

2288
01:26:41.300 --> 01:26:43.300
to understand AI when actually AI

2289
01:26:43.300 --> 01:26:45.300
is really really simple.

2290
01:26:45.300 --> 01:26:47.300
We see this play out of the history

2291
01:26:47.300 --> 01:26:49.300
where there's an initial arbitrage

2292
01:26:49.300 --> 01:26:51.300
when a new technology comes into play.

2293
01:26:51.300 --> 01:26:53.300
In fact, one of the core center jobs

2294
01:26:53.300 --> 01:26:55.300
that I had when I was very, very broke

2295
01:26:55.300 --> 01:26:57.300
many, many years ago when I was like 18

2296
01:26:57.300 --> 01:27:01.300
or 19 was calling businesses

2297
01:27:01.300 --> 01:27:03.300
from the yellow pages

2298
01:27:03.300 --> 01:27:05.300
and selling them Facebook ads.

2299
01:27:05.300 --> 01:27:07.300
I would call a builder on a building site.

2300
01:27:07.300 --> 01:27:09.300
I would leave who's the owner of the building company

2301
01:27:09.300 --> 01:27:11.300
and I'd explain Facebook ads to him over the phone

2302
01:27:11.300 --> 01:27:13.300
and then I'd set them up for him

2303
01:27:13.300 --> 01:27:15.300
and manage them for him on a long

2304
01:27:15.300 --> 01:27:17.300
going basis and just send him the leads

2305
01:27:17.300 --> 01:27:19.300
because he didn't understand Facebook ads

2306
01:27:19.300 --> 01:27:21.300
and these opportunities you seem to exist

2307
01:27:21.300 --> 01:27:23.300
for years

2308
01:27:23.300 --> 01:27:25.300
when there's a new technology as we're seeing

2309
01:27:25.300 --> 01:27:27.300
how they are.

2310
01:27:27.300 --> 01:27:29.300
But the thing is with that idea

2311
01:27:29.300 --> 01:27:31.300
and with most ideas in my experience

2312
01:27:31.300 --> 01:27:33.300
we think there's a very limited time span

2313
01:27:33.300 --> 01:27:35.300
but if I were to start that business today

2314
01:27:35.300 --> 01:27:37.300
I'd still do it.

2315
01:27:37.300 --> 01:27:39.300
I might have more competitors

2316
01:27:39.300 --> 01:27:41.300
but like it doesn't matter

2317
01:27:41.300 --> 01:27:43.300
it would still work.

2318
01:27:43.300 --> 01:27:45.300
Interestingly the issue back then

2319
01:27:45.300 --> 01:27:47.300
was people didn't even know what Facebook ads were

2320
01:27:47.300 --> 01:27:49.300
so maybe it works to some degree better now

2321
01:27:49.300 --> 01:27:51.300
people have heard the word.

2322
01:27:51.300 --> 01:27:53.300
You worked pretty early.

2323
01:27:53.300 --> 01:27:55.300
It was 2015 or something

2324
01:27:55.300 --> 01:27:57.300
so it was quite rough

2325
01:27:57.300 --> 01:27:59.300
but it was a business nonetheless

2326
01:27:59.300 --> 01:28:01.300
and there was 40 other people in the room

2327
01:28:01.300 --> 01:28:03.300
with me and that cool center doing it.

2328
01:28:03.300 --> 01:28:05.300
You want a physical business or an online business

2329
01:28:05.300 --> 01:28:07.300
or it doesn't not matter.

2330
01:28:07.300 --> 01:28:09.300
What about a physical one?

2331
01:28:09.300 --> 01:28:11.300
For a physical one

2332
01:28:11.300 --> 01:28:13.300
have you heard of drop servicing?

2333
01:28:13.300 --> 01:28:15.300
No.

2334
01:28:15.300 --> 01:28:17.300
So the phrase drop shipping is kind of as a bad wrap

2335
01:28:17.300 --> 01:28:19.300
and some of it for good reason

2336
01:28:19.300 --> 01:28:21.300
which is basically

2337
01:28:21.300 --> 01:28:23.300
buying a product in China

2338
01:28:23.300 --> 01:28:25.300
having a website for it

2339
01:28:25.300 --> 01:28:27.300
and basically having the Chinese manufacturer

2340
01:28:27.300 --> 01:28:29.300
or the supplier ship it directly to your customer

2341
01:28:29.300 --> 01:28:31.300
so you don't have to take possession of the inventory.

2342
01:28:31.300 --> 01:28:33.300
So what you're doing is doing something similar

2343
01:28:33.300 --> 01:28:35.300
with a service.

2344
01:28:35.300 --> 01:28:37.300
Let's call it a home service business.

2345
01:28:37.300 --> 01:28:39.300
So in this case it would look like

2346
01:28:39.300 --> 01:28:41.300
a garage repair company

2347
01:28:41.300 --> 01:28:43.300
that has a website

2348
01:28:43.300 --> 01:28:45.300
that looks like they have a physical presence in a market

2349
01:28:45.300 --> 01:28:47.300
but it's really just a lead gen factory.

2350
01:28:47.300 --> 01:28:49.300
And so what you're doing is you're using

2351
01:28:49.300 --> 01:28:51.300
Facebook or Google ads to generate leads

2352
01:28:51.300 --> 01:28:53.300
kind of like what you were doing on Facebook

2353
01:28:53.300 --> 01:28:55.300
for a local business

2354
01:28:55.300 --> 01:28:57.300
and then you're

2355
01:28:57.300 --> 01:28:59.300
instead of just selling the leads for $20

2356
01:28:59.300 --> 01:29:01.300
you're actually

2357
01:29:01.300 --> 01:29:03.300
doing more of the work.

2358
01:29:03.300 --> 01:29:05.300
You're subcontracting out the work to a local business

2359
01:29:05.300 --> 01:29:07.300
that actually repairs garage doors.

2360
01:29:07.300 --> 01:29:09.300
They're the fulfillment arm of the business.

2361
01:29:09.300 --> 01:29:11.300
You're the marketing arm of the business.

2362
01:29:11.300 --> 01:29:13.300
So in essence you have a garage repair

2363
01:29:13.300 --> 01:29:15.300
business

2364
01:29:15.300 --> 01:29:17.300
without actually having one.

2365
01:29:17.300 --> 01:29:19.300
Like you don't know anything about garage doors.

2366
01:29:19.300 --> 01:29:21.300
You've never been on site.

2367
01:29:21.300 --> 01:29:23.300
You're just drop servicing.

2368
01:29:23.300 --> 01:29:25.300
You're sending all the work to a local company to do it.

2369
01:29:25.300 --> 01:29:27.300
So I

2370
01:29:27.300 --> 01:29:31.300
use Facebook ads to drive people towards it.

2371
01:29:31.300 --> 01:29:33.300
When they click to buy my car repair

2372
01:29:33.300 --> 01:29:35.300
I call a local car repair person

2373
01:29:35.300 --> 01:29:37.300
and say hey I've got a customer here for you.

2374
01:29:37.300 --> 01:29:39.300
Can you take them?

2375
01:29:39.300 --> 01:29:41.300
I book the customer in.

2376
01:29:41.300 --> 01:29:43.300
They handle the car repair.

2377
01:29:43.300 --> 01:29:45.300
I take the payment and pay the garage.

2378
01:29:45.300 --> 01:29:47.300
Yep. Great question.

2379
01:29:47.300 --> 01:29:49.300
So let's just say in your example

2380
01:29:49.300 --> 01:29:51.300
an oil change at

2381
01:29:51.300 --> 01:29:53.300
Bob's car repair that doesn't have a website

2382
01:29:53.300 --> 01:29:55.300
is $40 which is a great price.

2383
01:29:55.300 --> 01:29:57.300
Your website is clean.

2384
01:29:57.300 --> 01:29:59.300
It's nice. They can pay with a few clicks

2385
01:29:59.300 --> 01:30:01.300
and it's $80.

2386
01:30:01.300 --> 01:30:03.300
So you call Bob one day and say hey

2387
01:30:03.300 --> 01:30:05.300
congratulations. I have a lead.

2388
01:30:05.300 --> 01:30:07.300
I don't have a lead. I have a customer.

2389
01:30:07.300 --> 01:30:09.300
I want to send you $40.

2390
01:30:09.300 --> 01:30:11.300
Her name is Mary. She's going to be coming in.

2391
01:30:11.300 --> 01:30:13.300
She has a Sequoia.

2392
01:30:13.300 --> 01:30:15.300
She needs an oil change.

2393
01:30:15.300 --> 01:30:17.300
Mary just interacts with you.

2394
01:30:17.300 --> 01:30:19.300
She's trusting you with the money.

2395
01:30:19.300 --> 01:30:21.300
You don't have to trust Bob with the money.

2396
01:30:21.300 --> 01:30:23.300
You just send Bob the money.

2397
01:30:23.300 --> 01:30:25.300
But what you're charging for is

2398
01:30:25.300 --> 01:30:27.300
the better UI, the better user experience

2399
01:30:27.300 --> 01:30:29.300
and having a cleaner checkout method.

2400
01:30:29.300 --> 01:30:31.300
And it's a particular types of businesses

2401
01:30:31.300 --> 01:30:33.300
you would target with that approach.

2402
01:30:33.300 --> 01:30:35.300
Are you targeting ones that have a

2403
01:30:35.300 --> 01:30:37.300
shitty customer experience?

2404
01:30:37.300 --> 01:30:39.300
Bad website, etc.

2405
01:30:39.300 --> 01:30:41.300
In the home services like to take your pick.

2406
01:30:41.300 --> 01:30:43.300
They pretty much all do.

2407
01:30:43.300 --> 01:30:45.300
There are some more established industries

2408
01:30:45.300 --> 01:30:47.300
like roofing that don't have those issues

2409
01:30:47.300 --> 01:30:49.300
because they have higher margins

2410
01:30:49.300 --> 01:30:51.300
so they can afford better websites

2411
01:30:51.300 --> 01:30:53.300
and they pretty much all have a bad experience.

2412
01:30:53.300 --> 01:30:55.300
Any of us at the 500 dollar level

2413
01:30:55.300 --> 01:30:57.300
that stand out to you?

2414
01:30:57.300 --> 01:30:59.300
Yeah, I love directory websites.

2415
01:30:59.300 --> 01:31:01.300
What's that?

2416
01:31:01.300 --> 01:31:03.300
So, Travelocity is a directory website.

2417
01:31:03.300 --> 01:31:05.300
Yelp is a directory website.

2418
01:31:05.300 --> 01:31:07.300
It's a website with a list of things

2419
01:31:07.300 --> 01:31:09.300
that helps people find answers to their questions

2420
01:31:09.300 --> 01:31:11.300
more easily.

2421
01:31:11.300 --> 01:31:13.300
So, another example of a website could be

2422
01:31:13.300 --> 01:31:17.300
like, Wisconsin Ice Suppliers.com.

2423
01:31:17.300 --> 01:31:19.300
I don't know if that's a website, right?

2424
01:31:19.300 --> 01:31:21.300
I'm going to buy ice for my party.

2425
01:31:21.300 --> 01:31:23.300
I'm going to Google Ice Near Me.

2426
01:31:23.300 --> 01:31:25.300
Some categories are so niche

2427
01:31:25.300 --> 01:31:27.300
or so unevenly distributed

2428
01:31:27.300 --> 01:31:29.300
that Google Maps is not a good solution for it.

2429
01:31:29.300 --> 01:31:31.300
So, you're directed to these

2430
01:31:31.300 --> 01:31:33.300
random directory websites

2431
01:31:33.300 --> 01:31:35.300
that are just lists of other businesses.

2432
01:31:35.300 --> 01:31:37.300
And what people are doing is

2433
01:31:37.300 --> 01:31:39.300
they're proactively creating their own directories

2434
01:31:39.300 --> 01:31:41.300
by scraping every dog park

2435
01:31:41.300 --> 01:31:43.300
in Seattle, Washington

2436
01:31:43.300 --> 01:31:45.300
and putting them on a website

2437
01:31:45.300 --> 01:31:47.300
and then they don't even drive traffic to it.

2438
01:31:47.300 --> 01:31:49.300
They just wait for Google

2439
01:31:49.300 --> 01:31:51.300
and for SEO to do its trick.

2440
01:31:51.300 --> 01:31:53.300
And it's very much an 80-20 rule.

2441
01:31:53.300 --> 01:31:55.300
You could kind of build the architecture

2442
01:31:55.300 --> 01:31:57.300
for a directory website with

2443
01:31:57.300 --> 01:31:59.300
replete or lovable.

2444
01:31:59.300 --> 01:32:01.300
And then you just copy and paste it, right?

2445
01:32:01.300 --> 01:32:03.300
In different markets.

2446
01:32:03.300 --> 01:32:05.300
So, the play here is to have

2447
01:32:05.300 --> 01:32:07.300
dozens of directory websites

2448
01:32:07.300 --> 01:32:09.300
and some of them make $0 a month,

2449
01:32:09.300 --> 01:32:11.300
some make a few hundred, some make a few thousand.

2450
01:32:11.300 --> 01:32:13.300
But it's very passive.

2451
01:32:13.300 --> 01:32:15.300
It's like one of those rare things that's passive

2452
01:32:15.300 --> 01:32:16.300
to get started.

2453
01:32:16.300 --> 01:32:17.300
Where's the money coming from?

2454
01:32:17.300 --> 01:32:18.300
It's the revenue.

2455
01:32:18.300 --> 01:32:19.300
Great question.

2456
01:32:19.300 --> 01:32:21.300
You can either do like display ads.

2457
01:32:21.300 --> 01:32:22.300
What's a display ad?

2458
01:32:22.300 --> 01:32:24.300
Just a banner ad on a website.

2459
01:32:24.300 --> 01:32:26.300
And are you having to go and sell that ad

2460
01:32:26.300 --> 01:32:27.300
to someone that wants to buy it?

2461
01:32:27.300 --> 01:32:29.300
You would just take Google's like ad network

2462
01:32:29.300 --> 01:32:31.300
and just put it on your website

2463
01:32:31.300 --> 01:32:32.300
so you don't have to do anything.

2464
01:32:32.300 --> 01:32:33.300
So, you can just click a button

2465
01:32:33.300 --> 01:32:35.300
and it'll add ad votes to your website

2466
01:32:35.300 --> 01:32:37.300
which you'll then pay for.

2467
01:32:37.300 --> 01:32:39.300
Yep. Or you could

2468
01:32:39.300 --> 01:32:41.300
you could just aggregate those leads

2469
01:32:41.300 --> 01:32:43.300
like if we had dog parks in Seattle

2470
01:32:43.300 --> 01:32:45.300
and we see on our Google analytics

2471
01:32:45.300 --> 01:32:47.300
that we're driving traffic to this one dog park,

2472
01:32:47.300 --> 01:32:49.300
then we reach out to them proactively

2473
01:32:49.300 --> 01:32:51.300
and say hey, you notice all these customers you've been getting?

2474
01:32:51.300 --> 01:32:53.300
That's because I put you on my website.

2475
01:32:53.300 --> 01:32:56.300
Would you like to pay $300 a year or a month

2476
01:32:56.300 --> 01:32:58.300
or whatever for priority placement?

2477
01:32:58.300 --> 01:33:01.300
So, I like to call this permissionless marketing.

2478
01:33:01.300 --> 01:33:04.300
You're just proactively adding these businesses to a website.

2479
01:33:04.300 --> 01:33:05.300
They have nothing to lose.

2480
01:33:05.300 --> 01:33:06.300
You have nothing to lose.

2481
01:33:06.300 --> 01:33:08.300
And then once you see traffic,

2482
01:33:08.300 --> 01:33:09.300
then you reach out to them and say hey,

2483
01:33:09.300 --> 01:33:10.300
I've been bringing you more business.

2484
01:33:10.300 --> 01:33:12.300
Would you like to start paying for that?

2485
01:33:12.300 --> 01:33:14.300
Interesting.

2486
01:33:14.300 --> 01:33:16.300
And how much money can someone hope to make

2487
01:33:16.300 --> 01:33:18.300
if they execute that strategy well in your view?

2488
01:33:18.300 --> 01:33:20.300
What's realistic?

2489
01:33:20.300 --> 01:33:21.300
With a directory website,

2490
01:33:21.300 --> 01:33:23.300
it could be tens of dollars a month

2491
01:33:23.300 --> 01:33:25.300
and it could be tens of thousands of dollars a month.

2492
01:33:25.300 --> 01:33:27.300
But we're not talking about building another

2493
01:33:27.300 --> 01:33:28.300
yelp or travelosity.

2494
01:33:28.300 --> 01:33:30.300
This is a zero employee business

2495
01:33:30.300 --> 01:33:32.300
that costs almost nothing,

2496
01:33:32.300 --> 01:33:34.300
less than $100 to start.

2497
01:33:34.300 --> 01:33:36.300
But it's just a numbers game.

2498
01:33:36.300 --> 01:33:38.300
You're not really going to know what directory

2499
01:33:38.300 --> 01:33:40.300
really hits until months have passed

2500
01:33:40.300 --> 01:33:42.300
and until you have a lot of surface area

2501
01:33:42.300 --> 01:33:44.300
for these experiments.

2502
01:33:44.300 --> 01:33:46.300
Here are a lot of people talking about

2503
01:33:46.300 --> 01:33:48.300
vending machines online.

2504
01:33:48.300 --> 01:33:50.300
And I've always been really curious about that.

2505
01:33:50.300 --> 01:33:52.300
People say you can make money from vending machines.

2506
01:33:52.300 --> 01:33:54.300
Yeah. Could you do that with $500?

2507
01:33:54.300 --> 01:33:55.300
Absolutely.

2508
01:33:55.300 --> 01:33:57.300
So, if we were doing another physical business,

2509
01:33:57.300 --> 01:34:00.300
I would go to Facebook Marketplace

2510
01:34:00.300 --> 01:34:03.300
and I would find an existing vending machine

2511
01:34:03.300 --> 01:34:05.300
for $300 to $400.

2512
01:34:05.300 --> 01:34:09.300
That could be a snack or a drink vending machine

2513
01:34:09.300 --> 01:34:12.300
oftentimes the expensive part of a vending machine

2514
01:34:12.300 --> 01:34:13.300
is the credit card reader.

2515
01:34:13.300 --> 01:34:15.300
It can often cost more or as much

2516
01:34:15.300 --> 01:34:16.300
as the whole machine itself.

2517
01:34:16.300 --> 01:34:19.300
And then I would use $100 to stock the machine

2518
01:34:19.300 --> 01:34:21.300
with Costco, Costco or Sam's Club,

2519
01:34:21.300 --> 01:34:23.300
is where all of these operators

2520
01:34:23.300 --> 01:34:24.300
buy their snacks, believe it or not.

2521
01:34:24.300 --> 01:34:26.300
And then I just need one business owner

2522
01:34:26.300 --> 01:34:27.300
to give me a chance

2523
01:34:27.300 --> 01:34:29.300
to allow me to put the vending machine in his lobby.

2524
01:34:29.300 --> 01:34:31.300
Let's say it's a car repair business.

2525
01:34:31.300 --> 01:34:33.300
I can say, hey, I'll pay you $100 a month

2526
01:34:33.300 --> 01:34:35.300
or hey, I'll split the revenue with you.

2527
01:34:35.300 --> 01:34:37.300
I'll give you 30% of the revenue.

2528
01:34:37.300 --> 01:34:40.300
And then once I have one, that's the hardest part.

2529
01:34:40.300 --> 01:34:41.300
Now you have a track record.

2530
01:34:41.300 --> 01:34:43.300
Now you can say, hey, Bob's out of repair

2531
01:34:43.300 --> 01:34:44.300
makes $700 a month passively

2532
01:34:44.300 --> 01:34:47.300
because he let me put this vending machine there.

2533
01:34:47.300 --> 01:34:49.300
This is a business that can be passive.

2534
01:34:49.300 --> 01:34:51.300
If you have an employee to restock it,

2535
01:34:51.300 --> 01:34:52.300
that is the active part of the business

2536
01:34:52.300 --> 01:34:55.300
is the restocking and the selling of new locations.

2537
01:34:55.300 --> 01:34:57.300
But if you have an ATM,

2538
01:34:57.300 --> 01:34:59.300
then that becomes even easier

2539
01:34:59.300 --> 01:35:01.300
because you can outsource all of the restocking

2540
01:35:01.300 --> 01:35:03.300
to a cash management company.

2541
01:35:03.300 --> 01:35:05.300
How much money could one person hope to make

2542
01:35:05.300 --> 01:35:06.300
from a vending machine business?

2543
01:35:06.300 --> 01:35:08.300
And have you ever run this business yourself?

2544
01:35:08.300 --> 01:35:09.300
I have.

2545
01:35:09.300 --> 01:35:11.300
I've actually been in a different part of the vertical.

2546
01:35:11.300 --> 01:35:12.300
I've sold vending machines.

2547
01:35:12.300 --> 01:35:14.300
I posted a video to Instagram

2548
01:35:14.300 --> 01:35:16.300
that got tens of millions of views

2549
01:35:16.300 --> 01:35:18.300
and we started just importing those vending machines

2550
01:35:18.300 --> 01:35:20.300
that I was talking about in the video

2551
01:35:20.300 --> 01:35:22.300
and then selling them to entrepreneurs.

2552
01:35:22.300 --> 01:35:24.300
But the level of revenues,

2553
01:35:24.300 --> 01:35:26.300
I mean, it's as much as you want to scale it.

2554
01:35:26.300 --> 01:35:28.300
I have a friend in San Diego

2555
01:35:28.300 --> 01:35:31.300
that makes seven figures a year on vending machines.

2556
01:35:31.300 --> 01:35:33.300
Just snacks and drinks.

2557
01:35:33.300 --> 01:35:35.300
Is there an art to good vending machine placement

2558
01:35:35.300 --> 01:35:37.300
or the right things to sell in the vending machine

2559
01:35:37.300 --> 01:35:38.300
or anything else?

2560
01:35:38.300 --> 01:35:40.300
Yeah, it's funny that you asked that

2561
01:35:40.300 --> 01:35:42.300
because he said,

2562
01:35:42.300 --> 01:35:43.300
you know, I'm in San Diego,

2563
01:35:43.300 --> 01:35:44.300
people are health conscious here

2564
01:35:44.300 --> 01:35:46.300
and he tested all these healthy concepts

2565
01:35:46.300 --> 01:35:47.300
and they all failed.

2566
01:35:47.300 --> 01:35:48.300
Like, people wanted to read those

2567
01:35:48.300 --> 01:35:50.300
and cook and die a coke, right?

2568
01:35:50.300 --> 01:35:52.300
So that's all they have now.

2569
01:35:52.300 --> 01:35:53.300
That's where the demand is.

2570
01:35:53.300 --> 01:35:56.300
But the biggest needle mover on this

2571
01:35:56.300 --> 01:35:57.300
is the location.

2572
01:35:57.300 --> 01:35:58.300
And it's a matter of testing,

2573
01:35:58.300 --> 01:35:59.300
back to testing, right?

2574
01:35:59.300 --> 01:36:01.300
Testing what types of locations.

2575
01:36:01.300 --> 01:36:04.300
He landed on apartment complexes,

2576
01:36:04.300 --> 01:36:05.300
like apartment lobbies.

2577
01:36:05.300 --> 01:36:06.300
He tried auto repair shops

2578
01:36:06.300 --> 01:36:08.300
and they just weren't high volume.

2579
01:36:08.300 --> 01:36:10.300
But it's the type of business,

2580
01:36:10.300 --> 01:36:11.300
kind of like directories,

2581
01:36:11.300 --> 01:36:13.300
where if you have 100 vending machines,

2582
01:36:13.300 --> 01:36:15.300
you're going to have 20 of them

2583
01:36:15.300 --> 01:36:18.300
that make $3,000 a month each.

2584
01:36:18.300 --> 01:36:19.300
And then you're going to have 80 of them

2585
01:36:19.300 --> 01:36:21.300
that make $400 a month each.

2586
01:36:21.300 --> 01:36:23.300
But once you find out what types of locations

2587
01:36:23.300 --> 01:36:25.300
are the most profitable,

2588
01:36:25.300 --> 01:36:27.300
then you just start directly reaching out

2589
01:36:27.300 --> 01:36:29.300
to those types of locations.

2590
01:36:29.300 --> 01:36:31.300
I've just finished writing my third book.

2591
01:36:31.300 --> 01:36:33.300
I haven't found up the title yet,

2592
01:36:33.300 --> 01:36:34.300
but I have started walking up

2593
01:36:34.300 --> 01:36:36.300
some different designs.

2594
01:36:36.300 --> 01:36:38.300
And I've been doing this with Adobe Express,

2595
01:36:38.300 --> 01:36:39.300
which is one of our sponsors.

2596
01:36:39.300 --> 01:36:40.300
What I love about Adobe Express

2597
01:36:40.300 --> 01:36:42.300
is that it makes it so easy for me

2598
01:36:42.300 --> 01:36:44.300
to obsess over the tiniest details,

2599
01:36:44.300 --> 01:36:47.300
the typography, the font, the colour, the text placement.

2600
01:36:47.300 --> 01:36:49.300
The stuff that might sound petty to most people,

2601
01:36:49.300 --> 01:36:50.300
but actually compounds

2602
01:36:50.300 --> 01:36:52.300
to create something that stands out.

2603
01:36:52.300 --> 01:36:55.300
Something that's one better than the rest.

2604
01:36:55.300 --> 01:36:57.300
And designing my cover art has reminded me

2605
01:36:57.300 --> 01:36:59.300
of how many creative things I've learned over the year.

2606
01:36:59.300 --> 01:37:02.300
But it's also reminded me that there are so many creative minds

2607
01:37:02.300 --> 01:37:05.300
around me that are also sitting on their own secrets.

2608
01:37:05.300 --> 01:37:07.300
So I've created the one better guide

2609
01:37:07.300 --> 01:37:10.300
in Adobe Express to bring those tips to you.

2610
01:37:10.300 --> 01:37:11.300
And in it, you'll find principles

2611
01:37:11.300 --> 01:37:13.300
from the very, very best in their industry

2612
01:37:13.300 --> 01:37:15.300
turned into quick and easy practices

2613
01:37:15.300 --> 01:37:16.300
for you to apply.

2614
01:37:16.300 --> 01:37:18.300
So you can train yourself to create exactly

2615
01:37:18.300 --> 01:37:20.300
like the best performing teams in the world do.

2616
01:37:20.300 --> 01:37:23.300
Just head over to adobe.ly slash one better

2617
01:37:23.300 --> 01:37:25.300
to download Adobe Express now.

2618
01:37:26.300 --> 01:37:28.300
And make sure you visit the Learn tab

2619
01:37:28.300 --> 01:37:32.300
to discover how you can become one better than the rest.

2620
01:37:32.300 --> 01:37:35.300
You know, every once in a while you come across a product

2621
01:37:35.300 --> 01:37:37.300
that has such a huge impact on your life

2622
01:37:37.300 --> 01:37:41.300
that you'd probably describe it as a game changer.

2623
01:37:41.300 --> 01:37:46.300
And I would say for about 35 to 40% of my team,

2624
01:37:46.300 --> 01:37:48.300
they would currently describe this product

2625
01:37:48.300 --> 01:37:51.300
that I have in front of me called ketone IQ,

2626
01:37:51.300 --> 01:37:54.300
which you can get at ketone.com as a game changer.

2627
01:37:54.300 --> 01:37:56.300
But the reason I became a co-owner of this company

2628
01:37:56.300 --> 01:37:58.300
and the reason why they now are responsive to this podcast

2629
01:37:58.300 --> 01:38:00.300
is because one day when I came to work,

2630
01:38:00.300 --> 01:38:02.300
there was a box of this stuff sat on my desk.

2631
01:38:02.300 --> 01:38:03.300
I had no idea what it was.

2632
01:38:03.300 --> 01:38:05.300
Lily in my team says that this company

2633
01:38:05.300 --> 01:38:06.300
have been in touch.

2634
01:38:06.300 --> 01:38:08.300
So I went upstairs, tried it,

2635
01:38:08.300 --> 01:38:10.300
and quite frankly, the rest is history.

2636
01:38:10.300 --> 01:38:12.300
In terms of my focus, my energy levels,

2637
01:38:12.300 --> 01:38:16.300
how I feel, how I work, how productive I am,

2638
01:38:16.300 --> 01:38:17.300
game changer.

2639
01:38:17.300 --> 01:38:18.300
So if you want to give it a try,

2640
01:38:18.300 --> 01:38:21.300
visit ketone.com slash Stephen for 30% off.

2641
01:38:21.300 --> 01:38:24.300
You'll also get a free gift with your second shipment.

2642
01:38:24.300 --> 01:38:27.300
And now you can find ketone IQ at target stores

2643
01:38:27.300 --> 01:38:28.300
across the United States,

2644
01:38:28.300 --> 01:38:31.300
where your first shot is completely free of charge.

2645
01:38:32.300 --> 01:38:34.300
So I have another box here.

2646
01:38:34.300 --> 01:38:39.300
This box has slightly more money in double.

2647
01:38:39.300 --> 01:38:41.300
A thousand dollars.

2648
01:38:41.300 --> 01:38:43.300
What would you do with a thousand dollars?

2649
01:38:43.300 --> 01:38:44.300
All right.

2650
01:38:44.300 --> 01:38:49.300
So for whatever reason when I see a thousand dollars,

2651
01:38:49.300 --> 01:38:53.300
I think about the wedding rental business.

2652
01:38:53.300 --> 01:38:54.300
Do you know anything about that?

2653
01:38:54.300 --> 01:38:55.300
No.

2654
01:38:55.300 --> 01:38:58.300
So believe it or not,

2655
01:38:58.300 --> 01:39:00.300
weddings are increasing in popularity.

2656
01:39:00.300 --> 01:39:03.300
People are getting outside more than ever.

2657
01:39:03.300 --> 01:39:06.300
I think like 75% of weddings are outside now,

2658
01:39:06.300 --> 01:39:08.300
which is increasing every year.

2659
01:39:08.300 --> 01:39:12.300
And that increases the market for these random one-off rentals.

2660
01:39:12.300 --> 01:39:13.300
Right?

2661
01:39:13.300 --> 01:39:16.300
I read an article on Reddit about a guy

2662
01:39:16.300 --> 01:39:19.300
that built a wedding arch from his garage

2663
01:39:19.300 --> 01:39:22.300
with some two by fours, some lumber.

2664
01:39:22.300 --> 01:39:26.300
I think he spent like $200 or $300 to build it.

2665
01:39:26.300 --> 01:39:29.300
And he rents it out to weddings for like a thousand dollars per wedding.

2666
01:39:29.300 --> 01:39:31.300
And it's just a piece of wood

2667
01:39:31.300 --> 01:39:33.300
for the couples to stand under as they say,

2668
01:39:33.300 --> 01:39:34.300
I do, right?

2669
01:39:34.300 --> 01:39:36.300
And so he works with event organizers,

2670
01:39:36.300 --> 01:39:39.300
a wedding organizers to continually rent it to the wedding organizer.

2671
01:39:39.300 --> 01:39:40.300
Exactly.

2672
01:39:40.300 --> 01:39:42.300
He doesn't go through the brides.

2673
01:39:42.300 --> 01:39:43.300
He goes through the wedding planners

2674
01:39:43.300 --> 01:39:45.300
because surface area.

2675
01:39:45.300 --> 01:39:48.300
They're touching all kinds of weddings on a regular basis.

2676
01:39:48.300 --> 01:39:50.300
To find these wedding planners,

2677
01:39:50.300 --> 01:39:52.300
you go to the knot, you go to Zola,

2678
01:39:52.300 --> 01:39:54.300
wedding wire, you scrape them,

2679
01:39:54.300 --> 01:39:57.300
and all of their phone numbers and emails and names

2680
01:39:57.300 --> 01:39:59.300
and businesses are on the website for everyone to see.

2681
01:39:59.300 --> 01:40:01.300
And you just start reaching out.

2682
01:40:01.300 --> 01:40:04.300
And one contact could be one wedding a week.

2683
01:40:04.300 --> 01:40:06.300
So that could be started.

2684
01:40:06.300 --> 01:40:08.300
That could be in the $500 box, right?

2685
01:40:08.300 --> 01:40:11.300
You could spend $300 on supplies.

2686
01:40:11.300 --> 01:40:17.300
You could spend $100 on scraping all the emails quite cheaply.

2687
01:40:17.300 --> 01:40:21.300
And then you could spend $100 on gas.

2688
01:40:21.300 --> 01:40:25.300
And then, or let's say another $100 on renting a truck

2689
01:40:25.300 --> 01:40:27.300
and trailer from Home Depot.

2690
01:40:27.300 --> 01:40:28.300
So you have a car.

2691
01:40:28.300 --> 01:40:29.300
But you don't have a car, right?

2692
01:40:29.300 --> 01:40:32.300
You've got $400 left over to go to a nice meal

2693
01:40:32.300 --> 01:40:35.300
or to or for Facebook ads.

2694
01:40:35.300 --> 01:40:38.300
So photo walls are very popular.

2695
01:40:38.300 --> 01:40:43.300
Charcuterie carts where wedding patrons can make their own

2696
01:40:43.300 --> 01:40:45.300
charcuterie board.

2697
01:40:45.300 --> 01:40:48.300
You can do like custom pizzas at weddings.

2698
01:40:48.300 --> 01:40:51.300
You could do wedding arches.

2699
01:40:51.300 --> 01:40:54.300
There's a lot of different opportunities there.

2700
01:40:54.300 --> 01:40:56.300
Weddings and futorials.

2701
01:40:56.300 --> 01:40:57.300
Yeah.

2702
01:40:57.300 --> 01:40:59.300
Because everything you said that could also apply to.

2703
01:40:59.300 --> 01:41:00.300
That's true.

2704
01:41:00.300 --> 01:41:01.300
That's true.

2705
01:41:01.300 --> 01:41:03.300
They don't seem to be stopping either.

2706
01:41:03.300 --> 01:41:05.300
I guess futorials are going to get more popular

2707
01:41:05.300 --> 01:41:06.300
and more popular.

2708
01:41:06.300 --> 01:41:07.300
Yep.

2709
01:41:07.300 --> 01:41:08.300
Continuing to increase.

2710
01:41:08.300 --> 01:41:09.300
What else?

2711
01:41:09.300 --> 01:41:12.300
So wedding rentals is the first one you do with $1,000

2712
01:41:12.300 --> 01:41:13.300
anything else?

2713
01:41:13.300 --> 01:41:14.300
Yeah.

2714
01:41:14.300 --> 01:41:15.300
Should we do an online one?

2715
01:41:15.300 --> 01:41:16.300
Sure.

2716
01:41:16.300 --> 01:41:19.300
So there's a lot of people nowadays making money

2717
01:41:19.300 --> 01:41:21.300
with local email newsletters.

2718
01:41:21.300 --> 01:41:23.300
Are you very familiar with that?

2719
01:41:23.300 --> 01:41:24.300
No.

2720
01:41:24.300 --> 01:41:26.300
So basically what you do, we keep, keep coming back.

2721
01:41:26.300 --> 01:41:28.300
This is like a big ad for Facebook, right?

2722
01:41:28.300 --> 01:41:29.300
I swear it's not.

2723
01:41:29.300 --> 01:41:32.300
But people are using local Facebook ads.

2724
01:41:32.300 --> 01:41:34.300
Let's say you live in Boise, Idaho.

2725
01:41:34.300 --> 01:41:36.300
There's 200,000 people there.

2726
01:41:36.300 --> 01:41:38.300
You post a Facebook ad that says, hey,

2727
01:41:38.300 --> 01:41:40.300
find out what's happening in Boise, Idaho,

2728
01:41:40.300 --> 01:41:42.300
one email per week in your inbox.

2729
01:41:42.300 --> 01:41:46.300
You can acquire a subscriber for about 50 cents

2730
01:41:46.300 --> 01:41:49.300
from Facebook or Instagram, okay?

2731
01:41:49.300 --> 01:41:52.300
Let's call it a dollar to be more conservative.

2732
01:41:52.300 --> 01:41:54.300
Acquire a subscriber for a dollar.

2733
01:41:54.300 --> 01:41:57.300
If you sell ads inside that email newsletter,

2734
01:41:57.300 --> 01:42:03.300
you can charge about 50 cents per month per subscriber.

2735
01:42:04.300 --> 01:42:07.300
So if we had a thousand dollars,

2736
01:42:07.300 --> 01:42:11.300
I would use a free trial for an email newsletter software

2737
01:42:11.300 --> 01:42:14.300
like BI or ConvertKit or any of those.

2738
01:42:14.300 --> 01:42:16.300
And so I've already spent zero dollars.

2739
01:42:16.300 --> 01:42:19.300
And I would give all $1,000 to meta.

2740
01:42:19.300 --> 01:42:22.300
I would set a defined radius in a local area.

2741
01:42:22.300 --> 01:42:23.300
Preferably it's where you live,

2742
01:42:23.300 --> 01:42:24.300
but it doesn't have to be.

2743
01:42:24.300 --> 01:42:25.300
It could be on the other side of the world.

2744
01:42:25.300 --> 01:42:27.300
I've launched this, I tested this in New Mexico.

2745
01:42:27.300 --> 01:42:28.300
And it worked.

2746
01:42:28.300 --> 01:42:31.300
I'd spend a thousand dollars to acquire a thousand subscribers.

2747
01:42:32.300 --> 01:42:34.300
And then I would start sending them weekly newsletters.

2748
01:42:34.300 --> 01:42:36.300
What's happening in Boise, Idaho?

2749
01:42:36.300 --> 01:42:38.300
Discounts in Boise, Idaho.

2750
01:42:38.300 --> 01:42:40.300
News in Boise, Idaho.

2751
01:42:40.300 --> 01:42:42.300
I would not use chat to be to write it.

2752
01:42:42.300 --> 01:42:44.300
I would write it myself in my own natural language,

2753
01:42:44.300 --> 01:42:45.300
whether I'm a good writer or not.

2754
01:42:45.300 --> 01:42:46.300
Why?

2755
01:42:46.300 --> 01:42:47.300
Because it needs to feel personal.

2756
01:42:47.300 --> 01:42:50.300
It needs to feel like a local is writing it.

2757
01:42:50.300 --> 01:42:52.300
Not like an author or not like chat to be to you.

2758
01:42:52.300 --> 01:42:55.300
And then I would use those same subscribers

2759
01:42:55.300 --> 01:42:57.300
to source sponsors.

2760
01:42:58.300 --> 01:43:03.300
So Bob's car repair owner is potentially in your list.

2761
01:43:03.300 --> 01:43:06.300
There are 10% of all adults are business owners, right?

2762
01:43:06.300 --> 01:43:08.300
So if I have a thousand email subscribers,

2763
01:43:08.300 --> 01:43:10.300
a hundred of them are going to be business owners,

2764
01:43:10.300 --> 01:43:12.300
are going to be potential sponsors to my newsletter.

2765
01:43:12.300 --> 01:43:13.300
So after a month or so,

2766
01:43:13.300 --> 01:43:15.300
I'm going to put, send out an email that says,

2767
01:43:15.300 --> 01:43:17.300
Hey, you are ad here.

2768
01:43:17.300 --> 01:43:18.300
I'd love to sponsor your business.

2769
01:43:18.300 --> 01:43:20.300
It's a very relevant market.

2770
01:43:20.300 --> 01:43:24.300
It costs $500 per cent to send your email.

2771
01:43:24.300 --> 01:43:28.300
So then, if I spend $1,000 to acquire these customers,

2772
01:43:28.300 --> 01:43:31.300
I will get that money back within two months

2773
01:43:31.300 --> 01:43:34.300
because I'm making $500 a month,

2774
01:43:34.300 --> 01:43:35.300
50 cents per subscriber,

2775
01:43:35.300 --> 01:43:38.300
from a thousand newsletter subscribers.

2776
01:43:38.300 --> 01:43:41.300
And that can scale as much as you want.

2777
01:43:41.300 --> 01:43:43.300
If Boise, Idaho is only so big,

2778
01:43:43.300 --> 01:43:45.300
you copy and paste the template in another city

2779
01:43:45.300 --> 01:43:47.300
or a bigger city.

2780
01:43:47.300 --> 01:43:48.300
Okay, let's move up then.

2781
01:43:48.300 --> 01:43:53.300
This briefcase has a lot more money in it.

2782
01:43:53.300 --> 01:43:56.300
A lot more money in it.

2783
01:43:56.300 --> 01:43:57.300
$5,000.

2784
01:43:57.300 --> 01:44:02.300
What side house will do you start if you've got $5,000?

2785
01:44:02.300 --> 01:44:05.300
Okay, so if we've got a sliding scale

2786
01:44:05.300 --> 01:44:07.300
of active, depressive income,

2787
01:44:07.300 --> 01:44:10.300
the closer you get to this to $5,000,

2788
01:44:10.300 --> 01:44:13.300
the more realistic the passive income becomes.

2789
01:44:13.300 --> 01:44:17.300
Okay, so I'm going to go closer to that.

2790
01:44:17.300 --> 01:44:20.300
I love RV parks.

2791
01:44:20.300 --> 01:44:21.300
What's an RV park?

2792
01:44:21.300 --> 01:44:25.300
An RV park is one of two things.

2793
01:44:25.300 --> 01:44:27.300
It's a place for someone to live in full time

2794
01:44:27.300 --> 01:44:29.300
for months or years at a time,

2795
01:44:29.300 --> 01:44:31.300
where they live in a recreational vehicle,

2796
01:44:31.300 --> 01:44:33.300
in an RV, in a campervan.

2797
01:44:33.300 --> 01:44:34.300
A campervan.

2798
01:44:34.300 --> 01:44:36.300
It could be a fixed income,

2799
01:44:36.300 --> 01:44:37.300
a retired person,

2800
01:44:37.300 --> 01:44:39.300
it could be a blue collar worker,

2801
01:44:39.300 --> 01:44:41.300
it could be a digital nomad.

2802
01:44:41.300 --> 01:44:43.300
That's kind of the three categories.

2803
01:44:43.300 --> 01:44:46.300
The other type of RV park is a recreational,

2804
01:44:46.300 --> 01:44:48.300
like a more short term RV park

2805
01:44:48.300 --> 01:44:50.300
that might be right outside of the Grand Canyon,

2806
01:44:50.300 --> 01:44:53.300
or a popular tourist destination,

2807
01:44:53.300 --> 01:44:56.300
where people are staying one to four nights at a time.

2808
01:44:56.300 --> 01:44:59.300
This is a business I've been in for about seven years.

2809
01:44:59.300 --> 01:45:02.300
Now, they have very small RV parks out there

2810
01:45:02.300 --> 01:45:05.300
that are three to ten pad sites

2811
01:45:05.300 --> 01:45:08.300
that are about three to ten times more profitable

2812
01:45:08.300 --> 01:45:11.300
than buying a single family home as a rental.

2813
01:45:11.300 --> 01:45:15.300
I don't understand why people buy single family homes

2814
01:45:15.300 --> 01:45:19.300
because buying a small RV park costs the same,

2815
01:45:19.300 --> 01:45:22.300
but is significantly more profitable,

2816
01:45:22.300 --> 01:45:23.300
and more flexible,

2817
01:45:23.300 --> 01:45:26.300
because your risk is more distributed

2818
01:45:26.300 --> 01:45:28.300
amongst five to ten tenants as opposed to one tenant

2819
01:45:28.300 --> 01:45:31.300
that could go bankrupt or disappear in the middle of the night.

2820
01:45:31.300 --> 01:45:34.300
So, with this $5,000,

2821
01:45:34.300 --> 01:45:39.300
I would call every small RV park in my area,

2822
01:45:39.300 --> 01:45:41.300
preferably within a three hour drive,

2823
01:45:41.300 --> 01:45:43.300
I would just find them on Google Maps.

2824
01:45:43.300 --> 01:45:44.300
This would take a little more time

2825
01:45:44.300 --> 01:45:46.300
because we can't allocate any of this budget

2826
01:45:46.300 --> 01:45:48.300
to the finding of the park.

2827
01:45:48.300 --> 01:45:51.300
We've got to do that very manually with our iPhone

2828
01:45:51.300 --> 01:45:53.300
and our internet connection.

2829
01:45:53.300 --> 01:45:55.300
I'm going to find, in my experience,

2830
01:45:55.300 --> 01:45:57.300
for every 100 parks I find,

2831
01:45:57.300 --> 01:46:00.300
about two or three of them can be a really good deal.

2832
01:46:00.300 --> 01:46:02.300
So, if I get a hundred people on the phone,

2833
01:46:02.300 --> 01:46:04.300
I know I can find one good deal from that,

2834
01:46:04.300 --> 01:46:06.300
with seller financing,

2835
01:46:06.300 --> 01:46:08.300
because we can't use any of this to buy the park either.

2836
01:46:08.300 --> 01:46:10.300
We've got a lot of constraints.

2837
01:46:10.300 --> 01:46:13.300
I'm going to use, let's say,

2838
01:46:13.300 --> 01:46:16.300
$2,000 of these dollars

2839
01:46:16.300 --> 01:46:18.300
for my due diligence.

2840
01:46:18.300 --> 01:46:20.300
I've got to get inspections on the park.

2841
01:46:20.300 --> 01:46:22.300
I've got to get a title policy on the park

2842
01:46:22.300 --> 01:46:23.300
to make sure it's on a scam,

2843
01:46:23.300 --> 01:46:25.300
to make sure that the owner,

2844
01:46:25.300 --> 01:46:27.300
who says they own it actually owns it,

2845
01:46:27.300 --> 01:46:31.300
and then with the remainder of the money,

2846
01:46:31.300 --> 01:46:33.300
I need some operating capital.

2847
01:46:33.300 --> 01:46:35.300
I need to be able to pay the power bill

2848
01:46:35.300 --> 01:46:37.300
to maybe trim some trees

2849
01:46:37.300 --> 01:46:39.300
to get the park looking nice on day one.

2850
01:46:39.300 --> 01:46:41.300
And then to actually buy the park,

2851
01:46:41.300 --> 01:46:43.300
I need to set up creative financing with the seller.

2852
01:46:43.300 --> 01:46:45.300
And the best way you can do that

2853
01:46:45.300 --> 01:46:47.300
is by building a relationship with the seller,

2854
01:46:47.300 --> 01:46:49.300
building some trust with them,

2855
01:46:49.300 --> 01:46:51.300
showing them that you're going to take good care of the park.

2856
01:46:51.300 --> 01:46:53.300
Now, the unit economics on this,

2857
01:46:53.300 --> 01:46:56.300
let's say you buy a park for $200,000,

2858
01:46:56.300 --> 01:46:58.300
in the real estate world,

2859
01:46:58.300 --> 01:47:00.300
they're valued on a cap rate basis,

2860
01:47:00.300 --> 01:47:02.300
which is the profit of the park

2861
01:47:02.300 --> 01:47:05.300
divided by the asking price of the park.

2862
01:47:05.300 --> 01:47:10.300
So, if I buy a park for a 10% cap rate,

2863
01:47:10.300 --> 01:47:13.300
that means it's going to make $20,000 a year of profit,

2864
01:47:13.300 --> 01:47:16.300
and it's going to cost me $200,000.

2865
01:47:16.300 --> 01:47:17.300
Okay?

2866
01:47:17.300 --> 01:47:20.300
So, that park probably has no website.

2867
01:47:20.300 --> 01:47:23.300
It probably has way under market rents.

2868
01:47:23.300 --> 01:47:25.300
It probably has occupancy issues,

2869
01:47:25.300 --> 01:47:26.300
because there has no website.

2870
01:47:26.300 --> 01:47:28.300
They're not doing anything.

2871
01:47:28.300 --> 01:47:31.300
So, I'm going to get the park to perform

2872
01:47:31.300 --> 01:47:35.300
by literally posting ads on Facebook Marketplace,

2873
01:47:35.300 --> 01:47:37.300
free ads, making a free website

2874
01:47:37.300 --> 01:47:39.300
with a vibe coding app,

2875
01:47:39.300 --> 01:47:42.300
and increasing the occupancy.

2876
01:47:42.300 --> 01:47:46.300
And that $20,000 a year goes to $30,000 a year,

2877
01:47:46.300 --> 01:47:50.300
and the park is worth an 8% cap rate.

2878
01:47:50.300 --> 01:47:52.300
You bought it undervalued at 10%.

2879
01:47:52.300 --> 01:47:56.300
So, it's now a $360,000 park

2880
01:47:56.300 --> 01:47:58.300
that you paid $200,000 for.

2881
01:47:58.300 --> 01:47:59.300
So, you can either sell it,

2882
01:47:59.300 --> 01:48:01.300
or you can just manage it,

2883
01:48:01.300 --> 01:48:03.300
and enjoy the profits.

2884
01:48:03.300 --> 01:48:04.300
When you said,

2885
01:48:04.300 --> 01:48:06.300
sell a financing, what does that mean?

2886
01:48:06.300 --> 01:48:09.300
That means the seller is holding the note.

2887
01:48:09.300 --> 01:48:12.300
They are bearing the risk of you buying the park.

2888
01:48:12.300 --> 01:48:15.300
But what's in it for them is a,

2889
01:48:15.300 --> 01:48:17.300
they can get the park back if you default.

2890
01:48:17.300 --> 01:48:20.300
Okay, so then not actually giving you the park up front.

2891
01:48:20.300 --> 01:48:23.300
They're letting you have it today on the basis

2892
01:48:23.300 --> 01:48:25.300
that you'll pay them in the future with profits you make.

2893
01:48:25.300 --> 01:48:26.300
Exactly.

2894
01:48:26.300 --> 01:48:29.300
So, you're making monthly payments to them,

2895
01:48:29.300 --> 01:48:31.300
because oftentimes they're going to take that money

2896
01:48:31.300 --> 01:48:32.300
that you give them,

2897
01:48:32.300 --> 01:48:33.300
and they're going to have to invest in something else.

2898
01:48:33.300 --> 01:48:35.300
Something they don't understand.

2899
01:48:35.300 --> 01:48:36.300
So, your pitch to them is,

2900
01:48:36.300 --> 01:48:38.300
hey, you know this park better than anyone, right?

2901
01:48:38.300 --> 01:48:40.300
You know what I can do to fix it.

2902
01:48:40.300 --> 01:48:42.300
You know what the deficiencies are.

2903
01:48:42.300 --> 01:48:44.300
If for some reason I'm not who I say I am,

2904
01:48:44.300 --> 01:48:45.300
you just get it back.

2905
01:48:45.300 --> 01:48:46.300
You take it back,

2906
01:48:46.300 --> 01:48:47.300
and you wear you started,

2907
01:48:47.300 --> 01:48:49.300
and you keep all the money that I paid you so far.

2908
01:48:49.300 --> 01:48:51.300
How much money have you made from doing this?

2909
01:48:51.300 --> 01:48:54.300
I've made net profit,

2910
01:48:54.300 --> 01:48:58.300
probably four to $600,000.

2911
01:48:58.300 --> 01:48:59.300
Revenue?

2912
01:48:59.300 --> 01:49:02.300
I would say between three and four million a year.

2913
01:49:02.300 --> 01:49:05.300
With these RV parks and mobile home parks as well.

2914
01:49:05.300 --> 01:49:06.300
Yeah.

2915
01:49:06.300 --> 01:49:07.300
How many of them?

2916
01:49:07.300 --> 01:49:11.300
I've been involved with 35 or so over the last seven years.

2917
01:49:11.300 --> 01:49:14.300
What about business?

2918
01:49:14.300 --> 01:49:17.300
No, I mean, you're capitalizing on baby boomers retiring

2919
01:49:17.300 --> 01:49:19.300
and on millennials traveling,

2920
01:49:19.300 --> 01:49:21.300
and on, yeah, it's just,

2921
01:49:21.300 --> 01:49:22.300
it's a growing market.

2922
01:49:22.300 --> 01:49:23.300
People are getting outside more.

2923
01:49:23.300 --> 01:49:26.300
Yeah, what are the macro things you think about

2924
01:49:26.300 --> 01:49:28.300
at the moment when you're trying to decide

2925
01:49:28.300 --> 01:49:29.300
on a new side house,

2926
01:49:29.300 --> 01:49:31.300
learn a new business to start?

2927
01:49:31.300 --> 01:49:33.300
Are they like obvious macro things that are happening

2928
01:49:33.300 --> 01:49:34.300
that we should all be thinking about?

2929
01:49:34.300 --> 01:49:36.300
You just can't ignore AI.

2930
01:49:36.300 --> 01:49:37.300
Like, whatever you're doing,

2931
01:49:37.300 --> 01:49:38.300
AI has to be part of it.

2932
01:49:38.300 --> 01:49:42.300
So I like the framework of implementing new AI tools

2933
01:49:42.300 --> 01:49:44.300
into old businesses,

2934
01:49:44.300 --> 01:49:49.300
and I like the framework that 10,000 baby boomers

2935
01:49:49.300 --> 01:49:51.300
are retiring every single day,

2936
01:49:51.300 --> 01:49:54.300
and that will be the case for the next five to 10 years.

2937
01:49:54.300 --> 01:49:57.300
What's the opportunity to either buy the businesses

2938
01:49:57.300 --> 01:50:00.300
or to implement AI into the businesses?

2939
01:50:00.300 --> 01:50:02.300
Those are the two biggest opportunities I see.

2940
01:50:02.300 --> 01:50:03.300
Let's do.

2941
01:50:03.300 --> 01:50:04.300
Get them to give you the business,

2942
01:50:04.300 --> 01:50:07.300
and you run it better in a more digital way.

2943
01:50:07.300 --> 01:50:08.300
Yeah.

2944
01:50:08.300 --> 01:50:10.300
And you pay them off for that business

2945
01:50:10.300 --> 01:50:11.300
when you've made profit from it.

2946
01:50:11.300 --> 01:50:12.300
If you don't make the profit,

2947
01:50:12.300 --> 01:50:13.300
they get their business back.

2948
01:50:13.300 --> 01:50:14.300
Yes.

2949
01:50:14.300 --> 01:50:17.300
Now, I will say finding seller financing on a business

2950
01:50:17.300 --> 01:50:20.300
is harder than on a piece of real estate,

2951
01:50:20.300 --> 01:50:22.300
but it is possible.

2952
01:50:22.300 --> 01:50:24.300
Of all the businesses you've started,

2953
01:50:24.300 --> 01:50:26.300
which one has been most profitable?

2954
01:50:27.300 --> 01:50:29.300
And was the easiest.

2955
01:50:29.300 --> 01:50:30.300
Oh, man.

2956
01:50:30.300 --> 01:50:31.300
So what is the winner?

2957
01:50:31.300 --> 01:50:36.300
I would say either my RV parks business

2958
01:50:36.300 --> 01:50:39.300
or my Texas snacks business,

2959
01:50:39.300 --> 01:50:41.300
my e-commerce business.

2960
01:50:41.300 --> 01:50:44.300
And they weren't easy because they're easy businesses

2961
01:50:44.300 --> 01:50:46.300
or industries.

2962
01:50:46.300 --> 01:50:50.300
They're easy because I had matured enough to a point

2963
01:50:50.300 --> 01:50:54.300
to find good operators to run those businesses,

2964
01:50:55.300 --> 01:50:57.300
where I had little to no involvement in them.

2965
01:50:57.300 --> 01:50:58.300
Does that make sense?

2966
01:50:58.300 --> 01:50:59.300
Yeah.

2967
01:50:59.300 --> 01:51:00.300
You found people to run them for you

2968
01:51:00.300 --> 01:51:02.300
so that as a starter,

2969
01:51:02.300 --> 01:51:03.300
they didn't die the minute you got bored.

2970
01:51:03.300 --> 01:51:04.300
Exactly.

2971
01:51:04.300 --> 01:51:06.300
Whereas they carried on growing and evolving.

2972
01:51:06.300 --> 01:51:07.300
Right.

2973
01:51:07.300 --> 01:51:08.300
Whereas those are both quite hard industries.

2974
01:51:08.300 --> 01:51:12.300
E-commerce is quite hard and real estate is as well.

2975
01:51:12.300 --> 01:51:14.300
But I had good operators.

2976
01:51:14.300 --> 01:51:18.300
What have you learnt about finding good operators?

2977
01:51:18.300 --> 01:51:20.300
Hmm.

2978
01:51:20.300 --> 01:51:23.300
Oh, man.

2979
01:51:23.300 --> 01:51:28.300
It all comes down to trust.

2980
01:51:28.300 --> 01:51:30.300
How much trust am I able to put in them?

2981
01:51:30.300 --> 01:51:32.300
How much trust do I have them?

2982
01:51:32.300 --> 01:51:35.300
I've found a direct correlation

2983
01:51:35.300 --> 01:51:37.300
between people I know really well

2984
01:51:37.300 --> 01:51:40.300
and people that have made really good operators.

2985
01:51:40.300 --> 01:51:42.300
How do you incentivize them?

2986
01:51:42.300 --> 01:51:44.300
Directly from the profits of the business.

2987
01:51:44.300 --> 01:51:47.300
So that they feel more like an entrepreneur

2988
01:51:47.300 --> 01:51:49.300
they've got more of a piece of the pie?

2989
01:51:49.300 --> 01:51:50.300
Yeah.

2990
01:51:50.300 --> 01:51:53.300
I made the mistake in my 20s of dangling

2991
01:51:53.300 --> 01:51:55.300
a carrot of equity too often.

2992
01:51:55.300 --> 01:51:57.300
Genuinely meaning it.

2993
01:51:57.300 --> 01:52:00.300
But most equity goes to zero.

2994
01:52:00.300 --> 01:52:01.300
Period.

2995
01:52:01.300 --> 01:52:04.300
I put a lot more emphasis on cash flow now

2996
01:52:04.300 --> 01:52:06.300
in my 30s than I do on equity.

2997
01:52:06.300 --> 01:52:08.300
I think equity is overrated.

2998
01:52:08.300 --> 01:52:12.300
And so nowadays I'm less likely to give an operating partner equity

2999
01:52:12.300 --> 01:52:14.300
not because I don't think they deserve it

3000
01:52:14.300 --> 01:52:16.300
but because it's more likely to go to zero.

3001
01:52:16.300 --> 01:52:19.300
And I'm more likely to cut them in on the profits

3002
01:52:19.300 --> 01:52:21.300
that they can get paid ongoing.

3003
01:52:21.300 --> 01:52:23.300
On an annual basis or quarterly basis, etc.

3004
01:52:23.300 --> 01:52:24.300
Quarterly, yeah.

3005
01:52:24.300 --> 01:52:25.300
Interesting.

3006
01:52:25.300 --> 01:52:28.300
Is there any side hustles that you've heard about

3007
01:52:28.300 --> 01:52:31.300
that you wish you'd started?

3008
01:52:31.300 --> 01:52:33.300
It's funny because a lot of the ones that I wish I started

3009
01:52:33.300 --> 01:52:36.300
I started like a lot of the 80s that I've done.

3010
01:52:36.300 --> 01:52:38.300
It's something that I thought about for two weeks.

3011
01:52:38.300 --> 01:52:41.300
I can't get it out of my head and I have to get it out of my head.

3012
01:52:41.300 --> 01:52:44.300
And so if I start something and it fails,

3013
01:52:44.300 --> 01:52:46.300
I don't really care because I don't invest a lot of money into it

3014
01:52:46.300 --> 01:52:48.300
and I answered the question.

3015
01:52:48.300 --> 01:52:50.300
I don't have to like stamp and I wondering if that thing

3016
01:52:50.300 --> 01:52:51.300
would have worked anymore.

3017
01:52:51.300 --> 01:52:54.300
Sometimes I'll like run these tests on Facebook

3018
01:52:54.300 --> 01:52:56.300
that show me such amazing results

3019
01:52:56.300 --> 01:53:00.300
that just kind of unlock an opportunity for me.

3020
01:53:00.300 --> 01:53:01.300
Can I give you an analogy?

3021
01:53:01.300 --> 01:53:03.300
Have you ever been deep sea fishing?

3022
01:53:03.300 --> 01:53:05.300
Not deep sea fishing, no.

3023
01:53:05.300 --> 01:53:07.300
Okay, so here's a real story.

3024
01:53:07.300 --> 01:53:09.300
I was out deep sea fishing

3025
01:53:09.300 --> 01:53:11.300
and we were just throwing lures

3026
01:53:11.300 --> 01:53:13.300
and we weren't getting any bites.

3027
01:53:13.300 --> 01:53:16.300
And the captain reaches in under the seat

3028
01:53:16.300 --> 01:53:19.300
and pulls out straws from McDonald's.

3029
01:53:19.300 --> 01:53:21.300
McDonald's straws specifically

3030
01:53:21.300 --> 01:53:24.300
because they have red and yellow stripes along the side of them.

3031
01:53:24.300 --> 01:53:25.300
And he pulled out scissors

3032
01:53:25.300 --> 01:53:27.300
and he started cutting them into fourths.

3033
01:53:27.300 --> 01:53:30.300
And then he took the hook off the line

3034
01:53:30.300 --> 01:53:32.300
and he put the string through the straw

3035
01:53:32.300 --> 01:53:34.300
and then he tied the hook back on.

3036
01:53:34.300 --> 01:53:36.300
He's like, I know, seems crazy.

3037
01:53:36.300 --> 01:53:38.300
Just stick with me and we cast it out

3038
01:53:38.300 --> 01:53:39.300
and we started getting bites.

3039
01:53:39.300 --> 01:53:40.300
And I'm like, what?

3040
01:53:40.300 --> 01:53:43.300
It was the same place with the same lure,

3041
01:53:43.300 --> 01:53:45.300
the same hook with just a straw.

3042
01:53:45.300 --> 01:53:47.300
Like, why does this work?

3043
01:53:47.300 --> 01:53:49.300
And he's like, it's the colors.

3044
01:53:49.300 --> 01:53:51.300
It's like the white and the red

3045
01:53:51.300 --> 01:53:53.300
and it just spins as you reel it in

3046
01:53:53.300 --> 01:53:55.300
and it mimics a fish.

3047
01:53:55.300 --> 01:53:57.300
And I was like, how did you learn this?

3048
01:53:57.300 --> 01:53:59.300
Like, what made you think to try this?

3049
01:53:59.300 --> 01:54:00.300
He's like, I don't know.

3050
01:54:00.300 --> 01:54:01.300
Maybe alcohol was involved?

3051
01:54:01.300 --> 01:54:02.300
I don't know.

3052
01:54:02.300 --> 01:54:03.300
But like, that worked.

3053
01:54:03.300 --> 01:54:04.300
And we started catching fish

3054
01:54:04.300 --> 01:54:05.300
the rest of the day.

3055
01:54:05.300 --> 01:54:07.300
So it just got me thinking like,

3056
01:54:07.300 --> 01:54:10.300
entrepreneurship is this massive ocean.

3057
01:54:10.300 --> 01:54:12.300
With millions of varieties of fish,

3058
01:54:12.300 --> 01:54:13.300
billions of fish,

3059
01:54:13.300 --> 01:54:14.300
some sharks,

3060
01:54:14.300 --> 01:54:15.300
some minnows,

3061
01:54:15.300 --> 01:54:16.300
and so many of us go out there

3062
01:54:16.300 --> 01:54:17.300
and we cast a few times

3063
01:54:17.300 --> 01:54:18.300
and we just go back home.

3064
01:54:18.300 --> 01:54:19.300
Like entrepreneurship doesn't work.

3065
01:54:19.300 --> 01:54:20.300
It's not for me.

3066
01:54:20.300 --> 01:54:22.300
Back to the 9-5.

3067
01:54:22.300 --> 01:54:24.300
But we're not testing enough stuff.

3068
01:54:24.300 --> 01:54:25.300
There's different depths.

3069
01:54:25.300 --> 01:54:26.300
There's different baits.

3070
01:54:26.300 --> 01:54:27.300
We could spray something on it

3071
01:54:27.300 --> 01:54:28.300
to make it smell different.

3072
01:54:28.300 --> 01:54:29.300
We could put a McDonald's straw on it.

3073
01:54:29.300 --> 01:54:31.300
And occasionally we'll find something.

3074
01:54:31.300 --> 01:54:33.300
We'll get a bite.

3075
01:54:33.300 --> 01:54:34.300
Maybe we won't get another bite

3076
01:54:34.300 --> 01:54:35.300
for another hour.

3077
01:54:35.300 --> 01:54:36.300
But the bite is a signal.

3078
01:54:36.300 --> 01:54:38.300
And it's like, oh, there's something there.

3079
01:54:38.300 --> 01:54:39.300
Okay.

3080
01:54:39.300 --> 01:54:40.300
Let's try that again to try this.

3081
01:54:40.300 --> 01:54:42.300
Or maybe let's just cast a hundred more times.

3082
01:54:42.300 --> 01:54:43.300
And then you get a fish.

3083
01:54:43.300 --> 01:54:44.300
And then you get a bigger fish.

3084
01:54:44.300 --> 01:54:46.300
And like the more you're out there,

3085
01:54:46.300 --> 01:54:48.300
not just focusing on one type of fishing,

3086
01:54:48.300 --> 01:54:50.300
but increasing your surface area

3087
01:54:50.300 --> 01:54:52.300
and trying all kinds of different things,

3088
01:54:52.300 --> 01:54:53.300
the more you learn.

3089
01:54:53.300 --> 01:54:55.300
Like the more you test.

3090
01:54:55.300 --> 01:54:57.300
And like now you have a bunch of sharks in the boat

3091
01:54:57.300 --> 01:54:58.300
and you have this and you have this

3092
01:54:58.300 --> 01:54:59.300
and you have all these options

3093
01:54:59.300 --> 01:55:00.300
at your disposal.

3094
01:55:00.300 --> 01:55:01.300
We're eating shark tonight.

3095
01:55:01.300 --> 01:55:02.300
We're eating group, we're eating snapper.

3096
01:55:02.300 --> 01:55:05.300
You have this amazing life that's dynamic

3097
01:55:05.300 --> 01:55:06.300
and full of color

3098
01:55:06.300 --> 01:55:08.300
and all these other awesome things

3099
01:55:08.300 --> 01:55:09.300
are coming into play

3100
01:55:09.300 --> 01:55:10.300
because you stayed out there

3101
01:55:10.300 --> 01:55:11.300
and you didn't just do one thing.

3102
01:55:11.300 --> 01:55:13.300
You tried all these other things.

3103
01:55:13.300 --> 01:55:15.300
So that's how I look at business.

3104
01:55:15.300 --> 01:55:17.300
Like I'm out there on the ocean testing other things.

3105
01:55:17.300 --> 01:55:19.300
And even if I don't catch anything, it's fun.

3106
01:55:19.300 --> 01:55:22.300
And I think other people should try that too.

3107
01:55:22.300 --> 01:55:24.300
A lot of people want sexy stuff, don't they?

3108
01:55:24.300 --> 01:55:25.300
Yeah.

3109
01:55:25.300 --> 01:55:26.300
I want to build the next Facebook

3110
01:55:26.300 --> 01:55:28.300
or they want to do a chat GPT

3111
01:55:28.300 --> 01:55:31.300
or the AI app that does this, that, and the other.

3112
01:55:31.300 --> 01:55:33.300
Do you think that's in part a trap

3113
01:55:33.300 --> 01:55:36.300
for the average person to be aiming at sexy?

3114
01:55:36.300 --> 01:55:37.300
Yeah.

3115
01:55:37.300 --> 01:55:39.300
Because the fact that everyone wants sexy

3116
01:55:39.300 --> 01:55:42.300
means the fact that the sexy things are the most competitive.

3117
01:55:42.300 --> 01:55:44.300
It's the exact reason why we should go

3118
01:55:44.300 --> 01:55:46.300
as unsexy as possible

3119
01:55:46.300 --> 01:55:48.300
because no one's looking at it.

3120
01:55:50.300 --> 01:55:51.300
I'm looking forward, Chris.

3121
01:55:51.300 --> 01:55:53.300
What is, um, is there anything

3122
01:55:53.300 --> 01:55:54.300
that you're mulling over now

3123
01:55:54.300 --> 01:55:55.300
in terms of new business ideas

3124
01:55:55.300 --> 01:55:56.300
that you could give me?

3125
01:55:56.300 --> 01:56:00.300
Man, I, lately, it's been about, like,

3126
01:56:00.300 --> 01:56:02.300
stuff I can launch with my content.

3127
01:56:02.300 --> 01:56:04.300
Um, I like, I love the phrase,

3128
01:56:04.300 --> 01:56:06.300
unfair advantage, right?

3129
01:56:06.300 --> 01:56:08.300
I will only start businesses today

3130
01:56:08.300 --> 01:56:10.300
where I have an unfair advantage.

3131
01:56:10.300 --> 01:56:13.300
Everyone has an unfair advantage in something, right?

3132
01:56:13.300 --> 01:56:16.300
Even a 13-year-old has an unfair advantage.

3133
01:56:16.300 --> 01:56:19.300
They might know roadblocks better than anyone, right?

3134
01:56:19.300 --> 01:56:21.300
So unfair advantage is not, you know,

3135
01:56:21.300 --> 01:56:23.300
only for the rich or the wealthy

3136
01:56:23.300 --> 01:56:25.300
or the elite or the most experienced or the PhDs, right?

3137
01:56:25.300 --> 01:56:27.300
So I try to start businesses

3138
01:56:27.300 --> 01:56:29.300
where I have an unfair advantage.

3139
01:56:29.300 --> 01:56:31.300
And that might be because I can grow it with my content.

3140
01:56:31.300 --> 01:56:34.300
It might be because I have a bunch of friends in that space

3141
01:56:34.300 --> 01:56:35.300
or I have a unique knowledge

3142
01:56:35.300 --> 01:56:37.300
or insight into that space.

3143
01:56:37.300 --> 01:56:39.300
So if I have a zillion ideas

3144
01:56:39.300 --> 01:56:40.300
and a spreadsheet a mile long

3145
01:56:40.300 --> 01:56:42.300
with a bunch of business ideas,

3146
01:56:42.300 --> 01:56:43.300
the ones I'm most likely to start

3147
01:56:43.300 --> 01:56:45.300
are the ones where I have an unfair advantage.

3148
01:56:45.300 --> 01:56:46.300
Right, to win.

3149
01:56:46.300 --> 01:56:47.300
Yeah.

3150
01:56:47.300 --> 01:56:50.300
I have this phrase called moralical opportunity,

3151
01:56:50.300 --> 01:56:55.300
which I use when I look at an industry

3152
01:56:55.300 --> 01:56:58.300
that never seems to work for anybody,

3153
01:56:58.300 --> 01:57:00.300
but seems so obvious.

3154
01:57:00.300 --> 01:57:01.300
Do you know what I'm saying?

3155
01:57:01.300 --> 01:57:02.300
Yeah, I do.

3156
01:57:02.300 --> 01:57:03.300
I'm thinking of something.

3157
01:57:03.300 --> 01:57:06.300
And this has been a bit of a way for me to know

3158
01:57:06.300 --> 01:57:07.300
what not to work on is,

3159
01:57:07.300 --> 01:57:10.300
if I see everybody trying to solve this particular problem

3160
01:57:10.300 --> 01:57:11.300
and nobody's been successful,

3161
01:57:11.300 --> 01:57:13.300
yet more and more people are plowing in.

3162
01:57:13.300 --> 01:57:15.300
And yeah, it seems obvious to me I just stay away from it.

3163
01:57:15.300 --> 01:57:18.300
Because there's something in my understanding

3164
01:57:18.300 --> 01:57:20.300
of consumer behavior

3165
01:57:20.300 --> 01:57:22.300
or current alternatives

3166
01:57:22.300 --> 01:57:24.300
that I'm like misunderstanding.

3167
01:57:24.300 --> 01:57:26.300
An example I'll give you.

3168
01:57:26.300 --> 01:57:30.300
Everyone at the moment is trying to start a...

3169
01:57:30.300 --> 01:57:32.300
So this is the first sort of first principles

3170
01:57:32.300 --> 01:57:33.300
they're reasoning up from.

3171
01:57:33.300 --> 01:57:35.300
They're saying people are more lonely than ever before.

3172
01:57:35.300 --> 01:57:40.300
They're saying there's no clear place

3173
01:57:40.300 --> 01:57:42.300
to organize a group of people.

3174
01:57:42.300 --> 01:57:45.300
WhatsApp has its limitations, its restrictions,

3175
01:57:45.300 --> 01:57:47.300
doesn't have the feature set one would like.

3176
01:57:47.300 --> 01:57:50.300
Facebook groups aren't working for a certain generation

3177
01:57:50.300 --> 01:57:53.300
of people anymore for sort of Gen Zs and younger generations millennials.

3178
01:57:53.300 --> 01:57:57.300
So what I'm going to do is I'm going to make an app for groups.

3179
01:57:57.300 --> 01:57:59.300
You run club, your friends,

3180
01:57:59.300 --> 01:58:02.300
your piano, recital group, your entrepreneurs,

3181
01:58:02.300 --> 01:58:05.300
we're going to build all the group features into this app.

3182
01:58:05.300 --> 01:58:07.300
It's going to be dedicated to that.

3183
01:58:07.300 --> 01:58:09.300
I've heard this pitch over and over again.

3184
01:58:09.300 --> 01:58:11.300
I've seen all of them seem to have any traction or work.

3185
01:58:11.300 --> 01:58:14.300
It's a mirage, something fundamental about your assumption is off.

3186
01:58:14.300 --> 01:58:16.300
Yeah.

3187
01:58:16.300 --> 01:58:17.300
When I said mirage opportunities,

3188
01:58:17.300 --> 01:58:19.300
did you think of anything in particular?

3189
01:58:19.300 --> 01:58:24.300
I stay away from businesses where I don't know why it's not working

3190
01:58:24.300 --> 01:58:25.300
but clearly it's not working.

3191
01:58:25.300 --> 01:58:26.300
Yeah.

3192
01:58:26.300 --> 01:58:28.300
I think of banking or healthcare.

3193
01:58:28.300 --> 01:58:29.300
Banking is terrible.

3194
01:58:29.300 --> 01:58:31.300
Look at the UI at Bank of America.

3195
01:58:31.300 --> 01:58:35.300
It's probably like that for a reason.

3196
01:58:35.300 --> 01:58:37.300
Amazon's UI is terrible.

3197
01:58:37.300 --> 01:58:40.300
They probably know why it looks like that.

3198
01:58:40.300 --> 01:58:42.300
I assume they're smarter than I am.

3199
01:58:42.300 --> 01:58:44.300
One idea that I thought of is everyone hates typing

3200
01:58:44.300 --> 01:58:46.300
in their password as many times today.

3201
01:58:46.300 --> 01:58:49.300
You have these password managers but I've seen a dozen companies

3202
01:58:49.300 --> 01:58:51.300
that are going to fix the password.

3203
01:58:51.300 --> 01:58:54.300
Some like replacement to a password and they've all failed.

3204
01:58:54.300 --> 01:58:57.300
It's probably because it's a really hard problem to solve.

3205
01:58:57.300 --> 01:59:00.300
I don't want to try to invest in a person that's trying to solve it

3206
01:59:00.300 --> 01:59:02.300
because statistics are not on their side.

3207
01:59:02.300 --> 01:59:05.300
Another one that comes to mind for me is at university

3208
01:59:05.300 --> 01:59:08.300
every entrepreneurial college kid decides that they're going to build

3209
01:59:08.300 --> 01:59:10.300
a on-campus what's going on app

3210
01:59:10.300 --> 01:59:12.300
to let everybody know what's going on on campus.

3211
01:59:12.300 --> 01:59:14.300
They never seem to work.

3212
01:59:14.300 --> 01:59:18.300
I think the reason why they don't work is because both

3213
01:59:18.300 --> 01:59:21.300
you're losing 33% of your potential customers every year

3214
01:59:21.300 --> 01:59:23.300
and gaining 33% new customers every year

3215
01:59:23.300 --> 01:59:25.300
so you have a bit of an acquisition problem.

3216
01:59:25.300 --> 01:59:27.300
But then also people don't decide what they're going to do

3217
01:59:27.300 --> 01:59:28.300
based on some notice board.

3218
01:59:28.300 --> 01:59:30.300
They decide based on their dorm room friends

3219
01:59:30.300 --> 01:59:33.300
and where they're going and where the girl they like is going.

3220
01:59:33.300 --> 01:59:36.300
And so it's not really about what's going on.

3221
01:59:36.300 --> 01:59:38.300
It's like what does my group of people want to do?

3222
01:59:38.300 --> 01:59:41.300
I think that's the mirage in that.

3223
01:59:41.300 --> 01:59:43.300
I thought of another example.

3224
01:59:43.300 --> 01:59:45.300
That's like building apps around podcasting.

3225
01:59:45.300 --> 01:59:47.300
Oh my God, you're right.

3226
01:59:47.300 --> 01:59:50.300
I have a friend that he had a podcast, a great one,

3227
01:59:50.300 --> 01:59:52.300
that helped podcasters.

3228
01:59:52.300 --> 01:59:53.300
And it was great.

3229
01:59:53.300 --> 01:59:55.300
Really, I listened to it.

3230
01:59:55.300 --> 02:00:00.300
And he realized over time, I'm selling to a market that quits.

3231
02:00:00.300 --> 02:00:03.300
I'm asking for customers to pay for my thing that are statistically

3232
02:00:03.300 --> 02:00:06.300
95% of them are going to quit within six months.

3233
02:00:06.300 --> 02:00:08.300
So it's just a broken market to sell to.

3234
02:00:08.300 --> 02:00:10.300
And then the 5% that are successful,

3235
02:00:10.300 --> 02:00:13.300
what percentage of them are actually profitable?

3236
02:00:13.300 --> 02:00:15.300
What percentage of them can afford to pay for an expensive agency

3237
02:00:15.300 --> 02:00:17.300
or software?

3238
02:00:17.300 --> 02:00:20.300
Very few.

3239
02:00:20.300 --> 02:00:21.300
Moreage opportunities.

3240
02:00:21.300 --> 02:00:22.300
I like that.

3241
02:00:22.300 --> 02:00:26.300
It's been a really useful framework because it's the obvious ones

3242
02:00:26.300 --> 02:00:29.300
that no one's doing, but there's clearly a huge opportunity

3243
02:00:29.300 --> 02:00:31.300
that I think pulls people in the most.

3244
02:00:31.300 --> 02:00:36.300
But for me now with the amount of time I've spent starting businesses,

3245
02:00:36.300 --> 02:00:38.300
those are the ones that push me away the most.

3246
02:00:38.300 --> 02:00:39.300
Yeah.

3247
02:00:39.300 --> 02:00:42.300
Well, it all comes back to the value of just copying what's already working.

3248
02:00:42.300 --> 02:00:43.300
Amen.

3249
02:00:43.300 --> 02:00:46.300
Is there anything we haven't talked about that we should have talked about, Chris?

3250
02:00:46.300 --> 02:00:50.300
For young and old people that are considering starting their own business,

3251
02:00:50.300 --> 02:00:54.300
their inside hustle, building positive income.

3252
02:00:54.300 --> 02:00:57.300
Many of the people that think they want to be an entrepreneur,

3253
02:00:57.300 --> 02:00:59.300
they just like the idea of it.

3254
02:00:59.300 --> 02:01:01.300
And they think there's freedom and entrepreneurship.

3255
02:01:01.300 --> 02:01:04.300
When oftentimes it's even more of a prison than their 95.

3256
02:01:04.300 --> 02:01:07.300
It can be at least in the first years,

3257
02:01:07.300 --> 02:01:10.300
not months, not years, sometimes decades, right?

3258
02:01:10.300 --> 02:01:14.300
And so I want people to answer the question for themselves,

3259
02:01:14.300 --> 02:01:15.300
is this for me?

3260
02:01:15.300 --> 02:01:17.300
So they don't regret.

3261
02:01:17.300 --> 02:01:20.300
They need to find out if they love the idea of it,

3262
02:01:20.300 --> 02:01:23.300
or they like the actual day-to-day grind of it.

3263
02:01:23.300 --> 02:01:28.300
Because they probably bought, but I want them to find out.

3264
02:01:28.300 --> 02:01:31.300
Such an important point, because the narrative online at the moment

3265
02:01:31.300 --> 02:01:34.300
is beer and boss, et cetera, et cetera.

3266
02:01:34.300 --> 02:01:37.300
And I don't think people, I'm speaking for myself here,

3267
02:01:37.300 --> 02:01:39.300
I don't want to speak for you,

3268
02:01:39.300 --> 02:01:41.300
but people realize how many people I have to answer to.

3269
02:01:41.300 --> 02:01:43.300
Yeah, I have all of my team members,

3270
02:01:43.300 --> 02:01:45.300
which is hundreds of people that I have my investors,

3271
02:01:45.300 --> 02:01:47.300
I have my suppliers, my clients.

3272
02:01:47.300 --> 02:01:50.300
So it's not like I'm living as a free man.

3273
02:01:50.300 --> 02:01:54.300
Yeah, I'm less free now than I was before.

3274
02:01:54.300 --> 02:01:55.300
Yeah.

3275
02:01:55.300 --> 02:01:57.300
What if I started all this stuff?

3276
02:01:57.300 --> 02:01:59.300
Isn't it nice when someone just also just tells you what to do

3277
02:01:59.300 --> 02:02:01.300
and exactly what path to take?

3278
02:02:01.300 --> 02:02:03.300
Yeah, like my wife does that.

3279
02:02:03.300 --> 02:02:05.300
She's like, hey, I need you to do this.

3280
02:02:05.300 --> 02:02:06.300
It's like, oh, it's so nice.

3281
02:02:06.300 --> 02:02:08.300
I don't have to think.

3282
02:02:08.300 --> 02:02:10.300
You know, so I have bosses and other areas in my life.

3283
02:02:10.300 --> 02:02:11.300
And it's really nice.

3284
02:02:11.300 --> 02:02:13.300
Like there's something to be set for a 9 to 5.

3285
02:02:13.300 --> 02:02:16.300
And some people have no desire to even test an entrepreneurship.

3286
02:02:16.300 --> 02:02:17.300
Great.

3287
02:02:17.300 --> 02:02:19.300
I'll power to you, but I want people to test it.

3288
02:02:19.300 --> 02:02:22.300
And I think people would look at someone like me or you

3289
02:02:22.300 --> 02:02:24.300
and think, oh, you know, they've got total freedom.

3290
02:02:24.300 --> 02:02:26.300
But this is just not the case.

3291
02:02:26.300 --> 02:02:30.300
Even for me as a podcaster, you know, I'm now kind of somewhat constrained

3292
02:02:30.300 --> 02:02:32.300
by the fact that I need to publish on a Monday

3293
02:02:32.300 --> 02:02:33.300
and I need to publish on Thursday.

3294
02:02:33.300 --> 02:02:36.300
And that means lots of other work takes place throughout the week.

3295
02:02:36.300 --> 02:02:40.300
And I can't just go to Hawaii and chill out and yeah, spend a month

3296
02:02:40.300 --> 02:02:41.300
off.

3297
02:02:41.300 --> 02:02:43.300
And then I've got all my clients now and the team members, etc.

3298
02:02:43.300 --> 02:02:46.300
So I think I'm starting a bit of a war against this idea

3299
02:02:46.300 --> 02:02:52.300
that independence and total freedom is both something to aim for

3300
02:02:52.300 --> 02:02:56.300
but also like realistic when you're pursuing something you love.

3301
02:02:56.300 --> 02:02:57.300
Yeah.

3302
02:02:57.300 --> 02:02:59.300
I think a generation have been solved this idea of independence

3303
02:02:59.300 --> 02:03:00.300
and I don't think it's gotten us anywhere.

3304
02:03:00.300 --> 02:03:01.300
Yeah.

3305
02:03:01.300 --> 02:03:02.300
Like that's the goal freedom independence.

3306
02:03:02.300 --> 02:03:03.300
Don't depend on anybody.

3307
02:03:03.300 --> 02:03:04.300
Right.

3308
02:03:04.300 --> 02:03:05.300
Look on your life.

3309
02:03:05.300 --> 02:03:07.300
You've got four kids.

3310
02:03:07.300 --> 02:03:09.300
You've got lots of responsibility.

3311
02:03:09.300 --> 02:03:10.300
You've got employees.

3312
02:03:10.300 --> 02:03:11.300
You've got businesses.

3313
02:03:11.300 --> 02:03:14.300
You've got so much dependency.

3314
02:03:14.300 --> 02:03:17.300
And that's probably the source of much of your happiness.

3315
02:03:17.300 --> 02:03:18.300
Yeah, exactly.

3316
02:03:18.300 --> 02:03:22.300
My quote of this year is, there are no solutions only trade-offs.

3317
02:03:22.300 --> 02:03:24.300
That entrepreneurship is not a solution.

3318
02:03:24.300 --> 02:03:26.300
You're trading something for it.

3319
02:03:26.300 --> 02:03:29.300
The question is, is that trade-off worth it or not?

3320
02:03:29.300 --> 02:03:30.300
And we won't know until we try it.

3321
02:03:30.300 --> 02:03:32.300
And what's the trade-off you're making?

3322
02:03:32.300 --> 02:03:33.300
Stability.

3323
02:03:33.300 --> 02:03:37.300
Lack of volatility.

3324
02:03:37.300 --> 02:03:39.300
Yeah, predictability.

3325
02:03:39.300 --> 02:03:42.300
My life has been volatile and unpredictable.

3326
02:03:42.300 --> 02:03:45.300
But the more predictable it becomes in a good way.

3327
02:03:45.300 --> 02:03:50.300
But that's been the trade-off is the mental load of not knowing

3328
02:03:50.300 --> 02:03:52.300
where my paycheck's coming from.

3329
02:03:52.300 --> 02:03:55.300
Or if it's coming at all.

3330
02:03:55.300 --> 02:03:57.300
It's not for the thing targeted.

3331
02:03:57.300 --> 02:03:59.300
No.

3332
02:03:59.300 --> 02:04:01.300
Chris, we have any closing tradition where the landscape

3333
02:04:01.300 --> 02:04:03.300
leaves a question for the next, not knowing who they're leaving it for.

3334
02:04:03.300 --> 02:04:06.300
And the question left for you, I love this question for obvious reasons,

3335
02:04:06.300 --> 02:04:10.300
is during your interview with Stephen today, what is one thing he did

3336
02:04:10.300 --> 02:04:17.300
that you genuinely appreciated?

3337
02:04:17.300 --> 02:04:29.300
I would say that I appreciate that the questions you asked me got me to look at the things

3338
02:04:29.300 --> 02:04:32.300
I've been looking at in one way completely differently.

3339
02:04:32.300 --> 02:04:38.300
I came into this conversation, you know, looking at things in a specific way

3340
02:04:38.300 --> 02:04:43.300
in ways that I always have, but your questions got me to approach it from a different angle

3341
02:04:43.300 --> 02:04:49.300
that made me learn something more about my own story, if you will.

3342
02:04:49.300 --> 02:04:52.300
And what was that in particular?

3343
02:04:52.300 --> 02:04:54.300
Was there a specific thing you're thinking about?

3344
02:04:54.300 --> 02:05:02.300
Maybe just the overall framework that maybe it's just recency biased,

3345
02:05:02.300 --> 02:05:08.300
but just that it's not for everyone.

3346
02:05:08.300 --> 02:05:10.300
It's not for everyone.

3347
02:05:10.300 --> 02:05:15.300
And that we just need to learn if the trade-offs are worth it.

3348
02:05:15.300 --> 02:05:20.300
There's an element of your personal trauma experiences upbringing,

3349
02:05:20.300 --> 02:05:25.300
insecurities, toxic fuel that makes the trade-offs worth it,

3350
02:05:25.300 --> 02:05:30.300
that makes you in some respect unreasonable, unrealistic, willing to take the risk.

3351
02:05:30.300 --> 02:05:33.300
And we don't talk about that enough because we're not able to go into people's trauma

3352
02:05:33.300 --> 02:05:36.300
and the nuance of their life and childhood and what their dad said to them

3353
02:05:36.300 --> 02:05:42.300
and how they were believed to be able to like transmit into their mind

3354
02:05:42.300 --> 02:05:44.300
to figure that out for themselves.

3355
02:05:44.300 --> 02:05:47.300
But I think probably in both your life and my life,

3356
02:05:47.300 --> 02:05:50.300
we both have ADHD to some degree.

3357
02:05:50.300 --> 02:05:53.300
And we have a brainwired in a certain way.

3358
02:05:53.300 --> 02:05:57.300
So it can seem like we're making a choice.

3359
02:05:57.300 --> 02:06:00.300
But it often doesn't feel like that for me.

3360
02:06:00.300 --> 02:06:02.300
It doesn't feel like I'm making a choice.

3361
02:06:02.300 --> 02:06:04.300
It feels like there is no other choice.

3362
02:06:04.300 --> 02:06:08.300
In the same way that one might make a choice to get a 95 job.

3363
02:06:08.300 --> 02:06:12.300
I think for me that would be a terrible thing.

3364
02:06:12.300 --> 02:06:14.300
And vice versa probably.

3365
02:06:14.300 --> 02:06:17.300
What you just said just brought up a memory.

3366
02:06:17.300 --> 02:06:19.300
I don't know if it's relevant to this or not.

3367
02:06:19.300 --> 02:06:23.300
But you said ADHD when I was an undergrad, I got tested for ADHD.

3368
02:06:23.300 --> 02:06:28.300
And the psychiatrist said it was a big report.

3369
02:06:28.300 --> 02:06:31.300
I'm summarizing it to the only sentence that I remember.

3370
02:06:31.300 --> 02:06:35.300
But she said that I just had delusions of grandeur.

3371
02:06:35.300 --> 02:06:37.300
It wasn't like an official diagnosis.

3372
02:06:37.300 --> 02:06:40.300
It was one line in like an eight-page document.

3373
02:06:40.300 --> 02:06:42.300
I just like bounce off the page.

3374
02:06:42.300 --> 02:06:45.300
And I was like, how do you know that's a delusion?

3375
02:06:45.300 --> 02:06:48.300
It's only a delusion if enough time has passed

3376
02:06:48.300 --> 02:06:50.300
so we could look back and say, yeah, he was wrong.

3377
02:06:50.300 --> 02:06:52.300
He was way off base.

3378
02:06:52.300 --> 02:06:54.300
By delusions of grandeur, what does she mean?

3379
02:06:54.300 --> 02:06:58.300
She means I had unrealistic expectations

3380
02:06:58.300 --> 02:07:01.300
about how my life would turn out.

3381
02:07:01.300 --> 02:07:06.300
And that was causing strife in my personal relationships.

3382
02:07:06.300 --> 02:07:08.300
And I thought it was wrong.

3383
02:07:08.300 --> 02:07:10.300
But it put a chip on my shoulder.

3384
02:07:10.300 --> 02:07:12.300
It planted a seed that I never forgot.

3385
02:07:12.300 --> 02:07:13.300
I have that printed.

3386
02:07:13.300 --> 02:07:15.300
It's in my drawer at work.

3387
02:07:15.300 --> 02:07:17.300
What does it say?

3388
02:07:17.300 --> 02:07:22.300
I just have like literally the report that she gave me back in 2009.

3389
02:07:22.300 --> 02:07:26.300
It's like highlighted and drawn up in my drawer at work.

3390
02:07:26.300 --> 02:07:28.300
And I just look at it sometimes for motivation

3391
02:07:28.300 --> 02:07:30.300
because what is a delusion of grandeur?

3392
02:07:30.300 --> 02:07:32.300
Like I have plans of grandeur.

3393
02:07:32.300 --> 02:07:34.300
This is a plan.

3394
02:07:34.300 --> 02:07:36.300
And so I think about her sometimes.

3395
02:07:36.300 --> 02:07:38.300
She probably has no idea who I am.

3396
02:07:38.300 --> 02:07:40.300
I should probably forgot all about me.

3397
02:07:40.300 --> 02:07:43.300
But if people want to learn more,

3398
02:07:43.300 --> 02:07:47.300
where's the best place they should go to check your work out?

3399
02:07:47.300 --> 02:07:50.300
You've got your podcast on YouTube.

3400
02:07:50.300 --> 02:07:52.300
It's not necessarily a podcast in the same way

3401
02:07:52.300 --> 02:07:53.300
that this is a podcast.

3402
02:07:53.300 --> 02:07:56.300
It's much more practical than specific around specific subject matters.

3403
02:07:56.300 --> 02:07:58.300
So I highly recommend people go check that out.

3404
02:07:58.300 --> 02:08:00.300
I'm going to link it below and put it on the screen.

3405
02:08:00.300 --> 02:08:01.300
But where else?

3406
02:08:01.300 --> 02:08:03.300
Where's a good place to get in touch with you or to consume your work?

3407
02:08:03.300 --> 02:08:05.300
Probably tkopod.com.

3408
02:08:05.300 --> 02:08:07.300
As in the corner office.

3409
02:08:07.300 --> 02:08:09.300
It's just like my main website.

3410
02:08:09.300 --> 02:08:13.300
And people can sign up here for your newsletter.

3411
02:08:13.300 --> 02:08:17.300
Yep, I used one email per week, which you send out.

3412
02:08:17.300 --> 02:08:21.300
Like a very tactical guide on how to start X, Y, or Z business.

3413
02:08:21.300 --> 02:08:24.300
And I ask my audience what they want to learn about.

3414
02:08:24.300 --> 02:08:28.300
So they tell me and then I dive deep and then break it all down for me.

3415
02:08:28.300 --> 02:08:30.300
I'll link that as well below for anyone that's interested.

3416
02:08:30.300 --> 02:08:35.300
What is the most popular, most frequent request you get through that website?

3417
02:08:35.300 --> 02:08:37.300
On business ideas to talk about.

3418
02:08:37.300 --> 02:08:38.300
Yeah.

3419
02:08:38.300 --> 02:08:44.300
Probably the AI agency, the AI implementation agency idea that I talked about.

3420
02:08:44.300 --> 02:08:47.300
And what is the most viral video you've ever made?

3421
02:08:47.300 --> 02:08:48.300
Oh, man.

3422
02:08:48.300 --> 02:08:54.300
That was about a, this, this Chinese street vendor that sold ice cream.

3423
02:08:54.300 --> 02:08:57.300
She had this little contraption.

3424
02:08:57.300 --> 02:09:00.300
It was like a frozen cylinder that she poured cream over.

3425
02:09:00.300 --> 02:09:04.300
And it would scrape off ice cream in this really visually appealing way.

3426
02:09:04.300 --> 02:09:07.300
And so I basically broke down in 30 seconds.

3427
02:09:07.300 --> 02:09:09.300
Like, you could pay $200 for this.

3428
02:09:09.300 --> 02:09:11.300
You could post it at any given street corner.

3429
02:09:11.300 --> 02:09:14.300
And you could make $1,000 by the end of the day.

3430
02:09:14.300 --> 02:09:17.300
So it's like A, B, C. Here's how to get to this revenue.

3431
02:09:17.300 --> 02:09:20.300
And like 30 or 40 million people saw it.

3432
02:09:20.300 --> 02:09:23.300
I'll put the video on this screen for anyone that's interested in that as well.

3433
02:09:23.300 --> 02:09:26.300
Just so you know what this ice cream contraption is.

3434
02:09:26.300 --> 02:09:27.300
Chris, thank you so much.

3435
02:09:27.300 --> 02:09:30.300
Thank you so much for being yourself in every respect.

3436
02:09:30.300 --> 02:09:33.300
You teach me that there's many ways to skin a cat as the saying goes.

3437
02:09:33.300 --> 02:09:36.300
There's many ways to become successful to be happy to be motivated in your life.

3438
02:09:36.300 --> 02:09:38.300
There's many ways to become a millionaire.

3439
02:09:38.300 --> 02:09:41.300
Some of it bucks sort of conventional wisdom of how to grow business.

3440
02:09:41.300 --> 02:09:45.300
And I think that is actually liberating to know that your own unique wiring

3441
02:09:45.300 --> 02:09:49.300
and your own unique perspective and Ika guy can drive you to the same outcome

3442
02:09:49.300 --> 02:09:50.300
of financial freedom.

3443
02:09:50.300 --> 02:09:53.300
If you do have the self awareness, if you're willing to work hard

3444
02:09:53.300 --> 02:09:56.300
and if you can cope with the opinions of others.

3445
02:09:56.300 --> 02:10:00.300
And also if you're willing to sacrifice tremendously because you have sacrifice tremendously.

3446
02:10:00.300 --> 02:10:04.300
And especially as someone as a man that has a young man that has four kids

3447
02:10:04.300 --> 02:10:07.300
you've taken on your shoulders a huge amount of risk.

3448
02:10:07.300 --> 02:10:12.300
And I applaud you for simplifying and demystifying the pursuit of side households

3449
02:10:12.300 --> 02:10:16.300
and business and entrepreneurship for so many people because I think in the world

3450
02:10:16.300 --> 02:10:19.300
we live in it's probably going to become more and more important

3451
02:10:19.300 --> 02:10:20.300
that people have more options.

3452
02:10:20.300 --> 02:10:21.300
Great.

3453
02:10:21.300 --> 02:10:26.300
In a world of AI and if Elon Musk is to be successful in creating the age of abundance

3454
02:10:26.300 --> 02:10:30.300
that he's describing then maybe we're all going to end up as entrepreneurs who knows.

3455
02:10:30.300 --> 02:10:31.300
Who knows?

3456
02:10:31.300 --> 02:10:32.300
Thank you.

3457
02:10:32.300 --> 02:10:33.300
Thank you as well.

3458
02:10:36.300 --> 02:10:39.300
Make sure you keep what I'm about to say to yourself.

3459
02:10:39.300 --> 02:10:43.300
I'm inviting 10,000 of you to come even deeper into the diorevasia.

3460
02:10:43.300 --> 02:10:45.300
Welcome to my inner circle.

3461
02:10:45.300 --> 02:10:49.300
This is a brand new private community that I'm launching to the world.

3462
02:10:49.300 --> 02:10:53.300
We have so many incredible things that happen that you are never shown.

3463
02:10:53.300 --> 02:10:56.300
We have the briefs that are on my pad when I'm recording the conversation.

3464
02:10:56.300 --> 02:10:58.300
We have clips we've never released.

3465
02:10:58.300 --> 02:11:01.300
We have behind the scenes conversations with the guests and also the episodes

3466
02:11:01.300 --> 02:11:03.300
that we've never ever released.

3467
02:11:03.300 --> 02:11:08.300
And so much more in the circle you'll have direct access to me.

3468
02:11:08.300 --> 02:11:10.300
You can tell us what you want this show to be.

3469
02:11:10.300 --> 02:11:14.300
Who you want us to interview and the types of conversations you would love us to have.

3470
02:11:14.300 --> 02:11:19.300
But remember for now we're only inviting the first 10,000 people that joined before it closes.

3471
02:11:19.300 --> 02:11:23.300
So if you want to join our private close community head to the link in the description below

3472
02:11:23.300 --> 02:11:26.300
or go to doccircle.com.

3473
02:11:26.300 --> 02:11:28.300
I will speak to you there.

3474
02:11:44.300 --> 02:11:51.300
.