WEBVTT 1 00:00:00.091 --> 00:00:03.255 And my job here is to win $10,000 by convincing you to change your money, right? 2 00:00:03.455 --> 00:00:04.717 Profit is overrated. 3 00:00:05.017 --> 00:00:06.318 Why am I triggered by this? 4 00:00:06.739 --> 00:00:10.383 Self-care maxing that I feel like has just softened an entire generation. 5 00:00:10.523 --> 00:00:11.825 It's irrelevant where the money comes from. 6 00:00:11.865 --> 00:00:15.149 It could come from the Pope, from Obama, or from the Martians in outer space. 7 00:00:15.309 --> 00:00:16.129 My name's Alex Ramosi. 8 00:00:16.169 --> 00:00:21.131 I've been in business for 14 years, scaled 10 businesses past 10 million, three past 100 million per year. 9 00:00:21.291 --> 00:00:26.473 And today, I have acquisition.com, which is a portfolio that did $250 million in aggregate revenue last year. 10 00:00:26.593 --> 00:00:32.635 Today, I'm gonna be debating these exceptional entrepreneurs on some common beliefs about entrepreneurship. 11 00:00:33.016 --> 00:00:36.717 And at the end, the business owner that makes the best counterargument wins 10 grand cash. 12 00:00:38.184 --> 00:00:40.146 You don't need a weekend. 13 00:00:40.286 --> 00:00:41.888 The concept is barely 100 years old. 14 00:00:42.108 --> 00:00:43.069 It's a modern invention. 15 00:00:43.129 --> 00:00:45.211 What you really need is work that you don't need a weekend from. 16 00:00:48.675 --> 00:00:49.396 Oh, she's taking it. 17 00:00:49.796 --> 00:00:51.277 She's letting the guns out. 18 00:00:51.297 --> 00:00:52.038 She's taking the guns out. 19 00:00:52.058 --> 00:00:53.199 She said not to wear white. 20 00:00:53.320 --> 00:00:55.181 So I was like trying to honor that. 21 00:00:56.125 --> 00:00:57.566 Okay. 22 00:00:57.586 --> 00:00:59.927 I love consuming you and Layla's content. 23 00:01:00.407 --> 00:01:05.189 I like literally like, I mean, all the things I agree with, all the things that you guys have said. 24 00:01:05.489 --> 00:01:13.113 And then when it hits these moments as a mother, so like I'll be going down the highway, I'm listening to the podcast and I'm like, okay. 25 00:01:14.674 --> 00:01:16.055 Why am I triggered by this? 26 00:01:16.155 --> 00:01:17.737 You know, like, why do I get triggered by this? 27 00:01:17.837 --> 00:01:23.041 When I listen to that tweet, I'm asking like, okay, well, they are saying this because they don't have kids yet. 28 00:01:24.122 --> 00:01:26.585 Sorry, but y'all having a good child. 29 00:01:26.605 --> 00:01:34.512 And so that's why I was like, I wonder if that perspective had changed for you guys knowing like maybe you do need a weekend with your family. 30 00:01:34.732 --> 00:01:37.234 The larger context is that you make tradeoffs. 31 00:01:38.015 --> 00:01:39.375 And so there's nothing wrong. 32 00:01:40.076 --> 00:01:41.536 You don't need a weekend. 33 00:01:41.596 --> 00:01:43.056 You can choose to have a weekend. 34 00:01:43.356 --> 00:01:44.517 And there's nothing wrong with that. 35 00:01:44.977 --> 00:01:51.218 But the idea that I must have this, to me, usually points to a larger issue, which is that, like, I hate my work. 36 00:01:51.938 --> 00:01:53.559 And that's, so let's solve that. 37 00:01:53.919 --> 00:01:54.119 Right. 38 00:01:54.499 --> 00:01:59.060 My work schedule and Layla's work schedule are planning on dramatically changing post-child. 39 00:01:59.220 --> 00:02:01.761 But I would still stand on the argument that, like, it's a trade-off we're choosing to make. 40 00:02:01.781 --> 00:02:02.801 We don't need to do it. 41 00:02:03.141 --> 00:02:03.981 We're choosing to do it. 42 00:02:08.142 --> 00:02:13.245 Saturdays and Sundays or maybe between, you know, dance recitals and practice and whatever else was going on. 43 00:02:13.265 --> 00:02:13.865 They're still on their phone. 44 00:02:13.885 --> 00:02:14.365 They're slacking. 45 00:02:14.385 --> 00:02:15.326 They're moving things forward. 46 00:02:15.806 --> 00:02:26.011 And at the most, again, take the hypothetical extreme of if you have two competitors and one is working all the time and one that is not, again, assuming they're both resting and sleeping and hydrating, whatever. 47 00:02:26.031 --> 00:02:26.431 Right. 48 00:02:26.451 --> 00:02:28.872 The person who with the same skill is just working more. 49 00:02:29.533 --> 00:02:33.400 gets 104 more workdays per year, they're just going to move a third faster. 50 00:02:33.781 --> 00:02:39.271 And in a world where speed is probably the single greatest differentiator between businesses, that person's going to win. 51 00:02:39.572 --> 00:02:40.894 And I think a lot of it is just like, 52 00:02:42.007 --> 00:02:48.292 It's a subtle pushback against the self-care maxing that I feel like has just softened an entire generation. 53 00:02:48.833 --> 00:02:52.916 And I know that a lot of the positions I take tend to be slightly more extreme on the other side. 54 00:02:53.256 --> 00:02:55.919 It's because I think the other side is more than loud enough. 55 00:02:56.359 --> 00:03:05.807 I'm okay having sound bites being taken out of context for the vast majority of people to hear the core of the message, which is like you probably can do a lot more than you think you can. 56 00:03:06.152 --> 00:03:17.397 Yeah, and I get the context of why you said it's more of like, and I've listened to your tweet, I'm like, I know that this is not this is kind of targeted towards more of a person who's like, 57 00:03:18.628 --> 00:03:20.128 I gotta live for the weekend. 58 00:03:20.148 --> 00:03:22.529 And you're like, I just wanna get to Friday. 59 00:03:22.549 --> 00:03:29.931 And you're like, that's not, that's not a bit, I think the people that listen to you are not people who are like, get me to Friday. 60 00:03:30.011 --> 00:03:34.613 You know, like those are people where they're like, man, I'm trying to like scale. 61 00:03:35.453 --> 00:03:37.333 I'm trying to do, I'm trying to do hard shit. 62 00:03:37.554 --> 00:03:42.735 And so when we try and do hard shit and then hearing like, you can't need a weekend. 63 00:03:42.755 --> 00:03:44.075 And I was like, dang it. 64 00:03:44.195 --> 00:03:45.876 Like, you know, like I'm like, 65 00:03:46.256 --> 00:03:47.836 But sometimes I do, Alex. 66 00:03:47.896 --> 00:03:49.717 Like, what do you say to that? 67 00:03:50.977 --> 00:03:52.618 I think it's a really fair point. 68 00:03:52.678 --> 00:04:01.080 I think you bring up a really good one, which is just that in some ways, I will strawman the people who are not actually the audience that I have. 69 00:04:01.200 --> 00:04:03.501 I would say the seeker is not my core audience. 70 00:04:03.701 --> 00:04:07.222 A lot of entrepreneurs, people who are business interested still consume my stuff. 71 00:04:07.702 --> 00:04:09.262 But the core of my audience is business owners. 72 00:04:09.282 --> 00:04:13.164 And if they've been around me for any period of time, they probably know my position. 73 00:04:13.284 --> 00:04:14.564 And so I think you bring up a good point. 74 00:04:15.082 --> 00:04:15.683 Okay. 75 00:04:15.923 --> 00:04:16.203 Awesome. 76 00:04:16.423 --> 00:04:16.823 Thank you. 77 00:04:16.883 --> 00:04:18.465 Yeah. 78 00:04:18.485 --> 00:04:23.448 So cut three B players to hire one A player and then pay the A player what you'd pay two B players. 79 00:04:23.588 --> 00:04:24.949 You'll save more and make more. 80 00:04:25.410 --> 00:04:28.972 Sometimes when you're building, you just can't afford the A players. 81 00:04:29.333 --> 00:04:33.236 In the early stages, you just kind of have to play the cards that you were dealt. 82 00:04:33.816 --> 00:04:39.501 There were times where I wanted A players and I just knew I wasn't in a position to get them or retain them. 83 00:04:39.801 --> 00:04:48.008 And sometimes knowing timing is very important because sometimes you bring on those A players too early and you'll set your business back or you'll ruin relationships that... 84 00:04:48.960 --> 00:04:51.141 you need for the progression of the business? 85 00:04:51.621 --> 00:04:55.922 So I would say A players within this context is horizontal as well as vertical. 86 00:04:55.962 --> 00:05:00.744 So horizontal being if we have three cashierists, there's gonna be an A player cashierist. 87 00:05:00.764 --> 00:05:11.428 They're not gonna be the same as the CEO of a Fortune 500 company, but amongst the competition of cashierists, I want to pay someone significantly more to have them outperform the other cashierists. 88 00:05:11.868 --> 00:05:18.150 But said differently, pay better people better and it will cost you less than paying poor people poorly. 89 00:05:19.660 --> 00:05:21.061 That was the best one I had for that one. 90 00:05:21.081 --> 00:05:23.323 Okay. 91 00:05:23.363 --> 00:05:26.105 Sell to the rich until you have enough money to sell to all the poor people. 92 00:05:28.187 --> 00:05:28.887 All right, let's do it. 93 00:05:29.107 --> 00:05:29.307 Boom. 94 00:05:29.968 --> 00:05:36.413 I've been involved in two industries where, in the past, that I just go to where people don't have that much money. 95 00:05:37.213 --> 00:05:43.038 And one of them is, I used to be a real estate investor, and I would have trailers and low-income housing. 96 00:05:43.698 --> 00:05:46.561 And they are better than the high-income. 97 00:05:47.201 --> 00:05:47.901 value houses. 98 00:05:47.981 --> 00:05:48.201 Why? 99 00:05:48.241 --> 00:05:49.702 Because a lot of times they pay cash. 100 00:05:50.222 --> 00:05:50.482 Okay. 101 00:05:50.902 --> 00:05:55.823 A lot of times you can go into subsidized housing where you get a check in the mail, right? 102 00:05:56.823 --> 00:06:00.264 I've also been part of, I have a company for construction and engineering. 103 00:06:00.304 --> 00:06:13.427 We fix existing buildings and where I am, the industry has grown tremendously just because of this Champlain Towers collapse and not a lot of laws have come into place where they have to fix these buildings. 104 00:06:15.502 --> 00:06:20.166 So the two primary things that you brought up were subsidies and laws. 105 00:06:20.606 --> 00:06:20.987 Correct. 106 00:06:21.647 --> 00:06:23.709 So fundamentally money doesn't appear out of nowhere. 107 00:06:24.310 --> 00:06:34.699 And so if the government is mandating that the money comes or that people have to do things, they, because of money that rich people pay in taxes, allow all of this to fundamentally happen. 108 00:06:34.739 --> 00:06:36.080 And to be clear, I'm not saying it's bad. 109 00:06:36.100 --> 00:06:36.820 I'm saying it's fine. 110 00:06:36.840 --> 00:06:38.342 That's a good system working. 111 00:06:38.642 --> 00:06:41.825 It's not like the money appears because of market dynamics. 112 00:06:42.773 --> 00:06:45.053 Well, it's irrelevant where the money comes from. 113 00:06:45.234 --> 00:06:45.974 It could come from... 114 00:06:46.254 --> 00:06:47.254 Sorry, go ahead. 115 00:06:47.954 --> 00:06:49.254 It's irrelevant where the money comes from. 116 00:06:49.294 --> 00:06:53.595 It could come from the Pope, from Obama, or from the Martians in outer space. 117 00:06:53.715 --> 00:07:02.537 As long as the money is there, and it's there for the taking, which opens up the market and makes it right for taking, then where does it matter where it comes from? 118 00:07:02.817 --> 00:07:05.078 Like the premise of the claim is that... 119 00:07:06.067 --> 00:07:09.988 When you settle the rich, you allow yourself to have this margin. 120 00:07:10.329 --> 00:07:15.831 Because government and regulatory in general disrupt normal market dynamics, it pushes. 121 00:07:15.871 --> 00:07:20.332 So basically, you carve out an exception because of outside money that comes in. 122 00:07:21.093 --> 00:07:27.555 Basically, in a pure capitalist society that didn't have any regulation whatsoever, then you have to go where the money is. 123 00:07:28.155 --> 00:07:34.978 Now, to be clear, again, I'm super pro you going after this, but we want to make sure that the money is coming from still the wealthy. 124 00:07:35.497 --> 00:07:36.097 I have a friend. 125 00:07:36.558 --> 00:07:37.579 He owns used cars. 126 00:07:37.999 --> 00:07:46.485 He told me one day, and I was totally surprised at the amount of money he makes off of these people that have to get these high interest loans in order to get the cars. 127 00:07:47.266 --> 00:07:49.628 And he makes bank on them. 128 00:07:49.968 --> 00:07:50.808 He makes a lot of money. 129 00:07:50.889 --> 00:07:52.550 And again, I understand your point. 130 00:07:52.870 --> 00:07:53.791 But we're talking about... 131 00:07:54.667 --> 00:07:58.950 carving yourself out the market, and at the end of the day, making money, right? 132 00:07:59.290 --> 00:08:06.694 So like, basically, you either sell to the high end of the market, you maximize as a premium, or you're a low cost leader, which is what your friend is kind of doing, right? 133 00:08:07.055 --> 00:08:09.196 If you're a low cost leader, you have to make it up in volume. 134 00:08:09.736 --> 00:08:13.579 In order to make it up in volume, you usually have to sustain more costs up front, which is more inventory. 135 00:08:13.659 --> 00:08:18.522 And yeah, like Walmart, for example, like no one argues that Walmart doesn't sell to rich people. 136 00:08:19.082 --> 00:08:23.505 It's that that in order to sell to all the poor people, you have to have a shitload of money. 137 00:08:24.248 --> 00:08:30.162 Well, you can make more money by selling 100 Chevys than selling one Ferrari. 138 00:08:30.989 --> 00:08:34.170 But if you can sell two Ferraris or three Ferraris, you can make more than somebody else. 139 00:08:34.510 --> 00:08:35.390 I get your point. 140 00:08:36.150 --> 00:08:36.350 Okay. 141 00:08:36.430 --> 00:08:37.431 But yeah, great points, man. 142 00:08:38.111 --> 00:08:41.892 Options only have value when they are used, not stored. 143 00:08:42.332 --> 00:08:44.673 At some point, you need to make a trade and go all in. 144 00:08:45.413 --> 00:08:51.294 I made that because I have this, it's a theme of like the year for me in terms of my, like, call it my business adjacent content. 145 00:08:51.374 --> 00:08:53.795 It's just that I think society has been... 146 00:08:54.515 --> 00:09:00.258 telling especially younger people, but even mid-age people, that they should always keep their options open. 147 00:09:00.718 --> 00:09:05.761 And then they're, you know, 45, never having committed to anything, and then wondering what happened. 148 00:09:06.661 --> 00:09:13.385 And because in their pursuit of trying to keep every option open, they actually close all their doors because they're unwilling to commit to one. 149 00:09:14.025 --> 00:09:19.008 And this happens in business, it happens in relationships, it happens in kid having, like, all of that stuff. 150 00:09:19.248 --> 00:09:22.470 I'm strongly encouraging people to knowingly make trades, 151 00:09:23.390 --> 00:09:28.554 And I think that almost all the best parts of life come on the other side of commitments, which means that you close other doors that you know. 152 00:09:28.574 --> 00:09:32.037 Like you get married, you close the door to every other person besides the person you're married to. 153 00:09:32.637 --> 00:09:33.918 But it's still worth it. 154 00:09:34.298 --> 00:09:35.319 And boop. 155 00:09:35.659 --> 00:09:37.601 I don't think we'll disagree on the overall premise. 156 00:09:38.001 --> 00:09:42.504 The other thing I think options are useful for is helping you focus on what you actually wanted. 157 00:09:42.965 --> 00:09:44.646 So here's just a basic example. 158 00:09:45.146 --> 00:09:47.008 I asked my wife, hey, do you want to go out to dinner on Friday? 159 00:09:47.028 --> 00:09:47.468 She says, yes. 160 00:09:47.508 --> 00:09:48.449 I say, where do you want to go? 161 00:09:48.909 --> 00:09:49.950 And then she's like, I don't know. 162 00:09:49.970 --> 00:09:50.771 Give me some options. 163 00:09:51.411 --> 00:09:51.611 Right. 164 00:09:51.791 --> 00:09:52.632 Which sucks, by the way. 165 00:09:52.672 --> 00:09:53.492 It's never going to go well. 166 00:09:53.872 --> 00:09:57.474 But OK, there's Chinese food, there's Italian food, there's Mexican food, there's American food, whatever. 167 00:09:57.875 --> 00:09:59.456 And then she's like, well, I don't know. 168 00:09:59.516 --> 00:10:00.196 Just pick one. 169 00:10:00.896 --> 00:10:02.017 It's too many options you want to choose. 170 00:10:02.097 --> 00:10:03.218 OK, I'm like, let's go to Italian. 171 00:10:03.658 --> 00:10:05.619 And then she suddenly knows exactly what she wants. 172 00:10:05.639 --> 00:10:06.820 She's like, actually, I do want Chinese. 173 00:10:07.320 --> 00:10:10.582 So the options were only useful to help her focus and pick what she actually wanted. 174 00:10:11.102 --> 00:10:16.345 So I think options are useful as a filter or as a as a focusing element. 175 00:10:16.645 --> 00:10:20.226 I think you have, I mean, an option precedes a selection. 176 00:10:20.766 --> 00:10:23.447 So like you can't select something you don't have the option to select. 177 00:10:23.707 --> 00:10:25.387 And so, I mean, yeah, I see that as a prerequisite. 178 00:10:25.747 --> 00:10:33.689 The objective is more against kind of cutting it earlier in the story, which is here's all of the options we have. 179 00:10:33.869 --> 00:10:43.912 And if your wife says, give me more options and then just keep saying, give me more options until eventually dinner time is already over and it's nine o'clock and you're like, fuck it, I might as well just stay in and we'll microwave something. 180 00:10:44.332 --> 00:10:48.494 And I think most people's lives are, let's just stay in and microwave something rather than going after what they really want. 181 00:10:48.874 --> 00:10:50.095 And that's why I wasn't going to argue along. 182 00:10:51.835 --> 00:10:53.956 That was a dirty analogy on my part, I will say. 183 00:10:54.336 --> 00:10:56.077 If I may, I think that was pretty good. 184 00:10:57.378 --> 00:10:59.839 Microwave lives. 185 00:10:59.959 --> 00:11:02.020 TV leftover microwave lives, man. 186 00:11:02.320 --> 00:11:02.800 I know, right? 187 00:11:02.960 --> 00:11:03.480 It's pretty good. 188 00:11:04.081 --> 00:11:07.062 All right. 189 00:11:07.422 --> 00:11:08.543 Maybe hot take, maybe not. 190 00:11:09.223 --> 00:11:09.883 We'll see. 191 00:11:10.443 --> 00:11:12.985 I think that the game of business 192 00:11:14.183 --> 00:11:15.745 is massively overrated. 193 00:11:15.765 --> 00:11:23.153 And I think the craft, the product, the service that you choose to go into is massively underrated. 194 00:11:23.353 --> 00:11:24.294 And here, let me ask you a question. 195 00:11:24.915 --> 00:11:29.080 Do you think you would have slept on the floor of a tax accounting firm? 196 00:11:30.021 --> 00:11:32.063 If it wasn't a gym in the early days, especially? 197 00:11:33.957 --> 00:11:37.900 Let's take the assumption that I was a CPA because I almost got a master of accountancy. 198 00:11:37.940 --> 00:11:39.482 I went to – Pick the wrong thing. 199 00:11:39.522 --> 00:11:40.603 Change it to something else. 200 00:11:40.763 --> 00:11:41.383 Janitorial. 201 00:11:41.503 --> 00:11:42.364 Yeah. 202 00:11:42.884 --> 00:11:47.768 But I would have because the reason that I slept on the floor was had nothing to do with the business. 203 00:11:48.049 --> 00:11:49.470 It was because I was so afraid of failing. 204 00:11:50.030 --> 00:11:50.231 Okay. 205 00:11:50.511 --> 00:11:53.253 So I would have done – it didn't matter what I was doing. 206 00:11:53.313 --> 00:11:55.495 I would have just said I was either going to die or make it work. 207 00:11:56.283 --> 00:11:57.004 I put it a different way. 208 00:11:57.044 --> 00:11:57.645 I like your point though. 209 00:11:57.946 --> 00:11:58.186 Yeah. 210 00:11:58.407 --> 00:11:59.949 Something interesting from the workshops here. 211 00:12:00.711 --> 00:12:01.672 Question was asked yesterday. 212 00:12:01.692 --> 00:12:03.255 It was who here wants to sell their business? 213 00:12:03.375 --> 00:12:05.919 And 95% of people's hands went up. 214 00:12:06.801 --> 00:12:10.146 And, you know, I can't help but wonder like... 215 00:12:10.933 --> 00:12:13.895 are any of these companies going to be here in five, 10, 15 years? 216 00:12:14.095 --> 00:12:19.819 You know, are they actually going to be a Apple or Hermes, uh, you know, any lasting brand Patagonia? 217 00:12:20.380 --> 00:12:25.904 Um, if people are really just, you know, again, I'm not speaking for others here, but are they doing it just for the game? 218 00:12:25.924 --> 00:12:29.066 And I asked people after, I'm like, Oh, you know, if you sell, what are you going to do? 219 00:12:29.666 --> 00:12:30.347 Start another business. 220 00:12:31.468 --> 00:12:31.828 Okay. 221 00:12:32.748 --> 00:12:32.989 Why? 222 00:12:33.489 --> 00:12:34.089 Love of the game. 223 00:12:34.330 --> 00:12:37.112 You know, is the game becoming the woman in the red dress? 224 00:12:37.132 --> 00:12:37.692 Yeah. 225 00:12:38.015 --> 00:12:38.615 in of itself? 226 00:12:39.296 --> 00:12:46.921 Are people distracting from finding meaning through the business and they're just doing meaning in the game, in the searching and the growth of business? 227 00:12:47.974 --> 00:12:51.877 I think that entrepreneurs go through stages, kind of like Maslow's hierarchy of needs. 228 00:12:51.997 --> 00:12:56.340 Like in the very beginning of my career, my entire mission of the business was don't be broke. 229 00:12:57.461 --> 00:13:01.904 And so once you solve that, then it's, you can kind of work your way up the ladder. 230 00:13:02.144 --> 00:13:04.946 And so I think it just depends on where you're at in your call it entrepreneur stage. 231 00:13:05.266 --> 00:13:11.631 There are some people who day one, you're Zuckerberg, you know, and you're like, I want to build a social network that maps the world or whatever it is that he started out for. 232 00:13:12.211 --> 00:13:13.232 And he never wanted to sell. 233 00:13:13.272 --> 00:13:14.093 And I think that the 234 00:13:14.753 --> 00:13:20.374 The business owners who are missionaries, not mercenaries, always end up making the most money in the end because they can think on the longest time horizon. 235 00:13:20.434 --> 00:13:26.176 And so Sam Altman said this, but he said he thought that patience is still one of the last moats that exists. 236 00:13:26.676 --> 00:13:32.757 And the only way to have patience and think for a very long time, which again is a very anti-human thing, is to want to do the thing. 237 00:13:32.997 --> 00:13:39.819 I think the way that you describe it, I would say is different than I would understand it because I see your product and the craft as part of the game. 238 00:13:40.079 --> 00:13:42.099 And if anything, it's almost the core of the game. 239 00:13:42.119 --> 00:13:43.980 Like I think Naval has a quote where he says, 240 00:13:44.680 --> 00:13:48.382 You are focused on sales because you know how to market and you're focused on marketing because you know how to build a product. 241 00:13:49.462 --> 00:13:54.084 And so I think that's at the, at the core of it is what's the, what's the core value exchange and making sure that it's good for everybody. 242 00:13:54.104 --> 00:13:56.285 And if you do that over the longterm, then everybody wins. 243 00:13:56.625 --> 00:13:56.885 Agree. 244 00:13:57.646 --> 00:13:57.966 Boom, boom. 245 00:13:58.106 --> 00:13:58.466 Concede. 246 00:13:59.163 --> 00:14:06.328 Hey, real quick, if your business isn't scaling as fast as you want, then I'd love to give you a free gift that you can get in under 10 seconds, which is the 100-mile-an-hour scaling roadmap. 247 00:14:06.728 --> 00:14:16.154 So if some of these comments that I'm making are kind of resonating with you and you're like, man, that's true, like non-obvious truths, then I'd love to give you a whole lot more of them specific to your business scaling stage right now. 248 00:14:16.574 --> 00:14:18.135 And so this is the $100 million scaling roadmap. 249 00:14:18.235 --> 00:14:19.737 It's free and you get it under 10 seconds. 250 00:14:20.117 --> 00:14:28.203 This took hundreds of hours to put together and it's yours absolutely free and it took a decade plus of time to learn all the errors that put this together. 251 00:14:28.243 --> 00:14:32.907 So it's one of the most valuable things I can give you if you're a business owner and you're trying to scale faster than you are and you can get it under 10 seconds for free. 252 00:14:33.087 --> 00:14:36.950 So grab it, enjoy, and hopefully I'll see you in one of these videos. 253 00:14:37.310 --> 00:14:39.312 You lack priorities, not information. 254 00:14:39.752 --> 00:14:41.393 Problems are easy to solve if you know what you're after. 255 00:14:41.774 --> 00:14:44.336 So I think sometimes when you're, 256 00:14:45.076 --> 00:14:51.938 In an emerging market or just new industry, sometimes you'd need that information to kind of get that guidance and that structure. 257 00:14:52.338 --> 00:15:01.240 If I understood like fundraising and those type of elements before, it would have fundamentally changed how I built my business or how I went about it. 258 00:15:01.300 --> 00:15:06.822 So I think sometimes you do need that information and it's not just about priorities. 259 00:15:07.362 --> 00:15:08.162 I'll say I agree. 260 00:15:08.382 --> 00:15:12.723 The larger point of the tweet is that the vast majority of people know what they need to do and they're not doing it. 261 00:15:13.163 --> 00:15:14.924 And that is the that is the deeper problem. 262 00:15:15.004 --> 00:15:20.785 So if I said, for example, you want to lose weight, you could say, well, I don't I don't have enough information to lose weight. 263 00:15:20.805 --> 00:15:29.787 But you probably know that you need to stop eating shit and move, whether it's 10 reps or six reps or whether it's a keto or, you know, high carb or low carb or whatever you end up doing. 264 00:15:29.807 --> 00:15:32.308 You probably like you directionally know what to do. 265 00:15:33.429 --> 00:15:37.112 And so to the same degree, if I were to have a big enough incentive, do you have kids or anybody you care about? 266 00:15:37.132 --> 00:15:37.533 No, no kids, no. 267 00:15:37.553 --> 00:15:39.054 Do you have anyone you care about in the world? 268 00:15:40.416 --> 00:15:40.716 Hold on. 269 00:15:40.936 --> 00:15:44.380 I've got, right now, yeah, I've got my team, my team. 270 00:15:44.400 --> 00:15:45.461 That's my family. 271 00:15:45.781 --> 00:15:52.067 So let's assume that your team and parents, because let's hopefully you care about them, get kidnapped. 272 00:15:52.107 --> 00:15:54.210 And you have to double the business in 90 days. 273 00:15:54.610 --> 00:15:56.372 Would you be able to do with all the information you have now? 274 00:15:57.514 --> 00:15:58.374 business in 90 days. 275 00:16:00.195 --> 00:16:02.716 If 90 days, I think so. 276 00:16:02.956 --> 00:16:07.077 I actually think, damn, that kind of puts things in perspective. 277 00:16:07.117 --> 00:16:07.958 I need to just do that. 278 00:16:08.558 --> 00:16:10.599 Do that now. 279 00:16:11.059 --> 00:16:12.459 Yeah, I probably could. 280 00:16:13.780 --> 00:16:16.941 And so then it would mean that you didn't lack information, you lacked priorities. 281 00:16:18.723 --> 00:16:25.972 And to be clear, though, I think the point you have, if you because take it to the natural extreme, if you knew absolutely nothing about anything, then you would not know what to do. 282 00:16:26.152 --> 00:16:26.332 Yeah. 283 00:16:26.913 --> 00:16:32.860 Most people do have a directional idea of what they should be doing, but then just get caught in the minutiae because they don't have enough prioritization. 284 00:16:33.080 --> 00:16:33.400 Got it. 285 00:16:33.440 --> 00:16:33.681 Got it. 286 00:16:33.981 --> 00:16:34.542 No, it's good. 287 00:16:34.742 --> 00:16:35.523 It's good. 288 00:16:36.124 --> 00:16:36.824 Uncomfortable truth. 289 00:16:36.945 --> 00:16:38.807 If your employees are mediocre, you probably are, too. 290 00:16:41.191 --> 00:16:49.157 Well, much to his point, when I started on my business, I'm a professional engineer, I'm a structural engineer, and I'm the one that signs and seals everything. 291 00:16:49.197 --> 00:16:51.059 Nothing goes out of my office until I look at it. 292 00:16:51.119 --> 00:16:52.240 That's the way the law is set up. 293 00:16:53.080 --> 00:16:56.783 Therefore, from the get-go, I am the competent one. 294 00:16:57.324 --> 00:16:58.565 Now, of course, when I started... 295 00:16:59.510 --> 00:17:02.452 You know, you don't make much money and you have to hire people. 296 00:17:02.512 --> 00:17:04.533 And I went through so many people. 297 00:17:05.074 --> 00:17:07.835 But just doing that taught me so many valuable lessons. 298 00:17:08.456 --> 00:17:10.657 It taught me, first of all, how to hire. 299 00:17:11.338 --> 00:17:17.822 And now after 26 years in my business, I finally, and it's very hard to hire. 300 00:17:18.162 --> 00:17:21.364 I mean, you guys probably know all this, to hire good, competent people. 301 00:17:21.824 --> 00:17:27.648 But I think it's a process, especially in the beginning, where hiring bad people is actually more of a lesson than it's not. 302 00:17:28.079 --> 00:17:37.426 So I think your whole point proved the point, which is that when you were not skilled before, you were mediocre and as a result hired mediocre people. 303 00:17:37.647 --> 00:17:41.049 And then as you became less mediocre, you hired less mediocre people. 304 00:17:44.580 --> 00:17:55.751 Well, it depends on what you call mediocre, because when you look up in the dictionary and you take the actual word mediocre, I, at that point in my career, do not fit mediocre. 305 00:17:56.311 --> 00:18:04.079 But when you take it in the sense of when you're starting a business and you do want to be that competent person, then you're right. 306 00:18:04.199 --> 00:18:07.442 So it's a matter, I think, more of a definition of what mediocre is. 307 00:18:08.808 --> 00:18:14.150 Is there somebody who has succeeded in your space at a greater degree in less time than you have? 308 00:18:14.270 --> 00:18:19.091 And if the answer is yes, then it means they had more skills than you did earlier in their career. 309 00:18:19.531 --> 00:18:25.633 And so it just took them less time to learn the lessons in order to grow because they were able to attract better talent and then hit it harder. 310 00:18:25.773 --> 00:18:31.135 And so I don't want anyone who's watching think like a prerequisite for gaining skill is time. 311 00:18:31.755 --> 00:18:32.716 You can compress time. 312 00:18:33.036 --> 00:18:36.857 And all you have to do is look at the most successful versions of whatever business or industry you're in 313 00:18:37.557 --> 00:18:41.461 and see what they did that was faster and then try and model it. 314 00:18:41.481 --> 00:18:48.607 Yeah, there's a couple of people in my industry where their fathers were an engineer and they just got into that. 315 00:18:48.647 --> 00:18:50.428 But this is just a major outlier. 316 00:18:50.849 --> 00:18:51.770 But I understand what you're saying. 317 00:18:52.550 --> 00:18:52.971 Rock and roll. 318 00:18:53.191 --> 00:18:53.611 Thank you. 319 00:18:53.931 --> 00:18:55.573 You excited for a spicy one? 320 00:18:55.873 --> 00:18:59.736 Lazy people don't know how to start, weak people don't know how to finish, successful people don't know how to stop. 321 00:19:01.058 --> 00:19:02.098 I think it's nuanced. 322 00:19:02.319 --> 00:19:04.681 I agree with the first two points for sure. 323 00:19:06.450 --> 00:19:10.473 Successful people have to learn how to stop eventually. 324 00:19:10.493 --> 00:19:14.876 And this is going to tie into the next point that I disagree with, but I won't go there yet. 325 00:19:16.176 --> 00:19:19.839 Because if you don't stop, and stop is subjective. 326 00:19:20.159 --> 00:19:22.440 Stop could mean 15 minutes of white space in your calendar. 327 00:19:22.621 --> 00:19:25.022 Stop could mean a day on the couch binging Netflix. 328 00:19:25.122 --> 00:19:25.442 I don't know. 329 00:19:25.502 --> 00:19:26.823 It means different things to different people. 330 00:19:27.264 --> 00:19:30.746 But stop fuels you, even when you love what you're doing. 331 00:19:32.765 --> 00:19:35.806 I'll agree that rest is productive, a certain amount of rest. 332 00:19:36.086 --> 00:19:41.447 If we were to use broad brushstrokes, which is what we're using, police people not starting, that is probably one of the prerequisites of being lazy. 333 00:19:42.128 --> 00:19:47.809 Weak people not being able to finish, one of the prerequisites of being weak is that you have low frustration tolerance, you can't deal with hardship. 334 00:19:48.309 --> 00:19:50.450 And then successful people say, how do we define success? 335 00:19:51.130 --> 00:19:54.713 it would really just be like they get the desired outcome more times than not. 336 00:19:54.893 --> 00:20:02.959 And typically people who have that, especially at the highest levels, have some pathology that sometimes prevents them from stopping. 337 00:20:04.020 --> 00:20:07.143 You would look at, you know, can this person sustain a certain period of time? 338 00:20:07.183 --> 00:20:13.488 It's not that they don't sleep because obviously you could only work for, you know, 40 hours and then you die or whatever happens. 339 00:20:13.908 --> 00:20:19.893 So no, it's just that the people who are, I would say, almost compulsive or obsessive about their craft be people who are not sleeping. 340 00:20:23.427 --> 00:20:23.988 Yeah, I agree. 341 00:20:24.409 --> 00:20:26.992 Back down. 342 00:20:28.454 --> 00:20:33.282 So in one of your tweets, you said that – and I want to try to get this right. 343 00:20:33.402 --> 00:20:37.247 Nobody who's ever preached work-life balance has ever built anything memorable. 344 00:20:37.848 --> 00:20:38.049 Sure. 345 00:20:38.469 --> 00:20:40.810 But I don't think you actually agree with this. 346 00:20:40.850 --> 00:20:45.453 And one of the people you quote often, Marcus Aurelius, doesn't agree with it either because I think it's the wrong scoreboard. 347 00:20:45.833 --> 00:20:47.314 But I can also disprove it anyways. 348 00:20:47.374 --> 00:20:51.816 And my job here is to win $10,000 by convincing you to change your mind, right? 349 00:20:52.156 --> 00:20:53.817 So at first I thought it was a bad scoreboard. 350 00:20:53.837 --> 00:20:58.480 But then I thought, well, has there been anybody who preached work-life balance that has built something memorable? 351 00:20:59.340 --> 00:21:02.642 So I just want to talk about two brands real quick, Patagonia and Chick-fil-A. 352 00:21:03.242 --> 00:21:06.064 The founder of Patagonia didn't set out to be a capitalist. 353 00:21:06.084 --> 00:21:08.885 He just became a billionaire over time, but worked out for him. 354 00:21:09.406 --> 00:21:11.647 Brutally a leader in the in the in the boardroom. 355 00:21:11.667 --> 00:21:14.169 But he would argue for work life balance. 356 00:21:14.189 --> 00:21:16.890 He actually wrote a book called Let Them Go Surfing. 357 00:21:17.090 --> 00:21:17.311 Yeah. 358 00:21:17.671 --> 00:21:21.173 So I think what he is saying is that you do need some work life balance. 359 00:21:21.213 --> 00:21:24.155 And he preached it to himself and he would go fishing, what, six months a year. 360 00:21:24.875 --> 00:21:29.082 The second person is Truett Cathy, who built Chick-fil-A and started on premise that we're going to be closed on Sunday. 361 00:21:29.102 --> 00:21:32.408 So people do have time for their family, for worship, for their hobbies. 362 00:21:32.968 --> 00:21:38.658 So I think both of those brands, we would both probably agree, are very memorable and have been led by people who preach work-life balance. 363 00:21:39.995 --> 00:21:41.037 So that's true, Kathy. 364 00:21:41.057 --> 00:21:42.498 So his book, Wealth, Is It Worth It? 365 00:21:42.779 --> 00:21:43.179 Good book. 366 00:21:43.680 --> 00:21:47.345 I wouldn't argue that taking Sunday off his work-life balance as like the preaching. 367 00:21:47.365 --> 00:21:50.229 I would say that he's sticking to his kind of religious stuff. 368 00:21:50.249 --> 00:21:53.113 But if you look at how those managers work, like they work a lot. 369 00:21:53.473 --> 00:21:53.653 Sure. 370 00:21:54.014 --> 00:21:56.397 Most of them work six days and they pretty much are there the whole time. 371 00:21:56.877 --> 00:21:57.899 And I would say that. 372 00:21:59.624 --> 00:22:01.685 Is there an exception that, is there anyone on earth? 373 00:22:01.725 --> 00:22:03.546 And we can use, what's his name? 374 00:22:03.566 --> 00:22:04.227 I always forget his name. 375 00:22:04.247 --> 00:22:04.847 Ivan Schreiner. 376 00:22:04.907 --> 00:22:06.108 Yeah, I always mess up his name. 377 00:22:06.208 --> 00:22:06.428 Yeah. 378 00:22:06.928 --> 00:22:13.592 From Patagonia, because he's a good example of somebody who took, you know, big, big, big tranches of time off and building something memorable. 379 00:22:13.652 --> 00:22:15.333 So I would say that he's an exception to that. 380 00:22:15.793 --> 00:22:17.835 I would say largely most of the people. 381 00:22:17.855 --> 00:22:19.896 And I think that specific tweet is... 382 00:22:21.391 --> 00:22:30.153 Pushing against the laptop lifestyle, digital nomad, selling the dream without the price that I tend to push back on overall. 383 00:22:30.173 --> 00:22:34.114 And I think it just, it sells, it sells a bill of goods that, that is not, is not true. 384 00:22:34.454 --> 00:22:36.175 If you're exceptional, yes. 385 00:22:36.855 --> 00:22:41.416 The, the equal opposite is again, what game were you trying to play or what are you trying to win at? 386 00:22:41.796 --> 00:22:42.036 You know, 387 00:22:42.536 --> 00:23:01.446 chanard was able to was able to win i would say that there's a a graveyard of people who haven't been able to do that and that's okay if that wasn't their goal but i think where people get in trouble is where they want to build apple or patagonia and if you look at all the founders are called the fortune 500 if we can pick three it's like do i want to make the bet on the 497 path or the three yeah 388 00:23:04.226 --> 00:23:06.290 So I think the only thing – I think we're actually agreeing. 389 00:23:06.350 --> 00:23:08.975 But the tweet was never. 390 00:23:09.395 --> 00:23:10.718 And I think we agree that somebody has. 391 00:23:11.119 --> 00:23:17.290 But I do think we can both agree that some – at least a couple of people have built something on a work-life balance that is memorable. 392 00:23:18.935 --> 00:23:20.517 Yeah, I think Shannard's a good counter. 393 00:23:20.537 --> 00:23:22.740 I'm trying to think of others because it's pretty tough. 394 00:23:22.900 --> 00:23:24.462 Ross is deep in Claude to find two. 395 00:23:24.622 --> 00:23:25.323 Yeah. 396 00:23:25.623 --> 00:23:26.344 There's not a lot. 397 00:23:26.484 --> 00:23:28.267 And I think that kind of... 398 00:23:28.807 --> 00:23:33.013 I will agree that never from a pure binary perspective in tweet writing. 399 00:23:33.233 --> 00:23:33.774 Yeah. 400 00:23:33.834 --> 00:23:34.755 Most of the time is... 401 00:23:36.096 --> 00:23:38.659 Uh, people who preach work-life balance, um, have it wrong. 402 00:23:38.679 --> 00:23:38.899 Yes. 403 00:23:38.919 --> 00:23:41.582 I think there are, there, there are a couple of notable examples, but yeah. 404 00:23:41.622 --> 00:23:50.992 So, I mean, I'll agree that the never is, is, is not accurate, but yeah, as with broad brushstrokes, I think most people who chase work-life balance and the big outcome, um, end up with neither. 405 00:23:51.341 --> 00:23:55.162 With the 14 seconds remaining, say, what do you think a better scoreboard might be than just memorable? 406 00:23:55.502 --> 00:24:04.584 I think it comes down to, and I end a lot of my tweets this way, which is do you, which is that you have to define your own scoreboard and then make sure that you're playing a game whose prize you want to win. 407 00:24:04.664 --> 00:24:05.464 Yeah, massive. 408 00:24:05.784 --> 00:24:06.064 Thank you. 409 00:24:06.304 --> 00:24:07.144 Yeah. 410 00:24:07.964 --> 00:24:11.405 So we're talking about at some point you've got to go all in. 411 00:24:12.745 --> 00:24:20.667 I'm sure we've all been in a situation where we've come up with an idea and we're sure that this is going to work and it doesn't for whatever reason. 412 00:24:22.060 --> 00:24:26.082 I've always thought there's a lot of merit to the idea of failing fast. 413 00:24:27.103 --> 00:24:33.687 But if you're just saying, I'm going to go all in, aren't you going down a corridor and then getting somewhere and thinking that actually hasn't worked. 414 00:24:33.707 --> 00:24:36.468 And now I haven't got anything else to go to. 415 00:24:37.229 --> 00:24:42.152 Is the point you're making, you should pick stuff and kind of like not bet the farm? 416 00:24:42.172 --> 00:24:42.992 Is that what you're saying? 417 00:24:44.653 --> 00:24:44.953 Yeah. 418 00:24:45.073 --> 00:24:45.273 Yeah. 419 00:24:45.574 --> 00:24:46.394 Effectively, I am. 420 00:24:46.414 --> 00:24:50.056 Because I'm saying, okay, I believe in this and I'm going to devote the resources to it. 421 00:24:50.857 --> 00:24:51.037 But... 422 00:24:51.743 --> 00:24:52.424 You never know. 423 00:24:52.444 --> 00:24:58.928 There's times when you have an idea that you don't think as much and it works and then others that are great and nobody else likes it. 424 00:24:59.869 --> 00:25:02.651 So, yeah, I'm not a big fan of bedding the farm. 425 00:25:02.891 --> 00:25:03.792 What would you say to that? 426 00:25:04.483 --> 00:25:09.026 A lot of business bets are just that, they're bets, right? 427 00:25:09.066 --> 00:25:10.947 And you have to size your bets appropriately. 428 00:25:11.647 --> 00:25:24.715 But the equal opposite extreme that I'm saying is that you gather many bets and never make any of them, which is what I think, I think more people have an issue with that than going all in too hard. 429 00:25:24.955 --> 00:25:34.040 I think more people just stay on the sidelines, like just trying to collect these things, these bets, as though I wanna keep all these options open, but then in so doing prevent them from succeeding at any of them. 430 00:25:34.580 --> 00:25:38.265 But taking the other natural extreme, it depends on the outcome you're looking for. 431 00:25:38.706 --> 00:25:41.590 And so I would say, and this might ruffle some feathers, but... 432 00:25:42.530 --> 00:25:45.551 depending on the size outcome you're looking for, you can bet differently. 433 00:25:45.931 --> 00:25:47.831 If you want to become a trillionaire, you have to go all in. 434 00:25:48.111 --> 00:25:48.291 Yeah. 435 00:25:48.451 --> 00:25:48.811 Period. 436 00:25:49.371 --> 00:25:54.392 If you want to become a decamillionaire, you can, you can, it's, you don't have to go nearly as all in. 437 00:25:54.472 --> 00:25:58.773 There's a lot of bets that even mediumly done will, will get you there, especially on a long enough time horizon. 438 00:25:59.313 --> 00:26:07.694 Um, and so I think it depends reversing, reversing from the goal, but taking to the other extreme, you can for sure guarantee that you will not achieve any of them if you never bet on anything. 439 00:26:09.195 --> 00:26:09.755 But no, really good. 440 00:26:10.635 --> 00:26:10.875 Thank you, 441 00:26:11.784 --> 00:26:15.447 So yes, focus on the rich and it's a yes and. 442 00:26:15.987 --> 00:26:20.351 So we ignore a whole channel of business if we're just focusing here. 443 00:26:20.371 --> 00:26:22.172 For example, healthcare space and insurance. 444 00:26:22.652 --> 00:26:26.435 A lot of insured people have good benefits and they don't have a lot of expendable cash. 445 00:26:26.715 --> 00:26:28.917 Those same people, the insurance rate is the same. 446 00:26:28.937 --> 00:26:33.460 And as long as I, as the business owner, protect my margin, that's another referral source. 447 00:26:33.701 --> 00:26:38.244 That's another person who might have a life change and then can afford the buy-ups and the add-ons. 448 00:26:38.464 --> 00:26:38.704 So... 449 00:26:39.705 --> 00:26:45.051 Yes, you can focus here and we can still support this channel that's going to come in and bring us business. 450 00:26:46.673 --> 00:26:47.674 I'm all for helping everyone. 451 00:26:47.934 --> 00:26:48.875 That is always the position. 452 00:26:49.336 --> 00:26:54.322 I want to have the business make the most amount of money so that we can use the money to help people. 453 00:26:55.197 --> 00:26:57.678 more people even without having an economic backing. 454 00:26:57.838 --> 00:27:01.939 Because I think it's like in some ways you'll be more efficient at helping people if you make helping people the max. 455 00:27:02.479 --> 00:27:08.421 Like basically if you help max, you will help more people than if you try and blend two objectives. 456 00:27:09.181 --> 00:27:14.582 And so if you have a business objective, which is to maximize profit long-term, then you'll make more money. 457 00:27:14.682 --> 00:27:24.085 And then with a different objective using that money, you can help more people by help maxing and saying, okay, if I only wanted to help as many people as possible, how would I do it without having to think about return? 458 00:27:24.765 --> 00:27:28.867 And so it's just basically when people chase two masters, I think they satisfied either. 459 00:27:29.627 --> 00:27:37.529 And so this is where I think a lot of entrepreneurs get stuck because they feel they paint themselves into a moralistic corner of like, I want to raise prices, but I can't. 460 00:27:37.629 --> 00:27:39.830 And also both industries that were mentioned here are regulated. 461 00:27:39.910 --> 00:27:44.592 So like here are the quote exceptions because free market powers don't exist. 462 00:27:44.792 --> 00:27:48.353 The vast majority of businesses aren't nearly as regulated industries. 463 00:27:48.753 --> 00:27:51.074 And so more free market dynamics reign supreme. 464 00:27:52.542 --> 00:27:55.084 So you're optimizing for speed by focusing on the rich? 465 00:27:55.584 --> 00:28:06.712 I think I'm optimizing for net-net impact, which is like I want to make as much money as I can when I'm in money-making mode, and then I want to help as many people as I can when I'm in helping mode. 466 00:28:07.212 --> 00:28:16.298 So is your argument then that we divert all support for a channel that's not as affluent and divert it all to this, or do we still keep these channels going? 467 00:28:16.359 --> 00:28:18.360 I think that's my point is they're not mutually exclusive. 468 00:28:18.380 --> 00:28:18.500 Yeah. 469 00:28:18.982 --> 00:28:20.223 No, they're not mutually exclusive. 470 00:28:20.263 --> 00:28:28.666 It's more so that when I want to help a business owner, and obviously when I make tweets, I want them to ruffle some feathers. 471 00:28:28.966 --> 00:28:42.691 But by and large, if I had to bet nine times out of, you know, ten when I'm talking to a business owner, they're probably underpriced trying to sell to everyone rather than picking a specific avatar that has the most gross profit from there, then you can build services that are more scalable that can sell to lower-end customers. 472 00:28:43.092 --> 00:28:43.512 Fair point. 473 00:28:44.532 --> 00:28:44.892 Concede. 474 00:28:45.032 --> 00:28:46.593 You're fine. 475 00:28:47.429 --> 00:28:48.530 There's this old proverb. 476 00:28:48.850 --> 00:28:51.331 These guys, their job is to both cut logs all day. 477 00:28:51.932 --> 00:28:55.073 And at lunchtime, the older guy always takes a two-hour break. 478 00:28:55.534 --> 00:28:59.876 At the end of the day, they both end up cutting the same amount of logs, or the old guy actually outperforms the younger guy. 479 00:29:00.316 --> 00:29:05.199 And so he's saying, hey, I'm working way more than you are working, but you're still producing more than I am. 480 00:29:05.259 --> 00:29:06.139 What's the secret? 481 00:29:06.379 --> 00:29:12.663 And the guy says, well, I spend time sharpening my axe, so when I come back in the afternoon, my axe is just more efficient than yours. 482 00:29:13.163 --> 00:29:18.526 So I think this need the weekend thing gives you space to be sharper when you come back to work to get back to it. 483 00:29:18.586 --> 00:29:25.590 So I would say you can cut down on some of the time you're spending by resting and making it more valuable when you do come back to it. 484 00:29:27.911 --> 00:29:29.292 I would say two things. 485 00:29:29.492 --> 00:29:30.793 One is that rest is productive. 486 00:29:31.053 --> 00:29:31.533 I agree. 487 00:29:32.073 --> 00:29:34.695 The premise was about a weekend specifically, not that you don't need rest. 488 00:29:34.775 --> 00:29:34.975 Sure. 489 00:29:35.215 --> 00:29:40.618 The second point would be that if in your proverb example, if the guy is sitting there sharpening his ax, I would absolutely define that as work. 490 00:29:42.735 --> 00:29:45.376 I don't think I can argue with that one. 491 00:29:45.476 --> 00:29:49.898 The other part of the tweet is that a weekend is a new invention, like relatively new, right? 492 00:29:49.918 --> 00:29:51.378 A hundred years or whatever. 493 00:29:52.099 --> 00:29:54.880 But even the weekend wasn't created for rest. 494 00:29:55.500 --> 00:29:57.621 The weekend was created for productivity and output. 495 00:29:58.061 --> 00:30:02.583 So if you look at the way that Henry Ford created the weekend, the five-day work weekend as factories, was not – 496 00:30:03.143 --> 00:30:06.906 because he just felt like the families needed time off or that he was trying to be philanthropic. 497 00:30:06.946 --> 00:30:10.868 It was, hey, when my workers do pause, they come back and produce more. 498 00:30:11.389 --> 00:30:15.332 So in that case, like the weekend was needed to make the output greater. 499 00:30:15.852 --> 00:30:25.859 If that were true, do you feel like – how would you explain all the people who do get ahead and work weekends – 500 00:30:27.775 --> 00:30:34.178 I don't think – I think they're going to get ahead regardless because I think the people they're competing with in this space are just not going to do as well as they do. 501 00:30:34.418 --> 00:30:35.019 They're not as focused. 502 00:30:35.039 --> 00:30:35.519 They're not as planned. 503 00:30:35.539 --> 00:30:38.280 So I don't think the extra work is the only reason to get ahead. 504 00:30:38.320 --> 00:30:39.301 I think they're going to get ahead. 505 00:30:39.661 --> 00:30:41.922 I mean I think that's our selection bias. 506 00:30:42.302 --> 00:30:42.862 Yeah. 507 00:30:43.863 --> 00:30:45.804 But yeah, I mean how you create – 508 00:30:47.552 --> 00:30:51.736 Work conditions for the masses versus the exceptional, I think, is a big difference. 509 00:30:51.796 --> 00:30:58.762 And I think to hit the point we said earlier, I think the vast majority of people who follow my stuff are going to, they're trying to be exceptional, not just the masses. 510 00:30:59.308 --> 00:31:03.430 When I look at the people who are the most successful in the world, I look at the Elons, I look at the Bill Gates. 511 00:31:03.470 --> 00:31:06.311 I think Bill Gates talked about how he didn't take a day off for 10 straight years. 512 00:31:06.351 --> 00:31:06.531 Yeah. 513 00:31:06.851 --> 00:31:07.731 And I believe him. 514 00:31:07.751 --> 00:31:11.733 I don't know if there's – and it's probably a less popular thing to say, honestly. 515 00:31:12.233 --> 00:31:16.594 And so I think some of these guys take like kind of a hit on from all the work-life balancers. 516 00:31:16.914 --> 00:31:18.955 But it's like they're not trying to work-life balance. 517 00:31:18.975 --> 00:31:19.675 They're trying to win. 518 00:31:19.795 --> 00:31:19.956 Yeah. 519 00:31:20.216 --> 00:31:20.636 And so – 520 00:31:21.356 --> 00:31:25.197 Again, I use this as a, again, and also at what game, right? 521 00:31:25.357 --> 00:31:27.098 The larger game of life or the game of business. 522 00:31:27.258 --> 00:31:33.139 And I am absolutely like, make no mistake, trying to win at the game of life, not the game of business solely. 523 00:31:33.600 --> 00:31:37.041 But understanding what game you're optimizing for the outcome is important. 524 00:31:37.101 --> 00:31:39.021 So you know what trades you're making and whether they're worth it. 525 00:31:39.061 --> 00:31:39.261 Yeah. 526 00:31:40.161 --> 00:31:40.722 We're out of time. 527 00:31:40.922 --> 00:31:41.402 Yeah, dude. 528 00:31:41.482 --> 00:31:42.282 No, appreciate it. 529 00:31:42.442 --> 00:31:45.443 I would say it's more about being open to the information because- 530 00:31:46.202 --> 00:31:51.710 I would ask you then, what if someone says, I'm going to focus on a priority, but they head in the wrong direction? 531 00:31:51.950 --> 00:31:57.197 So they're going the wrong way, but focusing on what they believe is a priority. 532 00:31:58.419 --> 00:32:00.382 We're sure there could have been other things I could have done, 533 00:32:01.428 --> 00:32:06.212 But being open to that information meant that we got a game-changing result. 534 00:32:06.352 --> 00:32:11.176 I think you raise a good point, which is that someone can prioritize incorrectly. 535 00:32:11.976 --> 00:32:16.680 And so I would say my position takes it from the perspective of like, you could have priorities and they could be wrong. 536 00:32:16.940 --> 00:32:17.541 So I agree. 537 00:32:17.661 --> 00:32:19.902 And to the same degree, you could have information and it could be wrong too. 538 00:32:20.303 --> 00:32:20.523 But- 539 00:32:21.262 --> 00:32:23.384 Yes, you must have correct prioritization. 540 00:32:23.624 --> 00:32:25.506 I think most people don't have correct priorities. 541 00:32:26.247 --> 00:32:32.772 And that's what does limit them, is that basically their stated priorities and then their actual priorities are different. 542 00:32:33.193 --> 00:32:37.176 Like how they behave versus how they want to behave are two different things. 543 00:32:38.197 --> 00:32:41.760 So how much of that is due to the fact that they don't have the right information? 544 00:32:43.982 --> 00:32:45.744 I actually think it's more of a behavior issue. 545 00:32:46.515 --> 00:32:52.799 Like it's more of a character trait problem than it is an informational issue, which is they just don't know how to behave in specific circumstances. 546 00:32:53.220 --> 00:32:56.922 So like, again, if I were to say, what should you do to work out and lose weight? 547 00:32:57.082 --> 00:32:58.843 People can get that pretty close to right. 548 00:32:59.123 --> 00:33:00.384 And then what do you actually do? 549 00:33:00.945 --> 00:33:08.850 And as crazy as the difference between how people should eat and work out and what they actually do, I would say that most people's business priorities and what they actually do are that far apart. 550 00:33:09.090 --> 00:33:10.411 I mean, humans don't stop humaning. 551 00:33:10.911 --> 00:33:12.873 And so it's just within the context of business, 552 00:33:14.085 --> 00:33:21.108 They act that way and as a result have an out of shape business. 553 00:33:21.909 --> 00:33:22.609 I'd agree with that. 554 00:33:22.629 --> 00:33:23.710 I would agree with that. 555 00:33:24.270 --> 00:33:30.113 My unpopular opinion is I think profit is overrated. 556 00:33:31.333 --> 00:33:42.919 And what I'm going to get into, it's going to rattle a couple of feathers, but I think the businesses with the largest opportunity, sometimes seeing a profitable angle, 557 00:33:44.453 --> 00:33:47.496 in the early stages is very difficult for outsiders. 558 00:33:47.616 --> 00:33:59.345 But I think a lot of it is really, when it comes to underwriting, it's like finding out more about the entrepreneur and the space and figuring out the long-term plan to a profitable model. 559 00:34:00.186 --> 00:34:05.991 I find a lot of times in these situations, I'm going over metrics that just actually don't matter. 560 00:34:06.391 --> 00:34:06.792 And I'm like, 561 00:34:07.332 --> 00:34:12.076 well, if I wanted to make my business profitable, I would have just done that in the beginning. 562 00:34:12.116 --> 00:34:14.277 Like, that's an easy thing to do in this market. 563 00:34:14.638 --> 00:34:16.139 And that's actually what everyone else does. 564 00:34:16.299 --> 00:34:21.483 And it's actually the build out in this contrary way that leads to the most upside. 565 00:34:22.023 --> 00:34:29.629 So I would say profit is too many times a focus of these investment firms or institutions. 566 00:34:29.689 --> 00:34:30.790 And like, it's like... 567 00:34:31.901 --> 00:34:34.062 the biggest opportunities are hiding in the mud? 568 00:34:34.342 --> 00:34:38.364 So the frame is long-term profit maximization. 569 00:34:38.384 --> 00:34:45.247 So if the argument is short-term profit is not as good as max profit, then the answer is yes. 570 00:34:45.587 --> 00:34:50.870 The reason that an outside investor would look at trailing is because the future is unknown. 571 00:34:51.370 --> 00:34:57.292 And so you would have what some would call a story of profitability, but not the reality of profitability. 572 00:34:57.392 --> 00:35:00.713 And it's all a theory that you hope will work, but you do not know it will work. 573 00:35:00.933 --> 00:35:07.455 Where people get in trouble is that they run a business that is not profitable and then say they are reinvesting in growth when the reality is they just don't make any money. 574 00:35:08.115 --> 00:35:14.221 That's what I push back a lot against, which is that we should have tons of gross profit and we should have the ability to pull out lots of cash flow. 575 00:35:14.481 --> 00:35:19.025 But we have a clear return invested capital thesis that we have saying we made all this. 576 00:35:19.106 --> 00:35:20.066 We could make all this money. 577 00:35:20.767 --> 00:35:24.431 We choose and we are making this money, but we're reinvesting it here. 578 00:35:24.491 --> 00:35:25.452 That's giving us this growth. 579 00:35:25.472 --> 00:35:26.412 And that's the trade we're making. 580 00:35:26.453 --> 00:35:28.555 We know that this money is going to get us 10 times back. 581 00:35:29.035 --> 00:35:29.636 And so we're doing it. 582 00:35:29.876 --> 00:35:31.637 It's just that most people don't have that. 583 00:35:32.358 --> 00:35:36.821 And so instead, they're just kind of low cost leading and have very thin margins, but it's not really growing the business that much. 584 00:35:36.841 --> 00:35:38.001 And then there kind of is no man's land. 585 00:35:38.402 --> 00:35:46.166 If your industry has the ability to tap into revenue streams that you don't have yet, like one of the things is like content for us is huge, right? 586 00:35:46.246 --> 00:35:54.491 And how does someone come in and say, oh, well, they're actually sitting on a gold mine and they have these four untapped revenue streams and they have just a solid base that supports everything. 587 00:35:54.851 --> 00:35:56.072 And then this is all the upside. 588 00:35:56.492 --> 00:36:01.435 I'll just say that you make a hypothetical that has tremendous execution risk. 589 00:36:01.455 --> 00:36:01.735 Yeah. 590 00:36:02.504 --> 00:36:05.165 So it's saying like, hey, if we had a massive brand, we would make way more money. 591 00:36:05.205 --> 00:36:08.447 It's like, no shit. 592 00:36:08.467 --> 00:36:10.107 The difficulty is building the massive brand. 593 00:36:10.127 --> 00:36:16.150 And so someone is going to take that, agree with you, and then write a discount on their belief in your ability to execute. 594 00:36:17.251 --> 00:36:20.992 And so they'll say, I think this guy has a 10% chance of executing this thing that could be a billion dollars. 595 00:36:21.032 --> 00:36:22.133 And so they write the check that way. 596 00:36:24.094 --> 00:36:24.474 I can roll. 597 00:36:24.514 --> 00:36:24.694 Yeah. 598 00:36:25.052 --> 00:36:31.195 Okay, so this is like the ultimate dilemma for me because I love what I do and I can get into it. 599 00:36:31.715 --> 00:36:36.518 And I want to optimize for two things and they counteract each other. 600 00:36:36.838 --> 00:36:44.782 If I want to optimize for my business and I want to optimize for my relationship with my kids when my business has been sold or whatever happens to it – 601 00:36:46.250 --> 00:36:49.053 Sometimes I have a hard space making room for the two. 602 00:36:49.374 --> 00:36:55.240 And my question is, how do you envision that for you moving forward with what you're scaling? 603 00:36:56.141 --> 00:37:06.213 I am fortunate, and so is Layla, to have worked the first big chunk of our careers pretty aggressively so that we have the option, not the obligation to work. 604 00:37:07.349 --> 00:37:11.153 And so I am trying to win at the game of life, not the game of business. 605 00:37:11.173 --> 00:37:12.274 I think business is a component of it. 606 00:37:12.294 --> 00:37:13.375 Same as like, I gotta be healthy. 607 00:37:13.395 --> 00:37:14.797 I gotta do all these different things. 608 00:37:15.037 --> 00:37:16.879 I've also gotten to the point in my career right now where 609 00:37:17.745 --> 00:37:21.448 I am much more rewarded by the quality of my decisions more than the output of my hands. 610 00:37:22.089 --> 00:37:27.173 And so that doesn't take nearly the amount of time as some of the things that I had to do in the earlier stages of the business. 611 00:37:27.633 --> 00:37:33.718 And so for me, my tentative plan right now is that I'll work from 5 a.m. to 2 p.m. And that's what I'm planning on doing. 612 00:37:33.938 --> 00:37:36.120 Layla is going to take off significantly more time than that. 613 00:37:36.500 --> 00:37:37.861 And she will probably come back in... 614 00:37:38.922 --> 00:37:41.303 You know, she'll do whatever the hell she wants, basically. 615 00:37:42.423 --> 00:37:48.404 But I think that your question is is one that everyone struggles with, because you pointed out two things. 616 00:37:48.444 --> 00:37:52.125 But there's if you look at the dynamics of a human being, it's like you've got your parents. 617 00:37:52.205 --> 00:37:52.865 They take care of. 618 00:37:52.885 --> 00:37:53.465 You've got your kids. 619 00:37:53.485 --> 00:37:54.306 You have your siblings. 620 00:37:54.586 --> 00:37:56.526 You have recreational activity of personal growth. 621 00:37:56.906 --> 00:37:57.486 You have health. 622 00:37:57.806 --> 00:37:58.607 You have your marriage. 623 00:37:59.047 --> 00:38:00.367 You know, you have spirituality. 624 00:38:01.167 --> 00:38:01.828 You have a community. 625 00:38:01.928 --> 00:38:03.649 Like there's so many different components. 626 00:38:03.709 --> 00:38:05.071 And no one's going to say, you know what? 627 00:38:05.491 --> 00:38:06.632 This is more important than that. 628 00:38:06.672 --> 00:38:08.253 They're all just very valuable things. 629 00:38:08.714 --> 00:38:15.919 And so we will always live a life of deprivation around not having done all of the things 10 out of 10. 630 00:38:15.939 --> 00:38:21.184 So we want the benefits of being 10 out of 10 on community and 10 out of 10 on our parents and 10 out of 10 on our kids, 10 out of 10 on our marriage, 10 out of 10 on our health. 631 00:38:21.624 --> 00:38:22.485 And we're just not going to. 632 00:38:22.505 --> 00:38:24.727 And so I think where people get in trouble is... 633 00:38:25.716 --> 00:38:31.818 They judge themselves on somebody else who's 10 out of 10 maxed on this one thing, but they're not looking at the other nine dynamics. 634 00:38:32.519 --> 00:38:36.420 And so someone might see our quote business success, but I've done a lot of trade-offs to get that. 635 00:38:37.221 --> 00:38:42.623 And so it is obviously exceptional from a statistic perspective in terms of the outcomes, but I've traded plenty of things for it. 636 00:38:43.003 --> 00:38:44.904 And some people wouldn't be like, I wouldn't make that trade. 637 00:38:44.924 --> 00:38:45.724 I'm like, right, you wouldn't. 638 00:38:45.764 --> 00:38:47.905 And that's why you have your life and I have mine and we're all good. 639 00:38:48.225 --> 00:38:52.087 It's only, I think people only get in trouble when they think that I say my life is better than yours, which I never would say. 640 00:38:52.887 --> 00:39:01.714 And so I think that you having conflicting priorities is the nature of having many important things that we all have to do and not judging the fact that you're going to do the best you can with what you have. 641 00:39:02.215 --> 00:39:08.540 And I think that if you at the end of your life, you have a pretty successful business and a pretty good relationship with your kids, you'd be pretty happy about it. 642 00:39:08.940 --> 00:39:14.885 And if you had a perfect relationship with your kids and not at all with your business, if that outcome is better for you, then maybe you should do that. 643 00:39:15.425 --> 00:39:20.709 And the flip side is if you had a 10 out of 10 business and you didn't know your kids at all, you'd be like, I wouldn't like that. 644 00:39:21.490 --> 00:39:26.175 And so then it's like I take the 85-year-old looking back perspective of what would I be most content with. 645 00:39:26.415 --> 00:39:27.316 There's my three-minute answer. 646 00:39:28.177 --> 00:39:28.878 Yeah, good. 647 00:39:29.379 --> 00:39:30.099 No, it's good. 648 00:39:30.219 --> 00:39:32.262 And I think one more question because I know we're up. 649 00:39:32.702 --> 00:39:34.664 One more. 650 00:39:34.724 --> 00:39:35.305 Really, really quick. 651 00:39:35.365 --> 00:39:37.447 I'll take them in your two minutes. 652 00:39:37.747 --> 00:39:41.952 What would you tell – so when we started, we had two kids under – 653 00:39:42.372 --> 00:39:46.136 18 months and it was an absolute shit show and we were broke. 654 00:39:46.216 --> 00:39:49.159 And I wouldn't trade it for anything because so many lessons came out of that. 655 00:39:49.539 --> 00:39:57.026 But what would you tell the entrepreneur who didn't optimize for money first and they were just getting off the ground? 656 00:39:57.146 --> 00:39:59.788 Like if I had you 15 years ago, what would you tell me? 657 00:40:00.389 --> 00:40:06.975 To the person who did kids first and then started later, I think it's just accepting what you have that somebody who started earlier doesn't. 658 00:40:07.563 --> 00:40:14.429 Like I talked to an entrepreneur who's the exact same age as me, and I think right now his oldest kid is like 14 – or so youngest kid is 14 or something like that. 659 00:40:14.469 --> 00:40:23.957 And so like almost all the kids are out of the house, and he's like, you know, when I'm 42 or 43, we're going to be completely empty nesters, and we're doing the second half of kind of living our married life. 660 00:40:24.798 --> 00:40:26.960 And it's just like I don't think there's a right way to do it. 661 00:40:27.842 --> 00:40:29.442 I think that there's a way that I did it. 662 00:40:29.462 --> 00:40:30.363 There's a way that you did it. 663 00:40:30.483 --> 00:40:31.543 There's a way that plenty of people do it. 664 00:40:32.123 --> 00:40:37.024 I'm just, again, I'm just very against the judgment of, like, I don't believe that comparison is a thief of joy. 665 00:40:37.044 --> 00:40:38.765 I think the judgment on the comparison is. 666 00:40:39.205 --> 00:40:41.265 So saying that some person does better than me, that's a comparison. 667 00:40:41.945 --> 00:40:43.606 Saying that, and because of that, I'm a piece of shit. 668 00:40:44.486 --> 00:40:45.706 That's the part that hurts. 669 00:40:45.746 --> 00:40:49.267 And so I think as long as I say, yeah, it makes sense that that person, they made a trade that I haven't made. 670 00:40:49.979 --> 00:40:51.159 And I got something that they don't have. 671 00:40:52.280 --> 00:40:52.980 We made different trades. 672 00:40:53.340 --> 00:41:00.603 And also, let's take a different extreme, which is somebody did absolutely nothing and just watched Netflix for a decade and partied. 673 00:41:01.043 --> 00:41:05.644 Well, they lived it up in their 20s, and they're probably not going to be able to live it up in their 40s or 50s. 674 00:41:05.664 --> 00:41:09.386 And some people might say, I'd rather live it up in my 20s when I have the energy and all that stuff. 675 00:41:09.426 --> 00:41:12.887 And I'd rather trade the back half of the years because I'm not going to have the energy to do it. 676 00:41:13.507 --> 00:41:34.702 fine that's a trade that you make and i i just i i say like if you like the path that i had this is how i did it you can do whatever you want take the pieces that work for you but i definitely am not in the like you must i don't must anything yeah do whatever you want yeah that's my fair me too yeah that's all i got cool okay so moment of moment of truth 677 00:41:36.343 --> 00:41:37.123 Uh, thank you. 678 00:41:37.163 --> 00:41:37.363 Yeah. 679 00:41:37.384 --> 00:41:37.924 Appreciate it. 680 00:41:38.024 --> 00:41:38.204 Yeah. 681 00:41:38.264 --> 00:41:38.864 Moment of truth. 682 00:41:39.544 --> 00:41:40.765 Uh, $10,000 winner. 683 00:41:40.965 --> 00:41:42.405 I mean, it goes to two different people. 684 00:41:42.425 --> 00:41:44.346 I'm going to split it and I'm going to explain why. 685 00:41:44.646 --> 00:41:49.507 I think from a purely logic perspective, I said never for work-life balance. 686 00:41:49.527 --> 00:41:52.568 And there was an example of somebody who had a work-life balance and built a big business. 687 00:41:52.588 --> 00:41:53.369 So I will give you that. 688 00:41:53.849 --> 00:41:55.629 And this is my, this is my gift. 689 00:41:55.830 --> 00:41:56.390 There you go. 690 00:41:57.530 --> 00:42:13.768 And the second one goes to one that I think actually has a lot of utility for me, which is it was just a great reminder around the vast majority of my audience actually already is trying to be exceptional and doesn't need as much of the call it hyperaggression, if you will. 691 00:42:14.068 --> 00:42:15.350 But yeah, no, I thought that was a really good reminder. 692 00:42:16.691 --> 00:42:17.532 Yeah, you bet. 693 00:42:17.692 --> 00:42:17.933 You bet. 694 00:42:18.614 --> 00:42:19.014 Thank you. 695 00:42:19.315 --> 00:42:21.957 This is our first ever one of these, whatever you want to call it. 696 00:42:22.257 --> 00:42:24.159 If you like it, put a comment that you liked it. 697 00:42:24.299 --> 00:42:26.041 And if you hated it, you can do that too. 698 00:42:27.122 --> 00:42:29.764 But yeah, anyways, we'll see you maybe in the next one. 699 00:42:30.925 --> 00:42:31.686 All right, rock and roll.