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Everything is always our fault as entrepreneurs.

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Welcome to the game where we talk about how to get more customers,

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how to make more per customer, and how to keep them longer,

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and the many failures and lessons we have learned along the way.

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Hope you enjoy and subscribe.

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What is going on everyone?

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Happy, uh, happy Thursday.

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Um, I want to make this video to continue the series on the stakes.

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I have many, many of them, um, and this one, uh, is, is, is, is a, it's a hard one.

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And because it's, you know, there's, everything is always our fault as entrepreneurs,

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because we're the ones who make the decisions and honestly, you know,

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and ultimately the buck stacks, uh, stops with us, right?

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Like if you make a bad hiring decision, that person, you know, sexually harasses someone,

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it's ultimately your fault.

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You're the one who's liable, right, uh, because you should have done more background checks

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or you should have seen it in the way the person acted or whatever, right?

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But it is your fault.

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And so, um, this mistake, uh, was 100% my own.

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They are all 100% my own, but this one was especially mine.

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And, um, this was because, uh, in the gym space, uh, I continue to have, you know,

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I'm, I'm a huge proponent of data tracking, which maybe I'll marry these two things together.

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Maybe I won't, I don't know, we'll see where it goes.

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Um, one of the biggest issues is that gym owners don't have good tracking for their data,

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right? They don't know what their turn is, they don't know what their revenue is,

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they don't know what their profit is, they have no way of organizing their customers

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since they're messages and organizing between trainers and providing accountability

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and all these other things that they have to do.

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So they live between, you know, uh, Google docs, right?

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There's Google sheets, Google docs and taping things together and having a process

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or somewhere else and it's just this huge mess, right?

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And there are some theorems that are out there, but they're usually partial solutions.

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And so, I was like, you know what?

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I'm going to build the best theorem for gyms.

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That's what I'm going to do.

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And, um, I made so many mistakes with this.

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Uh, and so I spent the next nine months building out a theorem, um,

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and I spent about a million dollars in development.

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And way more than that in time and labor on my own team, um,

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and really my own time because this is what I put all my time and effort into

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because this was going to be the next thing.

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And I built the CRM and, uh, we realized that at that point,

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we now had our supplement company and we had our,

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our service company and I realized that I could not open another company.

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I was like, I can't do this.

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Like, I've already got too much stuff on my plate.

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And so I, um, I didn't make the mistake of opening a third one,

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but I did make the mistake of making the investment in it.

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And so to this day, I have a fully functioning gyms CRM that's about nine weeks from being done

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in development, um, and it cost me a million dollars.

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And the lesson that I learned from that is don't bite off more you can chew.

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Don't get into a space that you don't understand.

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So like, I'm not a software developer.

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I should have had a software partner and not a third party developer making these things

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because that person, like, you need somebody who owns it.

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You know what I mean, you need somebody who's,

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who's really vested in not just billing by hours.

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And that was a huge mistake for me, um, like massive.

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And so anyway, and if you are going to ever start a software company,

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you need to have a CTO who's a, like, you need to somebody who has an equity,

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equity stake who knows a ton about software.

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I'm just telling you right now, that's what you need to do.

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You could take that one to the bank.

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But I, uh, spent, I spent, I think, one point one or one point two million dollars on this

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software and that was, I mean, that's profit money, right?

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That's, that's, that's money that was, you know,

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money that would have gone into my pocket.

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And I spent it there, right?

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And, um, I don't have anything to show forward except for this one lesson, right?

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Which is don't bite off more than you can chew.

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Don't start multiple business at the same time.

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And it also ended up being a huge distraction for my team, right?

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They're so excited and they're like, they're, you know,

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not paying attention to their normal responsibilities because they're so excited about this new thing.

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And, um, and that was all me.

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And, uh, Laila actually advised against it.

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She was like, we don't know what that is.

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And I was like, no, it's going to be awesome.

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And so I overpowered and I blew through it and it was 100% on me.

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So, um, that was another million dollar mistake that I made, um, in my career.

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And so if you're looking at, if you're have something that's working,

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don't just take that and try and start another business.

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Like, take that and figure out what you're going to do with your money.

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This is not business related, right?

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Like, you have to create your second game, which is beyond the scope of this video.

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Most of the nation real quick, if you are a business owner that has a big old business

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and wants to get to a much bigger business, going to $50, $100,000, plus we would love to talk to you.

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And if you like that and would like to hear more about it, go to acquisition.com

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and you can plan anywhere on the page and talk to one of our team and see if we can help you get there.

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You have to have a game beyond your game, right?

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You have the game that's making you money.

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And then you have to have the game that makes your money money, right?

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It uses your money to make more money.

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Um, there is something to be said for reinvesting in your business,

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but you want to be reinvesting in the things that are already what you're currently doing,

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doing more of them, rather than doing another thing, another business, another build out, another

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whatever, um, that just adds complexity to your business.

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And, um, I've said it before, but I'll say it again, like, skills are your own, simple scales.

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And you have to make, you have to keep the business stupidly simple in order for it to get

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as big as you want it to be.

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Um, so most of that is saying no.

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And the harder, and the bigger you get, the more money you have, the harder it gets to say no,

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because the things you can do with the more money you have become cooler and cooler and cooler.

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Um, I use the story of the woman in the red dress from Matrix, if you guys are in the movie, um,

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you know, the one in the red dress walks by, uh, and Neo, like, you know, turns its head or whatever.

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And the thing is, is like, at every level of entrepreneurship, you have to learn how to say no

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to a hotter and hotter woman in the red dress, a hotter, shiny object.

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You know, if you're making a hundred thousand dollars a year, then, you know, pursuing a 10,000

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opportunity isn't nearly as attractive, right? So you've learned how to say no to that.

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But if someone comes to you with another 100,000 or your opportunity, you might be like, man,

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that sounds pretty cool too. But by doing that, you'll end up destroying your main thing.

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And so, and it literally never stops at every level. If you're doing 10 million a year,

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and you have another 10 million dollar opportunity, you have to just say no. And it's,

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it's the hardest thing in the world, because we're entrepreneurs, we love news things, we love excitement,

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and all of that. Um, but I'll leave you with just even another quote that I like, which is,

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I want to be energized, not excited. If I'm excited, it means I'm emotional,

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which means I'm about to make a bad decision. So you don't want to be excited, you want to be energized.

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You want to be stimulated, um, by whatever you're going to do. And most of the times, new things

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are exciting. And so I automatically try and try this off. And this has been a lesson that I have,

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it has taken me so long, so long to try and learn this, because it's, I've made this mistake so

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many times. And so, um, I, yeah, I'm giving you the advice I would give myself when I was younger,

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is like, find the game, pick the game, do more of the game, take the money out of the game,

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and put it into something that you trust, and, and just continue to play what you're playing,

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and keep getting better at that, rather than trying to start yet another thing and another thing.

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So I hope you found that valuable, take that to the bank, save yourself a million dollars at X,

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and, um, and I hope to see you in the next video. Bye!