WEBVTT 1 00:00:00.000 --> 00:00:04.080 The only things that don't actually have an end to them are things that you do not understand. 2 00:00:04.880 --> 00:00:07.760 Welcome to the game where we talk about how to get more customers, how to make more 3 00:00:07.760 --> 00:00:11.040 customers, how to keep them longer, and the many failures and lessons we have learned 4 00:00:11.040 --> 00:00:15.760 along the way. I hope you enjoy and subscribe. What's going on everyone? I want to make this 5 00:00:15.760 --> 00:00:20.960 short, short video for you because I had a number of conversations last week that resulted in 6 00:00:20.960 --> 00:00:27.760 kind of this consistent point of coaching, which is it's never going to work forever. And so 7 00:00:28.480 --> 00:00:32.960 I've seen this happen in so many different situations where people will try and give themselves 8 00:00:32.960 --> 00:00:38.560 a reason to not even begin something because they think that there is an end to it. When the reality 9 00:00:38.560 --> 00:00:43.440 is the only things that don't actually have an end to them are things that you do not understand. 10 00:00:44.080 --> 00:00:49.520 And so if you don't, if you see something as a forever option, then it probably means you do 11 00:00:49.520 --> 00:00:54.000 not understand it well enough to begin doing it. So there's a little mind fuck for you. 12 00:00:54.960 --> 00:01:00.240 And so let me give you a couple of examples to bring this home. So when I was in the fitness 13 00:01:00.240 --> 00:01:04.240 base, I had a lot of people who'd come up to me and be like, hey man, I want to start working 14 00:01:04.240 --> 00:01:09.440 out. I want to get bigger. I was like awesome. This is how you got to train. And they'd be like, 15 00:01:09.440 --> 00:01:15.200 well, I don't want to get too big. I'm like, you don't even look like you work out. So why don't we 16 00:01:15.200 --> 00:01:20.800 start with that? And then we can worry about you getting too big. So it's not a perfect example 17 00:01:20.800 --> 00:01:25.280 for business, but that's an example of somebody trying to just scout starting because they think 18 00:01:25.280 --> 00:01:29.120 they cease an end that they do not even understand the journey well enough to comprehend. 19 00:01:29.840 --> 00:01:35.440 Another example would be, hey, we're running TikTok ads right now and we're crushing it. 20 00:01:35.440 --> 00:01:41.760 Right? And someone says, well, we don't know how long TikTok's going to be around or Snapchat 21 00:01:41.760 --> 00:01:46.480 or insert whatever new opportunity there is. And so we don't want to do it. Right? 22 00:01:46.720 --> 00:01:55.200 But the reality is all opportunities are, by their very nature, arbitrage where you're taking 23 00:01:55.200 --> 00:02:00.640 advantage of inefficiencies within two systems or two markets. And so over time, all arbitrage 24 00:02:01.600 --> 00:02:05.040 disappears, right? And then markets become more efficient. That's how markets work, right? 25 00:02:05.040 --> 00:02:08.960 More and more people see the opportunity. The bit the arbitrage decreases until eventually it's 26 00:02:08.960 --> 00:02:14.480 efficient, right? And so when you're looking at opportunities and you see something and it might 27 00:02:14.480 --> 00:02:19.600 be a big opportunity only is going to be open for two years, three years. Do you do it or not? 28 00:02:19.600 --> 00:02:23.600 It's another series of questions that would happen after that. But I would not discount it simply 29 00:02:23.600 --> 00:02:29.280 because you know that it is finite because all opportunities are finite. And to take this 30 00:02:29.280 --> 00:02:34.560 exaggerate, you know, this example to a max degree of exaggeration, think about the Fortune 500. 31 00:02:34.560 --> 00:02:40.480 There's only one company that's been on there for over 100 years. And that's GE, just one, 32 00:02:40.960 --> 00:02:46.800 one company, right? And so every one of those companies you might have thought, or during their 33 00:02:46.800 --> 00:02:51.840 day, might have been like, this thing's going to be here forever. The reality is it's not. And markets 34 00:02:51.840 --> 00:02:56.800 change so rapidly, it's difficult to reshift an entire infrastructure. Some companies can do it 35 00:02:56.800 --> 00:03:04.160 many fail. Big guys, love that you're listening to the podcast. If you ever want to have the video 36 00:03:04.160 --> 00:03:09.200 version of this, which usually has more facts, more visuals, more graphs, you know, drawn out stuff, 37 00:03:09.200 --> 00:03:13.360 sometimes it can help hit the brain centers in different ways. You can check my YouTube channel. 38 00:03:13.360 --> 00:03:17.760 It's absolutely free to check that out if that's what you are into. And if not, keep enjoying the show. 39 00:03:20.560 --> 00:03:26.240 And so if your business is founded upon taking advantage of an arbitrage opportunity, 40 00:03:26.240 --> 00:03:31.040 or an inefficiency in a marketplace, or something that is fleeting, right, that comes and goes, 41 00:03:31.760 --> 00:03:37.600 that's okay. Many businesses were built off of arbitrage opportunities that created cash flow, 42 00:03:38.160 --> 00:03:43.440 human resources that could then be deployed and pivoted in another direction when the opportunity 43 00:03:43.440 --> 00:03:49.520 closes. And so it's kind of like saying, well, I don't want to invest in this investment, 44 00:03:50.160 --> 00:03:54.080 because it's only going to triple my money in three years. Well, what do I do after it triples my 45 00:03:54.080 --> 00:03:59.600 money? Well, you take the money, you invest it somewhere else, right? It's the same concept, 46 00:03:59.600 --> 00:04:04.720 except you're just applying it to your business. And so this is just a caveat that was top of mind 47 00:04:04.720 --> 00:04:08.720 that I figured I would share with you, because just so many times we try and take 10 steps forward 48 00:04:08.720 --> 00:04:13.760 without even realizing that there's this big pile of money. And you can just pick it up and move 49 00:04:13.760 --> 00:04:18.720 about your life. And it doesn't need to be forever. And so it's just a remembering like, if this 50 00:04:18.720 --> 00:04:23.520 were an investment, would you triple your money in three years? Probably. So then don't worry about 51 00:04:23.520 --> 00:04:25.680 what you're going to do in 20 years, because you're going to be such a different person than 52 00:04:25.680 --> 00:04:30.640 anyways. You might not even want to be in the same thing forever. And so I think sometimes we just 53 00:04:30.640 --> 00:04:36.240 create this reason, because the real reason is that we fear failing when something seems so easy. 54 00:04:37.040 --> 00:04:42.080 Right? We fear failing, because we might not think we're good enough, or we're being lazy, 55 00:04:42.080 --> 00:04:46.480 and we don't want to even start or try. And so it's usually the fear thing. But for some people, 56 00:04:46.960 --> 00:04:52.160 you just need to get off your ass. But anyways, I hope you found this valuable. Maybe this, 57 00:04:52.160 --> 00:04:55.120 you're at a decision right now where you're thinking about investing something or you're thinking 58 00:04:55.120 --> 00:04:59.760 about taking advantage of an opportunity or thinking about investing your time into taking an 59 00:04:59.760 --> 00:05:04.160 advantage of some sort of inefficiency. And if it's a massive one, even if it's going to be 60 00:05:04.160 --> 00:05:11.520 fleeting, as long as the return is high enough, I think many times it can be worth it. So anyways, 61 00:05:11.520 --> 00:05:16.800 this is more targeted for newer entrepreneurs. If you're in an existing vehicle, it means you've 62 00:05:16.800 --> 00:05:22.160 already found an average opportunity. So don't try and do another one unless it's something that feeds 63 00:05:22.160 --> 00:05:27.440 your original model. But anyways, I hope that makes sense. Keeping awesome. Have a fantastic day. And 64 00:05:27.440 --> 00:05:29.440 I'll catch you next video. Bye.