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Welcome back to the game. This is part two of the guest spot on direvice yo with Stephen Bartlett

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This is a ton of fun the second half. We talk about the entrepreneur life cycle at six stages

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You will be stuck in it forever until you break free

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I was stuck in it four years and I will say this it does rear its nasty head multiple times

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I have to fight it actively this I mean this year I was talking about last night

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It's one of those pervasive things that I don't think you solve. It's something that you manage on top of that

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We talk about experimentation in the form of how you beat competitors

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And how to do that in a way that makes it harder for them to keep up with you

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And so the last thing we talk about we actually zoom all the way out and we talk about work life balance happiness

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filament and I

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Think it's one of the more

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Clear moments I've had on a podcast in a while

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I've got a lot of feedback from people from the last 20 minutes of this particular podcast

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And it's you know three-hour plus podcast and so the fact that people got there and then that was the part they were talking about

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I think is good

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But if you ever get criticized for how you work how you approach life you might enjoy it

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So enjoy

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Well, I want to go through the four hours, but I also I think that what comes before the four hours is

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Knowing how to get customers in the first place, which is a was a tricky one and actually maybe even the thing that comes before

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That is being psychologically prepared for the

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The toll and the rollercoaster that business is I found this um

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Found this graph of yours. Oh god. Yeah, and I think

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For any founder starting a business is important to one for them to understand this cycle

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And I think you call it like the crash burn cycle or something

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Because if you're not aware of the cycle when you hit certain parts of it

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You're probably going to think that there's something wrong with you

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Yeah, and but there's a certain inevitability to this crash cycle

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I'll put it on the screen for anyone to see yeah

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This is this is the entrepreneur life cycle until you learn how to break free from it

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And so there are six stages

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You have

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Stage one which is uninformed optimism. This is where you

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See your friend or you see something online and it looks like they're making money or it looks like there's some opportunity

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And you think oh my god, that sounds amazing and you have optimism because it looks great

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But it's uninformed because you have no idea what it entails

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So then you dive in and you say okay, I'm gonna pursue this this thing whatever is it baking cupcakes or I'm gonna

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I'm gonna do lawn mowing or I'm gonna do critteration whatever

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Second step is you get into it and you're like oh my god

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I don't know there's so many things involved in this and this is significantly more complicated than I I expected

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So then you become an informed pessimist

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You now know uh that it's hard or significantly harder than you expected

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The third stage is you have your crisis of meaning or the value of despair

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So you're continuing to do the stuff. It's continuing to not work and you keep working and it keeps not working

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And so this is the step and this is the this is the point of truth

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And this is the cycle where the the paths of the entrepreneur split and the vast majority of people take this next step

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Which is they then say you know what?

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There's that thing over there that my other friends doing

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Maybe I should do that instead

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And so then they hop back to uninformed optimism and then they go boom to inform pessimism

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And they just go around and around and around and they live the same six months

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uh

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for 23 years

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now

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the other path

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Of from the value of despair is sticking with it

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And so then you become an informed

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Optimist because now you understand you still understood all the bad stuff

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But you also understand the good stuff and how to avoid the bad and maximize the good

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And then once you're there you do you stick on that path long enough and you end up achieving what you originally thought was really easy and fast

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And so that cycle this is more or less the the Alex Ramozi life story

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Which is why I can so intimately describe you to the steps is that I called that loop and that

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The person on the other side the woman the redress

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Which is probably my favorite part of the matrix movie

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Which is Nio who's the main character is in a program to teach him one thing

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And so he's walking through the crowded streets of what looks like a New York City with Morpheus leading him

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And uh he's drawing on about something that he's supposed to learn and he says

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Nio were you listening to me or are you looking to the woman looking at the woman the redress

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And and Nio was looking at the one the redress as Morpheus is talking and then he says look again

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And he looks back at the woman the redress and it's agent Smith with a gun pointed at his head

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And in that moment he's like freeze

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And he explains that

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You're either one of us or one of them

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And they are the people who are sentinel sent to destroy us

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And so what appears to be the woman in the redress is actually a just a an agent from the system

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meant to destroy the opportunity that you're in right now

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And so I love the woman in the redress so much because it's so real

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Because you're in this thing you're in this relationship with your business

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And you're like you know this girl seems great

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And then you get to know her and you find out she snores when she sleeps and all of a sudden it's like you know

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You know you see you see the sweatpants and no makeup in the morning and you realize that sometimes she's moody whatever

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But you get to you start to get to know you're like I don't know if we're gonna get married

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But like you know this is kind of where at and then you see a woman in the redress

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And you're like you know what I think that's the girl and so you quit this relationship with your business

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And you get into that relationship

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But then you realize that that girl has crab. She has a crazy ex boyfriend and you're like oh my god

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I don't want to do with any of this stuff right and so my

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CFO so was one of the first people that you're like oh my god

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I heard that person it changed everything so my CFO and Jim lunch

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Had taken four companies from zero to a hundred million

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She had done over 40 M&A transactions or largest one was five billion super experience

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Choose the very end of her career and she was like I'll take you guy

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I'll take this one last ride with you guys

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And so you know mind you Laila and I'm 26 or 27 at the time

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Laila's 23 24 and we're sitting across the table from a very experienced business person being like please help us

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And so one of the things that she taught me that I I'll never forget is she said

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The grass is always greener on the other side

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You just don't know that it's fertilized with shit

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And she and she's southern so she had this deep southern actually she's like there's always shit

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Yeah, she had everywhere and so she's like I've been in enough businesses to know that all businesses have shit

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And so you just have the shit you don't know about and the shit you do know about and you're in this business

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And so this is the shit you know

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and

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That has been so profoundly impactful in my life because it was so hard for me to break the cycle really hard for me

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Um, I mean, I gave you my my life story of the many businesses that I've been involved in and so like the entrepreneurial ADD

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Has been so real for me and I've made some of the biggest career mistakes

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By just pursuing and splitting my attention between multiple endeavors

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And I can say truthfully that this 2024 was the first year and this is now 2025

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The first time in my life where I haven't experienced FOMO

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So fear of missing out and it was one of those things that I just always had

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I would see somebody doing it. Oh man, I mean, I should be getting into that like that. I shouldn't be doing this. I'm just doing that

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Um, and it was it was one of those things kind of like being happy where like you don't realize you're happy

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You just look back and you're like, you know what? That was a really good year

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You know like you kind of like you kind of see it in retrospect

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What I realized was that now when I hear someone say like oh my god

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I crushed it with this thing. I think that's amazing for them

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I'm sure there's tons of problems that I don't know about and that's amazing

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But I'm gonna keep doing this thing because this is the only thing I know how to do pretty well

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And I'm just gonna keep compounding my information vantage against everybody else who thinks this is easy and wants to get into it

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and so um, I think that that

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Every any any massive company that you know of has existed for multiple decades

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And in order for something to exist for multiple decades

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The founder has to stay focused on that thing for the whole time and I measure focus by the quantity and quality of things that you say no to

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And I measure commitment

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Or I define commitment as the elimination of alternatives

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And so if you think emerges the ultimate commitment then

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It is the ultimate commitment because you've limited it literally every alternative besides this person

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And so I think that

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Many business problems and many entrepreneurs would

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5x 10x their business if they simply gave themselves no way out

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This is what I'm doing and I'm I mean the term you know burning the boats

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But I'm eliminating all alternatives and

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structuring my life such that I I make it very difficult to pursue the alternatives

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And I think by doing that you can actually conquer this this cycle and make it pass the split where you go

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Crash and burn and then restart the doom loop or make it to informed optimism and then eventually to the achievement that you want

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There's so much then there's so much there, but it's such an important point um

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So where shall I start so at that moment here this crisis of meaning moment

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What I see so much of is entrepreneurs not necessarily quitting the old thing

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But just taking on something else um and I get entrepreneurs will come up to me in the gym

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And they'll say hey Steve um just want to let you know what I do and see if you can offer me an advice

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And then they'll list three things they'll say I'm starting this crypto thing in my friend day

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I've got this hair business where we're selling on e-commerce and I've got this other thing yeah, and they almost assume that

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The more things they're doing the higher the probability that they'll be successful in something

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My mum was that my my mum has started very businesses and I watched for my whole childhood how she would start a

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hairdressing salon and then the person down the street running in a state agents would come in and say we're making loads of money in the state

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She'd start that that business would suck. She'd hit this moment of crisis of meaning. She then start a

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furniture business and I go and she she so she jumped

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Between 20 to 30 businesses

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Yeah, and it's kind of still happening now where they lost six months they eventually go bust

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She sort of like you know like the monkeys that swing to the next run swings to the next thing

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And there's never been the escape velocity that comes from this informed optimism part

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So yeah, this it really rang true for me in every sense of the word this idea of like

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A focus going against all of your instincts and your emotions, but being pivotal to achievement

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I think entrepreneurship is far more a war of the heart than it is a war of the mind

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Like we can understand what we should do. We just don't do it and I think that's why

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We were so much better at giving advice than we are out following it

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So most people if they just followed their own advice, they'd be successful

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And so um with this kind of valley of despair. I call it

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niche slapping is like don't make me niche slap you

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Which is like when you have three things going on. It's like let me like slap you into just picking one

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Because the thing is is that any of them can work, but none of them will work unless you pick only one

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Because it's actually in my opinion

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An exercise and arrogance to assume that you doing three things is somehow going to beat somebody who's doing one

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And I can promise you the competitor who is going to beat you is only doing that one thing

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And you think a third of your time is going to beat theirs

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No, it's not gonna. I think it's arrogant

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And so there's actually like an under there's like an underpinning of ego

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Underneath of this and I say this is somebody who did this

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So like when I had the launch business. I also had my six gyms

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I also had a chiropractor agency and I also had a dental agency

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And so I would introduce myself and like oh, I own lots of companies

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but

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I think one of the biggest misconceptions when you're an entrepreneur is not understanding the difference between being an owner and being the CEO

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And so they might hear that you have a portfolio

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They might hear that I have a portfolio and be like okay, well, they have a portfolio

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So I must model that that guy's tall. I should play basketball doesn't work that way, right?

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I should be so if I want to be rich, I should fly private doesn't work that way

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Um, it's conflating order

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and so

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We must do these things in order to get the outcome. We have to concentrate on only one thing in order to get the outsize return and

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That spreading of attention

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Especially when you're newer in the entrepreneurial career

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It's like you already don't know so many things

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How do you now want to have three sets of unknowns that you want to try and conquer at the same time and the the fallacy of thinking is that

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I'm going to try all of them and see which one works

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But none of them will work because you're waiting to see which one will work because you can force in my opinion

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You can force one thing to work provided like I'm just I'm just some basics like you're selling you're not selling five dollar bills for four dollars

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like

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You know the normal economics of a business like if if if a real estate business exists

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There are other people are making money. There are hair salon businesses for people are making money

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There are lawnmoney business for people are making money

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You can make money in all of them. You just can't make money in all of them

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And it is when you walked in today and you sat down on the chair

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I said like what's going on with you professionally. I remember what you said you said more of the same and better

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Which clearly comes from your wisdom

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My infinite wisdom right well, it's just from from from from suffering

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The the the woes of this like

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The biggest entrepreneurial mistakes I've made in my career have all come from splitting my attention

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Every one of them like every single one of them like I talked about how I had the e-commerce business that I bolted onto my to my licensing company

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I should not have done that as soon as I did that my my revenue started slowing down and it's growth. Why did you?

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Because I was ADD

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Like I just I was like oh Mike. I don't want to leave money on the table and I want to I want to be so violent about this

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You are always going to leave money on the table

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That is the result of focus

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But you're you're leaving a small amount of money on the table to pursue the much larger money

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That's on another table of just sticking with the thing that you're on right now because compounding if I would show a chart here

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It's like if you're at your three of your thing

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And you want to think about moving to your zero of a new thing you have to compare maybe your zero of a new thing gross faster

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But it has to grow faster than you're three to four of the thing that you're on right now

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And I think that's that people will compare your zero to your zero

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But not your four to your zero

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And the thing is is you actually we have a linear life and so we that is it's an unfair but true comparison of the opportunity cost

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and every

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exceptionally

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Successful entrepreneur that I know has just stuck with one thing for such an inordinate amount of time

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And I think there's a quote by I want to say Shane Parish

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We said um

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success is

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Doing the obvious thing for an extraordinary period of time without believing that you're smarter than you are

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Yeah

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And it's just like you we we know what we need to do and

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Complete so we don't need to make our lives more complex

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Complexity will come with scale I promise and so just simply trying to do more of what you're already doing well is already hard enough

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Don't add anything else and so like if you need to write some sort of commitment of like I'm just going to stick with this

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then do that but

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the

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What happens is when we were talking about the levels earlier about like beating the bosses

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So what happens is you

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Know how to beat boss one through three of of the game and so then you just say okay

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Well, I'm just going to start the game over and beat boss

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I mean this since this time it's going to be different

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But then you just get to level three again and then you're stuck again

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And so people will just keep getting up to level three and new and new and new endeavors over and over again

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Because they never learned how to get past that boss

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And so you just have to confront the uncertainty of knowing that you don't know how to do it

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But that you will figure it out if you keep doing enough repetitions

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And that's where you talk to as many people as you can you see what they said you consolidate it all and you say

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I think this is the highest likely path it might not work

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But I do believe fundamentally that if we cut people's hair well

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And we do it for a long period of time

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We will have a thriving business and if we have a really good model from that thing

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We might be able to open up another location

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And if we keep our costs down we might be able to have an actual model that we could either invest your own capital or bring somebody else and take it national

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Like all of these like I have yet to find a business that can't get to a hundred million dollars a year

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That has a permutation of it that exists

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You're a dry cleaner fine

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Well cool, we'll build the model

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And either we're going to license the model, we can franchise the model out

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We can get outside investors, we can scale it naturally, we can do it

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But the crazy goals are only crazy because people have crazy timelines

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They're actually very seeing goals if you extend the timeline out

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If you have a true tenure goal or a 220 year goal

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Almost anything is accomplishable

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I mean

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Almost every multi-billion dollar company is about you know they get

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It's usually between like year six and ten when companies get to kind of like those big numbers

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And most people who are listening to this are

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Five years into entrepreneurship

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But you're six months into the thing that you've been working on right now

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And you keep restarting the clock for getting to year 10 every time you start over

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And I think that's the part that it took me a very long time to figure out

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And I think it takes a lot of entrepreneurs like everyone messes around with a lot of stuff in the beginning

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Because you just don't know what you're doing

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And so in my experience it takes about five years for most entrepreneurs that I know

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To just like find something that works

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Like it's like takes about five years to figure out which way is north

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Yeah, right. Yeah, and then it takes like another five years

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And a lot of people that's it like they they restart they they go off crash and burn

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And it takes another five years to build something that can generate can create generational wealth

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So it's about a ten year slug and here's the really hard truth about it

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If you have a job right now

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For almost all of that five years you quit your job because you don't want to work as hard as you are

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And you want to make more money

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And as soon as you quit you will realize that you are now going to work way harder than you were

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And you're going to make less money

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For an extended period of time

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The one benefit is that you get to claim all responsibility for how little you make and how much you work

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Because you're like my boss is an idiot and it's me

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But it's the truth and I think that in some ways having that

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Optimistic ignorance is actually one of the really redeeming traits of entrepreneurs

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And one of the really hard parts is that the biggest jump you have to make

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Get so immediately reinforced from the freedom you have from being able to you know chart your own path

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But

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That big success of quitting one thing and starting another you need to immediately forget

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And I think that fundamentally that is why so many entrepreneurs keep doing it is because the first time you do it

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It's the biggest rush ever you quit your job

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You do the business and you get some some first traction and that for that first dollar that you make when the new business

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It's like the best dollar ever right

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But it's such a strong reinforcer that what does it reinforce?

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It reinforces stopping what you're doing and starting something else

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And so I think one of the fundamental errors of entrepreneurship is that sometimes the

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Jumping ship to start this thing is the lesson that you need to immediately unlearn because after that

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You have to just stick with it for a very long period of time

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There's also something in that entrepreneurs

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Don't go into starting a company with the belief that their hypothesis is wrong

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So in year one or seven months in when they realize that their initial hypothesis was wrong

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They think that means abandon ship because my hypothesis was wrong

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Whereas successful entrepreneurs that I've met especially second time founders realize that their hypothesis is

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Almost certainly wrong from the jump and that the process of starting is to correct and to find a new hypothesis

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I think about like Mark Zuckerberg in his room with like face swap or

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Rating people's attractiveness and now matter is there's like virtual reality AI company

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Yeah, but understanding that your hypothesis is wrong from the jump

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Yeah, and that you know, this is a process of finding a new hypothesis. I think we'll give you a little bit more patience as well

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Through these cycles of

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The crisis of meaning and so on so two things so one is I had this tweet that went like super viral, but it was like

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First time founder hey, I need you to sign an NDA before I tell you my business idea. I know you've gotten I know I know you have

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Third time founder

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Here's everything I have here's all the documents here's all the projections

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It's probably all wrong and this probably won't work

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But I have a couple smart people and I think we'll be able to figure it out

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It'll probably cost longer and take longer as cost more and take longer than we think but we think it's worth a shot

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Is everyone who who's been on both sides of that understand like the entrepreneurs got it because they're like oh my god

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I was that guy

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And all the investors get it because they're like oh my god

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I do it this guy all the time

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But actually what you just said with the many many iterations that from your original idea until what actually happens is

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yet again one of those

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Demonstrations of the difference between a beginner and expert a beginner has binary thinking

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So they think this worked or didn't work and if it didn't work then I need a new idea

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Rather than having the nuance thinking of a master or an expert or advanced person who says

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What about this if I click into it? I break it into its component parts. What about this didn't work

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Okay, it's not that meta-ads don't work or advertising doesn't work

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It's that we didn't nail the hook in our ad or that we didn't make our offer

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Clear enough on the landing page or it was not congruent with the advertisement or

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You know it was on the offer itself wasn't very compelling or didn't have it didn't like it was just this cup

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Everyone's coming in and saying yeah, yeah, I kind of want that but this is actually my issue

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We're not solving the core prop. So it's it's always in the in the details

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It's always in the sifting through the many small things that you find the kernel that ends up fixing

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the business. I mean

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I know that

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Facebook was trying to fix their virality issue and they were locked in a room for days

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Trying to figure out how they could get more users to retain on the platform right people would sign up

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But then they wouldn't do anything and then they would they drop out and so finally

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zuck just said okay

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we have

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Some belief that if people have more friends

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That they will engage and so they didn't and here's the thing like with the uncertainty

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They couldn't prove it

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He just was like I feel like that's better than them not having friends

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And so he said all right the new goal is 10 friends in 14 days

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That's the goal so we have to create the experience so that we can get it to introduce them to 10 people or connect them with 10 people

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They already know on the platform within 14 days

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And as soon as that happened then obviously Facebook took off or continue to grow and so

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He wasn't like oh Facebook doesn't work anymore or social networks are gonna be a thing

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It's it's usually way smaller and way

345
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The adjustment you need to make is much more nuanced than what you originally expect

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If the foundational principle of like cutting hair mowing lawns whatever

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It's like this problem exists and I can charge a certain amount and make a profit on it

348
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Then there's nothing wrong with the business

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It's just what is the constraint that's holding us back and then usually zooming into the constraint and realizing there's 20 things that are contributing to the outcome not one

350
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And that's where expertise and that and you develop that expertise by trying and failing

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Yeah

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And that's and that's just the name of the game and so I think you have to have an incredibly high tolerance

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For failure without internalizing it and feeling like you yourself are a failure as a result of failure

354
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Well, this is it when I started my first business that 18 years old called Woolpock socially at work whatever

355
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Um, I thought the game was to be right

356
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Yeah, I came to learn from

357
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Businesses that came after that actually the game of entrepreneurship is to be successful and they're two very different things to win

358
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Because when you want to be right you not only want to be CEO and you want your hypothesis that you put in that first

359
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Pitch deck to come true and even when customers are telling you that you were wrong. You try and force the fucking

360
00:24:04.680 --> 00:24:07.560
Yeah, but when you when your game is to be successful

361
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There's a couple of really interesting things that I observe happen one of them is you I watch founders say actually

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00:24:12.440 --> 00:24:15.480
Maybe I'm not the best person to be CEO. Yeah, even though I founded this thing

363
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Maybe I should be chief brand officer when I think about some of the top companies in the UK

364
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Represent just valued at 100 million jimshark bends business valued at 1.5 billion julians business probably valued at a billion

365
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I'm involved in some of these businesses in different ways

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But um the thing they all have in common is that some early point the founder put their ego secondary to the success of the business

367
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They said actually I'm not the best CEO. I should be head of brand or marketing product right product or whatever it is

368
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And that's that mindset shift from being I need to be right and I need to be at the helm of being right versus this thing needs to be successful

369
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And this goes back to the who

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Which is if you if you at some point if you want to have a really ridiculously successful company

371
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It will require more lifetimes of expertise than you can live

372
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And so then it's it becomes a recruiting game like very quickly

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Almost all business becomes recruiting

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Which is how do I I mean if you if you've listened to zok talk about it you look into you listen to Elon talk about it

375
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He looks into to Steve Jobs talk about it

376
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Steve would talk about how the best players that he had in the company he would set aside like a year to 18 months to bring them in

377
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And he said every time I you know, I knew who I wanted and

378
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Then I would he's like, you know, I would take some calls with other people and I would just be like, but they're not John

379
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They're not John and so he would just keep working on them and working on them and working them and eventually they're like, you know what

380
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Fine they like give up and they're like if this guy is this persistent like he probably will be successful

381
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And he will take us there and I think that like

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00:25:53.000 --> 00:25:58.360
People are the highest leverage thing that you that you can bring into the company outside of you know crazy technology

383
00:25:59.320 --> 00:26:03.000
I am one of my favorite videos of all time is where Steve Jobs who you just mentioned

384
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Talks about hiring truly exceptional people and he says words to the effect. I'll play it on screen

385
00:26:08.360 --> 00:26:13.000
He says um people think the success of Apple is a consequence of me and my talent in my skills

386
00:26:13.320 --> 00:26:18.280
But what I've actually done is I've built my career quote on hiring truly exceptional people

387
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Doing the extremely hard work of finding them and hiring them and this crazy thing happens when you do that is it propagates

388
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i.e. a players than want to work with a players

389
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They also hire a players and it spreads. I think it was this video

390
00:26:32.600 --> 00:26:34.600
I've built

391
00:26:34.600 --> 00:26:36.600
A lot of my success

392
00:26:37.560 --> 00:26:43.240
Finding these truly gifted people and not settling for B&C players

393
00:26:43.400 --> 00:26:47.960
But really going for the a players and I found something I found it when you get

394
00:26:48.680 --> 00:26:54.440
Enough a players together when you go through the incredible work to find you know five of these a players

395
00:26:55.080 --> 00:26:59.000
They really like working with each other because they they never had a chance to do with that before

396
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And they don't want to work with B&C players and so it becomes self-policing and they only want to hire more a players

397
00:27:06.920 --> 00:27:10.120
And so you build up these pockets of a players and it propagates

398
00:27:12.440 --> 00:27:14.280
The thing is is that

399
00:27:14.280 --> 00:27:16.280
It's just like money won't make you happy

400
00:27:17.240 --> 00:27:20.680
It's one of those things that like every founder like has to figure out for themselves

401
00:27:21.320 --> 00:27:26.360
But the thing is is and I've had obviously a bunch of conversations around this but like

402
00:27:28.120 --> 00:27:32.840
What you think is an a player today is not what you will think an a player is in five years

403
00:27:33.480 --> 00:27:38.920
And so I think one of the the hardest mental hacks around this is trying to project yourself into the future

404
00:27:39.640 --> 00:27:41.320
Into the size business that you want to have

405
00:27:42.200 --> 00:27:44.920
And say who would be an a player at that size and scale

406
00:27:45.560 --> 00:27:49.960
And then coming back to the present and saying how do I get them to work for me today amen

407
00:27:50.600 --> 00:27:55.960
And it's it's really and so as a mental process for anybody who does have a business right now and has some employees

408
00:27:57.160 --> 00:27:58.520
if you

409
00:27:58.520 --> 00:28:03.240
Like everybody right now you probably have some version of your a player because every business at least one hopefully right besides you

410
00:28:04.520 --> 00:28:08.200
Imagine your business had five of those people like you picture in your head

411
00:28:08.520 --> 00:28:11.400
That one person now you have five of them how much more

412
00:28:12.440 --> 00:28:17.640
Would you make would you would you double would you would you fight would you 10x would you 50x

413
00:28:18.440 --> 00:28:21.160
And sometimes you can realize you're like no, I think I would actually 10x

414
00:28:22.040 --> 00:28:25.640
And so if that were the case one not only would you 10x the company

415
00:28:26.120 --> 00:28:30.520
Number two the value of the company would more than 10x because it would no longer be it would be significantly less

416
00:28:30.520 --> 00:28:32.840
Reliant on you and it'd be more reliant on the team that you built

417
00:28:33.480 --> 00:28:40.680
Number three it would happen faster because you would have more barrels that were firing concurrently moving things forward

418
00:28:41.640 --> 00:28:42.680
and

419
00:28:42.680 --> 00:28:44.200
those

420
00:28:44.200 --> 00:28:46.200
Those pieces when put together

421
00:28:46.920 --> 00:28:49.240
You have to then ask yourself from an opportunity cost perspective

422
00:28:50.120 --> 00:28:58.360
What other activity could I be doing that would have the possibility of 10x in my company doing it faster and increasing the enterprise value multiple

423
00:28:59.400 --> 00:29:01.400
That's not that

424
00:29:01.400 --> 00:29:05.960
If you can't find one then it means you're working on the wrong stuff and I think that is one of those

425
00:29:06.920 --> 00:29:12.840
Great litmus tests of like if I can find something and I'll give you a really simple one that's not not human bait of the talent-based here

426
00:29:14.600 --> 00:29:16.200
Something as simple as calling your leads

427
00:29:17.000 --> 00:29:20.360
So there's tons of research to suggest that you can four five x

428
00:29:21.080 --> 00:29:26.120
Your conversion of leads by calling them within 60 seconds of them opting in for any product you have

429
00:29:26.280 --> 00:29:30.840
If you have all of these priorities they have across the company

430
00:29:32.280 --> 00:29:37.080
Does any of them have the high likelihood of four or five x in your business

431
00:29:37.720 --> 00:29:39.320
immediately

432
00:29:39.320 --> 00:29:41.320
With very low cost of doing so

433
00:29:42.040 --> 00:29:44.600
Less so than just calling the leads within 60 seconds

434
00:29:45.480 --> 00:29:48.200
If the answer is no then by god

435
00:29:48.680 --> 00:29:52.920
Why are you not calling all your leads within 60 seconds the fob question would be like well?

436
00:29:53.000 --> 00:29:56.600
I don't have enough people to call our leads within 60 seconds. So then we'd say okay

437
00:29:57.080 --> 00:30:00.280
What is four x the revenue of your company worth?

438
00:30:01.160 --> 00:30:02.680
okay

439
00:30:02.760 --> 00:30:07.640
What does it cost to hire one person whose only job is to just call the leads

440
00:30:08.360 --> 00:30:13.320
Now I recently talked to a restoration company. They did water damage for homes when they got hit by stores

441
00:30:13.960 --> 00:30:20.520
And he told me he said he was converting 55% of his leads not calls leads and I was like how on earth are you doing this

442
00:30:20.920 --> 00:30:24.280
And I was like well, how many leads a day do you get he said two or three? I was like okay

443
00:30:25.000 --> 00:30:27.000
So what's the process? He's like oh, it's really simple

444
00:30:27.960 --> 00:30:32.360
My aunt I pay her 60 thousand dollars a year and she has only one job

445
00:30:32.360 --> 00:30:37.320
She has no response voting the company besides the moment a lead comes in you stop having sexually your husband

446
00:30:37.320 --> 00:30:41.960
You stop you stop you stop cooking you stop loving your child and you immediately call the lead

447
00:30:41.960 --> 00:30:46.360
That's the only responsibility she just has to make three calls a day at the moment the leads come in

448
00:30:47.320 --> 00:30:53.080
And he pays for 60 thousand dollars and that brings in millions of dollars of revenue and so

449
00:30:54.280 --> 00:30:57.000
You you're not going to pay for it out of the dollars you have now

450
00:30:57.080 --> 00:31:01.080
You're going to pay for it out of the dollars that you're going to make that you're not making yet because you haven't done it yet

451
00:31:02.200 --> 00:31:04.200
and so

452
00:31:04.200 --> 00:31:05.560
Pin in that

453
00:31:05.640 --> 00:31:07.640
Back to the people

454
00:31:08.760 --> 00:31:11.960
I think the hardest time I we call this the swamp at acquisition.com

455
00:31:11.960 --> 00:31:19.480
But it's usually between like one and three million is the swamp and I think there's a numbers reason for why it's such a painful period for entrepreneurs

456
00:31:22.040 --> 00:31:25.320
Let's say one million for simple math if you have a million dollar business

457
00:31:25.320 --> 00:31:29.560
Let's say that if 20% margins so that means you're making two hundred thousand dollars a year in profit

458
00:31:30.360 --> 00:31:32.360
For you to get an a player

459
00:31:32.360 --> 00:31:36.520
It's probably going to cost you 100% of your profit to get that a player

460
00:31:37.160 --> 00:31:39.800
And so you'll have what appears to be an impossible choice

461
00:31:40.600 --> 00:31:41.800
You'll have

462
00:31:41.800 --> 00:31:47.800
Do I sacrifice basically 100% of my profit to bring this person in or do I work

463
00:31:48.680 --> 00:31:50.680
Another six hours a day

464
00:31:51.240 --> 00:31:54.600
To do the job that this person is doing both paths work

465
00:31:55.800 --> 00:31:57.800
Both are painful and risky

466
00:31:57.800 --> 00:32:03.000
Because the overworking yourself thing you can get yourself through that hump and then now you're at maybe three or four million

467
00:32:03.000 --> 00:32:07.160
And that 20% is 800 you can you can spend 200 you still have cash flow you can still live

468
00:32:08.120 --> 00:32:11.800
The downside for the picking the person path is that what if you pick wrong

469
00:32:13.160 --> 00:32:19.000
And this by the way ladies and gentlemen is why entrepreneurs get outsized returns is because we take on outside risk

470
00:32:19.640 --> 00:32:25.720
And so this is the this is the job is that we have to be willing to make impossible choices and

471
00:32:26.520 --> 00:32:29.160
The vast majority of choices for entrepreneurs in the business are

472
00:32:29.640 --> 00:32:32.920
Impossible choices between two relatively bad scenarios

473
00:32:33.400 --> 00:32:37.320
Because the rest of the choices aren't don't even feel like choices because they're obvious

474
00:32:37.880 --> 00:32:39.560
Of course, we should car leads faster

475
00:32:39.560 --> 00:32:45.240
Of course, we should follow up more of course, we should try an onboard faster. Okay, all these things are the obvious ones, but when you have

476
00:32:47.160 --> 00:32:49.720
Man, I'm trying to think of the ones that I've not I'm not seriously

477
00:32:51.080 --> 00:32:55.160
Almost all the decisions that you get stuck with and Elon says this is really beautifully says

478
00:32:57.400 --> 00:32:59.400
Running a business is like

479
00:32:59.800 --> 00:33:01.880
Staring out to the abyss and chewing glass

480
00:33:02.840 --> 00:33:08.280
so because uh the staring out to the abyss component of it is just the fact that this may never work and

481
00:33:09.400 --> 00:33:14.920
You're almost facing existential risk at all times to the business and the eating glass component is that

482
00:33:15.640 --> 00:33:22.120
You will buy nature of your role get funneled the worst problems in the business and the problems that no one else can solve

483
00:33:22.120 --> 00:33:25.640
So it's one problems that people can't solve to the worst ones

484
00:33:26.440 --> 00:33:28.680
Or that they don't want to solve and they suck

485
00:33:29.240 --> 00:33:35.640
And so you basically become a filter for the worst things and that's why it feels like a fire every single day in the business because

486
00:33:36.200 --> 00:33:40.920
You're the only one who can make the tough call because no one else wants to choose between these two impossible choices

487
00:33:41.160 --> 00:33:45.400
And you're like why is it so hard and the thing is is that it literally never stops being hard

488
00:33:45.880 --> 00:33:50.120
It's that the currency that you pay for in the hardness changes and so

489
00:33:50.760 --> 00:33:55.000
You know a lot of people have this envisionment of like the rocky cutscene of like it must be hard for business

490
00:33:55.240 --> 00:33:58.600
But I don't I don't think that's where the hardship comes. I think the hardship is

491
00:33:59.400 --> 00:34:04.680
That at every level of business there's new sacrifices that you didn't know you're going to have to make

492
00:34:04.920 --> 00:34:06.680
Because if it was just oh, I have to work long hours

493
00:34:06.680 --> 00:34:11.080
There's tons of people work long hours in their business and don't don't grow and it's usually because they're unwilling to

494
00:34:11.400 --> 00:34:18.680
Have a hard conversation. It's a different currency, right? They have to take on risk. It's a different currency. They have to um

495
00:34:19.400 --> 00:34:23.400
They have to they have to make some sort of bet right that they otherwise wouldn't have had to make

496
00:34:23.480 --> 00:34:28.440
They have some sort of legal issue that they encounter they have an employee who tries to sue them for some sort of

497
00:34:28.840 --> 00:34:35.240
Mal whatever right all of a sudden you're like wait all of these things are happening and they happen on a regular basis and at each level

498
00:34:35.400 --> 00:34:37.400
You unlock new levels of glass

499
00:34:37.960 --> 00:34:43.720
That you get to true through and so this is why like most entrepreneurs in my opinion don't actually quit

500
00:34:44.200 --> 00:34:49.800
They fizzle so it's not a big bang usually it's they just they stop seeking

501
00:34:50.120 --> 00:34:53.880
So either they get content at the level that they're at and they just don't strive for more

502
00:34:54.360 --> 00:34:58.840
Um, and sometimes they say it just wasn't worth the trade and I respect that if you're like you know what?

503
00:34:59.000 --> 00:35:03.400
I'm at a million dollars a year and I don't want any more fine you want congratulations like you wanted life um

504
00:35:04.120 --> 00:35:07.400
But most of the times they don't really quit. They just stop trying

505
00:35:08.040 --> 00:35:11.960
And then they just either coast and or it just fizzles into into nothingness

506
00:35:12.280 --> 00:35:17.080
And that's just my experience of having and I'm sure you've seen this having gone through like cycles of entrepreneurs like seasons

507
00:35:17.160 --> 00:35:21.320
It's like oh, yeah, I came in through and even like in the median influencer space whatever

508
00:35:21.480 --> 00:35:23.720
It's like there's a bunch of guys that 10 years ago

509
00:35:23.800 --> 00:35:28.040
It's a different landscape now than it was 10 years ago some people adapted some of them were like

510
00:35:28.200 --> 00:35:29.800
I don't like the

511
00:35:30.040 --> 00:35:32.840
They just they just they weren't willing to chew the new glass

512
00:35:32.840 --> 00:35:36.760
Which is how do I learn tick tock how do I learn but man blogs were so good

513
00:35:36.760 --> 00:35:39.400
It's like yeah, and they're not anymore. I talked to an entrepreneur

514
00:35:40.120 --> 00:35:42.760
Really massive slaves many hundreds of millions of year in sales

515
00:35:43.560 --> 00:35:47.160
And he was like dude we were killing it on infomercials. So TV

516
00:35:47.960 --> 00:35:53.720
And it's like we just you know we uh we just we really just have to crack YouTube and I'm thinking to myself like

517
00:35:54.920 --> 00:35:56.920
Dude, it's 2024 like

518
00:35:57.720 --> 00:36:01.800
What like you needed to crack YouTube 10 years ago and he had the resources to do it

519
00:36:02.440 --> 00:36:08.920
But it was just a different kind of hard and so most of the hard is one level of uncertainty

520
00:36:09.480 --> 00:36:12.840
That that goes into it and almost certain immediate failure

521
00:36:13.640 --> 00:36:17.400
Because the first thing you're going to do will probably not work and again

522
00:36:17.400 --> 00:36:22.520
It's the iterations of when you get into the new domain you have to transfer your generalized knowledge

523
00:36:22.520 --> 00:36:28.200
Which is that as an entrepreneur? I will know that this doesn't work probably because I only know four things about it

524
00:36:28.360 --> 00:36:33.720
And I need to know like 400 and so I will get my first shot and I need to get directionally correct

525
00:36:34.120 --> 00:36:35.560
And then just keep doing more of that

526
00:36:35.640 --> 00:36:38.920
And so I gave the consulting way of learning kind of like a new space

527
00:36:39.400 --> 00:36:44.600
But if you want to learn a new skill the fastest way that I do it that's outside of courses or anything is

528
00:36:45.160 --> 00:36:47.000
tremendous volume of activity

529
00:36:47.160 --> 00:36:49.880
So whether that's like I want to take a lot of sales calls, I want to do a lot of outreach

530
00:36:49.880 --> 00:36:53.000
I want to make a lot of content. I want to do a lot of customer success calls. Whatever it is

531
00:36:53.480 --> 00:36:56.840
You do a hundred of those and then you see what are the top 10% of these

532
00:36:57.480 --> 00:37:02.200
Okay, what did these top 10% have different than the other 90

533
00:37:02.760 --> 00:37:05.880
And then I say okay, well these ones had these three things that were different

534
00:37:06.360 --> 00:37:08.840
Let's try and do those three things on the next hundred

535
00:37:09.320 --> 00:37:13.720
And then because of the variety of life there's going to be some new variables that exist

536
00:37:14.040 --> 00:37:17.000
That you look at the top 10% of the next hundred and you're like okay

537
00:37:17.400 --> 00:37:22.280
We did those three, but there's also two more things that happen in this 10 versus the other 90

538
00:37:22.600 --> 00:37:25.240
Now let's do all five of those things and over time

539
00:37:25.320 --> 00:37:29.480
This is how you develop a checklist for making banger content and banger videos

540
00:37:29.560 --> 00:37:31.080
And I'm sure like there's this clip

541
00:37:31.640 --> 00:37:35.000
David Perrell talks about Chris Rock's creative process

542
00:37:35.880 --> 00:37:39.320
And he says how is it that you see Chris Rock at Madison Square Gardens

543
00:37:39.800 --> 00:37:44.360
And it's just like 60 minutes of just fire. You're like how is this guy so funny

544
00:37:44.920 --> 00:37:51.640
And it's because what you don't see is the many small clubs and the first club that he goes to and does a whole hour long set and has like

545
00:37:52.360 --> 00:37:58.120
Three moments that people laugh a lot about and he's got like five minutes that are good and the other 55 minutes

546
00:37:58.440 --> 00:38:01.160
Basically suck and so the next time he goes to a club

547
00:38:01.160 --> 00:38:06.360
He takes those five minutes puts him at the front and then he tries all new material for the next 55 minutes

548
00:38:06.360 --> 00:38:10.920
And he gets another five minutes and he continues to repeat this process and put the new stuff at the front

549
00:38:11.080 --> 00:38:15.640
Until eventually a 60 minutes of uninterrupted laughing and then people are like oh my god

550
00:38:15.800 --> 00:38:20.120
He's so talented. I can't believe that he can just stand up there and talk into a microphone and make everyone laugh

551
00:38:20.520 --> 00:38:22.840
Cross age boundaries, cross cultural boundaries

552
00:38:23.560 --> 00:38:24.440
Cross

553
00:38:24.440 --> 00:38:28.120
You know all of the batteries that you might imagine. How can he be so funny to everyone?

554
00:38:28.600 --> 00:38:32.760
That's how how can that guy be so good at writing? Well, he looked at the stuff that he wrote

555
00:38:32.920 --> 00:38:36.840
He found the best stuff made it into the few things that he always does and then kept writing

556
00:38:37.080 --> 00:38:40.760
And that fundamentally is the process of learning anything and it's usually not one thing

557
00:38:40.760 --> 00:38:44.520
It's many small things that went added together in aggregate create the outsize returns

558
00:38:45.240 --> 00:38:47.240
Sorry, those are a little pulpit

559
00:38:47.640 --> 00:38:50.280
I just get violent about skill acquisition. It's like that's what it takes

560
00:38:50.680 --> 00:38:57.320
So interesting to see your journey through that and how and how you you ended up at skill acquisition because I was as you went through

561
00:38:57.320 --> 00:39:00.280
There was three things that I was thinking about and I managed to write them down

562
00:39:00.600 --> 00:39:05.400
The first at the top of it was you detailed three reasons why hiring the

563
00:39:06.280 --> 00:39:10.760
Exceptional person when you're faced with that paradox of what do I do with my profits in such a much sense one of the big things

564
00:39:10.760 --> 00:39:12.760
I hear from founders that they don't

565
00:39:13.960 --> 00:39:15.960
appreciate is

566
00:39:16.680 --> 00:39:21.320
To go for a long period of time you have to have some kind of emotional regulation

567
00:39:21.640 --> 00:39:26.440
And as you were talking about the different levels of business and every level you have more problems

568
00:39:26.520 --> 00:39:28.920
What I often see is a young founder

569
00:39:29.480 --> 00:39:33.640
Hasn't hired those levels in between to deal with all those different types of problems

570
00:39:34.040 --> 00:39:37.640
And they are like burning out and thinking of quitting. I had someone in my office last week

571
00:39:37.640 --> 00:39:41.960
And she's on the route to build about a $50 million dollar business this year

572
00:39:42.600 --> 00:39:45.480
And the first question I said to her was what's your executive team?

573
00:39:46.040 --> 00:39:48.600
And she just like rolls her eyes and she's like I don't have an executive team

574
00:39:49.000 --> 00:39:52.360
She had done a post on social media basically and teasing that she was going to quit

575
00:39:52.360 --> 00:39:55.160
She's got a 30 to 50 million dollar

576
00:39:55.800 --> 00:39:57.640
Business it's growing like wildfire

577
00:39:57.800 --> 00:40:01.720
But she's about to almost quit it because she's dealing with every single problem

578
00:40:02.200 --> 00:40:04.440
And often founders say to me they think because

579
00:40:05.000 --> 00:40:08.360
They're experiencing so much hardship in that like one to three million phase

580
00:40:08.760 --> 00:40:11.960
That forever it's going to be just huge pain

581
00:40:12.280 --> 00:40:15.160
And I talked to them about this thing I called the promised land

582
00:40:15.240 --> 00:40:18.360
Do I love this because because I because in the first two three years of my business

583
00:40:18.360 --> 00:40:21.160
I thought that forever I'm going to have to deal with every fucking problem

584
00:40:21.160 --> 00:40:24.520
Jenny in the office is pissed off at Dave and on saturday night when they were drunk

585
00:40:24.520 --> 00:40:26.520
They did something which they shouldn't have have enough

586
00:40:26.520 --> 00:40:29.880
And I realized the problem was I hadn't solved for hiring these levels

587
00:40:29.880 --> 00:40:31.880
So everything was coming to me

588
00:40:31.880 --> 00:40:35.160
And the emotional toll on my nervous system of dealing with every problem

589
00:40:35.160 --> 00:40:38.040
Was not sustainable, right? And then I accidentally hired someone good

590
00:40:38.040 --> 00:40:41.320
Yeah, and then she dealt off

591
00:40:42.280 --> 00:40:44.840
Yeah, and then I could think again as a found out

592
00:40:44.840 --> 00:40:48.360
Right, so I want to just give a moment to that and you'll think what's on that

593
00:40:49.480 --> 00:40:53.400
I want to do my best shot at operationalizing what you just said for somebody who's listening

594
00:40:55.160 --> 00:40:59.000
When we have when we encounter this issue we have a specific process that we go through

595
00:40:59.640 --> 00:41:03.160
And so we tell the founder I want you to make a Google sheet really simple

596
00:41:03.160 --> 00:41:06.680
And I want you to have the time slots from 5 a.m. to you know midnight

597
00:41:06.680 --> 00:41:09.000
whatever however long you work in 15 minute increments

598
00:41:09.800 --> 00:41:13.240
And I want you to set a timer easy timer kitchen timer like for cooking

599
00:41:13.960 --> 00:41:18.040
For every 15 minutes and every 15 minutes I want you to when it dings

600
00:41:18.040 --> 00:41:22.040
I want you to write down what you did one or two one or two words doesn't doesn't doesn't take a lot

601
00:41:22.600 --> 00:41:25.560
Now as soon as I say that people are like oh my god, I don't have time for this

602
00:41:25.560 --> 00:41:28.440
I will promise you it will be the most productive week of your life

603
00:41:28.440 --> 00:41:30.680
Because you will be aware of how you're spending your time

604
00:41:30.680 --> 00:41:34.440
Every time I do this I immediately think I should do this all the time and I don't

605
00:41:34.440 --> 00:41:39.640
So just do it just do it for the one week. Okay, and so what happens is you'll do it for a whole week

606
00:41:40.360 --> 00:41:44.360
And then what the second step of this is you'll look at that and you say okay

607
00:41:44.360 --> 00:41:49.400
Wow, I didn't know that 40% of my time is dealing with this thing and

608
00:41:50.040 --> 00:41:54.440
I can hire a role to handle 40% of my time for this amount of money

609
00:41:55.560 --> 00:42:01.400
If I had 40% of my time back I could double this business and that would be worth significantly more than what I'd pay this person

610
00:42:02.040 --> 00:42:05.800
And then you look at the next 13 you know 15% of your time you're like okay

611
00:42:06.200 --> 00:42:11.560
Is this something that I can give to somebody else as like can I can I push this down can I create some process around this

612
00:42:11.560 --> 00:42:15.880
That can correct it or do I need to keep eating it for a little bit until it's enough that it's a full-time role

613
00:42:16.600 --> 00:42:17.800
and so

614
00:42:17.800 --> 00:42:27.480
Fundamentally, I see the entrepreneur as the the many-headed fractionalist that you continue to pull things under your plate until you have enough that you can ship it out to somebody else full-time

615
00:42:27.880 --> 00:42:34.200
And being aware of again the one resources we have which is time how we're allocating it so we get the highest return

616
00:42:34.520 --> 00:42:37.080
And so if you look at the stack of time as an entrepreneur

617
00:42:37.320 --> 00:42:41.880
We are always getting paid for our time kind of the premise of the the whole the whole talk here

618
00:42:42.680 --> 00:42:46.280
Is that we trade our time for dollars and so we always

619
00:42:47.000 --> 00:42:51.880
The whole process of entrepreneurship is continuing to trade up what you're trading your time for

620
00:42:52.840 --> 00:42:56.520
And that's it like at the most foundational level that is all we're doing

621
00:42:57.000 --> 00:42:58.760
And so to take this as a hypothetical

622
00:43:00.840 --> 00:43:02.840
Your business doesn't need you

623
00:43:03.480 --> 00:43:06.680
Right now you spend whatever hours you do working and you do these things

624
00:43:07.160 --> 00:43:11.240
Imagine a world where you could hire somebody who could spend the same amount of time doing all that stuff

625
00:43:11.800 --> 00:43:17.800
Now you own the business and whatever you have to pay them you take out of the profit and everything else is now distributions that you own as an owner

626
00:43:20.120 --> 00:43:21.480
That's it

627
00:43:21.480 --> 00:43:26.680
Now the entrepreneur who's mission driven then stacks their plate with even more things that they need to do

628
00:43:26.840 --> 00:43:29.480
And then just continues that process over and over again

629
00:43:29.480 --> 00:43:35.880
Now this is the part where the the pushback comes which is no one can do what I can do and I want to say you're right and

630
00:43:37.720 --> 00:43:39.720
If I wanted to let's say you're a unicorn

631
00:43:40.280 --> 00:43:45.000
So we can imagine this mythical unicorn got this white horse got the horn tail everything and a little

632
00:43:45.400 --> 00:43:47.800
Pixie pixie flies for the magic that's around it. Okay

633
00:43:48.760 --> 00:43:51.320
You probably won't find a unicorn

634
00:43:52.040 --> 00:43:54.040
But you can find a white horse

635
00:43:54.760 --> 00:43:56.760
And you can find a rhinoceros to get the horn

636
00:43:57.640 --> 00:44:00.280
And you can find some fireflies to give you the twinkles

637
00:44:00.920 --> 00:44:05.960
And so you may not hire one person who has all of these things, but you can hire three

638
00:44:06.680 --> 00:44:10.120
And then those three together can potentially do everything that you're doing

639
00:44:10.600 --> 00:44:13.000
better because it's all they're doing with all of their time

640
00:44:13.880 --> 00:44:15.000
And

641
00:44:15.000 --> 00:44:18.200
Breaking it up into basically understanding that you're not going to find that unicorn

642
00:44:18.200 --> 00:44:22.440
But you just break it into pieces and then you can partition it out to people who can just do those parts

643
00:44:22.920 --> 00:44:24.920
makes it a lot

644
00:44:24.920 --> 00:44:30.440
More manageable from an emotional level to think like I'm never going to find this of course you're not

645
00:44:30.920 --> 00:44:36.920
And that's okay because we can find we can solve for parts of our calendar and fundamentally when you buy back the time

646
00:44:37.880 --> 00:44:41.240
You can then do what you're like basically take the next step in the business

647
00:44:41.640 --> 00:44:45.960
The other really interesting thing as you were talking about your friend who was doing blogs and missed YouTube

648
00:44:46.440 --> 00:44:53.000
Was the idea that our success trap the old innovators dilemma. Yeah, that the success traps us in the past

649
00:44:53.240 --> 00:44:56.680
So your friend probably missed YouTube because he didn't want to reallocate headcount

650
00:44:57.400 --> 00:44:59.400
To something that was working and paying the bills

651
00:44:59.480 --> 00:45:03.320
And this I guess ties into point about failure being so unbelievably important because

652
00:45:03.960 --> 00:45:07.480
What me and you both do right now is gonna get old

653
00:45:07.720 --> 00:45:09.720
Yeah

654
00:45:09.720 --> 00:45:13.960
We probably both watched the people that came before us. Yeah, fade into a run of look at these dinosaurs

655
00:45:14.200 --> 00:45:20.840
Yeah, right and we're part of some kind of new school of content creation, but we're going to become part of the old school, right if we don't yeah

656
00:45:22.280 --> 00:45:24.280
What's it wasn't that got

657
00:45:24.520 --> 00:45:26.520
Adapt

658
00:45:26.600 --> 00:45:32.040
And I think that it's a port so you know Google has their their you know, I think surgae like solve this mathematically

659
00:45:32.120 --> 00:45:33.960
But they I think they call it 70 2010

660
00:45:34.520 --> 00:45:39.080
So 70% of resources get allocated to the core business do more of what we're currently doing

661
00:45:39.800 --> 00:45:46.360
20% goes to adjacent businesses. So things that are high likelihood success that are you know, one step removed from the existing core business

662
00:45:47.400 --> 00:45:53.720
And then 10% goes to moon shots totally like off the path like let's just see maybe we'll get a hundred extra turn

663
00:45:53.720 --> 00:45:55.720
We probably will lose on most of these

664
00:45:56.040 --> 00:45:57.560
and

665
00:45:57.560 --> 00:45:59.240
He proved it my math. He's smarter than I am

666
00:46:00.040 --> 00:46:02.520
But fundamentally that is the concept of more better new

667
00:46:03.160 --> 00:46:05.640
And so that's one of the chapters in in the leads book

668
00:46:05.880 --> 00:46:09.400
Which is okay now that you have the core four right these are the four things that you can do you can post content

669
00:46:09.400 --> 00:46:11.800
You can run ads you can do outreach to strangers you can do outreach to people you know

670
00:46:12.040 --> 00:46:14.040
There's the four things any person can do to advertise

671
00:46:15.560 --> 00:46:19.080
The first thing you do is you do more and for most small businesses

672
00:46:19.480 --> 00:46:25.640
They're they're doing so little and think they're doing so much and that's it's a huge gap in in understanding

673
00:46:26.120 --> 00:46:30.120
And so I'll I'll tell this story that's that's probably the easiest way to explain it

674
00:46:30.920 --> 00:46:32.280
Which is

675
00:46:32.280 --> 00:46:36.120
When I had my first gym I called up a mentor he had 20 locations

676
00:46:36.200 --> 00:46:40.840
I said how do you advertise he said I use flyers. I said okay, so I put 300 flyers out

677
00:46:42.360 --> 00:46:48.440
It didn't work. I called him back. I was upset. I said WTF. He said slow down

678
00:46:49.160 --> 00:46:51.080
What was your test size and I said?

679
00:46:51.880 --> 00:46:54.680
What do you mean? He's like well your test size so like I mean

680
00:46:55.640 --> 00:46:58.520
The 300 was the only amount they put out and I was like well

681
00:46:59.320 --> 00:47:02.120
Yeah, it's like well our test size is 5,000

682
00:47:02.680 --> 00:47:08.760
Flyers and then once we have a winner then we do 5,000 every day in terms of flyers that they put on cars to get people in the

683
00:47:09.320 --> 00:47:11.320
Get people in

684
00:47:11.320 --> 00:47:17.000
So over a 30-day period he would be putting out 150,000 flyers and over a 30-day period I put out 300

685
00:47:18.280 --> 00:47:21.720
And so he was in a very real way doing whatever the math is there

686
00:47:21.800 --> 00:47:27.400
But like 300 times or whatever I don't know a lot more 500 times the math sorry 500 times the flyers that I was

687
00:47:27.800 --> 00:47:29.800
And of course he was getting a better result

688
00:47:30.040 --> 00:47:35.080
And so one of the fundamental misconceptions of small businesses is that they mistake

689
00:47:36.120 --> 00:47:38.440
They mistake low volume for volatility

690
00:47:39.320 --> 00:47:44.680
Meaning if you if you're not sure where your sales come from and you get one sale here

691
00:47:45.080 --> 00:47:49.240
And then you know two weeks later you get another sale and it feels sporadic. It feels volatile

692
00:47:50.040 --> 00:47:54.440
Well, there is a certain amount of advertising activity that is occurring over that period of time

693
00:47:55.160 --> 00:47:57.160
And we know that a month

694
00:47:57.800 --> 00:47:59.640
Passes and you get one to two sales

695
00:48:00.280 --> 00:48:03.080
And so the companies that are in your space that are doing

696
00:48:03.640 --> 00:48:05.640
One to two sales a day

697
00:48:05.640 --> 00:48:08.200
Take what you're doing in a month and they do that every day

698
00:48:08.920 --> 00:48:11.560
And I know that you can get this and I want to put this in context here

699
00:48:12.120 --> 00:48:15.080
I here I would like to build a personal brand and I say cool

700
00:48:15.560 --> 00:48:20.120
And then I ask how much country putting out and they say you know, I put out you know one or two pieces a week

701
00:48:20.120 --> 00:48:25.880
And I'm like that's amazing um for context for anyone who's listening to this we put out 450 pieces a week

702
00:48:27.560 --> 00:48:29.080
And so

703
00:48:29.080 --> 00:48:33.000
The brand that we have is way larger because we do so much more than you do

704
00:48:33.720 --> 00:48:42.520
And that's it's people can't fathom the idea that someone works two times five times ten times a thousand times more output than

705
00:48:42.920 --> 00:48:44.040
They are doing

706
00:48:44.040 --> 00:48:48.360
But it is usually the reality of why they're getting a thousand times more than you're getting

707
00:48:49.000 --> 00:48:51.320
And fundamentally this is the concept of leverage, which is you know

708
00:48:51.880 --> 00:48:53.720
That you get more for what you put in in the beginning

709
00:48:53.720 --> 00:48:57.240
You're the one doing the flyers then you get leverage because then you make enough from those flyers

710
00:48:57.240 --> 00:48:59.320
That you can look at your time setting be like okay

711
00:48:59.400 --> 00:49:04.040
I can pay two guys to do these flyers and I can get eight hours back that would be amazing

712
00:49:04.040 --> 00:49:06.840
But now you've got two guys doing flyers, which is still double what you were doing

713
00:49:07.080 --> 00:49:09.400
Now you have double the revenue that's coming in like okay

714
00:49:09.400 --> 00:49:14.760
Should I hire more guys that's more or say do something better should I change my flyer up should I change the offer on the flyer

715
00:49:14.840 --> 00:49:17.640
That would be better or should I start Facebook ads well

716
00:49:18.360 --> 00:49:24.440
The new which would be Facebook ads is the 10% thing now when you're looking at allocation of resources

717
00:49:24.520 --> 00:49:28.840
Let's say we're now fast forwarding a little bit into a company that has you know profit that they can do stuff with

718
00:49:29.240 --> 00:49:34.760
Part of the reinvestment is insurance for the future and so every business has

719
00:49:35.160 --> 00:49:40.600
Three strategic buckets that it has to allocate its resources into number one is how do we get more customers

720
00:49:41.160 --> 00:49:44.680
Like if we get more customers the company grows period number two

721
00:49:45.400 --> 00:49:47.640
How do we increase lifetime gross profit per customer?

722
00:49:47.720 --> 00:49:50.920
So if we got the same amount of customers, but we made all the customers worth more we would also grow

723
00:49:51.560 --> 00:49:56.840
Bucket three is how do we decrease risk? Okay? How do we increase the likelihood that the first two things don't stop happening

724
00:49:57.400 --> 00:49:59.400
And so those are the three buckets and so

725
00:50:00.120 --> 00:50:02.440
When we're when you look at that 70 2010

726
00:50:02.920 --> 00:50:07.400
Hey guys real quick this podcast only grows from word of mouth quite literally

727
00:50:07.400 --> 00:50:08.840
There's no other way to grow pockets in word of mouth

728
00:50:08.840 --> 00:50:12.840
If there's some element of this that you think somebody else should hear or be relevant to them

729
00:50:12.840 --> 00:50:19.000
It would mean the world to me if you shared this via text via Instagram via DM via whatever way you like to share stuff with the people you love

730
00:50:19.400 --> 00:50:21.400
Thank you

731
00:50:21.640 --> 00:50:27.640
The 70 for the most part is usually going to be directed towards get more customers to make them worth more and the better also ladders up to that

732
00:50:28.200 --> 00:50:33.080
The risk factor is usually going to be the new thing that you're going to do to

733
00:50:34.360 --> 00:50:37.160
Ensure your future is going to be there by the time you get there

734
00:50:37.560 --> 00:50:39.960
And so if you notice if we noticed for example that like

735
00:50:40.520 --> 00:50:45.480
YouTube becomes like legacy television and you know viewership start shopping and becomes this new VR whatever right

736
00:50:46.040 --> 00:50:52.840
At some point we're going to have to look and be like we need to take 10% 20% of our profit every year and start building out this new team

737
00:50:53.080 --> 00:50:56.520
We're going to continue to do what we're currently doing and here's the mistake that you need to avoid

738
00:50:57.320 --> 00:51:02.120
Don't take the stars that are making the one thing work and then push them on the other thing

739
00:51:02.520 --> 00:51:07.640
You have to find the people who can build this otherwise you're going to sacrifice the core because all of a sudden it's like oh god

740
00:51:07.960 --> 00:51:13.080
Well now we're totally screwed because now we're not getting customers from our existing thing and we haven't figured out the new thing yet

741
00:51:13.480 --> 00:51:16.360
You're right and so this is fundamentally where I see the CEO role is like

742
00:51:17.000 --> 00:51:19.160
You want to eventually become the flex player

743
00:51:19.400 --> 00:51:24.280
Which is that you can parachute in to a specific division or department that's solving a complex issue

744
00:51:24.280 --> 00:51:27.720
And then you have the the benefit that you have a CEO or founder is that

745
00:51:28.200 --> 00:51:33.320
You have decision-making power and you have the ability to allocate resources and immediately say yes to things

746
00:51:33.640 --> 00:51:37.480
And that's why and to be fair it's unfair to your team to say why can why can't they do things as fast as me

747
00:51:37.720 --> 00:51:39.880
Well because you can write the checks and because you can say yes

748
00:51:40.120 --> 00:51:42.520
You don't need to check with the committee. You don't need to run it up the flagpole

749
00:51:42.680 --> 00:51:45.320
It's just you saying do this do that don't worry about that

750
00:51:45.640 --> 00:51:48.120
I'm telling you you can stay late for this meeting. This is more important

751
00:51:48.440 --> 00:51:54.120
And so strategy is just a fancy word that people say when they mean prioritization. That's all it means

752
00:51:54.520 --> 00:51:59.160
We have we have unlimited opportunities that we can allocate things towards but we have limited resources

753
00:51:59.400 --> 00:52:05.240
And so how do we prioritize those unlimited opportunities against those limited resources that is fundamentally what strategy is

754
00:52:05.560 --> 00:52:09.880
And that's another way of just saying we prioritize on the on the car example you're talking about with the flyers

755
00:52:09.880 --> 00:52:13.080
Yeah, what I was thinking is so many businesses trying to win on the game of

756
00:52:13.480 --> 00:52:21.320
Creativity so we'll create something more creative and appealing as an advert and I see this in my portfolio because they'll send me something and they'll go Steve

757
00:52:22.280 --> 00:52:29.160
One particular business I'm thinking about a major national supermarket has given us a display slot in us in 400 supermarkets

758
00:52:29.720 --> 00:52:30.760
Which

759
00:52:30.760 --> 00:52:37.400
Displaced we use and they'll say to me this one or this one right and I remember applying to them and saying I don't know

760
00:52:37.720 --> 00:52:41.960
And you don't know yeah, but here's the system to find out. We're gonna create a hundred displays

761
00:52:42.200 --> 00:52:48.360
And we're gonna run them as ads on Facebook or we're gonna create some kind of environment where we're not gonna try and win on being the best creative guesses

762
00:52:48.600 --> 00:52:52.600
We're gonna win on our rate of experimentation. Yeah, we're gonna conduct more experiments

763
00:52:52.760 --> 00:52:57.560
Yeah, and I think this is a real shift in so many regards because especially if we've gone through

764
00:52:58.120 --> 00:53:00.440
University and we've been trained as a copywriter

765
00:53:00.760 --> 00:53:03.400
We have the old problem of wanting to be right not successful

766
00:53:03.960 --> 00:53:06.520
And and being able to as a creative even as a podcast to say

767
00:53:07.160 --> 00:53:11.240
I don't know what the right answer is but I'm gonna create a system where our rate of experimentation

768
00:53:11.560 --> 00:53:15.640
Is going to be so much higher than our competitors that we're going to stumble across the right answer

769
00:53:16.120 --> 00:53:21.800
More than they do is a shift in thinking so there are two types of questions that you shouldn't ask

770
00:53:23.000 --> 00:53:25.000
Questions that that can be solved with a spreadsheet

771
00:53:25.800 --> 00:53:27.640
And questions that can be solved with testing

772
00:53:28.680 --> 00:53:32.120
And so fundamentally the outside advice that you get on something that can be solved with math

773
00:53:32.200 --> 00:53:34.040
Just solve with math and I get I would say like

774
00:53:34.600 --> 00:53:38.280
30% of the questions that I get are like should I sell this one or this one and I'm like, okay

775
00:53:38.280 --> 00:53:41.160
Well, what's lifetime value of this product and what's lifetime value of that product?

776
00:53:41.480 --> 00:53:44.680
Okay, what's cost to acquire for this customer? What's cost to acquire for that customer?

777
00:53:44.920 --> 00:53:49.480
Okay, this is a math problem. You have a way higher LTV to catch ratio here allocate resources here

778
00:53:49.640 --> 00:53:51.480
But that's a math problem. Anyone can just do that math

779
00:53:52.200 --> 00:53:54.760
For the testing one. I love this so like the leads book

780
00:53:55.320 --> 00:53:58.520
um, I didn't know what to name it. So it's about advertising

781
00:53:59.160 --> 00:54:03.880
So I ran story tests for like a week or two just saying

782
00:54:04.600 --> 00:54:06.600
100 million dollar promotions 100 million dollar

783
00:54:07.320 --> 00:54:11.000
Advertising and then advertising one is like 100 million dollar advertising 100 million dollar marketing

784
00:54:11.400 --> 00:54:14.440
Okay, and then advertising wins and I'm like, okay, 100 dollar 100 million dollar

785
00:54:15.400 --> 00:54:20.120
Advertising 100 million dollar leads leads wins 100 million dollar leads versus two other things leads keeps winning

786
00:54:20.200 --> 00:54:23.240
Okay, that's the title and then I did the same thing for the cover

787
00:54:23.320 --> 00:54:27.880
I did the same thing for the sub headline and so I tested every component of it to get the thing that people seem to want

788
00:54:27.960 --> 00:54:31.640
Which is like the book is advertising but ironically people want leads

789
00:54:31.960 --> 00:54:35.480
So it's kind of like do I want to have a book on drills or I don't want to have a book on holes

790
00:54:35.800 --> 00:54:39.480
Right people want the hole in the wall not the drill. That's just a vehicle and so the book is just a vehicle to getting leads

791
00:54:40.280 --> 00:54:41.080
um

792
00:54:41.080 --> 00:54:45.480
But uh as a quick hack for anybody who has a brick and mortar business

793
00:54:45.720 --> 00:54:47.720
This is just a quick hack for anybody

794
00:54:47.720 --> 00:54:51.400
If you're like what market should I expand into here's five markets. We're looking at

795
00:54:52.280 --> 00:54:54.040
Take a thousand dollars

796
00:54:54.040 --> 00:54:58.040
Run your best promotion that you win in your current market in all five of those markets

797
00:54:58.520 --> 00:55:02.120
See what your lead cost isn't all five markets the one that has the lowest lead cost

798
00:55:02.920 --> 00:55:06.120
Then open in that market. Don't spend $250,000

799
00:55:06.680 --> 00:55:12.440
You know doing all these studies and then and then building out this location only to find out that the lead cost in that area sucks

800
00:55:13.160 --> 00:55:16.760
Just test it first. It's the best five thousand or ten thousand dollars to sure we're gonna spend

801
00:55:17.480 --> 00:55:23.000
To just ensure this is a risk this is a risk bucket ensure that when you're there it's gonna work

802
00:55:24.200 --> 00:55:30.600
I mean amen. It's our whole philosophy. So it's so wonderful to hear that and I didn't realize that you've done that with the book

803
00:55:30.680 --> 00:55:35.960
Oh, yeah, I have it in the chapter where I'm like you have to wrap everything and I show all the tests that I ran

804
00:55:36.200 --> 00:55:40.680
And we're like you can see all the percentages of people saying this is the that's the book title when people look at you

805
00:55:40.680 --> 00:55:43.400
Alex they you're a guy that knows a lot about a lot

806
00:55:43.800 --> 00:55:47.320
And one of the questions that I often get as well is um, I need a mentor

807
00:55:47.640 --> 00:55:53.960
Hmm people kids will come up to you and say I'm sure they say it's all the time. Will you be my mentor? Yeah, do mentors matter

808
00:55:56.280 --> 00:56:03.240
So to explain what I'm thinking through so to answer that question. I think it asks what is what is required to win?

809
00:56:03.960 --> 00:56:05.960
And

810
00:56:07.160 --> 00:56:09.160
Is a mentor required no

811
00:56:11.000 --> 00:56:13.000
But there are

812
00:56:14.920 --> 00:56:17.720
Certain behaviors and actions that will increase the likelihood of success

813
00:56:18.920 --> 00:56:20.920
if you can do those actions

814
00:56:21.400 --> 00:56:26.200
Faster than you will have a higher likelihood of winning and higher of a higher likelihood of winning faster

815
00:56:27.640 --> 00:56:29.640
all of humanity has been built on

816
00:56:30.200 --> 00:56:31.960
Us standing on our

817
00:56:31.960 --> 00:56:36.600
forefather shoulders and taking what they learned we don't have to figure out how light bulbs work

818
00:56:37.000 --> 00:56:38.680
I have no idea how the internet works

819
00:56:38.680 --> 00:56:41.080
But I know that it works and there's somebody who can figure it out

820
00:56:41.320 --> 00:56:45.640
And so we just start where they kind of lay off the baton and then we pick it up from there

821
00:56:45.640 --> 00:56:49.160
And we and we run the next hour many and then we die and we hit the next guy and

822
00:56:50.600 --> 00:56:52.040
I think

823
00:56:52.040 --> 00:56:55.960
You don't need mentors, but you need to learn from people ahead of you

824
00:56:56.600 --> 00:56:59.080
And so I think in models not mentors

825
00:56:59.640 --> 00:57:05.160
What can I model about their behavior so that it can change my behavior to increase the likelihood that I win faster

826
00:57:05.720 --> 00:57:09.720
And so everything that I do and I feel like pretty this is a pretty strong statement

827
00:57:10.600 --> 00:57:12.360
everything that I do

828
00:57:12.360 --> 00:57:14.600
Ladders up or down to behavior

829
00:57:15.320 --> 00:57:19.880
And so you'd probably notice that when I talk about training and employees when I talk about advertising

830
00:57:19.960 --> 00:57:23.400
I just want to increase the likelihood that a stranger takes it to die at desired action

831
00:57:23.560 --> 00:57:25.880
That's all I'm trying to do and when we get into

832
00:57:26.520 --> 00:57:30.840
behavior change it removes a lot of the surface level fluff

833
00:57:31.560 --> 00:57:36.360
That I think confuses the vast majority of people and so I'm always afraid to go on

834
00:57:37.160 --> 00:57:40.280
Podcasts where somebody is like really heavy in like

835
00:57:40.680 --> 00:57:45.000
manifestation and like energy and frequencies and like whatever the hell

836
00:57:46.680 --> 00:57:51.720
And they'll say things like I manifested this meeting and I'll be like you didn't your

837
00:57:52.440 --> 00:57:55.720
You have content that did well because you produced content on a regular basis

838
00:57:56.040 --> 00:57:59.880
And then your EA reached out to my EA that reach out is what initiated this

839
00:58:00.600 --> 00:58:04.920
Not whatever vibes you were setting out into the universe now some people might say yeah

840
00:58:04.920 --> 00:58:06.280
It was also the vibes

841
00:58:06.280 --> 00:58:08.760
But I would bet that if they made the content and did the reach out

842
00:58:08.760 --> 00:58:12.760
I would still do it which means that those were the core things because if we've removed those

843
00:58:13.400 --> 00:58:16.120
If we just did the manifestation and didn't make the content of the reach out

844
00:58:16.120 --> 00:58:17.080
I would not be here

845
00:58:17.080 --> 00:58:19.960
And so one of these works one of these doesn't

846
00:58:19.960 --> 00:58:26.920
And so that is what has allowed me to try and extract the essence from the mentors or heroes ahead of me

847
00:58:26.920 --> 00:58:32.680
I consume a tremendous amount of Elon, Bezos, Zuck, anything that I can find

848
00:58:33.320 --> 00:58:38.520
That they put out or that they're interviewed on I try and consume it and the whole goal is I want to think about

849
00:58:39.240 --> 00:58:42.280
Their decision making process as it relates to what they did

850
00:58:43.080 --> 00:58:44.120
And

851
00:58:44.120 --> 00:58:46.120
Trying to apply that to my context

852
00:58:47.240 --> 00:58:48.520
In terms of behavior

853
00:58:48.520 --> 00:58:53.080
And so that has been just like the big the big big big zoom out for

854
00:58:53.640 --> 00:58:54.920
Do I need a mentor?

855
00:58:54.920 --> 00:58:56.600
No, but you need to learn stuff

856
00:58:56.600 --> 00:58:59.880
And so whatever way is the fastest way for you to learn things do that

857
00:59:00.440 --> 00:59:03.960
And so I'll tell this story because I think it's like do you need one?

858
00:59:03.960 --> 00:59:07.720
No, no needs one you could you can literally just do all of these things through trial and error on your own

859
00:59:07.720 --> 00:59:09.400
And you will figure it out

860
00:59:09.400 --> 00:59:12.200
Time is obviously the one thing that is the the big question mark

861
00:59:12.200 --> 00:59:15.720
And I think part of it is a question of how valuable is your time to you not into a micro example

862
00:59:15.720 --> 00:59:21.640
But could what I pay in time or money to move forward five years and not make five years of mistakes

863
00:59:22.200 --> 00:59:23.800
So when I started my first gym

864
00:59:24.760 --> 00:59:27.960
I didn't actually start the gym because I quit my job and I drove across the country

865
00:59:27.960 --> 00:59:31.960
And I showed up at a guy's house that I googled on the internet who said he was good at running gyms

866
00:59:31.960 --> 00:59:33.720
His name was seven figures sam

867
00:59:33.720 --> 00:59:35.560
All right, so he was a gym guru

868
00:59:35.560 --> 00:59:37.400
And so I showed up at his actual gym

869
00:59:38.040 --> 00:59:42.040
Unannounced and I was like hey, I'm here to be mentored and learned

870
00:59:42.360 --> 00:59:43.960
And he was like

871
00:59:43.960 --> 00:59:45.720
Uh, I'm working

872
00:59:45.720 --> 00:59:48.680
Um, I really don't know who you are and uh

873
00:59:49.560 --> 00:59:53.800
Like maybe we'll talk tomorrow or something and I was like okay, and he's like where are you staying and I said

874
00:59:53.800 --> 00:59:55.800
I don't know haven't decided yet

875
00:59:55.800 --> 00:59:59.560
And he's like what do you mean? I was like that's my car. I just drove here and all my stuff's in there

876
00:59:59.960 --> 01:00:02.920
And he's like you have nowhere to like I was like figured out just figured out when I got here

877
01:00:03.160 --> 01:00:08.200
And so he offered me to stay that I at his at his house that night, which is unbelievably generous and maybe my salesmanship got him

878
01:00:08.280 --> 01:00:10.280
You know

879
01:00:10.840 --> 01:00:18.440
Within a few weeks he had a meetup of all the gyms that were kind of like following his little system for how he ran his personal training studio and and bootcamp

880
01:00:19.240 --> 01:00:24.600
And I got to go as a 22 year old and I paid to have access to this community of gym owners

881
01:00:25.720 --> 01:00:30.440
And they were all going around talking about what was going good and what was going wrong uh in the business

882
01:00:30.920 --> 01:00:36.440
And when it got to me, I was like well, okay, so I went open a location and this is kind of what I was thinking about my model

883
01:00:36.440 --> 01:00:39.560
And this is what I was thinking about price points and they were like wrong wrong

884
01:00:39.640 --> 01:00:42.360
Here's why that's not going to work here's that that's not going to work. And I was like oh

885
01:00:43.160 --> 01:00:45.320
Okay, well, this is where I was going to buy equipment. They're like don't buy there

886
01:00:45.320 --> 01:00:47.960
That's retail you can get it from second hand over here

887
01:00:47.960 --> 01:00:50.760
And it's literally a tenth of the price and I was like oh, that's awesome

888
01:00:50.760 --> 01:00:53.400
Okay, great. I was like well, I was thinking about getting this type of thing

889
01:00:53.400 --> 01:00:56.920
They're like no girls will eat shit on that and they'll fall like I've had two girls do it

890
01:00:57.000 --> 01:00:59.160
Don't worry about it like you're end up not going to use it

891
01:00:59.240 --> 01:01:01.960
But you can get sandbags you can use them all the time and they're super cheap

892
01:01:01.960 --> 01:01:05.720
And if you have to replace me can but you can use them for like hundreds of exercises and I was like great

893
01:01:05.720 --> 01:01:06.440
I'll do that

894
01:01:06.440 --> 01:01:09.800
And then I was like okay, so I was thinking about this kind of square footage for my for my facility

895
01:01:09.800 --> 01:01:14.360
They're like dude, you don't need all that you can cut that in half and I was like okay, I'll cut that in half

896
01:01:14.360 --> 01:01:19.000
And I was like I'm willing to pay two bucks a foot and they were like no never go over 150 and I was like

897
01:01:19.480 --> 01:01:22.040
Okay, never go wrong and so like in a matter of a day

898
01:01:22.840 --> 01:01:24.440
I got to take like

899
01:01:24.440 --> 01:01:28.440
All of the knowledge of all of these guys have the mistakes that they'd all made with their gyms

900
01:01:28.440 --> 01:01:31.320
And I started my first gym just on their backs

901
01:01:32.920 --> 01:01:35.240
And so how much was that worth to me

902
01:01:36.200 --> 01:01:37.720
Years

903
01:01:37.720 --> 01:01:39.480
And so

904
01:01:39.480 --> 01:01:46.120
For me, I have always been willing to pay in whatever currency was required to get knowledge that I don't know

905
01:01:46.520 --> 01:01:50.680
Can you get that now for free? Yes, it didn't exist then YouTube wasn't even a thing

906
01:01:50.680 --> 01:01:53.480
Instagram had just come out like for context for everybody who's listening to this

907
01:01:54.040 --> 01:01:58.200
Um, I think about this equation a lot and I actually had some video of somebody shitting on me for this

908
01:01:58.200 --> 01:02:02.440
But I'm gonna say it anyways because there's the 20% that I'm gonna say that's right. I'm not gonna dilute myself

909
01:02:03.000 --> 01:02:09.480
So I saw a salesman say this at a at a at a conference and he's he wrote a million dollars on a whiteboard

910
01:02:10.600 --> 01:02:15.560
And he called up a lady in the in the audience and he said how much do you make and she said $50,000 year

911
01:02:15.640 --> 01:02:20.440
So about $50,000 underneath the million and he subtracted it and it said $950,000

912
01:02:20.840 --> 01:02:25.640
He said it costs you $950,000 every single year you don't know how to make a million dollars a year

913
01:02:26.600 --> 01:02:31.880
And so the question is what is the value of that skill and the answer is the difference

914
01:02:33.320 --> 01:02:39.720
And so the the troll who who who who responded to this originally was like well you can keep going

915
01:02:39.720 --> 01:02:42.920
What about a hundred million dollars a year or a billion dollars a year and I was like yes

916
01:02:44.040 --> 01:02:51.480
Yes, if you had the skill of making a billion dollars a year then the difference between 50,000 and a billion is the delta of the value of that skill

917
01:02:52.600 --> 01:02:58.200
And it's really not one skill. It's many skills that ladder up to when combined together to create that kind of value

918
01:02:58.600 --> 01:03:01.400
But I remember that being like seared into my memory

919
01:03:01.720 --> 01:03:09.880
Which is like whatever I want to have the delta between where I'm at and where that thing is is what basically what I'm willing to sacrifice

920
01:03:10.280 --> 01:03:14.440
In order to learn what I need to learn to get there and I think that

921
01:03:15.480 --> 01:03:21.080
If people appraised that delta not by the money in their wallet or the time that they currently have

922
01:03:21.400 --> 01:03:26.120
But how much they would be making or how much time they would have and how much that's worth to them

923
01:03:26.360 --> 01:03:29.480
Then I think far more people would be willing to invest in their education

924
01:03:30.040 --> 01:03:33.560
And it's such a taboo word because people hate the word education. It's like oh, it's like work

925
01:03:33.560 --> 01:03:36.520
But like you want to be an entrepreneur like you got to learn

926
01:03:37.080 --> 01:03:38.680
And just you have there's so much stuff to learn

927
01:03:39.560 --> 01:03:44.840
Pirates versus practitioners. This is an idea that I've thought about a lot of these because I look at someone like you

928
01:03:44.840 --> 01:03:49.240
And I can tell based on everything you say today that you are a practitioner

929
01:03:50.280 --> 01:03:54.040
Um in this analogy what I call a parrot is someone who here's what Alex said

930
01:03:54.520 --> 01:03:56.520
And then start saying it but your

931
01:03:57.240 --> 01:04:00.120
Lessons and wisdom have come from going through that shit

932
01:04:00.920 --> 01:04:03.640
And being able to distill the essence like Richard Fryman and then share

933
01:04:04.360 --> 01:04:08.120
Um, there is a group of people that just spend the whole life reading books

934
01:04:08.440 --> 01:04:10.920
Yeah, posting about it etc. They never take the jump

935
01:04:11.720 --> 01:04:15.000
Pirates versus practitioners is the best way to learn being a practitioner

936
01:04:15.960 --> 01:04:19.880
This is widely known in the education space but not as much in the the content wrong

937
01:04:19.960 --> 01:04:24.280
But there are two types of education. There is procedural and there is declarative

938
01:04:24.360 --> 01:04:26.600
So declarative knowledge is knowing about something

939
01:04:26.600 --> 01:04:28.600
Procedural knowledge is knowing how to do something

940
01:04:28.600 --> 01:04:30.200
So a simple example would be okay

941
01:04:31.080 --> 01:04:33.080
I understand how private equity works

942
01:04:33.080 --> 01:04:36.280
Right like that you can you could talk about it you can explain how

943
01:04:36.280 --> 01:04:40.440
Okay, they take some debt and then they have this arbitrage and they get this enterprise value multiple whatever

944
01:04:41.320 --> 01:04:43.080
But you've never done a deal

945
01:04:43.080 --> 01:04:47.080
And until you've done a deal you will not have procedure knowledge of knowing how to actually do a deal

946
01:04:47.560 --> 01:04:50.280
And so you can read a hundred books on sales

947
01:04:50.280 --> 01:04:55.720
But you will learn more about actually selling from your first hundred sales calls and businesses the same

948
01:04:55.800 --> 01:04:56.600
Yes

949
01:04:56.600 --> 01:05:00.520
And so the idea in my opinion for most people is that if you want to rapidly learn

950
01:05:00.600 --> 01:05:03.880
You want to rapidly do those hundred repetitions as fast as you can

951
01:05:03.880 --> 01:05:08.600
So that you can suck a hundred times in a row and find the ten that did that sucked the least

952
01:05:08.600 --> 01:05:11.240
And then say how do I suck least on the next hundred

953
01:05:11.240 --> 01:05:15.320
And you keep doing that so many times until eventually you suck so little that you're actually good

954
01:05:16.280 --> 01:05:19.240
Hard work. Yes, and I think you know

955
01:05:19.240 --> 01:05:22.360
This is actually really interesting because it ladders up to because there's two types of creators

956
01:05:22.360 --> 01:05:25.400
You've got entertainers and you have educators at least that's how I separate it

957
01:05:25.400 --> 01:05:28.520
The point of entertainment is to maintain the intention of the audience

958
01:05:28.520 --> 01:05:29.400
That is it

959
01:05:29.400 --> 01:05:32.600
So the point of an entertainer is to literally just keep people watching

960
01:05:33.080 --> 01:05:35.400
The point of an educator is to change someone's behavior

961
01:05:35.960 --> 01:05:37.960
And so if you

962
01:05:40.600 --> 01:05:42.600
If you want

963
01:05:42.600 --> 01:05:49.080
Content to do well in either of these buckets fundamentally at least in the education space you are selling time

964
01:05:50.040 --> 01:05:52.040
So education is

965
01:05:53.080 --> 01:05:59.320
I spent all this time doing this thing to learn these four things that I can give to you so that you don't have to spend this time learning it

966
01:05:59.960 --> 01:06:03.720
And so education is actually if said differently what you do is you buy time

967
01:06:04.360 --> 01:06:08.280
So when you buy it's the only thing is the only way to actually buy time today

968
01:06:08.920 --> 01:06:10.280
So if you want to

969
01:06:10.280 --> 01:06:17.000
Basically time warp into your future you have to buy education so that you can buy all of the life experiences from all these people

970
01:06:17.000 --> 01:06:19.720
And then not pay for it in your life you pay for it with

971
01:06:21.000 --> 01:06:26.040
Less time by consuming what they have or some money or some combination of those things and fundamentally

972
01:06:26.040 --> 01:06:28.040
We usually pay with the currency that we value least

973
01:06:29.160 --> 01:06:30.840
And so

974
01:06:30.840 --> 01:06:32.280
Interestingly

975
01:06:32.280 --> 01:06:34.600
A rich person values their time more than their money

976
01:06:34.600 --> 01:06:36.920
And so they're willing to pay with money to get time back

977
01:06:37.000 --> 01:06:41.560
A poor person will also pay for their time and drive around to 10 different gas stations to find the one thing

978
01:06:41.560 --> 01:06:45.880
That's 10 cents cheaper or drive to 10 different grocery stores to to use whatever whatever coupons

979
01:06:45.880 --> 01:06:49.480
They're valuing their time over their money in that instance and so

980
01:06:51.320 --> 01:06:53.320
Back to the the educator

981
01:06:54.520 --> 01:06:57.800
If you want to be certain or have confidence in any endeavor

982
01:06:58.440 --> 01:07:02.200
You have to do so much volume of activity that it would be unreasonable that you would suck

983
01:07:03.080 --> 01:07:08.360
And if you were to write out the equation of like okay, how many public speeches what I need to give

984
01:07:08.760 --> 01:07:13.000
For it to be unreasonable that I would suck is it 10 is it 100 is it a thousand

985
01:07:13.960 --> 01:07:17.240
Write the number that you're like there's no way that I would suck after this money

986
01:07:17.960 --> 01:07:23.320
And then all of your effort gets really narrowed commitment elimination alternatives focus turn out quality and

987
01:07:23.320 --> 01:07:28.760
Quant of other things to just doing that and then and the key part of this is not just to do the thousand

988
01:07:28.840 --> 01:07:33.800
But after every 10 or every 20 looking at the top 10 or 20 percent and saying what did I do well there

989
01:07:34.040 --> 01:07:35.880
And then because you have to have the feedback loop otherwise

990
01:07:35.960 --> 01:07:40.920
It's not just doing 100 reach outs. You have to do 100 reach outs and then look at what worked and then do more of what worked

991
01:07:41.560 --> 01:07:46.200
And so for the the parent versus the practitioner component of this

992
01:07:47.800 --> 01:07:53.640
Even if you're starting out you can have confidence in what you're doing because you derived the solution

993
01:07:54.120 --> 01:07:57.000
And you can actually answer why you do something

994
01:07:57.560 --> 01:08:03.400
So if you cannot explain why you believe what you believe it's not your belief it's someone else's

995
01:08:04.840 --> 01:08:06.760
And so most people I would say

996
01:08:07.400 --> 01:08:11.800
parent the vast majority of the things that they say because and to be fair that's how humans learn your five

997
01:08:11.800 --> 01:08:15.800
Resulties say what's that they say bowl and you say bully paired it back and there we go right

998
01:08:16.280 --> 01:08:18.120
But when it comes to skills

999
01:08:19.000 --> 01:08:25.640
You can describe what other people have said before but if something goes wrong or what about this condition

1000
01:08:25.800 --> 01:08:27.080
You won't know what to do

1001
01:08:27.240 --> 01:08:29.800
But if you derived it from the ground up and there's a there's a great

1002
01:08:30.280 --> 01:08:34.600
portion of this in the why combinator community that you are the Silicon Valley community that you probably heard is maybe like

1003
01:08:35.000 --> 01:08:37.960
Three or four months ago. It was like founder mode did that get to the UK?

1004
01:08:38.200 --> 01:08:44.840
Yeah, it was from Brian Cheska actually message Tim about after oh yeah, it was like it was who's awesome right and so that basically the

1005
01:08:44.840 --> 01:08:49.320
Tenet is that the founder always has special powers in the company because you know what built it

1006
01:08:50.040 --> 01:08:55.480
And so that is basically at its core the practitioner versus parent the people who came later

1007
01:08:55.960 --> 01:08:57.960
Are parroting why you do what you do?

1008
01:08:58.200 --> 01:09:03.320
But you know what conditions you were in when you made this rule and also you know how to break it

1009
01:09:03.880 --> 01:09:12.120
And when to bend those rules and so if you build something when you built it from those repetitions to to still out the few truths that exist

1010
01:09:12.440 --> 01:09:15.640
You'll know why those are the truths like I'll give you a really simple example

1011
01:09:16.200 --> 01:09:18.840
We you know, we've tried to learn YouTube and we've gotten better over time

1012
01:09:19.160 --> 01:09:25.080
Um, but in the beginning I did this massive review and I figured out that the videos that we had that had three things at the beginning

1013
01:09:25.160 --> 01:09:31.880
Proof promise plan was the videos that did the best and so then all of a sudden we said okay all videos have to have proof promise plan

1014
01:09:32.200 --> 01:09:34.200
Right at the beginning the first 30 seconds great

1015
01:09:34.280 --> 01:09:38.200
So we started doing that for a while and then we looked at the outliers among those and we're like oh

1016
01:09:38.600 --> 01:09:43.640
Well, we also and some of the ones that did really well also had some sort of visual picture of of this plan

1017
01:09:43.960 --> 01:09:46.200
All right, so it became proof promise plan picture

1018
01:09:47.720 --> 01:09:55.560
Then kept looking and we found out over more repetitions that if we also include some sort of pain or problem that's being solved that also up

1019
01:09:55.560 --> 01:10:00.840
So proof promise plan picture pain and so you're like wait if you keep adding to this thing

1020
01:10:00.840 --> 01:10:04.120
It's gonna get really long. No, sometimes you can check multiple boxes with one thing

1021
01:10:04.360 --> 01:10:09.720
And this becomes the elegance of creation like how can I how can I check off three of these boxes with one sentence?

1022
01:10:10.040 --> 01:10:15.080
Right, and so that is by the way for if you're like thinking about this you're like do they really think about this when they're making videos

1023
01:10:15.400 --> 01:10:18.520
Yes, and that is the difference between a 10,000 view video and a million view video

1024
01:10:19.000 --> 01:10:24.440
And it's it's understanding that level of nuance across the entire thing that creates expertise

1025
01:10:24.600 --> 01:10:30.280
And also when you're like oh this video flopped when you're beginning you're like these videos in general. Don't work or content doesn't work

1026
01:10:30.600 --> 01:10:35.160
Rather than saying this video didn't work and here's why because we did three of the five

1027
01:10:35.880 --> 01:10:44.280
And so it's like all of the I mean the devil is in the details and you only you only you meet the devil himself by doing the unreasonable amount of work

1028
01:10:44.520 --> 01:10:46.520
And then it becomes it goes from

1029
01:10:46.760 --> 01:10:52.520
Uninformed lack of knowledge to informed optimism because first you're like I can make videos and get rich

1030
01:10:52.920 --> 01:10:57.320
Then you realize that it's really hard to make videos that people watch and then finally you start to develop a framework

1031
01:10:57.320 --> 01:11:01.160
This is how I make videos that people watch and when they don't watch it. It's because I didn't follow it

1032
01:11:01.880 --> 01:11:06.760
It's so timely because it's we've done something you said earlier because my girlfriend came to the recording yesterday

1033
01:11:07.160 --> 01:11:10.920
And as I went into the green room and I sat down she went baby. I found this new app and I said what is it?

1034
01:11:10.920 --> 01:11:13.800
She goes it's an app that summarizes books

1035
01:11:14.200 --> 01:11:18.760
And she it's called like head something yeah, and she showed me it and I go look at my book yeah

1036
01:11:18.920 --> 01:11:22.440
Because I know the laws I know the chapters. I know all of the principles that I get to the point

1037
01:11:22.600 --> 01:11:27.960
So show me my book and law two of my books called 33 losses. He's 33 like that. Yeah

1038
01:11:28.360 --> 01:11:31.320
And um, um, law two is about the Richard Freyman technique you talked about

1039
01:11:31.640 --> 01:11:35.160
And I explain why that process of learning something

1040
01:11:35.400 --> 01:11:40.520
simplifying it to assesses essence for a ten-year-old teaching it to someone else if they understand it move on

1041
01:11:40.520 --> 01:11:42.520
If they don't go back to the top and learn again

1042
01:11:42.600 --> 01:11:44.680
And it summarized law two of my book

1043
01:11:45.800 --> 01:11:48.680
Um, like writing is the best way to learn yeah, and I said baby

1044
01:11:48.680 --> 01:11:52.440
If you I said if you just read that that summary the top of the pyramid

1045
01:11:52.680 --> 01:11:56.280
Yeah, and you don't have the story and all these agreeable foundations which I then explained to her

1046
01:11:57.240 --> 01:12:00.840
Would you be able to then translate that and truly understand the nature of the problem

1047
01:12:00.840 --> 01:12:03.800
So that you could apply it to lots of different settings and so on

1048
01:12:03.880 --> 01:12:07.400
And then I told her what that that's the second in my book actually men and she deleted the app. Yeah

1049
01:12:07.880 --> 01:12:11.240
Because there's no point knowing the the conclusion the aphorism

1050
01:12:11.480 --> 01:12:14.440
Yeah, like they're like the punchline. Yeah, when you don't know the story

1051
01:12:15.000 --> 01:12:19.400
Um, and without the story you can't I guess get get to the first principles of the thing

1052
01:12:19.480 --> 01:12:22.840
So this is really interesting because um, with that fineman example

1053
01:12:23.240 --> 01:12:26.280
It it proves that the distillation of knowledge is not bidirectional

1054
01:12:27.400 --> 01:12:29.000
So you

1055
01:12:29.000 --> 01:12:31.480
Richard fineman can break it down to a child

1056
01:12:31.480 --> 01:12:36.520
But a child cannot then read arrive would fineman has done interesting. Yeah, and so it's it's

1057
01:12:36.760 --> 01:12:42.280
Convenient for the transmission of communication and for teaching someone who's let's say coming new to an organization

1058
01:12:42.840 --> 01:12:47.560
Here's the here the things and these give you the decision making frameworks around which and it can give you directional

1059
01:12:48.040 --> 01:12:49.400
um

1060
01:12:49.480 --> 01:12:50.520
Guidance

1061
01:12:50.520 --> 01:12:54.920
But that is the whole founder mode that is basically a different way of getting to the founder mode idea

1062
01:12:55.240 --> 01:12:59.240
That person derived this thing. Yeah, and so when a problem arises

1063
01:12:59.640 --> 01:13:01.640
We can read arrive the next solution

1064
01:13:02.440 --> 01:13:04.920
Rather than trying to apply the aphorism to a new setting

1065
01:13:05.240 --> 01:13:09.160
And another point for founders who are getting their work copied yeah

1066
01:13:09.400 --> 01:13:14.760
Because this everything you've just said actually should give a founder who's having their work copied their t-shirt designs that Clinton copied

1067
01:13:15.320 --> 01:13:22.760
Huge amount of peace because if I need to know steps one two three four five up the staircase to success to be able to predict

1068
01:13:23.160 --> 01:13:26.760
Step six then if someone's just copying your step five

1069
01:13:27.480 --> 01:13:33.080
You should be at total peace because they don't know yeah the the foundations that would lead to the next step

1070
01:13:33.320 --> 01:13:36.600
And that's what we see as podcasts as podcasts is copy you that copy if they're knowing you're tired of you whatever

1071
01:13:36.680 --> 01:13:38.680
I mean, I'm sure you you see it everywhere

1072
01:13:38.920 --> 01:13:42.920
Yeah, yeah, but the piece that the piece that I have is honestly I say to the team all the time

1073
01:13:43.480 --> 01:13:45.800
If that's the thing that makes us special with fucked anyway

1074
01:13:45.960 --> 01:13:46.760
Yeah

1075
01:13:46.760 --> 01:13:51.400
Like if it's the thumbnail or the this or the how we do this if it's the trailer that made us special

1076
01:13:51.400 --> 01:13:58.360
Where fucked anyway? Yeah, but also there's a set of principles we call it the iceberg the 99% of what we do you can't see

1077
01:13:58.840 --> 01:14:00.600
It's the it's the culture as you said

1078
01:14:01.160 --> 01:14:08.280
It's like so I'm so much on this so um one is right when I sat down you were telling me about uh the episode that we we ran

1079
01:14:08.280 --> 01:14:14.040
That was like a kin to a shark tank, but new version that we had on our channel and as you saw me like kind of like grown and be like

1080
01:14:14.680 --> 01:14:19.720
It was 56 minutes on video, but it was so much work to produce that one thing

1081
01:14:19.720 --> 01:14:26.680
But no one sees all the work behind that's the 99% so that's the one the the next thing is think about the if you're a founder

1082
01:14:26.680 --> 01:14:29.000
Who's plagued with competition and being upset about it?

1083
01:14:29.880 --> 01:14:32.760
I was one too and I want to tell you how I got over it

1084
01:14:33.320 --> 01:14:36.440
So number one is think about the alternative, which is that no one copies

1085
01:14:37.080 --> 01:14:38.920
Because no one cares about what we're doing

1086
01:14:38.920 --> 01:14:45.080
Well, then it would be a requisite for success that people copy you so as long as you are successful. This is just a part of business

1087
01:14:46.440 --> 01:14:48.440
The the second piece is

1088
01:14:49.080 --> 01:14:53.000
By definition if someone copies you they are second

1089
01:14:53.880 --> 01:14:55.880
Period and so if you want to lead

1090
01:14:56.840 --> 01:15:05.560
You can't look at anyone else you have to consistently be driving the next step the step six that's unseen from your first five steps to innovate

1091
01:15:06.360 --> 01:15:12.600
Rather than I'm just going to pair it the next thing and as soon as you find yourself copying you have admitted defeat

1092
01:15:12.680 --> 01:15:16.840
You've admitted that you were no longer the leader and that you were just following in someone else's footsteps

1093
01:15:16.840 --> 01:15:19.480
And you're giving them the baton and saying you be the champion

1094
01:15:19.560 --> 01:15:24.440
I'm happy with second third fifth place and in a winner take all world like attention is

1095
01:15:25.160 --> 01:15:27.160
All the fruits go to the first place anyways

1096
01:15:28.120 --> 01:15:29.320
Amen

1097
01:15:29.320 --> 01:15:31.320
Amen I have nothing more to add

1098
01:15:31.800 --> 01:15:35.480
Too last the last thing I want to talk to you about is it's really like a three-part thing

1099
01:15:35.560 --> 01:15:38.840
It's hard work love and happiness. Okay, and I put them together intentionally

1100
01:15:39.480 --> 01:15:44.920
Um one could say work life balance. Yeah love happiness. I think these things are kind of fundamentally intertwined

1101
01:15:45.320 --> 01:15:48.520
But how do you think about it? You're someone that's known as being very obsessive

1102
01:15:49.240 --> 01:15:50.760
um very

1103
01:15:50.760 --> 01:15:52.760
Into your work to say the least

1104
01:15:52.760 --> 01:15:59.080
Um, you have a wonderful partner who seems to be aligned. I know oh super. Okay, good. She's hardcore. So let's go through it

1105
01:15:59.480 --> 01:16:01.960
Work life balance slash hard work love

1106
01:16:02.680 --> 01:16:05.480
I'm happiness. Okay, if we start with work life balance

1107
01:16:06.840 --> 01:16:08.520
There's that shit question

1108
01:16:08.520 --> 01:16:10.520
Beliefs on it. Yeah

1109
01:16:11.080 --> 01:16:14.920
So I will answer with how I derived my kind of life thesis

1110
01:16:15.720 --> 01:16:22.440
Which was after we uh, so when we went to so we'd taken about 40 million dollars in distributions from gym launch

1111
01:16:23.000 --> 01:16:25.720
personally throughout the you know, years that we ran the company

1112
01:16:26.520 --> 01:16:31.480
And then in the year of the sale um for those you've never sold a company before you typically don't want to change a lot of things

1113
01:16:31.480 --> 01:16:33.880
You kind of want the company to just be like be stable

1114
01:16:34.200 --> 01:16:36.200
Keep working everything's fine

1115
01:16:36.200 --> 01:16:39.880
And so one it's one of the most harrowing experiences to go through because

1116
01:16:40.520 --> 01:16:42.120
You can't

1117
01:16:42.120 --> 01:16:45.720
Really change anything and if you're the founder you're always trying to innovate so you can't do what you're normally doing

1118
01:16:46.360 --> 01:16:48.280
um, and

1119
01:16:48.280 --> 01:16:51.800
You also can't start the next so you can't change current and you can't start new

1120
01:16:52.440 --> 01:16:56.040
Because if the deal doesn't go through then you don't want to start two businesses remember because we're you know

1121
01:16:56.040 --> 01:16:58.360
Cardinal number one or not chasing chasing woman the red dress

1122
01:16:58.840 --> 01:17:02.520
And so you basically have to sit idly by and just like let things operate

1123
01:17:03.160 --> 01:17:07.560
And so in that year it was one of the most miserable years of my life because I basically had nothing to do

1124
01:17:08.520 --> 01:17:10.280
And um

1125
01:17:10.280 --> 01:17:15.640
When I looked back on my life this sounds like you know, I looked back on my life as though it's been so long

1126
01:17:16.200 --> 01:17:18.840
I looked at the days that I enjoyed the most

1127
01:17:19.560 --> 01:17:21.960
And on those days I had

1128
01:17:22.600 --> 01:17:24.040
worked out

1129
01:17:24.040 --> 01:17:29.240
And I had produced something and I had done both of those with people I liked and

1130
01:17:31.400 --> 01:17:34.040
Almost all of those days I'd worked many many hours

1131
01:17:35.320 --> 01:17:37.320
And when I realized that

1132
01:17:37.960 --> 01:17:45.480
The idea of working hard so that I can insert blank the so that actually

1133
01:17:46.200 --> 01:17:47.960
makes it still

1134
01:17:47.960 --> 01:17:50.200
Destination driven

1135
01:17:50.200 --> 01:17:53.800
So that was when I derived what I called hard work is the goal

1136
01:17:54.520 --> 01:17:56.360
It's just to work hard

1137
01:17:57.080 --> 01:17:59.080
That is my goal and then die

1138
01:17:59.320 --> 01:18:01.320
Mm-hmm on things worth doing

1139
01:18:02.920 --> 01:18:04.920
and I

1140
01:18:05.240 --> 01:18:09.800
Those are the days that I love and I get a tremendous amount of pushback for saying this

1141
01:18:10.520 --> 01:18:15.800
And it bothers a lot of people and to them I say leave your life whatever you want

1142
01:18:16.600 --> 01:18:20.520
This is again my my life is not a sermon. It's a documentary

1143
01:18:20.840 --> 01:18:26.440
This is just how I do it you can do whatever you want and for the people who are dissatisfied try it and if not no worries

1144
01:18:27.080 --> 01:18:29.880
Um, I really enjoy working like

1145
01:18:30.600 --> 01:18:34.280
The best days are like when I write those books. It's the happiest I am

1146
01:18:35.000 --> 01:18:37.880
And it's not happy in the moment because it's really hard

1147
01:18:38.680 --> 01:18:42.360
But the amount of challenge is about proportional to my level of skill

1148
01:18:42.680 --> 01:18:46.600
And every book I think is better than the last and the third book that's coming out is gonna be

1149
01:18:47.560 --> 01:18:49.720
Fucking awesome. I'm very excited about it

1150
01:18:49.720 --> 01:18:51.800
But there's nothing that I enjoy more

1151
01:18:51.800 --> 01:18:55.320
But in the moment I'm like how do I break this down and I'm just rubbing my forehead and I'm like

1152
01:18:55.720 --> 01:18:58.120
Then then I create two three different frameworks. I'm like no

1153
01:18:58.200 --> 01:19:00.120
That's that doesn't work here and that doesn't work here

1154
01:19:00.120 --> 01:19:04.520
Which means some kid in Afghanistan is gonna get stuck on this step because it doesn't work

1155
01:19:04.520 --> 01:19:07.000
I have to figure out how to get it so that it works everywhere

1156
01:19:07.240 --> 01:19:11.800
And I keep driving and so but the moment it's like it clicks and like that's it fight me like that's the framework

1157
01:19:13.000 --> 01:19:20.920
That is what I would I strive for and for me the love the happiness and work have all because of the nature of my life

1158
01:19:21.480 --> 01:19:27.800
Been one now some people have lived their lives where their love life and their happiness and their work are all separate

1159
01:19:28.280 --> 01:19:30.280
Um for me it has just been life

1160
01:19:31.000 --> 01:19:36.840
And I like it that way and for the people who are upset by that I'm not upset about how you live like your life

1161
01:19:37.480 --> 01:19:40.680
Um, I just choose to live it this way and if in the future

1162
01:19:41.640 --> 01:19:43.800
I change my mind. I'll change my life

1163
01:19:44.920 --> 01:19:49.080
If I get to a point where I'm like this is no longer a priority for me something else is then I will

1164
01:19:49.320 --> 01:19:55.080
But when I look at the centenarians and I look at the people who like I look at Warren Buffett as somebody and Charlie Munger as two of my heroes

1165
01:19:56.040 --> 01:19:58.520
Charlie worked until the day he died and

1166
01:19:59.320 --> 01:20:01.320
To be clear, I don't work on a seven day calendar

1167
01:20:01.720 --> 01:20:08.360
Um, I don't work a certain hour. I work as much as I can until I feel like my rate of output drops precipitously

1168
01:20:08.360 --> 01:20:14.200
Because of fatigue and then I and I sleep and then if I feel like on a on a longer time horizon of like I've worked nine days

1169
01:20:14.200 --> 01:20:16.360
I've worked 20 days I've worked 30 days in a row and I'm like

1170
01:20:16.840 --> 01:20:18.520
All right, I feel like I don't have any gas today

1171
01:20:18.520 --> 01:20:21.960
Then I'll take the whole day off and whether that's a Tuesday or a Sunday or a Saturday

1172
01:20:21.960 --> 01:20:24.280
I take the day off and that just is what it is and I've just

1173
01:20:25.000 --> 01:20:28.040
I have learned to work that way and I'm okay with it

1174
01:20:28.600 --> 01:20:33.400
The goal clearly for you then is the hard work itself and not a certain place

1175
01:20:33.400 --> 01:20:37.000
You're trying to get too necessarily because that always moves. Yeah, and so um

1176
01:20:37.640 --> 01:20:41.000
Jesse Itzler has this and maybe maybe I'll be able to steal it from him someday

1177
01:20:41.400 --> 01:20:42.200
um

1178
01:20:42.200 --> 01:20:47.320
But he told I saw him it show a picture of his kid finishing a race and putting a zero up

1179
01:20:48.040 --> 01:20:50.680
and what that signified was nothing left in the tank

1180
01:20:51.640 --> 01:20:55.480
That he'd spent everything you had on the field and I would

1181
01:20:57.080 --> 01:20:59.080
And it's like I have this visual of uh

1182
01:20:59.160 --> 01:21:02.920
The 300 movie where the queen says to the king as he goes off the battle

1183
01:21:03.320 --> 01:21:06.520
She says come back with your shoulder on it and I kind of see

1184
01:21:07.480 --> 01:21:12.760
Like my work that way like I can't imagine a better way to go out than like doing the thing I love

1185
01:21:13.320 --> 01:21:17.080
And it bothers a lot of people that I love something different than they love

1186
01:21:17.880 --> 01:21:22.520
And it's like it really it really bought and it bothers me that it bothers them to be honest um

1187
01:21:24.120 --> 01:21:29.880
Because I make no projections like do whatever you want and I feel like if if I ever had a

1188
01:21:30.600 --> 01:21:34.360
Oh like one thing that that people took for me it was like

1189
01:21:35.000 --> 01:21:36.680
absolute freedom

1190
01:21:36.680 --> 01:21:40.520
And because of that absolute freedom we are 100% responsible for our own lives

1191
01:21:41.160 --> 01:21:44.840
And so where we place the the finger of blame is also our power flows

1192
01:21:45.240 --> 01:21:47.960
So if you blame your parents for your life your parents have power over your life

1193
01:21:48.040 --> 01:21:51.400
If you blame your boss for your bad life your boss says power of your life

1194
01:21:51.400 --> 01:21:55.400
If you blame you for your bad life at least you can change you and you can do something about it

1195
01:21:55.640 --> 01:21:59.800
And so I think absolute responsibility has been my my core tenant

1196
01:22:00.280 --> 01:22:03.880
And if you have a life where you're like I don't want to care about work that much

1197
01:22:03.960 --> 01:22:08.200
And I just want to spend all my time with my family. I'm like congratulations you fucking won. That's amazing

1198
01:22:10.040 --> 01:22:12.040
Just don't assume that everyone's you

1199
01:22:12.360 --> 01:22:16.600
And that what winning for me is is the same as winning for you and

1200
01:22:17.960 --> 01:22:22.040
In it and I think the the times that I talk about this I

1201
01:22:22.840 --> 01:22:26.200
I know that my my message won't resonate with everyone and that's okay

1202
01:22:27.000 --> 01:22:31.400
But it's for the few people who were like me and felt like everyone told them

1203
01:22:31.400 --> 01:22:34.680
There was something wrong with them and I still get people to tell me there's something wrong with me

1204
01:22:35.000 --> 01:22:37.960
And if wrong means not normal then yeah, you bet

1205
01:22:38.440 --> 01:22:40.760
But it's more so that like you are different

1206
01:22:41.560 --> 01:22:42.760
And that's okay

1207
01:22:43.320 --> 01:22:49.880
And I think that if you're if you're okay with that then it unleashes this whole new realm of possibility if being able to do

1208
01:22:50.360 --> 01:22:55.320
What you want and kind of like I had the you know, you do a hundred of these and you look at the top 10 percent

1209
01:22:55.320 --> 01:22:57.320
Do a hundred of these look at the top 10 percent

1210
01:22:58.120 --> 01:23:03.960
That was my way of trying to operationalize happiness because it was this ephemeral thing that when I was

1211
01:23:04.840 --> 01:23:09.560
18 19 20 21 22 I struggled a ton with I was very depressed. I looked at

1212
01:23:10.200 --> 01:23:14.520
You know religion. I looked at a lot of different things and this is common for people at that age and

1213
01:23:15.320 --> 01:23:16.760
um

1214
01:23:16.760 --> 01:23:24.360
I came up with a mantra for me at that time, which was fuck happiness now people then hear this and I'm sure this will get taken out of context but

1215
01:23:25.320 --> 01:23:33.080
That was basically like this release moment for me where by continually chasing happiness it always existed outside of me

1216
01:23:33.400 --> 01:23:39.640
And so it was always this carrot that was in front of me that I could never really get to and so by saying fuck happiness

1217
01:23:40.280 --> 01:23:41.960
I was like

1218
01:23:41.960 --> 01:23:43.960
It's unattainable. I'm just gonna work

1219
01:23:44.840 --> 01:23:49.240
And I'm just gonna do the stuff I want to do and when I started doing the stuff that I wanted to do

1220
01:23:49.240 --> 01:23:52.280
I looked up years later and I was like I actually kind of like my life

1221
01:23:53.160 --> 01:23:56.840
And I was like is this what happiness is and I was like I don't know

1222
01:23:57.480 --> 01:24:00.120
But I think one of the the major plights of humanity

1223
01:24:00.760 --> 01:24:04.120
Myself included is the expectation that life should be different than it is

1224
01:24:05.480 --> 01:24:12.040
And so we we we create this idea that whatever we have right now is not what it should be

1225
01:24:13.000 --> 01:24:15.720
And I think should is the is the root of all pain

1226
01:24:16.600 --> 01:24:23.160
Is that all the things that we think should happen but aren't is our is basically the measurement of our pain

1227
01:24:23.800 --> 01:24:28.680
And so I've tried to eradicate should for my life should for other people she should do this they should do that

1228
01:24:29.240 --> 01:24:31.240
um and just

1229
01:24:31.400 --> 01:24:37.800
Just lean into is it just is this way I work period not I should work more I should work less

1230
01:24:37.800 --> 01:24:40.520
I should work differently. I should see my mom where I should call my dad more

1231
01:24:40.600 --> 01:24:43.560
I do this and if something changes I will change

1232
01:24:44.120 --> 01:24:48.600
And so unconditional sheds now if there is a condition of like if you want to make more money

1233
01:24:49.160 --> 01:24:52.520
Then this is a higher higher likelihood you might want to consider doing this

1234
01:24:52.840 --> 01:24:54.920
Those are things that I don't consider in that category

1235
01:24:54.920 --> 01:24:56.920
But just the generalized sheds of

1236
01:24:58.280 --> 01:25:02.440
He shouldn't do that. He should he should build a family. He should have kids

1237
01:25:02.680 --> 01:25:05.800
He should have gotten married earlier. He should have gotten later. He should have married someone different

1238
01:25:05.960 --> 01:25:09.160
He shouldn't have the the life that he has he shouldn't work this way

1239
01:25:10.040 --> 01:25:12.040
According to what

1240
01:25:12.600 --> 01:25:15.640
And so for me that is my my theory on life

1241
01:25:16.440 --> 01:25:23.080
On on on happiness work and love has been very unified because I love my work so much that

1242
01:25:24.600 --> 01:25:25.880
I

1243
01:25:25.880 --> 01:25:32.600
Got out of a relationship and when I you know started dating Layla I said I am not willing to change this

1244
01:25:33.240 --> 01:25:38.920
And so you have to be willing to deal with me working in this way or this won't work

1245
01:25:39.400 --> 01:25:45.640
Because my relationship with my work is the most satisfying relationship I have now people hear that and be like

1246
01:25:45.640 --> 01:25:48.840
Well, that's because he's never experienced true love or whatever whatever

1247
01:25:48.840 --> 01:25:52.040
Whatever narrative they'll they'll say but it's like you haven't lived my life

1248
01:25:52.040 --> 01:25:54.920
And I haven't lived yours and I don't project anything on to you um

1249
01:25:55.640 --> 01:26:00.680
But I like I like I love what I do and I like I get attacked for liking what I do so much

1250
01:26:01.160 --> 01:26:06.040
And I like working a lot and and it's because they have negative associations with the word and

1251
01:26:06.840 --> 01:26:11.320
That's that's their own history of of of their experience with the word but I see

1252
01:26:12.200 --> 01:26:17.480
My goals and my relationship with my goals as one of the most sacred things that I have because I see them as a relationship with myself

1253
01:26:18.680 --> 01:26:19.880
and so

1254
01:26:19.880 --> 01:26:24.120
Those those proxy when someone comes in and says hey, you know, sweetie

1255
01:26:25.160 --> 01:26:26.920
You've been working too much

1256
01:26:26.920 --> 01:26:35.240
According to what why should I stop right um now let's do this other thing and people will probably see this as a they'll put whatever labels

1257
01:26:35.240 --> 01:26:38.120
They won't on it, but like I just said this is what I would like to do with my life

1258
01:26:38.600 --> 01:26:41.160
And if you can incorporate yourself into that that would be amazing

1259
01:26:41.640 --> 01:26:46.360
And so my second date with Leila after we talked about business for four hours on our first date

1260
01:26:46.680 --> 01:26:49.880
Was I said I'm gonna be working all day it'd be cool if you worked with me

1261
01:26:50.440 --> 01:26:55.000
And she just worked next to me she had her own thing but she just worked beside me and I was like this is nice

1262
01:26:55.800 --> 01:27:01.960
And over time eventually was like hey, maybe you want to work on my thing with me and she was like yeah, that sounds good

1263
01:27:02.040 --> 01:27:07.560
It was a little bit more than that, but like fundamentally I got it to switch switch to to working on it with me and at that point

1264
01:27:08.520 --> 01:27:15.160
What we got to talk about was what we were creating together and to me that's been you know the journey of my life and it's been it's been amazing and

1265
01:27:16.040 --> 01:27:19.080
Um, I'm not saying it works for everyone. I would say it probably doesn't work for most people

1266
01:27:19.640 --> 01:27:26.840
Uh, but it has worked really well for me and it would make sense for me that my path would be different than most people's because I don't behave like most people

1267
01:27:26.920 --> 01:27:30.760
And so I would have to have a different formula for how I drive

1268
01:27:31.480 --> 01:27:36.360
You know meaning or joy from my own life and since I don't believe in inherent meaning

1269
01:27:36.920 --> 01:27:40.200
Um, just the meaning that we choose to ascribe to things then

1270
01:27:40.760 --> 01:27:43.880
It's up to me to create that meaning within the work that I do

1271
01:27:44.360 --> 01:27:49.400
And so the reason acquisition.com was all based on and it was during that year where I just basically had nothing to do

1272
01:27:49.400 --> 01:27:52.440
I was like what I want to do with my life because I don't need to work anymore

1273
01:27:52.680 --> 01:27:56.760
And that was you know, we'd taken 40 out before the sale and then we obviously got the sale so like I don't need to work

1274
01:27:57.480 --> 01:28:03.240
I like to work and I try to spend I look at you know, I had this boss that told me this

1275
01:28:04.120 --> 01:28:07.080
And was one of the one of the catalysts for for looking at life this way

1276
01:28:07.560 --> 01:28:11.080
She said I had just had like a good weekend or something and I came in like chipper

1277
01:28:11.640 --> 01:28:15.400
And she said well you must have had a good weekend and I was like yeah, it was it was good

1278
01:28:16.040 --> 01:28:23.000
And she said this was like an off-handic comment. She said I'm pretty sure the key to happiness is living as many days in a row like that as you can

1279
01:28:23.960 --> 01:28:28.760
And it was actually like really operational like I could I was like I can use this like what are the good days

1280
01:28:28.920 --> 01:28:32.520
How do I live as many of those days in a row as I can and so I've you know

1281
01:28:32.520 --> 01:28:36.040
I've been attacked for like saying that I don't really enjoy going on vacation very much

1282
01:28:36.760 --> 01:28:41.080
And it's because like I just want to get I just want to get back to doing the thing that I really enjoy doing and

1283
01:28:41.320 --> 01:28:43.080
I remember we layland I went to

1284
01:28:43.080 --> 01:28:48.360
Mexico this year for a week and it's always during the week of Christmas because no one works and it drives me nuts

1285
01:28:48.600 --> 01:28:50.920
And I've just like I've just given up trying to get you know

1286
01:28:52.120 --> 01:28:55.320
Because even if my team will work is my team will because they they're crazy too

1287
01:28:55.640 --> 01:29:00.440
Other teams won and vendors won and suspend anyway, and so while we're there all I came out with was like

1288
01:29:00.920 --> 01:29:02.920
This is for other people and not me

1289
01:29:03.800 --> 01:29:05.800
comma, and that's okay

1290
01:29:06.040 --> 01:29:08.040
early rom when we were talking about so that's a long run

1291
01:29:08.920 --> 01:29:14.680
Beautiful because it so I a couple of takeaways from it, but early rom we were talking about being a great content creator is

1292
01:29:15.640 --> 01:29:21.560
Byproduct of having the courage to be yourself and from that what everything you just said. That's a little quick

1293
01:29:21.720 --> 01:29:23.800
Yeah, I also gleaned something similar which is

1294
01:29:25.000 --> 01:29:26.200
being

1295
01:29:26.200 --> 01:29:27.480
happy

1296
01:29:27.480 --> 01:29:31.880
Requires the same thing which is the courage to be yourself and in both in the previous it analogy you said

1297
01:29:32.760 --> 01:29:38.760
Everybody is unique. Yeah, and that is their value as it relates to showing up in marketing or with whatever product they have

1298
01:29:39.240 --> 01:29:40.440
but also

1299
01:29:40.440 --> 01:29:44.680
When I think about Alex's story your story and all you went through with your father and

1300
01:29:45.000 --> 01:29:48.360
The Alex experiences and that consultancy fan the gym the fair place you worked

1301
01:29:49.080 --> 01:29:53.000
Logically from first principles the thing that's gonna make you happy

1302
01:29:53.560 --> 01:29:58.760
Because you are completely unique. Yeah, it's gonna be completely different from everybody else right like

1303
01:29:59.800 --> 01:30:05.720
To varying degrees depending on how you sort of defining your early experiences are, but I actually think we talked about the courage of being

1304
01:30:06.680 --> 01:30:11.160
Yourself there's also the courage of being happy. Mm-hmm. I'm with the courage of being happy

1305
01:30:11.880 --> 01:30:13.160
You have to

1306
01:30:13.160 --> 01:30:18.840
withstand public pressure. Yeah, the sheds you said from your parents whatever from social media, especially if you become a bigger creator

1307
01:30:20.120 --> 01:30:22.120
To actually just listen to how you feel every day

1308
01:30:22.760 --> 01:30:26.840
Can I throw something out that I think might like so this blew my mind

1309
01:30:27.400 --> 01:30:34.040
So I was in around that same period of time. I talked everybody I could to try and get context on this and so I caught a friend of mine up

1310
01:30:34.520 --> 01:30:39.400
Um, or not for I'll say acquaintance that I got connected with who sold his company for hundreds of millions of dollars

1311
01:30:39.960 --> 01:30:41.960
really bright guy and

1312
01:30:42.760 --> 01:30:47.880
One of the questions I asked him I said so how do you how do you drive meaning from your life?

1313
01:30:49.240 --> 01:30:55.960
And he said and answer that really really shook me um, which doesn't happen that much it's given my world view

1314
01:30:56.440 --> 01:30:58.440
He said why do you think that life needs to be meaningful

1315
01:30:58.440 --> 01:31:05.000
And it was just this really interesting question which is basically that I had an unspoken demand of the universe

1316
01:31:05.560 --> 01:31:08.600
Life should be meaningful. I should be happy

1317
01:31:09.160 --> 01:31:14.440
And so it's the sheds that we don't even know that we think and say that are the ones that chain as the most like hardcore

1318
01:31:15.240 --> 01:31:21.320
And so my favorite quote of all time which is probably at the front of a few of the books that I have and will probably be the one

1319
01:31:21.320 --> 01:31:25.560
That'll be on my my tombstone is a permutation of an orphan Scott card quote

1320
01:31:25.880 --> 01:31:30.440
Which is we question all of our beliefs except for those that we truly believe and those we never think to question

1321
01:31:31.480 --> 01:31:35.080
And so I would say that a lot of my entrepreneurial career even as human journey has been

1322
01:31:35.640 --> 01:31:41.000
What are the beliefs that I so so inherently believe that I don't don't even see them

1323
01:31:41.320 --> 01:31:45.480
I don't even think about the should and so when he said that to me I was like whoa

1324
01:31:46.120 --> 01:31:50.600
I have had this inherent demand of the universe that my life be meaningful

1325
01:31:51.320 --> 01:31:52.840
And

1326
01:31:52.840 --> 01:31:56.760
Now people would hear this and be like they have their sheds and they're gonna say well it should be meaningful

1327
01:31:56.760 --> 01:32:03.800
And I'm like why according to what and if we look at history history pretty much sweeps everyone under the under the bed

1328
01:32:04.280 --> 01:32:06.680
Like within a hundred years and within a thousand years

1329
01:32:06.920 --> 01:32:11.320
Basically everyone and the people that we remember we remember some of their works and we go

1330
01:32:12.120 --> 01:32:14.760
A hundred thousand years in the future or ten thousand years in the future

1331
01:32:14.840 --> 01:32:21.240
Probably unlikely that we will be remembered in general and that is solving for the idea that we need to be remembered again

1332
01:32:21.800 --> 01:32:26.120
We have to why and so my solving has been for

1333
01:32:27.480 --> 01:32:29.480
degrees of freedom and

1334
01:32:29.480 --> 01:32:36.040
Responsibility so what are the things that I can control and I will do the very best of my ability to try and do the things

1335
01:32:36.920 --> 01:32:42.120
Within my control to ideally make other people's lives better and my own in the process now

1336
01:32:42.360 --> 01:32:45.320
That is a choice rather than a I demand that of the universe

1337
01:32:45.720 --> 01:32:52.040
um and this gets really abstract and he really fast and so I will try and you know bring us back down to earth but

1338
01:32:52.920 --> 01:32:58.120
By by demanding that life be meaningful by demanding that I be happy

1339
01:32:59.160 --> 01:33:03.960
When I understood that I was demanding these things and and pursuing them that they were outside of me

1340
01:33:04.520 --> 01:33:10.440
By saying I need to do this that I created inherent space that I could never gap or I could never close

1341
01:33:11.080 --> 01:33:13.560
And so by trying to forget or eliminate

1342
01:33:14.280 --> 01:33:19.400
The demand is where it was the first time that I experienced those things

1343
01:33:19.880 --> 01:33:25.080
And so I try to keep them out of my head to the greatest degree possible so that I can be inside of them

1344
01:33:25.720 --> 01:33:27.720
That sounds weird

1345
01:33:28.120 --> 01:33:30.360
rather than in pursuit

1346
01:33:30.360 --> 01:33:33.160
And so that um and so the times where I

1347
01:33:33.960 --> 01:33:40.420
Derived the most joy from my life if I'm if I'm optimizing for that which is I wouldn't necessarily say that I am optimizing for joy

1348
01:33:41.320 --> 01:33:45.800
I think Williamson was like you definitely optimize for purpose or meaning or something like that and um

1349
01:33:47.480 --> 01:33:52.600
I kind of reject a lot of it mostly because I do what I have been rewarded for doing in the past

1350
01:33:53.160 --> 01:33:57.480
And so because I have a behaviorist view of the world which is that everything boils down to behaviors

1351
01:33:58.040 --> 01:33:59.560
um

1352
01:33:59.560 --> 01:34:02.920
Why do I do these things I do these things because when I have done them in the past

1353
01:34:03.480 --> 01:34:09.000
I have enjoyed the result and so I continue to do things that I've enjoyed the result of and if other people have done things

1354
01:34:09.000 --> 01:34:13.080
That they enjoy the result of that I encourage you to keep doing them and I also encourage you to not project

1355
01:34:13.400 --> 01:34:17.320
That other people need to also do those things and that they will experience the same result as you because they might not

1356
01:34:19.400 --> 01:34:25.160
Alex, thank you. Oh, that was such a beautiful way to end and um, I

1357
01:34:25.160 --> 01:34:29.000
I've it's so interesting because if people attack you for that

1358
01:34:29.320 --> 01:34:34.600
I just wanted to give my own perspective is when I hear you say these things about not not enjoying holidays and yeah

1359
01:34:35.000 --> 01:34:36.760
um

1360
01:34:36.760 --> 01:34:39.160
Things about your relationship with Layla and how how that happens

1361
01:34:40.120 --> 01:34:41.320
for me

1362
01:34:41.320 --> 01:34:45.480
I feel even if I don't agree with 100 percent I probably get to 95 percent to be honest with you

1363
01:34:46.520 --> 01:34:51.640
The fact that you're telling me that you're different makes my difference whatever it might be

1364
01:34:52.680 --> 01:34:54.680
feel

1365
01:34:54.680 --> 01:35:00.360
Acceptable do you know what I'm saying oh 100% not what you're saying because because when I heard you say these things and I go

1366
01:35:01.160 --> 01:35:03.480
Oh my god Alex feels like he's different from the normal two

1367
01:35:03.960 --> 01:35:08.520
We might not be me and Alex aren't the same but we both feel inherently like we're

1368
01:35:09.400 --> 01:35:15.400
Not playing by the rules and therefore in some way getting life wrong based on this like public narrative

1369
01:35:15.800 --> 01:35:18.840
Of the way we should live our lives. I thought I'm amazing

1370
01:35:18.840 --> 01:35:23.320
I remember watching the video where you talked about not liking going on holidays and being like absolutely obsessed

1371
01:35:23.400 --> 01:35:26.120
I'm me thinking oh my god, I'm so fucking glad he said that

1372
01:35:27.000 --> 01:35:32.920
Because deep in my heart somewhere I felt a guilt. Yeah, oh, you know, yes, I guilt and I'm like where did the guilt come from right

1373
01:35:32.920 --> 01:35:35.480
I'm doing it. It's something that I love every single day, but I feel guilty

1374
01:35:35.480 --> 01:35:37.480
Well, I feel guilty because of other people's sheds right

1375
01:35:38.120 --> 01:35:42.600
So please Alex despite the um despite any critics that might be out there

1376
01:35:43.240 --> 01:35:45.320
Please continue to have the courage to be yourself

1377
01:35:46.120 --> 01:35:49.160
Because you have no idea how it's making a group of weirdos

1378
01:35:49.800 --> 01:35:53.720
That feel like they don't fit in feel hard and understood for their variants

1379
01:35:54.280 --> 01:35:56.920
Well, that is my yeah, I mean it's I make it for them

1380
01:35:58.200 --> 01:36:02.680
We have a closing tradition on this podcast as you know whether last guest leaves a question for the next guest not knowing who

1381
01:36:02.920 --> 01:36:04.920
Leaving him

1382
01:36:05.400 --> 01:36:08.040
I'm laughing because it's so ironic. Okay

1383
01:36:10.840 --> 01:36:12.840
What is the meaning of life

1384
01:36:15.560 --> 01:36:17.560
Well the short answer is obviously 42

1385
01:36:19.320 --> 01:36:21.320
But um

1386
01:36:22.840 --> 01:36:24.840
I actually do think it's learning

1387
01:36:26.360 --> 01:36:28.360
Because if we think about

1388
01:36:28.440 --> 01:36:32.520
What learning is it's that you're exposed to new conditions

1389
01:36:33.080 --> 01:36:36.600
That over time change your behavior and so you are different now

1390
01:36:37.000 --> 01:36:40.520
Then you were 10 years ago because you've learned more things and so

1391
01:36:41.160 --> 01:36:45.480
If we think about the meaning of life as what is the output of life? So

1392
01:36:46.760 --> 01:36:48.760
I actually do really like this so

1393
01:36:49.160 --> 01:36:51.640
People talk about I can relate this to business of course

1394
01:36:53.160 --> 01:36:55.000
I can relate what's the meaning of life to business

1395
01:36:55.720 --> 01:36:57.960
But what is the meaning of a business

1396
01:36:58.760 --> 01:37:03.400
The purpose of the business is is whatever the output of that business is

1397
01:37:05.560 --> 01:37:08.360
That's the meaning it's it's what the output of that business

1398
01:37:09.320 --> 01:37:17.640
And so if the mission like with Elon is like to get to Mars then the output of the the mission is that people get to Mars

1399
01:37:17.640 --> 01:37:22.920
And so that's the meaning of that business and so the meaning of life in general for me

1400
01:37:22.920 --> 01:37:24.680
I think for all humans is that

1401
01:37:25.320 --> 01:37:27.800
The output of experience is learning

1402
01:37:29.080 --> 01:37:31.080
And so

1403
01:37:31.080 --> 01:37:32.600
We will learn

1404
01:37:32.600 --> 01:37:35.160
Regardless whether we want to or not we learn

1405
01:37:36.040 --> 01:37:38.840
Learning happens whether you want whether you like it or not you will learn

1406
01:37:39.640 --> 01:37:41.640
Um, and I think that

1407
01:37:41.640 --> 01:37:44.680
That's where I would just leave it and the question is are you learning the things that you want

1408
01:37:46.520 --> 01:37:48.280
Amen

1409
01:37:48.280 --> 01:37:52.040
I highly recommend people go and check out the new format you launched on new YouTube channel

1410
01:37:52.040 --> 01:37:55.720
It's titled building a one million dollar business for a stranger in 56 minutes

1411
01:37:55.720 --> 01:37:57.080
It's kind of like a new take on

1412
01:37:57.800 --> 01:37:59.960
Shark tank, but it's more actionable more practical

1413
01:37:59.960 --> 01:38:02.760
It's what you referenced early and I know it took you many many many many hours

1414
01:38:03.320 --> 01:38:06.920
Tip effective, but it's a really interesting format that I think YouTube is seeking

1415
01:38:06.920 --> 01:38:10.520
Because it's so actionable and practical and I highly recommend I'll link that below

1416
01:38:10.520 --> 01:38:12.440
But I would also highly recommend people go and check out these books

1417
01:38:12.440 --> 01:38:16.360
I mean they've been to say they've been smash hits is a massive understatement

1418
01:38:17.400 --> 01:38:19.720
Thank you. I was just I mean I just see it everywhere

1419
01:38:19.800 --> 01:38:21.640
I feel like it's a

1420
01:38:21.640 --> 01:38:27.080
prerequisite of any entrepreneur's toolkit when they're starting and they're trying to figure out frameworks for

1421
01:38:27.400 --> 01:38:31.160
Scaling a business making sales generating leads and I know there's another one on the way

1422
01:38:31.480 --> 01:38:33.800
Which you won't tell me about but I know it's coming this year

1423
01:38:34.200 --> 01:38:39.320
Which is volume three of this this format and I'm exceptionally excited to see it and for any entrepreneurs out there

1424
01:38:39.320 --> 01:38:42.360
They're looking to get in business with you and highly recommend they go check out acquisition.com

1425
01:38:42.680 --> 01:38:46.600
And because there's so much there regardless of where you are in the cycle whether you're starting out

1426
01:38:46.760 --> 01:38:49.000
Whether you're scaling up whether you're looking for advice

1427
01:38:49.000 --> 01:38:50.920
Acquisition.com is the place to be

1428
01:38:50.920 --> 01:38:52.760
Thank you Alex for your generosity. I appreciate it

1429
01:38:52.760 --> 01:38:55.080
And thank you for all that you do. Thank you for being weird and different

1430
01:38:55.880 --> 01:38:58.920
Because like that's again, that's the value. That's all the value in the world

1431
01:38:59.560 --> 01:39:02.120
We don't need more of the same. We need people that have the courage to be

1432
01:39:02.680 --> 01:39:04.680
Themselves and the courage to be happy

1433
01:39:05.000 --> 01:39:08.760
And that's exactly who you are and I really really appreciate it. Thank you so much