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that in essence is what entrepreneurship feels like is uncertainty of whether or not all of the time

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that you've put in is actually going to work out and you have to get really comfortable

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with that is that you won't know because if you were to be guaranteed the outcome

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that you're going to get what you want you wouldn't want to do it to begin with because everyone

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would already be doing it because it's already guaranteed which means the opportunity is going.

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

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customer and how to keep them longer and the many failures and lessons we have learned

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along the way. I hope you enjoy and subscribe.

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So interesting. So the way that I have always approached this is I am trying to get people to

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change their frame of reference. Frame of reference speaking of things that need to be defined.

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Frame of reference to me are your beliefs and values. I didn't even think that's what you meant.

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I totally thought you meant something different. So that's why I would think that's exactly

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why you define things. Okay, so and I will say all of this in what I just heard you say is that

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where I'm coming at things is from beliefs and values where you're coming at things is from

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behaviors and traits. It's very interesting. Very interesting. I am going to think about this

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so much moving forward as to one is it is beliefs and values just particular to me and that is I

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try to help people make change in their life and wasting all my fucking time because this is just

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the thing that resonates with me or is there something I'm getting to the thing that's underneath

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your behaviors and traits and that if people don't address this they'll never get to that or I'm

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just wasting my time. We're going to say something. I think it's value. So if we were to like when

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it's like I have these values a value is just a behavioral short code. When this happens I do this

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someone who is loyal when he's out and his wife isn't there hot girl comes up and says hey

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you want to get a drink value which means a set of behaviors I say no or I say I'm married or

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no thank you whatever. And so values are skills because you can train them.

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Interesting values are skills. I would say the adherence to a value is a skill that you can train

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but if you have the wrong value that you adhere to you're going to be in trouble.

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Here's why I start with beliefs and values. I think so much of the human animal is invisible to

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the person and that if they they'll never be able to control their behaviors if they don't

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control the emotions that drive the behaviors and I think emotions are an echo of your beliefs

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and values and I can change somebody's emotion like their cognitive the way that they frame

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something cognitively will drive their biological response to that moment which is insane. So

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the quote nothing is either good or bad thinking makes it so. The death of your mother is not good

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or bad thinking it's bad makes it bad. Now that is you and I think come at that from very different

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angles totally and so I think it's right. No no dude this is so intriguing. One because all I care

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about is are you getting the outcome that you want yes or no and if you are amazing and so you're

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giving me new tools new ways to think about this. Okay so just a quick breakdown of frame of

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reference. So my hypothesis is that everybody's life is entirely controlled by their frame of

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reference. Okay. The frame of reference the best analogy would be to say that your frame of

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reference is a pair of glasses that you put on that distort the living shit out of the world

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that none of us have the option of taking the glasses off. Taking the glasses off would be to

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exist outside of your biology. Nobody's going to be able to do that. So you see the world in a

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hyper distorted way. Now all of us over a lifetime of reward punishment. Oh god what you call

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it approval. Like there's all kinds of things that have to do attention affection approval. Okay so

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all of us are getting that constantly from the time that we are born until now and we choose who

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to value that from and you've talked about your parents and all that like so anyway you can choose

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but you most people never become consciously aware of what's happening and so they're the distortion

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of their lens happens slowly over time in ways that they simply recognize mistakenly as objective

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truth. So they think they see the world as it is not through the warped lenses of their frame of

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reference. Now once you realize that you can change the way the lenses warp the world now you can

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start to shape your lenses based on action outcome. I did a thing and it had this outcome and so it

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all becomes about your ability to predict the outcome of your actions which is and we will get into

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sort of the physics of making money but to me that's all about the ability to predict like what

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tests to run and how to interpret the tests and all that. So it ultimately boils down to your

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frame of reference and if you don't get your frame of reference right the world will be so warped

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you will not be able to predict the outcome of your behaviors most people end up in the mistaken

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loop of my emotions are the the correct which one needs to define and they don't my emotions are

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the correct response to this stimulus even though it does not leave me towards my goals and they

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spend their whole life spiraling in emotion and that's why they're never able to get out of it and

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begin to polish the lens in a way that actually gives them something useful and what you're saying is

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none of that fucking matters all that matters is whether they do the thing that's going to yield

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the outcome or not. I think it just I think it just saves a lot of time and a lot of because when

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we try to name these emotions like you know what am I feeling I'm kind of it's like this whole

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conversation of not this but like that self conversation it's like what is that accomplished until

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you then decide to do something in real world like nothing matters and from an outcome perspective

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but I'll just share something with the audience because I have a my my first really big viral video

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was me just talking about like what how you scale companies and I first thing I talk about

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scaling the entrepreneur and I have four frames that I go through in the in the video and I used to

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believe that entrepreneurs get limited by skills with this is this is what I used to believe which is

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skills character traits and beliefs those are that's what I used to say I now believe that

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character traits are another way of saying when this happens they do this which is trainable which

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makes it a skill and then beliefs are when they are presented with this information they then make

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this decision which is yet again another thing that can be trained because if you can learn it

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and it's a skill which means it just comes to as I see the world it just comes down to skills and

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just because it's harder to define charisma because it might be 20 things because we have a term

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that buckets 50 behaviors or whatever it is just because it's harder to describe doesn't make it

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not a skill and that's why like the soft stuff in business like we probably agree that the soft

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stuff matters a ton in building a big company the culture right McKinsey did a big study on this

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playlist I said a lot more than I do because she's on the on the people side but in a normal business

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two out of three strategies fail like new initiatives fail in businesses where they have the soft

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stuff down one out of three strategies fail so two out of three succeed so you get twice the

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percentage likely to success on big strategic initiatives if I guess why why is beyond me I that

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that was just that was the yeah I don't get it about that yeah I don't get into because it's right

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it this is that yeah but dr cashews my my closest friend like a brother he jokes about he he

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obsesses about why things work I just care that it works and so anyways to circle back on this is

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that people consider like leadership to be like a foo foo or like communication skills it's like

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soft stuff right sales metric you know like we have all these metrics driven things versus this

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and it's just because it's harder to measure doesn't make it less important and that was that

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was a big realization for me is that it was just because it was harder for me to measure

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but it doesn't make it less important and so these skills that we're talking about we try to find

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ways to measure them by saying when I'm when somebody walks like I'll give you an example with our

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video team we realize that we have much better direct camera work for our content if because we

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have we're like man we have this one guy on our team he's so good to film with and some of the

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other guys are just like not as good I'm not like as amped about it like why is that so we could

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control the things that we're going to walk into the into the video session with like okay am I

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did I sleep well did I you know all that stuff if that's controlled and I still change then I

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mean there's something in the environment and so we then observed actually to be fair we asked

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the the superstar to observe what are the things you're doing and so we noticed that while he's

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while he's filming he's like yeah he's like yes this is awesome and so we said write that down

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and then what else do you do it's like oh I I write down questions while you're talking while I'm

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so he had to be able to multitask so he had to bob his head while we're talking and write down

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follow up questions for what we were saying and so then all of a sudden it became this continuous

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flow of consciousness with literally constant reinforcement while we were filming visually

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and so then we gave that SOP to the other people on the team and all of a sudden filming with them

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was way better and so people were like he's just got a great vibe it just means that we don't know

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how to describe all the little behaviors that that person does and and say when I start talking

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not your head real right and when when there's something that you don't understand write it down

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and ask me because I mean somebody else doesn't understand it too and it makes for great content

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oh right and so we had this big list and then now we operationalized what it's like or what

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what behaviors you have to do to become somebody who's good behind the camera which means it's a

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skill that can be learned like charisma like patience like confidence like whatever and so boiling

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down that way has just demystified the world for me and just made it a lot easier to navigate

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because I don't have to spend 90% of my time trying to figure out why I'm doing whatever I'm doing

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all I care about is whether I do what I need to do to get the outcome and if I do the thing and

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I don't get the outcome then means there's another variable that I have in control or I don't

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understand and if you know in the words of BF Skinner if many variables are present many variables

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must be studied so sometimes we want to oversimplify it but like there might be 10 cues in the

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environment that create a banger session but if we have nine is it better than the last one that

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had three probably and so then we just make progress in that way okay so this is your superpower this

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is the thing that dude I just look at you in awe this it's really really incredible what you do

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and I am so grateful to live on the timeline where the internet exists and someone like you with

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this insane ability comes out and just creates all this content you know what I am as obsessed with

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learning as you are and so yeah it's just incredible and to never stop learning is is the great

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gift of being human okay so the thing that I think that you're just unreasonably good at is

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taking a very complex problem that maybe I'm spending too much time and the why is this happening

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and you're just skipping past that and you're going okay I'm going to break it down into these do this

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when this happens do this when that happens do that I'm going to try to get to the physics of

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business through a weird question but keep in mind for anybody watching this that doesn't know my

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story I've been in the world of entrepreneurship for over 20 years I've had some pretty incredible

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success so this is a this is a well educated question from I've been in this for a long time

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so it's going to seem like a weird angle to attack it this is for the audience more than you

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hang with me because if we really can dissect this I think it will help people understand the

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magic thing that you do you rewrote your book completely four times something happened when you

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read it the first time the first time that you realize I have to start over completely yeah that

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thing whatever that was I promise you the chills just thinking about it that is the thing that makes

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you good at business and so I need to understand what abstract use the book as an example but I want

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people to understand this is an abstracted version of something very important which is you were able

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you did a thing yeah I'm guessing you had to do the thing in order to find the part that wasn't

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right but you were able to then identify that part reconceptualize get more intelligent as you

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did it again it's what I call the physics of progress yeah but like what your ability to learn

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and break into constituent parts is is the thing certainly I want to learn from so when you reread

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what you first wrote what clicked do you remember well I got feedback so I sent the first which

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was really the first draft that end up sending to people was v nine of the book had you rewritten

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it all over how many times you rewritten about that so that was like I had gone through I mean I

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start back at the top I read it everything again start back the top without feedback correct that's

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the one I want to know about okay the first time you read through the book now I have to

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re conceive of the whole approach yeah what happened in that moment it wasn't clear or wasn't

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simple enough that's that's it like and I like to use this example because it might make sense for

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a lot of the audience if I were to say edit a sick assume you know how to edit videos just for

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the the simplicity if I said go edit this video someone might edit it and I said get you know

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edit this video in 30 minutes and they edit this short clip and they give it back to me and I say

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okay if I give you two hours what else would you do and they're like oh I might do this I might do

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this I might do this I might do this I might okay go do that and come back they come back and I'm

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like okay if I give you two weeks for this 30 second clip what else would you do like I might

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reimagine the entire thing and actually lay it out in this way it would take way more time but like

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I think it would actually still be better it's like cool do that and they come back and then when

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there's no more loose from like what else could you do to make this better at that point to me the

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work is done I have exhausted my level of skill and understanding like I can't make the leads book

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better at current now I'll bet you in a year I'll think of some things that I could have used to

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make it better but at present moment there's nothing that I can think that I would either cut

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or add in or break down or add a visual for or lower the reading level on to make sure that

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everyone would understand it and so whenever I have those like it's like a hang now you know

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I mean it's like this little splinter or I'm like this could be better does it start with a feeling

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or with a fact it's a good question I don't know I think I read something and I think that wasn't

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as clear as it is in my head so what's the discrepancy like this term is confusing or this phrase

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doesn't make sense or I need to break this into a paragraph or whatever it is and honestly it's

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just doing that like it took me it's funny I had this this cover letter that I was going to include

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in every book and it was one page and I think I put 25 hours into the one page and it's it's

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interesting because people hear that they're like that's crazy I'm like to me 25 hours doesn't count

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as one unit of work yet thinking hundreds did you got it yeah 100% and so I ended up actually not

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using the cover letter which is even more ironic but when my team saw how many iterations went through

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it I was like every single person will read this part now chapter you know the last chapter in the

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book maybe it's 20% or maybe it's 13% or whatever it is we'll get to the last chapter but the first

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page every single person who reads the entire book will read that page every person who reads half

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the book will read that page every person who reads only the first chapter read that page and so

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it's like if anything I should put more time into that but I approached just about every page of

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the book that way it was just that my team was able to see it on one page publicly and so that's

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we wrote we wrote my editor Dr. Cashy wrote the book because we wanted it to be around

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in 100 years and so that was the frame was like it has to be it has to work now and the easiest way

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to know if it's going to work in 100 years is does it work 100 years ago could someone 100 years

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ago read this book and it still helped them advertise better because I'm going to read this book

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a hundred years ago and help them make and offer that more people say yes to if the answer is yes

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then we pass that limit test and that's actually really hard it's a very simple sentence to say very

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hard to do especially when you're talking about media content platforms like all of these different

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things and so I think it's having an exceptionally high bar for what you what you want to do and having

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been rewarded in the past like if this had been my first book it wouldn't have been as good

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but offers was my first book and I wrote offers in one fifth of the time as it took me to write

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leads because you didn't hold yourself to as high of a standard because you knew what better

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looked like I'd never been rewarded for writing a book before and so once I was rewarded the

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amount of time I'm willing to put towards something to get rewarded again extends so it's like

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intermittent reinforcement from a behaviors perspective like that's how you get addicted to

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the slot machine whatever it's like you reward the first time immediately the next time reward

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in 30 seconds the next time humans have a have a longer attribution than dogs do just for context

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but you can continue to extend reinforcement until eventually you can eliminate it in the

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and the behavioral process which is kind of cool which is very cool yeah okay I want to know what

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you're apologizing for okay so we're at the beginning of it will hopefully be magically delicious

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breakdown of how Alex from Ozzie hermosie is this thing yeah okay so what I took away from that

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is that step one is going to be start with the goal so when I think about business

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you need to understand what your goal is because you're and this this goes for life as well

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boys and girls if you do not have your north star if you don't know what is guiding everything

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then you're going to be a drift and so when you think about you and okay this is definitely me

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putting my language on you here's how I experienced that first moment I read something and something

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feels off so for me it always starts with a feeling yeah but I know that feeling translates into a

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fact and so I'm going to try to find the fact yeah and so you were saying this isn't as clear as it

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could be and so now you have this north star I'm trying to write a book that's going to be around

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in a hundred years again I'm I'm maybe connecting dots that don't line up and so you'll correct me

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anywhere I go wrong we've got the idea of the the guy with the one goat who's sleeping with this

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under his pillow which dude you cannot imagine how much a that makes me like you even more than I

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already did and be that's so important for people to have like a person that they're thinking about

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that will make all the fight worth it okay so be around in a hundred years the guy with the goat

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needs to really understand this I read it and because I know what my goal is I have a feeling

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a trained feeling that something is off that's my again this is me I understand you're different

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this is my feeling is my subconscious speaking to me it's already picked up on the problem I can feel

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it and I'm going to translate that into something what I really need people to understand is you're

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going to take all of Alex's advice and you're still going to fail and the reason you're going to

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fail is because you're not yet good at the thing that you're good at which is finding the fact

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and saying oh this is the very thing that's broken now as you have said so I'll just channel you for a

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second you're you're going to suck at this for a while but don't worry just keep doing it and you

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will get better at identifying the fact okay given how much you're nodding gonna assume so far

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I'm on the right track here so how do you yeah exactly right how do you identify that fact so what

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is is it just repetition you've just done it a thousand times so you can either have basically it's

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got contingency based reinforcement which is the environment corrects you right you put the thing

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on the market no one buys it no one watches it whatever it is right the other is that you get feedback

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from somebody who has more knowledge than you and so you can either have a person give you direct

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feedback on you know listen to your sales calls as hey you know try this next time and ideally that's

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where the feedback loop is like if if I had have a one-on-one somebody and I give them that feedback

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a week later it's much more powerful to be there an hour after the call like the moment the calls

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over and even more powerful if you're sitting there with them and you can be like

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sound like this and then you get the feedback loops way faster because they'll remember it because

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will be in the moment of trying to learn like so if we're trying to teach sales I'm gonna come back

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but if if we're trying to teach sales because we've got three brick and mortar chains in our portfolio

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teaching frontline sales like very transactional like front desk walks in go here whatever

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if you train them off site which is what most companies do then they will remember it better

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off-site than on-site so you want to train them in the environment that they have to do the behavior

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because they'll have environmental cues while they're learning just like if you if you study for

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a test if you can study in the actual trade that you're gonna take the test and you'll remember more

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of your answers what oh for sure what yeah if you've ever been on the phone and like had some

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conversation and then you walk the same path a week later yeah as you see a tree you're like oh yeah

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I was thinking about because it's because you learn and you have to write a geography that's

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interesting actually now that you say that that makes a lot of sense I wonder if it's different

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for guys I don't want to derail us yeah okay guys have spatial memory yeah interesting all right

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step one will start with the goal we went through that identify the fact yeah okay how we get

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contingency versus versus individual so either either your environment gives you that feedback

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because it didn't work or somebody who knows more and has done it before multiple times can

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recognize the pattern for you so when you say like find the fact I would have just only think I

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would have maybe tweaked on the earlier preface was the feeling is because of pattern recognition I

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know this isn't right because it hasn't been right it looks like something that hasn't right again

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in the past and we always have something called successive approximation so like success of successive

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approximation right like girls named Tiffany are crazy right and I mean a second girl named Tiffany

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blowing up the feed right yes second girl named Tiffany also crazy but looks different but I'm like

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wait a second I know Tiffany's you're all crazy right like so you have a successor like you learn

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it's a silly example but that is like that's how we can generalize learning and the bigger the more

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depth you have in terms of the principles around any skill the more you can generalize learning

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from one thing to another okay that makes a lot of sense pattern recognition huge getting people

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to help you short circuit that huge okay so getting into the reinforcement yeah what I want to

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understand is how I'm gonna ask it and then we'll see if I think I know the answer but the real thing

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you're trying to figure out when you're doing the testing is what would need to change in order for

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this to work yeah the reason I say it like that is because the language I would have naturally

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used is why didn't this work yeah but you don't care about why you just want to know what would I

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have to change in order to get this to work how do you we'd use experts if they're available sure

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but if we're just testing let's say we have to brute force this how do you go through that you

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I've heard you say the number of tests that I thought we're gonna crush and they just absolutely

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tank so you you thought you had it and all you get is an answer says no so all you have is no yeah

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how do you turn that know into a new action item yeah so I think it's breaking down didn't work

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from binary to a continuum so it's not it didn't work it's it didn't work well enough and so that's

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a huge one when it comes to like running ads making cold call whatever it is to get customers

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whatever you want to do it's not yes or no it's how well right that just says it's a it's a

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easier frame and so then you have to go at least from my perspective you break it down to first

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principles of okay what has to happen for someone to buy it's like well that's just a whole

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lump of psychology right there behaviors they have to see it they don't see it or hear it they will

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not buy it because they won't know you exist okay that so and that luckily like within the marketing

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world because that's what the book is about is measurable like did the impression get displayed

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did the email get delivered that is you can see that on any any platform the next one is like

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did they engage with it so that's a behavior they engaged which would be they opened the email

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or they open the email and to click the link inside of my email they click the ad to then get to

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you know the landing page whatever it is so they engaged to a degree the next you know the next

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thing is that they're going to like in order for me to contact them in the future then I need to have

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some way to contact them so they have to give that to me if I don't already have it like an

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outbound thing you'd already have their contact information you want to reply if you're running an

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ad then they need to give you the contact information so that you can reach out to them but it's

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really breaking down forget what they think forget what they feel like I I wholeheartedly reject

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the like there are seven stages of awareness it's like how the fuck do you know

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well they have to have a desire and then it's like how many people have bought things without

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desire tons only knows that when they see this thing they take their wallet out and they purchase

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period right and the same thing with like a sales script like I truly believe that if you knew

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every single variable that it took for somebody to buy you get 100% of people to buy now the problem

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is that we don't have every variable every time for every person and so we do the best approximation

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we can to hit as many of those piano keys to get them to purchase right and so that is how I

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that's how I approach all of them whether it's you know what do I figure out with the cell which is

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the offers book who do I sell it to which is the leads book and then you know future books will

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answer one singular question and the leads book was fundamentally like in the reasons called

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leads instead of advertising is because I test advertising versus leads and leads be advertising

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even though the book is fundamentally about advertising and to define advertising it's the process

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of making known and so did I make it known great I advertised like she advertised the shoes with

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that guy all last night like she met she let it be known right she made people aware and so there's

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only four ways you can do that right you can do one-on-one you can do one to many like I can tell

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you one-on-one an environment or no else can see me or I can put it on a bulletin board worked

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a thousand years ago works today and then I can do that in public or I can do that in private

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so you've got sorry I just repeat the same you can do that to people who know you and people who

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don't know you so you've got one-on-one to people who know you which is one-on-one which is called

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reach out you've got one to many to people who know you which is making content to your audience

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and then you got one to one to many to people who don't know you which is paid ads you rent

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other people's audiences and you display your thing you let them know about your stuff and so break

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it down that way like there's no other way that someone will buy unless they find out about

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period fight me know it like no one can fight that and that's basically what the process of

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writing these books comes down to is I want to make a series of statements that are that are

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beyond reproach so that no one can argue with them like you you cannot get someone to buy unless

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they have given you a way to contact them so like you walk down that that logic tree and then you

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figure out which of these didn't happen so I ran an ad and I didn't make money well there's

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like a hundred things that have to happen between then between them seeing and then giving you money

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so we just look at and we start at the front because if you don't get to the third step

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there's no point in trying to fix the third step because you haven't gotten people to even click

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and so the first thing you know we'll talk it was like how do we create a hook how do we create

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a headline that people that will capture someone's attention that's it and then from there

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it's like if you master that part or get good enough at that part then you move to the second part

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and I this is worked very well for me because then it demystifies the concepts of success and I

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stop judging myself as being a good or bad it's just like how likely is the thing that I did here

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get them to move to the next step okay how likely is it if I show this thing they get to move to

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the next step and you just keep going until eventually you're like oh wait I made money

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okay and then you have all the the pieces together and then you do as many times you can

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all right it's going to actually first let me address something so to say things that are

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beyond reproach that's what you said I want to make sure that I'm saying things that are beyond

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reproach to me it's like another way of saying it's got to all be first principles 100%

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cool makes sense so you're trying to boil things down to this is true does not matter what people

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say thing believe that it just is true okay that I think is critically important for anybody that

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wants to scale a business um you believe that we live in a deterministic universe okay I actually

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don't even know what that means okay so cause and effect pure and simple bill your balls bouncing

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around a table yeah that behaviors are the the cause of a behavior is knowable uh I wouldn't

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I'd say there is a cause of the behavior I don't know if we can know it necessarily we can try

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and control as many of the environmental factors but I don't know if we can say this is why

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well I'm trying to avoid this okay yeah yeah and get to uh if if the cause and effect god

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is that a pure why okay for for Alex I'm going to disagree with you violently based in your own

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principles uh the none of what you do would work if it couldn't be known what you needed to do to

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elicit a given response otherwise everything would be entirely random and so what I think you know

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and what makes you so good at overcoming sales objections is that you know if I can get them

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oh god I don't know how you explain it so it's between knowing why and knowing that

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so this is cool I just care about that and so this conversation I know that if I say these 12

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questions when this person walks in the door the likelihood that they will buy is 38 percent

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do I know why they buy no yeah I know that if I do these things this will happen perfect deterministic

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okay so uh uh that that helps me to understand how you go about doing this so it seems to me

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what you are doing is you were trying to map behavioral cause and effect which is why at the

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beginning of the episode you've been said I'm really into behavioral

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technologies the behavioral psychology perfect uh a personal obsession of mine because I also

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believe that we live in a deterministic universe which calls into question free well we're

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gonna set that aside for now yeah uh and so it totally does do you think that free will exist

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less and less by the day yeah I think eventually we all get to the point where it's like

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it can't yeah then you get into very interesting questions about morality yes right which we

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won't get into correct at least not now maybe at the end of it it's okay if you kill somebody if

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it's temporary insanity but if it was premeditated it's bad but to what so where do we draw the line

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of okay that means that there was environmental conditions that made this person act in this way

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they wouldn't otherwise do but it's like were they're not environmental conditions that created

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the person that that trained these behaviors that then created the murder correct i'll just

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but now as as marketers if if we can understand maybe money right if we can understand

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what triggers behaviors yeah now now the you can truly predict an execute because ultimately

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that's what this game is and the feedback loop that I think people either know about you or

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intuit about you is that you're really good at this process I did a thing it did not yield the

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results that I wanted and I was very shrewd about the next thing that I tried and getting people

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shrewd about because there's going to be 10 is really 10,000 there's going to be a lot of things

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you could do when the first thing comes back and you only got 38% of what you were looking for

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and you want to get as close to 100 as you can so being able to do the next most logical thing

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logic as defined as I have a goal and this is the thing most likely to get me closest to it

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the ability to do that rapidly yeah I will I don't know if you'll agree with this but I'll

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add bolt-on to your definition of intelligence okay that if your you said the rate of which you

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change your behavior is is the definition of intelligence I will say the the rate at which you can

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identify the the most meaningful next step or the most likely to be successful next step is also

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intelligence not that that really matters but this is the game people are playing and this is chunks up

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what does that mean so the rate so learning is defined by similar condition new behavior right

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and so if I have a fast rate of learning means that I have a new behavior that I do in that

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condition the only way can have that new behavior is have some sort of knowledge so I think it

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chunks up to the same god it got it got it okay I see what you're saying so right so if these two are

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the same idea manifesting in slightly different ways as you come back down that I think is what

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people are learning from you and why you're so effective so the the question becomes do you have

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a methodology for identifying the next most useful test to run or is it true this is all just

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going to come back to the same answer experts and repetition it is and then I did try to create

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an operationalized version of that from a funnel perspective because I realized that some people

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don't have the money or whatever to test more times than you did you know succeed faster

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and so I operate off the theory of constraints meaning that every system is constrained in some way

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and then if you simply identify what the constraint is and deconstrain it it will grow until it's next

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natural constraint can you give me a concrete example let's say you you've got a Shopify store that

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sells coffee mugs and you spend a thousand dollars a month and you make three thousand dollars back

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on on the mugs so the constraint of the system at some point will either be I run out of mugs

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that could be the constraint it could be that I just need to spend more money because that might

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be the constraint today and then I spend enough that I run out of mugs where I spend enough that my

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cost per impression exceeds my profit because I go to colder and colder audiences so then the

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constraint there might be like I need to build a brand or I need to get trusted sources to increase

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the like that increase the awareness let more people know about my stuff so that when they do see my

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add they're more likely to make the purchase and so it's really being able to accurately identify

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what the constraint is and so for me when I walk this through the book I said usually the constraint

388
00:35:04.960 --> 00:35:14.320
that I will focus on in a funnel is usually the one that has the largest incremental has the largest

389
00:35:14.320 --> 00:35:19.440
the root put difference with the smallest incremental change and so it's like if I have

390
00:35:20.720 --> 00:35:26.640
you know 50% of people who are scheduling 30% of people who are showing or let's say 25% of people

391
00:35:26.640 --> 00:35:32.320
are showing and then you know 30% of people are closing it's like okay if I'm looking at these

392
00:35:32.320 --> 00:35:37.360
things which one am I going to attack well I'll probably attack the 25% show rate because if I get

393
00:35:37.360 --> 00:35:43.920
at 10% or 25% increase just for math sake I would double the throughput if I increase my

394
00:35:43.920 --> 00:35:49.680
schedule rate from 50 to 75 which is a 25% increase from an absolute perspective I would only have

395
00:35:49.680 --> 00:35:55.360
a relative difference of 50% so I would make I would get more bang from my buck by focusing on the

396
00:35:55.360 --> 00:35:59.600
constraint which is the one that the smallest incremental improvement increases the throughput the

397
00:36:00.080 --> 00:36:09.280
and that you can use math to find out yeah this is this is business for people listening so my

398
00:36:09.280 --> 00:36:15.280
obsession is helping people understand how to solve novel problems not problems you've never heard

399
00:36:15.280 --> 00:36:19.680
of before problems no one has ever heard of before and this is where you have to get down to

400
00:36:19.680 --> 00:36:24.240
first principles thinking anything that can be turned into math should be something that we talk a

401
00:36:24.240 --> 00:36:29.600
lot about here oh cool yeah so because then you're pulling it out of the realm of emotions I know

402
00:36:29.600 --> 00:36:35.600
I've been talking a lot about emotions but I'm only trying to identify that as a as a predictive

403
00:36:35.600 --> 00:36:41.840
mechanism for the next thing which maybe just where you and I don't see the world the same so for me

404
00:36:42.720 --> 00:36:50.720
to understand what the next smartest thing is you think you think behavior what's the behavior I

405
00:36:50.720 --> 00:36:55.760
need to do that may be more useful and I will really be thinking about this after this discussion the

406
00:36:55.760 --> 00:36:59.120
way that I've always thought about it is if I can understand the psychology in that moment I'll be

407
00:36:59.120 --> 00:37:04.320
able to predict the behavior right so maybe waste of time or maybe necessary maybe you intuit it I

408
00:37:04.320 --> 00:37:10.640
don't know time will tell in that but it's it's very very interesting okay so people are

409
00:37:12.560 --> 00:37:18.000
they need a rubric by which they figure out what the next thing that they need to test is you've

410
00:37:18.000 --> 00:37:22.480
just offered one which is to understand the limiting factor when you understand the limiting

411
00:37:22.480 --> 00:37:28.560
factor then you're able to think mathematically and remove said limiting factor or at least know

412
00:37:28.560 --> 00:37:36.240
where to approach that problem I think that's incredibly helpful as so when you're explaining all

413
00:37:36.240 --> 00:37:43.200
this I your business model at acquisition.com is a pure understanding of even though you're

414
00:37:44.160 --> 00:37:48.880
even though you're willing to give all of your secrets away there's still going to be a gap

415
00:37:48.880 --> 00:37:55.600
in execution why why are you better at this than most people I've done it more times that's it

416
00:37:55.600 --> 00:38:01.440
yeah really believe that yeah I've done it a lot of times I think that's a big part of it and

417
00:38:01.440 --> 00:38:04.320
then I think that there are elements that we have that are kind of competitive modes which we

418
00:38:04.320 --> 00:38:09.360
purposefully set up like we were building this brand so that we can attract the best talent so

419
00:38:09.360 --> 00:38:13.920
like if you have let's say a chain of nail salons right which is a company I'm looking at investing

420
00:38:13.920 --> 00:38:20.560
in right now so if you're listening to this you're great love your company and so you have a chain

421
00:38:20.560 --> 00:38:27.040
of nail salons and you will probably struggle to get a plus talent to go to that I will not struggle

422
00:38:27.040 --> 00:38:32.160
to get a plus talent to place for you because they will want to work in an acquisition.com company

423
00:38:32.160 --> 00:38:35.280
because they know there's a huge backing behind it they know that we're going to be shooting big

424
00:38:35.360 --> 00:38:39.120
we're going to try and do big stuff and they might think the founder might be a first-time

425
00:38:39.120 --> 00:38:44.640
founder of getting to business at that size but we are not and so they have a higher likelihood

426
00:38:44.640 --> 00:38:47.920
we if they have a higher confidence that we will help the business grow to a much higher degree

427
00:38:47.920 --> 00:38:51.840
meaning that their career can grow they have more opportunities it'll build their resume all

428
00:38:51.840 --> 00:38:54.880
that kind of stuff and so from a competitive mo perspective we're able to get better people and if

429
00:38:54.880 --> 00:38:59.680
we get better people we build better companies and then that becomes a flywheel because the more

430
00:38:59.680 --> 00:39:04.080
companies we take on the more we grow the more success stories we have the more talent wants to come

431
00:39:04.080 --> 00:39:08.000
and it just continues to feed itself and that's something that continues to compound in time

432
00:39:08.000 --> 00:39:12.800
and that's purposely built as a long-term competitive advantage okay talk to me about leverage

433
00:39:12.800 --> 00:39:17.280
I think that's an important part of this puzzle so there's a couple moments in your story around

434
00:39:17.280 --> 00:39:24.560
leverage one is is the guy that told you hey you shouldn't be in the gym business you should be

435
00:39:24.560 --> 00:39:29.120
teaching people how to do this and then the other moment at least for me on the outside

436
00:39:29.680 --> 00:39:34.160
was when you realized I'm not going to help these guys launch their businesses so I'm going to

437
00:39:34.160 --> 00:39:44.240
sell them the course that I put together what's the what is leverage why does it matter and how do

438
00:39:44.240 --> 00:39:49.920
people get some okay so first off just for the just for the audience it was much closer to

439
00:39:49.920 --> 00:39:54.960
a franchise than a course so it was a licensing model so we had it was more it was closer to licensing

440
00:39:54.960 --> 00:39:58.320
plus services than it was of course just because it would just do it we don't even sell courses

441
00:39:58.320 --> 00:40:02.320
so like I think that that's because there's a lot of people in that space that follow my stuff

442
00:40:02.320 --> 00:40:07.440
and so they make that assumption which is fine and I only set the record straight for for clarity

443
00:40:08.400 --> 00:40:14.400
beyond that leverage as we define it is the difference between what you put in and what you get out

444
00:40:14.400 --> 00:40:24.320
and so if I and it's volume times leverage equals output so it's how many times you do something

445
00:40:24.960 --> 00:40:31.680
times how much you get for each time you do it equals output so if I do 100 sales calls and I have

446
00:40:31.680 --> 00:40:36.960
no skill then I will get fewer sales then somebody who does the same hundred sales calls and has

447
00:40:36.960 --> 00:40:42.960
much higher skill so skills create leverage you get more for what you put in at a simple at a at a

448
00:40:42.960 --> 00:40:47.680
basic level but it works with anything so if you're trying to invest it's like if I can invest a

449
00:40:47.680 --> 00:40:51.120
smaller amount of money and get a bigger return than I have more leverage right the reason debt is

450
00:40:51.120 --> 00:40:56.320
considered leverage is because you can put 20% of the cash in and get 80% as a loan by building

451
00:40:56.320 --> 00:41:00.160
five times bigger than you normally could so you get more for what you put it and so

452
00:41:02.320 --> 00:41:06.640
there are degrees of leverage and this is wholeheartedly taken from DeVal and I'll probably have

453
00:41:06.640 --> 00:41:10.000
to think more about it because I haven't written the book on leverage yet so I'm borrowing

454
00:41:10.960 --> 00:41:15.280
but I remember it as the four C's he has different words for it but you've got collaboration

455
00:41:15.280 --> 00:41:20.960
capital code and content those are the four C's of leverage like we make this video

456
00:41:20.960 --> 00:41:25.600
right now we make this podcast and we put X amount of effort in but we get unlimited upside

457
00:41:25.600 --> 00:41:30.080
on it many millions of people can see it or one person can see it but we get more for what we put

458
00:41:30.080 --> 00:41:34.880
in the better and better we get at this code you can write you can write an app one time and then

459
00:41:34.880 --> 00:41:41.280
unlimited amount of people can use the code or use the app collaboration is I say okay I will now

460
00:41:41.280 --> 00:41:47.600
teach 20 guys to sell and I will get 10 times the output that I had if I were selling and so I

461
00:41:47.600 --> 00:41:50.480
might not take any sales calls but make more sales than anybody else does because I have more

462
00:41:50.480 --> 00:41:56.720
leverage and so a big you know through line of the leads book is there's the core four which is

463
00:41:56.720 --> 00:42:01.120
the first four things that I explained to you one on one to many strangers and friends or people

464
00:42:01.120 --> 00:42:05.840
know you people don't and then the other four to the four lead getters people who let other people

465
00:42:05.840 --> 00:42:10.160
know on your behalf which by their very nature have more leverage because you don't have to do it

466
00:42:10.160 --> 00:42:14.560
so if you can get your customers to tell other customers about your stuff using the core four

467
00:42:14.640 --> 00:42:18.000
because they also have to use that like a customer can only tell a customer by telling somebody

468
00:42:18.000 --> 00:42:22.560
through a more leverage posting content about it running an ad unlikely and doing code outreach

469
00:42:22.560 --> 00:42:27.600
also unlikely but they could do one of those four things and that's complete that completes

470
00:42:27.600 --> 00:42:34.160
the advertising cycle so you do something to get a lead getter who then does the core four and

471
00:42:34.160 --> 00:42:39.520
around and around you go so I could also make ads to get affiliates who then run ads to get

472
00:42:39.520 --> 00:42:45.600
customers for me but if I go and let's say I spend all my time and I get 10 sales a month of

473
00:42:45.600 --> 00:42:51.360
customers right and let's say each customer is worth a thousand dollars to me great I'm going to

474
00:42:51.360 --> 00:42:58.080
cap at 10 thousand dollars a month if I use the same effort of marketing and sales and I sell

475
00:42:58.080 --> 00:43:02.720
10 affiliates so still still same number of conversations same number of humans but I sell 10

476
00:43:02.720 --> 00:43:07.920
affiliates per month and then those affiliates each month after that get me one customer each

477
00:43:07.920 --> 00:43:11.360
well then the first month I'll get 10 thousand dollars because each one of those guys got me a

478
00:43:11.360 --> 00:43:16.080
customer but then I'm still going to work and get another 10 affiliates next month so then next

479
00:43:16.080 --> 00:43:21.600
month I'm going to have last month 10 plus this month's 10 so now I'll have 20 new customers

480
00:43:21.600 --> 00:43:27.920
and I do it again I have 30 new customers and so I am using the same amount of work to get more

481
00:43:27.920 --> 00:43:32.800
customers than I divide I directly went through it and so that is that is a basic example of how

482
00:43:32.800 --> 00:43:40.800
leverage works within the context of advertising to get customers in a business so what is the

483
00:43:42.320 --> 00:43:52.400
what is the way that you think about constructing a business or the way that you're going to

484
00:43:52.400 --> 00:43:58.160
structure something so when I first asked that question about leverage you you said something

485
00:43:58.160 --> 00:44:02.880
really interesting which was hey I just want to point out to everybody that that's a licensing

486
00:44:02.880 --> 00:44:08.000
model yeah meant something to you to make a distinction there yeah which I have a feeling there's

487
00:44:08.000 --> 00:44:12.720
there's a little bit of Hormosi sauce in there that we would all benefit from understanding

488
00:44:12.720 --> 00:44:19.520
what what drove that decision why does that matter to you you mean saying that

489
00:44:20.400 --> 00:44:25.680
structuring the business to be so this is exactly what went through my head when you said that

490
00:44:25.680 --> 00:44:32.320
was oh shit like he actually had a more keen moment of understanding then has come across at least

491
00:44:32.320 --> 00:44:36.880
I mean I've heard you tell that story multiple times and I've heard you say oh it was a licensing

492
00:44:36.880 --> 00:44:40.240
thing but it never I don't know it never landed for me but this time I realized it really meant

493
00:44:40.240 --> 00:44:46.720
something to you so there was a keen insight there what what was the keen insight why why do it

494
00:44:46.720 --> 00:44:49.680
as a licensed model instead of just saying oh this is the course go use it

495
00:44:50.640 --> 00:44:55.840
hey most in Asian quick break just to let you know that we've been starting to post on

496
00:44:55.840 --> 00:44:59.920
LinkedIn and want to connect with you all right so send me a connection request and note letting

497
00:44:59.920 --> 00:45:03.520
me know that you listen to the show and I will accept it there's anyone you think that we should

498
00:45:03.520 --> 00:45:08.640
be connected with tag them in one of my or layless posts and I will give you all the love in the world

499
00:45:08.640 --> 00:45:16.800
all right so let's get back to the show if we added assistance and services where we would maybe

500
00:45:16.800 --> 00:45:22.080
run the ads for them and we would train their sales teams which we do and we would give them

501
00:45:22.080 --> 00:45:26.560
the ads to run for their local area and we would help them build the landing pages to attract

502
00:45:26.560 --> 00:45:32.560
customers and we would give them the white label you know meal plans grocery list for food preparation

503
00:45:32.560 --> 00:45:37.600
you know instructions for their clients if we do all of those things then we would increase

504
00:45:37.600 --> 00:45:44.800
the likelihood that they would succeed and make more money and I can charge based on a fraction

505
00:45:44.800 --> 00:45:49.840
of the value that I can produce for the majority of my customers and so if the average so right

506
00:45:49.840 --> 00:45:56.480
now Jim launch total company still continues to grow the average Jim Lord which is what we call

507
00:45:56.480 --> 00:46:04.880
the community Jim Lord Lord yeah learning the average Jim Lord adds $200,000 I have to know the

508
00:46:04.880 --> 00:46:13.440
metric a lot yeah adds this is it there you add $200,000 a year to their business and $100,000

509
00:46:13.440 --> 00:46:18.960
that's profit there there that's what the math is so the average Jim Lord adds $100,000 a year

510
00:46:18.960 --> 00:46:25.520
in profit things a little bit more like $1,18 whatever and we can charge a percentage of the increase

511
00:46:25.520 --> 00:46:30.480
net profit that we are help we are able to help them generate on average and now we have to usually

512
00:46:30.480 --> 00:46:36.160
charge a significant discount on that because half the people are going to be below the average

513
00:46:36.160 --> 00:46:40.720
so for the people who are for half them it's an even crazier deal you know they pay for the

514
00:46:40.720 --> 00:46:47.200
license model they don't have to spend money to test ads we would say we already spent 50 grand

515
00:46:47.200 --> 00:46:51.920
in 20 markets these are the winning ads this month and they could just run them through the system

516
00:46:51.920 --> 00:46:55.600
and then just collect the money on the other side and so they get the speed and they don't have to

517
00:46:55.600 --> 00:47:00.320
have they don't have to taste the test you know the failed ad test because we would incur that cost

518
00:47:00.320 --> 00:47:05.680
but we're able to distribute that cost at scale so no individual Jim owner could spend $50,000 to

519
00:47:05.680 --> 00:47:10.400
test ads in all these different markets we could and then give it to a thousand Jim's

520
00:47:11.920 --> 00:47:17.600
and so and again from a media perspective leverage we could do that one time and a thousand

521
00:47:17.600 --> 00:47:21.920
Jim's can do it at no incremental cost to us and so it is a very profitable business it still is a

522
00:47:21.920 --> 00:47:25.840
very profitable business all right when you had that moment and I'm sure people know this part of your

523
00:47:25.840 --> 00:47:30.960
story you had the moment where you fucking desperate you've lost everything twice you're scrambling

524
00:47:30.960 --> 00:47:35.440
to make money and you tell the guy I'm just gonna give him a number that's high so that he

525
00:47:35.440 --> 00:47:40.560
doesn't bother me with it six grand he's like yes had you already thought of it as a license model

526
00:47:40.560 --> 00:47:45.920
or you do those first like whatever 150 grand that you made with the seven people or something I

527
00:47:45.920 --> 00:47:49.600
forget the exact details of the story there's like seven people that you'd promised to do their

528
00:47:49.600 --> 00:47:54.720
gym and instead you sell them this model had you already thought of it in that moment as a licensed

529
00:47:54.720 --> 00:48:03.360
play I had I just I think honestly a lot of a lot of the the words around like what we did

530
00:48:03.360 --> 00:48:07.280
came from outside sources because people saw how quickly we grew and we were in a world that

531
00:48:07.280 --> 00:48:11.280
was direct response marketing and so many many people in that world sell courses so they use the

532
00:48:11.280 --> 00:48:16.960
words that they know how to describe something but it was much closer and arguably like significantly

533
00:48:16.960 --> 00:48:20.560
more support than what a franchise does for a franchise and that's how we structured I wanted to

534
00:48:20.960 --> 00:48:26.720
provide more service make them more money for a lower fee than a franchise would and potentially

535
00:48:26.720 --> 00:48:33.120
this is smarter and I'm really my goal in this part of the interview is to help people map the models

536
00:48:33.120 --> 00:48:38.000
that you have running in your head that allow you to do the things that you do because even from my

537
00:48:38.000 --> 00:48:43.680
perspective it's very unique it's very rare you just have a real ability to break things down to

538
00:48:43.760 --> 00:48:49.920
what I'll call the essence of the thing the anybody listening I will tell you right now the

539
00:48:49.920 --> 00:48:54.640
biggest mistake you're going to make is what I'll call a category error people fail to understand

540
00:48:54.640 --> 00:49:00.320
what the true essence of the thing is which I am as guilty of as anybody so I don't put myself

541
00:49:00.320 --> 00:49:04.560
outside of this but have spent a lot of time trying to understand my own failings and shortcomings

542
00:49:05.440 --> 00:49:12.480
so as I'm hearing you tell the story I'm thinking okay one to identify the licensed thing is

543
00:49:12.480 --> 00:49:19.440
very shrewd and so trying to map how you conceptualize the thing feels tied to me to the

544
00:49:19.440 --> 00:49:26.000
the same idea of understanding that an individual gym cannot afford to do the market testing that

545
00:49:26.000 --> 00:49:30.480
you can afford to do and therefore if you do it you now have a moat you have leverage you have

546
00:49:30.480 --> 00:49:38.480
a service that you can sell that is understanding the true nature of the beast do you ever stop and

547
00:49:38.480 --> 00:49:44.640
model the nature of this thing is and then you break into constituent parts yeah what does that

548
00:49:44.640 --> 00:49:54.240
process look like and is it universal or is it nail salon nature of gym nature of yeah I boil

549
00:49:54.240 --> 00:50:00.080
down to something probably hilariously simple which is number of potential units sold times gross

550
00:50:00.080 --> 00:50:06.000
profit that that's and then the you know the tertiary pieces what upfront or capital investments

551
00:50:06.000 --> 00:50:10.400
required to be that would enable that right like if I had if I had to go buy a machine that could

552
00:50:10.400 --> 00:50:14.640
manufacture widgets that have you know phenomenal margins because the value that people get from it

553
00:50:14.640 --> 00:50:18.480
is you know ten dollars and I can make them for ten cents then that's a you know great business but

554
00:50:18.480 --> 00:50:23.360
if I can only sell it to you know one town in Alaska because it's a really unique fishing tool

555
00:50:23.360 --> 00:50:27.200
that only works in their environment there's elements of that that would make it an attractive

556
00:50:27.200 --> 00:50:30.320
business but there's elements that won't so it's like it'd probably be a very small very profitable

557
00:50:30.320 --> 00:50:35.040
business that could not scale nothing wrong with that there's definitely huge place in the economy

558
00:50:35.040 --> 00:50:39.360
for things like that but when I'm looking at opportunities that's what I would that is the simplest

559
00:50:39.360 --> 00:50:46.480
way of looking at it for me is number of potential units sold gross profit per unit and then what I'll

560
00:50:46.480 --> 00:50:51.360
call competitive dynamics as the as the third part which is like if you look at you know cell phones

561
00:50:51.360 --> 00:50:55.520
it's like what does it cost them to add another cell phone to this massive network probably not a lot

562
00:50:55.520 --> 00:51:00.080
is it really sticky yes do people stay and pay for a long time yes okay so there's probably a lot of

563
00:51:00.080 --> 00:51:06.400
gross profit to be made there and how many people need you know cell phone service a lot right

564
00:51:06.400 --> 00:51:10.320
it's like okay so that might be really attractive but the competitive dynamics is that I would have to

565
00:51:10.320 --> 00:51:14.640
have I don't know a billion dollars or I'd have to partner with somebody that will allow me to

566
00:51:14.640 --> 00:51:17.360
white label so this is when you get into the competitive dynamics of like okay well is there is

567
00:51:17.360 --> 00:51:22.080
their value in creating a brand and wrapping on top of an existing solution and say hey I might be

568
00:51:22.080 --> 00:51:26.640
better at marketing sales than you and you already have the infrastructure to deliver cell phone

569
00:51:26.640 --> 00:51:33.600
services to people nationwide or maybe just in this region and I will do what I'm good at and

570
00:51:33.600 --> 00:51:36.880
you deliver on the back end we structure some sort of deal where you know the more volume I get the

571
00:51:36.880 --> 00:51:41.840
more of the economics I get to you know participate in so those are kind of the big three variables

572
00:51:41.840 --> 00:51:47.280
that I look at if I'm just trying to analyze a business in terms of opportunity and the and the big

573
00:51:47.280 --> 00:51:53.440
piece that I think a lot of folks will miss out on is when I say gross profit I'm talking lifetime

574
00:51:53.440 --> 00:51:59.040
gross profit and so that's where like I have less care about recurring versus not recurring you know

575
00:51:59.040 --> 00:52:03.600
if from a and this gets into the push and pull of selling a business or not selling a business but

576
00:52:03.600 --> 00:52:07.280
you know if if a if a company has something that's super recurring let's say it's a service like

577
00:52:07.280 --> 00:52:11.280
accounting or bookkeeping and let's say there's really high you know gross profits on that because

578
00:52:11.280 --> 00:52:15.920
we've automated a ton and we've got some offshore workers doing you know the remainder of it we

579
00:52:15.920 --> 00:52:21.440
have really amazing margins and it's really sticky that could be a super high gross profit business

580
00:52:21.440 --> 00:52:26.000
but at the same time if you're Elon Musk and you sell everyone a Tesla and even if everyone buys

581
00:52:26.000 --> 00:52:32.000
one Tesla that might be still more gross profit than you know the bookkeeping services just as a

582
00:52:32.000 --> 00:52:37.040
completely contrasting example and so I just look at what is the lifetime gross profit and some of

583
00:52:37.040 --> 00:52:40.400
that might be better structured for recurring and some of it might be better structured for one time

584
00:52:40.400 --> 00:52:45.280
transaction and then I know I'm going into like stuff that probably bore the audience but if you're

585
00:52:45.280 --> 00:52:49.920
looking at the business as a product then it then it also becomes you have two customers you have

586
00:52:49.920 --> 00:52:52.720
the customer that you're selling a product to and then you have the customer that you're going to

587
00:52:52.720 --> 00:52:59.360
sell a company to and most customers who are investors who are buying companies feel better

588
00:53:00.880 --> 00:53:06.720
buying something that is recurring in nature because then they feel that the likelihood that they

589
00:53:06.720 --> 00:53:11.040
will continue to make money in the future is higher even if the Tams huge all that stuff they

590
00:53:11.040 --> 00:53:16.800
still feel they sleep better on it and so you get a premium for the company and so that's that's

591
00:53:16.800 --> 00:53:21.760
kind of big picture how we think through what companies we will invest in or at least the

592
00:53:21.760 --> 00:53:26.080
opportunities that we could look at and then from a personal investing perspective is how much value

593
00:53:26.080 --> 00:53:30.720
can we add to that specifically like I probably wouldn't take on a wireless cell phone company

594
00:53:31.600 --> 00:53:37.120
likely but if there's a you know a brick and mortar chain of services that's like med spas or

595
00:53:37.120 --> 00:53:43.120
beauty or you know health and fit like that's my wheelhouse like we know how to crush those and so

596
00:53:43.760 --> 00:53:48.000
it decreases my risk because I know that even from a value ad perspective if I can 5x they come in

597
00:53:48.000 --> 00:53:51.840
because I know how to how to build those marketing and sales processes at scale at the unit level

598
00:53:51.840 --> 00:53:56.800
then the likelihood that I don't get a tremendous return is really low. Okay there's two things

599
00:53:56.800 --> 00:54:01.680
there one that's a little quick. No no no this is amazing and I hope people are taking this

600
00:54:02.480 --> 00:54:07.600
as it's intended so in fact let me let me give people a frame of reference this is the way that

601
00:54:07.600 --> 00:54:12.560
you should be thinking about what we're talking about right now which is all of these things abstract

602
00:54:12.560 --> 00:54:17.360
so that you can think through novel problems and so big data sets with a few filter so you can

603
00:54:17.360 --> 00:54:21.520
make quick decisions on massive amounts of data. What do you mean by that in terms of what we're

604
00:54:21.520 --> 00:54:26.960
talking about right now. So if I so if I so I get every day on my phone I'll have a list of all

605
00:54:26.960 --> 00:54:31.200
the companies that have applied at acquisition.com and they'll be ranked in terms of like this one looks

606
00:54:31.200 --> 00:54:34.800
the most interesting these ones are less interesting and here's why we didn't think they were

607
00:54:34.800 --> 00:54:42.080
interesting for my team and so I will basically go pass pass pass pass pass pass pass pass second call

608
00:54:42.720 --> 00:54:49.840
and ask these things and then they'll go and do that for me to be able to quickly make the decision

609
00:54:49.840 --> 00:54:53.600
because otherwise I would I would be inundated with the amount of data that I have to take in I have

610
00:54:53.600 --> 00:54:59.280
to have filters that are faster just LTV to catch ratio like I feel like you can boil down most

611
00:54:59.280 --> 00:55:02.000
businesses to what does it cost you to get a customer what do you make from that customer over

612
00:55:02.000 --> 00:55:07.120
the lifetime period that's it now tam is you know how many of those customers can you sell short

613
00:55:07.120 --> 00:55:12.000
but like if I just had if I could only look at one metric in a business that's what I would look at okay

614
00:55:12.000 --> 00:55:16.400
so mostly entrepreneurs that are listening to this or people that want to be an entrepreneur

615
00:55:16.400 --> 00:55:19.680
no I think they'll get that but they're that's not where they're going to be at in their journey

616
00:55:19.680 --> 00:55:25.680
that's certainly a more advanced thing so the part that I want to bring you back to is they're

617
00:55:25.680 --> 00:55:30.480
going to they're they're going to be thinking through how do I start a business what business do

618
00:55:30.480 --> 00:55:36.400
I start how do I identify the opportunity and so there's a couple things that you were just going

619
00:55:36.400 --> 00:55:41.120
through that I think are really relevant one of them is how you identify the business model so

620
00:55:42.160 --> 00:55:47.360
looking at a total addressable market lifetime value of the customer versus what it costs you to

621
00:55:47.360 --> 00:55:51.600
get them all 100 they will have to figure that out or they're going to end up doing something dumb

622
00:55:51.600 --> 00:55:59.520
chasing a small opportunity whatever but the all of those metrics will change based on the

623
00:55:59.520 --> 00:56:04.400
decision that they make around what business model to pursue so just by way of what a business model

624
00:56:04.400 --> 00:56:10.000
is selling courses that's one business model licensing a business is another business model so

625
00:56:11.040 --> 00:56:14.880
people you're saying even when they try to retell your story they are confusing the two so

626
00:56:15.680 --> 00:56:24.880
but very different when it comes to execution that current yes those just why I'll be so how do you

627
00:56:24.880 --> 00:56:31.200
process through if if you were starting so not as when you're looking to acquire how do you process

628
00:56:31.200 --> 00:56:37.120
through what is the right business model to pursue so this is pulled from my $100 million offer

629
00:56:37.120 --> 00:56:42.400
book which goes the point of that book was to answer the question what do I sell and I think that

630
00:56:42.480 --> 00:56:46.960
a lot of people especially when you're starting like I need a business plan I need a I don't think

631
00:56:46.960 --> 00:56:51.440
any business I've had has had a business plan as an aside it's just what are we going to sell and

632
00:56:51.440 --> 00:56:54.720
how are you getting customers and then from there we build everything around it and so

633
00:56:55.920 --> 00:57:03.040
isn't that a business plan well I have two things on my plan I mean I've seen like 16 page

634
00:57:03.040 --> 00:57:06.640
business plans okay all these numbers are made up it doesn't matter like do you know how to get

635
00:57:06.640 --> 00:57:17.040
customers and so picking the avatar which is the customer that you want to go after and then

636
00:57:17.040 --> 00:57:20.800
picking the problem that you want to solve for them and probably you want to solve as I feel like

637
00:57:20.800 --> 00:57:27.120
kind of a trite term in the entrepreneur space but you usually want to make their lives easier

638
00:57:27.120 --> 00:57:30.720
in some way it's usually going to track down a status it's going to track down a time

639
00:57:31.280 --> 00:57:35.600
right like those are those are two huge buckets that that can that cover a lot of stuff and

640
00:57:35.600 --> 00:57:39.280
you know different people say there's health wealth and and relationships there's you know there's

641
00:57:39.280 --> 00:57:44.320
a million bigger buckets that you can try and chunk the stuff into but if you are starting out so

642
00:57:44.320 --> 00:57:47.360
let me just get you really tactical so we were just really clouds for a second let me just get you

643
00:57:47.360 --> 00:57:54.960
tactical number one you can go and set up all of your autos of incorporation your LLC and all

644
00:57:54.960 --> 00:57:59.680
that stuff online with a few clicks of about none of 30 minutes so you do that a step one step two

645
00:57:59.680 --> 00:58:05.440
you take those papers to a bank and you get a bank account step three you hook up a payment

646
00:58:05.440 --> 00:58:10.400
processor to that bank account which is again a series of clicks that nowadays are almost automated

647
00:58:10.400 --> 00:58:14.160
once you have those three things you get a stranger to give you money in exchange for doing

648
00:58:14.160 --> 00:58:19.680
something for them and so I would categorize businesses as I see them usually as you either sell

649
00:58:19.680 --> 00:58:24.880
products you sell services so physical products something like a mug right you sell services you do

650
00:58:24.880 --> 00:58:29.680
something that they would otherwise have to do for them you write software that does something

651
00:58:29.680 --> 00:58:33.920
that a human would do for them but because you have an auto you have automation with code you can

652
00:58:33.920 --> 00:58:38.720
get them to do it or you create things that entertain people that they want to have access to

653
00:58:38.720 --> 00:58:45.760
and so those basically function into media again you've got people products code and and and

654
00:58:45.760 --> 00:58:51.680
and content so it actually breaks out to those four types of businesses and I think that most people

655
00:58:51.680 --> 00:58:55.840
if you have note like let's say you aren't a software developer right and you want to start a

656
00:58:55.840 --> 00:59:03.040
business the easiest ones to start are either the easiest one to start is a service business because

657
00:59:03.040 --> 00:59:08.400
it only requires your time and you to learn a skill that other people can also learn but some people

658
00:59:08.400 --> 00:59:13.600
just might not want to do it and that is all you need to solve and I remember like when I was in

659
00:59:13.600 --> 00:59:19.360
college and I spoke at some universities for for entrepreneurship and everyone there is always

660
00:59:19.920 --> 00:59:25.600
here's my business idea right and it's always like weird widgets widgets and gizmos and like

661
00:59:25.600 --> 00:59:31.920
these these never before seen businesses and most of those will fail whereas like if you want to

662
00:59:31.920 --> 00:59:36.560
make your first business and the big fallacies that the first is going to be the forever business

663
00:59:36.560 --> 00:59:40.160
which it won't most entrepreneurs have many business over their career and each business you

664
00:59:40.160 --> 00:59:44.000
learn elements that help you build a bigger and better business the next time and so

665
00:59:44.960 --> 00:59:51.520
so you start with something that people already buy so it's like you can look what do people

666
00:59:51.520 --> 00:59:57.040
already buy they already buy lawn care services they could mother lawn they just choose not to they

667
00:59:57.040 --> 01:00:01.120
could optimize their website for SEO they just choose not to they could run their own ads they

668
01:00:01.120 --> 01:00:05.040
just choose not to they could edit their own videos they just choose not to you could set up

669
01:00:05.040 --> 01:00:08.960
email you know auto responders for people but they choose not to you could set up voice

670
01:00:08.960 --> 01:00:13.280
mails for businesses and and transcribe it and send it to them because for those people it saves

671
01:00:13.280 --> 01:00:18.720
them time and so you can pick any problem you want that someone already does or already purchases

672
01:00:18.720 --> 01:00:22.800
look at the solutions and you can literally just do it the same way and have a way to get customers

673
01:00:23.520 --> 01:00:28.960
that's it like that's that's it you just reach out to people that you know 101 you reach out

674
01:00:28.960 --> 01:00:33.360
to strangers 101 you make content about the problem and you run ads there's the only four things

675
01:00:33.360 --> 01:00:36.320
that you can do to let other people know about your stuff so once you decide what you have to sell

676
01:00:36.320 --> 01:00:41.120
you then use the core four one of them pick and then you let people know about until eventually

677
01:00:41.120 --> 01:00:44.320
someone says yeah I'd be interested in you solving that problem for me and that's how you make

678
01:00:44.320 --> 01:00:50.000
your first all right focus becomes a problem people end up getting really scattered they want to

679
01:00:50.000 --> 01:00:56.800
try a bunch of different things and see what sticks how how do you make focus work for you and not

680
01:00:56.800 --> 01:01:04.400
against you like focus can only work for you oh I guess the nightmare scenario most people

681
01:01:04.480 --> 01:01:10.560
spend their time yeah I think it's um so I love showing this visual uh and maybe we can

682
01:01:10.560 --> 01:01:17.280
grab it at post for this but if you imagine a curve right where you go uh you start here

683
01:01:17.280 --> 01:01:22.160
that a little bit above the line at uninformed optimism is that you see your buddies doing

684
01:01:22.160 --> 01:01:26.800
drop shipping and he's making money and so you're like wow this must be amazing I will do that too

685
01:01:26.800 --> 01:01:30.640
so then you leave your current opportunity to do or maybe you start and you start doing that

686
01:01:30.640 --> 01:01:34.000
then you move to stage two so you go over the hump of excitement and then you go to

687
01:01:34.000 --> 01:01:39.280
informed pessimism now you're below the line then you're like wow okay you had there's a lot of

688
01:01:39.280 --> 01:01:42.000
other stuff that's really competitive I don't have a brand it's hard to differentiate you know

689
01:01:42.000 --> 01:01:45.440
the cost of goods is actually continuing to rise and so our ad costs and well you start realizing

690
01:01:45.440 --> 01:01:50.800
the other things that you didn't know before so you have a slightly more realistic view of the

691
01:01:50.800 --> 01:01:55.280
opportunity then you go to stage three which is the value of despair where you're like nothing's

692
01:01:55.360 --> 01:01:59.920
working I don't know what I'm doing and this point is where everyone then jumps to

693
01:02:00.960 --> 01:02:06.560
uninformed optimism in the next opportunity and they repeat repeat one two three one two three one two

694
01:02:06.560 --> 01:02:10.640
three until they're eventually able to learn that they just need to stomach because every single

695
01:02:10.640 --> 01:02:13.760
business has shit and when the grass is green on the other side it's because there's lots of

696
01:02:13.760 --> 01:02:20.880
manure there right same as yours and then you go up to informed optimism and then you hit achievement

697
01:02:21.600 --> 01:02:26.800
and so those are the five stages that I see most entrepreneurs going through and they continue

698
01:02:26.800 --> 01:02:31.760
to cycle the first three over and over again until they learn the lesson so this is a skill focuses

699
01:02:31.760 --> 01:02:36.720
the skill I can train someone to do it if you're in the same environment and you're at this point

700
01:02:36.720 --> 01:02:40.160
where you're not sure what to do but other people have succeeded at this thing and then you think

701
01:02:40.160 --> 01:02:44.720
something else is easier that you find out about that is a stimulus that we can then say here's

702
01:02:44.720 --> 01:02:49.440
the red flash card are you going to duck or you're going to get slapped and realistically most people

703
01:02:49.440 --> 01:02:52.960
just need to keep getting slapped until eventually they realize that nothing is going to be easy

704
01:02:52.960 --> 01:02:57.200
and they have to go through the period of not knowing what they're doing because that's like that

705
01:02:57.200 --> 01:03:02.320
in essence is what entrepreneurship feels like is uncertainty of whether or not all of the time

706
01:03:02.320 --> 01:03:07.120
that you've put in is actually going to work out and you have to get really comfortable with that

707
01:03:07.120 --> 01:03:11.760
is that you won't know because if you were to be guaranteed the outcome that you're going to get

708
01:03:11.760 --> 01:03:15.280
what you want you wouldn't want to do it to begin with because everyone would already be doing it

709
01:03:15.280 --> 01:03:19.840
because it's already guaranteed which means the opportunity is going so the opportunities in the

710
01:03:19.840 --> 01:03:24.000
uncertainty and so as long as you can embrace that which is why you have to some tolerance for risk

711
01:03:24.000 --> 01:03:28.000
as an entrepreneur because you have to pay down your tax of ignorance which we all have to pay down

712
01:03:28.000 --> 01:03:32.080
every single day for not knowing the things we should know and the only way you do you pay down

713
01:03:32.080 --> 01:03:35.680
that tax is that you test and you iterate and so you just want to get as many knows out of the way

714
01:03:35.680 --> 01:03:40.000
as many failures out of the way because you're not actually failing you made progress it wasn't

715
01:03:40.000 --> 01:03:43.680
yes or no did it work or not it's how well did it work and I think if you can make even that

716
01:03:43.680 --> 01:03:48.320
frame shift you're like okay well I'm reaching out to people they're responding but I'm not

717
01:03:48.320 --> 01:03:51.920
getting them on the phone okay well then you have a scripting issue okay then you get them on the

718
01:03:51.920 --> 01:03:55.600
phone okay well they're not buying okay well then it might be an offer issue it still might be a

719
01:03:55.600 --> 01:03:59.520
sales issue depends on why they're not buying if they're saying you know it's price it's like you

720
01:03:59.520 --> 01:04:03.200
might be misprice but you also might just be really terrible at explaining the value and so you just

721
01:04:03.200 --> 01:04:05.760
continue to work your way down until eventually someone's like yeah that sounds good and they

722
01:04:05.760 --> 01:04:09.600
read you their credit card on the phone and you're like holy shit this is actually happening

723
01:04:09.600 --> 01:04:13.120
you make your first dollar and I promise you if you make your first dollar the second one comes

724
01:04:13.120 --> 01:04:18.720
100 times faster than the first one did if there are many variables present many variables must

725
01:04:18.720 --> 01:04:28.000
be tested must be studied yes that is certainly marketing summed up yeah there no doubt the people

726
01:04:28.000 --> 01:04:34.960
are going to have a hard time figuring that out I want to better understand you just did a book

727
01:04:34.960 --> 01:04:45.120
launch for your most recent book and it I mean you set records it was unreal I mean really like

728
01:04:45.120 --> 01:04:51.920
blue people's mind set a standard in in the world of online marketing what was it about that

729
01:04:52.480 --> 01:04:57.200
that or what did you demonstrate in the way that you did that that other people don't understand

730
01:04:58.000 --> 01:05:03.840
so with each book I wanted to demonstrate the concept of the book with the book itself and so

731
01:05:03.840 --> 01:05:10.480
offers when I released it was a dollar 99 I've now since made it free but it was a dollar 99

732
01:05:10.480 --> 01:05:14.800
on Kindle it had a course that went with it that many people charge $5,000 or $10,000 for

733
01:05:16.160 --> 01:05:21.280
and it was the sub headline of the book and offer so good people feel stupid saying no

734
01:05:21.280 --> 01:05:25.680
and so I actually launched that book with a single post when I had 10,000 followers on

735
01:05:25.680 --> 01:05:29.920
Instagram that's it and every month after the first month it continued to sell more and more

736
01:05:30.000 --> 01:05:35.120
copies into the state continues to sell more copies every month and that is based on the offer

737
01:05:35.120 --> 01:05:38.720
being exceptional and people sharing it because they got tremendous value relative to what they

738
01:05:38.720 --> 01:05:42.720
paid that was the that is the entire concept of the book the the core framework of that book is

739
01:05:42.720 --> 01:05:47.600
is called the the value equation which we'll get into but that is basically people say the word

740
01:05:47.600 --> 01:05:52.240
value but how do you operationalize value right and so that book is about operationalizing value

741
01:05:52.240 --> 01:05:56.000
making the thing that you currently sell more valuable in the perception of the customer so they're

742
01:05:56.000 --> 01:06:01.760
willing to trade more of their money for it the leads book had an entirely different

743
01:06:02.320 --> 01:06:07.440
core concept which was the core four and the four lead getters and that is the advertising cycle

744
01:06:08.000 --> 01:06:11.280
and so it's how do you let other people know about your stuff and so the sub headline of that book

745
01:06:11.280 --> 01:06:15.520
was how to get strangers to want to buy your stuff now to be fair it's not it's not how to get

746
01:06:15.520 --> 01:06:19.600
strangers to buy your stuff because that's sales but how to get them to want to buy your stuff

747
01:06:20.160 --> 01:06:24.960
is advertising and so this book sits literally just between they don't know who you are

748
01:06:25.440 --> 01:06:29.840
and show interest and that's where the book ends you get lots of leads saying I'm interested I'd

749
01:06:29.840 --> 01:06:33.280
like to find out more about your stuff and that's all I could fit in one book to make it actually

750
01:06:33.280 --> 01:06:38.640
effective and operational for most people and so since the concept of the book was to advertise

751
01:06:38.640 --> 01:06:46.160
and to get lots of leads then I thought it would be appropriate to advertise and get lots of leads

752
01:06:46.160 --> 01:06:52.160
and I used every method in the book all eight for the book launch even though I could just have

753
01:06:52.160 --> 01:06:55.600
made a post on my you know across all my social media and probably sold plenty of books just

754
01:06:55.600 --> 01:07:00.560
doing that but I wanted to show that this stuff works today and it will work in a hundred years

755
01:07:00.560 --> 01:07:04.480
and it worked a hundred years ago and so I went through I had some people that I reached out

756
01:07:04.480 --> 01:07:08.640
to 101 purposely just to check the box I reached out to some cool people so I could do podcasts

757
01:07:09.440 --> 01:07:14.240
I ran ads for it even though I didn't need to run ads we still got 137,000 people from ads

758
01:07:14.960 --> 01:07:20.720
we had affiliates we got 104,000 people there from affiliates we had 27,000 affiliates promote the book

759
01:07:20.720 --> 01:07:25.680
we had customer referrals people sent their friends there so I had an incentive that if you just

760
01:07:25.680 --> 01:07:30.000
get 10 people to come you'll get two bonus chapters that aren't released with the book affiliates

761
01:07:30.000 --> 01:07:37.600
which is the another leadgetter right I mentioned it earlier but affiliates we got them to

762
01:07:37.600 --> 01:07:41.040
to promote the book we got agencies who are actually the ones who ran the ads for us because we

763
01:07:41.040 --> 01:07:47.520
don't run ads at hold go because we don't transact and then employees which is the fourth type of

764
01:07:47.520 --> 01:07:51.200
leadgetter which is they do the core four on your behalf for you so we had mozimedia which is our

765
01:07:51.200 --> 01:07:57.920
internal content team made all the content and the ads for that matter for the event and the book

766
01:07:57.920 --> 01:08:03.840
itself and so I actually only did 17 long 17 short form pieces of content and six long form pieces

767
01:08:03.840 --> 01:08:12.400
of content and then that got cut into 143 posts that we did over six weeks on top of the 2200 posts

768
01:08:12.480 --> 01:08:18.080
that we were making anyways over that same period of time and so I used all the methods in the book

769
01:08:18.080 --> 01:08:23.840
to demonstrate to give proof that the book works and so you know the next book I'll try and continue

770
01:08:23.840 --> 01:08:29.360
that metatheme of I have concepts in this book and I will show you that they work because I will use

771
01:08:29.360 --> 01:08:36.080
them to market promote the book the thing that I really want to make sure that people understand and

772
01:08:36.080 --> 01:08:41.040
if you think I'm crazy definitely let me know but I doubt you will the reason that all of that

773
01:08:41.040 --> 01:08:46.720
worked so well isn't what you did at the time it's what you did for the years leading up to that

774
01:08:46.720 --> 01:08:52.800
moment building brand building awareness generating massive amounts of goodwill

775
01:08:55.440 --> 01:09:03.760
is that like what amount of magnification did the whatever forish years leading up to the launch

776
01:09:03.760 --> 01:09:11.600
of that book play in the the launches success it was everything I mean it was everything now that being

777
01:09:11.600 --> 01:09:14.720
said you could still absolutely use it like you can still use warm outreach you can still use code

778
01:09:14.720 --> 01:09:18.000
outreach you can still like and one of the concepts in the book is making content and I talk about

779
01:09:18.000 --> 01:09:21.760
how I structure content how we pick topics how we pick headlines how we format it how we do all

780
01:09:21.760 --> 01:09:26.960
those things so that people can use that and make content for themselves but usually the longer you

781
01:09:26.960 --> 01:09:33.520
can wait before making any ask and to be fair I gave the book for free and if you wanted to buy

782
01:09:33.520 --> 01:09:38.480
a physical copy you could that was the whole that was let me myself spoil the surprise of the launch

783
01:09:38.480 --> 01:09:41.040
was that I gave everything away for free and said if they want to buy a physical copy you could

784
01:09:43.440 --> 01:09:47.680
I'm I can't wait to write the book on brand because I have a lot of thoughts on it and I can't

785
01:09:47.680 --> 01:09:56.080
wait to have really clearly crystallized like on you know beyond reproach ideas about brand but I'll

786
01:09:56.080 --> 01:10:03.520
give you a working teaser for for how it works but brand is basically teaching it's associating

787
01:10:03.520 --> 01:10:07.680
something people know with something they don't know and we associate these things enough that

788
01:10:07.680 --> 01:10:12.560
eventually I can remove this and then you'll associate water with my hand and so if I do that

789
01:10:12.560 --> 01:10:18.480
enough times and I have you know water and you know coffee and whatever then you might generalize

790
01:10:18.480 --> 01:10:24.880
and say the hand is a beverage thing right and I like thinking about it that way because what do I

791
01:10:24.880 --> 01:10:29.760
want people to associate me with I want people to associate me with tremendous value people to

792
01:10:29.760 --> 01:10:34.720
associate me with long-term goodwill I want them to associate me with money right so that

793
01:10:34.720 --> 01:10:40.080
every book's $100 million something offers $100 million leads and so I want them to associate me

794
01:10:40.080 --> 01:10:42.960
with investing which is what a lot of the stories that I talk about are companies that we've invested

795
01:10:42.960 --> 01:10:50.160
into that we own and scaled or exited and so I we do those things so that when you have a brand a

796
01:10:50.160 --> 01:10:56.240
brand is put on something to direct someone's behavior it is a physical sign so if you look at the

797
01:10:56.240 --> 01:11:02.400
you know original the origins of the word brand was a brand you put it on a cow right and so if

798
01:11:02.400 --> 01:11:05.440
you have a cow that doesn't have a brand and a cow that does have a brand you will behave differently

799
01:11:05.440 --> 01:11:08.560
with a cow that has a brand on it you're not going to go capture it you're not going to go kill it

800
01:11:08.560 --> 01:11:12.800
you might return it to its neighbor its neighbor whatever like the brand changes your behavior

801
01:11:13.600 --> 01:11:18.560
and so brands have at least as far as I'm concerned like these you know I haven't written the book yet

802
01:11:18.560 --> 01:11:23.440
but have kind of two two continuums you have the strength of the brand and then you have the

803
01:11:23.440 --> 01:11:29.280
positive or negative inclination towards it so a way or towards so like Nazis for example have a

804
01:11:29.280 --> 01:11:35.200
very strong brand away for most people now to be fair there's also a subset of people who are

805
01:11:35.200 --> 01:11:40.320
super strong towards there is a subset of people some kind of way right it changes their behavior

806
01:11:40.320 --> 01:11:44.080
yes it does right and then and the inclination says towards our way to some degree

807
01:11:44.960 --> 01:11:51.040
you know Donald Trump has a strong brand right for many people for for a percentage of the

808
01:11:51.040 --> 01:11:57.040
population it's it's negative and for a percentage of populations it's positive right and so when

809
01:11:57.040 --> 01:12:02.160
we think about brands that way it's been helpful for me because you really answer the question who

810
01:12:02.160 --> 01:12:08.080
and what do I want to associate myself with and then by doing that eventually your logo and your

811
01:12:08.080 --> 01:12:15.360
identity will then have a set of things that people associate with which then will change their

812
01:12:15.360 --> 01:12:20.320
behavior which is why I think brands are the most valuable things that you can build because it

813
01:12:20.320 --> 01:12:27.760
really becomes a way to influence the behavior of the masses at scale and so if every single person

814
01:12:27.760 --> 01:12:32.560
recognizes the Nike swoosh and I can take a water bottle and then put a Nike swoosh on it and

815
01:12:32.560 --> 01:12:37.680
triple how much I can charge for it and still get more people to buy it then you can measure the

816
01:12:37.680 --> 01:12:41.680
strength of the brand by the difference in price between the commoditized version of it and the

817
01:12:41.680 --> 01:12:47.440
branded version of it and that translates into tremendous profits from a from a capitalistic

818
01:12:47.440 --> 01:12:52.320
perspective and so if you're trying to build something really valuable then you make many

819
01:12:52.320 --> 01:12:57.040
associations that are positive for specific audience because I think black rifle coffee right they're

820
01:12:57.040 --> 01:13:03.760
kind of like politically charged ish right so black rifle coffee is going to be really positive

821
01:13:03.760 --> 01:13:07.840
for people who are probably right leaning in terms of their associations with that brand it'll

822
01:13:07.840 --> 01:13:12.080
probably be kind of negative for the people who are more less learning and that's okay because

823
01:13:12.080 --> 01:13:17.760
they're like we can sell to half the population whatever and so I'm kind of agnostic to the

824
01:13:17.760 --> 01:13:22.080
direction of it and obviously Nazis negative on that but like for most of these things I'm just

825
01:13:22.080 --> 01:13:28.480
looking at what is the percentage likelihood that people will adhere or comply with the requests

826
01:13:28.560 --> 01:13:33.600
that the brand makes of them buy my thing go to this thing whatever and so that is the that's

827
01:13:33.600 --> 01:13:38.160
why you can have somebody who has a huge brand in terms of the amount of people who are aware of it

828
01:13:38.160 --> 01:13:43.280
but have very low ability to direct or change behavior and so you probably I'm sure you know

829
01:13:43.280 --> 01:13:48.160
this better than anyone with Quest you guys were one of the first ones getting in the influencer space

830
01:13:48.160 --> 01:13:54.080
like way back way back when the term influencer was a new term and you probably saw some people with

831
01:13:54.160 --> 01:13:58.960
million person accounts and they couldn't drive any sales and then you saw somebody with 15,000

832
01:13:58.960 --> 01:14:04.000
and crushed it because they had a stronger brand for a narrow audience even if it was just like

833
01:14:04.560 --> 01:14:10.880
a girl cop who has an audience of all girl cops they might have lots of positive associations

834
01:14:10.880 --> 01:14:15.760
with that person and then be more likely to just you know comply with whatever requests they have

835
01:14:15.760 --> 01:14:22.640
and so I know this is a branding discussion but the reason that I think many people wanted to come

836
01:14:22.640 --> 01:14:28.320
to the event is because they rewarded in the past for consuming content for reading my last book

837
01:14:28.320 --> 01:14:32.800
and so they felt like the likelihood that I was going to reward them again at this event would be

838
01:14:32.800 --> 01:14:39.760
high and I try to like I'll tell you a secret I try to make many promises and keep all of them

839
01:14:40.720 --> 01:14:44.160
and the more times you can make promises and keep promises the higher the likelihood

840
01:14:44.880 --> 01:14:50.320
people will scribe to you for being somebody who is predictable in a good way if he said this will

841
01:14:50.320 --> 01:14:54.000
happen this is what's going to happen if he said it's going to be worth it it's going to be worth it

842
01:14:54.000 --> 01:14:59.360
and so that was woven in for the 24 months from the time I released the offers to the time we did

843
01:14:59.360 --> 01:15:05.600
leads was trying to actively build up the goodwill so that we could set records and do something really

844
01:15:05.600 --> 01:15:09.600
cool and demonstrate the concepts in the book in the world so that people could know that it would work

845
01:15:09.600 --> 01:15:16.080
for them to. Now minutes incredible it's breathtaking what you guys were able to do what was a record

846
01:15:16.080 --> 01:15:21.520
that you broke so the Guinness Booker will record for a business virtual conference live was 21,000

847
01:15:22.320 --> 01:15:28.880
for a business conference so you absolutely demolished that which is really cool that's awesome

848
01:15:28.880 --> 01:15:34.640
but I will say this as an aside I think the the the fanfare about the launch will decrease

849
01:15:35.680 --> 01:15:39.120
soonish and I think that the actual content of the book is going to be the thing that

850
01:15:39.120 --> 01:15:44.000
that can that people that is that machine will start spinning because inside of the book referrals

851
01:15:44.000 --> 01:15:47.360
is always the one that I always try and drive the most in any business I have because it's the

852
01:15:47.360 --> 01:15:51.920
lowest cost to a car customers not that it's a customer acquisition thing for me but I'm sorry not

853
01:15:51.920 --> 01:15:55.120
a money making thing for me books are not the best way to make money just throw that out there

854
01:15:56.320 --> 01:16:00.960
but it can create a viral effect so that you can get more customers every month without paying a

855
01:16:00.960 --> 01:16:04.640
cost to acquire and so the mission of acquisition.com is to make real business education accessible

856
01:16:04.640 --> 01:16:09.840
for everyone and so in order to do that I can't do it alone and so that is why I have to have other

857
01:16:09.840 --> 01:16:16.320
people help me. Yeah you're only going to scale as much as you can get high quality people to help

858
01:16:16.320 --> 01:16:20.720
you that's for sure there was something fascinating that happened during your launch

859
01:16:21.680 --> 01:16:26.800
which I would love to hear from a guy who did not in the beginning consider himself a salesperson

860
01:16:26.800 --> 01:16:32.400
somebody that has gotten very good at sales and as I was saying in our first interview which the

861
01:16:32.400 --> 01:16:36.960
funny thing is I ended up taking you on a side tangent before you answered it but I said the world

862
01:16:36.960 --> 01:16:43.600
does not think you're creepy why aren't you creepy but there there was a moment which you did

863
01:16:43.600 --> 01:16:48.000
on purpose but I want to know what you're going to say it doesn't matter it's all about behavior but

864
01:16:48.000 --> 01:16:53.040
I want to understand what you think about this so you intentionally took people on an emotional

865
01:16:53.040 --> 01:16:56.560
roller coaster ride where you start I'm going to give you this for free and I'm going to give you

866
01:16:56.560 --> 01:17:00.960
this but if I ask you or sorry I'm going to give you this normally goes for this much and this

867
01:17:00.960 --> 01:17:05.360
normally goes for this much but you're crossing it out classic thing where you then ask for money

868
01:17:05.360 --> 01:17:09.040
now you could see the comments coming through at the time and people turned on you

869
01:17:09.040 --> 01:17:13.280
totally and I'm assuming they were saying something akin to I knew it this guy is just after money

870
01:17:13.280 --> 01:17:19.440
whatever um if there's nothing wrong with sales why did they turn on you uh actually so

871
01:17:20.400 --> 01:17:24.240
I don't know why they turned on me I can make a guess but at the end of the day like I'm never

872
01:17:24.240 --> 01:17:28.720
going to know what the main reason was you knew they were going to you did that on purpose I had a

873
01:17:28.720 --> 01:17:36.640
ID I don't know why I knew that so when people see this thing um there is an immersive reaction to

874
01:17:36.640 --> 01:17:39.600
it in a certain percentage of the population that being said I got a zillion messages to be with

875
01:17:39.600 --> 01:17:44.560
me like dude I was ready to give you my credit card at 5k and so short like we could have taken

876
01:17:44.560 --> 01:17:51.760
$50 million at the event um but what I wanted was you know $500 million of value to many people

877
01:17:51.760 --> 01:17:55.360
that later will come through companies that could start it and scale using the stuff and then

878
01:17:55.360 --> 01:18:00.480
they want to partner with this um but the reason that I did it was or at least this was my hope for

879
01:18:00.480 --> 01:18:07.920
doing it was that I wanted people to remember it and so memory is driven by emotion um and so I uh

880
01:18:07.920 --> 01:18:12.560
I took this roller coaster approach uh because I also wanted to subvert the audience if I just said

881
01:18:12.560 --> 01:18:16.560
hey it's all free it's all amazing here it is I don't think nearly as many people would have talked

882
01:18:16.560 --> 01:18:21.600
about uh the thing I also don't think they would have perceived the value as I um so I wanted to

883
01:18:21.600 --> 01:18:26.880
sell them on the value of this thing and then give it to them rather than just saying if I got on

884
01:18:26.880 --> 01:18:31.680
and say hey guys uh there's a free course with eight different things in there that are you

885
01:18:31.680 --> 01:18:34.800
know I spent a lot of time on go enjoy them I mean it would have been fine people would be like you're

886
01:18:34.800 --> 01:18:40.480
amazing uh but doing it this way it becomes uh like I think a lot about this is like what is that

887
01:18:40.480 --> 01:18:44.880
person gonna tell the next person like what words are they gonna say they're probably gonna be like

888
01:18:44.880 --> 01:18:49.760
dude he did this like fake pitch and he like and he like everybody was going left and then all of

889
01:18:49.760 --> 01:18:54.400
a sudden he made it all free he was unreal like like the place one nuts like that they will remember

890
01:18:54.400 --> 01:18:59.280
and um that was what I was going for I figured there was a hard likely that they would remember

891
01:18:59.280 --> 01:19:05.200
it if I did that way yeah I think you are very correct about that um talk to me more about your

892
01:19:05.200 --> 01:19:12.720
mission hmm so um and I I want I like to put this big disclaimer out upfront I am a ruthless

893
01:19:12.720 --> 01:19:16.960
capitalist I am absolutely here to make money I am not a saint I have not like

894
01:19:17.600 --> 01:19:23.040
many nice things were said about me after the event and I also remember that the same people

895
01:19:23.040 --> 01:19:29.120
also through stones at me 30 seconds earlier so like that doesn't sway me a ton but I'm letting

896
01:19:29.120 --> 01:19:33.360
everybody know I'm here to make money I'm just measuring how I make my money over a longer

897
01:19:33.360 --> 01:19:41.680
time horizon that's all it is and so I could have taken 50 million dollars you know from from

898
01:19:41.760 --> 01:19:51.440
the event I think that's a really realistic number um but if I do one deal from somebody of the

899
01:19:51.440 --> 01:19:55.280
now probably million something people who have just even just seen the event recording or were

900
01:19:55.280 --> 01:20:02.400
there live um I will probably make more than 50 million dollars and also get a brand that

901
01:20:02.400 --> 01:20:06.560
continues to compound at a faster rate and so to be clear I don't think there's anything wrong

902
01:20:06.560 --> 01:20:10.640
with monetizing an audience I don't think there's anything wrong um it really comes down to keeping

903
01:20:10.640 --> 01:20:16.480
promises so like for example like I I will probably be launching some product at some point

904
01:20:17.360 --> 01:20:24.640
uh in the in the future um whatever could that be yeah and um I don't think that I will have any

905
01:20:24.640 --> 01:20:29.360
negative response to it and so it really just comes down to like what have you promised or what

906
01:20:29.360 --> 01:20:34.000
expectations have you sat and then are you meeting those expectations and so I think my my view

907
01:20:34.000 --> 01:20:37.440
on this has shifted a little bit over time as I used to think like you have to exceed expectations

908
01:20:37.440 --> 01:20:41.440
but now I think that it's really just like can you perfectly meet the expectations the person has

909
01:20:41.440 --> 01:20:46.240
now somebody might have really high expectations um but you try and set them and meet them and you

910
01:20:46.240 --> 01:20:50.800
do that cycle as many times you can so that their predictive measure of trust with you if you want

911
01:20:50.800 --> 01:20:56.000
operationalize that um is that you are trustworthy because you keep your promises and so I think that's

912
01:20:56.000 --> 01:21:03.760
a lot where uh like the other reason is that within the unfortunately within the the course creation

913
01:21:03.920 --> 01:21:07.120
world this is one man's two cents all right now I want to be really clear about this because people

914
01:21:07.120 --> 01:21:13.840
get their pennies in a bunch you can choose to feed your family whatever way you need to I have zero

915
01:21:13.840 --> 01:21:19.360
judgment on it what I do acknowledge is that people make associations and so I could find the

916
01:21:19.360 --> 01:21:23.920
most ethical porn business in the entire world as soon as I stand on stage and talk about our porn

917
01:21:23.920 --> 01:21:29.680
company I will forever be associated with porn is there anything wrong with that yes or no I don't

918
01:21:30.400 --> 01:21:34.800
for me I think that there is uh there are other businesses that I would like to do I would like

919
01:21:34.800 --> 01:21:40.000
to do a deal with that might view that negatively and so it might prevent me from doing a much bigger

920
01:21:40.000 --> 01:21:46.400
deal in the future by having that and so I won't do it not out of principle but out of pure dollars

921
01:21:46.400 --> 01:21:55.840
and cents materialism if you want to call it that and so um the course world to that point has a lot

922
01:21:55.840 --> 01:22:03.200
of charlatans and a lot of people who make promises and break promises and a lot of people who set

923
01:22:03.200 --> 01:22:08.960
bad expectations or unrealistic expectations and then people get really frustrated and upset

924
01:22:09.680 --> 01:22:18.480
over what they get and so for me even if I had the best course in the world I wouldn't want to

925
01:22:18.480 --> 01:22:24.480
sell the information because it would associate me with that group and so I've taken a lot of time

926
01:22:24.480 --> 01:22:30.480
to disassociate myself with that category um and it was because I I mean I was a brick and mortar

927
01:22:30.480 --> 01:22:34.480
owner but like I learned a lot of direct response marketing in that world so I made a lot of friends

928
01:22:34.480 --> 01:22:38.480
in that world who then made commentary and then put me on stages and so I had really strong

929
01:22:38.480 --> 01:22:42.720
associations early on with that community not again nothing wrong with that community I'm saying

930
01:22:42.720 --> 01:22:46.720
but the associations that I would prefer to have with my brand of the ones that I said earlier which

931
01:22:46.720 --> 01:22:52.400
might seem indirect conflict with that which is like long term oriented enterprise value being

932
01:22:52.400 --> 01:22:56.720
patient giving first like these are all things that oh many people in that community not all but

933
01:22:56.720 --> 01:23:02.560
many people and in that instance especially with branding in my opinion the good apples do get

934
01:23:02.560 --> 01:23:08.080
thrown out with the bad so I do absolutely think that there are amazing education businesses

935
01:23:08.080 --> 01:23:13.440
that exist absolutely like bar none period end of statement there are just so many that aren't

936
01:23:14.400 --> 01:23:19.520
that it's very difficult to make the association and so that's why I think if if I had let's say

937
01:23:19.520 --> 01:23:23.520
a no-strip that I was going to come out with or I had a dessert company that I was going to come

938
01:23:23.520 --> 01:23:27.920
out with I don't think anyone would have any issue supporting that or me saying like I want to

939
01:23:27.920 --> 01:23:30.880
want to build this with you guys but this in public I think these are all things that people

940
01:23:30.880 --> 01:23:36.240
would be totally fine with but why it's because of the expectations that I said at the beginning

941
01:23:36.240 --> 01:23:41.200
and so acting in accordance with that over a long period of time and to one sub note on that

942
01:23:41.200 --> 01:23:45.520
is that I do believe that brands can change over time and so the concept we're talking about

943
01:23:45.520 --> 01:23:49.280
earlier with like successive approximation we're like if you are one shade to the right one

944
01:23:49.280 --> 01:23:53.520
shade to the right one shade to the right you can slowly move a brand now whenever you make that

945
01:23:53.520 --> 01:23:57.520
move you will lose some people who liked the thing that you had before and you will gain some

946
01:23:57.520 --> 01:24:02.640
people that like the new thing and the idea of repositioning or you know directing a brand

947
01:24:03.280 --> 01:24:10.000
is making sure that that tradeoff is positive is like it's like the local band that you know has

948
01:24:10.000 --> 01:24:14.880
that local you know vibe whatever and then they they go a little bit more mainstream and then all

949
01:24:14.880 --> 01:24:18.800
their early fans are like they sold out but what they really did was they trade a small group of

950
01:24:18.800 --> 01:24:22.640
people for a much larger group of people and more people like this brand than the old brand because

951
01:24:22.640 --> 01:24:27.040
if they like the old brand they would have already been big and so it's really just a calculated

952
01:24:27.040 --> 01:24:33.520
trade on what you're willing to associate with that more people will have a positive strong

953
01:24:33.520 --> 01:24:37.760
association with to make it increasingly likely that they will do what you would like them to do

954
01:24:37.760 --> 01:24:44.000
that helps you with your long-term goal. So zooming in on your the mission of your company which is

955
01:24:44.000 --> 01:24:51.440
to make entrepreneurship accessible or business accessible to everyone you have a quote which I

956
01:24:51.440 --> 01:24:56.880
think is really really interesting businesses solve problems businesses make the world better there

957
01:24:56.880 --> 01:25:01.040
are too many problems for anyone person to solve I want to help create as many businesses as possible

958
01:25:01.040 --> 01:25:06.240
so we can solve as many problems as we can what are some of the problems that you think business

959
01:25:06.240 --> 01:25:10.960
can solve I mean I would probably have a shorter list of problems that businesses can't solve

960
01:25:11.040 --> 01:25:16.560
interesting yeah in a world where entrepreneurship is not always celebrated and capitalism is

961
01:25:16.560 --> 01:25:25.600
often vilified is that just a contrarian stance or do you think that people are a little crazy to

962
01:25:25.600 --> 01:25:30.240
not see the value of business so if we're to zoom all the way out and just think about the economy

963
01:25:30.240 --> 01:25:37.600
as a whole is allocation of resources just time energy money etc capitalism in and of itself is

964
01:25:37.600 --> 01:25:44.640
the is a is a system about efficiently allocating capital now there are trade also that because if

965
01:25:44.640 --> 01:25:48.240
you have a pure capitalistic society then there are a lot of other things that we say are important

966
01:25:48.240 --> 01:25:52.000
to us like we believe people should have health care we believe people should have a place to live

967
01:25:52.000 --> 01:25:56.240
we believe people should have education and you know services for their kids when they're younger

968
01:25:56.240 --> 01:26:01.280
whatever it is right we have these beliefs and so we make trades based on that pure idea of

969
01:26:01.280 --> 01:26:06.320
capitalism because capitalism can absolutely be pure but most actually I don't know of an economy

970
01:26:06.320 --> 01:26:11.040
right now that's a true pure capitalist because most humans say that that market is too ruthless

971
01:26:11.760 --> 01:26:15.440
and so we're willing to make some trades and that's real legislation where we actually artificially

972
01:26:15.440 --> 01:26:20.240
move the incentives of the market to incentivize certain behaviors the problem with

973
01:26:21.280 --> 01:26:28.320
governments as an allocation vehicle for capital is that they are one tenth as efficient as private

974
01:26:28.320 --> 01:26:33.840
because it's not their money and they never earned it and so you get really good at capitalism by

975
01:26:33.840 --> 01:26:38.800
allocating resources well and getting a return on your resources you don't get you it's very

976
01:26:38.800 --> 01:26:42.720
hard to get fired in the government and you manage billions and billions of dollars and

977
01:26:43.680 --> 01:26:48.240
the requirements to get in are not as high as they are to spend even a modicum of that kind of

978
01:26:48.240 --> 01:26:52.800
money in the private sector and so you just have to be more efficient with what you have because

979
01:26:52.800 --> 01:26:58.160
you have to survive every day rather than having a guaranteed stipend from the whole country

980
01:26:58.240 --> 01:27:05.040
that gets taken off the top before everyone sees their paycheck and so if government can solve it

981
01:27:05.680 --> 01:27:11.280
private sector can solve it better faster cheaper the only real issues come into how much regulation

982
01:27:11.280 --> 01:27:16.320
do we put on top to prevent bad actors worse what I mean that's the whole concept around I mean

983
01:27:16.320 --> 01:27:19.840
you know this I'm just saying for the audience around like why we try and break up a not please

984
01:27:19.840 --> 01:27:24.640
which now we've just given up on because they're bigger than governments but we do that because we

985
01:27:24.640 --> 01:27:29.680
want to protect you know we want the capitalist society competition in general is good for society

986
01:27:30.160 --> 01:27:35.360
tough for the competitors but if you have 10 dry cleaning stores the best dry cleaning store win

987
01:27:35.360 --> 01:27:39.200
and then everyone gets better dry cleaning so it's good for society it's bad for the non-guys who fail

988
01:27:40.640 --> 01:27:46.480
and so I do think that entrepreneurship is the way that we solve problems and I think that

989
01:27:46.480 --> 01:27:52.800
there's usually an innovative way to solve any problem if we have enough knowledge to do so I mean

990
01:27:52.880 --> 01:27:56.880
in Elon's proving that with kind of first principles approach to like can I rock can I launch rockets

991
01:27:56.880 --> 01:28:01.040
at a tent the price well where do we get our metal from right like what is required for a rocket

992
01:28:01.040 --> 01:28:05.120
right so we have to get this from here to here let's build from there right rather than like well

993
01:28:05.120 --> 01:28:09.840
we have to go for this guy who's our contractor for space navigation well why can't we make space

994
01:28:09.840 --> 01:28:13.840
navigation well you know like I'm gonna get into though and then the prices expand and so

995
01:28:14.480 --> 01:28:20.240
that is my TLDR is that I can't learn everything everyone has a unique life they are uniquely

996
01:28:20.800 --> 01:28:28.800
positioned to tackle opportunities that I only have one lifetime to live and I might be able to solve

997
01:28:29.280 --> 01:28:35.520
two or three big problems in my lifetime maybe but if everybody has these skills then I think when

998
01:28:35.520 --> 01:28:42.080
I die I will be proud of the meta contribution even if I don't capture all of the economics because

999
01:28:42.080 --> 01:28:47.680
I'm going to then die and then someone else will have it and it doesn't even matter anyways and so

1000
01:28:48.320 --> 01:28:52.080
there's an element of that that just makes me feel good about it that drives me forward like the

1001
01:28:52.080 --> 01:28:57.040
17 year old who's gonna sleep with the book under his pillow to serve you know provide for his

1002
01:28:57.040 --> 01:29:02.560
family with the one go that they have I think that if I can equip that guy that he can do whatever

1003
01:29:02.560 --> 01:29:06.800
like he can solve problems that I never could and so I don't think it's my life purpose to build

1004
01:29:06.800 --> 01:29:10.640
the next rocket or cure cancer I just don't think that's in my skill sets also not in my interests

1005
01:29:10.640 --> 01:29:15.840
but I think I can help equip the entrepreneurs who will I love them and I hope more people hear

1006
01:29:15.840 --> 01:29:22.080
that message about business I think that to your point about serving people in a more efficient

1007
01:29:22.080 --> 01:29:28.400
way in a way that they prefer is so powerful and to watch it slowly get villainized as I've

1008
01:29:28.400 --> 01:29:33.520
gotten older has really been sad and I think we'll lead us down a super dark path

1009
01:29:35.040 --> 01:29:40.160
tell me for those that are just listening and aren't watching across the bridge of your nose

1010
01:29:40.240 --> 01:29:45.840
on the nose trip it says the one of zero yeah be one of zero excuse me uh what does that mean

1011
01:29:46.320 --> 01:29:52.880
so one of our kind of big themes in our content creation at Moisey Media is one of one content

1012
01:29:52.880 --> 01:29:57.600
or it was one of one content meaning I don't want to do a breakdown of Coca-Cola's business model

1013
01:29:57.600 --> 01:30:01.200
because literally anyone could do that that's a book report of college could do that anybody could do

1014
01:30:01.200 --> 01:30:06.320
that and so I only want to make content that I can make and so one of my big rules of advertising

1015
01:30:06.320 --> 01:30:12.480
is show it only you can show and say what only you can say and so if you're the the only triple

1016
01:30:12.480 --> 01:30:19.040
black belt something in your local area then say that and then also show what you can do that other

1017
01:30:19.040 --> 01:30:23.200
people can't do and if you don't have that reality you either need to niche down and make it a much

1018
01:30:23.200 --> 01:30:27.680
narrow thing that only you can do or you get better and can beat more people and you expand it but

1019
01:30:27.680 --> 01:30:30.480
that's fundamentally anyone can become a category of one if you go narrow enough and then you just

1020
01:30:30.480 --> 01:30:36.880
continue to expand over time so the one of one uh content was the concept that we've adhered to

1021
01:30:37.680 --> 01:30:42.480
now as the team started to see what was going to happen for the event and how much we were putting

1022
01:30:42.480 --> 01:30:46.960
into it and all the free stuff we were going to give away um and how much money we were choosing

1023
01:30:46.960 --> 01:30:52.800
actively to not make they were like dude no one would do this they're like this is even one of one

1024
01:30:52.880 --> 01:31:01.200
they're like this is one of zero and it was like that's it for 18 months I've been looking for

1025
01:31:01.200 --> 01:31:08.640
like a saying or an ism that was short and could encapsulate many of the values skills that can be

1026
01:31:08.640 --> 01:31:14.400
learned uh that I believe are important and that one of zero concept which I love because also

1027
01:31:14.400 --> 01:31:19.280
from a math perspective one of zero you know one divided by zero is undefined and so it's really about

1028
01:31:19.360 --> 01:31:24.560
being beyond definition writing your own path you know keeping promises in a world that breaks them

1029
01:31:25.440 --> 01:31:31.360
delaying expectations giving first and giving over and over again until they ask or even if they never

1030
01:31:31.360 --> 01:31:42.800
ask and trying to live your life in a way that you earn your own approval by the end of it

1031
01:31:44.160 --> 01:31:48.960
and I think that's what one of zero is all about and so for me be one of zero and that's a that is a

1032
01:31:48.960 --> 01:32:00.800
brand that I really want to stand behind because that's what I believe