WEBVTT 1 00:00:00.000 --> 00:00:08.000 Hey guys, welcome back to the game. Today I have a little bit of a heater slash ramp directly cam direct to pod OG style 2 00:00:08.000 --> 00:00:12.960 This one has been very top of mind for me, and I think this might be a relic in for a bunch of you 3 00:00:12.960 --> 00:00:14.960 I think it's going to end right 4 00:00:17.600 --> 00:00:23.160 What's going on everyone? Welcome back to our I think six months ago might have been the last time I do one of these 5 00:00:23.160 --> 00:00:25.400 But it is a thirsty Thursday a 6 00:00:25.560 --> 00:00:31.560 A thirst trap Thursday if you will if the thirst trap is obviously my dashing good looks 7 00:00:32.280 --> 00:00:39.960 But more importantly a business concept that I feel needs talking to and I think that I can make this relevant for just about 8 00:00:40.440 --> 00:00:42.440 Every business owner watching this 9 00:00:42.760 --> 00:00:46.440 So we have these you know in our advisory practice. We just started last year 10 00:00:46.840 --> 00:00:51.000 We invite some business owners out every so often to to come out kind of talk about their business 11 00:00:51.400 --> 00:00:55.640 Then help help them you know solve problems and get you know grow hopefully now 12 00:00:56.200 --> 00:01:03.320 I've had the same problem come up again and again and again that I felt the need to make this for you 13 00:01:03.880 --> 00:01:05.880 Which is if I hear 14 00:01:06.600 --> 00:01:12.440 My business isn't scalable or shouldn't I switch my business to something that's more scalable again? 15 00:01:13.160 --> 00:01:15.000 I might gouge my own eyes out 16 00:01:15.080 --> 00:01:20.200 But I the reason that I that I am so annoyed by it is that basically every business 17 00:01:20.760 --> 00:01:25.800 Has limits to scalability and there are different problems that occur at different times 18 00:01:26.280 --> 00:01:31.320 Now I want to talk about this within two different contexts one is industry context and the second is 19 00:01:31.640 --> 00:01:35.160 More unlike the demand and supply side, but I'm going to break this down a lot of ways 20 00:01:35.800 --> 00:01:41.880 So right off the bat if you have a service business for example you hire humans to do things for other humans 21 00:01:42.360 --> 00:01:48.760 Then that as a business has very easy to start can be very profitable and then over time can become a little bit more difficult 22 00:01:48.840 --> 00:01:54.280 Not impossible just more difficult to scale quickly because maintaining quality of service 23 00:01:54.440 --> 00:01:57.880 When you have other humans doing things and you're bringing them in and they don't know anything and you have to train them 24 00:01:58.040 --> 00:02:01.080 Becomes more challenging if we had a kind of like the middle of the path there 25 00:02:01.080 --> 00:02:04.280 You've got like an e-commerce business which you can start relatively quickly 26 00:02:04.440 --> 00:02:09.960 But as you scale up you can scale up quickly, but some of the issues become supply chain and logistical problems 27 00:02:09.960 --> 00:02:12.040 Right, so I'd say that's kind of like in the middle, right? 28 00:02:12.040 --> 00:02:14.840 It's it's a little bit slower to start it costs a little bit more money to start 29 00:02:15.080 --> 00:02:19.320 It does scale faster than traditional service does, but you're still going to run into some some problems 30 00:02:19.800 --> 00:02:23.080 Now all the way on the kind of extreme side you've got the the software 31 00:02:23.640 --> 00:02:28.840 Digital type businesses now these businesses are typically when I say digital I mean SaaS software or not 32 00:02:29.320 --> 00:02:32.920 Like not not digital products like ebooks and courses things like that 33 00:02:33.480 --> 00:02:37.320 These businesses cost the most amount of time to start the most amount of money to start 34 00:02:37.720 --> 00:02:42.280 But once you achieve scale they become significantly easier relative to the others 35 00:02:42.840 --> 00:02:49.160 And so I get this question of like I don't think my business is that scalable all the time when in reality it's just harder to scale 36 00:02:49.640 --> 00:02:51.640 And so the thing is is that 37 00:02:51.720 --> 00:02:59.160 Switching from one service business to another services in terms of overall category is not likely to dramatically change your growth trajectory at all 38 00:02:59.160 --> 00:03:02.680 You're still likely going to be constrained by humans which most businesses are 39 00:03:02.760 --> 00:03:07.400 I'm gonna say this again 78% of businesses in the United States are service-based businesses 40 00:03:07.720 --> 00:03:13.560 This is reality and the reason that this is so annoying to me is that people will come and want to break their businesses 41 00:03:13.560 --> 00:03:15.560 They won't want to abandon their businesses 42 00:03:15.640 --> 00:03:20.760 Because they think that the woman in the red dress they think this other new thing somehow doesn't have the same characteristics 43 00:03:21.080 --> 00:03:25.080 Of a people-based business now within that category. Let's say we have a service business 44 00:03:25.560 --> 00:03:31.080 You can have demand constraint service businesses that supply constraint service businesses each business has problems 45 00:03:31.160 --> 00:03:36.200 And the crazy part is is that the problems are actually kind of similar. So let me explain 46 00:03:36.680 --> 00:03:39.000 So if you have a demand constraint service business 47 00:03:39.000 --> 00:03:41.720 So you have a a brick-and-mortar fitness business 48 00:03:42.040 --> 00:03:45.640 You're going to be demand constrained as in it's going to be harder to find people want to work out 49 00:03:45.640 --> 00:03:50.040 Then it is to find people want to teach people to work out right finding trainers and fitness enthusiasts not that hard 50 00:03:50.280 --> 00:03:55.880 Finding people who actually want to come in the gym and get excited and serve you know sign up for a service package or something like that 51 00:03:56.120 --> 00:03:58.680 Much more difficult right on the flip side 52 00:03:58.840 --> 00:04:03.480 If you have an accounting firm getting people to do their accounting everyone kind of has to do their accounting 53 00:04:03.800 --> 00:04:10.680 But getting competent and high quality accountants becomes the issue now. How do you solve each of those problems you promote 54 00:04:11.480 --> 00:04:17.400 Fundamentally you promote you promote to get new customers you promote to get new accountants 55 00:04:17.640 --> 00:04:22.760 It's the same problem you just have it on the back end of the business or the front end of the business and 56 00:04:23.400 --> 00:04:28.360 Some businesses have alternate between whether supply or demand constrained if you kind of grow at the same rate 57 00:04:28.360 --> 00:04:29.880 So you'll alternate back and forth 58 00:04:29.880 --> 00:04:32.440 But fundamentally and this is why I think this is so important 59 00:04:33.000 --> 00:04:39.800 You're going to struggle in one way or the other and the way that you will solve it in either of the situations is going to be 60 00:04:40.120 --> 00:04:45.160 Through promotion of some sort and so the reason that I bring this up is that said differently 61 00:04:46.040 --> 00:04:48.680 My business isn't scalable means 62 00:04:49.480 --> 00:04:51.480 it's hard 63 00:04:51.480 --> 00:04:55.160 And I want it to be easy and can you just tell me that it's going to be easy 64 00:04:55.960 --> 00:04:57.960 and it's not 65 00:04:57.960 --> 00:05:03.800 And so difficulty is a feature not a bug of scaling a business 66 00:05:04.600 --> 00:05:07.880 It is something that comes with scaling a business and 67 00:05:08.440 --> 00:05:10.440 The the reason I think this is so important is that 68 00:05:11.000 --> 00:05:14.760 There are periods of time and sometimes those periods are not weeks, but they are quarters 69 00:05:15.400 --> 00:05:22.280 Many quarters in a row where you have to sit with a problem as in you see the fire and it's in your living room 70 00:05:22.360 --> 00:05:24.360 And you have to just let it burn 71 00:05:24.360 --> 00:05:27.560 So let me explain why I mean by this there will be problems that occur in the business 72 00:05:28.120 --> 00:05:32.040 Let's say that you're your supply constraint and you need to bring new people in okay 73 00:05:32.680 --> 00:05:33.880 so 74 00:05:33.880 --> 00:05:37.640 Once you decide okay, I can't handle more customers because I have to hire more counts 75 00:05:37.640 --> 00:05:41.480 I have to hire more HVAC people I have to hire more technicians at my auto shop whatever it is 76 00:05:41.800 --> 00:05:45.320 As soon as you make that decision you see that clearly you start the promotional cycle 77 00:05:45.640 --> 00:05:49.320 So you start kicking off ads you start doing some outreach you start hanging up your network 78 00:05:49.400 --> 00:05:53.080 And then you start some interviews start some screening and then maybe you find 79 00:05:53.560 --> 00:05:58.200 One or two people and then you you know interview them and then maybe you give them a job offer 80 00:05:58.440 --> 00:06:01.960 And then once you give them a job offer you have to get them trained up and be proficient 81 00:06:02.040 --> 00:06:05.800 And you might lose some of them because they're not as good as you thought they were and other ones are good 82 00:06:05.800 --> 00:06:08.200 But it still takes three or six months for them to scale up 83 00:06:08.200 --> 00:06:11.240 And so all of a sudden I remember this with the feelings going to be like 84 00:06:11.960 --> 00:06:16.840 You decided and you realized that you were supply constraint you went out and you did something about it good for you 85 00:06:17.480 --> 00:06:20.360 But once you start going on doing something about it what happens 86 00:06:21.000 --> 00:06:27.720 Nothing the business is still constrained and so you just suffer day in and day out while you try and solve this problem 87 00:06:27.960 --> 00:06:29.560 And here's the nasty part 88 00:06:29.560 --> 00:06:34.040 Let's say that six months from now, but remember six months is a hundred and eighty days of every day 89 00:06:34.040 --> 00:06:36.200 You wake up and you're like I have this problem 90 00:06:36.200 --> 00:06:37.400 I should do something about it 91 00:06:37.400 --> 00:06:40.360 And then you have to remind yourself I am doing something about it 92 00:06:40.360 --> 00:06:42.920 But the thing is is that your team is still going to be struggling 93 00:06:43.000 --> 00:06:45.800 They're still going to be complaining you might still be complaining 94 00:06:45.800 --> 00:06:50.280 And the thing is is your brain your monkey brain is going to be like we should do something about this 95 00:06:50.280 --> 00:06:51.880 But you are doing something about it 96 00:06:51.880 --> 00:06:54.280 It's just that the thing you're doing about it isn't going to solve it today 97 00:06:55.080 --> 00:06:58.200 And the likelihood is that and this is where this is where it gets nasty 98 00:06:58.200 --> 00:07:00.440 This is where this is where the real problems happen 99 00:07:00.440 --> 00:07:02.440 This is why this is such an important video 100 00:07:02.440 --> 00:07:05.880 During that waiting period is when the vast majority of entrepreneurs 101 00:07:05.880 --> 00:07:07.080 Fuck with shit 102 00:07:07.080 --> 00:07:09.560 So they change their model they change their price 103 00:07:09.560 --> 00:07:11.720 They try and change they're like you know what 104 00:07:11.720 --> 00:07:16.360 Well what if we change our deliverable to you know it's it's 20 people per count instead of 10 105 00:07:16.360 --> 00:07:19.400 Or five and that way we get you know we can keep selling 106 00:07:19.400 --> 00:07:21.880 But then all of a sudden your service delivery drops and your churn goes up 107 00:07:21.880 --> 00:07:23.960 And now you have a structural issue within the business 108 00:07:23.960 --> 00:07:26.520 Whereas when you had to business that you had before this 109 00:07:26.520 --> 00:07:29.320 Without changing it you had good margins and good revenue retention 110 00:07:29.320 --> 00:07:32.120 Meaning like you kept making money and people kept paying good 111 00:07:32.760 --> 00:07:35.160 And so you take something that's really good 112 00:07:35.160 --> 00:07:37.320 And because you have a constraint on the system 113 00:07:37.400 --> 00:07:40.440 You break the business while you're waiting 114 00:07:40.440 --> 00:07:44.040 For your solution that you already started on to kick in 115 00:07:44.040 --> 00:07:46.360 This is the tangible of pain tolerance 116 00:07:46.360 --> 00:07:49.080 So a lot of people like to think about like the rocky cutscene and things like that 117 00:07:49.080 --> 00:07:50.840 Like oh I'm in business it's the grind 118 00:07:50.840 --> 00:07:55.240 The grind is oftentimes realizing there's a problem 119 00:07:55.240 --> 00:07:58.840 Beginning to try and solve it and then having to live with that problem 120 00:07:58.840 --> 00:08:02.200 For not weeks or months but cores and sometimes years 121 00:08:02.200 --> 00:08:04.280 And so the reason I'm bringing this up is that then 122 00:08:04.280 --> 00:08:07.960 The next thing that you start thinking is well you know what maybe I'll have 123 00:08:07.960 --> 00:08:09.800 I'll outsource this this problem to somebody else 124 00:08:09.800 --> 00:08:11.800 I'm gonna delegate delegate this away 125 00:08:11.800 --> 00:08:15.800 Sam Altman had this really good bit that I saw on on Instagram the other day 126 00:08:15.800 --> 00:08:17.720 He's the founder of OpenAi if you don't know his 127 00:08:17.720 --> 00:08:21.160 And he said he can't delegate the execution 128 00:08:21.160 --> 00:08:23.800 Because the idea and even the product or service 129 00:08:23.800 --> 00:08:26.600 Oftentimes though exciting is not the hard part 130 00:08:26.600 --> 00:08:28.760 That's like the 10% of the business 131 00:08:28.760 --> 00:08:31.560 I mean it's fun you have lots of iterations lots of changing 132 00:08:31.560 --> 00:08:34.200 But then once you have it and people are buying it 133 00:08:34.200 --> 00:08:36.760 And they like it and you make money at the end of the month 134 00:08:36.760 --> 00:08:39.720 The 90% of everything else is the actual execution 135 00:08:39.720 --> 00:08:41.080 It's the doingness 136 00:08:41.080 --> 00:08:44.360 And the doingness is the part where you have unrelenting problems 137 00:08:44.360 --> 00:08:46.600 That either you are actively solving 138 00:08:46.600 --> 00:08:49.000 And have not seen the fruits of your labor 139 00:08:49.000 --> 00:08:51.640 Or you're just solving the micro problems that happen every day 140 00:08:51.640 --> 00:08:53.960 And all the while you have to resist the urge 141 00:08:53.960 --> 00:08:55.880 To break the thing that actually works 142 00:08:55.880 --> 00:08:57.720 That you spent all of this other time 143 00:08:57.720 --> 00:08:58.760 Getting all these iterations 144 00:08:58.760 --> 00:09:01.080 Getting punched in the face to find the thing that actually worked 145 00:09:01.080 --> 00:09:03.560 And the likelihood that when you change the thing that actually works 146 00:09:03.560 --> 00:09:04.760 To something that's not that thing 147 00:09:04.760 --> 00:09:07.960 And that other thing is going to work better than the first thing is low 148 00:09:07.960 --> 00:09:09.000 And that's the crazy part 149 00:09:09.000 --> 00:09:10.520 Think about this from a hypothetical perspective 150 00:09:10.520 --> 00:09:11.960 If I have a building, right 151 00:09:11.960 --> 00:09:14.600 I've got bricks all along each of the walls to create the building 152 00:09:14.600 --> 00:09:15.160 Right 153 00:09:15.160 --> 00:09:17.320 There are unlimited places 154 00:09:17.320 --> 00:09:19.400 That those bricks could be in the physical world 155 00:09:19.400 --> 00:09:20.600 They could be in China 156 00:09:20.600 --> 00:09:23.080 You know like I'm saying like if I had a thousand bricks 157 00:09:23.080 --> 00:09:25.240 Brick number 909 158 00:09:25.240 --> 00:09:27.880 Could be in its exact place where it needs to be for the building 159 00:09:27.880 --> 00:09:30.280 Or it could be in unlimited other places 160 00:09:30.280 --> 00:09:32.120 But only in one of those locations 161 00:09:32.120 --> 00:09:34.920 Is it serving the purpose of keeping the building upright 162 00:09:34.920 --> 00:09:37.000 And so oftentimes when we move bricks 163 00:09:37.000 --> 00:09:39.320 What we're doing is the likelihood that the move that we have 164 00:09:39.320 --> 00:09:41.880 Is going to take that brick from something that already works in the building 165 00:09:41.880 --> 00:09:43.880 To improving the strength of the building 166 00:09:43.880 --> 00:09:46.040 Versus just being a jenga block that we remove 167 00:09:46.040 --> 00:09:47.960 We put on the side we just put it across the street 168 00:09:47.960 --> 00:09:49.800 And then we think that it's going to improve the building 169 00:09:49.800 --> 00:09:52.200 When in fact the likelihood that when we change something that works 170 00:09:52.200 --> 00:09:54.440 That it works better is usually significantly lower 171 00:09:54.440 --> 00:09:56.280 I want to dovetail into kind of a third 172 00:09:56.280 --> 00:09:57.400 A third bigger idea here 173 00:09:57.400 --> 00:09:58.600 Which is features and bugs 174 00:09:58.600 --> 00:10:01.320 And I referenced it a little bit earlier but I want to hit on it really hard 175 00:10:01.320 --> 00:10:05.000 And to use the words of my my my late great CFO Susan 176 00:10:05.960 --> 00:10:08.440 She said all businesses have shit 177 00:10:08.440 --> 00:10:11.960 All businesses have features and bugs 178 00:10:12.680 --> 00:10:16.680 But I think one of the big mistakes is that founders believe that the feature is a bug 179 00:10:16.680 --> 00:10:17.960 When it really isn't 180 00:10:18.760 --> 00:10:21.640 And so if you have let's say a service business 181 00:10:21.640 --> 00:10:24.680 Then you're going to be like man it's hard to find good people 182 00:10:24.680 --> 00:10:25.960 I should change my business model 183 00:10:26.600 --> 00:10:28.440 Well people's the business 184 00:10:29.080 --> 00:10:32.600 That's a feature that's something that comes standard with the business 185 00:10:32.600 --> 00:10:33.960 You're never going to eliminate it 186 00:10:33.960 --> 00:10:35.240 It's going to be part of it 187 00:10:35.240 --> 00:10:38.440 If you were like man I am a software you know 188 00:10:38.440 --> 00:10:40.280 Company then guess what the problem that you're in have is 189 00:10:40.920 --> 00:10:43.000 Finding good software developers 190 00:10:43.000 --> 00:10:44.280 They're really hard to find 191 00:10:44.280 --> 00:10:45.960 And they're really expensive 192 00:10:45.960 --> 00:10:49.000 And so you are going to still have to manage those people 193 00:10:49.000 --> 00:10:52.200 Now of course there are problems in business that you can solve 194 00:10:52.200 --> 00:10:53.400 It's just that 195 00:10:53.480 --> 00:10:56.120 There's a lot of business problems that you manage rather than solve 196 00:10:56.120 --> 00:10:57.320 You never get through them 197 00:10:57.320 --> 00:11:00.360 It's just like basically this pain of business 198 00:11:00.360 --> 00:11:01.320 It's just overhead 199 00:11:01.320 --> 00:11:03.000 It's just something that you have to keep paying 200 00:11:03.720 --> 00:11:05.800 Understanding this took me a very long time 201 00:11:06.440 --> 00:11:09.000 And you must do the hard thing 202 00:11:09.000 --> 00:11:11.320 And a lot of the hard thing is basically 203 00:11:11.320 --> 00:11:13.960 Withstanding the pain of knowing that there were mistakes 204 00:11:13.960 --> 00:11:15.800 Being you know occurring in the business 205 00:11:15.800 --> 00:11:16.920 There's churn that's going up 206 00:11:16.920 --> 00:11:18.920 And if we had these people we wouldn't have this churn 207 00:11:18.920 --> 00:11:22.280 But I can't change the business because I'm actively getting those people 208 00:11:22.280 --> 00:11:24.760 So you just have to sit there and watch it burn 209 00:11:24.760 --> 00:11:27.560 You have to be okay with the flaws 210 00:11:27.560 --> 00:11:29.640 And it will drive you insane because as a person 211 00:11:29.640 --> 00:11:32.040 You need to be the type of person who's not okay with flaws 212 00:11:32.040 --> 00:11:34.040 But you have to be willing to deal with the flaws 213 00:11:34.040 --> 00:11:37.320 As they exist because you are already actively solving them 214 00:11:38.040 --> 00:11:39.400 And you have to look at your team in the face 215 00:11:39.400 --> 00:11:40.440 Be like yep 216 00:11:40.440 --> 00:11:42.040 Herd and they're like there's all these fires 217 00:11:42.040 --> 00:11:42.840 You're like yep 218 00:11:42.840 --> 00:11:43.720 Understood 219 00:11:43.720 --> 00:11:45.000 What are we going to do about it 220 00:11:45.000 --> 00:11:46.600 Right now we're already working on it 221 00:11:46.600 --> 00:11:48.200 Well why isn't it done yet 222 00:11:48.200 --> 00:11:49.400 It's in progress 223 00:11:49.400 --> 00:11:51.320 What what it's in progress 224 00:11:51.400 --> 00:11:53.000 Well shouldn't we do this in the meantime 225 00:11:53.000 --> 00:11:54.040 No 226 00:11:54.040 --> 00:11:56.680 We're just going to continue 227 00:11:56.680 --> 00:11:58.040 We're going to endure 228 00:11:58.040 --> 00:11:59.560 We're going to persist 229 00:11:59.560 --> 00:12:00.920 We're going to deal 230 00:12:02.280 --> 00:12:05.080 And I think that season is the part 231 00:12:05.080 --> 00:12:06.440 That is the hard part 232 00:12:06.440 --> 00:12:09.160 And the thing is is that season is literally never ending 233 00:12:09.160 --> 00:12:12.280 Because once you you find your mechanics 234 00:12:12.280 --> 00:12:13.240 You find your accountants 235 00:12:13.240 --> 00:12:14.680 You find the software developers 236 00:12:14.680 --> 00:12:15.720 We're going to help you with your business 237 00:12:15.720 --> 00:12:16.440 Whatever it is 238 00:12:16.440 --> 00:12:17.160 Right 239 00:12:17.160 --> 00:12:18.760 As soon as you find those people 240 00:12:18.760 --> 00:12:19.880 Guess what happens 241 00:12:19.880 --> 00:12:21.640 Something else will break 242 00:12:21.640 --> 00:12:24.520 And you'll have some things that are fast fixes 243 00:12:24.520 --> 00:12:25.720 And you'll fix those fast 244 00:12:25.720 --> 00:12:27.480 But some fixes are slow fixes 245 00:12:27.480 --> 00:12:30.600 And the slow fixes are the one that are going to be the vast majority of your business career 246 00:12:30.600 --> 00:12:33.800 Because the fast fixes are only there for a small period of time 247 00:12:33.800 --> 00:12:35.000 Because you deal with the pain 248 00:12:35.000 --> 00:12:36.440 You see the you see the solution 249 00:12:36.440 --> 00:12:37.240 And you solve it 250 00:12:37.240 --> 00:12:37.480 Done 251 00:12:38.280 --> 00:12:39.080 Over 252 00:12:39.080 --> 00:12:41.320 But then as soon as you go fast fast fast 253 00:12:41.320 --> 00:12:42.120 Slow 254 00:12:42.120 --> 00:12:44.920 And you just got to stick with that slow one until it's solved 255 00:12:45.560 --> 00:12:46.760 This is what makes it hard 256 00:12:47.560 --> 00:12:49.400 And it's not that your business isn't scalable 257 00:12:49.400 --> 00:12:51.000 It's that you want scaling to be easier 258 00:12:52.040 --> 00:12:53.000 And that's the issue 259 00:12:53.000 --> 00:12:54.760 Your business isn't broken 260 00:12:54.760 --> 00:12:56.680 You don't need to change the business 261 00:12:56.680 --> 00:12:59.240 You need to deal with the fact that solutions take time 262 00:13:00.360 --> 00:13:03.240 And that this might just be a feature of the business you're in 263 00:13:03.240 --> 00:13:04.360 Now part of you 264 00:13:04.360 --> 00:13:06.760 I think well if this is a feature of the business that I'm in 265 00:13:06.760 --> 00:13:08.040 I don't want to have this business 266 00:13:08.680 --> 00:13:09.960 I don't want to have this business 267 00:13:09.960 --> 00:13:10.280 Okay 268 00:13:11.160 --> 00:13:11.960 Well if 269 00:13:11.960 --> 00:13:13.720 Let's walk through that 270 00:13:13.720 --> 00:13:15.000 So hypothetically 271 00:13:15.000 --> 00:13:17.560 If you were very good at solving that problem 272 00:13:17.640 --> 00:13:19.960 Would that be a problem that you'd be more okay with dealing with 273 00:13:20.840 --> 00:13:22.440 maybe 274 00:13:22.440 --> 00:13:24.280 And if you're considering an alternative path 275 00:13:24.280 --> 00:13:26.200 You should also consider the alternative problems 276 00:13:26.760 --> 00:13:27.000 Right 277 00:13:27.000 --> 00:13:28.280 You're like why I want to do something else 278 00:13:28.280 --> 00:13:30.440 Okay tell me all the things that suck about that path 279 00:13:30.440 --> 00:13:31.800 Because I promise 280 00:13:31.800 --> 00:13:33.720 There are things that suck about that path 281 00:13:33.720 --> 00:13:35.000 And then the follow up question to that is 282 00:13:35.000 --> 00:13:37.480 Are you better equipped to solve those problems 283 00:13:37.480 --> 00:13:39.000 Now in the hypothetical world 284 00:13:39.000 --> 00:13:41.560 You always think you're better equipped to solve those problems 285 00:13:41.560 --> 00:13:44.360 But oftentimes you've never even solved them before 286 00:13:44.360 --> 00:13:45.880 And maybe the problems you think that are there 287 00:13:45.880 --> 00:13:47.240 Are not actually the real problems 288 00:13:47.240 --> 00:13:49.560 The real problems are much deeper and more 289 00:13:49.560 --> 00:13:51.400 And a fairest than the ones you're currently doing with 290 00:13:51.400 --> 00:13:52.920 And so I think that there's something 291 00:13:52.920 --> 00:13:55.080 Something something so deep about the saying 292 00:13:55.080 --> 00:13:56.120 The devil you know 293 00:13:56.120 --> 00:13:56.600 Right 294 00:13:56.600 --> 00:13:58.360 Is that like the businesses that devil you know 295 00:13:58.360 --> 00:14:00.120 And you've maybe been doing this for a year or two years 296 00:14:00.120 --> 00:14:01.000 Or five years or 10 years 297 00:14:01.000 --> 00:14:03.000 How long you've been in your industry 20 years 298 00:14:03.000 --> 00:14:04.440 The thing is is the long you've been in industry 299 00:14:04.440 --> 00:14:05.640 The more you've mapped 300 00:14:06.200 --> 00:14:07.320 The the system 301 00:14:07.320 --> 00:14:09.000 Right you more you've mapped the terrain 302 00:14:09.000 --> 00:14:10.840 You understand the good 303 00:14:10.840 --> 00:14:12.040 And you understand the bad 304 00:14:12.040 --> 00:14:14.040 And you understand what to do about the path 305 00:14:14.120 --> 00:14:16.040 And so fundamentally 306 00:14:16.040 --> 00:14:17.480 Problems will not end 307 00:14:17.480 --> 00:14:19.880 And I think this is like it's almost like a human problem 308 00:14:19.880 --> 00:14:21.480 That exists with entrepreneurs is that 309 00:14:21.480 --> 00:14:23.960 They want problems to stop 310 00:14:23.960 --> 00:14:25.160 And they will never stop 311 00:14:26.600 --> 00:14:27.720 They will never stop 312 00:14:28.760 --> 00:14:30.760 You're wishing for something that does not exist 313 00:14:30.760 --> 00:14:32.040 And in so doing 314 00:14:32.040 --> 00:14:34.040 You were consistently changing things about the business 315 00:14:34.040 --> 00:14:34.760 That is working 316 00:14:35.720 --> 00:14:37.480 It's probably the same thing for people who hop from 317 00:14:37.480 --> 00:14:39.000 Relationship relationship 318 00:14:39.000 --> 00:14:39.880 Is the one thing I want to have 319 00:14:39.880 --> 00:14:41.480 I want to find a relationship that has no problems 320 00:14:41.480 --> 00:14:42.680 Is not going to it's not going to happen 321 00:14:42.680 --> 00:14:43.880 You're not going to find it 322 00:14:43.880 --> 00:14:45.640 But the biggest problem is of all is that 323 00:14:45.640 --> 00:14:47.160 You think that there shouldn't be problems 324 00:14:48.520 --> 00:14:49.480 Hey guys real quick 325 00:14:49.480 --> 00:14:51.560 This podcast only grows from word of mouth 326 00:14:51.560 --> 00:14:52.040 Quite literally 327 00:14:52.040 --> 00:14:53.560 There's no other way to grow a podcast in word of mouth 328 00:14:53.560 --> 00:14:54.840 If there's some element of this 329 00:14:54.840 --> 00:14:56.440 That you think somebody else should hear 330 00:14:56.440 --> 00:14:57.560 Or be relevant to them 331 00:14:57.560 --> 00:14:58.680 It would mean the world to me 332 00:14:58.680 --> 00:15:00.200 If you shared this via text 333 00:15:00.200 --> 00:15:01.480 The Instagram via DM 334 00:15:01.480 --> 00:15:04.040 Feel whatever way you like to share stuff with the people you love 335 00:15:04.040 --> 00:15:05.240 Thank you 336 00:15:06.040 --> 00:15:07.880 You have a problem with your problems 337 00:15:07.880 --> 00:15:10.120 And that problem is solvable 338 00:15:10.120 --> 00:15:12.280 You decide that there isn't a problem with having problems 339 00:15:12.360 --> 00:15:15.400 You accept that having a problem is a fact of life 340 00:15:15.400 --> 00:15:16.680 It's a fact of business 341 00:15:16.680 --> 00:15:18.520 It's a fact of wherever you're trying to go 342 00:15:19.160 --> 00:15:21.640 Like find me one hundred million dollar 343 00:15:21.640 --> 00:15:22.440 Ten million dollar 344 00:15:22.440 --> 00:15:23.160 Million dollar 345 00:15:23.160 --> 00:15:23.880 Billion dollar 346 00:15:23.880 --> 00:15:24.600 Entrepreneur 347 00:15:24.600 --> 00:15:26.840 Who says I got here and there were no problems 348 00:15:26.840 --> 00:15:27.800 In fact today 349 00:15:27.800 --> 00:15:30.040 I have actually solved all of my problems 350 00:15:30.040 --> 00:15:31.480 It doesn't happen 351 00:15:31.480 --> 00:15:32.760 And so we have this demand 352 00:15:32.760 --> 00:15:33.640 We have this wish 353 00:15:33.640 --> 00:15:36.760 And that wish is the actual biggest problem in your business 354 00:15:36.760 --> 00:15:39.720 Because it's the thing that's causing you to break the thing that's working 355 00:15:39.720 --> 00:15:41.720 And this is where you need to give time time 356 00:15:41.800 --> 00:15:43.960 You need to give solutions time to breathe 357 00:15:43.960 --> 00:15:46.040 And you need to give solutions time to work 358 00:15:46.040 --> 00:15:46.760 As always 359 00:15:46.760 --> 00:15:48.360 Once the solution actually happens 360 00:15:48.360 --> 00:15:49.240 Play it out 361 00:15:49.240 --> 00:15:50.360 Let's say that we've got 362 00:15:50.360 --> 00:15:52.040 We finally fixed our accounting 363 00:15:52.040 --> 00:15:53.400 Our accounting recruiting problems 364 00:15:53.400 --> 00:15:54.920 We now have lots of accountants 365 00:15:54.920 --> 00:15:56.200 We've created a whole 366 00:15:56.200 --> 00:15:57.080 School for accounting 367 00:15:57.080 --> 00:15:59.160 We made 20 partnerships with different accounting schools 368 00:15:59.160 --> 00:16:00.040 And now we have this 369 00:16:00.040 --> 00:16:01.240 We have guys banging down the door 370 00:16:01.240 --> 00:16:03.080 And being like man I would love to work for you 371 00:16:03.080 --> 00:16:04.360 What's your problem now 372 00:16:04.360 --> 00:16:05.560 Well you know what 373 00:16:05.560 --> 00:16:06.920 Now that I've got all these accountants 374 00:16:06.920 --> 00:16:08.280 I've got all these guys with empty 375 00:16:08.280 --> 00:16:09.080 Empty calendars 376 00:16:09.080 --> 00:16:09.400 They could 377 00:16:09.400 --> 00:16:10.360 I've so much more 378 00:16:10.360 --> 00:16:12.440 Capacity I'm overpaying in payroll 379 00:16:12.440 --> 00:16:13.720 Because I've got all these guys 380 00:16:13.720 --> 00:16:15.240 But I need to get more customers 381 00:16:15.240 --> 00:16:16.200 And so what do you do 382 00:16:16.200 --> 00:16:17.480 You start marketing more but now 383 00:16:17.480 --> 00:16:18.600 But now the customers are coming 384 00:16:18.600 --> 00:16:19.720 Because you're trying to fill slots 385 00:16:19.720 --> 00:16:21.240 You're lowering your bar 386 00:16:21.240 --> 00:16:23.000 You're taking worse quality customers 387 00:16:23.000 --> 00:16:24.600 Now your term becomes an issue 388 00:16:24.600 --> 00:16:26.040 Right and your margins start going down 389 00:16:26.040 --> 00:16:27.480 Because you can't chart these people as much 390 00:16:27.480 --> 00:16:29.000 And you've already taken on more fixed costs 391 00:16:29.000 --> 00:16:31.000 Because you started hiring all these people 392 00:16:31.000 --> 00:16:31.720 Huh 393 00:16:31.720 --> 00:16:33.000 Is this sounding familiar? 394 00:16:33.800 --> 00:16:35.480 These are sounding like business problems 395 00:16:35.480 --> 00:16:37.000 Because wouldn't it be convenient 396 00:16:37.000 --> 00:16:38.520 If that accountant would say 397 00:16:38.520 --> 00:16:40.920 Hey, I will wait here patiently 398 00:16:40.920 --> 00:16:43.080 Until you have acquired 20 accounts 399 00:16:43.080 --> 00:16:44.120 Of appropriate size 400 00:16:44.120 --> 00:16:45.400 And then and only then 401 00:16:45.400 --> 00:16:46.840 Like choose to come on board 402 00:16:46.840 --> 00:16:47.720 And at that moment 403 00:16:47.720 --> 00:16:48.760 You can collect their revenue 404 00:16:48.760 --> 00:16:49.960 And all of these customers will say 405 00:16:49.960 --> 00:16:50.760 You know what 406 00:16:50.760 --> 00:16:52.200 I will wait in line 407 00:16:52.200 --> 00:16:54.280 Until you get 19 more customers just like me 408 00:16:54.280 --> 00:16:55.320 And then all at once 409 00:16:55.320 --> 00:16:57.240 We will start working with this new account 410 00:16:57.240 --> 00:16:58.120 That you're bringing in 411 00:16:58.120 --> 00:16:59.240 So that your payroll 412 00:16:59.240 --> 00:17:00.840 And your revenue can match 413 00:17:00.840 --> 00:17:01.960 Wouldn't that be nice 414 00:17:01.960 --> 00:17:04.680 It also be nice if this table is made of gold 415 00:17:04.680 --> 00:17:05.960 Or diamonds 416 00:17:05.960 --> 00:17:07.560 Be sweeter for your diamond 417 00:17:07.560 --> 00:17:08.680 Or adamantium 418 00:17:08.680 --> 00:17:09.560 Even cooler 419 00:17:09.560 --> 00:17:10.680 But very unlikely 420 00:17:12.200 --> 00:17:12.600 Hey guys 421 00:17:12.600 --> 00:17:14.200 This podcast continues to grow 422 00:17:14.200 --> 00:17:15.160 Which is insane 423 00:17:15.160 --> 00:17:16.120 And it's amazing 424 00:17:16.120 --> 00:17:17.560 And it's only because of 425 00:17:17.560 --> 00:17:18.200 One person 426 00:17:18.200 --> 00:17:18.920 And that's you 427 00:17:18.920 --> 00:17:19.960 You who's listening to this 428 00:17:19.960 --> 00:17:20.920 You might think you're just 429 00:17:20.920 --> 00:17:22.200 You know like a dot on a map 430 00:17:22.200 --> 00:17:24.040 Or on some data sheet or something 431 00:17:24.040 --> 00:17:25.240 But the fact that 432 00:17:25.240 --> 00:17:25.800 You guys 433 00:17:25.800 --> 00:17:26.520 Every day 434 00:17:26.520 --> 00:17:27.480 Share it and post it 435 00:17:27.480 --> 00:17:28.280 And text it to friends 436 00:17:28.280 --> 00:17:29.720 Put it in your Slack groups for work 437 00:17:29.720 --> 00:17:30.680 That's how this 438 00:17:30.680 --> 00:17:31.560 Podcast grows 439 00:17:31.560 --> 00:17:32.760 And so it means the world to me 440 00:17:32.760 --> 00:17:33.960 And if you think that this podcast 441 00:17:33.960 --> 00:17:35.240 Will provide value to somebody else 442 00:17:35.240 --> 00:17:36.040 If you share it 443 00:17:36.040 --> 00:17:37.000 It would mean a lot to me 444 00:17:37.080 --> 00:17:37.880 So thanks so much 445 00:17:39.880 --> 00:17:42.440 And so if you want to be in the wishing game 446 00:17:42.440 --> 00:17:43.640 Then maybe entrepreneurship 447 00:17:43.640 --> 00:17:45.080 Isn't the right path for you 448 00:17:45.080 --> 00:17:47.000 But if you want to live in the real world 449 00:17:47.000 --> 00:17:48.200 You have to accept 450 00:17:48.200 --> 00:17:49.400 That there will be problems 451 00:17:49.400 --> 00:17:50.440 And there will be things 452 00:17:50.440 --> 00:17:51.240 And they typically 453 00:17:51.240 --> 00:17:53.240 Revolve around one core issue 454 00:17:53.240 --> 00:17:54.120 Which is the delta 455 00:17:54.120 --> 00:17:55.400 Between your expectations 456 00:17:55.400 --> 00:17:56.200 Around time 457 00:17:57.000 --> 00:17:59.000 So let me explain what I mean by this 458 00:17:59.000 --> 00:18:01.960 The problem isn't your expectations of the business 459 00:18:01.960 --> 00:18:03.800 Your problem is the timeline 460 00:18:03.800 --> 00:18:05.320 Of those expectations 461 00:18:05.320 --> 00:18:06.440 If you want to change the world 462 00:18:06.520 --> 00:18:07.560 You absolutely can 463 00:18:07.560 --> 00:18:08.680 I believe that wholeheartedly 464 00:18:08.680 --> 00:18:09.880 I think any one person 465 00:18:09.880 --> 00:18:10.520 Any one man 466 00:18:10.520 --> 00:18:11.480 Anyone woman can change the world 467 00:18:11.480 --> 00:18:12.280 I believe that 468 00:18:12.280 --> 00:18:13.240 But not 469 00:18:13.240 --> 00:18:13.960 Tomorrow 470 00:18:13.960 --> 00:18:15.720 It will probably take time 471 00:18:16.120 --> 00:18:17.160 It will take infrastructure 472 00:18:17.160 --> 00:18:17.960 It will take help 473 00:18:17.960 --> 00:18:19.080 It will take a movement 474 00:18:19.080 --> 00:18:21.560 It will take many other people helping you along the way 475 00:18:21.560 --> 00:18:23.960 And that does not happen overnight 476 00:18:23.960 --> 00:18:24.760 Like there's the saying 477 00:18:24.760 --> 00:18:25.960 Rome wasn't built in the day 478 00:18:25.960 --> 00:18:26.840 And it's true 479 00:18:26.840 --> 00:18:27.960 It wasn't 480 00:18:27.960 --> 00:18:29.000 And so 481 00:18:29.000 --> 00:18:30.760 Now I'll give you a realistic timeline 482 00:18:30.760 --> 00:18:33.000 I think that I work on 483 00:18:33.000 --> 00:18:34.840 Which is I work in decades 484 00:18:34.920 --> 00:18:36.520 And the reason I choose that number 485 00:18:36.520 --> 00:18:38.840 Is that you can go from new idea 486 00:18:38.840 --> 00:18:40.600 To massive global company 487 00:18:40.600 --> 00:18:41.560 In about 10 years 488 00:18:42.120 --> 00:18:44.040 You look at zero to a Microsoft 489 00:18:44.040 --> 00:18:45.960 Which they IP out at about seven years 490 00:18:45.960 --> 00:18:47.000 Right, you look at like 491 00:18:47.000 --> 00:18:48.440 Obviously open a eyes 492 00:18:48.440 --> 00:18:49.960 We saw their very rapid growth 493 00:18:49.960 --> 00:18:50.600 But they're also 494 00:18:50.600 --> 00:18:53.080 They worked since like 2017 495 00:18:53.080 --> 00:18:53.880 And now they're right 496 00:18:53.880 --> 00:18:54.680 Like eight years in 497 00:18:55.400 --> 00:18:57.000 So again seven years 498 00:18:57.720 --> 00:18:58.200 Six years 499 00:18:59.000 --> 00:19:00.680 I run a little higher 500 00:19:00.680 --> 00:19:01.720 Because you know 501 00:19:01.720 --> 00:19:03.560 I don't think I'm Elon Musk 502 00:19:04.280 --> 00:19:05.800 And maybe you don't think you are either 503 00:19:05.800 --> 00:19:06.920 And if you're politically charged 504 00:19:06.920 --> 00:19:08.200 About it, pick a different entrepreneur 505 00:19:08.200 --> 00:19:09.000 Whatever 506 00:19:09.000 --> 00:19:10.200 The point is 507 00:19:10.200 --> 00:19:11.800 The rush you have 508 00:19:11.800 --> 00:19:12.760 Is imaginary 509 00:19:12.760 --> 00:19:13.720 It's not real 510 00:19:13.720 --> 00:19:14.440 It's in your head 511 00:19:14.440 --> 00:19:15.560 You've made it up 512 00:19:15.560 --> 00:19:16.600 To get to where 513 00:19:16.600 --> 00:19:17.400 By when 514 00:19:17.400 --> 00:19:18.280 Why 515 00:19:18.280 --> 00:19:20.440 Maybe the fact that you think you have to double this year 516 00:19:20.440 --> 00:19:21.800 Is the reason you'll never double 517 00:19:21.800 --> 00:19:22.840 Over the next five years 518 00:19:22.840 --> 00:19:24.440 Because you keep trying to cut corners 519 00:19:24.440 --> 00:19:25.880 You can't build it right 520 00:19:25.880 --> 00:19:27.240 And because you don't build it right 521 00:19:27.240 --> 00:19:28.600 You don't get the right people in on the front 522 00:19:28.600 --> 00:19:30.440 And you don't get people right people in the back end 523 00:19:30.440 --> 00:19:31.240 You get the wrong talent 524 00:19:31.240 --> 00:19:32.200 You get the wrong customers 525 00:19:32.200 --> 00:19:33.000 You keep turning this up 526 00:19:33.000 --> 00:19:34.200 Because of arbitrary 527 00:19:34.200 --> 00:19:34.760 Arbitrate 528 00:19:34.760 --> 00:19:35.960 Completely made up 529 00:19:35.960 --> 00:19:37.480 Lines that you draw on the sand and say 530 00:19:37.480 --> 00:19:38.680 This must occur 531 00:19:38.680 --> 00:19:40.600 You could have the business you want 532 00:19:40.600 --> 00:19:42.040 Just not by the time 533 00:19:42.040 --> 00:19:43.560 That you want it 534 00:19:43.560 --> 00:19:45.240 And so I don't think you need to change your dreams 535 00:19:45.240 --> 00:19:46.920 I think you need to change your timelapse 536 00:19:46.920 --> 00:19:49.640 And so the idea that your businesses and scalable 537 00:19:49.640 --> 00:19:50.520 Is actually 538 00:19:50.520 --> 00:19:52.280 Yet again in relation to speed 539 00:19:52.280 --> 00:19:53.400 Of course it's scalable 540 00:19:53.400 --> 00:19:54.520 It's just not as scalable 541 00:19:54.520 --> 00:19:56.680 It doesn't scale as fast as you'd like it to 542 00:19:56.680 --> 00:19:58.280 And what part of this can we change 543 00:19:58.280 --> 00:19:59.720 The as you'd like it to 544 00:19:59.720 --> 00:20:00.680 That part you can change 545 00:20:00.760 --> 00:20:02.200 Now of course you can advertise more 546 00:20:02.200 --> 00:20:03.400 You can try and hire a bigger 547 00:20:03.400 --> 00:20:05.400 Recording team within the constraints of your business 548 00:20:05.400 --> 00:20:06.600 Given the resources you have 549 00:20:06.600 --> 00:20:08.600 Sure, of course you can allocate more resources 550 00:20:08.600 --> 00:20:10.040 But you're not going to solve it 551 00:20:10.040 --> 00:20:11.320 These are features 552 00:20:11.320 --> 00:20:12.280 And so I think a lot of people 553 00:20:12.280 --> 00:20:14.680 Are wishing for a business that has no difficulty 554 00:20:14.680 --> 00:20:16.200 And if you find it, let me know 555 00:20:16.200 --> 00:20:17.720 But I have yet to see it 556 00:20:17.720 --> 00:20:19.240 And I've looked at a lot of businesses 557 00:20:19.240 --> 00:20:21.240 And so I say this because many of you 558 00:20:21.240 --> 00:20:22.680 Probably one 559 00:20:22.680 --> 00:20:24.680 Don't need to change your business 560 00:20:24.680 --> 00:20:26.360 Probably need to keep doing the business you're on 561 00:20:27.400 --> 00:20:28.680 Number two, the business you're on 562 00:20:28.680 --> 00:20:30.760 Is probably scalable 563 00:20:30.760 --> 00:20:32.120 All businesses are scalable 564 00:20:32.120 --> 00:20:33.720 It's just how hard is it to scale 565 00:20:33.720 --> 00:20:35.720 And when we translate hard into 566 00:20:35.720 --> 00:20:38.120 What problems must I solve in order to scale it 567 00:20:38.120 --> 00:20:40.120 And what are the alternative problems to this path 568 00:20:40.120 --> 00:20:41.320 That would have to encounter 569 00:20:41.320 --> 00:20:42.520 If I didn't follow this path 570 00:20:42.520 --> 00:20:44.840 Which you'll find are often also equally difficult 571 00:20:44.840 --> 00:20:46.600 And probably you're less equipped to solve them 572 00:20:46.600 --> 00:20:48.440 Because you've never solved them before 573 00:20:48.440 --> 00:20:50.360 And so the idea is I want no problem 574 00:20:50.360 --> 00:20:52.440 But really you're only trading problems 575 00:20:52.440 --> 00:20:53.560 And so when you're thinking about 576 00:20:53.560 --> 00:20:55.000 I want this to not be this way 577 00:20:55.000 --> 00:20:57.000 Think about what problems you'd rather have 578 00:20:57.080 --> 00:20:59.560 There's a big pile of problems in the table 579 00:20:59.560 --> 00:21:01.720 All the business owners are tossing them in 580 00:21:01.720 --> 00:21:02.360 In the middle 581 00:21:02.360 --> 00:21:04.360 And it's like you got to throw your cards in 582 00:21:04.360 --> 00:21:05.000 Your problem's in 583 00:21:05.000 --> 00:21:06.120 You got to pick somebody else's 584 00:21:06.120 --> 00:21:07.240 When you look at everybody else's 585 00:21:07.240 --> 00:21:09.320 Like I don't know 586 00:21:09.320 --> 00:21:10.360 I don't know if I would pick them up 587 00:21:11.240 --> 00:21:12.520 And the thing is the longer you do 588 00:21:12.520 --> 00:21:14.120 With your problems the better you get it dealing with them 589 00:21:14.920 --> 00:21:16.440 Kind of like the longer you've dated somebody 590 00:21:16.440 --> 00:21:18.200 You're like I kind of know how to deal with this person 591 00:21:18.200 --> 00:21:19.560 I know how to do it they're crazy 592 00:21:19.560 --> 00:21:21.800 Right and over time they kind of know how to deal with your crazy 593 00:21:21.800 --> 00:21:24.040 So your business probably isn't broken 594 00:21:24.040 --> 00:21:25.800 It's probably just not growing as fast as you want 595 00:21:25.880 --> 00:21:28.440 Because you are demanding that it grow faster 596 00:21:28.440 --> 00:21:30.040 But you are 597 00:21:30.040 --> 00:21:32.600 Instead of doing trying to break things about your business 598 00:21:32.600 --> 00:21:34.200 That we're making it work 599 00:21:34.200 --> 00:21:35.960 In order to get it to not work 600 00:21:35.960 --> 00:21:37.400 So that you no longer have that problem 601 00:21:37.400 --> 00:21:38.520 And you create another problem 602 00:21:38.520 --> 00:21:39.880 And now you have two problems to solve 603 00:21:39.880 --> 00:21:41.640 Your timelines are the biggest issue 604 00:21:41.640 --> 00:21:42.360 In the business 605 00:21:43.240 --> 00:21:45.400 And the fact that it is hard 606 00:21:45.400 --> 00:21:47.080 Is a feature not a bug 607 00:21:47.080 --> 00:21:49.160 And the vast majority of your business career 608 00:21:49.160 --> 00:21:52.360 Will be spent waiting in painful tolerance 609 00:21:52.360 --> 00:21:55.000 Of the solutions that you are implementing to kick in 610 00:21:55.560 --> 00:21:58.280 And you have to deal with the lashings of life 611 00:21:58.280 --> 00:21:59.720 While that's happening 612 00:21:59.720 --> 00:22:01.160 And look at everyone in the team 613 00:22:01.160 --> 00:22:03.320 In the eyes and say we are working on it 614 00:22:03.320 --> 00:22:04.920 And they're going to be like well why don't we change this 615 00:22:04.920 --> 00:22:06.680 And you have to look at them and say no 616 00:22:06.680 --> 00:22:08.040 And they're going to say but there's this fire 617 00:22:08.040 --> 00:22:08.840 And you're like yeah 618 00:22:08.840 --> 00:22:09.880 But if we do your thing 619 00:22:09.880 --> 00:22:11.480 Then we're going to have another fire 620 00:22:11.480 --> 00:22:14.520 And we're also going to incur the cost of change between both scenarios 621 00:22:14.520 --> 00:22:15.880 Which I'd rather just have 622 00:22:15.880 --> 00:22:16.760 Pain one 623 00:22:16.760 --> 00:22:17.960 Rather than pain two 624 00:22:17.960 --> 00:22:19.640 And cost of change pain pain three 625 00:22:20.280 --> 00:22:21.640 And so as it is it's erratic 626 00:22:21.640 --> 00:22:22.600 It's frenetic energy 627 00:22:22.600 --> 00:22:24.760 It's the feeling that you must do something 628 00:22:24.840 --> 00:22:26.680 And if you do if you do have that energy 629 00:22:26.680 --> 00:22:28.440 And you're like man I've got to do something about it 630 00:22:28.440 --> 00:22:30.600 Go to what you're actually trying to do with the solution 631 00:22:30.600 --> 00:22:32.040 And try and promote yourself 632 00:22:32.040 --> 00:22:33.800 Go do take some of the interviews yourself 633 00:22:33.800 --> 00:22:35.240 Try and speed up the cycles there 634 00:22:35.240 --> 00:22:36.520 By all means try and speed up 635 00:22:36.520 --> 00:22:38.520 You're just not going to eliminate it 636 00:22:38.520 --> 00:22:39.320 These will be features 637 00:22:39.320 --> 00:22:41.320 These will be things that you live with 638 00:22:41.320 --> 00:22:42.760 And I'll leave you with one thought 639 00:22:42.760 --> 00:22:44.200 There's an old saying 640 00:22:44.200 --> 00:22:45.720 An old bull and a young bull 641 00:22:45.720 --> 00:22:46.760 And they see a bunch of you know 642 00:22:46.760 --> 00:22:48.360 Pretty cows at the bottom of a 643 00:22:48.360 --> 00:22:49.800 Bottom of the hill 644 00:22:49.800 --> 00:22:51.640 And so the young bull is looking at the old bull 645 00:22:51.640 --> 00:22:53.080 And he's like hey let's chase 646 00:22:53.080 --> 00:22:54.280 Let's go run down there 647 00:22:54.280 --> 00:22:56.040 And and Steve we can catch one 648 00:22:56.040 --> 00:22:57.640 To procreate with 649 00:22:58.760 --> 00:23:02.040 And the old bull is like no that's a terrible idea 650 00:23:02.040 --> 00:23:02.840 And he's like why 651 00:23:03.640 --> 00:23:05.240 He's like well because if we charge down there 652 00:23:05.240 --> 00:23:06.600 He's like they're all going to scatter 653 00:23:06.600 --> 00:23:07.640 And the young bull is like yeah 654 00:23:07.640 --> 00:23:09.400 But I'm going to I'm going to take this 655 00:23:09.400 --> 00:23:10.520 You know we'll each get one 656 00:23:11.080 --> 00:23:12.520 He's like yeah but if we 657 00:23:12.520 --> 00:23:14.040 If we walk down the hill slowly 658 00:23:14.040 --> 00:23:15.720 He's like we can procreate with them all 659 00:23:16.520 --> 00:23:18.280 And if say I try to make that PG 660 00:23:18.280 --> 00:23:19.400 Well how does this relate to the business 661 00:23:19.400 --> 00:23:21.480 Does this mean that if I take my time 662 00:23:21.560 --> 00:23:23.720 I can pursue every single entrepreneurial endeavor 663 00:23:24.440 --> 00:23:26.520 I actually think that within the context of entrepreneurship 664 00:23:26.520 --> 00:23:27.560 It's backwards 665 00:23:27.560 --> 00:23:29.720 You're never going to sleep with all the women 666 00:23:30.440 --> 00:23:31.400 You can't 667 00:23:31.400 --> 00:23:33.240 There are so many businesses that exist 668 00:23:33.240 --> 00:23:36.040 And the reason for that and you have more ideas than you have time 669 00:23:36.760 --> 00:23:38.920 There's a fixed cost that we must accept 670 00:23:38.920 --> 00:23:41.320 That it will likely take if you really want to go big 671 00:23:42.040 --> 00:23:44.280 It's get it like look at the biggest businesses 672 00:23:44.280 --> 00:23:47.080 They're 20, 30, 40 years old 673 00:23:47.560 --> 00:23:49.480 And you're like well I'm 30 now 674 00:23:49.480 --> 00:23:51.400 It's like right that means until you're 70 675 00:23:51.400 --> 00:23:52.840 One thing 676 00:23:52.840 --> 00:23:54.280 You just keep growing it 677 00:23:54.280 --> 00:23:56.600 And so what does that what does that mean downstream 678 00:23:56.600 --> 00:23:59.080 It means that there are opportunities 679 00:23:59.720 --> 00:24:01.560 Not just some opportunities 680 00:24:01.560 --> 00:24:03.080 But all other opportunities 681 00:24:03.080 --> 00:24:05.320 Besides the one that you're currently working on 682 00:24:05.320 --> 00:24:06.520 You will have to say no to 683 00:24:07.560 --> 00:24:09.720 Think about that reality like let it settle with you 684 00:24:09.720 --> 00:24:11.480 Because you have to come to peace with it 685 00:24:11.480 --> 00:24:13.800 And the fact that you haven't come to peace with it 686 00:24:13.800 --> 00:24:16.280 Is why you keep wanting to pursue all of these things 687 00:24:16.280 --> 00:24:17.960 But by pursuing all of them 688 00:24:17.960 --> 00:24:19.960 You will get none of them 689 00:24:20.360 --> 00:24:22.200 You're not going to start every business 690 00:24:22.200 --> 00:24:24.200 You're not even going to start every great idea you have 691 00:24:24.200 --> 00:24:27.400 You're not even going to start 20% of the great ideas you have 692 00:24:27.400 --> 00:24:29.480 10% 5% 1 out of 20 693 00:24:29.480 --> 00:24:30.760 1 out of 100 694 00:24:30.760 --> 00:24:31.960 You're going to have one idea 695 00:24:32.760 --> 00:24:35.000 And then you're going to have to keep sticking with it 696 00:24:35.000 --> 00:24:37.080 Because that's where all the gains come in 697 00:24:37.080 --> 00:24:38.200 It comes in the compounding 698 00:24:38.200 --> 00:24:39.640 It comes in the sticking with it 699 00:24:39.640 --> 00:24:41.640 Right the hard part about the plan 700 00:24:41.640 --> 00:24:43.720 Isn't thinking about the plan or doing the plan 701 00:24:43.720 --> 00:24:45.240 It's sticking with the plan 702 00:24:45.240 --> 00:24:46.920 That's the hard part of the plan 703 00:24:47.880 --> 00:24:48.520 And believe me 704 00:24:48.600 --> 00:24:49.800 And the frustration that I'm having 705 00:24:49.800 --> 00:24:51.400 The reason I'm like almost shouting like this 706 00:24:51.400 --> 00:24:52.600 Is because I'm shouting at me 707 00:24:52.600 --> 00:24:54.440 I'm not shouting at you I'm shouting at me 708 00:24:54.440 --> 00:24:55.400 Because it's so hard 709 00:24:56.200 --> 00:24:57.160 Like this is what's hard 710 00:24:57.160 --> 00:24:58.920 It's the hard because it's a muscle you're not used to 711 00:24:58.920 --> 00:25:00.200 It's a skill that you have to learn 712 00:25:00.200 --> 00:25:01.320 It's a trait 713 00:25:01.320 --> 00:25:02.920 You have to flex over and over and over again 714 00:25:02.920 --> 00:25:04.120 And I will say this 715 00:25:04.120 --> 00:25:05.320 The more you say no 716 00:25:05.320 --> 00:25:06.360 The better you get at it 717 00:25:06.360 --> 00:25:07.960 It never goes away hard it is 718 00:25:07.960 --> 00:25:10.520 But it just gets a little bit easier 719 00:25:10.520 --> 00:25:12.120 Just gets a little bit easier 720 00:25:12.120 --> 00:25:12.600 With time 721 00:25:13.560 --> 00:25:15.640 And eventually I think you'll know that you will have 722 00:25:16.360 --> 00:25:19.320 Appropriately flexed that muscle 723 00:25:19.320 --> 00:25:21.720 When you can have no FOMO 724 00:25:22.360 --> 00:25:24.200 If you can hear that someone else is doing great 725 00:25:24.200 --> 00:25:26.040 And be like that's amazing for them 726 00:25:26.040 --> 00:25:28.280 I know my game I've been doing this for six years 727 00:25:28.280 --> 00:25:29.480 I've been doing this for eight years 728 00:25:29.480 --> 00:25:30.840 I'm gonna keep doing my game 729 00:25:30.840 --> 00:25:33.960 And the thing a lot of it is that we have this desire for permanence 730 00:25:33.960 --> 00:25:35.720 We have this desire for legacy 731 00:25:35.720 --> 00:25:37.800 We have this desire to live forever 732 00:25:38.520 --> 00:25:40.360 When outside of Brian Johnson 733 00:25:40.360 --> 00:25:41.960 No one else is really talking about that 734 00:25:42.920 --> 00:25:44.200 And up until this point 735 00:25:44.200 --> 00:25:46.280 The death rate on humans is a hundred percent 736 00:25:46.280 --> 00:25:49.560 The likelihood of forgetting of a human's life 737 00:25:49.560 --> 00:25:51.160 Is also close to a hundred percent 738 00:25:51.160 --> 00:25:52.840 And of the people who are remembered 739 00:25:52.840 --> 00:25:54.360 They're not remembered by the people they know 740 00:25:54.360 --> 00:25:55.800 They're remembered by people they don't know 741 00:25:55.800 --> 00:25:57.000 And by the way they're dead 742 00:25:57.560 --> 00:25:58.920 And so we have this desire 743 00:25:59.640 --> 00:26:02.040 And I think it just comes into direct conflict 744 00:26:02.040 --> 00:26:03.960 With the idea that we just live finite lives 745 00:26:04.840 --> 00:26:06.280 Time moves faster than you think 746 00:26:06.280 --> 00:26:07.000 And the younger you are 747 00:26:07.000 --> 00:26:08.200 The less you realize the older you are 748 00:26:08.200 --> 00:26:10.120 The more you start being like man that was pretty quick 749 00:26:10.200 --> 00:26:11.480 You only have a couple 750 00:26:11.480 --> 00:26:13.400 A couple big bullets in you 751 00:26:13.400 --> 00:26:14.840 You got a couple decades 752 00:26:14.840 --> 00:26:16.040 You know or couples too 753 00:26:16.040 --> 00:26:17.080 So a few 754 00:26:17.080 --> 00:26:18.040 You have three, four 755 00:26:18.040 --> 00:26:19.560 Maybe seasons 756 00:26:19.560 --> 00:26:21.800 And if you really want to go back and something starts working 757 00:26:21.800 --> 00:26:23.640 Then you're going to do that thing for thirty or four years 758 00:26:24.360 --> 00:26:26.040 And so like the idea of like 759 00:26:26.040 --> 00:26:27.080 I'm going to own all these companies like 760 00:26:27.720 --> 00:26:30.440 You can have divisions within a business if it makes sense 761 00:26:30.440 --> 00:26:31.560 But most of the time it doesn't 762 00:26:31.560 --> 00:26:33.480 Most of the time you could start this other thing 763 00:26:33.480 --> 00:26:35.400 Or you could just do more of the things already working 764 00:26:35.400 --> 00:26:36.680 Why isn't happening faster 765 00:26:36.680 --> 00:26:38.440 Because you're demanding that it happen faster 766 00:26:38.520 --> 00:26:40.120 But there's nothing wrong with your and your business 767 00:26:40.120 --> 00:26:42.760 You're saying the problem is a problem that you created 768 00:26:42.760 --> 00:26:43.960 Basically you just take reality 769 00:26:43.960 --> 00:26:45.240 You move the line of expectations 770 00:26:45.240 --> 00:26:46.440 And then you say there's a problem 771 00:26:46.440 --> 00:26:47.880 And I see more businesses ruined 772 00:26:47.880 --> 00:26:50.280 Because of that than just about anything else 773 00:26:51.160 --> 00:26:53.720 You could make it work if you just stuck with it 774 00:26:53.720 --> 00:26:54.760 And you stop thinking 775 00:26:54.760 --> 00:26:56.520 That there's something wrong with your business 776 00:26:56.520 --> 00:26:57.320 And maybe 777 00:26:57.320 --> 00:26:59.320 Look at the fact there might be something wrong with your expectations