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Every level of entrepreneurship is a new way of learning how to give up control,

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because you cannot want both freedom and control. Think about it. If you control everything,

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then it means everything requires you, which means you're not free.

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The wealthiest people in the world see business as a game. This podcast, the game,

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is my attempt at documenting the lessons I've learned on my way to building acquisition.com

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into a billion dollar portfolio. My hope is that you use the lessons to bring your business,

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and maybe someday soon, partner with us to get to $100 million in beyond. I hope you share and enjoy.

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I want to talk to you about why the rich get richer, and the real reason behind it is probably

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not what you think. This was requested by my Instagram, following it, and asked me anything,

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and my YouTube producer was like, hey man, I think one of the biggest things that's shifted since

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I've been working with you is just like your concepts on time horizon. What I wanted to do is share

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some of the thoughts and frameworks that have worked well for me and apply them in three or four

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different scenarios. Right off the bat, I think from a money perspective, the idea that you might

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have heard I was rich people sell, wealthy people hold, and more specifically, wealthy people buy and

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build. The difference is that when you sell, you inherently shrink or you're switching

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through an inefficient vehicle because you get taxed on a sale. You have to switch your equity

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for another version of something that you can make money on. Whereas when you buy and build,

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you can consistently expand. Most of the people who I know who are wealthy or just continue to

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accumulate, net worth, equity, etc, rather than selling. Now, like I said, the only time that you

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really want to sell is if you think the party is over or you no longer have interest in the thing,

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and that's kind of a separate thing, but purely from a financial perspective, it makes more sense

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to consistently buy and build. I wanted to hit a couple quick quotes before I dive in that have

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been meaningful for me in terms of framing this perspective. First off is in terms of games.

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So I prefer to play games where if I wait, I win. And so I think it's a useful perspective in

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thinking about what things we pursue and how we pursue them. And so there are two types of games.

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They're infinite and finite games. And the games that are worth playing in life, in my opinion,

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like health, wealth, relationships, marriage, etc, are all infinite games. And so this is the basic

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difference. And where people get in trouble is when they start playing infinite games with the

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finite perspective. And so finite games are games where you have known players agreed upon rules

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and outcomes where you have a clear winner and loser. And so the point of the game, and this is

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important of a finite game is to win. And so if you have a baseball team, you have nine players on

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both sides. There's rules that are agreed upon. And if at the end of the game, the person with the

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most runs wins. And so that is a finite game. An infinite game is a game where you have known

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and unknown players, no agreed upon rules. And the point of the game is to keep the game going.

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All right, which means that the point is to continue to play. And so I think when a lot of people

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lose, and this also applies to warfare, right? So a classic example, Sonics Summit's net gave was

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how when the US went to Vietnam, we were playing a finite game where we were trying to win the war,

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whereas the Vietnamese were simply trying to survive and continue to play. And the infinite

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perspective will always beat out a finite perspective because it's a subset. And so in general,

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and this is a third quote, is he who has the longest time horizon wins. And so the nice thing is

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that we can adopt this perspective in business. And essentially, I don't want to say guarantee

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victory, but guarantee not losing, which in many cases, by default, becomes a win. And so I think

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that for myself adopting this perspective, I don't think I'm going to sell another company again,

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like in terms of a big picture, I didn't start some of my earlier companies with the same

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perspectives as I have now. And I think that that's part of life leveling up in the game. And so

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my hope is that I can share some of those perspectives with you so that you don't necessarily

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have to make the same mistakes. And so the first kind of place I want to apply this concept of the

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infinite first is the finite is the strategy of business. And so I wrote down a couple points here

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that have been conclusions that I've made that I think will be meaningful for you. So the first is

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that the point of marketing, if you have a more infinite perspective, is to get people to buy

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so that we can figure out how to make the product amazing, right? If people aren't buying again

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and again, or telling friends about us or our products, then we will literally have to market

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our way through brute force and expand again through brute force of selling, selling, selling.

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But the moment we stop that process, our business will tank. And so if we have a infinite

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perspective of like the point of the game is to keep the game going, then we are willing to trade

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off the short term growth for ego and status in order to learn how to improve the products and

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services that we have such that we get them to a point from a little bit of marketing and selling

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so that we can make a sale to get a customer rather than get making a customer to get a sale.

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All right, I'll say that again. The point in the beginning especially is to make a sale to get a

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customer, which is a long-term relationship of somebody who buys again and again, rather than

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getting a customer to make a sale, which would happen like one time, right? And so it's a

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flippant perspective in terms of how we approach the game of business overall. And if we have an

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infinite perspective of like we're going to keep playing this game over and over again, then we no

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longer have this rush. And one of my other favorite sayings is mistakes make a rush, mistakes

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love a rush decision. And people make tons of mistakes in business purely because they arbitrarily

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cut their time horizon. I have to hit this monthly goal. I have to hit this weekly goal. I have to

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this quarterly goal rather than if I just did this one thing right over the next year or two,

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then it would make it virtually impossible for me to fail or that this business would not grow

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because businesses in general continue to grow in both income and value over time with the exception

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of the times where they don't and which shapes they usually drop to zero or close to it.

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And so it's better to take the time to get it right and not be in a rush and then have all the

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wind behind you because you've taken that time. And here's the beautiful thing is that most people

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will never do this, which gives you this massive strategic advantage because most people think

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in finite terms. And so I'll give you a different example from a marketing perspective. So

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when you're selling a customer right the short term finite thing is like I need to get them to say

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yes because I need this money right versus what am I saying yes to by selling them right. It's just

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a different way to frame the conversation in terms of like is this really what I want. And then from

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an audience perspective in the short term you see lots of guys build tiny little bits of audience

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and then immediately try and liquidate or monetize their audience rather than thinking like

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what will happen if I just continue to provide goodwill for 10 years. And one of the perspectives

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that I've learned about goodwill is that one goodwill compounds faster than revenue or money

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because you fundamentally fix the value equation in your favor because your price is zero.

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And so everything that you deliver from a value perspective is above and beyond that.

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Now I would say there's no monetary price but the price of content or consumption of content

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is time and attention. And so provided you are a better source of value for their time and attention

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they will continue to buy with their time and attention from you again and again and that will

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actually compound faster people recommend your stuff people tell other people about you and then

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your influence will grow faster. Now if they feel like you're withdrawing from that goodwill bucket

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where you're depositing value too quickly then their return goes down on their time and they'll

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be less likely to spend you become less viral from an audience building perspective. And so one of

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the pieces that I like about this perspective is that it means that you give give give comma give

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give give comma get. And so it's a little bit different from the way I kind of earlier understood

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it which was like always having a cadence between giving and asking which I think is a transactional

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way of seeing it which is not necessarily bad. But in terms of a longer term perspective I think

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you should change yourself because if you can assume let's say that when you give give give ask

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you get let's say 10% of the people from your audience to buy something that's cool but then the

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growth kind of slows down right and you have to rebuild it again and then ask again right because you

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have withdrawn from your goodwill bucket. But imagine this let's say that you're every time you give

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you grow by whatever 10% right give give give and ask versus give give give and now you're getting

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10% on this bigger nut give give give and let's say 1% of people just give you back you just get you

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don't even have to ask you just get in response and like imagine what it looks like to be the rock

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or what it looks like to be Conomer Gregor or what it looks like to have massive amounts of influence

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at a certain point there's so much influence and there's so much of an audience that is behind you

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that things just start getting thrown at you and you don't need to ask at all. And so at least

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this has been a perspective that I've shifted in terms of like how to think about marketing overall

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it's also by the way why I think most of the biggest brands out there brand rather than doing direct

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response and I think that that's a shift that happens with a lot of direct response marketers over

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time is we think short in the beginning everything's direct response and then over time we continue to

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extend our time horizon between giving and getting and the longer we can separate how long we give

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before we get the bigger the advantage comes to us compared to our competition all right and so

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that's just a couple of perspectives that I think about from a business perspective and strategy is

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like I want to set a strategy where if I wait I win and what happens is if you can extend your

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time horizon you can decrease your downside risk to virtually zero because you know that if you do

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this thing long enough you will eventually win and so those are games that like you can never lose

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money from an investment perspective in terms of shifting simply how you see your time which is also

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why Warren Buffett and Charlie Munger say you know if you just thought I was only going to buy 20

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companies for the rest of my life you would think about it differently and that's fundamentally the big

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the big shift that happens I think between the rich and the wealthy and so what I want to do is apply

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the same concept towards employees now so in the beginning you know you think about I just need to have

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our put a butt in a seat right I have this fire I need to put it out versus thinking a little bit

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longer time horizon which is man this is going to take a lot of time to train this person I'm going

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to have to onboard them and if I think that they're not going to be a long term fit then they might

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leave now I don't want to take this out of context there are times in a businesses growth where you're

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going to have people who are better suited for that season that's not necessarily what I'm saying

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it's much more so along the values that this person is going to bring and live through

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in the company is that going to reinforce our culture we're going to detract from it

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Aimos in Asian quick break just to let you know that we've been starting to post on LinkedIn

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and want to connect with you all right so send me a connection request and note letting me know

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that you listen to the show and I will accept it there's anyone you think that we should be

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connected with tag them in one of my or layless posts and I will give you all the love in the world

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all right so let's get back to the show

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and so this is kind of the long term perspective is I'm willing to wait a longer period of time

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in discomfort in order to interview 25 people rather than five to get the right person and this is

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one of the frames that's helped me with with hiring talent which is I have to have this person

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and if I don't feel like I have that that feeling with someone I don't hire them anymore

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I used to say like I think this person's good enough like I think they can maybe do the job

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whereas now it's like I've recognized that I'm like if I don't know I know and that's been

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very very fruitful for me in terms of finding talent and and leveling up the people within the

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business and so this is a different one that I will share with you that has been just unbelievably

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valuable which is most business owners especially in that three to five million dollar range

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and if you're below that this will probably apply to you is that the business that you have

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or all businesses in general are a subset of the amount of accumulated knowledge in the entire

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employee base and you being an owner or operator you're still an employee of the business right

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and so that means that everything that is done in the business is a subset of one brain if you know

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how to do everyone else's job better than them or you trained every person in the positions that

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you have and if you're like shoot that's me that's okay there's a transition that ends up happening

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which is what I'm sharing with you all right so because you taught everyone and you know how to do

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everyone's job better it actually still means that only one brain is responsible for all this growth

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and at some point depending on the size of the brain and the skill of the brain you're going to get

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capped right and this isn't an ego thing it's more like you will eventually get capped remember

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long-term time horizon and so if I know that then I know that the only way to truly scale the

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business is to have more brains contributing to the overall potential of the business right and so

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that means that I truly have to bring in people who are a smarter than me and be better than me

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at certain things like if you can actually do everyone's job better than them

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you should be frightened right and on some level people are like well if I don't know how to do

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the job then it means that I am exposed and the answer is yes you are but every level of entrepreneurship

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is a new way of learning how to give up control because you cannot have you cannot want both freedom

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and control think about it if you control everything then it means everything requires you which means

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you are not free interesting right and so if you want to have a business that quote runs without

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you then it means it does not need you which means that it needs other people which means that you

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have a language control to those people so just a different thought in terms of like how to frame

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employees and why it's so important to be more patient in the interviewing process think longer in

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terms of this is do I want to continue to deal with this person for the next decade rather than the

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next day right and the business will always grow to the cumulative knowledge of everyone else in

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the business and if it's just you who knows how to do everything then it's only limited by one

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brain right and so the final shift I want to make here and in this little conversation is actually

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there's two more one is relationships and the last one I'll do is health but I'll talk about

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relationships briefly so if we're thinking about mates right like the actual people that we want to

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date I think that would serve me well during the the dating period that I had and I see a lot of

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guys and girls make the mistake of settling with someone as good enough for now and the analogy

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that I like to bring this to is like you move into a new house and you're like oh I got to get

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furniture you know what let's just go grab a you know a $50 couch off Craigslist we'll put it in

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we'll put it in and we'll get a nice one later and then five years later you still have the same

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damn couch right and so a lot of times there are these couches which are people in our lives were

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like they're good enough for now then you realize you built your life with this person that you don't

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even you never even thought was that good to begin with and you simply rationalize their

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existence as like they're there for now when in they end up being there for a very long time

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because it's much more difficult to remove something than it is to add it so we need to be usually

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much slower on the adding and much faster on the removal which is the concept of you know higher

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fast sorry higher higher slow fire fast right and so from a dating perspective am I dating this

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person's out of convenience because I am unwilling to be lonely in the short term or because I think

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I'm going to marry them and I will tell you that it was very useful for me is that when I was in

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my dating you know phase of life I went on a lot of first dates and I just was very quickly like

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am I going to marry this person do I think I could marry this person and I would really only go

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on as many dates as was necessary to rule out the person as no I don't think I would marry them

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which also gives kind of birth to some of the ideas around like sleeping around and things like

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that which is like well you know if I don't think I'm going to marry this person then what am I

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gaining from this and is it fruitful for me in the long term and so a lot of times we're making

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the same trades between four things and so I like this little illustration I made it a tweet

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that got it a lot of shares and so fear is short term pain regret is long term pain comfort is

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short term gain fulfillment is long term gain and so the idea is we want to trade fear for fulfillment

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we want to trade the short term pain for the long term gain rather than trading to get comfort

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right and so as I think through that perspective and I think it applies to business it applies to

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relationships it applies to a lot of things and I think if you can make that simple shift in terms

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of the relationships you have with friends and mates it will serve you in the long run like how

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many friends do you have in your life that are like there they don't really add anything and what

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scares me is that if I extrapolate that relationship with the next 10 years I ask myself who am I going

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to be with this constant influence in my life will I be better or worse and so a lot of times I

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think in order to prune the tree sorry in order for the tree to grow we have to prune it which means

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we have to cut off the branches and I think the the longer I play the game the less tolerant I become

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of things that detract and are not really aligned with the long term and the more willing I am to

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suffer in the short term for the long term gain and so the last thing that I want to quickly

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hit on is is health because obviously I was in the space for a long time and I get a lot of

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questions about it and so I think my perspective has shifted a lot over time around this because

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I've done it for almost 20 years now if you can't eat this way for a decade there's no point in

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doing it for a day and so if you can just approach diets and workout with that same perspective like

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you will get the greatest returns from compounding and consistency over time and so it's much more like

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what is the 5% that I can do every day that will that I can do forever and simply sticking to that if

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you have to cut out dessert for example or if you know like drinking whatever I don't necessarily

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condone that but I'm just saying like if you're like I love this then cool like if you have to cut

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the things out that make that make you enjoy life then it's by definition not a sustainable strategy

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for you and so there's no point in even starting it because you will set yourself up to fail right

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and so an interesting perspective on this that you know has developed over time for me is that like

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if you work out you know 90 minutes five days a week you will end up giving up like

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15 20% of your actual living hours in terms of like waking hours or productive hours probably a

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little less than that actually but you get the idea right if you're awake 16 hours a day then that

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would be whatever so whatever the 10% percent of your life right am I going to get a life extension

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of that same amount not necessarily from that amount of time you might even just break even on it

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and so if you're doing it for life extension there are better ways to do it which would be walking

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10,000 steps taking a baby aspirin and not smoking like if you do those three things you'll get

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all of the benefits of life extension but it's just a question of like why am I doing this to be

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in with is it because I want to look a certain way which is fine and totally okay but simply having

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the perspective of I'm doing this because I can do this forever and I think that it will allow you to

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cut out a lot of these short term BS because like think about this and I used to use this in selling

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conversations when I was selling weight loss back in the day which was if you look back on your life

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and you were in shape for six months three times in your entire life who cares right and so the goal

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is to have a strategy that will allow you to continue to do it for good and if the strategy in

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the short term is something that you can barely sustain then there's really no point in doing it

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in the long term and I will also share something with you which is like the people who look the best

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if that is your goal like doing it and if you don't like doing it it's far better to just find

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something you do enjoy doing even if it's not ideal for body composition so it's like if you

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just like doing cardio cool it's not ideal for body composition but if you like doing it it's better

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than doing nothing right and that goes for it you know if you like climbing better than we lifting

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cool you know I mean like keep doing that can you do it forever probably not but like you can do it

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for a very very long season and so I think if if you just reframe the perspective on all of these

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things back to the original statements I have which is like if I can't do it for a decade there's

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really not a point of doing it for a day if I don't think I would see my person this person in my

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life in a decade there's really not a point to seeing them for a day and if I'm thinking about this

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from a business strategy perspective will I if I do these actions will it increase or expand me in

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a decade or will it cut me down and so I think that if you can approach those things and that was

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the reason that the YouTube producer brought this up he's like dude the first thing you said was

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all right well let's see if we can you know grow this thing or the next five or 10 years

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he's like literally no one has ever said that and I find that interesting and silly because like

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it takes a long time to get good at something and so why would I put such a short arbitrary

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timeline of I have to grow in 90 days or I'm out it's just not realistic and I'm I'd rather play

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games where if I wait I win