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Hey guys, welcome back to the game.

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This is part two of the Impact Theory guest spot

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with Tom Bilio.

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We go deep on a ton of topics.

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It's me, so it's going to be business related.

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A top audience talks a lot of a lot of stuff,

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but in terms of this podcast, it's mostly business.

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And so I think you'll enjoy the exchange.

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I don't get to go this deep on stuff often.

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And so it was enjoyable.

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If you like the first one, you'll like the second one.

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Enjoy.

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Willingness to try things, I think, is incredibly important.

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You said earlier about courage.

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I want to go back to that.

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So what is the most courageous thing you've done?

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Actually, things quitting my job.

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We think it's the hardest thing.

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Back in the early days.

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Yeah.

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Because I actually, weirdly, I think about this a lot.

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What are the hardest things that I've done?

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Hard thing number one was quitting my job.

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They just the decision of quitting my job

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and then leaving Baltimore.

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Because to give you everybody an idea,

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you see me now, but I was so afraid of my father's judgment

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and the few people that I knew from back home

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that I was going to like quit my white collar job

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to go start a gym and be a personal trainer,

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that I actually drove across the country

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and called them when I was already there.

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Because I basically left in the dark of night, no one knew.

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I basically was a stow way to my own fear.

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And so I had to just, I just had to, I just drove there

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and I called my dad, I think when I was going through Texas

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and Texas is like forever when you're driving across it.

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Yes, it is.

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And I called him and I was like, hey, I'm going to,

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I'm going to do the gym thing.

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And he was like, yeah, I don't worry.

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He's like, just, you know, come over.

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We'll talk about it at lunch

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because he would always talk me off the ledge.

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He'd be like, hey, you've got the, you did Vanderbilt.

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You did in three years, you got the good consulting job.

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He's like, you ace the GMAT.

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He's like, you're going to go to Harvard.

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You're going to get your MBA there or Stanford.

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You'll pick one of them.

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He's like, in your set, like you're good.

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Just follow the plan.

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And I was like, I don't, I don't want to do that.

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And when I was like, I'm already gone.

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Then like the flip, you know,

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then the thing that I was most afraid of

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was that it was freak out, which is exactly what he did.

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And the thing is is that a lot of people would expect

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this story to be like, oh, my dad understood

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and he was super supportive, but he wasn't.

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We didn't talk for a few years after that

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because I was the prodigal son

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and I did everything to his plan.

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And I was living the most successful version of his life.

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Not mine.

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And it was one of those realizations

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you were like, I'm winning at a game

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that I didn't design.

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Yeah.

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And so I'm actually by default the loser.

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And so me quitting my job to then pursue fitness

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was the hardest thing I've done.

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The second hardest thing I've done was actually

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getting my gym to work because I didn't,

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I had so little understanding of how anything worked.

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I had $50,000 saved up when I was 23.

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From the consulting job I lived on,

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basically nothing and almost banked all my pay.

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And I basically bet it all on a gym.

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I had $5,000 left after paying for all the equipment

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and everything else.

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And I had $5,000 a month in rent.

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And I had never sold anything to anyone.

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And so the idea of making $5,000,

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having never really sold anything to anyone

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in a local business tried never had in California,

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which I was from Baltimore, I knew no one.

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So it wasn't like I could just get on my immediate friend

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group to come and at least pay the rent.

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I had no one.

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And so I think when I was sleeping on the actual floor

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of the gym because I couldn't afford to rents,

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was when it really hit me that no one was coming to save me.

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And if I failed, I would have to go back

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until my daddy was right.

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And that felt worse than death for me.

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And so that was incredibly hard.

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I remember that I have a pretty decent work ethic.

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But at that time, my first session would start at 4.30.

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So I'd wake up at 4.

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And then my last morning session ended at 10.

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And then I would do the marketing, sales meetings.

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I would clean the gym.

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I would set up the next thing.

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I would get the workouts.

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I would get the music prepped.

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And then my four o'clock would start showing up.

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And then four until 7.30 or so, people were at the gym.

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And then after that, I would run the building

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and make sure the contract's all right.

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And then reset up for the morning

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and do it all over again, but I had zero employees.

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And so I didn't know you could hire employees.

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It was only one a member of mine

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who was an entrepreneur came up to me

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and I'd been short with the class that morning.

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And she was like, you can't treat people like that.

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And I was like, but I knew that if she was saying it,

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like I was really off base.

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And I think I was sleeping right around four hours a night.

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And people say that, but I did it for,

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I want to say, I want to say like close to six months.

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Oh God.

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I was like delirious.

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I'd fall asleep on the like leaning on things.

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Yeah, I was very, very tired.

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And I used to tell people that it was the kind of tired

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that a good night's sleep couldn't fix.

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Like I needed a lot of time.

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But that was probably the second hardest thing that I did.

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And a lot of it was just because I made up

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for a tremendous lack of knowledge

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with just, I just have to make rent.

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And then everything else is mine.

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So I didn't have any understanding of like,

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I just, I spent money on nothing.

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My first gym had sandbags that I wrapped in duct tape

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as the equipment that I started with.

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Yeah, it was crazy.

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And when I opened the gym, I was selling people

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into a gym that had no equipment

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because I thought that you should open as fast

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as possible to start making money.

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Now, if I knew now, I would have said,

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I would have three months of pre-sales,

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only collect money and have no classes.

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That's what I would have done, but I didn't know any better.

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And so I was trying to get open as fast as I could,

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which then meant that eight hours a day at baseline

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is me with a microphone in front of customers training,

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doing all of that before I could work on the business.

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And so like it was very real 16, 18 hours a day.

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And I think setting that standard for people

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who are new is useful because when you start,

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you don't have enough money to pay other people.

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And so you either have to raise money,

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which you can do I wouldn't recommend,

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especially if it's your first shot,

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or you have to work three jobs.

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And basically throw out all of the opinions

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of everyone who has no idea how business works

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because the only people you probably know

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when you're starting out don't have businesses.

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And so they will tell you all these things you should be doing

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and you should take more time off

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and you should have more balance.

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And this isn't healthy.

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And they will tell you all these things,

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but they are not where you want to be.

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So don't listen to what they say, completely ignore them.

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And instead, like I like this little ism,

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but it's listen to the opinions of people,

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don't listen to the opinions of people who are closest to you,

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listen to the opinions of the people who are closest to your goals.

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And a great approximation of that is,

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if I had known that when I was doing the decision to quit,

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then I would have known that this is where I want to go.

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Eventually, I want to start a business.

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And if it's hard for me now, it's never going to get easier.

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As I have more responsibilities, kids, wife, whatever,

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that's only going to get harder.

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And the people that I looked up to the most

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were the most aspiring entrepreneurs

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and they would have said, go for it.

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But everybody I knew was saying, don't go for it.

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Don't throw away what you have.

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But I think sometimes you have to trade good for great.

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And there's always going to be a J curve.

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There's going to be a dip where,

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instead of being immediately rewarded for the decision,

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you're immediately punished.

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And you think that you're making the wrong move

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because of what immediately happens after,

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which is how humans learn, which is why it's so tough.

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But it's like the first week of the gym,

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just because you haven't seen results

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doesn't mean you're doing the wrong stuff.

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You're probably measuring on the wrong time horizon.

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And so quitting the job, starting the gym

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was the second hardest thing that I've done.

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I would say that the third hardest that I've worked

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has been now, the season that I'm in right now.

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This is probably close to the hardest I've worked.

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But it's different.

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There is nothing urgent, everything's important.

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And I am taking fewer days off than I ever have.

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And basically working at all hours that I can physically.

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And so the times that I'm not working

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is active rest so that I can increase my total output

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over a longer period of time.

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There's a long-winded answer.

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But those are the two things that I feel like

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those were hard calls for me to make.

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And those were real struggles for me.

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But those are the times that I feel like it was,

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I'm very proud of who I was then to do it.

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Now, I heard you talk recently about,

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you can feel a shift in culture.

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People moving away from the soft stuff,

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getting a little bit harder.

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What do you think is going on in culture?

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Oh, I think the pendulum is swung back.

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And I'm so excited.

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I do think that it's going to swing back too hard.

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That people are going to go way too hard

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into like, other direction and all that stuff.

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Oh, hustle port.

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Oh, I don't mind about hustle port.

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So what do you know?

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I'm it societally, like from the political realm and stuff.

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I think that the pendulum definitely

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reached his pinnacle on the other side

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and then is going to swing back.

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And the thing is, is that when the way

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pendulums work is that we have, we start swinging back

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and everyone agrees it's not everyone.

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But more people do not agree that it's better

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coming back to the middle, then it's better

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and then it's better and then all of a sudden.

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But hey, more of that was good.

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But then at some point, it stops being better.

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And so I think cycles is why humanity lives in cycles.

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And so I think it's likely that we will overcrack,

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but it might take 10 years for that to happen.

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So I think right now, we're going in the right direction,

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which is basically pushing away from the political fractness

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and leaning more into reality, which I am a heart

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staunch proponent of reality.

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You and I both, now you've said that you

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want to normalize guys, young men, working 12 hours a day,

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six days a week, why?

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Because I think that's what's required

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to get where you want to go on the timeline that they want.

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Why men?

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Why not men and women?

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I have a 88% male audience or something like that.

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00:10:00.640 --> 00:10:04.040
And so I feel like it's my place to speak to them.

258
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There are obviously women who follow my stuff.

259
00:10:05.720 --> 00:10:07.640
And if that's you, then you can assume

260
00:10:07.640 --> 00:10:09.480
that when I say men, I mean men and women.

261
00:10:09.480 --> 00:10:12.760
But I think that if a message is going to hit people,

262
00:10:12.760 --> 00:10:15.560
if I say men, I will have a stronger reaction

263
00:10:15.560 --> 00:10:18.120
and a higher likelihood that it changes someone's behavior,

264
00:10:18.120 --> 00:10:20.520
then if I said people or men and women.

265
00:10:20.520 --> 00:10:23.960
And so if I look at my effect size of my message,

266
00:10:23.960 --> 00:10:27.000
if 88% of the people hear my message or men,

267
00:10:27.000 --> 00:10:29.040
then I'd rather make it as potent as possible.

268
00:10:29.040 --> 00:10:30.120
That's why I do it, though.

269
00:10:30.120 --> 00:10:31.640
Makes sense.

270
00:10:31.640 --> 00:10:35.800
So what should young men be doing?

271
00:10:35.800 --> 00:10:39.200
Like, if they're working their ass off 12 hours a day,

272
00:10:39.200 --> 00:10:42.240
how do they make use of that 12 hours?

273
00:10:42.240 --> 00:10:46.400
I think being really clear on trade-offs.

274
00:10:46.400 --> 00:10:51.840
So I, and I think you, I think I'm speaking for you here,

275
00:10:51.840 --> 00:10:54.320
I gave up my 20s.

276
00:10:54.320 --> 00:10:56.520
I would say I sold my 20s.

277
00:10:56.520 --> 00:10:58.120
Yeah, I sold my 20s.

278
00:10:58.120 --> 00:10:58.720
I'll say that.

279
00:10:58.720 --> 00:11:01.120
Well, I actually ended up losing everything.

280
00:11:01.120 --> 00:11:03.560
And so I did have to start over at zero again.

281
00:11:03.560 --> 00:11:05.200
With way more knowledge.

282
00:11:05.200 --> 00:11:07.600
So I traded my 20s.

283
00:11:07.600 --> 00:11:08.440
How about that?

284
00:11:08.440 --> 00:11:10.840
And that perfectly mixes with the trade-offs.

285
00:11:10.840 --> 00:11:15.320
Is that you can have the Nights Out,

286
00:11:15.320 --> 00:11:18.120
the Finnish Football League, the REC Dodgeball team

287
00:11:18.120 --> 00:11:21.120
that you want to go to beers on Tuesdays.

288
00:11:21.120 --> 00:11:23.720
You can do that.

289
00:11:23.720 --> 00:11:28.600
You just can't also build your dream unless that is your dream.

290
00:11:28.600 --> 00:11:29.680
And I think that's the big part.

291
00:11:29.680 --> 00:11:31.640
It's like entrepreneurship isn't for everyone.

292
00:11:31.640 --> 00:11:35.280
And as much as I talk about entrepreneurship a lot,

293
00:11:35.280 --> 00:11:37.160
I think there are plenty of people who don't want that,

294
00:11:37.160 --> 00:11:38.960
in which case, great.

295
00:11:38.960 --> 00:11:39.800
You've already won.

296
00:11:39.800 --> 00:11:41.680
Congratulations, right?

297
00:11:41.680 --> 00:11:45.520
It's simply the complaining about reality that's my problem.

298
00:11:45.520 --> 00:11:49.800
And so I think that most young men

299
00:11:49.800 --> 00:11:51.320
could accomplish all of their goals

300
00:11:51.320 --> 00:11:54.000
if they extended how long they would be willing

301
00:11:54.000 --> 00:11:55.520
to give themselves to accomplish it.

302
00:11:55.520 --> 00:11:57.080
Now, not to anti-Peter Thiel here,

303
00:11:57.080 --> 00:11:59.040
because I'm a huge Thiel fan as well.

304
00:11:59.040 --> 00:12:01.600
But I think that when you are a novice,

305
00:12:01.600 --> 00:12:04.240
you have no approximation of reality.

306
00:12:04.240 --> 00:12:06.400
And so one of the difficult parts

307
00:12:06.400 --> 00:12:10.920
with how we observe success, a lot of its social media

308
00:12:10.920 --> 00:12:14.560
driven, and this is the best analogy I have.

309
00:12:14.560 --> 00:12:17.280
If you were to look at an Olympic marathon,

310
00:12:17.280 --> 00:12:20.920
look at where the people in the stands are situated.

311
00:12:20.920 --> 00:12:23.200
They're situated at the beginning of the race,

312
00:12:23.200 --> 00:12:25.720
and they're situated at the end of the race.

313
00:12:25.720 --> 00:12:27.280
But watching someone start a race

314
00:12:27.280 --> 00:12:28.800
and watching someone finish a race

315
00:12:28.800 --> 00:12:31.680
has almost nothing to do with running a marathon.

316
00:12:31.680 --> 00:12:35.720
And so that is the closest approximation

317
00:12:35.720 --> 00:12:37.600
that people think, that's why everyone's really excited

318
00:12:37.600 --> 00:12:39.520
to start a business, and they're really excited

319
00:12:39.520 --> 00:12:40.840
to sell a business.

320
00:12:40.840 --> 00:12:44.000
But everything in between the mundane middle,

321
00:12:44.000 --> 00:12:46.080
as I like to call it, they're just,

322
00:12:46.160 --> 00:12:49.480
okay, if I'm four miles in, it's this time six.

323
00:12:49.480 --> 00:12:52.640
Okay, I'm five miles in, it's this time's five plus one.

324
00:12:52.640 --> 00:12:55.120
Like you just keep playing these mental games with yourself

325
00:12:55.120 --> 00:12:57.280
to learn to endure.

326
00:12:57.280 --> 00:12:59.960
And I think that that endurance is,

327
00:12:59.960 --> 00:13:04.960
if I had to pick one trait for a young man to have,

328
00:13:05.200 --> 00:13:07.600
it would be resilience.

329
00:13:07.600 --> 00:13:11.000
And I define resilience as the amount of time

330
00:13:11.000 --> 00:13:13.160
after an immersive experience that you return

331
00:13:13.160 --> 00:13:14.640
to baseline function.

332
00:13:14.760 --> 00:13:16.800
And so if you have a series of behaviors

333
00:13:16.800 --> 00:13:18.400
that you do under certain conditions,

334
00:13:18.400 --> 00:13:19.680
and then something bad happens,

335
00:13:19.680 --> 00:13:23.680
how quickly you return back to the original behavior set?

336
00:13:23.680 --> 00:13:28.680
And so in doing that, like if someone can not give up

337
00:13:30.200 --> 00:13:33.040
and learn, then on a long enough time

338
00:13:33.040 --> 00:13:35.120
rising you guarantee victory.

339
00:13:35.120 --> 00:13:36.840
Like if you only had those things,

340
00:13:36.840 --> 00:13:38.640
you don't stop and you get better.

341
00:13:38.640 --> 00:13:39.640
That's it.

342
00:13:39.640 --> 00:13:42.480
And I think that if those are the two hypothetical extremes,

343
00:13:42.480 --> 00:13:44.640
that's what I would want young men to have.

344
00:13:44.640 --> 00:13:47.840
And if you know that, then I know for me,

345
00:13:47.840 --> 00:13:49.040
because I've been asked before, like,

346
00:13:49.040 --> 00:13:50.920
did you always know where you're going to be successful?

347
00:13:50.920 --> 00:13:53.600
And I don't really like the question,

348
00:13:53.600 --> 00:13:58.280
because I only knew, and to my core believe this,

349
00:13:58.280 --> 00:14:00.080
I knew I would never stop.

350
00:14:00.080 --> 00:14:01.480
And that was the only thing I could commit to.

351
00:14:01.480 --> 00:14:03.280
I just knew I would never stop.

352
00:14:03.280 --> 00:14:04.800
And I knew that I wouldn't go home

353
00:14:04.800 --> 00:14:07.640
the Baltimore of the gym failed for whatever reason.

354
00:14:07.640 --> 00:14:10.200
And so my plan B, and this is super tactical

355
00:14:10.240 --> 00:14:12.080
for anybody, is that I think you should

356
00:14:12.080 --> 00:14:14.920
look at your plan B in excruciating detail.

357
00:14:14.920 --> 00:14:16.160
Now Arnold has this whole thing

358
00:14:16.160 --> 00:14:17.920
of don't have a plan B make plan A work.

359
00:14:17.920 --> 00:14:20.200
And I understand both sides of this.

360
00:14:20.200 --> 00:14:24.760
But me knowing my plan B allowed me to pursue plan A.

361
00:14:24.760 --> 00:14:25.960
It allowed me to take the jump.

362
00:14:25.960 --> 00:14:28.680
But I think the day that I decided to live for me

363
00:14:28.680 --> 00:14:32.040
was the day that I allowed my father's dream to die.

364
00:14:32.040 --> 00:14:34.120
And so I think that you either live out your own dream

365
00:14:34.120 --> 00:14:34.960
or you live someone else's.

366
00:14:34.960 --> 00:14:37.800
And one of them has to die for the other to live.

367
00:14:38.640 --> 00:14:39.480
Yeah, that's heavy.

368
00:14:39.480 --> 00:14:40.320
It's interesting.

369
00:14:40.320 --> 00:14:44.640
I never love my parents, but I never felt

370
00:14:44.640 --> 00:14:47.000
in any way shape or form beholden

371
00:14:47.000 --> 00:14:49.040
to what they wanted for me.

372
00:14:49.040 --> 00:14:51.960
Now I will say though, it's sort of a bizarre similarity.

373
00:14:52.920 --> 00:14:53.800
I was trying to write.

374
00:14:53.800 --> 00:14:55.320
I wanted to break into the film industry

375
00:14:55.320 --> 00:14:56.800
and I thought, okay, I need a screenplay.

376
00:14:56.800 --> 00:14:58.280
That's gonna be my calling card

377
00:14:58.280 --> 00:15:00.200
because this is all before YouTube.

378
00:15:00.200 --> 00:15:02.440
And my mom was called me in the middle of the day

379
00:15:02.440 --> 00:15:03.480
and I'm sleeping.

380
00:15:03.480 --> 00:15:06.360
She's like, why are you asleep in the middle of the day?

381
00:15:06.360 --> 00:15:07.960
And I'm like, I got a new job.

382
00:15:07.960 --> 00:15:08.840
Doing what?

383
00:15:08.840 --> 00:15:09.680
Driving.

384
00:15:09.680 --> 00:15:11.480
Driving what?

385
00:15:11.480 --> 00:15:13.560
Driving models.

386
00:15:13.560 --> 00:15:14.440
Driving models.

387
00:15:14.440 --> 00:15:15.960
That's a escort.

388
00:15:15.960 --> 00:15:18.160
And I was like, oh God.

389
00:15:18.160 --> 00:15:21.200
And so my mom was like, you have to call them right now

390
00:15:21.200 --> 00:15:22.360
and like, turn this down.

391
00:15:22.360 --> 00:15:23.760
There's no way.

392
00:15:23.760 --> 00:15:26.680
And so that is the one time where I let my mother's

393
00:15:26.680 --> 00:15:29.040
superior judgment, I think, in this case.

394
00:15:29.040 --> 00:15:31.560
But yeah, so that I could write, I took a job

395
00:15:31.560 --> 00:15:35.680
driving lingerie models to their appointments.

396
00:15:36.160 --> 00:15:37.320
Someone has to.

397
00:15:37.320 --> 00:15:38.800
And the funny thing is in the interview,

398
00:15:38.800 --> 00:15:40.520
they're like, first of all, the guy,

399
00:15:40.520 --> 00:15:42.440
he's sitting there playing guitar while interviewing me

400
00:15:42.440 --> 00:15:43.840
and he goes, I have to ask,

401
00:15:43.840 --> 00:15:46.080
why are you interviewing for this job?

402
00:15:46.080 --> 00:15:47.280
And I was like, I need something

403
00:15:47.280 --> 00:15:50.040
that'll let me write during the day.

404
00:15:50.040 --> 00:15:51.680
He's like, okay, well, here's how it's gonna work.

405
00:15:51.680 --> 00:15:53.360
The girl's gonna have a page or you're gonna have a page

406
00:15:53.360 --> 00:15:55.760
or if they page you, you know, whatever, seven,

407
00:15:55.760 --> 00:15:57.720
they're like, you go in there with a gun,

408
00:15:57.720 --> 00:16:01.000
you kick the door down and I was like, oh God, oh God.

409
00:16:01.000 --> 00:16:02.040
But I actually took the job.

410
00:16:02.040 --> 00:16:04.080
I can't believe I did.

411
00:16:04.080 --> 00:16:06.440
Very stupid.

412
00:16:06.440 --> 00:16:08.720
I'm very grateful to my mom for ensuring

413
00:16:08.720 --> 00:16:09.600
that that did not happen.

414
00:16:09.600 --> 00:16:12.120
But I was actually going to go on a job

415
00:16:12.120 --> 00:16:13.920
where they're like, you kick that fucking door down,

416
00:16:13.920 --> 00:16:15.320
you get in if she sends you us

417
00:16:15.320 --> 00:16:17.280
or whatever the number was.

418
00:16:17.280 --> 00:16:18.680
And I was like, okay, cool.

419
00:16:18.680 --> 00:16:20.360
If that's what it takes to write, man.

420
00:16:20.360 --> 00:16:23.160
Then we'll go for it, but thankfully not.

421
00:16:23.160 --> 00:16:25.920
I think it's worth for those of you who are young men

422
00:16:25.920 --> 00:16:28.880
or young women, there you go, who we're listening.

423
00:16:28.880 --> 00:16:30.960
I think planning out what B looks like

424
00:16:30.960 --> 00:16:32.520
and not being ashamed of it.

425
00:16:32.520 --> 00:16:34.880
Because the thing is is people will judge you

426
00:16:34.880 --> 00:16:38.360
based on the career path that you're making.

427
00:16:38.360 --> 00:16:41.360
But you are not making that as your career path.

428
00:16:41.360 --> 00:16:42.880
You're making that as the launch pad

429
00:16:42.880 --> 00:16:44.520
for what you really want to do.

430
00:16:44.520 --> 00:16:48.080
And I think that if you can reconcile that reality,

431
00:16:48.080 --> 00:16:49.800
which is that you will have, like for me,

432
00:16:49.800 --> 00:16:52.000
it was super tough because everybody in Vanderbilt

433
00:16:52.000 --> 00:16:54.680
was that all the guys I knew were pretty successful.

434
00:16:54.680 --> 00:16:56.400
And so a lot of people were like, oh, back home.

435
00:16:56.400 --> 00:16:57.680
Now high school friends sure are different.

436
00:16:57.680 --> 00:16:59.600
But like my college friends, I went to a good school.

437
00:16:59.600 --> 00:17:01.200
Like almost all of them are investment bankers,

438
00:17:01.200 --> 00:17:02.480
management consultants, private equity,

439
00:17:02.480 --> 00:17:03.720
like they all make good money.

440
00:17:03.720 --> 00:17:05.200
You know, they're like heading some software thing.

441
00:17:05.200 --> 00:17:07.080
Like they all are successful.

442
00:17:07.080 --> 00:17:10.960
And so when I went to do this personal training gym thing,

443
00:17:10.960 --> 00:17:12.640
it was like, oh, how much he gave up?

444
00:17:12.640 --> 00:17:13.640
Like he's out of the race.

445
00:17:13.640 --> 00:17:15.680
You know, he's not playing the game anymore.

446
00:17:15.680 --> 00:17:20.680
And I would have these almost like these shame fantasies

447
00:17:21.640 --> 00:17:24.520
of what they were saying about me

448
00:17:24.520 --> 00:17:26.520
while I was sleeping on the gym floor,

449
00:17:26.520 --> 00:17:30.160
not being successful, having literally kids above my roof

450
00:17:30.280 --> 00:17:31.280
because I was in a garage,

451
00:17:31.280 --> 00:17:34.160
so kids with like party at night while I was trying to sleep.

452
00:17:34.160 --> 00:17:35.560
It's really tough.

453
00:17:35.560 --> 00:17:36.920
But like literally in front of me,

454
00:17:36.920 --> 00:17:38.960
demonstrating the life that I could be having

455
00:17:38.960 --> 00:17:40.960
while I actively was on the floor.

456
00:17:43.280 --> 00:17:44.960
But they weren't thinking about me to begin with,

457
00:17:44.960 --> 00:17:46.120
in order they really care.

458
00:17:46.120 --> 00:17:48.880
And they're going to all die eventually.

459
00:17:48.880 --> 00:17:52.200
And so if they were to die for me,

460
00:17:52.200 --> 00:17:54.080
then their opinions wouldn't matter.

461
00:17:54.080 --> 00:17:55.280
And if I'm going to eventually die,

462
00:17:55.280 --> 00:17:57.280
then what happened to me won't matter either.

463
00:17:57.280 --> 00:17:59.000
And so then it's like, wow,

464
00:17:59.000 --> 00:18:01.720
I'm going to change my entire present existence

465
00:18:01.720 --> 00:18:04.360
to satisfy the fictitious idea of what other people

466
00:18:04.360 --> 00:18:06.800
are saying behind my back when they aren't thinking about me.

467
00:18:06.800 --> 00:18:08.560
That seems silly.

468
00:18:08.560 --> 00:18:10.480
But it's hard, but people don't do it.

469
00:18:10.480 --> 00:18:12.920
And so I'm saying don't be ashamed

470
00:18:12.920 --> 00:18:16.440
of the lingerie job or the Uber or whatever it is

471
00:18:16.440 --> 00:18:19.320
that you're doing, as long as you're using it

472
00:18:19.320 --> 00:18:20.440
to build towards the thing.

473
00:18:20.440 --> 00:18:23.720
Now if you're driving Uber all day long

474
00:18:23.720 --> 00:18:24.560
and you're making 70,000 years,

475
00:18:24.560 --> 00:18:26.680
and then you spend 100% of it, then what are you doing?

476
00:18:26.680 --> 00:18:28.560
You're using all your time up and using all your money.

477
00:18:28.560 --> 00:18:29.960
Like you have to be banking something,

478
00:18:29.960 --> 00:18:31.760
either be banking time so you can work,

479
00:18:31.760 --> 00:18:33.760
or you'll be banking money so that you can invest in something.

480
00:18:33.760 --> 00:18:35.360
When I say invest, I mean, invest in skills,

481
00:18:35.360 --> 00:18:39.120
invest in opportunity, not trying to play the crypto market

482
00:18:39.120 --> 00:18:42.080
or become a day trader, because you will lose.

483
00:18:42.080 --> 00:18:44.040
Yes, you will.

484
00:18:44.040 --> 00:18:46.560
Speaking of things that people may lose at,

485
00:18:46.560 --> 00:18:48.280
and that might be giving them existential dread,

486
00:18:48.280 --> 00:18:50.600
what do you think about AI for entrepreneurs?

487
00:18:50.600 --> 00:18:52.280
I was a great question.

488
00:18:52.280 --> 00:18:54.960
I'm not worried about it at all

489
00:18:54.960 --> 00:18:57.880
from a, what will it change about what I do?

490
00:18:57.880 --> 00:19:01.480
So I have seen, I basically see the history of humanity

491
00:19:01.480 --> 00:19:05.240
as humans, then humans plus tools,

492
00:19:05.240 --> 00:19:07.600
and then tools beat all humans.

493
00:19:07.600 --> 00:19:11.040
And so AI for now is a tool,

494
00:19:11.040 --> 00:19:13.120
just like the internet, just like computers,

495
00:19:13.120 --> 00:19:15.360
and we will use the tools.

496
00:19:15.360 --> 00:19:17.920
So I as an entrepreneur will use all the tools available

497
00:19:17.920 --> 00:19:18.960
to win.

498
00:19:18.960 --> 00:19:21.920
And so AI will come online and we'll do that stuff.

499
00:19:21.920 --> 00:19:26.440
Until AI can do everything better than everyone,

500
00:19:27.240 --> 00:19:29.160
and at that point, it doesn't matter.

501
00:19:29.160 --> 00:19:30.080
Nothing matters.

502
00:19:30.080 --> 00:19:34.040
And so again, me dreading that changes nothing

503
00:19:34.040 --> 00:19:35.160
about what I do today.

504
00:19:35.160 --> 00:19:36.760
And so what I will do today is what I've always done,

505
00:19:36.760 --> 00:19:38.680
which is do the best I can with the resources

506
00:19:38.680 --> 00:19:40.920
at my fingertips, what's available to me.

507
00:19:40.920 --> 00:19:43.480
And so I absolutely, across all our portfolio companies

508
00:19:43.480 --> 00:19:45.520
are pushing, how do we incorporate AI into this,

509
00:19:45.520 --> 00:19:47.360
how do we put into streamline process,

510
00:19:47.360 --> 00:19:50.120
how can we incorporate in sales and marketing, whatever.

511
00:19:50.120 --> 00:19:52.160
And we will continue to do that until

512
00:19:52.160 --> 00:19:54.360
an AI is starting and running businesses without us.

513
00:19:54.360 --> 00:19:56.280
And at that point, we will try and do that.

514
00:19:57.120 --> 00:19:58.960
And if AI is our own AI businesses

515
00:19:58.960 --> 00:20:01.480
and they're just out competing humans at everything,

516
00:20:01.480 --> 00:20:02.640
then the world is different.

517
00:20:02.640 --> 00:20:04.640
And I have no ability to predict that.

518
00:20:04.640 --> 00:20:06.160
And so I'll just keep playing the game

519
00:20:06.160 --> 00:20:07.240
until I can't play anymore.

520
00:20:07.240 --> 00:20:09.280
What's the most jaw-dropping use of AI

521
00:20:09.280 --> 00:20:11.960
that you guys are doing in a portfolio company?

522
00:20:11.960 --> 00:20:14.160
We're getting really close to being able to have,

523
00:20:15.160 --> 00:20:16.200
it take calls.

524
00:20:18.080 --> 00:20:18.920
Whoa.

525
00:20:18.920 --> 00:20:20.760
Yeah, specifically inbound, I assume.

526
00:20:20.760 --> 00:20:21.560
No, app on works too.

527
00:20:21.560 --> 00:20:23.080
Whoa.

528
00:20:23.080 --> 00:20:24.600
Sales?

529
00:20:24.600 --> 00:20:25.600
Setting.

530
00:20:25.600 --> 00:20:26.400
I think it will get sales.

531
00:20:26.400 --> 00:20:26.920
Wow.

532
00:20:26.920 --> 00:20:28.640
Yeah, I think in the next year it'll be able to do sales.

533
00:20:28.640 --> 00:20:29.400
Whoa.

534
00:20:29.400 --> 00:20:33.240
But like setting, I think we're basically like three months off.

535
00:20:33.240 --> 00:20:37.200
So main thing, the only issue right now is lag.

536
00:20:37.200 --> 00:20:39.040
So the actual responses are perfect.

537
00:20:39.040 --> 00:20:39.560
They're on script.

538
00:20:39.560 --> 00:20:40.920
They all reasoned all that stuff works.

539
00:20:40.920 --> 00:20:42.680
The only issue is the lag time between someone

540
00:20:42.680 --> 00:20:44.360
saying something in their response.

541
00:20:44.360 --> 00:20:46.120
Or if someone says something, the person starts,

542
00:20:46.120 --> 00:20:48.320
the AI starts responding and then they say something else.

543
00:20:48.320 --> 00:20:50.000
It can kind of like jumpstart it.

544
00:20:50.000 --> 00:20:52.400
And so the next big iteration that's going to happen

545
00:20:52.400 --> 00:20:53.640
is voice to voice.

546
00:20:53.640 --> 00:20:57.160
So right now what happens is you prospect says something,

547
00:20:57.160 --> 00:20:59.640
it goes to a satellite, which then goes down to a database,

548
00:20:59.640 --> 00:21:00.960
which then transcribes it.

549
00:21:00.960 --> 00:21:04.280
AI takes that as a text prompt, responds in a text prompt,

550
00:21:04.280 --> 00:21:06.320
beams it, translates it to voice,

551
00:21:06.320 --> 00:21:07.440
and then beams it up to the satellite

552
00:21:07.440 --> 00:21:08.800
to then say to the other side.

553
00:21:08.800 --> 00:21:10.920
That takes like a second and a half.

554
00:21:10.920 --> 00:21:11.960
As soon as it's voice to voice,

555
00:21:11.960 --> 00:21:13.520
it eliminates like three steps.

556
00:21:13.520 --> 00:21:16.040
And so it'll probably be like a half second.

557
00:21:16.040 --> 00:21:18.000
And at that point, that's just human latency.

558
00:21:18.000 --> 00:21:20.440
And so that's close.

559
00:21:20.560 --> 00:21:24.040
I think that's three months off, four months off.

560
00:21:24.040 --> 00:21:26.040
That'll be end of Q1 next year.

561
00:21:26.040 --> 00:21:26.880
Wow.

562
00:21:26.880 --> 00:21:29.240
Now are you guys doing any of the training

563
00:21:29.240 --> 00:21:31.840
or are these companies that are building these tools?

564
00:21:31.840 --> 00:21:33.600
These are tools that I'm not an AI company.

565
00:21:33.600 --> 00:21:36.000
And so like we were talking earlier about the platform

566
00:21:36.000 --> 00:21:38.760
of like, are we a dev company?

567
00:21:38.760 --> 00:21:42.280
Acquisition.com is a holding company is not an AI company.

568
00:21:42.280 --> 00:21:44.400
We want to utilize the tools that are available to us.

569
00:21:44.400 --> 00:21:49.080
And most of the AI companies that we've started

570
00:21:49.080 --> 00:21:51.520
and related to it, et cetera, there's usually

571
00:21:51.520 --> 00:21:53.000
a training period that you want to train

572
00:21:53.000 --> 00:21:56.200
your specific model agent, whatever.

573
00:21:56.200 --> 00:21:57.600
And so we put that process.

574
00:21:57.600 --> 00:21:59.960
Yeah, that's why I want to get my hands in the mix.

575
00:21:59.960 --> 00:22:02.240
I want to do the reinforcement learning

576
00:22:02.240 --> 00:22:03.800
so that it will do the things we want to do.

577
00:22:03.800 --> 00:22:07.680
But yeah, I don't want to have to build the AI out itself.

578
00:22:07.680 --> 00:22:11.080
AI is the one that, man, this really gets me excited.

579
00:22:11.080 --> 00:22:13.520
When I think about how much it's already sped us up

580
00:22:13.520 --> 00:22:16.200
and where, you know, what are we just under two years

581
00:22:16.240 --> 00:22:17.080
from when it launched?

582
00:22:17.080 --> 00:22:19.440
It's absolute insanity.

583
00:22:19.440 --> 00:22:21.280
How far it's already come.

584
00:22:21.280 --> 00:22:23.960
If you could push a button and get it to work in one area

585
00:22:23.960 --> 00:22:27.640
of your company, that would just have a huge impact.

586
00:22:27.640 --> 00:22:28.640
Where would you want it?

587
00:22:32.320 --> 00:22:33.160
It's tough.

588
00:22:33.160 --> 00:22:34.280
I'll give you three.

589
00:22:34.280 --> 00:22:35.440
I'll take them.

590
00:22:35.440 --> 00:22:37.080
So I mean, marketing sales.

591
00:22:37.080 --> 00:22:39.920
So marketing is like, how can we get the content stuff

592
00:22:39.920 --> 00:22:42.320
to be like truly top 1%?

593
00:22:42.720 --> 00:22:45.480
The thing that's tough is that whatever,

594
00:22:45.480 --> 00:22:47.880
whatever the thing that I hate and like about it

595
00:22:47.880 --> 00:22:51.600
is that whatever skill AI can do for you,

596
00:22:51.600 --> 00:22:52.760
it can do for everyone.

597
00:22:52.760 --> 00:22:55.800
And so it has a massive equalization.

598
00:22:55.800 --> 00:22:59.200
So like the ability to execute is going to be not nearly

599
00:22:59.200 --> 00:23:00.680
as much of a competitive advantage,

600
00:23:00.680 --> 00:23:03.000
which I'll just say transparently I'm bummed about

601
00:23:03.000 --> 00:23:05.200
because I'm pretty good at it.

602
00:23:05.200 --> 00:23:07.880
But I'd say marketing and sales, both of those.

603
00:23:07.880 --> 00:23:10.200
And then the one that people might not expect

604
00:23:10.720 --> 00:23:12.720
is decision making.

605
00:23:14.000 --> 00:23:18.480
If it can get better at prediction than me

606
00:23:18.480 --> 00:23:22.560
for outsized returns, then of the three,

607
00:23:22.560 --> 00:23:25.080
that would be the highest return thing that we could do.

608
00:23:25.080 --> 00:23:26.640
And so I think that, again,

609
00:23:26.640 --> 00:23:27.480
but if it can do that for me,

610
00:23:27.480 --> 00:23:28.320
it can do for everyone.

611
00:23:28.320 --> 00:23:29.160
And so that's where, again,

612
00:23:29.160 --> 00:23:30.200
this is where I struggle with it.

613
00:23:30.200 --> 00:23:32.600
So I just think of like, what can I do today?

614
00:23:32.600 --> 00:23:35.520
And then I don't spend any time

615
00:23:35.520 --> 00:23:37.360
on what might happen in the future with it

616
00:23:37.360 --> 00:23:39.480
because when it changes, I'll be there.

617
00:23:40.000 --> 00:23:41.920
Yeah, no, I think the right way to think about it

618
00:23:41.920 --> 00:23:42.920
with that kind of stuff,

619
00:23:42.920 --> 00:23:46.000
the nice thing now is AI doesn't have taste.

620
00:23:46.000 --> 00:23:50.880
And so what I have found is that because the output

621
00:23:50.880 --> 00:23:54.400
of the prompt matters so much in terms of what I give it,

622
00:23:54.400 --> 00:23:57.280
that that still feels like it matters a lot.

623
00:23:57.280 --> 00:24:00.040
To the point about you have limited resources

624
00:24:00.040 --> 00:24:02.040
against infinite possibilities,

625
00:24:02.040 --> 00:24:03.160
the same is true with AI.

626
00:24:03.160 --> 00:24:06.240
So you can have it go a thousand different directions,

627
00:24:06.240 --> 00:24:08.040
10,000 million, whatever.

628
00:24:08.040 --> 00:24:10.280
And that matters.

629
00:24:10.280 --> 00:24:13.520
So understanding the end target person

630
00:24:13.520 --> 00:24:15.240
that you're creating this piece for,

631
00:24:15.240 --> 00:24:18.520
but it taking all of the manual work off of my place

632
00:24:18.520 --> 00:24:20.000
so that now I can iterate faster.

633
00:24:20.000 --> 00:24:21.680
So I just have to think about, okay,

634
00:24:21.680 --> 00:24:22.920
I need to understand my customer,

635
00:24:22.920 --> 00:24:25.680
I need to understand what it is that I'm trying to communicate.

636
00:24:25.680 --> 00:24:27.040
The angle that I want to do it,

637
00:24:27.040 --> 00:24:28.520
knowing which piece to say yes to,

638
00:24:28.520 --> 00:24:29.920
which to say no to where to push it

639
00:24:29.920 --> 00:24:31.640
and then to be able to edit it,

640
00:24:31.640 --> 00:24:35.880
it is taken so much time off of

641
00:24:35.880 --> 00:24:37.760
so many of my different workflows.

642
00:24:37.760 --> 00:24:38.600
That's cool.

643
00:24:38.600 --> 00:24:39.440
It's really incredible.

644
00:24:39.440 --> 00:24:42.000
And for us, because game development is such a big part

645
00:24:42.000 --> 00:24:46.640
of what we do, if it can do 3D characters,

646
00:24:46.640 --> 00:24:50.680
oh my God, that all of the cost is in the creation

647
00:24:50.680 --> 00:24:53.160
and the rigging of the 3D characters.

648
00:24:53.160 --> 00:24:54.160
How far is that?

649
00:24:54.160 --> 00:24:55.080
Away, no.

650
00:24:55.080 --> 00:24:58.880
I'm gonna guess, so I just saw a very compelling 2D

651
00:24:58.880 --> 00:25:02.320
to 3D stuff, it's static, so you can't rig it yet.

652
00:25:02.320 --> 00:25:05.640
So I'm gonna guess 2D to 3D over the next year

653
00:25:05.640 --> 00:25:08.720
is gonna be extraordinarily compelling.

654
00:25:08.720 --> 00:25:11.640
Give it another 18 months.

655
00:25:11.640 --> 00:25:13.440
So 18 months to 24 months,

656
00:25:13.440 --> 00:25:15.960
and I think that the financial structure

657
00:25:15.960 --> 00:25:17.800
of a gaming company changes overnight.

658
00:25:17.800 --> 00:25:20.600
Yeah, yeah.

659
00:25:20.600 --> 00:25:21.560
It's pretty crazy.

660
00:25:21.560 --> 00:25:25.520
So you were saying that you're bummed about it,

661
00:25:25.520 --> 00:25:27.080
replacing certain aspects of marketing

662
00:25:27.080 --> 00:25:27.920
because you're really good at it.

663
00:25:27.920 --> 00:25:29.200
What is the thing?

664
00:25:29.200 --> 00:25:31.400
Because we can all look at you and go, yeah,

665
00:25:31.400 --> 00:25:35.600
there's something here that you were unusually good at.

666
00:25:35.640 --> 00:25:36.640
What is that thing?

667
00:25:36.640 --> 00:25:38.200
I think it's rhetoric.

668
00:25:38.200 --> 00:25:39.040
Same here.

669
00:25:40.840 --> 00:25:42.120
How do you structure statements

670
00:25:42.120 --> 00:25:46.200
to make them more instinctive compelling for an audience?

671
00:25:46.200 --> 00:25:49.800
So you're doing it intuitively or do you have a method?

672
00:25:49.800 --> 00:25:53.200
The single greatest training rounds for this is Twitter,

673
00:25:54.120 --> 00:25:55.120
or X.

674
00:25:55.120 --> 00:25:59.800
I started tweeting, I can't remember,

675
00:25:59.800 --> 00:26:00.680
you could probably look at my profile

676
00:26:00.680 --> 00:26:02.240
probably three issues ago.

677
00:26:03.240 --> 00:26:07.360
And I think Twitter is one of the best writing tools

678
00:26:07.360 --> 00:26:10.240
that exists because it gives you real-time feedback immediately

679
00:26:10.240 --> 00:26:12.960
for how good the quality of your writing and thinking is.

680
00:26:12.960 --> 00:26:17.400
And so there are basically sentence structures

681
00:26:17.400 --> 00:26:19.800
that resonate better with people.

682
00:26:19.800 --> 00:26:22.960
And so that would be like having three things in a row

683
00:26:22.960 --> 00:26:25.520
where you have, they all start with the same letter.

684
00:26:26.880 --> 00:26:30.280
If you have basically a reverse sentence,

685
00:26:30.280 --> 00:26:34.320
it's not about listening to people who are closest to you.

686
00:26:34.320 --> 00:26:35.720
It's about listening to people who are closest to your goals.

687
00:26:35.720 --> 00:26:38.360
And so there's repetition there.

688
00:26:38.360 --> 00:26:40.200
And you change one variable.

689
00:26:41.720 --> 00:26:43.120
If you can't do it in a decade,

690
00:26:43.120 --> 00:26:44.600
if you wouldn't do it for a decade, don't do it for a day.

691
00:26:44.600 --> 00:26:45.960
So there's a iteration.

692
00:26:45.960 --> 00:26:50.360
And so I would say some of this has been

693
00:26:50.360 --> 00:26:51.760
probably subconsciously intuitive

694
00:26:51.760 --> 00:26:56.280
because I've tweeted probably 6,000 times over the last three years.

695
00:26:56.280 --> 00:26:57.960
And so I've had a lot of reinforcement loops.

696
00:26:58.520 --> 00:27:01.640
And this is where AI will do better than I will eventually.

697
00:27:01.640 --> 00:27:05.280
But right now, I can look at, I want to record this

698
00:27:05.280 --> 00:27:07.960
because there was this time where Layla and I were driving.

699
00:27:07.960 --> 00:27:10.320
And she wanted to tweet while I was driving.

700
00:27:10.320 --> 00:27:13.120
And so she would read me what she wanted to say.

701
00:27:13.120 --> 00:27:16.240
And then I would tweet it back to her.

702
00:27:16.240 --> 00:27:18.800
And they ended up like, they just banged up.

703
00:27:18.800 --> 00:27:19.840
I know you kind of get in the flow.

704
00:27:19.840 --> 00:27:20.840
I was like driving in the road.

705
00:27:20.840 --> 00:27:23.040
I could just kind of like zone out and think about it.

706
00:27:23.040 --> 00:27:27.880
And that's something that I've gotten significantly better at.

707
00:27:27.880 --> 00:27:29.480
Over the years and making more content.

708
00:27:29.480 --> 00:27:32.200
So it's like I have verbal practice and feedback loops,

709
00:27:32.200 --> 00:27:33.000
which are more delayed.

710
00:27:33.000 --> 00:27:35.840
So I don't think it's as strong as the Twitter feedback loop.

711
00:27:35.840 --> 00:27:40.720
And that's probably been, I think that's the from a copy

712
00:27:40.720 --> 00:27:41.720
and content perspective.

713
00:27:41.720 --> 00:27:44.960
That's where I think I've put more emphasis.

714
00:27:44.960 --> 00:27:47.640
I love it because this is really interesting for persuasion

715
00:27:47.640 --> 00:27:51.160
is that if you make the statement more memorable,

716
00:27:51.160 --> 00:27:53.240
people have a higher likelihood of remembering it.

717
00:27:53.240 --> 00:27:55.000
If people have a higher likelihood of remembering it,

718
00:27:55.000 --> 00:27:56.760
then they will think it was their idea.

719
00:27:56.760 --> 00:27:59.760
If they think it was their idea, they're more likely to do it.

720
00:27:59.760 --> 00:28:01.240
And so the best persuasion is one that

721
00:28:01.240 --> 00:28:02.640
if someone doesn't feel persuaded,

722
00:28:02.640 --> 00:28:05.800
they just think it's their own idea and then they do it.

723
00:28:05.800 --> 00:28:08.440
And so if you make things memorable in a very real way,

724
00:28:08.440 --> 00:28:12.240
you will influence and change more people's behavior.

725
00:28:12.240 --> 00:28:15.480
And so if we look at the best orators of our time,

726
00:28:15.480 --> 00:28:21.080
the last 100 years, they were very skilled rhetoric,

727
00:28:21.080 --> 00:28:22.720
rhetoricistitions or whatever.

728
00:28:22.720 --> 00:28:28.040
And they use specific sentence structures that people tend to like.

729
00:28:28.040 --> 00:28:29.720
And it's like probably chords and music.

730
00:28:29.720 --> 00:28:32.640
I think it's the same thing happens with words.

731
00:28:32.640 --> 00:28:33.720
That's interesting.

732
00:28:33.720 --> 00:28:35.720
All right, what's some of the worst business advice

733
00:28:35.720 --> 00:28:38.960
you see people give out all the time?

734
00:28:38.960 --> 00:28:42.600
Do a bunch of things and see which one works.

735
00:28:42.600 --> 00:28:44.400
Why is that terrible?

736
00:28:44.400 --> 00:28:46.840
God, so many reasons.

737
00:28:46.840 --> 00:28:50.320
Well, first off, trying to do many things at once,

738
00:28:50.320 --> 00:28:52.600
you already have such limited resources.

739
00:28:52.600 --> 00:28:54.520
The easiest analogy I can think of is,

740
00:28:54.520 --> 00:28:57.160
imagine you've got one cup of water

741
00:28:57.160 --> 00:29:01.680
and you need to overflow another cup

742
00:29:01.680 --> 00:29:03.480
to get it to be an effective dose, right?

743
00:29:03.480 --> 00:29:06.520
Enough volume for you to see an outcome.

744
00:29:06.520 --> 00:29:08.840
The visual I can give is, okay,

745
00:29:08.840 --> 00:29:10.360
let's line up seven shot glasses

746
00:29:10.360 --> 00:29:13.560
because millionaires have seven streams of income apparently.

747
00:29:13.560 --> 00:29:18.960
And so now we're going to pour that water into all of those glasses

748
00:29:18.960 --> 00:29:21.320
and then hope that it somehow overflows,

749
00:29:21.320 --> 00:29:22.920
but it's not going to.

750
00:29:22.920 --> 00:29:27.040
And so what ends up happening is you just have insufficient volume

751
00:29:27.040 --> 00:29:30.560
of action on seven things and then you accomplish none.

752
00:29:30.560 --> 00:29:35.080
And the fallacy is thinking that you'll see which one will work

753
00:29:35.080 --> 00:29:38.880
which assumes that the environment, the circumstance,

754
00:29:38.880 --> 00:29:41.640
is going to be the thing that makes it work rather than you.

755
00:29:41.640 --> 00:29:44.520
And so better stated is that you can make any of them work

756
00:29:44.520 --> 00:29:47.480
but none of them will work unless you focus on one of them.

757
00:29:47.480 --> 00:29:48.920
That's all rhetoric, right?

758
00:29:49.840 --> 00:29:51.160
That's the idea.

759
00:29:51.160 --> 00:29:56.160
And so I think that is a very insidious piece of advice.

760
00:29:56.880 --> 00:30:00.840
I think that you can try many things if you want.

761
00:30:00.840 --> 00:30:02.800
If you are going to do that, do it in sequence,

762
00:30:02.800 --> 00:30:04.200
do one at a time.

763
00:30:04.200 --> 00:30:07.560
But I say that knowing that if you actually try hard

764
00:30:07.560 --> 00:30:09.120
at the first one, you'll probably make that work.

765
00:30:09.120 --> 00:30:12.440
So try the first one that you think is the best one first

766
00:30:12.440 --> 00:30:14.800
in which case, why do you even have six through?

767
00:30:14.800 --> 00:30:16.840
You know, six through two or seven through two.

768
00:30:17.680 --> 00:30:20.560
And so that, and I think there's this big idea,

769
00:30:20.560 --> 00:30:22.920
this is one that I remember talked to a portfolio company

770
00:30:22.920 --> 00:30:25.320
about he was like, I'm not really sure

771
00:30:25.320 --> 00:30:27.000
from passionate about this anymore.

772
00:30:27.000 --> 00:30:30.520
Like about this product or the company, whatever.

773
00:30:30.520 --> 00:30:33.000
And so he was like, I think I want to consider

774
00:30:33.000 --> 00:30:34.240
starting something else.

775
00:30:34.240 --> 00:30:37.600
And I said, what do you think the natural extreme

776
00:30:37.600 --> 00:30:40.040
of this looks like at the top?

777
00:30:40.040 --> 00:30:43.320
Because in my opinion, all businesses at the top look the same.

778
00:30:43.320 --> 00:30:44.720
Which is you're going to have a head of marketing,

779
00:30:44.720 --> 00:30:46.480
you're going to have a VIT, you're going to have a sales,

780
00:30:46.480 --> 00:30:49.440
head of product, head of customer success, whatever.

781
00:30:49.440 --> 00:30:54.400
And so if you win and you win all the way, it looks the same.

782
00:30:54.400 --> 00:30:58.080
And so where your entrance point to the mazes

783
00:30:58.080 --> 00:31:00.320
doesn't really matter if that's what the hypothetical

784
00:31:00.320 --> 00:31:01.440
extreme is.

785
00:31:01.440 --> 00:31:03.840
And so I have this story about a friend of mine

786
00:31:03.840 --> 00:31:06.640
who started a cookie store actually hearing California.

787
00:31:06.640 --> 00:31:08.480
So you started this cookie and he was in fitness, right?

788
00:31:08.480 --> 00:31:09.480
So that was kind of hilarious.

789
00:31:09.480 --> 00:31:12.120
Like it's the really fit guy who starts a cookie store.

790
00:31:12.120 --> 00:31:15.000
And I remember I asked him, I was like, are you passionate

791
00:31:15.000 --> 00:31:15.520
about cookies?

792
00:31:15.520 --> 00:31:17.400
And he was like, no.

793
00:31:17.400 --> 00:31:18.480
And I was like, huh, weird.

794
00:31:18.480 --> 00:31:19.800
He's like, well, I looked at the market.

795
00:31:19.800 --> 00:31:20.880
There's a lot of people.

796
00:31:20.880 --> 00:31:23.000
And this is before cookie, for crumble.

797
00:31:23.000 --> 00:31:25.880
So he had a good inclination that high end cookies

798
00:31:25.880 --> 00:31:26.720
were going to be a thing.

799
00:31:26.720 --> 00:31:29.520
So he did his homework.

800
00:31:29.520 --> 00:31:33.400
But what he was passionate about was being excellent.

801
00:31:33.400 --> 00:31:35.120
And he did amazingly well.

802
00:31:35.120 --> 00:31:38.520
And so I think that you can be passionate about ideals

803
00:31:38.520 --> 00:31:40.480
and translate that to anything.

804
00:31:40.480 --> 00:31:43.880
So I had a conversation with Ben Francis from Jim

805
00:31:43.880 --> 00:31:49.880
Shark this year, probably the best day that I had

806
00:31:49.880 --> 00:31:52.840
from a business owner perspective was hanging out with him.

807
00:31:52.840 --> 00:31:54.160
Just had a really good conversation.

808
00:31:54.160 --> 00:31:55.920
And there's not a ton of people that you can talk to about,

809
00:31:55.920 --> 00:31:58.120
like, revenue levels and problems that come at that.

810
00:31:58.120 --> 00:32:00.720
And we had a great discussion.

811
00:32:00.720 --> 00:32:04.960
And what was interesting is I can't believe

812
00:32:04.960 --> 00:32:07.320
that you're doing all these different things.

813
00:32:07.320 --> 00:32:09.040
Because he saw each of the portfolio companies

814
00:32:09.040 --> 00:32:11.040
as a different thing.

815
00:32:11.040 --> 00:32:13.120
He's like, I can't imagine doing anything besides Jim Shark.

816
00:32:13.120 --> 00:32:14.600
This is all I want to do.

817
00:32:14.600 --> 00:32:15.600
And I thought about it for a second.

818
00:32:15.600 --> 00:32:17.880
I was like, acquisition.com is the only thing

819
00:32:17.880 --> 00:32:18.960
that I'm doing.

820
00:32:18.960 --> 00:32:20.400
These are just like, fundamentally,

821
00:32:20.400 --> 00:32:22.000
you have different types of clothing.

822
00:32:22.000 --> 00:32:23.560
How I can't believe you have all these different types

823
00:32:23.560 --> 00:32:25.000
of clothing, all these different types of apparel.

824
00:32:25.000 --> 00:32:27.240
So it's really chunking up and chunking down.

825
00:32:27.240 --> 00:32:29.440
And so if anyone hears that and thinks, well, wait a second.

826
00:32:29.440 --> 00:32:32.080
I thought you told me that I should focus on one thing.

827
00:32:32.080 --> 00:32:34.000
How are you doing all of the different things?

828
00:32:34.000 --> 00:32:36.760
There's a very big misconception when you are starting out

829
00:32:36.760 --> 00:32:39.760
that CEO and owner are the same thing.

830
00:32:39.760 --> 00:32:40.800
And they are not.

831
00:32:40.800 --> 00:32:41.920
And that's because in the beginning,

832
00:32:41.920 --> 00:32:44.120
they are the same because you're the only guy.

833
00:32:44.120 --> 00:32:47.520
But if you look at Berkshire Hathaway, for example,

834
00:32:48.600 --> 00:32:51.080
Warren Buffett is not CEO of Coca-Cola.

835
00:32:51.080 --> 00:32:53.240
He's not CEO of Geico.

836
00:32:53.240 --> 00:32:56.480
He has operators who are in charge of each of those companies.

837
00:32:56.480 --> 00:32:58.440
Now those guys couldn't run three companies.

838
00:32:58.440 --> 00:32:59.680
They can only run the one they're at.

839
00:32:59.680 --> 00:33:01.640
And he can only run Berkshire Hathaway.

840
00:33:01.640 --> 00:33:04.600
And so it's really chunking up or chunking down a level

841
00:33:04.600 --> 00:33:08.840
to understand how do you have multiple things.

842
00:33:08.840 --> 00:33:09.800
Because you can always go down and say,

843
00:33:09.800 --> 00:33:10.880
okay, well, if you have an agency,

844
00:33:10.880 --> 00:33:12.080
then you have 10 clients.

845
00:33:12.080 --> 00:33:12.920
How can you have 10 clients?

846
00:33:12.920 --> 00:33:13.760
You surely have one.

847
00:33:13.760 --> 00:33:15.360
Well, the logic doesn't carry.

848
00:33:15.360 --> 00:33:18.200
But it's really just that one person has limited resources.

849
00:33:18.200 --> 00:33:20.160
And so by limiting the scope of the problems

850
00:33:20.160 --> 00:33:22.040
that we have to solve, we get more leverage

851
00:33:22.040 --> 00:33:24.840
as in we get more for what we put in in my opinion.

852
00:33:24.840 --> 00:33:27.600
And so that was how I reconcile

853
00:33:27.600 --> 00:33:29.760
those two kind of styles of doing businesses

854
00:33:29.760 --> 00:33:31.760
that I am not CEO of any of them.

855
00:33:31.760 --> 00:33:33.960
And I'm not even really CEO of Acquisition.com.

856
00:33:35.720 --> 00:33:36.720
If at all.

857
00:33:36.720 --> 00:33:40.800
And so that's been, that was how I made sense of that.

858
00:33:40.800 --> 00:33:42.760
Because that's the only one thing that I think about.

859
00:33:42.760 --> 00:33:44.440
All right, so what is the difference

860
00:33:44.440 --> 00:33:47.080
between what life is like when you're running

861
00:33:47.080 --> 00:33:49.640
a million dollar company versus a hundred million dollar company?

862
00:33:52.640 --> 00:33:55.280
I was gonna give you the obvious answer, which is scale.

863
00:33:55.280 --> 00:33:57.040
I was like the first, what's the knock on?

864
00:33:57.040 --> 00:33:57.880
Yeah.

865
00:33:58.880 --> 00:34:03.160
So we have only one theory of how we grow everything.

866
00:34:03.160 --> 00:34:05.280
And so it's kind of in our unifying principle,

867
00:34:05.280 --> 00:34:07.200
which is the theory of constraints.

868
00:34:07.200 --> 00:34:09.080
So a system will grow until it's constrained

869
00:34:09.080 --> 00:34:10.040
and then we'll grow no further.

870
00:34:10.040 --> 00:34:11.440
And until you relieve the constraint,

871
00:34:11.440 --> 00:34:13.720
whatever the bottleneck is, it will stay there.

872
00:34:13.720 --> 00:34:17.840
And so the difference between a million dollar business

873
00:34:17.840 --> 00:34:19.320
and a hundred million dollar businesses,

874
00:34:19.320 --> 00:34:20.840
typically if you're a million dollar business,

875
00:34:20.840 --> 00:34:25.480
you're still, you're doing a lot of everything still.

876
00:34:25.480 --> 00:34:29.120
At a hundred million, you're predominantly making decisions

877
00:34:29.120 --> 00:34:32.720
and swap teaming in on high leverage problems

878
00:34:32.720 --> 00:34:33.560
that need to get solved.

879
00:34:33.560 --> 00:34:35.720
So kind of like the Elon, like we jump in in Laila and I

880
00:34:35.720 --> 00:34:40.160
both kind of champion this methodology of close CEOing,

881
00:34:40.160 --> 00:34:42.840
which is rather than having somebody

882
00:34:42.840 --> 00:34:45.720
who's kind of like running the basically driving.

883
00:34:45.720 --> 00:34:48.120
So driving objectives on a regular basis,

884
00:34:48.120 --> 00:34:50.640
we see as like traditional operations and management

885
00:34:50.640 --> 00:34:53.880
versus kind of linked CEO as saying,

886
00:34:53.880 --> 00:34:55.880
okay, the single most important thing

887
00:34:55.880 --> 00:34:58.960
that we need to solve right now is this product

888
00:34:58.960 --> 00:35:02.600
ascension piece or we need to solve this sales constraint

889
00:35:02.600 --> 00:35:05.040
or we need to solve this CS issue, whatever it is.

890
00:35:05.040 --> 00:35:10.040
And then basically CEO goes in is now on every huddle for that

891
00:35:10.440 --> 00:35:12.040
because the operators who are running

892
00:35:12.040 --> 00:35:13.280
each of the divisions or functions

893
00:35:13.280 --> 00:35:16.320
are continuing to drive the ball forward.

894
00:35:16.320 --> 00:35:21.120
And so the TLDR is in the very beginning,

895
00:35:21.120 --> 00:35:22.520
you're doing everything.

896
00:35:22.520 --> 00:35:25.000
At the end, you're doing one thing very well

897
00:35:25.000 --> 00:35:27.680
and your understanding of talent will dramatically shift

898
00:35:27.680 --> 00:35:28.760
over that time period.

899
00:35:28.760 --> 00:35:30.920
And so right now you can't imagine having anyone else do

900
00:35:30.920 --> 00:35:32.360
anything because everyone who works for you

901
00:35:32.360 --> 00:35:34.120
probably isn't that good.

902
00:35:34.120 --> 00:35:36.640
And that's because you don't know how to recognize talent

903
00:35:36.640 --> 00:35:38.920
and or you can't compensate them well enough.

904
00:35:38.920 --> 00:35:41.280
And unless you're giving away big chunks of equity

905
00:35:41.280 --> 00:35:42.280
to people, which is a strategy,

906
00:35:42.280 --> 00:35:43.200
there's nothing wrong with that.

907
00:35:43.200 --> 00:35:45.040
But either you're building a dream team

908
00:35:45.040 --> 00:35:46.400
or you're bootstrapping it.

909
00:35:46.400 --> 00:35:47.240
If you're bootstrapping it,

910
00:35:47.240 --> 00:35:49.200
you're gonna be doing a hell of a lot of work.

911
00:35:49.200 --> 00:35:50.040
If you build the dream team,

912
00:35:50.040 --> 00:35:51.600
then you're gonna have to give slices of the pie away.

913
00:35:51.600 --> 00:35:53.680
Again, cool either way,

914
00:35:53.680 --> 00:35:54.920
expecting a different outcome

915
00:35:54.920 --> 00:35:56.880
from a different decisions where the problem comes in.

916
00:35:56.880 --> 00:35:59.920
And so that's kind of obviously at a very high level.

917
00:35:59.920 --> 00:36:01.720
You're doing a lot of stuff with no help

918
00:36:01.720 --> 00:36:05.960
to you're doing a few things with tons of help

919
00:36:05.960 --> 00:36:08.560
so that all of the normal day to day activities continue

920
00:36:08.560 --> 00:36:09.400
and you're just thinking,

921
00:36:09.400 --> 00:36:11.120
what's the highest leverage move we can make?

922
00:36:11.120 --> 00:36:12.320
How do you recognize talent?

923
00:36:14.440 --> 00:36:15.360
So this is probably,

924
00:36:15.360 --> 00:36:17.840
so if I had to say like the three things that have changed

925
00:36:17.840 --> 00:36:20.200
in terms of me as an entrepreneur for the year,

926
00:36:20.280 --> 00:36:22.120
or like last two years, like big, big moves,

927
00:36:22.120 --> 00:36:23.960
one is my understanding of brand, so probably four.

928
00:36:23.960 --> 00:36:26.120
So understanding of brand has deepened.

929
00:36:26.120 --> 00:36:27.960
My understanding of focus has deepened.

930
00:36:27.960 --> 00:36:30.520
My understanding of talent has deepened.

931
00:36:30.520 --> 00:36:32.480
So it's not like, oh, I learned about talent.

932
00:36:32.480 --> 00:36:35.960
It's just my understanding of it has grown more nuanced.

933
00:36:35.960 --> 00:36:40.960
And the arbitrage that exists between B and A plus.

934
00:36:42.920 --> 00:36:45.880
And so I still think that one of the greatest returns

935
00:36:45.880 --> 00:36:47.440
that you can make as an entrepreneur

936
00:36:47.440 --> 00:36:51.200
is paying someone who's exceptional, exceptionally well.

937
00:36:52.040 --> 00:36:54.320
And Steve Jobs gives this,

938
00:36:54.320 --> 00:36:55.880
so I'm not gonna claim credit for it,

939
00:36:55.880 --> 00:36:58.400
but he says, if you look at the best cab driver in New York

940
00:36:58.400 --> 00:36:59.600
compared to the worst cab driver,

941
00:36:59.600 --> 00:37:01.600
it's probably a three X difference between,

942
00:37:01.600 --> 00:37:03.400
and that's the best in the worst.

943
00:37:03.400 --> 00:37:05.480
But the best marketer and the worst marketer,

944
00:37:05.480 --> 00:37:07.480
it's not a three X, there's probably a hundred X difference.

945
00:37:07.480 --> 00:37:09.040
Same thing for the best engineer.

946
00:37:09.040 --> 00:37:10.560
And now that's the best in worst,

947
00:37:10.560 --> 00:37:12.600
but what about good and best,

948
00:37:12.600 --> 00:37:15.280
or good and top point one percent?

949
00:37:15.280 --> 00:37:16.960
Well, the difference between those guys

950
00:37:16.960 --> 00:37:18.440
is probably still like 25 X.

951
00:37:18.440 --> 00:37:20.880
It's huge, huge, highly leveraged.

952
00:37:20.880 --> 00:37:25.880
And so the arbitrage is that you don't typically have to pay

953
00:37:27.000 --> 00:37:30.400
the best guy 25 times more than the good guy.

954
00:37:30.400 --> 00:37:32.080
You can just spend three times more.

955
00:37:32.080 --> 00:37:37.080
And then all the increase in throughput goes to the company.

956
00:37:37.400 --> 00:37:42.400
And that has been my shift and moving away from,

957
00:37:44.760 --> 00:37:46.680
so basically head hunting happens in level.

958
00:37:46.680 --> 00:37:48.640
In the beginning, you start running ads to get,

959
00:37:48.640 --> 00:37:50.400
first you talk to friends and family, right?

960
00:37:50.400 --> 00:37:52.000
And then you start running like indeed ads

961
00:37:52.000 --> 00:37:53.240
and Craigslist ads to get people.

962
00:37:53.240 --> 00:37:54.760
And maybe you posting communities you own

963
00:37:54.760 --> 00:37:55.960
or you make public posts, whatever.

964
00:37:55.960 --> 00:37:57.680
That's how you get your next level of talent.

965
00:37:57.680 --> 00:38:01.360
And then from there, you start networking.

966
00:38:01.360 --> 00:38:03.600
Maybe you hire headhunters and recruiters,

967
00:38:03.600 --> 00:38:05.040
that'll be up maybe you get an internal resource

968
00:38:05.040 --> 00:38:06.280
who starts doing outbound,

969
00:38:06.280 --> 00:38:08.160
looking for specific types of candidates.

970
00:38:08.160 --> 00:38:10.480
And this also follows with the functions of the organization.

971
00:38:10.480 --> 00:38:11.480
If you're finding a low level role,

972
00:38:11.480 --> 00:38:13.400
you can still do the lower leverage ways,

973
00:38:13.400 --> 00:38:15.360
the higher the role,

974
00:38:15.360 --> 00:38:17.040
the more individualized the approach,

975
00:38:17.040 --> 00:38:19.440
just like a whale would be if you're trying to go after

976
00:38:20.680 --> 00:38:22.240
a high value client.

977
00:38:22.240 --> 00:38:24.880
Like, okay, I want to sign Amazon for my warehouse services.

978
00:38:24.880 --> 00:38:26.640
Like, okay, we're gonna have a really tailored approach.

979
00:38:26.640 --> 00:38:28.200
You're not gonna run an ad to get Amazon.

980
00:38:28.200 --> 00:38:29.200
You're gonna have to know somebody,

981
00:38:29.200 --> 00:38:30.120
you're gonna have to work your way in

982
00:38:30.120 --> 00:38:31.560
and it's gonna take a while.

983
00:38:31.560 --> 00:38:36.120
And so I would say that now my thinking has rather been like,

984
00:38:36.120 --> 00:38:37.560
let's go find a unicorn.

985
00:38:38.440 --> 00:38:42.040
Two, I need John from this company to work for me.

986
00:38:42.880 --> 00:38:45.520
And I don't know, John, but I know he's really good.

987
00:38:45.520 --> 00:38:48.000
And I need him, how do I, what would it take

988
00:38:48.000 --> 00:38:49.440
for me to get him to be here?

989
00:38:49.440 --> 00:38:51.480
And so I'd say that that has been the shift

990
00:38:51.480 --> 00:38:53.800
and I am more okay with getting,

991
00:38:53.800 --> 00:38:55.120
I'm basically being involved

992
00:38:55.120 --> 00:38:57.080
in some of the highest level recruiting.

993
00:38:57.080 --> 00:39:02.080
And those roles take six, 12, 18 months

994
00:39:03.520 --> 00:39:04.840
to actually come to fruition

995
00:39:04.840 --> 00:39:06.680
because it's like a courting process.

996
00:39:06.680 --> 00:39:09.680
It's more like a marriage, like they don't need your company.

997
00:39:09.680 --> 00:39:10.840
And like they have a career,

998
00:39:10.840 --> 00:39:11.920
they're not giving them an opportunity.

999
00:39:11.920 --> 00:39:13.640
Like they're giving you a company

1000
00:39:13.640 --> 00:39:15.560
because they can drive an entire division of growth.

1001
00:39:15.560 --> 00:39:16.520
They can take you international

1002
00:39:16.520 --> 00:39:17.440
because that's what their, you know,

1003
00:39:17.440 --> 00:39:20.520
that's their role it X is or they can take you public

1004
00:39:20.520 --> 00:39:21.360
if that's what they're, you know,

1005
00:39:21.360 --> 00:39:22.840
what they're especially, whatever the thing is.

1006
00:39:22.840 --> 00:39:25.680
And so that's kind of how I see it

1007
00:39:25.680 --> 00:39:28.520
as a very high leverage use of my time

1008
00:39:28.520 --> 00:39:31.480
despite the fact that it's a very slow process

1009
00:39:31.480 --> 00:39:33.400
that has very delayed reinforcement.

1010
00:39:34.400 --> 00:39:36.800
Yeah, talent is a whole beast.

1011
00:39:36.800 --> 00:39:38.600
How do you go in when you've got a role

1012
00:39:38.600 --> 00:39:40.320
that you don't necessarily know?

1013
00:39:40.320 --> 00:39:43.040
How do you make sure that you can't be bamboozled?

1014
00:39:43.040 --> 00:39:45.280
So Layla, so I'm stealing this from Layla.

1015
00:39:46.720 --> 00:39:50.760
Her frame is talk to you as many really smart,

1016
00:39:50.760 --> 00:39:53.680
basically reach out to people who you would want to hire,

1017
00:39:53.680 --> 00:39:55.560
ask them if they know anybody,

1018
00:39:55.560 --> 00:39:56.880
hop on calls with them.

1019
00:39:56.880 --> 00:39:59.160
And she uses the interview process

1020
00:39:59.160 --> 00:40:00.520
as her learning process.

1021
00:40:00.520 --> 00:40:03.080
And so from there, you know,

1022
00:40:03.080 --> 00:40:05.400
if you only talk to one customer success person,

1023
00:40:05.400 --> 00:40:06.640
you have no idea if they're good or bad.

1024
00:40:06.640 --> 00:40:08.760
If you talk to 20, you have a really good idea.

1025
00:40:08.840 --> 00:40:11.320
And so because then by the 17th, you're like,

1026
00:40:11.320 --> 00:40:13.880
but what about this and what about this other thing?

1027
00:40:13.880 --> 00:40:18.240
And the way that I think through this is a couple of razors.

1028
00:40:18.240 --> 00:40:19.960
So raise number one is the quality

1029
00:40:19.960 --> 00:40:22.640
and quantity of metrics they track

1030
00:40:22.640 --> 00:40:25.560
and how they influence those metrics.

1031
00:40:25.560 --> 00:40:27.600
So if I talk to you, let's say I wanted to find

1032
00:40:27.600 --> 00:40:31.040
a sales manager, I might say something like,

1033
00:40:31.040 --> 00:40:33.840
okay, so how do you think about running sales

1034
00:40:33.840 --> 00:40:34.800
and improving sales performance?

1035
00:40:34.800 --> 00:40:37.120
Now if the guy says, you know, gotta get in there,

1036
00:40:37.120 --> 00:40:38.480
get the team riled up, you know,

1037
00:40:38.480 --> 00:40:42.240
make sure the culture's good, you know, drive outcomes.

1038
00:40:42.240 --> 00:40:45.400
I'd be like, okay, how do you measure that?

1039
00:40:45.400 --> 00:40:47.200
Now if the guy's like, you know,

1040
00:40:47.200 --> 00:40:49.920
make sure the close rates are good and yeah.

1041
00:40:49.920 --> 00:40:54.800
And I'd be like, okay, how do you make that go up?

1042
00:40:54.800 --> 00:40:57.840
Now the best guys would say, well,

1043
00:40:57.840 --> 00:40:59.960
they would have every metric all the way down.

1044
00:40:59.960 --> 00:41:01.240
So it's like, what's our contact rate?

1045
00:41:01.240 --> 00:41:03.120
What's our offer percentage?

1046
00:41:03.120 --> 00:41:03.880
What's our close rate?

1047
00:41:03.880 --> 00:41:04.840
What's our cash collected?

1048
00:41:04.840 --> 00:41:05.760
What's our back-out rate?

1049
00:41:05.760 --> 00:41:06.920
Buy rep.

1050
00:41:06.920 --> 00:41:08.280
What's LTV to rep?

1051
00:41:08.280 --> 00:41:09.800
So because some reps love higher LTV,

1052
00:41:09.800 --> 00:41:10.600
because we'll have lower term,

1053
00:41:10.600 --> 00:41:12.600
because how they're sold and what expectations are set.

1054
00:41:12.600 --> 00:41:15.320
And so if these are the metrics that I'm doing,

1055
00:41:15.320 --> 00:41:17.080
they would then say, well, which metrics do you want me to improve?

1056
00:41:17.080 --> 00:41:18.560
I'd be like, okay, if let's say that,

1057
00:41:18.560 --> 00:41:20.400
offer rates low, what do you do?

1058
00:41:20.400 --> 00:41:22.240
Like, okay, well, then that's probably gonna be a lead

1059
00:41:22.240 --> 00:41:23.840
nurture issue, which is we're not qualifying people

1060
00:41:23.840 --> 00:41:26.600
on the front end, we probably need to fix the headlines

1061
00:41:26.600 --> 00:41:28.000
that we have in the ads, maybe the offer that we're doing

1062
00:41:28.000 --> 00:41:30.280
for whatever giveaway we had that's generating these leads.

1063
00:41:30.280 --> 00:41:31.800
And then I would probably add in some sort of

1064
00:41:31.800 --> 00:41:33.280
disqualification process earlier.

1065
00:41:33.280 --> 00:41:35.080
So if the guys can look at the stats,

1066
00:41:35.080 --> 00:41:36.280
I could remove them from the calendar

1067
00:41:36.280 --> 00:41:38.000
so they can open up a slot and then increase through,

1068
00:41:38.000 --> 00:41:41.280
but now if someone said that, then I'd be like,

1069
00:41:41.280 --> 00:41:42.440
okay, that's clear.

1070
00:41:42.440 --> 00:41:44.400
I zoomed in on a metric because he had many

1071
00:41:44.400 --> 00:41:46.200
and he had quality metrics and he knows

1072
00:41:46.200 --> 00:41:47.400
how he can influence them.

1073
00:41:47.400 --> 00:41:49.800
And so if you have a very good idea,

1074
00:41:49.800 --> 00:41:51.320
because I remember the first really good HR person

1075
00:41:51.320 --> 00:41:55.080
that we brought on, they introduced all these new metrics

1076
00:41:55.080 --> 00:41:56.280
to me that I had no idea about.

1077
00:41:56.280 --> 00:41:57.400
And I was like, this is great.

1078
00:41:57.400 --> 00:41:58.920
She was like, well, what's the cost to acquire talent here?

1079
00:41:58.920 --> 00:42:02.440
And I was like, I haven't thought about it.

1080
00:42:02.440 --> 00:42:03.720
She was like, oh yeah, well, we need to know,

1081
00:42:03.720 --> 00:42:05.200
we can spend this much to acquire talent.

1082
00:42:05.200 --> 00:42:07.480
And this is our average cost require role at each level.

1083
00:42:07.480 --> 00:42:09.320
And then what's our two way fit percentage?

1084
00:42:09.320 --> 00:42:10.160
And I was like, what do you mean?

1085
00:42:10.160 --> 00:42:11.880
I was like, well, at 90 days,

1086
00:42:11.880 --> 00:42:14.760
what percentage of people are saying it's a 10 out of 10

1087
00:42:14.760 --> 00:42:16.280
from the manager to the person

1088
00:42:16.280 --> 00:42:17.960
and the person to the manager?

1089
00:42:17.960 --> 00:42:19.080
So it's a two way fit.

1090
00:42:19.080 --> 00:42:21.920
Both people say that this is a good thing.

1091
00:42:21.920 --> 00:42:23.120
And then what's our average time to fill?

1092
00:42:23.120 --> 00:42:24.680
And I was like, I don't know, right?

1093
00:42:24.680 --> 00:42:26.640
And so all of a sudden, she had all these different metrics.

1094
00:42:26.640 --> 00:42:28.280
I was like, this makes complete sense to me.

1095
00:42:28.280 --> 00:42:29.960
And I have never mentioned this.

1096
00:42:29.960 --> 00:42:31.520
And then all of a sudden from that point going forward

1097
00:42:31.520 --> 00:42:33.200
for every single head of people or director

1098
00:42:33.480 --> 00:42:34.680
or whatever it is we're doing,

1099
00:42:34.680 --> 00:42:37.560
if they're in charge of some sort of recruiting function,

1100
00:42:37.560 --> 00:42:39.320
then if they're not bringing up those metrics,

1101
00:42:39.320 --> 00:42:41.520
then I know that they're already not at that caliber.

1102
00:42:41.520 --> 00:42:43.960
And so again, and this is where I think

1103
00:42:43.960 --> 00:42:46.440
like entrepreneurial pattern recognition is so valuable

1104
00:42:46.440 --> 00:42:47.960
is like every entrepreneur that I know

1105
00:42:47.960 --> 00:42:49.960
who has had something successful

1106
00:42:49.960 --> 00:42:51.320
and then started something else

1107
00:42:51.320 --> 00:42:52.640
with the assumption that the first thing

1108
00:42:52.640 --> 00:42:53.840
wasn't because of luck,

1109
00:42:53.840 --> 00:42:56.560
because we have probably both seen some guys

1110
00:42:56.560 --> 00:42:59.720
that got richer than they should have.

1111
00:42:59.720 --> 00:43:00.680
I'll just put it that way,

1112
00:43:00.680 --> 00:43:02.160
because I remember I had to dinner with somebody once

1113
00:43:02.160 --> 00:43:03.520
who was like, and I'll look back,

1114
00:43:03.520 --> 00:43:07.040
but he said, isn't it crazy that like,

1115
00:43:07.040 --> 00:43:09.840
Jemlauch could be the biggest thing you ever built?

1116
00:43:09.840 --> 00:43:12.920
And I was just like, that is not true.

1117
00:43:12.920 --> 00:43:16.000
I just like, I wholeheartedly reject your promise.

1118
00:43:16.000 --> 00:43:18.840
I was like, I know exactly what we did to build Jemlauch

1119
00:43:18.840 --> 00:43:20.440
and I know all the reasons that it was not as big

1120
00:43:20.440 --> 00:43:21.280
as I wanted to be.

1121
00:43:21.280 --> 00:43:23.080
And I know what I'm gonna do next and I know how to win.

1122
00:43:23.080 --> 00:43:25.760
And that guy never ended up building something bigger

1123
00:43:25.760 --> 00:43:27.160
than the exit that he had.

1124
00:43:27.160 --> 00:43:28.600
And it might have been because of his view of the world

1125
00:43:28.600 --> 00:43:30.240
or because he got lucky or whatever.

1126
00:43:30.240 --> 00:43:32.240
But that pattern recognition for most entrepreneurs

1127
00:43:32.240 --> 00:43:33.080
that truly are self-made,

1128
00:43:33.080 --> 00:43:35.880
that forced their will into existence,

1129
00:43:35.880 --> 00:43:39.520
their ability to get it again after losing it all

1130
00:43:39.520 --> 00:43:41.160
or just when they take their second

1131
00:43:41.160 --> 00:43:42.200
or their third or their fourth swing,

1132
00:43:42.200 --> 00:43:44.560
they almost start, like for me,

1133
00:43:44.560 --> 00:43:47.240
every company I've built has gotten to each revenue level

1134
00:43:47.240 --> 00:43:49.800
faster than the company before.

1135
00:43:49.800 --> 00:43:50.720
And it's because it's like,

1136
00:43:50.720 --> 00:43:52.160
I already beat the boss at this level.

1137
00:43:52.160 --> 00:43:53.000
I know what has to happen here.

1138
00:43:53.000 --> 00:43:53.840
Oh, I know what has to happen here.

1139
00:43:53.840 --> 00:43:55.560
And then you finally get into virgin territory,

1140
00:43:55.560 --> 00:43:56.920
you're like, I don't know what's going on,

1141
00:43:56.920 --> 00:43:58.840
and then your rate of progress slows again.

1142
00:43:58.840 --> 00:44:00.720
And so it's like you want to crystallize

1143
00:44:00.720 --> 00:44:03.480
the artifacts of the knowledge of beating the game

1144
00:44:03.480 --> 00:44:07.200
at every level so that when you get to that level again,

1145
00:44:07.200 --> 00:44:08.280
you're like, oh, this is another one of those.

1146
00:44:08.280 --> 00:44:10.680
I know good sales managers will look like this.

1147
00:44:10.680 --> 00:44:12.920
They know these metrics, they say these things,

1148
00:44:12.920 --> 00:44:15.160
they interview this way, this is the best source for them.

1149
00:44:15.160 --> 00:44:16.960
And then all of a sudden, when it takes someone

1150
00:44:16.960 --> 00:44:18.480
18 months to find a sales manager

1151
00:44:18.480 --> 00:44:20.240
because they hire wrong the first time

1152
00:44:20.240 --> 00:44:22.200
and then it takes them a year to figure that out.

1153
00:44:22.200 --> 00:44:23.560
And then they go back into the process

1154
00:44:23.560 --> 00:44:25.600
and then they have to do salesmen to themselves

1155
00:44:25.600 --> 00:44:27.440
and then they finally on the third try.

1156
00:44:27.440 --> 00:44:28.280
And that was the constraint.

1157
00:44:28.280 --> 00:44:31.640
They can't fix it and so they stay stagnant that whole time.

1158
00:44:31.640 --> 00:44:34.080
Whereas if you think about how much faster it goes

1159
00:44:34.080 --> 00:44:35.480
when you're like, all the roles are right.

1160
00:44:35.480 --> 00:44:36.320
And then it's like, boom,

1161
00:44:36.320 --> 00:44:38.480
you just go to the next level and that's the order of magnitude.

1162
00:44:38.480 --> 00:44:40.320
I think that's the, that is the,

1163
00:44:40.320 --> 00:44:42.400
those are the scars and the lessons

1164
00:44:42.400 --> 00:44:43.720
that we collect as entrepreneurs

1165
00:44:43.720 --> 00:44:45.120
so that we have our cheat codes

1166
00:44:45.120 --> 00:44:47.960
from when we get to that level next time.

1167
00:44:47.960 --> 00:44:52.240
All right, as you scale up and you are just really entering

1168
00:44:52.240 --> 00:44:54.760
a whole new echelon, how do you think about,

1169
00:44:54.760 --> 00:44:57.440
or do you think about political environment?

1170
00:44:57.440 --> 00:44:59.000
Does the government matter to you at all?

1171
00:44:59.000 --> 00:45:02.520
Do you think about tax or anything like that?

1172
00:45:02.520 --> 00:45:04.720
So I'll start with tax.

1173
00:45:04.720 --> 00:45:08.000
I don't think much about it.

1174
00:45:08.000 --> 00:45:09.320
I have always been of the belief

1175
00:45:09.320 --> 00:45:10.680
I should just make more money

1176
00:45:10.680 --> 00:45:12.320
and that's more under my control.

1177
00:45:12.320 --> 00:45:13.760
Now we'll be, you know, we'll be sensible

1178
00:45:13.760 --> 00:45:15.360
if we buy a building, we'll appreciate it.

1179
00:45:15.360 --> 00:45:17.840
You know, we'll donate a certain amount to charity

1180
00:45:17.840 --> 00:45:19.480
because we can, you know, write off 30%

1181
00:45:19.480 --> 00:45:20.560
of adjusted gross income.

1182
00:45:20.560 --> 00:45:23.840
It's like, okay, well, that takes me from 37 to 29.

1183
00:45:23.840 --> 00:45:26.480
You know, we work our way down,

1184
00:45:26.480 --> 00:45:27.880
but we still pay taxes, right?

1185
00:45:27.880 --> 00:45:30.080
And I'm still waiting for this, this, I'm like,

1186
00:45:30.080 --> 00:45:31.360
where, what is, what is this?

1187
00:45:31.360 --> 00:45:32.840
No taxes that billionaires are paying.

1188
00:45:32.840 --> 00:45:34.960
I'm still trying to find this, this loophole

1189
00:45:34.960 --> 00:45:37.920
that all these politicians are talking about.

1190
00:45:37.920 --> 00:45:40.400
But the big realization that I had around taxes

1191
00:45:40.400 --> 00:45:43.880
was realizing, and this was when Elon still lived

1192
00:45:43.880 --> 00:45:45.200
in California that all the richest people

1193
00:45:45.200 --> 00:45:47.800
in America lived in California or many of them did

1194
00:45:47.800 --> 00:45:48.800
and New York.

1195
00:45:48.800 --> 00:45:52.360
And I was like, if they're the richest people

1196
00:45:52.360 --> 00:45:55.040
and they're in the highest tax state,

1197
00:45:55.040 --> 00:45:57.680
what do they understand that I don't understand

1198
00:45:57.680 --> 00:45:59.160
about making money?

1199
00:45:59.160 --> 00:46:01.840
And so the big misconception that I had

1200
00:46:01.840 --> 00:46:04.200
is that my understanding of making a billion dollars,

1201
00:46:04.200 --> 00:46:06.200
which was a goal that I had for a very long time,

1202
00:46:07.760 --> 00:46:09.720
was, and to be clear for anybody who has that goal,

1203
00:46:09.720 --> 00:46:11.840
like it wasn't always a billion, it was first a million,

1204
00:46:11.840 --> 00:46:13.280
and then it kind of moved its way up.

1205
00:46:14.280 --> 00:46:16.600
But the first way I thought of making a billion dollars

1206
00:46:16.600 --> 00:46:19.320
is that I had to make two billion dollars in net income.

1207
00:46:19.320 --> 00:46:22.160
And then after taxes, I would have a billion.

1208
00:46:22.160 --> 00:46:24.000
And then the second version was,

1209
00:46:24.080 --> 00:46:25.480
oh, I just need to make enough,

1210
00:46:25.480 --> 00:46:26.680
and then I'll invest that money.

1211
00:46:26.680 --> 00:46:31.080
And then if I make maybe 400 million over 10 years

1212
00:46:31.080 --> 00:46:32.920
with appreciation of the stock market and things like that,

1213
00:46:32.920 --> 00:46:35.000
I could get to a billion.

1214
00:46:35.000 --> 00:46:36.760
Okay, that was my like two point no version.

1215
00:46:36.760 --> 00:46:39.920
And then the three point no version was,

1216
00:46:39.920 --> 00:46:44.720
oh, the thing that asset itself has inherent value.

1217
00:46:44.720 --> 00:46:47.720
And so I only need to get to like 100 million in EBITDA

1218
00:46:47.720 --> 00:46:50.440
with a conservative 10X multiple

1219
00:46:50.440 --> 00:46:52.040
to have a billion dollar asset,

1220
00:46:52.040 --> 00:46:53.680
which I can then take loans again

1221
00:46:53.680 --> 00:46:56.440
so I can sell portions of it or whatever I want to do there.

1222
00:46:56.440 --> 00:46:58.600
And so that's kind of like how my evolution of getting

1223
00:46:58.600 --> 00:47:00.120
to a billion kind of changed over time.

1224
00:47:00.120 --> 00:47:01.160
I know you know this is obvious,

1225
00:47:01.160 --> 00:47:04.600
but like for me, I didn't even understand how it worked.

1226
00:47:04.600 --> 00:47:07.040
So that's the tax component

1227
00:47:07.040 --> 00:47:09.440
and some of the enterprise value component.

1228
00:47:09.440 --> 00:47:10.520
What was the other part of the,

1229
00:47:10.520 --> 00:47:12.280
you had two questions, sorry.

1230
00:47:12.280 --> 00:47:14.880
Well, so do you care about who's in government?

1231
00:47:14.880 --> 00:47:15.720
Oh, yeah.

1232
00:47:16.080 --> 00:47:24.080
Um, no, that's my simple answer.

1233
00:47:24.080 --> 00:47:29.080
I, who is in government, the regulations that they put in place,

1234
00:47:32.280 --> 00:47:35.040
I will only be affected by those regulations

1235
00:47:35.040 --> 00:47:38.320
or changes in tax code, like we just said.

1236
00:47:38.320 --> 00:47:41.800
If it was something that affected me disproportionately,

1237
00:47:41.800 --> 00:47:43.520
maybe like Elon,

1238
00:47:43.520 --> 00:47:45.920
then it might make sense for me to change my behavior

1239
00:47:45.920 --> 00:47:50.240
in a way to try and influence the outcome of the election

1240
00:47:50.240 --> 00:47:51.560
because then it's like, I have high, you know,

1241
00:47:51.560 --> 00:47:53.320
we, I think we all try to have high agency,

1242
00:47:53.320 --> 00:47:54.920
like what can I do about it?

1243
00:47:54.920 --> 00:47:58.160
But as a rule, I try not to think at all

1244
00:47:58.160 --> 00:48:00.280
about things that I cannot control.

1245
00:48:00.280 --> 00:48:01.640
And so we're like, sure, you can vote.

1246
00:48:01.640 --> 00:48:03.920
Okay, but, you know, the one vote I have in the,

1247
00:48:03.920 --> 00:48:04.920
in the one state of the county

1248
00:48:04.920 --> 00:48:07.120
that's already whatever color you're in, whatever.

1249
00:48:08.040 --> 00:48:10.840
But if I really wanted to get into it,

1250
00:48:10.840 --> 00:48:11.960
it's not your vote that matters.

1251
00:48:12.040 --> 00:48:13.840
It's how many votes can you influence?

1252
00:48:13.840 --> 00:48:15.040
Like, that's the game.

1253
00:48:15.040 --> 00:48:15.880
For sure.

1254
00:48:15.880 --> 00:48:18.880
And so the, the easiest, let me test, I had for this.

1255
00:48:18.880 --> 00:48:20.760
I remember this was like a formative experience for me

1256
00:48:20.760 --> 00:48:22.560
is that when we went through COVID,

1257
00:48:22.560 --> 00:48:24.040
I was in the gym space,

1258
00:48:24.040 --> 00:48:27.520
which, right, 100% of my customers were not allowed

1259
00:48:27.520 --> 00:48:30.600
to do business legally in 24 hours.

1260
00:48:30.600 --> 00:48:35.600
And so that year we went from 37 million in revenue

1261
00:48:36.520 --> 00:48:38.280
to 31 million in revenue.

1262
00:48:38.280 --> 00:48:39.280
Okay.

1263
00:48:39.280 --> 00:48:42.160
So we did 31 million in sales in an industry

1264
00:48:42.160 --> 00:48:43.960
that was not legally allowed to do business.

1265
00:48:43.960 --> 00:48:45.120
Whoa.

1266
00:48:45.120 --> 00:48:48.760
And I think it's one of the biggest entrepreneurial successes

1267
00:48:48.760 --> 00:48:52.320
I've had, despite the fact that we shrunk that year.

1268
00:48:52.320 --> 00:48:56.080
And I remember managing the team during 2020,

1269
00:48:57.000 --> 00:48:59.440
saying, if we cannot control it,

1270
00:48:59.440 --> 00:49:02.360
we do not talk about it, period.

1271
00:49:03.240 --> 00:49:06.000
Only talk about the things that we can control.

1272
00:49:06.000 --> 00:49:09.040
And whenever there's a disadvantage,

1273
00:49:09.040 --> 00:49:11.960
it means all of our competitors are screwed.

1274
00:49:11.960 --> 00:49:14.120
And so that means there'll be more for us

1275
00:49:14.120 --> 00:49:17.000
because we'll work harder while they get disheartened.

1276
00:49:17.000 --> 00:49:18.880
And so they're gonna be talking about all the things

1277
00:49:18.880 --> 00:49:21.080
that it's not fair and blah, blah, blah.

1278
00:49:21.080 --> 00:49:23.920
But we are going to have to rise our asses off.

1279
00:49:23.920 --> 00:49:25.280
We're gonna sell our asses off.

1280
00:49:25.280 --> 00:49:26.560
We're gonna deliver like crazy.

1281
00:49:26.560 --> 00:49:28.920
And we're gonna find a way to make it through this

1282
00:49:28.920 --> 00:49:32.920
because everyone is like, gyms will not stop existing.

1283
00:49:32.920 --> 00:49:34.800
So if we believe that to be true,

1284
00:49:34.800 --> 00:49:37.960
then we need to find a bridge for them to get from here to there.

1285
00:49:38.080 --> 00:49:39.440
And so we can build that bridge.

1286
00:49:39.440 --> 00:49:41.160
And the nice thing is we have more resources

1287
00:49:41.160 --> 00:49:43.320
than our competitors, which means we can build a better bridge

1288
00:49:43.320 --> 00:49:44.160
than anyone else can.

1289
00:49:44.160 --> 00:49:45.240
What was the bridge?

1290
00:49:45.240 --> 00:49:47.840
So we came up with something in seven days,

1291
00:49:47.840 --> 00:49:49.440
called the hybrid gym.

1292
00:49:49.440 --> 00:49:52.040
And so basically what we would do is,

1293
00:49:52.040 --> 00:49:54.320
you could meet with people one-on-one in person.

1294
00:49:54.320 --> 00:49:55.120
That was loud.

1295
00:49:55.960 --> 00:49:57.640
You couldn't do workouts.

1296
00:49:57.640 --> 00:49:59.600
And so what we did was I got all the gyms together

1297
00:49:59.600 --> 00:50:02.000
to teach different classes and different variations,

1298
00:50:02.000 --> 00:50:04.000
the whole gym launch community,

1299
00:50:04.000 --> 00:50:06.280
so that we had 12 hours a day of sessions

1300
00:50:06.280 --> 00:50:08.640
that were being streamed by different gym owners.

1301
00:50:08.640 --> 00:50:11.360
And so everyone was able to maintain their membership

1302
00:50:11.360 --> 00:50:14.000
and have way more classes than they did before

1303
00:50:14.000 --> 00:50:15.120
and do them at home.

1304
00:50:15.960 --> 00:50:18.680
And so we were pooled the resources.

1305
00:50:18.680 --> 00:50:19.520
Yeah.

1306
00:50:19.520 --> 00:50:20.360
Very smart.

1307
00:50:20.360 --> 00:50:22.840
And so we cobbled together the streaming thing

1308
00:50:22.840 --> 00:50:25.720
so that because we paid for all of the baseline tech

1309
00:50:25.720 --> 00:50:27.000
that was required to do that.

1310
00:50:27.000 --> 00:50:31.000
They supplied the talent to lead those sessions.

1311
00:50:31.000 --> 00:50:33.040
And then from marketing and sales perspective,

1312
00:50:33.040 --> 00:50:34.360
they either sold over the phone,

1313
00:50:34.360 --> 00:50:36.440
which we had more ramped up sales scripts,

1314
00:50:36.440 --> 00:50:37.760
which was more reasonable at the time

1315
00:50:37.760 --> 00:50:38.840
because people understood it,

1316
00:50:38.840 --> 00:50:41.000
or you'd meet in person one-on-one to do it.

1317
00:50:41.000 --> 00:50:42.720
And some people were able to meet one-on-one

1318
00:50:42.720 --> 00:50:45.440
to do one-on-one training, things like that.

1319
00:50:45.440 --> 00:50:48.560
And we leaned really heavily on supplement sales

1320
00:50:48.560 --> 00:50:50.160
because we sell prestige labs.

1321
00:50:50.160 --> 00:50:52.320
And so prestige labs,

1322
00:50:52.320 --> 00:50:55.160
a lot of gym owners were able to get more people

1323
00:50:55.160 --> 00:50:56.840
to take supplements during COVID

1324
00:50:56.840 --> 00:50:58.080
because they were shipped straight to their door

1325
00:50:58.080 --> 00:50:59.640
and now have to come to the gym.

1326
00:50:59.640 --> 00:51:01.920
And so the combination of those two things

1327
00:51:01.920 --> 00:51:04.800
allowed the majority of gym owners to get through.

1328
00:51:04.800 --> 00:51:06.800
Now, what was really interesting,

1329
00:51:06.800 --> 00:51:09.080
now I think you'll dig this.

1330
00:51:09.080 --> 00:51:11.520
So about, I can't remember the exact number,

1331
00:51:11.520 --> 00:51:13.560
but I want to say between 8% and 10% of all gyms

1332
00:51:13.560 --> 00:51:15.000
went out of business in 30 days.

1333
00:51:15.000 --> 00:51:16.120
Oh my God.

1334
00:51:16.120 --> 00:51:17.240
Yeah.

1335
00:51:17.240 --> 00:51:19.960
And my theory around this.

1336
00:51:19.960 --> 00:51:20.960
Whoa.

1337
00:51:20.960 --> 00:51:23.280
Yeah, my theory around this was that they were waiting

1338
00:51:23.280 --> 00:51:25.080
for a good enough reason to give up.

1339
00:51:25.080 --> 00:51:27.400
And trusting.

1340
00:51:27.400 --> 00:51:28.960
And so they were waiting for a reason

1341
00:51:28.960 --> 00:51:30.440
that they could look at their friends that they're like,

1342
00:51:30.440 --> 00:51:32.560
you know, what are you going to do?

1343
00:51:32.560 --> 00:51:33.400
Oh my God.

1344
00:51:33.400 --> 00:51:35.080
They were looking for a social except for race.

1345
00:51:35.080 --> 00:51:37.840
People would own a gym for eight years, 10 years.

1346
00:51:37.840 --> 00:51:40.520
And then when the second wave of shutdowns happened,

1347
00:51:40.520 --> 00:51:41.840
like nine months later, whatever it is,

1348
00:51:41.840 --> 00:51:43.920
when they were like, maybe we'll open it and shut it down.

1349
00:51:43.920 --> 00:51:46.040
That was when the guys who really wanted to,

1350
00:51:46.040 --> 00:51:48.880
but who literally couldn't pay the bills anymore

1351
00:51:48.880 --> 00:51:49.720
went out of business.

1352
00:51:49.720 --> 00:51:50.960
So it happened in two waves.

1353
00:51:50.960 --> 00:51:52.240
The first ones gave up.

1354
00:51:52.240 --> 00:51:55.120
The second ones had no, of course you always have a choice.

1355
00:51:55.120 --> 00:51:57.800
But like those guys ran out of resources.

1356
00:51:57.880 --> 00:52:02.160
And so, but yeah, we were able to make it through.

1357
00:52:02.160 --> 00:52:05.040
Wow, what an awesome example of no bullshit.

1358
00:52:05.040 --> 00:52:05.880
What would it take?

1359
00:52:05.880 --> 00:52:07.160
What do you like off camera?

1360
00:52:07.160 --> 00:52:09.280
Like are you, do you have a super hard edge?

1361
00:52:09.280 --> 00:52:11.120
Like you have a really playful vibe

1362
00:52:11.120 --> 00:52:15.200
but you've said a couple things here that if we can't control

1363
00:52:15.200 --> 00:52:17.480
that we don't talk about it, like things like that,

1364
00:52:17.480 --> 00:52:20.080
I can see, I think people are always surprised

1365
00:52:20.080 --> 00:52:21.800
when they come to work for me

1366
00:52:21.800 --> 00:52:23.640
if they've seen me on camera.

1367
00:52:23.640 --> 00:52:25.960
Now I have the world's most angry face

1368
00:52:26.640 --> 00:52:28.640
that helps at least that a little bit.

1369
00:52:28.640 --> 00:52:31.840
But I'm very, look, this is me on camera,

1370
00:52:31.840 --> 00:52:34.760
but I am very intense, for sure.

1371
00:52:36.240 --> 00:52:38.680
Yeah, what's the off camera?

1372
00:52:38.680 --> 00:52:40.960
Like not for play, I don't fuck around.

1373
00:52:40.960 --> 00:52:44.480
Or I think the number one thing that I get

1374
00:52:44.480 --> 00:52:47.600
from the people who work with slash for me

1375
00:52:47.600 --> 00:52:52.360
is that I have a much lighter sense of humor

1376
00:52:52.360 --> 00:52:54.960
when they see me kind of day to day.

1377
00:52:54.960 --> 00:52:59.280
I do like to poke fun and make illicit jokes

1378
00:52:59.280 --> 00:53:00.640
and things like that that people were like,

1379
00:53:00.640 --> 00:53:01.480
is that a truck compliant?

1380
00:53:01.480 --> 00:53:03.440
I'm like definitely not, for sure.

1381
00:53:03.440 --> 00:53:04.720
You should talk to them but they work for me

1382
00:53:04.720 --> 00:53:06.480
so I guess it doesn't really matter.

1383
00:53:06.480 --> 00:53:10.240
So that side, but I think it depends on the stakes

1384
00:53:10.240 --> 00:53:13.160
and how far in a deficit people are.

1385
00:53:13.160 --> 00:53:15.880
So like high performers, I think like me in general.

1386
00:53:15.880 --> 00:53:18.760
Like I'm super encouraging, I'm very rewarding,

1387
00:53:18.760 --> 00:53:20.440
telling great job, et cetera.

1388
00:53:20.440 --> 00:53:23.360
I want to create an environment where people can win.

1389
00:53:23.400 --> 00:53:25.720
And if you win, you will love me.

1390
00:53:25.720 --> 00:53:28.400
And if you don't win, you will be very uncomfortable.

1391
00:53:28.400 --> 00:53:30.720
And so I see the job of the manager

1392
00:53:30.720 --> 00:53:33.320
is to create the best possible environment

1393
00:53:33.320 --> 00:53:37.000
for the best performers and a terrible environment

1394
00:53:37.000 --> 00:53:38.520
for low performers.

1395
00:53:38.520 --> 00:53:41.200
And a lot of people don't like the second half of that.

1396
00:53:41.200 --> 00:53:42.400
Are you flirting with me?

1397
00:53:42.400 --> 00:53:43.920
That is.

1398
00:53:45.600 --> 00:53:50.680
And so I think a problem that has happened

1399
00:53:50.680 --> 00:53:52.480
in a lot of management, I think some of this

1400
00:53:52.600 --> 00:53:54.360
in the wokeism stuff is like the idea

1401
00:53:54.360 --> 00:53:56.680
that we should accommodate everyone.

1402
00:53:56.680 --> 00:53:59.600
And I heard this from someone, I can't remember where I heard it,

1403
00:53:59.600 --> 00:54:03.200
but it was like, this company is a dangerous place to work.

1404
00:54:03.200 --> 00:54:04.560
And I just love that saying.

1405
00:54:04.560 --> 00:54:07.240
Now I don't think like Laylo would probably be like,

1406
00:54:07.240 --> 00:54:09.920
you know, be not happy with me saying this.

1407
00:54:09.920 --> 00:54:14.920
But I want a place where winners want to win.

1408
00:54:15.640 --> 00:54:17.840
And I want to build a company where ambitious people

1409
00:54:17.840 --> 00:54:20.160
can build world-class products.

1410
00:54:20.160 --> 00:54:23.000
And whether your product is consistently

1411
00:54:23.000 --> 00:54:25.640
delivering a sales script or it's making amazing content,

1412
00:54:25.640 --> 00:54:27.280
or it's just the actual companies themselves,

1413
00:54:27.280 --> 00:54:29.440
if you're an entrepreneur, like I want to create an environment

1414
00:54:29.440 --> 00:54:32.240
where ambitious people can build world-class companies.

1415
00:54:32.240 --> 00:54:35.040
And if I believe that, which I do,

1416
00:54:35.040 --> 00:54:36.640
then my actions need to be aligned with that,

1417
00:54:36.640 --> 00:54:41.400
which means that if you don't like metrics,

1418
00:54:41.400 --> 00:54:44.600
if you don't like being held accountable to your performance,

1419
00:54:44.600 --> 00:54:47.960
if you would rather have a political environment

1420
00:54:47.960 --> 00:54:52.360
where people jockey and backstab and gossip,

1421
00:54:52.360 --> 00:54:53.600
this is not the place for you,

1422
00:54:53.600 --> 00:54:56.600
because I will route that out quickly and ruthlessly.

1423
00:54:57.920 --> 00:54:59.960
I prefer, in my opinion,

1424
00:54:59.960 --> 00:55:02.840
the perfect organization has zero managers.

1425
00:55:02.840 --> 00:55:04.120
Hypothetical ideal.

1426
00:55:04.120 --> 00:55:05.880
Of course, you need to align people's,

1427
00:55:05.880 --> 00:55:07.240
I mean, in that hypothetical ideal,

1428
00:55:07.240 --> 00:55:08.480
everyone works, period.

1429
00:55:08.480 --> 00:55:10.520
That's all they do is they produce.

1430
00:55:10.520 --> 00:55:13.040
And so if that's the hypothetical ideal,

1431
00:55:13.040 --> 00:55:16.120
then every layer of management fundamentally acts as waste.

1432
00:55:16.120 --> 00:55:17.920
Now, we have to orient that behavior

1433
00:55:17.920 --> 00:55:19.720
so that it's aligned within whatever the objectives

1434
00:55:19.720 --> 00:55:21.600
of the department or the company are,

1435
00:55:21.600 --> 00:55:24.040
but that should be the only real role

1436
00:55:24.040 --> 00:55:27.080
and rewarding people who do well

1437
00:55:27.080 --> 00:55:29.680
and providing feedback for people to improve.

1438
00:55:29.680 --> 00:55:32.640
And so I see fundamentally that is the role of the manager.

1439
00:55:32.640 --> 00:55:35.480
And that means that the manager,

1440
00:55:35.480 --> 00:55:37.600
most of the times, also should probably work.

1441
00:55:37.600 --> 00:55:39.400
On stuff besides like, I do all this stuff,

1442
00:55:39.400 --> 00:55:40.800
and if we see a good manager,

1443
00:55:40.800 --> 00:55:43.640
then they should increase the overall output of the team.

1444
00:55:43.680 --> 00:55:47.720
Now, if I add a manager and performance stays flat,

1445
00:55:47.720 --> 00:55:49.120
then I don't need you.

1446
00:55:49.120 --> 00:55:51.440
I could not have a manager and performance stay flat.

1447
00:55:51.440 --> 00:55:53.960
And if performance goes down, even worse.

1448
00:55:53.960 --> 00:55:58.120
And where I hate is the outside cause,

1449
00:55:58.120 --> 00:55:59.960
pointing outside to external circumstances.

1450
00:55:59.960 --> 00:56:03.080
And I tell the story of COVID to my company as well,

1451
00:56:03.080 --> 00:56:05.000
which is, hey, if we have a company

1452
00:56:05.000 --> 00:56:06.280
that relies on financing,

1453
00:56:06.280 --> 00:56:07.840
let's say you're in a home remodel and whatever,

1454
00:56:07.840 --> 00:56:09.920
so financing is a big part of their car sales.

1455
00:56:10.880 --> 00:56:13.040
Hey, credit, interest rates are higher,

1456
00:56:13.040 --> 00:56:14.120
it's harder for us to do sales.

1457
00:56:14.120 --> 00:56:14.960
Can we control that?

1458
00:56:14.960 --> 00:56:17.000
No, why are you talking about it?

1459
00:56:17.000 --> 00:56:19.520
It's just a very easy razor to drive

1460
00:56:19.520 --> 00:56:20.960
like, what can we control?

1461
00:56:20.960 --> 00:56:23.160
Well, good, more for us because other guys are all,

1462
00:56:23.160 --> 00:56:24.800
like, they all have all these disadvantages.

1463
00:56:24.800 --> 00:56:25.640
We don't live with it.

1464
00:56:25.640 --> 00:56:27.960
They do cause they'll talk about it, we won't.

1465
00:56:27.960 --> 00:56:32.960
And I think the world needs a little hardcore.

1466
00:56:33.280 --> 00:56:35.560
And I'm okay being that.

1467
00:56:35.560 --> 00:56:37.240
I love that.

1468
00:56:37.240 --> 00:56:39.920
As always, my friend, it is wonderful to have you,

1469
00:56:39.920 --> 00:56:42.160
where can people follow along for the hardcore?

1470
00:56:43.160 --> 00:56:45.400
If you listen to podcasts, then I have a podcast

1471
00:56:45.400 --> 00:56:46.240
called The Game.

1472
00:56:46.240 --> 00:56:47.240
You can check that out.

1473
00:56:47.240 --> 00:56:50.360
I think it's like 580 something, you'll probably find it.

1474
00:56:50.360 --> 00:56:52.960
I have two books that I give away for free

1475
00:56:52.960 --> 00:56:55.840
on my podcast, $100 million offers, $100 million lead.

1476
00:56:55.840 --> 00:57:00.720
So it's $1,100 M and then offers $1,100 M leads.

1477
00:57:00.720 --> 00:57:02.120
Those are the book titles.

1478
00:57:02.120 --> 00:57:03.920
They're on Amazon too if you like physical copies,

1479
00:57:03.920 --> 00:57:06.120
but they're free if you like consuming them.

1480
00:57:06.120 --> 00:57:07.760
And if you still can't find it, just Google it

1481
00:57:07.760 --> 00:57:10.120
and you'll find it on my podcast.

1482
00:57:10.120 --> 00:57:11.600
That's probably the best thing you can do.

1483
00:57:11.600 --> 00:57:14.000
And if you're on YouTube, then you can check out the videos

1484
00:57:14.000 --> 00:57:14.840
on YouTube.

1485
00:57:14.840 --> 00:57:15.680
I love it.

1486
00:57:15.680 --> 00:57:17.000
I have encouraged people to do so.

1487
00:57:17.000 --> 00:57:18.760
And speaking of things, I encourage you to do.

1488
00:57:18.760 --> 00:57:21.120
If you have not already, be sure to subscribe.

1489
00:57:21.120 --> 00:57:23.520
And until next time, my friends, be legendary.

1490
00:57:23.520 --> 00:57:24.520
Take care.

1491
00:57:24.520 --> 00:57:25.520
Peace.