WEBVTT 1 00:00:00.000 --> 00:00:01.580 What am I doing different? What am I doing different? 2 00:00:01.580 --> 00:00:02.900 They might not be doing anything different. 3 00:00:02.900 --> 00:00:04.940 You might have just hit the gold nugget, 4 00:00:04.940 --> 00:00:06.500 way too early in the cycle, 5 00:00:06.500 --> 00:00:08.240 and now you've got to sift through a lot more nose 6 00:00:08.240 --> 00:00:09.500 to get to your next one. 7 00:00:12.500 --> 00:00:14.540 Welcome to the game where we talk about how to sell more stuff 8 00:00:14.540 --> 00:00:17.540 to more people in more ways and build businesses worth owning. 9 00:00:17.540 --> 00:00:18.980 I'm trying to build a billion dollar thing 10 00:00:18.980 --> 00:00:20.180 with acquisition.com. 11 00:00:20.180 --> 00:00:21.880 I always wish Basos, Musk, and Buffett 12 00:00:21.880 --> 00:00:23.120 had documented their journey, 13 00:00:23.120 --> 00:00:24.380 so I'm doing it for the rest of us. 14 00:00:24.380 --> 00:00:25.580 Please share and enjoy. 15 00:00:27.680 --> 00:00:29.480 I want to share a quick lesson that I had 16 00:00:29.480 --> 00:00:31.840 with my 18-year-old neighbor who's going through 17 00:00:31.840 --> 00:00:32.680 his entrepreneurial journey, 18 00:00:32.680 --> 00:00:35.160 and this is a lot of fun for me because he's at ground zero, 19 00:00:35.160 --> 00:00:38.200 so I'm hearing the anxieties and the worries 20 00:00:38.200 --> 00:00:40.400 and the false beliefs kind of come up as they go, 21 00:00:40.400 --> 00:00:43.760 and I get to confront them and kind of ask you questions. 22 00:00:43.760 --> 00:00:46.520 And so kind of the lesson or the theme of yesterday 23 00:00:46.520 --> 00:00:49.120 was around volume and luck, right? 24 00:00:49.120 --> 00:00:52.200 And so one of the key differences that I see with people 25 00:00:52.200 --> 00:00:55.480 who are successful and do grow and do scale 26 00:00:55.560 --> 00:01:00.480 is that they have a firm understanding of probability. 27 00:01:00.520 --> 00:01:02.480 All right, and what that means is chance. 28 00:01:02.480 --> 00:01:05.640 What's the percentage likelihood that something happens, right? 29 00:01:05.640 --> 00:01:08.080 If you want to be an investor, right, 30 00:01:08.080 --> 00:01:11.240 then you have to calculate the risk associated 31 00:01:11.240 --> 00:01:14.080 with an investment, that's a probability outcome. 32 00:01:14.080 --> 00:01:16.480 If you are a business owner, right, 33 00:01:16.480 --> 00:01:20.800 you have to gamble on marketing and assess the probability 34 00:01:20.800 --> 00:01:23.720 that you will get a return on that investment, right? 35 00:01:23.720 --> 00:01:28.720 And what's interesting is that volume negates luck, all right? 36 00:01:29.200 --> 00:01:33.560 So if you can put that in your brain, volume negates luck. 37 00:01:33.560 --> 00:01:35.200 And so luck is a word that people 38 00:01:35.200 --> 00:01:38.800 who don't understand probability use as a space filler. 39 00:01:38.800 --> 00:01:41.000 But if I were to say, hey, for every, you know, 40 00:01:41.000 --> 00:01:44.600 100,000 emails I send, I get 1,000 back 41 00:01:44.600 --> 00:01:47.280 and from 1,000 that I get back, 42 00:01:47.280 --> 00:01:50.120 I know that I'm gonna close 500 of those people on a deal. 43 00:01:50.120 --> 00:01:52.400 That's not realistic math, I would probably close up 44 00:01:52.400 --> 00:01:54.120 more than that, but the point is, 45 00:01:54.120 --> 00:01:56.160 but if I explain that math to you, 46 00:01:56.160 --> 00:01:57.840 you probably, I'd be like, is that luck 47 00:01:57.840 --> 00:01:59.800 that I close 500 deals? 48 00:01:59.800 --> 00:02:03.120 You'd probably be like, no, that's just probability. 49 00:02:03.120 --> 00:02:06.320 That's just, I know that if I reach this many people, 50 00:02:06.320 --> 00:02:08.120 the probability that there is one person 51 00:02:08.120 --> 00:02:11.920 who's interested in the services that I have is high, right? 52 00:02:11.920 --> 00:02:14.880 And the thing is that if you do enough volume, 53 00:02:14.880 --> 00:02:17.760 you can negate luck, all right? 54 00:02:17.760 --> 00:02:20.440 You can also negate guilt, 55 00:02:20.440 --> 00:02:23.120 which is a bri product of the volume, all right? 56 00:02:23.120 --> 00:02:24.160 So let me dive into that. 57 00:02:24.160 --> 00:02:26.440 Let me unpack that for a second. 58 00:02:26.440 --> 00:02:29.160 So let's say you suck, right? 59 00:02:29.160 --> 00:02:31.600 Because you're brand new and of course you would suck, 60 00:02:31.600 --> 00:02:32.800 because why would you be good 61 00:02:32.800 --> 00:02:36.440 because you've never done this before, whatever it is, right? 62 00:02:36.440 --> 00:02:38.560 And so this is like the conversation I'm having with my neighbor. 63 00:02:38.560 --> 00:02:40.440 You can imagine me as like, 64 00:02:40.440 --> 00:02:43.160 go to get ATD girl, get them, like of course you suck. 65 00:02:43.160 --> 00:02:46.240 You're supposed to suck, you're not supposed to be good, right? 66 00:02:46.240 --> 00:02:47.840 And the thing is, it's like because of social media, 67 00:02:47.840 --> 00:02:49.520 because of Instagram, because of all these things, 68 00:02:49.520 --> 00:02:51.160 everyone, especially, you know, 69 00:02:51.160 --> 00:02:52.440 the guys who are younger right now, 70 00:02:52.440 --> 00:02:54.840 maybe it's the same for guys who are in the 30s, whatever, 71 00:02:54.840 --> 00:02:56.240 is that they just immediately assume 72 00:02:56.240 --> 00:02:58.160 they should be a millionaire the first year, right? 73 00:02:58.160 --> 00:02:59.560 It's just like, I should be a millionaire. 74 00:02:59.560 --> 00:03:01.280 Why am I not a millionaire, right? 75 00:03:01.280 --> 00:03:03.600 And so that's what stops 99% of people 76 00:03:03.600 --> 00:03:06.680 from being successful because they're unwilling to suck, right? 77 00:03:06.680 --> 00:03:10.200 And it hurts their ego too much to be bad. 78 00:03:10.200 --> 00:03:13.320 And so then they say, this isn't for me, right? 79 00:03:13.320 --> 00:03:15.760 And so anyways, back to the point of the volume 80 00:03:15.760 --> 00:03:18.080 versus, you know, negating the luck in the skill component, 81 00:03:18.080 --> 00:03:20.640 is that let's say the normal numbers, 82 00:03:20.640 --> 00:03:23.240 let's say I was coaching him on cold calling, right? 83 00:03:23.240 --> 00:03:25.040 Because that's what he's doing right now. 84 00:03:25.040 --> 00:03:26.280 And I said, listen, it's gonna take, 85 00:03:26.280 --> 00:03:29.240 it should take you about a thousand cold calls 86 00:03:29.240 --> 00:03:32.040 to get, you know, one deal, right? 87 00:03:32.040 --> 00:03:33.480 And let's say he comes to me and he says, 88 00:03:33.480 --> 00:03:36.520 well, I've done 5,000, right? 89 00:03:36.520 --> 00:03:40.800 I'm like, okay, and it's a lot of I have a deal. 90 00:03:40.800 --> 00:03:43.880 I'm like, and you suck. 91 00:03:43.880 --> 00:03:45.160 Of course you don't have a deal. 92 00:03:45.160 --> 00:03:46.880 You've never done this before. 93 00:03:46.920 --> 00:03:49.120 Do another 5,000 because the thing is, 94 00:03:49.120 --> 00:03:51.560 it's eventually you will, 95 00:03:51.560 --> 00:03:55.200 it will be unreasonable for you to suck anymore, right? 96 00:03:55.200 --> 00:03:58.680 It would be unreasonable for you to not have found one person. 97 00:03:58.680 --> 00:04:00.280 If you do this for a straight year, 98 00:04:00.280 --> 00:04:02.440 and I'm trying to paint this longer picture for him, 99 00:04:02.440 --> 00:04:04.680 a year, and I know when you're 18, a year sounds like forever, 100 00:04:04.680 --> 00:04:07.960 but like a year, if you did this for five years, 101 00:04:07.960 --> 00:04:10.080 if you did nothing but cold call for five years, 102 00:04:10.080 --> 00:04:12.600 do you think you would be good at cold call? 103 00:04:12.600 --> 00:04:13.840 And he was like, yeah, probably. 104 00:04:13.840 --> 00:04:15.280 I was like, do you feel like you're much better now 105 00:04:15.280 --> 00:04:17.200 than you were one month ago when you started this? 106 00:04:17.200 --> 00:04:19.520 And he was like, oh, I'm like, nine day better. 107 00:04:19.520 --> 00:04:21.680 Like I can get past, you know, I can open now, 108 00:04:21.680 --> 00:04:23.640 I can have conversation, I was getting hung up on, 109 00:04:23.640 --> 00:04:24.720 and I was like, right. 110 00:04:24.720 --> 00:04:27.200 And so you have this binary measure of progress, 111 00:04:27.200 --> 00:04:29.040 which is, I either close the sailor, 112 00:04:29.040 --> 00:04:30.200 I didn't close the sailor, 113 00:04:30.200 --> 00:04:32.480 when in reality there's tons of bricks on the bridge 114 00:04:32.480 --> 00:04:34.800 on the way to getting the first dollar over, right? 115 00:04:34.800 --> 00:04:36.720 And the first deal, the first dollar, 116 00:04:36.720 --> 00:04:37.880 independent of whatever you're doing 117 00:04:37.880 --> 00:04:39.480 is the always the hardest one. 118 00:04:39.480 --> 00:04:42.640 And it's because you have to learn a lot of little skills 119 00:04:42.640 --> 00:04:44.720 before you get the big payoff, right? 120 00:04:44.720 --> 00:04:48.280 And most people learn one skill or don't learn a skill 121 00:04:48.280 --> 00:04:50.440 and then think, up, this isn't for me. 122 00:04:53.960 --> 00:04:54.960 Most of the nation real quick, 123 00:04:54.960 --> 00:04:58.000 if you are a business owner that has a big old business 124 00:04:58.000 --> 00:05:00.080 and wants to get to a much bigger business, 125 00:05:00.080 --> 00:05:03.560 going to $50, $100,000 plus we would love to talk to you. 126 00:05:03.560 --> 00:05:04.760 And if you like that, 127 00:05:04.760 --> 00:05:05.760 and would like to hear more about it, 128 00:05:05.760 --> 00:05:08.440 go to acquisition.com and you can plan anywhere on the page 129 00:05:08.440 --> 00:05:10.480 and talk to one of our team and see 130 00:05:10.480 --> 00:05:11.520 if we can help you get there. 131 00:05:12.000 --> 00:05:13.000 Right. 132 00:05:14.960 --> 00:05:17.360 And so I told him that the only way 133 00:05:17.360 --> 00:05:19.760 that I would give him my blessing for him to quit 134 00:05:19.760 --> 00:05:22.400 is if he could convince me that the entire industry 135 00:05:22.400 --> 00:05:25.200 of wholesaling real estate had disappeared. 136 00:05:25.200 --> 00:05:27.280 If you can convince me that the entire industry 137 00:05:27.280 --> 00:05:29.200 of wholesaling real estate has disappeared, 138 00:05:29.200 --> 00:05:31.400 you will have my blessing to quit. 139 00:05:31.400 --> 00:05:32.760 And obviously that's not gonna happen 140 00:05:32.760 --> 00:05:33.960 because people have been making money 141 00:05:33.960 --> 00:05:36.840 in wholesaling real estate for a long time, right? 142 00:05:36.840 --> 00:05:38.360 There's always gonna be inefficiencies 143 00:05:38.360 --> 00:05:40.680 and marketplace between buyers and sellers, right? 144 00:05:40.680 --> 00:05:42.560 Unless some magical technology comes through, 145 00:05:42.560 --> 00:05:44.640 which it might in ten years, who knows? 146 00:05:44.640 --> 00:05:46.280 But right now it exists. 147 00:05:46.280 --> 00:05:49.920 And so I said the only thing that separates you 148 00:05:49.920 --> 00:05:51.920 from what you want is skill. 149 00:05:51.920 --> 00:05:55.360 And the only way to acquire that skill is volume, right? 150 00:05:55.360 --> 00:05:57.080 And the thing is is when you have enough skill 151 00:05:57.080 --> 00:05:58.640 you get luckier, right? 152 00:05:58.640 --> 00:06:02.720 You don't need to do 10,000 calls to get that one deal 153 00:06:02.720 --> 00:06:04.760 because honestly, maybe in the beginning 154 00:06:04.760 --> 00:06:06.880 that is the biggest lay down person you'll ever have, 155 00:06:06.880 --> 00:06:09.720 but then it gives you conviction that it can happen, right? 156 00:06:09.720 --> 00:06:12.680 And so the more volume you, the better you get, 157 00:06:12.680 --> 00:06:14.400 and therefore the luckier you become. 158 00:06:14.400 --> 00:06:17.600 But the big picture is that people who invest, 159 00:06:17.600 --> 00:06:19.800 people who do business at larger scale, 160 00:06:19.800 --> 00:06:22.440 just understand probability, right? 161 00:06:22.440 --> 00:06:24.520 They understand that there is a percentage. 162 00:06:24.520 --> 00:06:27.600 Now, what's the worst thing that can happen 163 00:06:27.600 --> 00:06:30.080 is let's say this is a fun scenario to think about 164 00:06:30.080 --> 00:06:33.880 is let's say his first day, he gets on the phone, 165 00:06:33.880 --> 00:06:36.680 and he somehow closes the deal, right? 166 00:06:36.680 --> 00:06:37.840 And that one deal, 167 00:06:37.840 --> 00:06:40.280 may have been that one deal out of 10,000, 168 00:06:40.280 --> 00:06:42.920 that if he had started at the other end of the call list, 169 00:06:42.920 --> 00:06:44.840 it might have taken him a month to get there, 170 00:06:44.840 --> 00:06:46.880 but he just happens to do it first. 171 00:06:46.880 --> 00:06:49.200 How much do you think that messes him up? 172 00:06:49.200 --> 00:06:51.920 A ton, maybe, or probably even more 173 00:06:51.920 --> 00:06:53.960 than working really hard to get there. 174 00:06:53.960 --> 00:06:54.800 And so I don't know about you, 175 00:06:54.800 --> 00:06:57.120 but I feel like I've definitely had occasions where I've 176 00:06:57.120 --> 00:06:58.560 lucked out and then I start questioning, 177 00:06:58.560 --> 00:06:59.440 I was like, what am I doing different? 178 00:06:59.440 --> 00:07:00.280 What am I doing different? 179 00:07:00.280 --> 00:07:01.640 They might not be doing anything different. 180 00:07:01.640 --> 00:07:03.640 You might have just hit the gold nugget 181 00:07:03.640 --> 00:07:05.240 way too early in the cycle, 182 00:07:05.240 --> 00:07:06.960 and now you got to sift through a lot more nose 183 00:07:06.960 --> 00:07:07.960 to get to your next one. 184 00:07:07.960 --> 00:07:09.840 You might have to sift through twice as many nose as normal 185 00:07:09.840 --> 00:07:11.880 because you got to account for the nose from the first one 186 00:07:11.880 --> 00:07:14.000 that you never actually hit, right? 187 00:07:14.000 --> 00:07:17.560 And so anyways, as I'm walking him through this, right? 188 00:07:17.560 --> 00:07:20.720 It just reminded me of how when people are starting out, 189 00:07:20.720 --> 00:07:24.320 they don't understand the concept of large numbers, right? 190 00:07:24.320 --> 00:07:25.960 If you want to become lucky, 191 00:07:25.960 --> 00:07:28.280 if you want to have probability on your side, 192 00:07:28.280 --> 00:07:31.480 you simply increase N, increase the number, 193 00:07:31.480 --> 00:07:34.880 increase the volume, and eventually you will strike gold. 194 00:07:34.880 --> 00:07:36.320 And the thing is is that most people 195 00:07:36.320 --> 00:07:37.960 just literally don't go long enough. 196 00:07:37.960 --> 00:07:40.320 He honestly was doing the little system 197 00:07:40.320 --> 00:07:43.600 that he's purchased the wrong way up until like a week ago. 198 00:07:43.600 --> 00:07:44.440 And so I was like, cool, 199 00:07:44.440 --> 00:07:46.000 well your first three weeks are wasted 200 00:07:46.000 --> 00:07:47.720 that you weren't doing it the right way, right? 201 00:07:47.720 --> 00:07:50.600 You've now officially been doing this for seven days, right? 202 00:07:50.600 --> 00:07:52.160 Do you feel like it's unreasonable? 203 00:07:52.160 --> 00:07:53.240 Do you feel like it'd be reasonable for you 204 00:07:53.240 --> 00:07:55.280 to have a top 1% income in the United States 205 00:07:55.280 --> 00:07:57.560 after one month of learning a new skill? 206 00:07:57.560 --> 00:07:58.400 He was like, no. 207 00:07:58.400 --> 00:08:01.120 And I was like, then stop believing you should. 208 00:08:01.120 --> 00:08:02.800 I was like, if you do this for four years 209 00:08:02.800 --> 00:08:03.800 because he's not, right now he's, 210 00:08:03.920 --> 00:08:05.560 he's pushing off college to do this. 211 00:08:05.560 --> 00:08:07.800 I was like, if you do this for four straight years, 212 00:08:07.800 --> 00:08:09.040 I was like, do you think it'd be reasonable 213 00:08:09.040 --> 00:08:11.200 that you'd be able to close one deal a month 214 00:08:11.200 --> 00:08:12.040 by the end of that? 215 00:08:12.040 --> 00:08:12.880 And he was like, yeah. 216 00:08:12.880 --> 00:08:13.720 And I was like, cool. 217 00:08:13.720 --> 00:08:15.720 Then you're already twice as wealthy 218 00:08:15.720 --> 00:08:18.400 as the average college person who would be leaving, right? 219 00:08:18.400 --> 00:08:21.040 Except you have four more years of experience than they do. 220 00:08:21.040 --> 00:08:22.600 And so I'm trying to like paint these paint, 221 00:08:22.600 --> 00:08:25.920 they just give him a different frame of seeing success 222 00:08:25.920 --> 00:08:27.880 and seeing the work that's required to get there. 223 00:08:27.880 --> 00:08:30.040 And I was like, what happens if it's six years 224 00:08:30.040 --> 00:08:31.320 when you're 24? 225 00:08:32.200 --> 00:08:33.680 What happens if it's six years 24 226 00:08:33.680 --> 00:08:34.520 and you're not a millionaire? 227 00:08:34.520 --> 00:08:35.800 What happens then? 228 00:08:35.800 --> 00:08:37.440 He was like, I mean, I'd be, you know, 229 00:08:37.440 --> 00:08:38.800 I was like, what, you be disappointed? 230 00:08:38.800 --> 00:08:40.600 You're not a millionaire at 24? 231 00:08:40.600 --> 00:08:41.800 Come on, man. 232 00:08:41.800 --> 00:08:44.760 The thing is is he might actually be, right? 233 00:08:44.760 --> 00:08:47.520 If he actually sticks with it for six straight years. 234 00:08:47.520 --> 00:08:48.960 But most people end up hopping 235 00:08:48.960 --> 00:08:51.520 and always doing these half built bridges where they, 236 00:08:51.520 --> 00:08:53.000 they learn two, three, four of the skills, 237 00:08:53.000 --> 00:08:54.480 but there's 10 that they have to learn 238 00:08:54.480 --> 00:08:56.120 and they say this isn't for me. 239 00:08:56.120 --> 00:08:57.080 And they jump to another one, 240 00:08:57.080 --> 00:08:58.880 they start building a new bridge, right? 241 00:08:58.880 --> 00:09:00.920 When the reality is you just have to keep laying the bricks, 242 00:09:01.800 --> 00:09:03.880 keep laying the bricks all the way across the bridge 243 00:09:03.880 --> 00:09:05.240 from where you are to where you want to be 244 00:09:05.240 --> 00:09:07.080 and then the first dollar walks across. 245 00:09:07.080 --> 00:09:09.000 And it takes a lot of time to put those bricks in place 246 00:09:09.000 --> 00:09:10.880 and to figure out which brick you're missing. 247 00:09:10.880 --> 00:09:13.040 And the only way to do it is more. 248 00:09:13.040 --> 00:09:14.920 And that is how you'll get better at the skill 249 00:09:14.920 --> 00:09:16.880 that gets the dollar across the bridge.