YT YouTube2Text

YouTube2Text → Transcripts → If I Had to Start a Business in 2026, I'd Do This | 1 Hour

If I Had to Start a Business in 2026, I'd Do This | 1 Hour — Transcript

by MoreMozi · 15,308 words · 2,174 segments · language en · Watch on YouTube

Open in transcriber Summarize with AI Download SRT/VTT

Full transcript

0:00information is really high margins.
0:01Nothing wrong with it. Long-term, you
0:04want to transition as quickly as you can
0:06to a service-based business. Again, this
0:09is if you want enterprise value. Like,
0:11if you sell if you make a new course
0:13every year and you sell it, you don't
0:15care if someone copies it because you
0:16create a new one every year, which is
0:18fine. And I'm like, no judgment. I'm
0:21optimizing towards how do I create an
0:23asset that's sellable, that is valuable
0:24to other people who might want to buy
0:26it. If that's the case, then you need to
0:28build other things around it. and think
0:30okay what are all the consumables of my
0:32business so it's like community is
0:34consumable accountability is consumable
0:36[music] feedback is consumable as in
0:37like if I use it I want more of it
0:39afterwards a course video if I use the
0:42course video and I learn it I don't need
0:43to use it again right like by and large
0:47and so information has diminishing value
0:50over time really quickly whereas
0:53accountability feedback community retain
0:55value month over month over month people
0:58still want each of those things this
1:00month as much as they did last month,
1:01which means that they're willing to
1:02exchange some amount of money in order
1:04to keep them. And if you have this thing
1:05that's valuable information, then use
1:08that valuable thing as your lead magnet
1:10to attract people and then have all
1:12these things which then become the next
1:13natural needs, which is like, man, I
1:15wish I could make money doing this. Man,
1:16I wish I could get a job doing this.
1:18Man, I wish I could get better at doing
1:20this. And all of those are offshoots of
1:22services that you could offer. I use
1:24sales as a simple one because everyone
1:25does it. If I had a sales coaching
1:27business, I would not do that. I would
1:30give away all the information and then
1:32what I would sell is the implementation
1:34of let me listen to your calls. Let me
1:36give you feedback. Let me give you real
1:37time. Like I'll listen in while you're
1:39on the phone and give you like say this
1:42instead. Like it would be it would be
1:44the service associated with that. So I
1:46would demonstrate expertise expertise
1:48generate demand, gain [music] trust,
1:51help people ahead of time, and then when
1:53they want to take it to the next level,
1:54I could flip that into a recruiting
1:56business. I could flip that into I could
1:58still help them. I could flip that into
2:00done. Like there's a lot of angles you
2:01can do that without actually selling the
2:03information. I love the position of
2:05taking what other people charge for and
2:07giving it away for free and making it
2:09better. Like I love that position. And
2:11so like if you have a business model
2:12that's predicated
2:14on anything and then a competitor is
2:17able to give away what you sell and make
2:21it better for free, you're [ __ ]
2:26>> I'm a tech founder. How would you go
2:28about finding ideas in the current
2:30economy if you do not have a product
2:32yet?
2:34>> So really good question. Start with the
2:37customer. Don't start with the product.
2:39figure out what someone wants and then
2:42go try and solve that. And there's a
2:44number of different ways to solve it.
2:45And um there's a great book by not by
2:47Elon but about Elon's process called The
2:49Algorithm. Um I'm getting my whole team
2:51or I think most of my team already has
2:52read it. It's a 4-hour audio book. You
2:54can consume it in two hours. I think
2:55about it as like a two-hour podcast. But
2:56the the premise is very simple that
2:58there's five steps. I'm not going to
2:59break them down. But what we what you
3:02want to do is think how do I solve this
3:05problem in the absolute most efficient
3:06manner possible? and then do that entire
3:09process manually and then once you've
3:10done it manually over time you will be
3:12able to simplify and automate different
3:14steps of it so you can increase your
3:15margin and increase the effectiveness of
3:17the solution you have for a specific
3:18customer and so like and this is why I
3:20think the question of like what business
3:21should I start go one level deeper which
3:23is what things should I sell which one
3:24level deeper is what customer problem do
3:27I want to solve once you once you figure
3:30out the problem you want to solve then
3:31figuring out what product or way that
3:33you want to solve it is much easier and
3:34I'll give you one more kind of like
3:37filter for this. The reason that so many
3:39of you have trouble figuring out what
3:41business to start is because you're
3:42trying to pick from infinity. You need
3:45your mind needs constraints. And so said
3:47differently, if you've heard of the jam
3:50experiment, so they had two different
3:51supermarkets. They had 24 types of jam
3:53out and they had people they had free
3:54samples and then they asked people to
3:56buy a jam. And then they had a different
3:58table at a different supermarket, that
3:59same supermarket that only had, I think,
4:01three jars or six jars of jam. and the
4:04three or six jar of jam uh table, the
4:06much lower amount, sold far more jars of
4:08jam. So why is that? So it's the paradox
4:10of choice, which is the more choices we
4:12have, the more difficult it is to make a
4:13choice and the more likely we think that
4:14it is that we're going to regret the
4:16choice we made. And we're also going to
4:17second guessess the choice, right? We're
4:19going to think, wait, maybe I should
4:20have done something else, right? And so
4:22the reason that I think uh Steve Jobs
4:24started the first iPods as black and
4:26white is because he understood this
4:27basic psychology. And I think they made
4:28mistakes by having all these different
4:29colors, which I think over time they
4:30trimmed back down. And so we we
4:33approached the problem of creating a
4:35business the same way, which is if you
4:37had two businesses to pick from, you'd
4:38be easy it'd be easy for you to pick one
4:40or the other. And so with that, you'd be
4:43like, I'll walk you through the
4:44experiment. Look at two businesses.
4:46Doesn't matter what they are. Look
4:47around the room. Look around your your
4:49as you're driving here's two businesses.
4:50Which of those two businesses would you
4:52rather do? Once you answer the question,
4:54because you'll be able to pick that
4:55pretty easily. The next question is why.
4:57And so once you have the why, then that
4:59starts to give you your own preferences
5:01of what you're really looking for. Do
5:02you want in person? Do you want remote?
5:03Do you want a digital business? Do you
5:05want a service business? Do you want uh
5:06you know physical products? Uh do you
5:08want to work 5 days a week? Do you want
5:09to work seven days a week? Do you want
5:10to work two days a week? Do you want to
5:11work only in the mornings? Uh do you
5:13want to have a big team? Do you want a
5:14small team? Do you want like there are a
5:15lot of questions that you'd be able to
5:16answer um that if you answer that then
5:19very quickly you just narrow down the
5:20universe. And so all of a sudden at the
5:22very end you might have two or three
5:23options to pick from rather than
5:24infinite. And then you'll actually be
5:26able to make a choice and you'll feel
5:27confident about the choice because you
5:28understood the filters that you put in
5:30line in order to make the decision. So
5:32hopefully that helps. Unconstrained
5:34thinking very hard.
5:35>> What is the weirdest business
5:38model you ever saw that was actually
5:41huge? What are the weirdest businesses
5:43out there but worked tremendously?
5:46>> I don't even want to say it because it
5:47was so good that I don't want to like I
5:49don't want to blow the business owner up
5:50because he paid me a lot of money for
5:52help and so I'm not going to. But there
5:54are some [ __ ] wild businesses out
5:56there that absolutely print money. All
5:59right. Um,
6:01there's so many. I mean, shoot, I met a
6:04guy yesterday who sells luxury doors.
6:07Like, how do you get into that business?
6:09Another guy yesterday does uh tree
6:10removal, just stumps and stuff, just
6:12removing trees, makes millions of
6:14dollars a year. The door guy, millions
6:17of dollars a year. Like, I've seen guys
6:19who sell fasteners,
6:21millions of dollars a year. Like
6:23everything that you look around, like
6:24you look around this room, everything
6:26that you see, there's a business behind
6:28it. And even within that, there's
6:30multiple businesses. Like there's a
6:31paint company, there's painters, there's
6:33people who did drywall, right? There's a
6:35e-commerce company that does this
6:37wallpaper, you know, whiteboard thing.
6:40You know, these uh there's a there's a
6:42company that does folders, right?
6:43There's a printing company. There's a
6:45company that sells the ink to the
6:46printing company. There's a company that
6:47sells the raw paper materials to the
6:48company that does the print. There's a
6:50binding company. There's a three, you
6:52know, a third party logistics company
6:53that uh will actually that bind and
6:55ship, right, that stuff to an end
6:57location. There's a company that
6:59installs cabinets. There's a company
7:01that gives them the basewood. There's a
7:03company that gives the glue that glues
7:05this like cover of the wood on it. Like
7:07all you have to do is use your eyes.
7:10Okay. Actually, I'm going to answer this
7:11other one. Rowdy Adventures, I have a
7:13patent that will be pending in 8 weeks.
7:16What would you recommend to do in
7:18preparation for that? I've already been
7:19working on finding the cheapest
7:20manufacturer to get the price bars down.
7:22All right, so I've got good news and
7:23I've got bad news. So patents, believe
7:26it or not, don't mean [ __ ] unless guess
7:29what? You have a legal budget to defend
7:32them. So I have a fivep person team
7:35full-time in-house that all they do is
7:37take downs. Every week we take down 50,
7:40100, 200 plus accounts. all those scam
7:43things where people try and sell my
7:44stuff or you know the impersonator
7:47account like all that stuff that happens
7:48like we have a full legal team that gets
7:50them delisted gets their ad account shut
7:51down gets them removed from social media
7:53gets their Shopify pages down their
7:55processes removed like that's a whole
7:57process but that only works if you
7:59defend it and so basically in the eyes
8:01of the law if you do not um defend your
8:04patents or your IP um they well they're
8:08not that defensible also like the idea
8:11like businesses much more ruthless and
8:13cutthroat than you think it is. Um
8:16because like people will just steal your
8:18[ __ ] and then say what are you going to
8:19do, right? And then it's going to be a
8:21multi it's a it's a long legal process
8:23to prove how close is it? Is this fair
8:26competition? There's a lot of other
8:27stuff. So having a patent in of itself
8:29does not in any way guarantee success.
8:31You're still going to have to market it.
8:33The patent has to be around something
8:34that truly is core that no one else can
8:36reproduce around the product. Um, and so
8:40basically you still got to start a
8:42business, you still got to make the
8:43business make money. Um, and then when
8:46you have some of that money and you
8:47start to get successful, that is when
8:49the dupes will start flowing in the
8:50duplicates. And then at that point, you
8:52need to start allocating a certain
8:53amount of capital to continue to defend
8:55the IP. I like as far as we're concerned
8:57until the business is successful, the
8:59patent means nothing.
9:00>> You say the fastest way to make 100K is
9:01different uh to a million. The fastest
9:03way to 10 million is different than 1
9:04million. How can you explain on that?
9:06Yeah. So, it's actually the example that
9:08we just had with Ian is a perfect
9:09example. Like, it's it's not that
9:12difficult to make an agency that does a
9:13million dollars a year. And the main
9:14reason for that is because you just need
9:16to sell a certain amount of customers in
9:17order to do that. Um, and you and
9:19there's a lot of quote SMBs who will pay
9:22$2,500 to $3,500 a month or $1,500 to
9:25$3,500 a month um to get lead genen
9:28services. Um, the problem is that churn
9:30in that business is very high. And when
9:33you have high churn at scale, it does
9:35not work. And so basically
9:38the the potential of a business is
9:41almost is is directly correlated with
9:44revenue retention. All right? Which
9:45means how much does last year's revenue
9:47affect this year's revenue? And so the
9:49common scenario, which is the worst
9:51scenario, is everything that I sold last
9:54year, I have almost no credit for it
9:56this year. Which means that every year
9:57if you want to grow, you basically just
9:58have to increase acquisition, meaning
10:00you have to sell more people to grow.
10:02The second scenario is that, and this is
10:04a much better scenario, right? Is that
10:06you keep the revenue from last year.
10:08Now, that's an amazing scenario, way
10:10better. So, you sold $100,000 last year
10:12and then this year you already have
10:13100,000 as your base day one and then
10:15you can sell $100,000 this year and now
10:17you have 200,000, right? So, it keeps
10:19stacking. The best scenario is something
10:21called net negative turn, which is where
10:23the revenue that you have is over 100%
10:25retention. Now, to be clear, you cannot
10:27have over 100% logo retention, meaning
10:30you can't keep more than 100% of
10:32customers. If you sell 100 customers at
10:33the end of the year, the most you could
10:34have is 100 customers. So, logo
10:36retention is always going to be 100% or
10:38less, right? But revenue retention can
10:41go up, which means that you need to have
10:42a model that allows for customers who
10:44are good to spend more money with you.
10:46So that means that if I started with 100
10:48and I end with 90, but the 90 that are
10:50there have let's say in total uh spent
10:5350% more than they did before, I might
10:55now be at 145. No, that'd be yeah 135 uh
11:02on my revenue compared to the 100 that I
11:04had at the beginning even though I have
11:05fewer people. And so those are kind of
11:07like three different scenarios in terms
11:09of what you get credit for in the
11:10future. And so what happens is once you
11:12find a vehicle that has high revenue
11:14retention, then it's just a matter of
11:15time because you literally grow by
11:17default. And so as long as you keep
11:19selling customers, you will keep
11:20growing. And this is the state where you
11:22want to be in. And I spent a very long
11:23part of my career pursuing businesses
11:25that did not have high revenue
11:27retention. Now, typically high revenue
11:29retention businesses have high revenue
11:30retention because they are slower on the
11:32front end. It is harder to get people
11:33in, which is why it is harder for them
11:35to leave. And so it is actually a
11:36function of patience, which is why
11:38patience is more of a a personality
11:40trait than it is um that it is a tactic
11:43in business, but is absolutely required
11:45based on the opportunity vehicle
11:46selection that you do day one. And so at
11:49some point you decide uh that you want
11:52to get into a stickier vehicle. And then
11:54when you do that, you get you can unlock
11:55the level. If you wanted to make a
11:57million dollars a year, the fastest way
11:58to do it is just go sell something to a
12:00lot of people and you can do it one
12:02time. But the difficulty is that you're
12:04going to have to keep selling people.
12:06And when you want to make a hundred
12:07million dollars a year, building the
12:09sales infrastructure to sell a hundred
12:10million dollars of revenue every single
12:12year when you have zero from the year
12:14before is incredibly risky because it
12:16means that every single month you
12:17basically are only as good as your last
12:19month, which means payroll, rent, all
12:21the bets you want to make. Like you
12:22can't forecast out any horizon. If you
12:25know that in the future
12:28this money that you just sold last year
12:29is still going to come in. You can take
12:30bigger bets. You can make a bigger
12:32investments. You can do a brand move.
12:33These are all things that having revenue
12:35retention affords you. And that is the
12:36difference between building a a $1
12:38million business. Got into school about
12:40a week ago. What would be your biggest
12:41recommendation? 7-day trial, etc. Okay.
12:43Yeah. So, um, if you So, Kenzie, it
12:46really depends on where you're actually
12:47at. So, there's a lot of people who are
12:49new to school but in very different
12:51situations. And so, I'll put you in one
12:53of three buckets.
12:55Bucket number one. Well, actually, if
12:57you're new to school, then you're really
12:58in really only one of two buckets, I
13:00guess. So, you have bucket number one is
13:03you actually know nothing about
13:04anything, right? You've never made a
13:06dollar anywhere in the world, and we
13:08have to figure out what you know so that
13:10we can build a community, what you know,
13:11or what you're interested in to figure
13:12out a community around it. So, there's
13:13the big three Ps, which I'll get to in a
13:15second, but pain, profession, passion,
13:18right? There's typically going to be
13:19what you're going to pick from.
13:21If you have made money outside of
13:23school, then you'd be kind of like the
13:24gym launch scenario. You have a
13:25business. Either you're going to use
13:26school as lead nurturer or you're going
13:28to use school as a component or feature
13:30of the delivery of your services. All
13:32right. Um I would say vector three is
13:37you have an audience outside of school.
13:40You have an inefficient way of
13:42monetizing them. And then you want to
13:43use community as the primary way of
13:45monetization. All right. So I guess
13:47that's the third bucket. But basically,
13:49one is you have nothing. The other one
13:51is that you have a business and you have
13:52made money. And the third is that you
13:54have an audience and a skill set, but
13:55not monetization, right? And so it
13:57depends on which of those three buckets
13:58you're in. But I think this will
13:59probably be valuable for everybody here
14:01as I walk through all three. So if
14:03you're a beginner, you have to pick some
14:05pain that you overcame, something you're
14:07passionate about, or some past
14:09profession that you have skills in that
14:11you can then build a community of other
14:12people who want to learn those skills,
14:13overcome that pain, or pursue that
14:15passion. Man, that sounds nice, doesn't
14:17it? Um, and so those are basically what
14:19you'd build your community around. If
14:21you're starting out in that bucket, I'd
14:23recommend you start for free, not free
14:24trial, free, free. Build up that
14:27community, build up the engagement,
14:28learn how the community works, and then
14:30you can transition it to a free trial
14:32into paid. So all those people will get
14:34grandfathered then, which is gives an
14:36even stronger reason for them to join
14:37the community now because you are going
14:39to charge for it later. So I would let
14:40them know that you're going to charge
14:41for later. Um, and then transitioning to
14:43a free trial, which is a much easier way
14:45um to get people in. Now, we also have
14:47some phenomenal stats that we have um
14:49from the system system overall. And if
14:52I'm not mistaken, I think it's 48% of
14:55free trials convert on school. So, like
14:58really impressive. Uh and we get um and
15:02so here's what's actually interesting.
15:03The amount of people who convert on free
15:05trials uh on the on the buying page is
15:07about the same systemwide, which is
15:09actually kind of interesting to me. Um,
15:11but I I actually think that the real
15:13advantage of free trials is that you get
15:15way more people to the page. So if
15:16people know it's a free trial, you might
15:18get way more clicks even if half
15:21convert. Basically, as long as you get
15:23more than twice as many people to the
15:24page because it's free, then you make
15:26more money by having a free trial. Okay,
15:28so that's the TLDDR of that. If you have
15:30a business, right, but it's a different
15:32type of business and you want to use as
15:33a component. To me, that's probably the
15:35most straightforward use case. You just
15:38basically include a link to your free
15:40community that is in the thank you page
15:43on the thank you page or in the thank
15:44you uh email that you send after someone
15:46opts in anywhere and then they get a
15:48link to to your community either to get
15:50nurtured or or deliver the lead magnet.
15:52So if it's a nurture community it's like
15:55someone opts in you say hey here's the
15:56community inside of it you'll find the
15:58lead magnet. Cool. So that's one way to
16:00deliver it. The other way um is that
16:02it's just like someone buys the thing
16:04and then inside of their like onboarding
16:06it's like hey let's add you to the
16:07community. So that's kind of use case
16:08too. You already have a business you're
16:10adding this as either feature to before
16:12someone's customer journey or after they
16:13become a customer. Cool. The third third
16:18uh uh element here is the people who
16:20already have an audience um and are
16:22starting a community to monetize that
16:24audience. So this path actually looks
16:26very similar to the first one because
16:28the thing is you just already know what
16:30you're passionate about, what you're,
16:31you know, what you're paying you
16:32overcame or whatever professional skill
16:33you're teaching. So you already know all
16:35that stuff unlike somebody who's
16:37beginning and so you're just going to
16:39drive people to the community about that
16:40and obviously monetize. Now whether you
16:42use a free trial or not, my my
16:44recommendation is to use a free trial.
16:47Uh I think that overall people who are
16:49like we can see right now as soon as we
16:51introduced the free trial uh GMV went up
16:54by a lot and so uh to me that's a pretty
16:57strong indicator that like basically
16:59more people are making money uh by
17:01having it. So that's kind of like my the
17:03nice thing that we have is we have such
17:04big data that we can like kind of make
17:06generalizations. GMV is gross
17:07marketplace volume. So we can see what's
17:09the overall marketplace volume on
17:11school. And so if we introduce a new
17:12feature that like we're like oh we're
17:14really excited about this and then like
17:15nothing happens. like okay well I guess
17:16it didn't really you know demonstrabably
17:19change people's outcomes
17:21whereas if we add you know when we added
17:23free trials we had a significant bump in
17:25engagement across all communities and we
17:27had um more more basically just more
17:30revenue overall going through the
17:31platform. So to me that's a people make
17:33more money than not by having free
17:34trials and there's a reason that we use
17:35a free trial like we use a free trial
17:38like because if you have a good product
17:40then you just want people to try it and
17:42lower the barrier. Okay. Um hopefully
17:45hopefully Kenzie that was I think it was
17:46a pretty thorough answer.
17:48>> So with you like um my understanding is
17:50that you quit your corporate job um to
17:52and started the started the gym business
17:53and I wonder if we can kind of explore
17:55explore the story there a little bit
17:56more.
17:56>> I can actually even rewind there was a
17:58half step in between there. So this is
18:00also covered in in the leads book but
18:01I'll I'll give a I'll give a sneak peek.
18:03>> So what I did um is I actually because
18:06I'd been interested in fitness right
18:08that was my interest. So like I had past
18:09experience I I was obsessed with
18:11fitness. I've been in at that point I
18:12was 23. I've been training for eight
18:15years. I had several state records. So
18:17like I was a pretty, you know, I was
18:19pretty into it, right? And it was to the
18:21point where people were asking me for
18:22stuff all, you know, workout programs
18:24and things like just cuz they knew my
18:25interest, right? And so as a as a quick,
18:28you know, pro tip for everybody, if
18:29you've got stuff that people ask you to
18:31do for them because you're good at it,
18:32maybe you're good at tech. It's like,
18:33can you help me set up my like Wi-Fi and
18:35stuff, you know, blah blah blah. It's
18:36like that means you're solving problems.
18:38you can charge like what people ask you
18:39to do as a favor is an indication of the
18:42things you can charge for later, right?
18:45So I had all these people who were
18:47asking me uh not all these I mean a
18:49handful of people who had asked me for
18:51programs and stuff and so what I did was
18:53during my last year of consulting I
18:55started something called the free
18:56training project. And so the free
18:57training project was I would charge $500
19:00to $1,000 but I would I wouldn't charge
19:02it. They had to donate that to the
19:04charity of their choice in exchange to
19:05work with me. Right? And so that way I
19:08wanted people to value it, but I they
19:10weren't paying me directly. So they'd
19:11get a write off. They felt good. I had a
19:13ton of goodwill. Also in the
19:14marketplace, too, because I was like,
19:15I'm doing all this stuff for charity. I
19:17got I got all these people reaching out
19:18to me like this is so cool. Blah blah
19:19blah, right? And so after a year of
19:22doing that, I had probably I don't know
19:2612 really good test, like great before
19:28and after pictures that I had collected
19:29from my clients. And I told them that
19:31was part of the deal. I was like, I'll
19:32like you have to donate it. I would like
19:33to do this for real later, but um you
19:37have to let me use your testimonial. And
19:38they were like, that's fine. So once I
19:40had that um I had those first, you know,
19:4210 12 customers who had who had great
19:44before and after pictures. Um I
19:46transitioned many of those customers
19:48said, "Hey, I'm doing I'm going to do
19:49this full-time now. Are you comfortable
19:51paying the same amount you were paying
19:52to charity except just making it charity
19:53of Alex because Alex can't eat either."
19:55And so and that was actually how I
19:57transitioned from not for profofit or
19:59donating everything. Um and I didn't
20:01even set up the entity. I just told him
20:02to to literally donate it and send me
20:04the screenshot. I didn't even do
20:05anything like that. Um, and so I didn't
20:08have a website. All I had was an LLC and
20:11a PayPal account. So, like for
20:13everybody's like, I don't know how to
20:14start a business. I was like, you
20:15literally just need a bank account and a
20:17way to process money. That is it. Like
20:19two things. And you can Google how to
20:21figure out. If you can't figure it out
20:22from Google, entrepreneurship might not
20:24be for you. All right? But you lit like
20:26think about there's 30 million
20:27businesses in the United States. 30
20:29million other people have figured this
20:30out
20:31which means you can too. So bank account
20:34payment processing make the first 10
20:37free or some sort of charitable thing so
20:39that people like don't feel weird or you
20:41don't feel weird about selling etc.
20:42After you have it, after you're
20:44providing this service to people, you
20:46can transition people from free service
20:48to paid service. And if they don't want
20:50to start paying you, then that gives you
20:51insight as to either you suck, right, or
20:54they suck, which is also possible, too.
20:56But either way, a certain percentage of
20:58those people will continue to stay and
20:59pay you, and now you have income. Now,
21:01you can also ask those people for
21:02referrals, which is exactly what I did.
21:04Um, so I think half that business came
21:06in just from I got, you know, the
21:07initial ones came in from friends and
21:09family and me posting. And so I was I'll
21:11I'll close the loop on what I said
21:13earlier. A year later after I had those
21:15testimonials, I made a public post being
21:16like, "Hey, I've got this thing now. I I
21:19made a website, which is that was my big
21:21announcement. I made a website. I still
21:22have the post. I found it. It's 2013. Um
21:24I was like, I made a I made a website
21:26and uh I I am now open for business. And
21:29so if you would like, you know, training
21:31stuff, let me know. Um this is what I'm
21:33doing now." And you had some
21:34testimonials and go check out the site,
21:36whatever. And so from there, I was able
21:38to get I think about 20 guys uh who were
21:41willing to let me do just like almost
21:43bodybuilding type stuff because I was
21:44kind of like what I was powerlifting
21:45bodybuilder back then. And so um I think
21:48I want to say I got 20 guys at 200 bucks
21:52a month. And so I was making $4,000 a
21:54month uh from those people and it took
21:58me four hours every Saturday to do the
22:00fulfillment.
22:01>> What was the fulfillment? I would just I
22:03would just update their training
22:04programs and and send them nutrition uh
22:06like update their macros, updated meal
22:09plans, um and then like you know new
22:11workout split for the week, etc.
22:13>> Um and then I and everyone had my cell
22:16phone and I would just text them the new
22:17stuff and if they had any questions they
22:19could hit me up. Like it was a very
22:20simple business. Um and so that's what I
22:23did. It was just oneonone online and it
22:26only took me 4 hours on Saturday
22:28morning. And to show you what kind of
22:29person I am, I hated it. Uh even though
22:32I loved fitness, I hated having to do
22:34something the same thing every day. Um
22:37like on the delivery side. So I ended up
22:39having the genius idea of saying, "Oh, I
22:41need to own a gym because then I'll be a
22:42business owner. I'm really just
22:44self-employed right now." Um and so
22:46that's what got me to start my gym
22:47rather than probably doing the wiser
22:49decision and saying, "Okay, this cost
22:51you four hours a week and you're making
22:52four grand a month. Maybe you should do
22:54this for 40 hours a week." But doing
22:56more of it to me felt like a horrible
22:58idea. So I didn't want to do anymore.
22:59Um,
22:59>> so how did how did you jump from that to
23:01therefore I should probably own a gym?
23:03>> Oh, I don't think
23:05jump was not high. Yeah, it was not it
23:07was not it was not an intelligent one.
23:09>> I always thought I was going to own a
23:11gym. That was I mean that was the not
23:13always. I had done a So So these are the
23:16three things that I was deciding between
23:17for my business. I was deciding between
23:19a test prep company because I was really
23:22good at standardized testing um and I
23:24had a process for how I how I did it. I
23:26had a yogurt business idea because I was
23:29a big yo fro y yo guy. Yeah, I know. I
23:31know. I I was like I'm an avid consumer
23:33of this [ __ ] I I feel like I know and I
23:35and I hated there's so many things I
23:37knew that I thought I could I actually
23:38know a lot about the yogurt business
23:39now. Um
23:41>> and I was good at fitness. So those are
23:42the three things that I felt like I
23:44could do for anybody's listening. Like
23:45those are the three that I was picking
23:47between. The yogurt business cost 250
23:49grand to start up. I didn't have that
23:50money so I couldn't do that one. Um I
23:52had saved about 50 or 60 grand. I can't
23:54remember. 50 or 60 at the time. Um I was
23:5623 and then uh the test prep business I
23:59actually did a ton of work on um and I
24:01was going to partner with a professor
24:02from my university to do it with me and
24:05so I set up all the initial materials um
24:09and based on a miscommunication I'll
24:11just put it that way. Um he ended up
24:13either taking the materials and not and
24:16using them without me to start a a
24:18business consulting thing. Either way it
24:20it became clear that what I thought was
24:22happening versus what he thought was
24:23happening were not the same thing. Um,
24:24and that left a very sour taste in my
24:26mouth with test prep. I do think it was
24:27the smarter business I probably should
24:28have done. Um, and so all that was left
24:30was fitness. And so fitness I was like,
24:32I already know that. Um, people already
24:34want me to help them with it, so I'll
24:36just start that. And so the gym was the
24:39the was the what what I would have said
24:40is like the legit business. I didn't
24:42think that the online thing was legit
24:43business. Remember this is 10 years ago.
24:45So like it wasn't it I no one even
24:47thought it was that was a that was a
24:49concept of legitimate business. You know
24:50what I mean? So I was really early days
24:52on it. And so, uh, you know, from there,
24:54I hit up 40 gym owners, uh, to see if,
24:58uh, I could just basically apprentice
25:00for them and just work for free. Uh, one
25:03guy hit me back. He had a mastermind.
25:05Uh, I joined his mastermind for $10,000
25:09even though I didn't have a gym. And I
25:11said, "Are you sure that it makes sense
25:12for me to join?" He's like, "Oh, yeah,
25:13sure." Um, and it did actually make
25:15sense for me because then I could learn
25:16from all the mistakes everybody else was
25:17making before I started. So, I was like,
25:18"Okay, this works." And so I learned all
25:21the stuff that I could from that
25:22mastermind and from him. Um he ended up
25:24signing me as an employee. Yeah. Couple
25:26questions on that front. So um yeah, the
25:29the test prep thing is interesting. I
25:31didn't I didn't know that part of the
25:32story. So my first business that went
25:33well was also a test prep business. And
25:35I still have the Evernote document from
25:372012 where I was like [ __ ] I need to
25:38make some money. What am I good at? Uh
25:40and what could I possibly do? And it was
25:42like test prep and web design. I was
25:44like cool. Let me make a test prep
25:46course thing and let me advertise it on
25:48a website. cuz back then it was hard to
25:49make a website look pretty and that
25:51that's what ended up ended up making the
25:53money initially. Um on the on the gym
25:56front, so
25:58>> it it seems to me like there's two leaps
26:00there. Um leap number one is
26:02>> I want to do this thing like I start a
26:04gym maybe um and therefore I'm going to
26:07work for free.
26:08>> I want to own a business.
26:09>> I want to own a business therefore I'm
26:10going to work for someone for free. That
26:12that is seems like a bit of a leap. uh
26:14which these days seems very
26:16unfashionable to even say because
26:17everyone then goes down your throat for
26:19being that's only available for the
26:21privileged etc etc and then beyond that
26:23>> for the privilege working for free
26:24>> yeah the working for free thing it's
26:26it's quite unfashionable to suggest that
26:28people work for free
26:30>> um
26:30>> okay at least I mean I was making four
26:32grand a month from my little online
26:33thing
26:34>> so I made money from that
26:35>> now I offered to work for free but I he
26:38quickly was like I don't feel good about
26:39it I'll just pay you and so he paid me
26:41he paid me like minimum wage but I mean
26:43I think I made like I don't know 2,800
26:45bucks a month, whatever it was. I don't
26:47even remember what it was cuz I made
26:48more from the four hours a week on
26:49Saturday than I did from that. But
26:51again, the point wasn't to to to earn,
26:54you know, I mean, it was to learn. And I
26:56had saved up 50 grand. So I knew I could
26:59live for, you know, at least 2 years on
27:01that. Um, I tried to live on I was I
27:03spent 400 bucks a month splitting a
27:05bedroom. Um, and then I eat not, you
27:08know, I spent $100 a week on food. I was
27:10eating, you know, I was spending nothing
27:11to live. Alex, how do I find my niche?
27:14It looks like I'm not good at anything.
27:16[laughter]
27:18Thank you. Thank you for saying that,
27:20man. Uh I listen um you might be right
27:24and you might not be. So I I'll give you
27:27I'll give you an answer for both sides.
27:29Here's why I think you are good at
27:31something.
27:33You probably just aren't good at
27:35something that is immediately as
27:36monetizable as you would like. But if
27:39you chunk up a level to generalize
27:41skills, so can you read? Can you write?
27:44Can you speak? Can you type? Okay,
27:45great. So we have these skills. What's a
27:48what's a degree closer to that? Well, I
27:50can learn relatively quick. Okay, great.
27:52So it's like we're we we can take these
27:54skills approximate. It's like, all
27:55right, well, what things do other people
27:57want? And can I learn how to do them
27:59faster than they can so then I can sell
28:01them the thing that they want? Right?
28:05Hopefully.
28:08And the reason that you might not be
28:09good at uh anything is that you're just
28:10not good at anything that people want to
28:11buy from you yet. Nothing wrong, but
28:13just nothing that people want to buy
28:15yet.
28:16>> I turn around and grow companies uh
28:18small to mid-size businesses.
28:20And um so my my background is in
28:24accounting and finance like that. That's
28:26what I came up through. So as a CFO of a
28:28unicorn tech company, then as a CFO of a
28:31a billion dollar construction company.
28:33So, in my business right now, the
28:35question is I know like the niches are
28:38in the riches,
28:39>> right? Or the riches are in the niches,
28:41whatever. You know what I'm saying?
28:42Other way around. Um,
28:44>> but like I know I could crush it in
28:46construction. That's where I've spent
28:47like my entire career like working with
28:49all types of construction companies,
28:51>> but I don't want to get pigeonholed and
28:53I don't want to get bored by just
28:55working in one industry. So, it's kind
28:58of a a long question here, but like I
29:00know with gym launch, you just focus
29:01just on just on gym owners, which is,
29:04>> you know, very specific and probably
29:06really easy to do,
29:07>> but um or easier to do than just go
29:10after
29:12>> super easy. No one else has been able to
29:14do it.
29:15>> Well, no, easier to go after one ideal
29:18customer profile.
29:19>> Yeah.
29:20>> Is what I meant. Versus I go after,
29:23>> you know, I work with all different
29:24types of businesses right now. Yeah.
29:26>> Is it a mistake to do that or should I
29:29just like crush it in construction and
29:32then go from there later?
29:34>> Yeah.
29:35>> Basically, you're like, "Hey, I've got
29:36this really easy thing that I'm really
29:38good at and everyone loves me and I have
29:39all the credibility."
29:40>> Uh, or I could do this really hard thing
29:42that I don't have the same experience in
29:44or could provide the same amount of
29:45value. Which one should I do?
29:46>> Um, [clears throat]
29:49[laughter]
29:50not necessarily. you know, but I I'm not
29:53I'm not trying to go after like HR,
29:55consulting, and strategy, finance,
29:58marketing, all that stuff. It's it's
30:00strategy and finance. It's just whether
30:02I niche down even further and just work
30:04with construction companies. Yeah.
30:05>> Or I go more broad, right?
30:07>> Yeah. So, um I'll pick out the first two
30:09things that you said around pigeon
30:10holing and boredom. So, that's what this
30:14is and then I'll answer the second part
30:16of the question. So um one you won't be
30:18pigeon holed because if you're in a
30:19niche you can charge niche prices which
30:21are higher. You'll have better all your
30:23case studies will be relevant to those
30:25customers. They'll be like oh this is
30:26for me. It'll be a shoe and deal. You'll
30:28sell more. Like you'll have more
30:30customers in a niche than if you go
30:32broad.
30:32>> Okay.
30:32>> That's the thing that's
30:33counterintuitive. So like if I said I
30:35help businesses I will get
30:38well if I have a track record in gyms
30:43then if I advertise all businesses I
30:46will get fewer gyms than if I advertise
30:48I'm good at business in general. And so
30:51oftentimes you'll get higher response
30:52rates by just pairing down the messaging
30:54and being more specific. But this is the
30:56thing that I want to talk about with the
30:57boredom things because it'll apply to
30:58everybody here.
31:01Every business chunked up to the highest
31:03level is you with five to seven direct
31:05reports and they're going to be your
31:07marketing person, your salesperson, HR
31:08person, your legal IT, finance, CS,
31:09whatever, right? And so in my opinion,
31:13every business if you succeed at it at
31:15the highest level ends up becoming the
31:16same thing. And so the idea of like, oh,
31:19I feel like I'm going to be in
31:20construction forever. You're not. You're
31:21going to be managing seven people who
31:22run a business.
31:24And so whether I'm building software or
31:26I'm building, you know, you know, an
31:30acquisition, you know, a P firm or I'm
31:31building uh, you know, a chain of
31:34whitening stores, the actual the actual
31:37day-to-day is more or less the same once
31:38you get high enough up in my opinion,
31:40especially if you're, I'm assuming, kind
31:42of a business strategy generalist.
31:44>> So then your day-to-day from a boredom
31:46perspective, they all end up here.
31:50And so I would not use boredom as a
31:51reason to not do something because if
31:53you win then that's what happens,
31:55>> right? So one two the pigeon hauling I
31:57think you're just going to end up
31:58getting better success for better people
31:59and be able to charge all all the
32:00reasons I talk about niche stuff. Um and
32:04so for you my TLDDR is I do think that
32:06you should just focus on the thing that
32:08you have this massive track record in
32:09that you also know how to you can crush
32:11it for them.
32:12>> Okay,
32:13>> that's what I would do.
32:14>> Cool. Thanks.
32:15>> This is just a nice drawing.
32:16>> So where do most businesses get stuck? I
32:18mean, businesses get stuck at all
32:20different levels. I mean, because all
32:21you'd have to do is just look at the the
32:23the revenue breakdown. It's like 95% of
32:25businesses are less than a million
32:26dollars a year. So, a lot of businesses
32:28just like barely even get to the million
32:30dollar in revenue point. Above that,
32:33it's um I think it's one in 250, so it's
32:354% get to $10 million a year. Um
32:38>> so, is that a market problem or or an
32:40operator problem?
32:41>> Um I think it's almost an always an
32:43operator problem. Like unless you like
32:46in people will name these like really
32:48random weird businesses where someone
32:50like tries to come up with something
32:51entirely new. Um but I see there's kind
32:53of like three kind of types of big type
32:56buckets of risk in terms of picking an
32:57opportunity. You've got um like a
33:00product market fit risk which is I'm
33:02going to come up with something that no
33:03one's ever done before and see if people
33:05want it. That's like an Uber like we
33:07like let's see if strangers will pick up
33:08strangers in taxis like maybe it sounds
33:09like may sound crazy at the time, right?
33:11So that's a product market fit risk
33:13issue. Those are in in my opinion
33:14extremely risky. The second category are
33:17uh technical risk issues. So like if I
33:19just said, "Hey, I can come up with an
33:20AI salesperson that can take all your
33:22phone calls for you." I don't need to
33:23guess whether people are going to want
33:24that. They're for sure going to want it.
33:26The problem is how likely you can
33:27actually do it. It's the it's the
33:28difficulty of actually solving the
33:29problem, right? The Uber thing, it's
33:31like, well, there's some technical risk
33:32there, too. But will people even want
33:34this versus they want it, I don't know
33:35if I can deliver it. And then the third
33:37category is what I would say is the the
33:39vast majority of business owners, which
33:40is just execution risk.
33:43There's other lawn care businesses that
33:44do $100 million a year. The path is
33:46really literally in front of me.
33:48>> How do you turn that profession into a
33:51service, a side hustle, a real business?
33:53What does what does that look like?
33:55>> So, what's what's really nice if from
33:56the prof the profession of the three is
33:58by far the fastest angle for sure
34:00because you already have the thing
34:01that's valuable because you already do
34:03exchange it for money. And so, the only
34:05thing you actually have to add at that
34:06point is promotion and conversion. So,
34:07you have to say, how do I let people
34:08know about this thing that I'm doing?
34:10And secondarily, how do I get these
34:11people once they find out to give me
34:13money, right? And so from a letting
34:15people know about it, I gave one of
34:17eight ways of letting people know. So
34:18there's warm outreach, so that's letting
34:19people know one-on-one about your stuff.
34:21There's cold outreach, which is
34:22one-on-one to strangers. You've got uh
34:24paid ads, right, which you can run um on
34:26any platform. Um or you've got posting
34:28content. Those are the only four things
34:30that one person can do. Now,
34:32>> that's a great breakdown. There's only
34:34four things cuz you start thinking
34:35there's a million things I have to do.
34:37You've got strangers and people you know
34:39and you've got oneonone and one to many.
34:40That's the four box.
34:42>> Now from those core four, you then
34:44unlock four others,
34:45>> which is that I can do oneonone uh
34:48outbound or I can do or I can post
34:49constant or I can run ads to get
34:52customers who then get me more customers
34:54to get affiliates or partners who get me
34:55more customers to get employees who will
34:58then do these things on my behalf to get
34:59me more customers or to get agencies who
35:02will then do it as v you know as a
35:03vendor on my behalf. And so the first is
35:05the everyone must start with the core
35:07four. Even if you get, you know, a bunch
35:09of, you know, partners who then promote
35:10on your behalf, you still started with a
35:12message that you sent to somebody,
35:14right? And so the core four is the first
35:16activity that you must do in order to
35:18promote. These other things are higher
35:19leverage. That makes sense. But this is
35:20the core four that you start with. Once
35:22you have someone who's responding to you
35:24and say, "Hey, I'm interested in your
35:25stuff." Uh, which takes someone from a
35:27contact to an engaged lead, right?
35:28They've shown interest. Then we
35:29basically have to take them from engaged
35:31to ideally somebody who's going to buy,
35:33right? And so that process um at the
35:36most basic level is going to be a
35:37conversation that leads to a conversion,
35:40right? And so I have um a very simple
35:42framework that I that I encourage people
35:43who are starting out to follow which I
35:45call closer. Um and so it's an acronym
35:48so it's easy to remember. So C stands
35:49for clarify which you begin the
35:51conversation like hey why'd you respond
35:53to my thing? Right? And the nice thing
35:54is that whenever you promote you only
35:56are really going to have a conversation
35:58with someone who engages back right so
36:00you always have the reason why right at
36:01the front. So what made you what made
36:02you comment on my post? What made you DM
36:04me after that? What made you uh respond
36:06to my ad? What made you u even respond
36:08to my my original message or call?
36:10Right? So that you have that reason. So
36:11what made you do that? Clarify. Then you
36:13have L, which is you label them with a
36:15problem. So okay, so what I'm hearing is
36:17uh this is problem and this is what
36:18you're trying to solve. Does that sound
36:19about right? Okay, cool. Then we go to
36:21O, which is overview their past
36:22experiences. And so here we're simply
36:24asking them more or less the same four
36:26questions, which is okay, what have you
36:28done so far? How did that work for you?
36:29Uh what was good? What was bad? And then
36:31we try and tie that to our solution, the
36:33pieces that we can solve. It's like, oh,
36:34I think you might like this because we
36:35have this other element. I'll get to
36:36that later, but okay, this is great.
36:38What else have you done? What else have
36:39you done? And so that's kind of the pain
36:40cycle. And the reason the pain cycle is
36:42important is because in order to
36:43increase motivation in the short term,
36:46we have to basically expand the
36:48deprivation around the thing that they
36:50want. And so we have to we have to
36:52increase its priority in the short term
36:53to get them to take action. And that's
36:55why that that cycle is so important. The
36:57fourth is S, which is we sell the
36:59vacation. And so we want to talk about
37:00the outcomes of what the experience is
37:02going to be like once the problem's
37:03solved. Uh rather than uh just having
37:06some long-winded pitch. And what's very
37:07interesting about the cell portion is
37:08that most people talk way too much. We
37:10try and get it to under 320 words. So it
37:13doesn't like people if you can if you
37:15can very accurately describe someone's
37:18existing condition to them and say so it
37:20sounds like you're struggling with this
37:21and it sounds like you're struggling
37:22with this and it sounds like you're
37:23struggling with this and if we solve
37:24this one this is what unlocks. We solve
37:25this one this is what unlocks. And we
37:26solve this one unlocks. Is that about
37:28right? They're like yeah. It's like we
37:29can totally help you. A lot of times you
37:32actually don't need to say if you nail
37:33the the pain part. The pitch is very
37:35easy. And so I am a big believer in
37:37having three points in whatever pitch
37:38you have. So you can always chunk it up.
37:40You know, like I have our attract,
37:41convert, deliver. You have okay, how do
37:42we get people to find out? How do we
37:43convert them? And how do we give them
37:44the stuff? Right? Having three elements
37:46of whatever it is. I mean, I used to do
37:48sales scripts for, you know, different
37:49companies back in the day. So it was
37:50like I had a mortgage lead company and
37:51they're like, okay, well the the leads
37:53are, you know, timely. You want them to
37:54be qualified and you want them to be
37:55exclusive. Okay, great. If you're in
37:57fitness, it's like you need you need a
37:59you need a workout, you need to eat
38:00right, and you need to have
38:01accountability. If you have all three,
38:02then you can't fail, right? And so
38:03there's always three. And then with each
38:05of those three, I have kind of in the
38:06back pocket a little anecdote that to
38:09give an example of that. So that way it
38:10makes it more real for the person rather
38:12than explaining all the sets and reps
38:14and all that stuff. No one cares. That's
38:15why it's selling the vacation, not the
38:16plane flight. Uh we're not going to sell
38:18how we're going to get there. We're
38:18going to sell where we're going to go.
38:19>> And so once we do S, then we go to E. So
38:21at that point, we ask for the sale. If
38:23they say no, then E and R come into come
38:25into uh come into play. E is explaining
38:27away their concerns. There's only five,
38:29right? They're going to have a timing
38:30issue. I've got a lot going on right
38:31now. They have a money issue. I don't
38:32think it's worth it. Uh they have a
38:35decision maker problem, which is I don't
38:37have the authority to make the decision.
38:38I need someone else's permission. Uh
38:40they're going to have a uh a stall
38:42issue, which is let me think about it.
38:44And then there's fifth is preferences.
38:45So I don't like this particular thing
38:47about your product or solution.
38:49>> Um which is just saying that they want
38:50your results a different way. And so
38:53basically once you understand how to
38:54overcome each of those five issues,
38:56which they are all actually just uh
38:57fallacies in decision-m. So if it's
39:00timing issue, it's not really a time
39:02thing, it's a priorities thing. If it's
39:03a money thing, it's not really a money
39:04thing, it's a value thing. If it's a
39:06decision-maker thing, it's really that
39:07they need support, not permission. And
39:08then we rely on past agreements in order
39:10to say, "Hey, well, your husband knows
39:12that you're overweight, right? Do you
39:13think he wants you to stay overweight?"
39:14No. Then why would he be against you
39:15doing something to change that, right?
39:16So just walking through those and I go
39:18through all them, but that's [laughter]
39:20>> No, I love it.
39:21Yeah, this is it's a master class, man.
39:25>> Um, and then and then from a stalling
39:27perspective, it's actually helping
39:28someone make a decision because a lot of
39:29people don't know how to decide because
39:31you will have this conversation far more
39:33than every person you talk to. People
39:34maybe only have five 10 sales
39:36conversations a year. If you are selling
39:38for a business, you'll have four or five
39:40a day. And so, you should absolutely
39:41always be more equipped than they are to
39:43solve the problem. Um, the one that I
39:45skipped was preferences, which is, you
39:47know, I like, uh, hey, I I really want,
39:49you know, my my my friend Charlotte, she
39:50lost 30 lbs doing your thing, but can I
39:52just keep eating the food that I'm
39:54currently eating? And so, they want
39:55their results your way. And so, the
39:57easiest way to explain around that is if
39:58you change the variables, change the
39:59outcome. Do you like the outcome? Yeah.
40:00Well, then don't change the variables.
40:02>> And this is the only thing that I can
40:03give you confidence in. And the question
40:04is, is
40:06>> you eating the food you want more
40:07important than you looking the way you
40:08want to look? And that's a real
40:10question. And if the person says yes, it
40:11is and it's like okay, well then
40:13nothing's going to change if you don't
40:14change.
40:14>> Yeah.
40:15>> And so then you get to have a real
40:16conversation. But each of those those
40:17are the fundamental kind of ways of
40:18getting over them. And so once you
40:20explain away the concerns you after each
40:22explanation, you always ask again. So
40:24does like does that does that help that?
40:26Does that does that um does that solve
40:28that for you? Great. So you ready to
40:30move forward? You ready to do whatever
40:32the next thing is? And then finally is
40:33R. And R actually happens after the sale
40:35and it's something that I added years
40:37later in my career. It used to just be
40:38close. Um but the R um is reinforce the
40:42decision. So in the 24 hours post
40:44purchase is when the vast majority of
40:45people either have you know cold feet or
40:47they regret or you can reinforce it and
40:49it becomes a a super positive right. And
40:51so people believe it or not there's tons
40:52of research that supports this is that
40:54they will make a decision about your
40:56business based on the first 24 hours
40:58post purchase. So it's this huge moment
41:00where you can make a first impression
41:02that preframes the remainder of the of
41:05the relationship that you have with
41:06them. And so being incredibly dialed of
41:08like, hey, so you bought let me tell you
41:10what the next steps are going to be.
41:11We're going to take these steps and
41:12we're going to tie that to goal, right?
41:13So you said you wanted these three
41:15things. The way that we're going to
41:16solve these three things is these three
41:17steps. These are the actions you take.
41:18We're going to meet tomorrow at this
41:19time. I'll see you there. Or if you have
41:21a, you know, onboarding rep, then you'd
41:22go from there. But that fundamentally is
41:24how you'd have the conversion
41:25conversation. And so to loop back to if
41:27I'm a professional, how do I do this?
41:29It's like, well, you're going to use the
41:30core four. You're going to reach out to
41:31people. Once they respond, you'll
41:33initiate the conversation. where you go
41:34through the closure framework and then
41:35you make them an offer to do your stuff
41:38which will be either moonlighting or you
41:39know in the morning. And what's really
41:40interesting is that people think that
41:42their 9 to5 is getting in the way of
41:44their dreams when it's really they're 5
41:45to 9. And so 5:00 a.m. to 9:00 a.m. it's
41:48like you're it's four prime hours and
41:50then 5:00 p.m. to 9:00 p.m. it's another
41:53four prime hours. So it's like you've
41:54got eight you've got a full workday that
41:56you can work which I strongly recommend.
41:58I think a lot of people are big on the
41:59burn the boats thing and I think there's
42:01a time and a place for that. But if you
42:03have a family and you've got a mortgage,
42:04I would recommend you keep your job.
42:06>> I agree.
42:07>> And then supplement your income. And
42:09then at the point where your
42:10supplemental income in your off time
42:12surpasses your your full-time income,
42:15that is when I say make the jump. And
42:17for me, cuz I actually, believe it or
42:18not, tend to be a relatively riskaverse
42:20person. I would say if you do that for 6
42:21months because there's going to be
42:22volatility
42:23>> um in the business. And I'll also just
42:26play out the next problem that they're
42:27going to have if that's all right.
42:28>> Ah, go for it.
42:29>> So,
42:30>> so much value, man. so much value.
42:32>> So volatility is a symptom of
42:34insufficient volume. And so if you feel
42:36like you're like, man, how, you know, I
42:38got a couple customers and then, you
42:39know, the the leads stop coming in. It's
42:41like, well, you're doing insufficient
42:43volume. You're not doing enough of the
42:44core four. We have to post more content.
42:46We have to post more ads. We have to do
42:48more reachouts, right? That's what we
42:49have to do. And so if you think, okay,
42:51well, I've been doing these reachouts
42:52and, you know, no one's responding or
42:54things like that. One, we need to make
42:55sure that the offer that we have is
42:56good, which I think we started with the
42:575 hour thing. I think it's a great first
42:58offer. But, you know, under that
43:00assumption, if we do this, I have a rule
43:02of 100, which is that you do 100 uh per
43:04day. So, that means you're doing either
43:06a hundred minutes that you're putting
43:07into posting content and you post and
43:09you post, to be very clear, [laughter]
43:11and you post uh you you spend $100 a day
43:14on ads, uh or you do 100 reachouts. And
43:17if you want to be crazy, you can do all
43:18three. And so, in those in those in
43:20those scenarios, uh the key is that you
43:22have to keep going. And so if you get,
43:23let's say you do the rule of 100 and you
43:26get one sale a week, okay? Then if you
43:29want to, that would give you four sales
43:30a month roughly. If you're like, man, I
43:32want to go from four sales a month to to
43:3416 sales a month. The nice thing is that
43:36you actually have a clear input output
43:38equation, which is that, okay, it costs
43:40me 700 primary, you know, efforts to get
43:44one sale. And so that volatility feels
43:47like it's only one, but it's because
43:48you're not doing enough. If I take that
43:50700 and do 700 per day, then all of a
43:53sudden I'll be making one sale a day.
43:55And fundamentally, that little
43:56compression process is the only thing
43:58that separates very small businesses
43:59from very large businesses. Most small
44:01business owners have no idea how much
44:04more volume the guys who were ahead of
44:06them put out. I remember I had a
44:07conversation at the very beginning of me
44:08deciding to make content after I sold
44:10the company where I said, "Hey, you
44:12know, I I really want to learn this
44:13Instagram game um and content game." And
44:15so I talked to somebody who was a big
44:17big influencer and I said, you know, can
44:20you can you analyze my stuff and tell me
44:21what I'm doing wrong? And he said,
44:23"Dude, you're not doing anything wrong.
44:25You're just doing too little."
44:26[laughter]
44:27And so he said, he said, "Pull up your
44:28Instagram." And I pulled it up. Uh, and
44:30I think I was doing like a post every
44:32other day or something like that. And
44:33he's like, "Dude, I got four posts a
44:34day." And I was like, "Whoa." And then
44:36he said, "Pull up your LinkedIn." And I
44:38I don't think I posted on LinkedIn. He's
44:39like, "I got 10 posts a day." And he's
44:40like, "Pull up your pull up your
44:41Twitter." At the time, now X. He's like,
44:43"I had nothing." Right. So he he went
44:45side by side. He's like, "I'm putting
44:46out 70 80 a day and you're putting out
44:48one every other and you're complaining."
44:49And I was like, "Got it."
44:51>> And so the most people dramatically
44:53underestimate the amount of volume that
44:55is required and that volume has a great
44:57feedback loop for skill because you do
44:59these iterations and you will suck
45:02>> and that is okay. And as long as you
45:04like the process that I have for
45:05improving any part of any system is just
45:08do a tremendous amount of volume. Let's
45:09say we do a 100 whatevers. We look at
45:11the top 10% of of the ones that got the
45:13highest response rate or the ones that
45:14got the most views or the ads that got
45:15the most clicks. We say, "Okay, what was
45:17different about these top 10% compared
45:19to the other 90?" And so the next
45:20hundred we do, we say, "Let's just try
45:22and just do the thing we did in the top
45:2310%. We do it again." And that continual
45:25refinement process has been the key to
45:27all the stuff that we've done is just
45:29look at what worked, do more of that.
45:31And so if you were in the professional
45:32bucket, that is more or less kind of the
45:34approach that I would take to get that
45:35first dollar.
45:36>> Everyone needs to listen to that 15
45:38minutes every day. [laughter]
45:39I'm not kidding. That was the most
45:41amount of value I think has ever been
45:42packed into 15 minutes that I've ever
45:45heard in my entire life. And I'm not
45:46kidding. That is such brilliant,
45:49brilliant advice. Totally broken down
45:51step by step. I mean, you could I mean,
45:54you can make like 70 posts off of just
45:56the last 15 minutes. It was so No. And
45:58and I mean that. I'm not just saying
45:59that because right now as you're
46:01speaking, I've got so many friends that
46:02I've got in my head that are exactly at
46:05that point. And it's either the volume
46:07that's messing them up. It's either not
46:09having the plan to how do you pitch?
46:11>> You helped me turn my senior design
46:13project at college into my business.
46:15Last year we did 150 and I want to get
46:17to 500.
46:18>> What do you sell?
46:19>> We do digital business cards for
46:20primarily in real estate.
46:22>> Digital business cards for real estate.
46:23>> Uh I'm the only salesperson. I have a
46:25few vendors.
46:26>> What's the value prop of a digital
46:28business card?
46:28>> It's like Linkree on steroids. Linkree,
46:31your phone and your CRM all connected.
46:33So yeah. What do you think?
46:36>> But you want to grow this. So, just to
46:39be sure, I'm not trying to sell. I just
46:41want to make money and then sell more
46:42expensive things later. Right now, I'm
46:44just using this to make money.
46:46>> To make money?
46:46>> Yes.
46:47>> Yeah. Yeah. No. Heard,
46:49>> dude. I think I think if you sold
46:52something else, you'd make way more
46:53money.
46:53>> I agree.
46:54>> Okay. [laughter]
46:59>> It's a hard pitch.
47:01Like, what you have is a hard pitch
47:03because I'd be like, "Your digital
47:05business card is here's my Instagram.
47:06That's my digital business card. If you
47:08want to find out more about me, watch
47:09some content,
47:11you know. Um
47:14[laughter]
47:16Um Okay. Uh what what else are you into
47:20selling, man? Like I just [laughter]
47:22I I just I don't know if this is You
47:24obviously have the skill of sales and so
47:26I'd rather you just like use that on a
47:27better opportunity vehicle.
47:29>> Got it. Um
47:32Okay. It's
47:33>> like this world is just crumbling.
47:35[laughter]
47:37You want to hire me?
47:39>> Well, if you can close. [laughter]
47:41>> Yeah, sure.
47:44>> Ari, is Ari over there?
47:46>> Well, there's Stephanie. Stephanie's
47:47right there. Stephanie's works in our
47:48recruiting. You can talk to
47:49[clears throat]
47:49>> Okay, Stephanie will talk. But on the
47:50real note, though, um
47:51>> Oh, that wasn't real. That's not a real
47:53offer. All right.
47:56Neither was mine.
47:58>> Two can play that game.
47:59>> Um on a real note though, like I don't
48:03know what I'm doing. What do I do in the
48:04meantime to make money essentially?
48:06>> Yeah.
48:06>> So, uh you were selling. So, who had
48:08this idea for this digital business?
48:09Well, there's your senior whatever
48:10thing, right? Your senior project.
48:12>> Yeah. One of the big issues I take with
48:14um and when I do my entrepreneur talks
48:16at like colleges and stuff. Um the big
48:19thing that I that I hate about those
48:21classes is that they try and make
48:22seniors invent something. It's like it's
48:25very like inventionheavy. Like everyone
48:27thinks it's Shark Tank, like I have to
48:28invent something that doesn't exist.
48:30when you can pretty much just like go
48:31look at any business that exists and
48:33just do that and probably make way more
48:35money. Like you start a lawn care
48:36business tomorrow like knocking door to
48:38door and probably get to two or three
48:39million dollars a year just with your
48:41existing skill set.
48:44>> Like you're able to, you know, shake
48:45hands and kiss babies and clothes. And
48:47so like
48:48>> like you could sell solar and make you
48:51know 800 grand a year on your own
48:53income. So, I'm like I'm just saying
48:55like there's there's like I think I
48:57would be looking at So, when I was when
48:59I was doing the presentation yesterday,
49:00I talked about how like now I look for
49:02products that people don't cancel.
49:05I would look for products that people
49:06don't cancel. Probably the the people
49:08that are similar to who you already sell
49:10to. I would look for that product. Um,
49:12and then I would use all my sales skills
49:14on that rather than trying to explain to
49:15them why they need a digital business
49:17card.
49:18>> Got it. Basically, for your current
49:19pitch to work, you have to you have to
49:21create a problem and then solve a
49:24problem all within one presentation,
49:26right? And also explain some stuff that
49:27they don't understand how it works,
49:28right? So, it's kind of like three
49:29things. I'd rather just like talk to
49:31somebody who immediately already knows
49:33the problem that they have and I'd be
49:34like, I can solve that. And I know from
49:37the history of that industry that they
49:39don't cancel and that they're just going
49:41to buy from me because they like me
49:42better. Would you recommend that I get a
49:45like a sales position at another company
49:47or just like sell more expensive stuff?
49:49>> Definitely not here. So [laughter]
49:53um no, I mean fundamentally every
49:54entrepreneur is a salesman at heart.
49:56Like we're the promoters and so like you
49:58can obviously sell for somebody else or
50:00you can sell for yourself. Um a good way
50:02to learn a new industry is to sell
50:03within that industry, kind of learn the
50:05ropes and then try to basically just
50:06figure out lead genen uh for it. Once
50:08you have that, then you have lead genen
50:10and sales. And so the only thing that
50:11you'd really need would be delivery. If
50:13you're good at sales, um, and good at
50:15training sales, which is a different
50:16skill, um, then it comes down to like,
50:19can I like this is where like insurance
50:20sales are incredibly profitable. Like
50:22there's really no delivery. You just
50:24sell the product, right? And then
50:25there's these massive behemoths that
50:27that deliver the risk essentially. Um,
50:30there's so many businesses that are
50:32basically demand constrained where
50:33people stick. Uh, you just want to find
50:36one of those that you like that caters
50:37to the existing avatar you currently
50:39sell to because you already know that
50:40avatar. Well, and if we're talking speed
50:42to money. Um, and then sell that.
50:44>> Got it. Thank you, Alex. I'll switch
50:46vehicles.
50:47>> Okay. [laughter]
50:49>> All right. [applause]
50:52>> Sweet. I recently quit my job to go
50:55full-time into starting a business, but
50:58I am not sure what business to start. I
51:01feel stuck in this analysis paralysis.
51:03Oh man. Um,
51:07okay. I'm going to give you actually
51:09very tactical answer here. Instead of
51:11just saying, "Well, obviously do just
51:12pick one." You need to put limitations.
51:14All right? You need to add constraints.
51:16So if you if I said pick from everything
51:17in the world, it's very hard to make
51:19that, right? If I give you 25 different
51:20jams to pick from, it's hard to pick
51:22your favorite jam. If I give you two,
51:23much easier, right? And so what you need
51:25to do is give yourself constraints on
51:27the question. This goes for everybody.
51:29So instead of saying, "What business
51:30should I start?" say what are the
51:32requirements that I have for this
51:33business. Do I want to be in person? Do
51:35I want to be remote? Do I want this to
51:37sell to businesses? Do I want to sell
51:38consumers? Uh do I want to do phone
51:40sales or do I want to do a checkout
51:42based system? Do I want to get customers
51:43from ads or do I want to do it from door
51:45knockocking? Right? Like each of these
51:47things is going to narrow down um
51:49[clears throat] the types of business
51:50that will be available to you. Do I want
51:52a business that I'm going to have to put
51:53capital in to start? Do I want one that
51:54doesn't require capital? Um do I want to
51:56have a business that uses a lot of
51:58employees? It's going to be service
51:59based. Do you want to be technology
52:00based or product based? Right? Each of
52:02those are decisions that you can make.
52:03And if you're like, well, which one? I
52:05promise you all of those can grow into
52:07big businesses and it does depend on
52:08your goals. But let's assume for the
52:09sake of argument that you want to make
52:10$100,000 a month in profit. All of those
52:12paths can lead you there, right? And so
52:14if you follow my stuff, I would
52:16encourage you to sell fewer things to at
52:18a more expensive price tag to fewer
52:20people because it takes fewer customers
52:22to make the amount of money that you
52:23want to make to solve your current life
52:25problems. Um, but the answer to your
52:28question is that you have to add
52:29constraints.
52:29>> Hi, my name is Nadu Lawson. Um,
52:32>> say that again.
52:33>> Nadu Nadu
52:34>> Lawson. Yes.
52:35>> Easy.
52:36>> All right.
52:37>> So, um, we provide overnight care for
52:40babies.
52:41>> A
52:42>> um
52:44um our revenue last year was 1.2.
52:48>> Cool.
52:48>> And the goal is to uh grow to about 5
52:52million.
52:52>> Okay. Um the biggest challenge right now
52:56it's um um one one key man risk.
53:00>> Okay. Are you doing a lot of the
53:02overnight babying?
53:03>> No. Babysitting I guess type.
53:04>> It's a franchise. So I'm the franchise
53:06owner.
53:07>> You're the franchiseor or franchisee?
53:09>> Franchisee.
53:10>> Okay. Got it.
53:11>> Um so I do everything recruiting the
53:15caregivers. Uh send them to work. You
53:17know I do the consultation with the
53:19families. Um, on the top of the day, I
53:22have a full-time daytime job. So,
53:25>> good for you. [laughter]
53:27>> So,
53:28>> what does your daytime job pay?
53:29>> I'm an auditor.
53:30>> Okay. Does that pay better than the
53:31franchise?
53:32>> No, at all.
53:33>> Why are you doing that?
53:34>> I don't know.
53:35>> Okay. [laughter]
53:36Glad we had this conversation. Um, what
53:38is the net on your franchise?
53:40>> Let mommy sleep.
53:42>> No, no. Uh, what's the net the margin,
53:44the profit?
53:45>> Oh, um, about 250 300K.
53:49>> Okay, got it. What are the top
53:50franchises doing?
53:53>> Um,
53:55so the biggest one they have multiple
53:57territories they are doing
53:59>> but single store since you're single
54:00store.
54:00>> Oh, single. No, I have a four
54:02territories.
54:03>> How many stores are open?
54:05>> Four.
54:07>> So, okay. So, it's territory. So, you
54:08don't have like obvious Okay. So,
54:09there's no Do you have like a
54:12>> Is there even a an address?
54:14>> No.
54:15>> Okay. So, yeah, you basically just have
54:18a website. You take calls and you send
54:20bodies.
54:21>> Exactly.
54:21>> Got it. Okay. Um, cool. All right. Uh,
54:25so you have four markets, per se, that
54:27you are letting mama sleep in.
54:29>> And in total, so each one does about
54:31$300,000 in revenue each territory.
54:35>> Yes. Average.
54:36>> Somewhere in there. Okay. Got it. Um,
54:38and then so you're running 20-ish%
54:40margins um on the 300. Correct.
54:43>> Correct.
54:44>> Okay. Got it. I'm guessing the number
54:45one cost is payroll and marketing.
54:47Yeah, I do have a marketing company that
54:49just like um manage the Google ad.
54:52>> Okay. In each of those territories, can
54:54you generate more than 300? Like do you
54:56think you can grow?
54:56>> Oh, yeah. A lot of potential to grow.
54:58>> Okay. Then what's the number one
54:59territory doing?
55:00>> Uh number one uh last year did about uh
55:03half of million.
55:04>> Yours or franchise wide?
55:06>> No. Mine. I don't know how much they are
55:08doing. Oh, really? Yeah. I don't really
55:09>> interesting. Um okay, so you want to get
55:11to 5 million. Do you want to open more
55:12territories or make the ones you got
55:13more profitable?
55:15M
55:17>> I don't know
55:18>> what's average ticket.
55:21How much did the average customer pay?
55:23>> Uh well it's CL it just Yeah. Well I
55:26would say about 25K.
55:29>> 25K. Okay great. And that's for what
55:31duration of time?
55:32>> About 4 months.
55:33>> Okay. So it's four months like newborns.
55:35Is that the period?
55:36>> Until they start sleeping three nights.
55:37>> Got it.
55:38>> Um okay great. So that's what 6K a month
55:41somewhere in there. Um that's good. And
55:46I mean, shoot, that means that you have
55:48what? Four * 3 12 customers a year per
55:53territory.
55:55>> Yes,
55:55>> that's not very much.
55:57>> So, you can probably do a lot more than
55:58that. Oh, yeah. There's definitely more
55:59new mamas.
56:01>> I'm guessing the ter unless the
56:02territory is tiny, right? But
56:04>> um Okay. So, then what stops you from
56:06getting more leads to sell?
56:09>> Fear.
56:10>> Okay. Why?
56:13Well, I think because I've been working
56:16for someone for so long and we're just
56:19comfortable and
56:22>> can't just leave. [laughter]
56:33I think everyone has a point where they
56:35go pro
56:37and you've been able to I think that you
56:40you must have a lot of work ethic and
56:42skill because you pulled out four
56:44territories while keeping a full-time
56:46job and you've made it work. So like
56:49take that in for a moment. And when I
56:51hear that I think to myself, this person
56:53has a lot of competence and potential.
56:56What if they actually spent their whole
56:58time doing it? Imagine how much better
57:00they do. And I just want you to have as
57:03much confidence in you as I do.
57:06>> Okay.
57:08Okay.
57:09>> So, what stops you from doing more
57:11besides the fear? Could you just turn on
57:13ads higher and then sell more people?
57:16So the other thing is um I wanted to
57:20hire people but I would don't I don't
57:22know what you know what type of um work
57:26they can do for me. So basically um I
57:30mean there is um you got to know the
57:33client and then know the caregiver in
57:36order to match.
57:37>> Yeah.
57:38>> So
57:38>> so do you have like a roster of nannies
57:40on the sideline that you match?
57:41>> Yes. I hire them as independent
57:43contractors.
57:44>> Got it. M understood. Okay. So, if you
57:46spent more time on the phone talking to
57:48clients that I'm guessing the marketing
57:50company generates leads for, would you
57:52be able to fill more slots with more
57:54nannies? Because you'll be talking
57:55basically your day is going to be
57:56talking the phone to new moms and
57:58nannies and doing this,
57:59>> right?
58:00>> That's the job, right? If you were able
58:02to do that eight more hours a day, would
58:04you be able to replace your income?
58:06>> Oh, yeah. I mean, then let's do that.
58:08[laughter]
58:09>> Then let's do that.
58:11>> If you want to hit 5 million? Yeah,
58:14>> because I'll tell you because the
58:15alternative is you don't you're not
58:16making enough profit. You got 300,000
58:18which is a lot of profit. I want to be
58:20clear, but that $300,000 of profit if
58:22you were to try and find somebody to do
58:24what you're currently doing or who would
58:26need to do that 8 hour plus per day job,
58:29you probably eat up the majority of that
58:30profit in order to find that good
58:32person.
58:32>> Okay?
58:33>> And so for me, that actually feels
58:35riskier than you leaving the job and
58:37doing it yourself and spending eight
58:38more hours knowing you already know how
58:40to do it with the off hours of your day.
58:43Okay,
58:44>> so there's going to be risk. The
58:46question is which risk would you rather
58:47have? Would you rather risk bringing
58:49someone on, eating the majority of your
58:51profit and still having overhead? Or
58:53would you rather risk not having the
58:55income from your job, which pays you
58:56less than this business does, and now
58:58having eight more hours a day to go work
59:00in the business and make the money back?
59:01Which risk sounds bigger to you?
59:03>> Oh, me doing everything. Yeah.
59:05>> I'm 21 years old. I served in the army.
59:08I had a tough life. Okay. I never gave
59:10up on something. thing I wanted. I want
59:13to succeed in business, but I'm solo and
59:15it feels like too much.
59:17Why does that feel like too much, man?
59:19You don't even have employees.
59:21It's way easier. You just got you to
59:24manage.
59:25Army's harder. One of my guys is in the
59:27army. He's army's way harder, dude.
59:29Literally, just again, go to somebody,
59:32do the thing that they don't want to do.
59:35Like many of you can start what I call
59:36nuisance businesses. Like a lot of
59:38people try to like this is I think this
59:39is one of the big mistakes is thinking
59:41that you need to somehow invent some new
59:43category and become the next Facebook.
59:4599% of people who make money look at the
59:48market see businesses that already exist
59:51there and say I think I could do that
59:53too. And believe it or not you don't
59:55actually have to try that hard to beat
59:57business owners because many of them are
59:59lazy and they have employees underneath
1:00:02them who aren't very well trained
1:00:03because they never train them very well.
1:00:05I talked about one earlier today, right?
1:00:07And so you don't have to beat the
1:00:08business owner. You have to beat the
1:00:10unmated unmotivated employee or account
1:00:12rep at 123 Acme Co. to win. And the
1:00:16pitch you just say is, "Hey, I'm
1:00:17starting out. And so for the same price
1:00:19as that guy, you actually get the owner
1:00:21and you've got my cell phone and you
1:00:22call me whenever you want and you can
1:00:24harass me and I'm going to do everything
1:00:25I possibly can because I want to get
1:00:26your testimonial. I want to get a
1:00:27referral and this is how I'm starting my
1:00:28business." And guess what? People will
1:00:30take a shot on you because you're right.
1:00:32As long as you don't suck, you will be
1:00:34better than the person who's been barely
1:00:35trained. You always have an advantage
1:00:38and when you start out there will always
1:00:39be a room for the small player because
1:00:41you will always try harder than somebody
1:00:42who doesn't have the incentive of the
1:00:43owner.
1:00:45And so the only reason that you are
1:00:46succeeding right now is because of
1:00:47deficiency of skills. Period. Not
1:00:49because business is hard. It's just
1:00:51because it has more steps. That's it.
1:00:56Okay? I mean, let's be real. Tying your
1:00:58shoes was hard when you were four. You
1:01:00just know how to do it yet. It's not
1:01:01hard now cuz you know how to do it. So
1:01:03everything you don't know how to do
1:01:04feels hard until you learn how to do it.
1:01:05How do you learn how to do it? You try
1:01:07and you get feedback loops and you find
1:01:09out why you suck.
1:01:10>> So you sell fitness coaching. You're
1:01:11doing $250,000 a year and you're not
1:01:13sure about what you want to do with your
1:01:14life. Okay, go for it.
1:01:17>> So yeah, I mean I'm preparing for
1:01:19medical school next year mentoring and I
1:01:22yeah, I'm running this fitness company
1:01:23as well which I'm passionate about
1:01:25>> and ideally we would like to be at, you
1:01:28know, seven figures, you know, just
1:01:30running it.
1:01:31>> And the medical school process is
1:01:33slowing that down. But my endgame is is
1:01:36really looking at the branding, the
1:01:38long-term play. Like when I see what
1:01:39you've done adds to branding uh around
1:01:42making the greatest impact preventive
1:01:44health and and medicine possible. So
1:01:47>> that's kind of where I'm at trying to
1:01:49figure out how to think about it all.
1:01:50The timing, the sequencing.
1:01:52>> What's the question?
1:01:53>> Um how do I go about this process of
1:01:56balancing both? Is that even possible?
1:01:59And and achieving both.
1:02:02Well, you already are achieving both.
1:02:04>> That's true. Yeah. The business has been
1:02:06declining though.
1:02:08>> Declining.
1:02:09>> Yeah. So, it's it's
1:02:10>> it went from like 320 to 270ish last
1:02:14year. It's still Yeah. small. So,
1:02:17>> I'm interesting volat,
1:02:20you know, you missed a week or two. Um,
1:02:22but it sounds like the I'm gonna say
1:02:26back to what I think the question is,
1:02:27which is like, should I quit medical
1:02:29school to pursue this fitness thing all
1:02:32in or does it make more sense for me to
1:02:33forgo some income today to have MD next
1:02:36to my name so that I could potentially
1:02:37make more in the future?
1:02:40>> It's not about making more. I think it's
1:02:42it's also about, you know, my vision
1:02:44would be to write books, speak around
1:02:45the world, and be an expert in
1:02:47preventive health medicine.
1:02:48>> Do all that without an MD.
1:02:54How how
1:02:55>> I mean, can you name me some of the big
1:02:58uh health experts that aren't MDs?
1:03:03>> Um, not at the level that I've thought
1:03:06of like Dr. Hyman or Peter Aia.
1:03:09>> Okay.
1:03:10>> Um,
1:03:11>> how many years left you have?
1:03:13>> How many years left?
1:03:14>> Oh, I'm just starting next year. So,
1:03:16that would be the plan. Yeah.
1:03:18>> Do your parents want you to be an MD?
1:03:20They don't care.
1:03:21>> After all the success I've had the
1:03:23business,
1:03:24>> well, before I before I started the
1:03:28business, I was pressured immensely. But
1:03:30>> uh after all the success where I'm in a
1:03:33place where with the assets I've
1:03:34accumulated, gratefully I don't have to
1:03:36do it. But it just it's calling me. I've
1:03:38been volunteering in the nonprofit space
1:03:40and with uh
1:03:41>> What are you so split about, dude? Like
1:03:43I mean you're going to you give what,
1:03:45seven years or six more years and then
1:03:47you're an MD?
1:03:49I mean, if you if you if Dr. Tia and the
1:03:52Aean Clinic and you know, Huberman and
1:03:54all that stuff. Well, Hubman's a PhD,
1:03:56right? He's not an MD.
1:03:57>> Um, and Tia, is he an MD or PhD?
1:04:00>> He's an MD. Yeah,
1:04:01>> he's an MD.
1:04:01>> Yeah.
1:04:05>> If it's like I want to be a doctor, then
1:04:06go be a doctor. Okay. You know, um
1:04:09>> the trade is that you're going to give
1:04:10six years and you're going to under earn
1:04:12for the next six
1:04:13>> and then you'll earn more later. How
1:04:15would you build a brand around it in the
1:04:17greatest in the best way possible? Doc
1:04:19>> being a doctor or being not a doctor
1:04:21>> going down that path or would you
1:04:22document the whole journey? What would
1:04:23you do for like brand leverage in the
1:04:25long like the best long-term way
1:04:27possible?
1:04:29>> I mean what's going to matter more is
1:04:30that once you become a doctor than that
1:04:32like you're using the establishment as
1:04:34your brand credibility.
1:04:36>> You can also just like so it's not a
1:04:38fair comparison if we're being real,
1:04:39right? Right. It's not a fair comparison
1:04:41to say uh would me with an MD be more
1:04:43successful than me without an MD. It's
1:04:45more would me with an MD starting with a
1:04:49six-year
1:04:50uh not head start, whatever the reverse
1:04:53of that is.
1:04:54>> Uh be more advanced than me with
1:04:56six-year head start without an MD.
1:05:00So, which of those do you think? But you
1:05:02don't want to make money. I can't
1:05:03remember what was the whole thing. the
1:05:04goal isn't like making
1:05:06>> this is why just so you guys know my
1:05:08biggest pet peeve in the world is that
1:05:11>> um because and I'll tell you why I'll
1:05:13tell you why
1:05:14>> this decision is so hard for you because
1:05:16you have nothing to optimize against
1:05:19like solve my life decision what do you
1:05:21want don't know hard to solve right if
1:05:24you said I want to make more money cool
1:05:26easy leverage to pull make big number go
1:05:28up happy face right if you're like I
1:05:30want to have impact then it's like cool
1:05:31make the number of people that we're you
1:05:33know interacting with go up. Happy face.
1:05:35If it's I'm just not sure what I want to
1:05:37do with my life,
1:05:39that's a you thing. Once you figure that
1:05:42out, like figuring out what to do is the
1:05:44hard part.
1:05:45>> Getting it is the easy part.
1:05:47And I think way more people get stuck in
1:05:49the just years of like I'm not sure what
1:05:51to do. And it's because they're afraid
1:05:52of making a decision.
1:05:54>> They're afraid of the path not taken.
1:05:56And so if you think about what deciding
1:05:58is, decadera, it's Latin, right? Which
1:06:01means to cut off. And the question is,
1:06:03which which future do you want to cut
1:06:04off?
1:06:08>> When you're 85 and you look back, which
1:06:09one do you regret more?
1:06:11>> Not doing the MD.
1:06:12>> Done.
1:06:13>> Yeah.
1:06:13>> Great. So, you just have to eat [ __ ] for
1:06:15six years and realize you're not going
1:06:16to make as much and that's the trade.
1:06:18>> Cool.
1:06:20>> Thank you.
1:06:20>> Do it. Appreciate [laughter] it.
1:06:25>> I'll be like, what is life? There's
1:06:27another one up here.
1:06:31Technically go. That's actually to me
1:06:33that's actually a focus one. If you like
1:06:34this video and you're a business owner
1:06:35who wants to break through your current
1:06:36revenue ceiling, I distilled every
1:06:38lesson from scaling 10 businesses past
1:06:4010 million and three businesses past 100
1:06:42million into a completely free scaling
1:06:44road map that I've used to go from 0 to
1:06:451, 0 to 10, and 0 to 100 plus. And so
1:06:48you can click here and you can check it
1:06:49out. Again, absolutely free. And since
1:06:51you're a business owner, appreciate you.
1:06:52And uh enjoy.

About this transcript

This page contains the full transcript of If I Had to Start a Business in 2026, I'd Do This | 1 Hour by MoreMozi, generated from the public captions YouTube serves with the video. The transcript has 15,308 words across 2,174 segments, with the original timestamps preserved so you can click any line to jump to that moment in the embedded player.

What you can do with it

Use the transcript to take notes, quote the speaker, build a study guide, generate a summary with ChatGPT or Claude via the YouTube Summary tool, or export it as a timed subtitle file with YouTube to SRT. You can also re-open it in the transcriber to translate the transcript into 100+ languages.

Free YouTube transcript tool

YouTube2Text is a free YouTube transcript generator — no signup, no daily limit. Paste any YouTube link and get the full transcript instantly, with timestamps, click-to-jump, translation to 100+ languages, AI prompts for ChatGPT, Claude, and Gemini, and exports to TXT, SRT, VTT, or Markdown.