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Why AI Is Making Business Owners Dumber — Transcript

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0:00The open claw and claw bot are just kind
0:02of blowing up everywhere right now. What
0:03do you think about it so far and what do
0:05you think will be the biggest impact on
0:07business owners?
0:09>> I think it'll separate the business
0:10owners who decide to be more
0:12tech-enabled than the ones who aren't.
0:15Um you'll realize that anything that you
0:16can do on a computer, it can do.
0:18Obviously, there's some safety concerns
0:19in terms of giving, you know, an
0:21autonomous robot access to whatever you
0:23want. Um and there's been tons of case
0:25studies of people like going wrong, but
0:26I think by and large
0:28you you often risk more by not adopting
0:31new technology than fearing the
0:33potential downside that a small
0:34percentage people experienced.
0:37>> Do you have any experiences you've had
0:39with business owners where they needed
0:41to adapt to technology to advance and
0:43they just chose not to and it tanked the
0:45business?
0:45>> So
0:47the only time you need to adopt
0:49technology is if every other person in
0:51your space has the technology and you
0:53don't and as a result can price
0:54differently than you and so they price
0:56you out of the market so that you can no
0:57longer do business. That's rarely the
0:58case. There's
1:00welders right now that only do fax
1:01machines. Like there's a piece of gym
1:03equipment that I got from a guy who
1:04literally responds to Instagram DMs and
1:06he he texted me a picture of his
1:08checking account to get a wire. So like
1:11you can absolutely make money with
1:12significantly less technology. It's just
1:14that you're less efficient than the
1:15people who do and at the highest levels
1:17of the game, it's going to be where it's
1:18the most competitive, but you can still
1:20make money because the tail the long
1:21tail of of people adopting technology is
1:24very slow. Like AOL just stopped this
1:27year.
1:29>> How much money can you make without
1:31adapting to technology?
1:32>> You can still make tons of money. It's
1:33just that you probably won't make as
1:34much as you would if you adapted
1:36technology. I mean, what is technology?
1:38It just gives you more for what you put
1:39in. So if you do something and you do it
1:40really efficiently without technology,
1:42you'll just do it more efficiently with
1:43technology, but you can still beat
1:44people who are not as good as you
1:46without technology.
1:48>> That makes sense.
1:49We've been talking about it.
1:50>> But but if you're competing against
1:51somebody who's as good as you and they
1:52have technology and you don't, they will
1:53win.
1:55>> What are some of the things that annoy
1:57you the most about AI?
2:01>> Um I hate two things about AI. One is
2:06that I think it is making people dumber
2:07because they are choosing not to think
2:09and they are letting AI make the
2:10decisions, but then they have no context
2:13into why decisions were made to begin
2:14with because they weren't the ones who
2:15did the thinking. The second is that I
2:17hate that so much of the world has
2:18almost immediately become AI slop. Like
2:21every caption on Instagram,
2:23uh I mean thank you messages that I get
2:24from people, people leaving
2:26testimonials, like it's just AI slop.
2:29And the biggest thing you can detect
2:30with it is forced negation and staccato
2:32sentences, meaning it's not this or this
2:35or this but that. Or it's not because
2:38this, it's because it's because this is
2:41this is this is. So they'll do this
2:43repetition of sentence structure and it
2:45gets really really annoying. And so most
2:47times you can take a paragraph of that
2:48and just turn it into a sentence of
2:49like, "What the [ __ ] are you trying to
2:50say?" and then just say that.
2:52>> Yeah.
2:53You've mentioned it a little bit in this
2:55shoot, but what kinds of businesses do
2:57you think are going to succeed because
3:00AI is so prevalent and people get tired
3:02of it?
3:03>> I think the businesses that will have
3:04disproportionate returns are ones that
3:05are very ops-heavy. So a marketing
3:08agency, for example, that heavily
3:10introduces AI, there will never be a
3:12lack of businesses that want new
3:14customers.
3:15The difficulty with scaling that
3:16particular type of business is the
3:18operational drag and the head count and
3:19the coordination of people. And so if
3:21you can have something that has amazing
3:22product market fit, which is get more
3:23customers for somebody, there's lots of
3:25demand there.
3:26Um but do it in a way that allows you to
3:28scale the ops so that you have
3:29increasing margins and you have less
3:31complexity, that becomes incredibly
3:32viable business. So people-heavy,
3:34ops-heavy businesses that are largely
3:36digital, those are businesses that will
3:38that will benefit the most.
3:40>> What are some things that you think
3:41haven't been popular? Like kind of this
3:44You talked about live streaming, for
3:45example. Like as AI, as fake becomes
3:49more prevalent, real becomes more
3:51popular. Can you speak on that a little
3:53bit?
3:55At least in choices of content, choices
3:57to do brick and mortar, choices to do
3:58community.
4:10>> I think AI scratches a human itch, but
4:14doesn't fully satisfy. And so, instead
4:16of having real relationships, we have
4:18porn. Instead of having real
4:19friendships, we have social media. And
4:21so, it's these these diet coke versions
4:24of what we actually want.
4:26And so, I think there's a going to be a
4:28barbell experience of everything is
4:30truly fake, and then on the other side,
4:31people want super real. So, there's tons
4:34of Gen Alphas and Gen Z's who are like
4:36switching back to flip phones because
4:37they're like they want to disconnect to
4:38this. There's people who are like want
4:39to like the demand for ranches and
4:41moving out in the middle of nowhere has
4:42gone up. And so, I think there's a
4:44percentage of people that are rejecting
4:45it or rejecting for a portion of their
4:47lives, and there're people leaning into
4:48it, and I think reality will probably be
4:49a blend of these two extremes. I think
4:51the middle is where our businesses will
4:52suffer.
4:53Like, you have to know which which which
4:55game you're playing.
4:57>> I have a quick question.
4:59Going back to what you were saying about
5:00fear.
5:01>> Mhm.
5:02A mile wide, an inch deep. Sorry, go
5:03ahead.
5:05>> Um
5:06on the topic of AI,
5:07people adapting to it, is it more fear
5:09or more complacency?
5:13>> Is Actually, ask the question again.
5:15>> So, when people not adapting to AI or
5:17implementing to their business, is it
5:18more fear or more complacency?
5:21>> I think it's I think it's complacency
5:23that they use the like the
5:25the reason is complacency, the excuse is
5:28fear.
5:30So, people are being lazy, but they use
5:32the legitimate reason of being afraid
5:34that it could do something to their
5:35business. What if it deletes all my
5:36emails? What if it deletes all my
5:37customer records? It's like, sure, but
5:38like, are there Would you want to take
5:40the next step of trying to figure out
5:42how to isolate it and give it clear
5:43guardrails to make sure or decrease the
5:45likelihood that it happens? Yeah,
5:46probably. But people don't do that cuz
5:48it's much easier to just be like, "Well,
5:49I heard it's not safe." And you're like,
5:50"Okay."
5:52>> So, it's just an excuse.
5:54>> Yeah.
5:55>> Pivoting a little bit into like kind of
5:58business mindset or kind of people that
6:00can support a business, what kind of
6:02person should not start a business?
6:07If any.
6:19>> I think business self-selects for people
6:21who should start and own them.
6:24So, I think many people want to have a
6:26business, and the ones who do not have
6:28them should not have them because if
6:29they should have them, they would have
6:30them. You learn the things that you have
6:32to do to build a business, and if you do
6:35them, you build a business.
6:37>> What's one of the skills that you had to
6:40learn?
6:41>> Believing that you have to be born with
6:43it is just a way to excuse yourself from
6:45trying.
6:46Real quick, if you're a business owner
6:48and you're not growing as fast as you'd
6:49like, I'd like to give you a free gift.
6:51So, my team and I put together the $100
6:54million scaling roadmap, which is
6:55basically 200 hours of us looking over
6:57all the portfolio companies we've had
6:58and what stages of growth they went
7:01through and more importantly, where they
7:02got stuck and how they got past it. And
7:04so, we broke it in these 10 stages and
7:06we made this little kind of quiz thing
7:08where if you put in your business
7:09information, it'll tell you where you're
7:10at and the most important part for you,
7:12what to do for each of functions of the
7:13business across product, marketing,
7:15sales, customer success, recruiting, IT,
7:17human resources, and finance. And so, no
7:19matter what you're struggling with,
7:21someone else has already struggled with
7:22it and solved it. And so, I'd like to
7:24give you this thing absolutely free. You
7:25can go to acquisition.com/roadmap,
7:27plug in your business information, and
7:29if you want us to actually help you
7:31de-confine the business and you're
7:32trying to scale, we'd love to help you
7:34out. On the thank you page, you can just
7:35book a call with my team and we will
7:38look at the business, see if we can
7:40help, and if we can, we'll invite you
7:41out to Vegas, and we'll do this in
7:42person, live.
7:44>> What's one of the skills you had to
7:45learn, or a way you had to change in
7:48order to support your company as it
7:49grew?
7:50>> Well, I'll just start at the beginning.
7:52I had to be willing to have people who
7:54disagreed with my choice, including my
7:56colleagues, my friends, and my family.
7:58And so, most people cannot get past one,
8:00two, or three of those, and so they just
8:02stay stuck.
8:05So, I mean, the first thing you have to
8:06do is be willing to be disagreed with.
8:11And I think you also need to be willing
8:12to look cringe.
8:14Because you will be cringe because
8:15you've never done it before. And so, it
8:17is a prerequisite of doing something new
8:19that you will suck. And so, many people
8:20are afraid of sucking, and as a result,
8:22they continue to lose because they never
8:23try.
8:26>> A lot of ambitious people often ask
8:29>> Is it it's um
8:38Losers stay losers because they are
8:40afraid of losing.
8:43So, they never try.
8:45>> Fear of failure?
8:46>> Hm? Fear of starting, yeah.
8:50What was it? Next one?
8:51>> A lot of ambitious people say that they
8:53have trouble making friends.
8:54>> Mhm.
8:55>> If you are doing exceptional things, is
8:57it inevitably hard to become friends
8:59with people?
9:02>> I think that you are
9:03>> [sighs]
9:04>> frame uh I think you're
9:11As you achieve rarer things, you will
9:13have less overlap with people who have
9:16not achieved those things. And if the
9:19vast majority of your time is spent
9:21achieving those rarer things, you'll
9:23have a smaller selection of people who
9:24share that experience. That doesn't mean
9:26that you can't talk about football, or
9:28talk about family, or talk about
9:29relationship, because many people have
9:31all of those things. Um but if you want
9:34to be friends with people who like the
9:35things that you like, then you naturally
9:37are going to have a smaller subgroup.
9:39>> Mhm.
9:41>> How did you choose the people that you
9:42keep in your circle?
9:44>> I just always think, does this person
9:45help me become the person I want to
9:46become?
9:47Do they get me closer or further? If
9:49they get me closer, then I want them
9:51closer to me. If they get me further, I
9:52want them further from me.
9:55And I don't think that's I don't think
9:56that's binary. I think that that happens
9:58naturally over time.
10:00>> Yeah.
10:03Talking about the people in your circle,
10:05what is your favorite thing about your
10:06wife?
10:08>> I think Layla has more fight in her than
10:10most people I've ever met.
10:12And so like she will just keep going.
10:15And so she will like she will fail, she
10:18will get knocked down, she will have
10:20pain, she will suffer, and then she will
10:22just continue to try again. And so she
10:24just doesn't have a lot of give up in
10:26her.
10:27And I have a tremendous amount of
10:28respect for that.
10:30>> Is there a quality of your wife that you
10:32wish you had more of?
10:33>> Patience.
10:36Empathy.
10:44Poise.
10:46I'd say those are probably the three big
10:47ones that if I had to
10:50pinpoint are like probably the three
10:51areas that she had that I've grown the
10:54most of
10:55as a result of being married to her.
10:56Like I am more patient now than I was. I
10:58am more empathetic than I used to be. I
11:00am more poised
11:02um
11:03you know, I would say like high emotive
11:05situations than I used to be.
11:10>> What do you think you rubbed off on her
11:11the most?
11:14>> Teeth.
11:16When I met Layla, she just wanted to
11:17like save the world.
11:19Um and so
11:22it's yin and yang. It's like you need
11:24both.
11:25It's like you need you need
11:27you need somebody who's going to like
11:28you need good cop and you need bad cop.
11:30It's yin and yang. And so I think like
11:32the
11:33the beauty's in the middle. And I think
11:34it's it's a dichotomy to me to me it's a
11:38dick I think it's a dichotomy to be
11:39managed not a problem to be solved. I
11:41don't think anyone's perfectly in the
11:43middle and I also think perfectly in the
11:44middle is not really a thing because
11:46different sides of you need to come out
11:47at different times.
11:48And so I think that she's probably had
11:50more aggression as a result of being
11:53with me. Um I think she's become more
11:56direct as a result of being with me. Um
12:05I think that she's been able to draw
12:06boundaries better because she's been
12:09with me.
12:11So like
12:12selfless selfishness like if there's
12:15nothing left for me to give then I will
12:17be able to give less. And so I have to
12:19draw these lines so that I can net give
12:21more over a longer period of time versus
12:24get overused and over given in a short
12:27period.
12:28>> How do you both say
12:29>> I actually think we both learned that
12:30from each other. We both were like over
12:31givers in the beginning and just got
12:33like taken advantage of a lot and so we
12:34both kind of like I think we both kind
12:36of protect each other from that. Like
12:38he's trying to take advantage of you or
12:40whatever. He's he's overstaying his
12:41welcome. This guy is trying to trying to
12:43he's got an angle and we both kind of
12:45see it and Layla has phenomenal judge of
12:47character. She's
12:49in our in our 10 years she has never
12:51been wrong about anyone.
12:53Which is wild.
12:55I've been wrong about a bunch of plenty
12:56of people.
12:59>> Going back to saying boundaries.
13:00>> Mhm.
13:02>> How do you feel best to do that in your
13:03position?
13:06>> [snorts]
13:09>> I think it's being okay with delay and
13:11non response. So if I and also
13:13distancing. Like I had a conversation
13:16um 2 days ago with somebody that I see
13:18as a friend but because of some um
13:21behaviors that they found permissible
13:23like within their presence. I was like
13:24hey man I just want to let you know like
13:25I'm still homies with you. I was like
13:26but I can't have this around me. So, I
13:28was like, so, I'm just making you aware.
13:30We're cool, but like you can't sit at my
13:31table anymore.
13:32And so, it's just like
13:34like but like it's I've done that so
13:36many times now that it's not it doesn't
13:39even feel personal. And I think that
13:41I've been able to deliver that news like
13:42I've just gotten better and better at
13:43saying it. And so, it's like, to be
13:45clear, I'm not blaming you. You can make
13:46whatever choice you want. I'm good with
13:48it. It's just that like these are my
13:50lines.
13:51And this is no longer acceptable to me.
13:53But if it's acceptable to you, [ __ ]
13:56by all means.
13:57And so, to like that seemed to great
13:58It's like if you if like if someone
14:03like
14:04I will judge someone
14:06by the company they keep.
14:09You know, like and there's to be fair,
14:10there's a difference. Like if you were
14:11taking care of your sibling who's a
14:13heroin addict,
14:14that's very different than like I
14:17voluntarily choose to have to be all
14:19surrounded by drug addicts in my life.
14:21And I'm like I mean, again, your choice.
14:23Do whatever you want. I just don't want
14:24that in my life. And so, like I won't be
14:26friends with you cuz I know what you
14:27bring with you and I don't want that
14:28baggage.
14:31>> You believe you are the sum of the
14:33people that you're around.
14:35>> I think that your environment shapes
14:37your behavior more than anything else
14:38does.
14:39And I want
14:42my behavior to be as frictionless as
14:44possible towards the outcomes that I
14:46want.
14:47I want to be I want it to be easy. I
14:49want it to be as easy as possible to
14:50work as hard as I can on the things that
14:51I find meaningful.
14:54>> How do you structure your environment to
14:55be that? Just like small things that
14:57people wouldn't think about.
15:00>> I think everyone gets this wrong.
15:02Structuring the environment to maximize
15:04your
15:05basically time on goal is about removing
15:07everything that's not on goal.
15:09So, it's not like what are the 20 hacks
15:11that I have? It's really just what are
15:12the 20 things I remove so there was
15:13nothing left but the thing that I needed
15:14to do.
15:16And I think that works digitally, that
15:17works physically.
15:18It's like
15:19like you want Again, perfect focus means
15:22that you do literally nothing besides
15:23the task that you need to do. And so,
15:25anything that is not that is by
15:26definition less focused. And so, if I
15:27want to be more focused, I have to
15:28remove things, not add things.
15:32It's not this, it's that. It's not
15:34success, it's revenge.
15:35>> Not me, it's not her my
15:37>> Yeah.
15:38>> Yeah.
15:38>> Yeah.
15:41>> Uh pivoting a little bit,
15:42just as an opener,
15:44is there a founder or business you've
15:46looked at recently where you have found
15:48what they are doing or how they are
15:49moving
15:51inherently interesting?
15:53>> I mean,
15:56I think Elon's doing a pretty good job
15:59launching a zillion satellites in the
16:00space, trying to generate power directly
16:02from the sun because it's five times
16:03more efficient and you don't need to
16:04have a battery. So, like, that makes a
16:06lot of sense and they're cheaper to send
16:07to space,
16:08uh the panels themselves because you
16:10don't have to have all the weather cuz
16:11there's no weather in space. Like,
16:13that's great first principles thinking.
16:14And being able to vertically integrate
16:16that with AI that then generates two
16:19phones because he has Tesla that can
16:20make the robots and the phones. Like, he
16:22can go full stack from literally like
16:24the sun to people's hands and he owns
16:26the entire value chain. Like,
16:28and in order to think of that business
16:29model and having
16:30called that shot like 30 years ago, and
16:33he's been working, if you look at his
16:34earliest interviews, towards this one
16:36goal for that entire period of time,
16:37like,
16:39yeah, that's impressive.
16:40>> Is there a story cuz there's a lot of
16:42stories that come out about Elon. Is
16:43there a story you remember that stuck
16:45with you in terms of what you learned
16:47from it?
16:49>> Well, I mean, my favorite like
16:51actual thing that I have learned from
16:53Elon
16:55business-wise is his kind of algorithm,
16:57which is question all requirements,
16:59delete the unnecessary requirements,
17:01optimize what's left, uh accelerate,
17:06and then automate. And so, I'd say
17:08tactically applying that algorithm
17:10everywhere has been like very tactically
17:11useful for me.
17:12Um
17:14so,
17:15I think the
17:17the biggest shift that has to happen for
17:18business owners in terms of hiring new
17:20talent in the age of AI is shifting from
17:22role-based thinking to workflow-based
17:24thinking. And so, we put out job
17:26requirements the way we normally would,
17:28and usually there's like, "Oh, we need
17:29an X." But, the thing is it's the titles
17:31matter significantly less and less as so
17:33much of a role is really just like a
17:35circle with six or seven workflows that
17:39this person is interjected into, right?
17:40Rather than like roles and
17:41responsibilities and like timeliness and
17:44whatever the hell people would put in
17:45there. Fundamentally, it's like, I need
17:47this person to plug into these six holes
17:49in the business. And these six holes
17:50actually represent these workflows. And
17:52then to what degree does each of these
17:54individual disparate workflows can be
17:56automated? And so, everyone every
17:59business owner at this point should be
18:01able to draw their business in terms of
18:03workflows of inputs and outputs rather
18:06than this is an org chart. And so, this
18:08is the shift between, you know, 2026 or
18:112025 thinking of people in seats and
18:14tur-
18:15and entering into the 2030 frame of
18:17raw inputs and outputs that are
18:19valuable.
18:22>> That's really cool.
18:24Who should be on your staff mountain
18:25Rushmore and why?
18:28>> Uh my entrepreneur Mount Rushmore?
18:30I would have
18:33Was it four faces?
18:35Yeah, so I would have Elon, Bezos
18:38So, yeah, so I would have Elon, Jeff
18:40Bezos,
18:41Warren Buffett.
18:46Actually, I'd probably have
18:48Elon Musk, Jeff Bezos, Charlie Munger.
18:51I've learned more from Charlie.
18:53Um
18:55Who's number four?
19:02Rockefeller.
19:04He'd be my number four.
19:06>> Why?
19:08>> Savage.
19:10And um from his letters to his son,
19:14I learned one of the important lessons
19:15for me, which was the reason I'm such a
19:18fan of Rockefeller is because of one
19:20very important lesson that I learned
19:21from the letters that he sent his son,
19:23which was he tells the story of how he
19:25was the second largest oil producer, and
19:28he went to go try and buy the largest
19:29producer. And the guy like rebuffed him
19:32a bunch of times every time he tried to
19:33buy, and then finally he was able to get
19:35a deal done, and he you know, he way
19:37overpaid for this facility.
19:40And the guy was laughing at him saying
19:42like, "Well, you know, you're an idiot.
19:43I can't believe you paid this much for
19:44my business."
19:45And in the next 30 days, he did
19:47something like 24 deals.
19:49And the reason he was able to do those
19:5124 deals is because once he was number
19:53two and bought the number one, he had
19:54such a significant part of the market
19:56share that he was able to say he was
19:57number one in the market. And with that
19:59story, he was able to do 24 more deals
20:02that were significantly more lucrative.
20:04And so, what I learned from that was the
20:06value of the story. So, there was the
20:08price of the assets in the business, and
20:10then everything he paid in excess he
20:12paid to do one thing, which was to be
20:13able to say that he was number one, so
20:15that he had the leverage in the rest of
20:17the negotiations. And so, it was really
20:19shifting from this like, I have to get
20:21an amazing deal on every single thing I
20:22do, which happens across business all
20:24the time, to taking a step back at the
20:26global outlook of like battles and wars.
20:29Like, I'm willing to lose battles to win
20:30wars.
20:36>> Speaking of famous entrepreneurs,
20:39I was watching the Social Network
20:40recently. Have you seen that movie?
20:41>> I have.
20:42>> Where Saverin gets cut out of, you know,
20:45his shares get diluted?
20:47>> Um Eric and I were actually talking
20:48about it cuz I was like, well, he wasn't
20:50there.
20:51>> Mhm.
20:51>> If he had been there creating value for
20:53the company, what would be the chance
20:55that his shares would have been diluted?
20:57>> Mhm.
20:57>> Do you think in most cases in life,
21:00you can avoid bad outcomes by creating
21:03value?
21:04>> Well, I think his stake is like 11
21:07billion now. So, he's done okay.
21:09Um
21:10and the reason Saverin was able to get
21:12paid was because he did the one thing
21:14the other two guys didn't do, which is
21:15that he took on risk.
21:16So, he was the one who paid for it in
21:18his LLC and he was the one who
21:19capitalized the business and risked
21:20money.
21:21And so, many people had had claims to
21:24Facebook, but when you write the check
21:26and you take the risk,
21:27it's something that no one can take away
21:29from you. And so, I actually see a very
21:31different lesson from that, which is he
21:32who takes the risks holds the leverage.
21:34And that is why he was able to get such
21:36a significant chunk of the company. Um
21:38and so, in a world where
21:40all human tasks can get automated by
21:42robots and AI, the last bastion of value
21:45that a human can have is that they can
21:46choose to take on a risk.
21:57I think that risk, I mean, I've there's
21:59books and books written on risk, but
22:03I think risk is largely misunderstood by
22:05most people because they see the
22:06downside is exaggerated and the upside
22:08is minimized.
22:10Is that they extrapolate me failing into
22:14death and isolation and no one will ever
22:16want to see me or love me again.
22:18Um and they truncate what they believe
22:21is possible because they can only see
22:23the two feet in front of them based on
22:24their existing vantage point. But, like
22:27once you start climbing the mountain,
22:28you get a better perspective and you
22:29start seeing what is possible. And so, I
22:30think one of the the big gifts of
22:32entrepreneurship is that one, it is the
22:33best process of personal development.
22:36And two, the more you accomplish, the
22:38more you realize you can accomplish. And
22:39so, you can set your sights higher, not
22:41from like a ever-moving goalpost
22:43perspective, but uh how much more impact
22:45can I have that I didn't think was ever
22:47possible when I started this journey.
22:51And so, if you're judging
22:53whether it's worth
22:54to climb Everest based on the first 20
22:56feet and you think I could die, it's a
22:59very different bet versus seeing the top
23:01of the mountain. and maybe you're going
23:03to have harnesses and hooks and sherpas
23:05and the likelihood you die might be
23:06there, but it's significantly lower than
23:07you think.
23:10>> What's one of the risks that one of the
23:12bigger risks you took that was a turning
23:14point for you early on in business?
23:16>> The biggest risk I ever took was
23:17starting the first gym.
23:18By far.
23:20Not even close.
23:21Um signing a lease for $300,000 when I
23:24had
23:25I mean
23:27$50,000 saved up and I had never run a
23:30business before and I'd never gotten a
23:32customer before and having to pay $5,000
23:34a month in rent
23:36with no clue of how I was going to pay
23:38it and it was due in 14 days. Like
23:40that was by far the riskiest thing that
23:42I ever did and the only reason that I
23:43took that risk was because I was so
23:45ignorant. Like I wouldn't advise anyone
23:47to take that risk. Any I only took it
23:48because I Like I
23:50Like by the grace of God
23:53Like figured out in that 14-day period
23:56how to make it work and I made the exact
23:58amount of money literally $4,000 instead
24:00of $2,000. I still remember it.
24:02Was what my rent cost. And I made that
24:04exact amount of money
24:06in the days that it took like to the
24:08dollar. I didn't even realize that until
24:09after the fact. To the dollar. And then
24:12I remember all my rent disappearing and
24:14then having to do it again for the next
24:16month and thinking man, real estate's
24:18not a bad business.
24:20>> [laughter]
24:21>> Um I was like that guy just made
24:23literally every dollar that I made off
24:24of this last [laughter] month
24:26and he didn't do anything uh except he
24:28took the risk of owning the building.
24:32>> Do you think there's value in ignorance?
24:40>> I think that there is value in ignorance
24:43in that it lowers your action threshold.
24:46And so in a lot of ways many
24:48entrepreneurs start saying like we
24:49didn't know what the hell we were doing
24:50and it's like of course you didn't
24:51because it was the first time you did
24:52it. And the thing that you have in
24:54common with every great entrepreneur is
24:56that the first time you do anything is
24:58the same way they approached it too,
25:00which is that they hadn't done it
25:01either.
25:02So, they don't you don't have an you
25:04don't have an inherent disadvantage.
25:06>> The midwit meme is one of your favorite
25:08memes.
25:08>> Mhm.
25:09>> Why is that the case?
25:12>> Because it's kind of like Pareto's
25:13principle of like there's 80/20 and I
25:16think the midwit meme just appears
25:17everywhere.
25:18Like there's so many
25:20like, you know, I want to start a
25:22restaurant. Well, just make sure the
25:23food's good and it's not too expensive.
25:25And then in the middle it's like
25:27inventory and staffing and like all the
25:28stuff and the end is just like just make
25:29sure the food's good and that it's
25:30properly priced. And the same thing for,
25:33you know, fitness. It's like, all right,
25:34just eat protein, lift more weights, you
25:36know, pick good parents,
25:37>> [laughter]
25:38>> and then in the middle it's like set
25:39schemes and rep schemes and you know,
25:40undulating periodization and like
25:42hypertrophy and cycles and blocks and
25:43blah blah blah and at the end you're
25:44like, just, you know, try hard, eat
25:46protein, and pick the good pick right
25:47parents.
25:47>> Do you think the next decade is going to
25:49produce more or less entrepreneurs?
25:51>> Really good question.
26:03It's really tough. I think short-term,
26:05long-term. I think short-term, yes.
26:07Long-term,
26:09maybe not.
26:10>> Why maybe not?
26:11>> So,
26:14I see technology as something that
26:16increases the value of one human and
26:18decreases the value of all humans.
26:20>> Elaborate.
26:22>> So,
26:26if one person has a god robot, right?
26:29Then that god robot makes that one human
26:32significantly more valuable, but it
26:34makes the value of every other human
26:36less valuable. Whenever
26:39a robot can do something that a human
26:40can do, it means that when that human
26:42does it, it is less valuable than it was
26:43before.
26:44Which then forces the We're like, well,
26:46then it forces people to learn. I'm
26:46like, yeah, but if we take the
26:48equivalent, which is that it was once
26:49valuable and is no longer, the
26:51technology made the human labor less
26:53valuable.
26:54And so that only works until it can
26:55replace all labor.
26:57And then money will still have value,
27:00but not labor. And that is where we get
27:02into a tricky situation.
27:05>> What do you think is going to happen to
27:07college and traditional schooling in the
27:08next 10
27:09>> Oh, I mean who [ __ ] I mean college
27:11college is so it's like
27:13I mean I think that it like college
27:15makes absolutely no sense.
27:18Um and I and I've I haven't been as
27:19aggressive about that in past I've been
27:21like well it kind of depends but that
27:22was like 4 years ago when I made that
27:24you know my first college video. I'd say
27:26with the advent of AI it has there's
27:28there's two things that have made
27:29college significantly less valuable.
27:32So thing number one is that the
27:33education that you get at college is for
27:35sure inferior now to free alternatives.
27:37Like that that was like maybe arguable
27:39and it is now definitive. Like an AI
27:41tutor that can teach you whatever you
27:43want in real time is more valuable.
27:46On the other side from a cost basis it
27:48for sure doesn't [ __ ] make any sense
27:49because you can get a better thing for
27:51less. So like now there's that part. And
27:53so then the only thing that people make
27:54the argument for for college is that it
27:56forces networking for people to who are
27:59in lower who start with lower
28:00socioeconomic status to network with
28:02people with higher socioeconomic status.
28:04Um
28:05that is maybe the only thing. But I mean
28:07like there's platforms like school and
28:08whatnot that can bring communities
28:09together. But the last piece is like
28:11okay well do you have higher earning
28:12power which is is literally just not
28:14true anymore. Like you don't have higher
28:15earning power as a result of being a
28:16college graduate. And so the value
28:19proposition is just is
28:21you don't get more educated, you don't
28:23get better job prospects, it costs money
28:25and take longer.
28:28And I think that that has just gotten
28:29more and more extreme in the past 4
28:31years. And I think that that will
28:33accelerate.
28:34Like if you're if you're 18 years old
28:36right now,
28:38there's very little point in saying I
28:39want to become a doctor.
28:43Like by the time that you graduate
28:458 years from now and then you're
28:47finished your residency 10 years from
28:49now, whatever it is.
28:51Like there will be surgical robots and
28:53diagnostic robots right now that they
28:54will just they'll they'll literally beat
28:56humans at everything. And we can say
28:58whatever we want. When it comes to
28:59health, I think people are going to be
29:00like, I would choose human, but I'm
29:02going to choose the thing that gets me
29:03to die less.
29:05And so
29:07Yeah.
29:07>> If you were to make a new structure for
29:10the next generation 18-year-olds that
29:12would replace college, what would it
29:13look like?
29:15>> Go outside.
29:18>> [laughter]
29:19>> Turn off phone. Go outside.
29:23Go on dates.
29:25Um
29:26>> Meet people.
29:27>> Yeah. Yeah, right.
29:29Um
29:33I actually think what Joel Lyman is
29:34doing with Alpha School is really the
29:37much better version of what education
29:39should look like, which is 2 hours a day
29:40of kind of quote formal study, which is
29:42AI tutor driven, which is learning based
29:44on the style of learning of the human.
29:47And then 6 hours a day of kind of real
29:49life skills and social skills, which are
29:50far more applicable. And even in those 2
29:52hours a day, they advance at twice the
29:54speed at 98th percentile.
29:56And so it's just like the old system is
29:58broken. Joel Lyman, thankfully, is a
30:00multi-billionaire and like has the
30:02resources and horsepower to actually
30:04like affect change. Many people have
30:05tried to tackle education, few people
30:07have succeeded, mostly because education
30:08is such an entrenched government-backed
30:11blah blah blah. Um
30:13But yeah, for 18-year-olds, I think you
30:15I would more or less model that. And a
30:18lot of learning comes from eliciting
30:20trial attempts, which is how do I get
30:22people to try and do stuff, not to
30:24recite information, because once they
30:26get in the real world, has very little
30:27to do with reciting information. And
30:29when information is available at your
30:30fingertips in real time and
30:31personalized, that skill is almost
30:33nothing.
30:36>> In the world of infinite scroll, how do
30:38you suggest somebody build structure?
30:41>> Build structure.
30:44I would put as much friction as possible
30:46between you and the things that distract
30:47you and as much lubrication between you
30:50and the things that you want to do. So,
30:51for example, um I have multiple layers
30:56of kind of like bricking, you know, or
30:59multiple layers of stopping myself from
31:01like scrolling, for example. So, like
31:03number one, I have an app that like I
31:05have to scan and I can put the token in
31:07another room and I like my phone cannot
31:09unlock until I physically go do that.
31:10So, that's number one. Number two is I
31:12have physical things that slow down like
31:14even if that's not on, if I go on any
31:16social media, I have to wait 10 seconds
31:18between me hitting the app and it
31:19starting. So, it delays the reward
31:21cycle.
31:22Um
31:23the third thing is that if I'm going to
31:24post, I'll typically post through a tool
31:28even if I want to post in real time so
31:30that I don't go on the platform to try
31:32and make a post and then lose 15 minutes
31:34getting, you know, sucked in. And so,
31:36those are just like three micro examples
31:38of ways that I can just distance myself
31:40from something that distracts me. And
31:42then obviously on the other hand, uh
31:43lubricating the path of getting things
31:45done is just removing all distractions
31:47besides the work that you want to do.
31:51>> Where do you get your inspiration from?
31:53>> Um I mean
31:58I honestly do get inspired by looking at
32:00the best entrepreneurs of our time and
32:02like what they're doing. You know, the
32:03the the Altmans, the the Musks, the
32:06um
32:08you know, Gemini's not really certain uh
32:10Google's not really like an
32:11entrepreneur, but you know, uh Sundar
32:14and uh Satya, you know, just throwing
32:16down and like really making huge moves.
32:20Um
32:21I aspire to get to a point where I can
32:23make bets that move industries. I'm not
32:25there, but um that is something that I
32:27find very cool.
32:31>> You mentioned that you typically only do
32:34one new thing
32:35>> Yeah.
32:36>> What's that famous you
32:38>> Can't tell you.
32:39>> Ooh.
32:41You'll know.
32:43You'll find out.
32:45Yeah.
32:46>> Even if you can't share details,
32:48what
32:49>> [laughter]
32:51>> What gets you out of bed right now?
32:54>> Um I wake up pretty much automatically.
32:56Uh
32:57>> [laughter]
32:58>> Um
33:03Honest answer is I like what we do. I
33:05like coming here. I work out with people
33:08I like first thing in the morning. It
33:09sets my day up.
33:11Um
33:14We have a great team of leaders that are
33:15really confident that I admire, that I
33:18like seeing. So, we have a community
33:20here at ACQ.
33:22And Layla and I built it that way on
33:23purpose cuz we've done the entirely
33:24remote thing.
33:26And for sure you can succeed with it.
33:28It's just like at what point you decide
33:30like how do I want my life to look? And
33:32we wanted to have people around us that
33:33we thought were cool.
33:35And so, we structured our life to do
33:37more of that. Um And I think a big part
33:40of that question is like, "Well, what
33:41else would I do? Like what is my best
33:43alternative?" And there's not many
33:45things that I enjoy more than doing
33:47things I like with people I like. And
33:48I've just structured my work to be more
33:50or less that.
33:53>> What brought you to Vegas besides state
33:54taxes?
33:56>> Um
34:00a handful of things.
34:02Um
34:03Number one, you have some of the best
34:04food and beverage in the world. So,
34:05that's cool. You have every
34:07entertainment show goes through here.
34:08So, if you want to see anyone, it's
34:09there.
34:10Um obviously there's low taxes. There's
34:12also amazing trust laws here for asset
34:13protection. Um there's an airport that's
34:17direct flight to anywhere, basically
34:18even international. Um so, in and out,
34:21that's super helpful. Also, because
34:22Vegas is a hub and almost every
34:24professional comes here for at some
34:25point or another per year. It has
34:27built-in networking for me because I get
34:29texts every week of like, "Hey, I'm in
34:30town. Are you here?" And the benefit of
34:32that is that I don't have to entertain
34:34them. It's like, "Hey, we can grab a
34:35drink or we can get lunch or we can
34:37catch a workout." Rather than it being
34:38like, "Okay, now I'm going to entertain
34:39you for 2 days." Which I can't really
34:41do. Um
34:43and then a a bonus item number seven is
34:45that Vegas has one of the best Amazon
34:47distribution hubs. And so, we get
34:48same-day, you know, within hours
34:50everything. And um
34:53I see all those as benefits of Vegas.
34:56Also, it's
34:57you know, a 30-minute flight from
35:00mountains, ocean, beach, water, hiking,
35:03whatever you want. I mean, hiking you
35:04can do here, but like you can get
35:06whatever you want in the Southwest
35:08really easily.
35:11Those are my reasons for liking Vegas.
35:13>> So, you talk about working out with cool
35:15people. You have a lot of your employees
35:18in your gym. Can you tell us about that
35:21environment and what you like about it?
35:31>> I mean, I just think it's a great vibe.
35:35Everyone's there. Everyone's trying to
35:36do better. Everyone's trying to push
35:37each other.
35:38I mean, a lot of the guys have gotten
35:40way bigger, gotten way stronger.
35:42And I think if we normalize
35:47working hard
35:49in the gym,
35:50I think it sets people up for better
35:51days.
35:56I mean, for me
35:58working out at the gym
36:00is the highlight of my day. And so,
36:04I also know that it's not working out.
36:07So, like I've worked out alone, I've had
36:08home gyms, and
36:10it took me a while to realize a couple
36:11things that make working like why do
36:13some workouts suck and why some workouts
36:14are great? I can't be in a rush. If I'm
36:17in a rush, it's kind of like
36:18eating a four-course meal or trying to
36:20like shove your face with McDonald's
36:21between meetings. It's like there is
36:23you're eating both times, but it's very
36:25different when you're like in a rush to
36:27just like get a workout in versus like
36:29taking your time and really enjoying it.
36:31The second thing is like eating alone
36:32versus eating with people, working out
36:33alone versus working out with people. I
36:35think working out with people not in a
36:36rush
36:37is one of the best things out there for
36:39me.
36:40Um
36:40I love the environment of lots of people
36:42pushing each other.
36:44Uh which then I think carries over to
36:46everything else that people do. Um and I
36:48think in a gym in a gym environment it
36:50allows people to be more relaxed. And
36:53you get more time
36:55kind of you get more interpersonal time
36:58between sets than you do between
37:00meetings.
37:01And I think that strengthens bonds so
37:04that when work and hard things do happen
37:06at the job, there's rapport and trust
37:08that's already been built off out of the
37:11office that can transfer into the
37:14office.
37:15>> Do you positively reinforce your
37:16employees for working out?
37:19>> I think positive re- positive
37:20reinforcement occurs more than anything.
37:22So like
37:24if the boss is there, that in and of
37:26itself will be reinforcement. If they
37:27feel like they're getting credit for
37:28showing up early, and if I have deemed
37:30that showing up early is something that
37:31I find, you know, good, then they will
37:34associate with that. Um
37:37So yeah, I think
37:38like but it's the thing is is it doesn't
37:41mean that people don't come in and work
37:42out I respect them less. It's more that
37:44I just get more time with those guys who
37:45choose to do it.
37:48Wouldn't even work if we had 150 people
37:50in the basement.
37:51So like it's it's good that everyone
37:53doesn't work out at the same time. It
37:55would suck.

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