YouTube transcript (zNiXk_3C_Io) — Transcript

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1. 0:00you're not making as much money as you
2. 0:01want because you're working on the wrong
3. 0:03stuff you're chasing opportunities
4. 0:05rather than solving problems so a
5. 0:07problem is something that threatens the
6. 0:08future livelihood of your business so it
7. 0:11decreases the likelihood that your
8. 0:12business will continue to exist so for
9. 0:14example if you get customer complaints
10. 0:15from your product that is a problem if
11. 0:18your processor you know relationship
12. 0:21becomes a red flag that is a problem
13. 0:23your sales team starts dropping
14. 0:25conversions that is a problem these are
15. 0:27things that threaten whether or not
16. 0:29you're going to be live tomorrow now the
17. 0:32second bucket are missed opportunities
18. 0:34these are things that you are not doing
19. 0:36but you should be doing in your business
20. 0:38that could expand or grow your business
21. 0:40here is the fundamental problem in my
22. 0:43life I have almost equally colored them
23. 0:45the same as just things to do I need to
24. 0:48fix the sales team I also need to get
25. 0:50this email follow-up campaign redone
26. 0:53because it sucks right or it's not there
27. 0:55to begin with we need to get this
28. 0:57retargeting across all platforms why
29. 0:59aren't we doing that and you probably
30. 1:01have this list of what I consider should
31. 1:03do right I know I should be doing all
32. 1:05these things but I'm not and so this is
33. 1:07where this gets really painful for the
34. 1:09entrepreneur myself included which is we
35. 1:13only have limited resources but our list
36. 1:17of should do is unlimited the amount of
37. 1:20opportunities taken to their natural
38. 1:22extreme is that you have a business that
39. 1:23selles everything to everyone think
40. 1:25about it at every Point there's there's
41. 1:27oh we could have a product here there
42. 1:29that's a opportunity for Revenue
43. 1:31expansion oh we should add in this other
44. 1:33channel that's a possibility or
45. 1:35opportunity for Revenue expansion and so
46. 1:37what ends up happening is that over time
47. 1:39Everything feels like something that you
48. 1:41should do and then over time your list
49. 1:44just gets longer and longer and longer
50. 1:47and unless you delineate which thing is
51. 1:50a problem and which thing is a missed
52. 1:52opportunity you will get way overwhelmed
53. 1:55so this is why I think this is so
54. 1:58crucial missed opportunity
55. 2:01are typically more fun they're exciting
56. 2:04they're new things they're shiny and
57. 2:06that's why us entrepreneurs love
58. 2:08pursuing them the reason that I talk
59. 2:10about focus and the woman in the red
60. 2:11dress so often is it's because it's the
61. 2:14thing that I struggle with to this day
62. 2:17most often and so half of these sermons
63. 2:19probably more than half are actually
64. 2:21just me yelling at me to be clear now
65. 2:25these are really fun and exciting and
66. 2:26they tend to be around the things that
67. 2:27you love and so if you're a product
68. 2:29person you're probably going to have a
69. 2:30lot of product should dos if you're a
70. 2:32marketer you're probably have a lot of
71. 2:34marketing related should do if you're
72. 2:36customer success related same thing so
73. 2:39if you're Finance same thing whatever
74. 2:41your thing is tends to be the thing that
75. 2:43you like doing the most of and that's
76. 2:44where you tend to see the most missed
77. 2:46opportunities because that's where you
78. 2:47spend the most time you can always see
79. 2:49the next step The Next Step the next
80. 2:51step and you keep wanting to grab those
81. 2:52other things and bring them into your
82. 2:53business because you see how much money
83. 2:55that we're quote leaving on the table
84. 2:56problems on the other hand suck and
85. 2:59they're not fun and it's usually you
86. 3:01going into something that you set up
87. 3:02once and having to fix you thought it
88. 3:04was going to work but it's not being
89. 3:06executed properly or there's some key
90. 3:08problem that that you didn't expect it's
91. 3:10basically you did something a new piece
92. 3:12of information came to light and now you
93. 3:14have to do something about it the reason
94. 3:16beyond what I just said of why you
95. 3:18shouldn't focus on the missed
96. 3:20opportunities because there's obviously
97. 3:21so many of them and it taken to the
98. 3:22National extreme it's literally
99. 3:23everything is also because when you
100. 3:26prioritize Miss opportunities you grow
101. 3:29your business but guess what else
102. 3:31happens you grow your problems and so if
103. 3:34you have not solved your problem before
104. 3:37growing the business that problem just
105. 3:39gets bigger some of you guys may have
106. 3:41noticed that I've been making a little
107. 3:43bit less content lately and so I've been
108. 3:45super busy on this big missed
109. 3:48opportunity I put it that way and I've
110. 3:50been pouring tons and tons and tons of
111. 3:52hours into this big new project like
112. 3:54massive thing for
113. 3:562025 and Lea basically came to me and
114. 3:59she was like I'm dying over here like I
115. 4:02need your help I need you back right
116. 4:04like your head's not in the game like
117. 4:05you're like we're we're doing business
118. 4:07every day and you're over here trying to
119. 4:08build the future and the thing is is
120. 4:10this is not a problem to be solved it's
121. 4:11a dichotomy to be managed if you're the
122. 4:13Visionary entrepreneur in the business
123. 4:15it's normal for you to live 3 months 6
124. 4:18months a year plus out that's normal but
125. 4:22you can't take your eye off the ball
126. 4:23from today and so for me this was a
127. 4:25pendulum that I was swinging too far in
128. 4:27this direction and so she was like dude
129. 4:30you need to make some content you
130. 4:31haven't like you're not you're not like
131. 4:32you're not spending any time on it and
132. 4:34so um to give you context I think over
133. 4:36the last two weeks we've had have we
134. 4:38even had a a scheduled recording session
135. 4:41yeah so we've had about one we've had
136. 4:43one recording session last week and this
137. 4:45is now one
138. 4:46today and the the ones that I was going
139. 4:50to I wasn't as prepared as I should have
140. 4:52been uh for those sessions I was like
141. 4:54all right all right what are we what are
142. 4:55we talking about today and you know the
143. 4:57team kind of basically uh gave me gave
144. 4:59me the talking point point and so for
145. 5:01you guys it may not be content right it
146. 5:03may be you need to make ads it may be
147. 5:05you need to be looking at the outbound
148. 5:06team it may be our customer success is
149. 5:08failing whatever that thing is it was
150. 5:10the thing that's hard right and so for
151. 5:13me like I like despite the fact that
152. 5:15everyone thinks that I'm a content
153. 5:16creator this is not my main job all
154. 5:18right and so my life is not as you know
155. 5:22as much as I try right as much as I try
156. 5:24to make more cont everybody like it's
157. 5:25not it's not the main thing still and so
158. 5:28um but I let it get away from me and so
159. 5:30the thing is is like I've given I've
160. 5:32learned to over time give myself a
161. 5:34little bit of Grace in saying this I
162. 5:35will never solve this it is
163. 5:37unsolvable but it's simply about
164. 5:40percentages of the pie that I'm going to
165. 5:42allocate to Now versus the future and I
166. 5:45get a little bit too over indexed on the
167. 5:47future that's in my nature and so I have
168. 5:49to overemphasize the present because
169. 5:53this if this doesn't work then that will
170. 5:56never happen anyways and I think Leila
171. 5:59has always been so grounded in today and
172. 6:01I've been so grounded in the future
173. 6:03that's been our yin and yang but we both
174. 6:05try and mean the I have to pull her
175. 6:06towards future be like hey let's like
176. 6:08this is where we're going this is we
177. 6:10have to build it this way to get to here
178. 6:12and she's like yeah but that's a massive
179. 6:13pain for me and I will tell you
180. 6:15something that I have and now it's
181. 6:16taking me far too long to learn is that
182. 6:18it's easier to solve small problems than
183. 6:21big problems and so when we were
184. 6:23thinking about putting the sequence of
185. 6:26what things we're going to prioritize by
186. 6:28the way the TLD are of this is this is
187. 6:31strategy strategy is prioritizing
188. 6:33limited resources against unlimited
189. 6:35opportunities these are things that you
190. 6:37could do with these resources versus the
191. 6:39resources you have and so if you have a
192. 6:41fixed pool of resources the first things
193. 6:43and this is like I'm relooking at my my
194. 6:46list right
195. 6:47now are the things that probably suck
196. 6:50they are the problems and that is where
197. 6:53you can spend or should spend in my
198. 6:55opinion your time because when you solve
199. 6:57your problems guess what else also
200. 6:58happens you grow you would like my team
201. 7:02to go over that list of things that you
202. 7:05have to grow your business the things
203. 7:07that are the missed opportunities and
204. 7:08also the problems and give you a
205. 7:10step-by-step plan to solve those because
206. 7:12we probably have solved them for
207. 7:13businesses just like yours because we
208. 7:15have a lot of different companies
209. 7:16probably bigger than yours in the
210. 7:17portfolio and so if you'd like that uh
211. 7:20we are holding uh workshops here in
212. 7:22Vegas this my actual portfolio team we
213. 7:24hold them one or two times a month uh
214. 7:25and so if that's at all interesting you
215. 7:27can go to acquisition. comom and you can
216. 7:29click the scale button and uh if your
217. 7:31business qualifies we'd love to see you
218. 7:33out here opportunities can grow your
219. 7:35company problem solved also grow your
220. 7:38company but when you solve problems as
221. 7:40you grow you get growth through getting
222. 7:43better when you grow through capturing
223. 7:47missed opportunities you grow through
224. 7:49doing more and to be fair I have no
225. 7:51problem with growing through doing more
226. 7:53but I do have a problem when more also
227. 7:56creates more
228. 7:57problems and so if the goal of the
229. 8:00entrepreneur is to allocate resources
230. 8:03across the entire company to achieve the
231. 8:06best returns then we should be
232. 8:08allocating more of our time towards
233. 8:10solving problems that are coming up on a
234. 8:12daily basis when you have a business
235. 8:15that no longer has problems you will
236. 8:17grow by default and so my allocation of
237. 8:21resources has gone in this direction now
238. 8:24I want to zoom out and make this super
239. 8:26Tactical for you you probably look at
240. 8:28data hopefully if you follow my stuff to
241. 8:30any degree on a regular basis now if
242. 8:33you're earlier on you have to go gather
243. 8:35that data from tons of places as you get
244. 8:36more advanced that data becomes pushed
245. 8:38to you via dashboards or direct reports
246. 8:40people present those things on meetings
247. 8:41it's the first slide and then you talk
248. 8:43about the data so I want to give you a
249. 8:452011 level hack here that will change
250. 8:47how you run your business number one the
251. 8:50data that you choose to display must be
252. 8:54there for a reason one of the biggest
253. 8:55problems that I see across our portfolio
254. 8:57companies and even within our holding
255. 8:59compan company is that my direct reports
256. 9:02and my employees often over report
257. 9:05because they know I love data and so
258. 9:06they like look at all of this data that
259. 9:08we have but if you present me a piece of
260. 9:11data and a change in that data does not
261. 9:15result in a change in Behavior it is a
262. 9:17waste of time and so right now if you
263. 9:21look at the data and you're like okay
264. 9:22we're trending in this direction if you
265. 9:25if you ask the hypothetical question if
266. 9:28we Max this out would it change what
267. 9:29we're doing if the answer is no then you
268. 9:32should stop looking at that piece of
269. 9:33data it's noise not
270. 9:35signal and so when you're making the
271. 9:39decisions for your business the data
272. 9:40that you look at you should clearly know
273. 9:42and your team should know what Behavior
274. 9:46this data influences if our average view
275. 9:49duration drops then it could be from a
276. 9:51number of reasons but if it does drop
277. 9:53are we going to do something about it
278. 9:55and what are we going to do this also
279. 9:58will Target your discussions or Orient
280. 10:01your discussions with your team and so
281. 10:03if they come to you and say hey we want
282. 10:06to run a meeting about this the end
283. 10:08result of every meeting should be a
284. 10:10change in Behavior it should be what are
285. 10:13we going to do now if someone says Hey I
286. 10:16want to report these trends that we're
287. 10:17seeing cool and I'll give you a really
288. 10:20recent one that
289. 10:21happened I had a vendor for a platform a
290. 10:24while ago and the vendor was telling me
291. 10:28hey we should go for shorter shorter
292. 10:31versions of this type of content and I
293. 10:32was like okay why and he said well
294. 10:36because when we shorten it a higher
295. 10:37percentage of people watch it or consume
296. 10:40it and I said why do I care what does
297. 10:44the view duration or listen duration
298. 10:47have to do with any of the metrics that
299. 10:49we have in this business can you prove
300. 10:52to me that us getting a higher
301. 10:55percentage of people viewing a shorter
302. 10:56piece of content in some way drives our
303. 10:58business now if he then said yes pieces
304. 11:02of content that have higher average view
305. 11:04durations or average listen durations
306. 11:06then create more shares then I would say
307. 11:08got it done we're doing it but if you
308. 11:11just report oh we should do this because
309. 11:13it improves this metric how does that
310. 11:15metric tie to getting us more customers
311. 11:18or making customers worth more if you
312. 11:20can't tie why this thing or this metric
313. 11:24that we somehow track tracks to this I
314. 11:28do not care and the reason I think this
315. 11:30is so important is that we have such
316. 11:31limited attention in business every
317. 11:34single day that if someone's going to
318. 11:36buy or bid for our attention they better
319. 11:38damn well have a good reason for it and
320. 11:41also your team is limited as well they
321. 11:44are human beings too and so they have
322. 11:46many people they've got slack messages
323. 11:48they've got emails they've got meetings
324. 11:50and then they have the work that they're
325. 11:51actually supposed to do and so if you
326. 11:54have a quarterly for example and you
327. 11:56have your whole team there if you are
328. 11:59aren't clear about what change in
329. 12:02Behavior the data is going to create you
330. 12:04are wasting your time and theirs if
331. 12:07after that day or after that meeting you
332. 12:10go back to business you might as well
333. 12:13have just taken the day off wrapping
334. 12:16this back to problems and missed
335. 12:18opportunities you will probably have
336. 12:20significantly more data around your
337. 12:22problems than you will around missed
338. 12:23opportunities missed opportunities are
339. 12:25going to be purely hypothetical we think
340. 12:27if we had this percentage of people to
341. 12:28convert and they pay this price this is
342. 12:30the revenue uplift that's that that we
343. 12:32have potential to capture all of this is
344. 12:34hypothetical fine on the problem side we
345. 12:38have to look at what thing we're going
346. 12:41to change to fix this problem and so
347. 12:44this is how we do it we have four steps
348. 12:46all right so if you're writing this at
349. 12:48home then this is this is the writer
350. 12:49Downer part number one is the condition
351. 12:53or the goal that we are trying to the
352. 12:54problem we're trying to solve all right
353. 12:57this is how this is current this is
354. 12:58desired
355. 13:00cool next thing is what is the action
356. 13:03what are we going to
357. 13:05do and this is to be clear a hypothesis
358. 13:09our turn rate is at 5% okay we
359. 13:13hypothesize that if we do a one-onone
360. 13:16reach out to every customer as they
361. 13:17enter our you know buy our product we
362. 13:20will decrease turn that's the hypothesis
363. 13:22it's an action tied with what we expect
364. 13:26and the reason for taking this cost on
365. 13:28because it will cost you you money to do
366. 13:30this cost
367. 13:31resources the third bucket and this is
368. 13:34the fun one did we do it or not so this
369. 13:37is the before and after so we have the
370. 13:39problem here's how we hypothesize it we
371. 13:41have what data that we want to affect so
372. 13:44turn rate was the percentage we want it
373. 13:46to go down we hypothesized it's going to
374. 13:47go down by this much cool that's the
375. 13:50before the after is did we do it or not
376. 13:53very simple because you can have this
377. 13:55whole hypothesis get to the end of the
378. 13:57quarter get to the end of the week and
379. 13:58then say we didn't really do it okay
380. 14:00well then we didn't test the
381. 14:02hypothesis now here's the fun one let's
382. 14:05say you do it did what we expect to have
383. 14:08happened happen because we are guessing
384. 14:12that if we do this thing churn will go
385. 14:13down but we could do the thing and
386. 14:16children could remain the same and so it
387. 14:18cost us time and it cost us money but
388. 14:20the problem remained unsolved and this
389. 14:23is the nature of business and this is
390. 14:25why your second business grew way faster
391. 14:27than your first business because you
392. 14:28already knew the solutions to the
393. 14:29problems that you're going to create
394. 14:31along the way and then you run smack
395. 14:33into problems that you don't know how to
396. 14:35solve and this is why I'm I want to hit
397. 14:37on this so hard you're not growing
398. 14:40because there are problems that you need
399. 14:42to solve that you're not solving because
400. 14:44they're not fun and you don't know what
401. 14:46to do so instead you're doing more of
402. 14:48the thing that you know to do around
403. 14:51opportunities but you still have not
404. 14:53solve the problem and you've done this
405. 14:55enough times that you've now grown the
406. 14:57problems to the point where it's
407. 14:58stifling your business and so you have
408. 15:00to
409. 15:01stop and so you have to look at that big
410. 15:03to-do list that you have and you have to
411. 15:06think which of these are problems that I
412. 15:08need to solve that will make us better
413. 15:10and as a result of being better grow our
414. 15:13business and which of these are
415. 15:15opportunities that are missed that we
416. 15:17think that we could do but aren't doing
417. 15:19yet I would encourage you to take that
418. 15:22entire list of missed opportunities
419. 15:23Theos and just move them somewhere else
420. 15:26and what I have is something called Alex
421. 15:29is Big money-making ideal list everybody
422. 15:31in the company knows about this I have
423. 15:33more ideas than we have capacity to
424. 15:36implement and I have learned through
425. 15:38many years of working with Lila that I
426. 15:41actually only get maybe one out of 10 or
427. 15:4320 that I actually get to do because you
428. 15:47don't have unlimited shots on goal that
429. 15:49is the problem so Jeff Bezos has the
430. 15:51saying that it's the beginning of this
431. 15:52book I'll actually read it to you
432. 15:54because I think it's so it's so
433. 15:56significant outsized returns often come
434. 15:59from betting against conventional wisdom
435. 16:01and conventional wisdom is usually right
436. 16:03given a 10% chance of 100 times payoff
437. 16:06you should take that bet every time but
438. 16:07you're still going to be wrong nine
439. 16:09times out of 10 we all know that if you
440. 16:10swing for the fences you're going to
441. 16:11strike out a lot but you're also going
442. 16:13to hit some home runs the difference
443. 16:15between baseball and business however is
444. 16:17that baseball has a truncated outcome
445. 16:18distribution when you swing no matter
446. 16:20how well you connect with the ball the
447. 16:22most runs you can get is four in
448. 16:24business every once in a while when you
449. 16:26step up to the plate you can score a
450. 16:27th000 runs this longtail distribution of
451. 16:30returns is why it's important to be bold
452. 16:32Big Winners pay for so many experiments
453. 16:34now here's the one flaw and I Bezos is
454. 16:37much smarter than me much richer than me
455. 16:39but there's one flaw with the
456. 16:41analogy if you go to a casino and you
457. 16:44have a a a 100x payoff and you've got a
458. 16:47one out of 10 BET then you should make
459. 16:49that bet every time under one assumption
460. 16:52that you can bet as many times as you
461. 16:54please let's say you go to the casino
462. 16:57and it's a $10 minimum bet
463. 17:00and the bets 100x payoff but you only
464. 17:02have 20
465. 17:03bucks you're only going to get two
466. 17:06swings which means the likelihood that
467. 17:08you fail entirely is four out of five
468. 17:11you have a 20% chance of actually
469. 17:12winning an 80% chance of losing
470. 17:15period And so this is in my opinion a
471. 17:18more realistic take of what it's like to
472. 17:20be a business owner we do not have
473. 17:22unlimited swings we do not have
474. 17:24unlimited resources and so we have to be
475. 17:26incredibly measured with which swings we
476. 17:29choose to take and so the highest
477. 17:32likelihood swings are the problems that
478. 17:35need to be solved in your business today
479. 17:37these are the sure money these are the
480. 17:39as soon as you solve it you cash it in
481. 17:42the things that are certainly not
482. 17:43certain is the missed opportunities that
483. 17:46are purely
484. 17:48hypothetical and so if you solve all the
485. 17:51problems that you have at a current
486. 17:52level once you get to that and there are
487. 17:55times where you get there where
488. 17:56everything's kind of humming along that
489. 17:58is when you look up your big missed
490. 18:00opportunities list your big money-making
491. 18:02idea list and you say now which of these
492. 18:05will I take and here's the interesting
493. 18:07thing if you do this you will find that
494. 18:10many of the ideas that you were jazzed
495. 18:12about two months ago now you think are
496. 18:13stupid because you found out more from
497. 18:16solving the problems that actually give
498. 18:17you more information that this is
499. 18:19actually not a missed opportunity and so
500. 18:21it increases the likelihood that the
501. 18:23swings you do take the big swings do
502. 18:25result in the big payoff
503. 18:29and so like this is like the big the
504. 18:31ultimate sleep on it like if you have an
505. 18:32amazing idea don't tell them right then
506. 18:34because you're going to oversell
507. 18:35everybody you're going to oversell
508. 18:36yourself if you sleep on it the next day
509. 18:38you're a little less psyched if you come
510. 18:39back to it two months later you'll be
511. 18:41amazed at how many of these things you
512. 18:42just won't even want to do anymore and
513. 18:44think about how stupid it would be if
514. 18:46two months later after looking at all
515. 18:48your ideas 90% of them you don't want to
516. 18:50do anymore it means that every one of
517. 18:53those things that you shov down your
518. 18:54team's throat because you were excited
519. 18:56about it was a mistake it was you
520. 18:59failing as an entrepreneur because you
521. 19:00got too distracted you got too excited
522. 19:02about shiny object you got too into the
523. 19:05stuff that you like rather than
524. 19:06confronting the stuff that you hate that
525. 19:08will absolutely grow your company this
526. 19:11is something that I'm personally working
527. 19:12on and I'm heated about it because this
528. 19:15has been such an epiphany For Me In
529. 19:16terms because I love any Frameworks that
530. 19:19allow me to better prioritize that allow
531. 19:21me to be a better strategic thinker for
532. 19:23my business and so this
533. 19:26operationalizes better what you guys can
534. 19:28can expect from me is um I will be
535. 19:31prioritizing making more content for you
536. 19:33guys um I hope you guys have liked the
537. 19:35deeper content stuff like the real
538. 19:37business stuff I think right now I'll
539. 19:38tell you honestly we settled on a 6 to1
540. 19:40ratio so basically five out of every six
541. 19:43videos are going to be deep business
542. 19:45stuff like if you guys haven't seen the
543. 19:47last three videos that I put up on
544. 19:50YouTube especially the one before last
545. 19:53there's a banger case study on what we
546. 19:56did to make 3 million bucks more profit
547. 19:58in one of our folio companies to
548. 19:59increase customer satisfaction course
549. 20:01decrease refunds and chargebacks
550. 20:03increase Ascension rates by over
551. 20:0540% just by fixing our onboarding
552. 20:08process in this particular business and
553. 20:10so every company needs some sort of
554. 20:12onboarding process whether your physical
555. 20:14products business you're a software
556. 20:15company you're a you're a a service
557. 20:17business you need to have that stuff but
558. 20:19guess what that was a problem and it was
559. 20:22a problem that we solved and it
560. 20:24immediately made us more money and we
561. 20:26should have put more attention on that
562. 20:28even sooner because the reputation that
563. 20:30we would have would be simply better
564. 20:33right so like the early you create that
565. 20:35amazing customer experience the more
566. 20:37customers who go through it the more
567. 20:39people have positive things to say about
568. 20:40you and so I say all this to say one
569. 20:44main
570. 20:45thing confront your problems today
571. 20:48forget about your opportunities for
572. 20:50tomorrow put them on the big list once
573. 20:52you've solved all the problems go
574. 20:54revisit the list and then pick the one
575. 20:58that has the highest likelihood of
576. 21:00yielding the biggest return for you and
577. 21:02then go all in on it if this content was
578. 21:05valuable for you check out either of
579. 21:07these two videos