We were talking backstage and and – and you teed up a question that that I think is – is part of every business owners journey, and that is the art and science of overcoming the obstacles that you face.
They are inevitable. Yes, they are existential. Sometimes they are fear inducing most of the time. What do you do when you hit one of the obstacles? Well, I think it’s. It’s really important. First of all, it’s great to be with you all here, you’ve had a full day and, I hope to add some real value to you in this brief time.
I think it’s, really critical, that you understand that everybody wants to grow their business and we all go through different phases right. Just like human beings go through phases, you know you you give birth to your business and your infant and an infant is a run for survival, and cash flow problems are a natural process.
In most cases in your running. Hopefully you get to a teenager. We’re now: cash flows, not a problem. You’re growing like crazy, and then you have a new problem. You don’t, have systems in place, and maybe you get the young adult where you have to decide what you’re.
Not gonna do eventually, hopefully get to prime, where you’re growing your business revenues and you’re growing your profits and you got a professional organization. You’re, not doing it because, as long as you’re doing it really you don’t have a business.
What you have is yourself employed there’s, nothing wrong with being self-employed, but there whenever you meet someone who’s in business is stressed. They’re, always a business operator and my focus has become a business owner.
How do you do that? You realize that the choke hold on the growth of your business is always the leader and it’s, your skills and it’s. Your psychology and I found it’s, 80 % psychology and 20 % skills you’ve got to have the marketing skills you got to be able to lead.
You got to be able to recruit. You got to do all those things, but really, most importantly, you got to get it through. What I call the threshold of control – and this to me – is the secret to really succeed that’s, pretty simplistic, how many of you snowboard or ski anybody out there somewhere ski to give you sense.
So if you’re, most people are terminally intermediate. When they get in that sport, you know they. They really never get that good. They’re, not really able longer. They’re kind of you in the middle and they never get much better and I think the reason is they never push themself beyond what they can handle right here.
You’re used to greens or blues, and you find yourself on a double black and what happens everything inside you freaks out because you’re past. What I call the threshold of control, your comfort zone and you look down you go.
I could die doing this so now. You have two choices: either most people, slam themself on the ground, hang on for dear life and try not to skid off the cliff and at best what you do is survive or a few people like go of their fear.
No matter how scary it is and goes, I got to go down this thing and there’s, no other choice and they focus on where they want to go instead of what they’re, afraid of, and they find a way to Carve then, once you carve a few of them, that double black is your [ __ ] right you, don’t have to worry about that anymore, and so that’s.
What happens in business? So for me I can remember going and starting my first business in Vancouver British Columbia, Canada. I got on a radio show and this person was a shock. Jock radio show, and I didn’t know it and they start attacking me and saying I’m a liar and a charlatan.
You can’t. Do these things and this therapist called me up and said. You know what I’ve dealt with people forever. You can’t wipe out a phobia in less than an hour. It can take seven years. I have a patient right now.
I work with for seven years, and everyone will solve this and I said great bring that patient tonight. I’m, doing a free guest event at the Holiday Inn and I’ll. Take care of that should take me 10 or 15 minutes, and I was able to do it.
I wrap the snake around this woman. She had a snake phobia phobia is an uncontrollable response so because of that, I had people coming these guest events like crazy, and I thought I hit the home run right and I did this big guest event.
There was like a thousand people there for me would be like I don’t, know a hundred thousand people under that right now and after I was done, a bunch of people signed up for my seminar, because I did a free value-add event and Then I invite them to come, spend three days and thing, and this man walks up to me and he’s from immigration.
He goes a great seminar. He goes uh. I’d like to your work permit, but he said what’s a work, permit it’s. You know when you’re in beginning business, you don’t know these things right. He goes well to work in this country.
You need work permit and he said I tell you what I got ta see you tomorrow at 5:30 as well. My spinner starts at 7:00. He goes you & # 39, ll, be fine. Just you got to be there. 5:30 said I’m, not asking it’s a requirement, so I show up at 5:30.
I wait for half an hour now I’m starting to stress and finally sit down with a guy, and he says you’re, taking away Canadian jobs. I said how many Canadian firewalkers are to come on that & # 39. S. Was doing – and he said no, you teach NLP skills and realistic programming, and these people have classes of 20 people and you got a class of 500, and so they say you’re taking jobs.
So your event is over. What do you mean? Your events over because, if you walk on that stage tonight, we will handcuff you and deport you. This is what I call threshold of control. He said you’re gonna have to get the money back.
I said I can’t get the money back. I spent all the money and put on the seminar I wasn’t, a good businessman. I just wanted to help everybody right, so I spend all the money and he goes. You have no money.
Well then you’re gonna have to deal with that. So I walked out of the building. I have 40 minutes. People are gonna arrive. I can’t go onstage. What do you do? I told my three staff members, two of which were volunteers.
What happened? They’re like – and I said here -‘s. What we’re doing. I’m doing this seminar and they said you’re gonna go to jail. I said I’m, not going to jail said how close is the board true story, and they said well, this a place called Bellingham Washington.
It’s about an hour. Forty minutes, I said, rent me six buses and I’ll meet the people out front before they go in the hotels is my problem. I met everybody up front. He said this is a traveling seminar.
It’s, a surprise to America. It was a three-day seminar. We had to go and come back each day and night for three days in a row. I got all but four people to agree to do it and and then I got the going and watching at the Holiday Inn there and was there was like a Bar, Mitzvah or wedding some stuff, mixed or, and it was so loud.
You couldn’t, hear anybody, and so I said just lie on the floor closer. I was gonna hypnotize you into this [ __ ]. But so what happened? Was you learn how to get through that right and we learned how to be resourceful when you realize that your problem is not a lack of resources, it’s, not a lack of money or technology or contacts.
If not it’s. Your psychology, because the ultimate resource is resourcefulness and human emotion, that’s. What starts Wars? That’s? What makes a business begin? That’s? How you have children? That’s? How we end Wars, it’s, all emotion, and so what I really learned to do is how to manage my emotions.
So you know what you saw about when the next one shows up. I had somebody I started franchising Cup. Franchisees were really upset with other people representing on my side said they didn’t, make things clear to them, and you know it’s, all [ __ ], but cost me five million dollars in four years.
I thought the first one was like a fifty thousand dollar Channel and I got a five million dollar challenge and I took all the money. I’d saved in my entire career to pay that off and was starting over again and then I grew from that and then I finally got you know.
I had a partner in business and long story short. They had a business that was losing a million dollars a day and he turned it around and making 1.8 billion, and even though he offered me his partner and I signed a document saying we’re all joint in several there’s.
40 million in debt I figured I had 10 million of the debt to have a million 8 1.8 billion and an infrastructure, and it turned out my partner’s. Two of them were a broke. They weren & # 39, t billionaires, they had lost their money and the other one was the son of a billionaire has dad had given him nothing at five million dollars to his name.
So I was on the hook, and shortly after for 120 million dollars, when they didn’t have under 20 million dollars. I figure how to deal with that. By doing that, I eventually took my companies to this year will surpass 6 billion dollars and 33 companies, because I made it to the threshold of control.
So I want you to know when you see these big numbers by any entrepreneur, they all started with blocking and tackling and they all started with. How do I get both the skill and, more importantly, the psychology you can get the skill if you can get that part of you that just doesn’t die the part of you that finds the way to add more value than anybody else say You can keep ground.
Where does the perseverance pump from for you? Where does the indomitable spirit come from here? The title of your book, unshakable weird, does the drive come from? You did not grow up in easy circumstances.
No at all, no college at all. All self educated self educated, a household that was not easy sure is that part of the reason that you are as perseverant as you are as optimistic as you are didn’t create my outfit robbery, but maybe it was a way to complet.
You too, I think in developed moxie. My mother was a really good woman. I didn’t talk about it when she’s alive and I frankly mmm she passed. I didn’t talk about it till one day. I was sitting in front of a group of thirty kids that are all or abused by their parents and – and I told them that you know you’re buying.
If he’s, not your destiny and you’re, not defined, but what happened, but I could see in their eyes a big paul white, rich guy. You know he doesn’t understand, and so I told him the whole story. My mom beat him against the wall to my head, bled pouring liquid soap down my throat, so I threw up so I think, in order to protect my younger brother and sister, I had to become a practical psychologist that drove me and I developed moxie to be Able to deal with stuff, so that was the gift.
If my mom had been the mother that I wanted to be, I wouldn’t, be the man I’m proud to be, I think so that was the gift in it, but I think the the drive part is falling. 11. Your customers, I love people, I’ve, always loved people, and I hate suffering because I’ve suffered and I love to light people up and not just light.
I’m a pump a mop. I love to have another skill: happened with tool. Have a system. You know when I do my boot camps each year for business, mastery programs, I guarantee everybody there and the day one you & # 39.
Ll have a million dollars of value in your opinion, or will give you people all the stuff you got will give your money back. No one ever leaves because I know how to add that value in the business for those people.
So I think the drive is the biggest mistake. I think businesses make as many businesses to start by people that you built the product. You love and that may still be true for you, like you, built this great jewelry or you built this great software.
Are you or whatever skill set you have, but the problem is the world change is so fast. Now I mean I’m old enough, who remembers the Sony Walkman anybody ancient a hatchet that that product lasted 20 years now product like that Smalley? The last me like the competition is too high, so today, if you and I are gonna really succeed, you got ta fall in love with your ideal customer cuz.
Look I’m sure. You know that, right now, the economy we have is looking pretty good, but it’s gonna correct, because we’ve done nothing since 2008 should print more money and we need to print money. We put, you know ones and zeroes and computers, so there’s.
Gon na be some Corrections and when those happens it’s. Gon na shake people up, you need to fall in love with a client who’s. Gon na do well with you even when the economy goes to hell, think about it, Starbucks or our city crossing.
Our children had a great conversation and said what is he most proud of me as it used to say starting Starbucks? Then he said now it’s, surviving 2008. It’s. They closed, I think, was thirteen hundred stores of remember correctly and for $ 2 coffee.
So you need to get your house ready for winter because it’s coming and if you have got challenges now, but if you do, if you do well in winter, you’ll dominate for the rest of the time and the way You do well mentor.
Is you fall in love with your ideal clients? And then you come up with the irresistible offer for them. You know steve jobs created 99-cent songs, but he didn’t create that [ __ ]. We all know that were to come from who’s, all nothing over Columbia House, where you got like ten albums for a buck, another data for a corridor and stuff they built a billion-dollar company, TOMS shoes, shitty product.
I love him great great, but he does but but two-for-one being able to do something where I get it and I benefit somebody else. Brilliant idea, don’t the whole company on that he didn’t build on the product.
He built it on the mission right, so you need an irresistible offer for the client who is ideal for you and you want to fall in love with a client. Don’t fall in love with your product or service because those need to change, and if you fall in love your product service, somebody’s.
Gon na beat you there gonna, be anticipating. I always told businesses there’s. Two businesses, you have to run manage right now. You have to run the business you’re in because if you know what I’m at your cash flow, your challenges are going to bite you, but you also have to run the business you’re becoming in both Businesses, you have to making progress on if you get all excited about the future and all the cool stuff that’s coming and you go work on that and there’s no cashflow.
Now you’re dead in the water. If you just work on today, you’re, going to wake up and go what the hell happened. My competition beat me it’s, those two sides and my 33 companies. I look at what the company is now and what it has to be constantly.
So we’re, doing the you, the grunt work, if you will the important day-to-day work, while we’re anticipating the future, when you were building your businesses and you’ve gone through an evolution as all business owners.
Do I mean what you were doing 30 years ago? Isn’t, really what you’re doing today? How and when did you know that you were doing in life? What you were meant to do, because I think that’s, part of the quest of the entrepreneur, yes, is to achieve that.
When did you know it? How did you know it? I think I’ve known you. I think you know they’re different stages at different levels at different times. You know it’s like I can, member one that stands out from you.
You ask that pops in my head is President Clinton calling me I was with Peter Guber my partner in the eSports business and we both owned the LA FC and the West franchise soccer franchise build a stadium.
Here. I was at his home in Aspen and he says the president’s on the line for you and was President Clinton, and I picked the phone and – and I talked to president for a few minutes and he told me what’s.
Going on – and I said mr. president – I’m completely honored. You want me to come visit with you and I’d love to, but I want you know I’m, not a fan. I said you know it was the time on which you said the economy stupid, and then he turned around into all these things.
Weren’t really to the economy and he looked like a very weak president at that point, and I remember Peter looking until the first United States should not say holding you tell you inviting you to come out to Camp David, but it was great.
I said I just don’t want to be so Sierra, be fool of to serve you, but I’m. Not I’m, not a sick of fan, right yeah, and so I went there and spent time with him, and I think the moment. I know that I was doing what I loved was whether a couple of people than they’re.
All trying to get his attention and he and I went for this walk you know, and this deer went by it was telling me you know about all these past presidents and he was honestly at the time complaining of how unfair things were, and I thought this Is the past United States and he’s effed up and I’m 31 years old.
I got ta help this bastard, you know and then that night he wanted me to stay and it was New Year’s, and I’d left Aspen with my family and Peter, and I promised my family to come back and I Said no, I promised my family.
Mr. president, I said I’d, be happy to working in the future and I left believing the president when everybody else stayed was a moment. I realize I’m doing what I’m. Really supposed to do, I’ve kept my party straight, my family, still number on making contribution is number two.
I’m able to play on the scale that’s global and I’m. He’ll play on the scale that matters most was just local and family. I think that would be a moment that sticks out. I don’t want to spend a lot of time on this, but since you brought up the subject of presidents, I have to ask you about the current president: have you have you have you advised him and if you haven’t How would you help him brain transplant know this guy? I know the president quite well.
I’ve known for many years. I gave his first big speech. I might be to blame he read about in his book. He body was come to speak to 200 people on my seminar with 10,000 people and he just kind of lost a little bit and then his number one piece of feedback on how to succeed was get a prenup.
And I thought, oh, my god and I know mrs. clack. I know mrs. Clinton very well as well, so I had a great difficulty in this last election because I felt like both parties lied and I think that’s extremely hard.
I mean everybody knows: white lies, but some were pretty exaggerated and obvious on both sides, and so I thought it was a more difficult time. I hope people on both sides of the aisle I don’t talk about who I help.
Unless they talk about it publicly. President Clinton shared. You know. He called me one day and said you know. I got this overhead speaker, the president’s, calling I was in my offices and the big offices in two floors.
I went to pick up this phone and sure enough. The Secretary’s, presence waiting and says Tony. They’re gonna teach me in the morning. What should I do I was like. Could you call me sooner gonna do right, so you know I said what should I do and I said the answer is not what should I do? You’re asking the wrong question.
First question I ask, is what do you want? Do you want parents moms dads to have their kids look up to you or do you wanted to stay in office? I mean it’s, a different outcome. I said if you want to stay in office.
I said easy for me. I’m, not a lawyer and I’m, not in your position, but let & # 39. S. Be honest: you’re, never gonna get thrown out of office. There’s too many votes on your side. So I said you’re gonna stay in office.
We do nothing, but I said if you really want to be respected. I said you can share the truth. You’re, a lawyer without putting yourself at risk and still get more of the truth out, and we have a great conversation.
He’s in there that’s exactly what that’s, exactly what I do so I’ll. Call you back, I’ll. Call you back in 20 minutes, I’m waiting. 20. 30. 45. Not an hour later secretary, calls me and says: doesn’t want to know he’s still resolving things he wants to get back to you and then another 30 minutes went by.
I’m thinking. I I’m, effecting history here right and then I saw him standing with all the Democrats beside him just said no or D really kind of keep the same, come on it and went through things. So over the years I’ve.
Had a chance to work with people on all sides and what I think about the current president is he’s, terrible communicator, but I think he actually have some good ideas and I also think he’s, communicated so poorly and our World is so divided that now anything he says is seen through that filter.
If I think you are the nicest man in the world, it totally controls my experience of you. It has nothing to do with you. It’s. My belief, if you treat me mean one day we’re best friends, I’ll, probably go you’re having a bad day right.
If I can & # 39, t resolve it with you and who’s ever had a bad day. We hope somebody else thought that about you. You’re just having a bad day. You know so, but if I think you’re, a manipulating bastard and I’m wrong, but I believe it and you don’t treat me mean you treat me real nice.
What’s? The first question of mine: what does he want? So your questions, your belief, your emotion to your experience has nothing to do with life. That’s, shaped by what you believe and most of you believe what you believe, not by your enduring interacting with these people.
Personally, you’re doing it through the media, and the media is a great component that everything sound bites and let’s. Be honest: it’s. No longer about informing you. It’s about startling. You informing, you will never get your attention there’s too much.
We got oceans, you know people save it. We’re living on information society, that’s, total [, __ ]. The information society died a long time ago. Right we’re drowning in information. We’re starving for wisdom and what we get now are sound bytes and now people don’t.
You know it’s, not news anymore, on both sides of the table. People basically pretend it’s news when it’s all commentary, and so your perception it’s like I just had lunch recently with George W Bush.
I brought him out to speak to a group of my funding groups and I bring out people on both sides of the aisle and this year we’re, looking Bhama, so you can get him in. But to give you an idea, most people there thought they’re more liberal and they were like faking like this.
Guy is evil, and after two hours of conversation there wasn’t a person that you liked about that right. They really liked him, but, like I liked about his decisions, and they got to see why I made the decisions he did and when you see the why, instead of all the [ __ ], you hear the generalizations that he’s, an evil guy.
You start to go WOW I might have made a different different. I might not have that information that he had at that time. I asked him about the current president that it was still during the election when this is occurring, and I I said obviously I know you wanted your brother to win and I admired person Bush for never attacking the Past Present.
He never attacked. President Obama was a class act even when he disagreed, so he told me privately what he felt and then he said Tony I remember when Nixon was elected and he said I thought that was the end of the American presidency.
I mean the president states this. He’s easily the wrong thing and he said he didn’t destroy it. He didn’t and he said so here’s. What I figured out the office is bigger than the occupant, and I really believe that’s.
True, I think if you want to go home tonight with a little bit of comfort inside go back to that truth, the office is bigger than the occupant. You see it when he does things and then there’s, a judicial branch that balances it and I think we’re in a situation where the biggest challenge we have as a society is we demonize the other side on almost every Issue it used to be that you know congressmen and Senators would go fight like crazy on the floor, and then they’d, go off a beer together.
Now you’re radioactive. Have you talked to somebody and that’s? Huge, I met mr. Gorbachev and I got a chance to fly him before and half hours and I asked him what ended the Cold War. He said the end of demonization.
He said it used to be, you guys were attacking us and everything he did was evil. We were the evil empire and we knew you were evil and he said one day he said I was sitting there with President Reagan.
He was lecturing me and he said I could feel the angry, so I could feel my face burning red. I was so mad and I said to him: you were not my teacher and I am not your student, you will not lecture me and he said then I lectured him on the evils of capitalism and they were going back and forth and he said so.
That’s. What in the Cold War – and I said you know that’s – a really great answer, but I’m with you for four hours and I want to know the moment what’s the moment. I’m, a spending student history with that.
What changed the world because most of us forget that’s, probably take away terrorism. Terrorism is nothing compared to the level of nuclear salt that the USSR and the u.s. had at that stage. Big has changed, we’ve had, and he thought for a moment – and he shared this great moment with me said he hit his leg.
He’s talking through interpreter, but he recognizes understand flawed English. He’s, smacking his leg and giggling like a little pig, because I will tell you the moment he said we were having this fight back and forth back and forth lecturing him.
He’s. Lecturing me and y & # 39. All said he just stood up like this, and he said this is not working. He turned and walked three steps away and they turned back and said: can we start fresh? My name is rod.
I’m, not a kale, and had that same impact that did on you this now. He said he’s. Laughing uncontrollably goes, I knew I could do business with this man. You had to love the man and then he said Reagan.
Also knew that Gorbachev loves children, and you know there’s. No children gonna go to the USSR right. So the Union and Reagan brought a group of children over and let them be in the care of Gorbachev, and he said it completely changed.
The game for him, so it was a moment just a moment of breaking somebody’s pattern and that works in an intimate relationship. It works in a business challenge, but it also works at scale of society in history.
I want to go to audience questions and I hope you all have sent some to the iconic tour hashtag. I’ll, go to those in just a sec, but but from politics back to to entrepreneurialism and entrepreneurship.
You’ve built businesses. You’ve faced business challenges, you have talked to people like the people in this room entrepreneurs. What do they ask you most, and what do you tell them time? Time seems to be the largest issue.
How many of you have time to shoes and run your business having to have a life and your time guyssee your hands out there? Who feels like that’s there? So you can see it’s about 90 day ago, and some people are just too tired to raise their hand, but the issue of time is not the real issue.
The real issue is that they’re operating as an operator, not an owner yeah, and so when I started to you in the beginning, you have to do both right, but what I start to do is show them how you have to be able To break off and get other people to do things, but, more importantly, I teach people I do have you know a five-day boot camp.
You know I call business mastery at a couple times a year. Can we bring in businesses from all over the world literally? And we have people just starting a business and we have people with. You know, businesses that are doing a billion two billion three, and what you find is that there’s, a common pattern among all these group of people where they they find themselves.
If they’re, it’s, just a small business. They do everything because they figure like they’re. The only one can do it. Oh, they tried someone else and they failed. Well that happens in every business. You have to begin to leverage yourself or you’re, just going to be self-employed and you & # 39.
Ll, never have the scalability. A business is a system that adds value even when you’re, not there and you as a leader have to get good enough to both hire people and train people so that you’re, not a manager.
A manager works with people to make sure they get the job. Then, while you’re there, but if you have to be there, there’s a time around 33 companies on there every four days I’m gonna plane, train helicopter on stage somewhere on average in a year, and I got 33 companies there’s 12.
I managed directly, but I couldn’t. Do that by management. I do it by leadership. I build leaders who can make their own decisions. I hire people that are the best of the best. Now, in the beginning that’s hard.
Could you have no money right, so you hire the best that’s called you and you pay them nothing, and then now you try to hire other people. And what do you do you hire your friends which you know is a disaster because they’re not as skilled and you love them and it’s hard to manage them.
And then I hire people that were really talented, but they were mean, you know they. Didn’t share my values, and so eventually you get to that place where you can find the right people, but I think the most important secret for the growth of any business.
So the question I guess on how to go over the time and the answer: is you got to take two hours many minutes a week with your team of one two, three, two thousand and you got to meet where you work on the business and I teach People a format called 7 7, where there are seven areas of a business that you cannot miss marketing sales, optimization the financials culture and I’ll.
Make sure that each week you and your team focus on that, not the day-to-day business. But how do we strengthen our marketing? Not just for this run, but overall how we build the brand? What do we do to change our sales process? How do we optimize the business? How do we spend no money and grow the business 30 % in the next? Three to six months and when you take small markers in the business that are critical and you improve them – 5.
10. 15 percent. But you do 12 of them. You & # 39. Ll grow your business 120 hundred 30 percent under 40 %, because there’s, a compounding impact. You don’t just get the improvement you’ve made. So I try to help businesses to make those changes so that so you have time to think and be strategic, because if you’re just red, how many of you are stressed honest? I’ll, be honest, if Hewlett today, being here not being at your business, how many feels some stress in your business being away even for a day, okay, write down! I’m.
A business operator F that I’m. Gon na business owner you & # 39, ve got ta, be yeah. Let’s, go to a question from the audience. What would the thirty year old version of yourself say to you today with conviction and be flat wrong about? Let’s, see 30 year old, Robin say today.
Well, first of all he’s dead, so he’s, gonna say [ __ ]. Today I married him a long time ago was I’m 57. I would say, I would say the 30 year old would say this is what we’re gonna do this year, and it would be these huge numbers and I developed a principle around the time.
I was thirty, which is most of us, overestimate what we’re gonna do in a year, and we underestimate we’re gonna do in a decade, and a decade happens that fast, you’ll blink, your eyes, That might be here at cell rate point.
I really truly everything I do is long term. I think it’s, the biggest challenge we have in your corporate America, everybody looking vexed quarter instead of the you know, the best business people, the Marc Benioff, the Steve Wynn’s, the Peter Gruber’s and people that I hang with, they all are decade-long people.
When I was fourteen, I said this is how my life’s. Gon na I decided, I said in my 20s, I’m gonna help. I don’t have the skill the help, anyone change their life. If I’m kidding in and they’re committed, it’s, gonna be done.
I have the ability, so I got a build to that which I did and I said in my 30s at 14, I said I’ll. Do that with groups of people stead of one-on-one, and then in my 40s I’ll deal with big groups and my 50s.
I’ll deal with companies and my 60s. I’ll either. Do it in government as a servant there or in a religious context, because I’m a spiritual person, but I don’t tell people what to believe religiously.
But at that point I’ve lived long enough. Maybe I will well you ever run for office. I do, I would have said yes now. The answer is no. I’ve served in both sides of the aisle and it’s, not really about the office.
It’s about fundraising, right now so much of the time, and I would not do that unless I ran with my own money – and you know maybe a small number of friends, but at this stage I think it would disrupt my wife slide.
So much I’m, a very public person and she’s not, and I feel bad first. I don’t, think that would be the right girl. Let’s, go to Jeff the Conlon’s question. If mindset is the or a key, how do you shift your mindset? I was going to ask a question that’s related to that, and that is your now when you say top of the world, but you’re, a confident guy.
What do you do? What do you do when you have self-doubt, and I sort of how do you think if your mindset, I thought, how do you deal with self-doubt, I would I don’t have a lot of it at this stage, but but I have shocking, I Think self-doubt, is you know instead of self-doubt, I would say questioning.
I think it’s critical to question, but it’s, certain stages, if you’re pressing all the time, you have nothing but fear, and doubt right. You only believe something cuz you don’t question it right. Some tells me also and so talk buying your back this.
If you go, no, they’re, my friend they’d. Never do that. Your belief, you’re certain they’re, not going to do it, so you don’t even entertain it, but if two or three people tell you that they go WOW could John really be doing this by my back And you start crushing you ever done that you’ve, been upset with somebody, you confront them and then you find out it’s.
All [ __ ] they didn’t, do anything wrong and you feel like an idiot. So so for me, I think there’s a time to question, and so I organize that when I’m beginning something I do that and my investments is a perfect example.
You know if you look at somebody. You know you know like Richard Branson, for example, Richard is this giant risk taker right, but he questions he & # 39. S got one question. He questions within himself and everyone else.
How are we gonna protect the downside? It’s. His number one question: he never believed it cuz. I got risked his life when it comes with investments in business, either the risk anything when he was, he told me, was building virgin.
He’s, taking on British air lads and it’s, a giant out lighted capital. He this could literally bankrupt him, and everybody said it would so he said: ok, how to protect the downside and he negotiated with Boeing for a year and a half and convinced them that if he went out of business if he was wrong and lost his business In the first two years he could get back all the Jets and have no liability whatsoever, so his whole focus is asymmetrical risk/reward.
How do I take the least risk with the most upside? If I was going to say anything entrepreneurs in this room, the that you’ve been taught is that great entrepreneurs, tech giant risks it’s, a total [ __ ].
There are some exceptions that have and they gotten lucky. But if you look at the ones that consistently succeed, they know the upside will take care of itself. They focus on how to protect the downside and they take risk where they know.
I’m, taking a limited risk for an unlimited upside. So if I’m wrong and still okay, you know I worked with Paul Tudor Jones, one of the top ten traders in the history of the world and Paul I’ve, worked with him.
I’ve coached enough for 24 years. He hasn’t lost money in those 24 years on his own personal training, and during that time I’ve learned so much from him and the biggest thing I learned from him was this asymmetrical risk reward that when he risks a Dollar, he wants to be certain.
He’s. Gon na make five where he doesn’t risk the doubt he must be the risk $ 1 to make 10 percent or 20 percent you won’t. Do that, if you do that, you’re gonna go, broke cuz here’s. What happens you risk a dollar to try to make five and you’re wrong risk.
Another dollar, and if you win, you still win big. You could be wrong four out of five times and still breakeven, that’s. How the best in the world do it. They don’t. Do it by taking these gigantic risks, where everything’s on the line, if it doesn’t go perfectly! You’re out of business.
That’s. Why most businesses go out? You want to think of a symmetrical reward. Tudor Jones. Curiously, as an aside, was a classmate of mine at the University of Virginia. He would never remember me, but what a fascinating guy another aside, because you mentioned he’s, a hedge fund manager in in Connecticut, you did a brilliant interview with Ray Dalio, for, I believe was Facebook yes, not long ago, and his book is really Terrific called principles it’s, it’s.
I recommend you all go, get it very, very good. It’s, one of the greatest business books. Ever I read because you don’t know. Array is, most of you know: Warren Buffett, that’s, because Warren Buffett is sweet and shares and there’s.
A public nature, but Ray is actually a most successful investor, vus type in the history of the world. He’s, returned more money to investors than the hedge fund perspective. Anybody in history, when I met ray not ten years ago, you had of a five billion dollar network for him to talk to you.
It couldn’t, be a billionaire that’s too weak, and you got to give him a hundred million to start now. He won’t. Take your money, no matter who you are when I would to go interview him. The first time the prime minister of China was talk to him the phone.
He was coaching China on what to do with their money, that’s. How brilliant is yeah hedge fund people, if you’re familiar with people, give their money. Hedge funds, a big one, might be let’s, say 20 billion.
He’s, a hundred and sixty billion, but go get his book. He flew down a book in my home and it’s called principles. He said I want you to be the first person interview me and do it on Facebook live, so I did, but I love this man and he will show you how he built from nothing.
He literally started with nothing. He worked as a caddy, he started when he was 26 years old in a two-bedroom apartment and now he’s got 1,800 employees, 160 billion, and he’s 100 richest men in the world.
I’m on the top ten and that you’ll meet, but his insights about how to run a business. How to run your life. We all need principles to guide our decision-making. If you really think about it. Success as the result of good judgment right, if you make great decisions, you’re gonna succeed, but where does good judgment come from? You know.
Good judgment also often comes from experience and experience often comes from bad judgment. Okay. So what I found is the way to speed it up way. To have less of that. Bad judgment is think about that for a minute that’s, good yeah, so I found the way to speed.
It up is not learn through my own experience, but learn by modeling others compressed decades in the day. So if you can get a raise, had an a raise been a very private man for very decade around, but he’s 68 years old.
He’s, a good friend, and he’s entering the stage where he now wants to go public for a short time give everybody knows and then disappear, because he feels an obligation to give back to the society and human beings that Have helped him this again, so go pick it up.
It’ll, be fantastic. It we had him at another event, and he talks about this idea of radical transparency and yes, how he runs his business. It’s. A very different matter. Will work for every business, but it’s a it certainly worked for him.
Let’s, go to a Satori’s, question with so many people wanting your help. What are the factors for you to select? Who you privately train or mentor? This is a you’re, a busy guy, you’ve got a time management thing.
I’m sure a lot of people would like a piece of Tony Robbins mind. How do you decide who whom you were going to help well? First of all, I try to to do things online. You know, like I said, zillion things on YouTube, so no one has to spend any money.
Anybody who wants to be inspired to do that. The only I don’t like about that is it’s random. I’m a system guy like I know how to take you from here to there. So I have products that can do that. The woman.
I have events and the events have gotten bigger and bigger. Now we did 10 14 thousand people in a weekend, and so anybody can go who I coach or people that I know by touching them. I can touch millions more.
So when I work with a Marc Benioff at Salesforce, you know in the early days Marc sat in front row came to three of my same seminars in a row and it’s like are you? Are you new? Are you little slow as T’s? Anivia, he marches big as I am.
He stands up. I’m. Looking this guy eye-to-eye and he goes you know. My name is Marc Benioff and because of you, you finally push me over the edge I’m. I start my own business. I’m leaving work. I’m gonna start this company called salesforce.
com and he said – and you mark my words – we’re gonna change business around the world. We’re gonna do a hundred million dollars in business. Well this year. He’s. Gon na do ten billion right, so he’s grown a little bit, but when you’re around people like that, you get to see what the distinctions are that separate people.
You get to see what what makes them stand out and by coaching him. I’m able to affect everybody, not only all of him and his employees, because he’s, that kind of owner right. He’s a leader, but also he’s, the leader in the social communal, social community.
He’s very conscious about that and everybody from Facebook to Apple to GE. Their back end is Salesforce, so impacting him impacts. Many other people and they might just pick people who I feel the need, is I’m.
Somebody stops me on the street. You know my wife will tell you. I can’t not help, and I got ta help someone. I may have limited time so then I’ll, invite him to a seminar or send him a book or a package or something so I can give them a guide to go the next level.
So I don’t ever say no, but I can’t coach, everybody one-on-one, so I try to do it. A groups work. It was a wonderful anecdote. I read since she brought up Marc Benioff that I guess he was a guest at one of your home or Resort in Fiji in the middle of the night you get he and all of the other guests.
It is goes to the question of how do you overcome your fears. Tell that story about Benny, HOF, jumping into the river River and what you didn’t tell him about the river. Well, I have a home in Fiji. I’ve, been going there since I was 23 24 years old, so my favorite places in the world and the people there are extraordinary.
You’re carried as a child everyday for six months by someone 24/7.