We were talking backstage and and – and you teed up a question that that I think his is part of every business owners journey, and that is the art and science of overcoming the obstacles that you face.
Yes, 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.
I know you’ve had a full day, and I hope too, that 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 you’re. An infant and an infinitive run for survival and cash flow problems, our natural process in most cases, and you’re 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 going to 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 you’re self-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 succeeding in business and it’s, pretty simplistic. How many of us know borders 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 right.
You know they really never get that good. They’re, not really a belong, or 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 or 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 and 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’ve worked with for seven years, and everything 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. It should take me ten or fifteen minutes, and I was able to do it.
I wrapped a snake around this woman. She had a snake phobia phobia is an uncontrollable response so because of that, I had people coming to 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, which 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 would invite them to come.
Spend three days of me and this man walks up to me and he’s from immigration. He goes a great seminar. He goes. I’d like to your work. Permit I said: what’s, a work, permit it’s. You know when you’re in big league business.
You don’t know these things right. He goes well the work in this country. You need work. Permit – and you see how to tell you well, I got ta see you tomorrow at 5:30 as well. My seminar starts at 7:00.
He goes you & # 39, ll, be fine. Just you got ta, be there 5:30. He 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, I 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’s, why? I 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 he goes. If you walk on that stage tonight, we will handcuff you and deport you. This is what I call a threshold with 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 to put on the seminar I wasn’t, a good businessman. I just wanted to help everybody right, so I spent all the money and he goes. You have no money.
Well, 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 he said you’re gonna go to jail. I said I’m, not going to jail said how close is the border, true story, and they said well, this a place called Bellingham Washington.
It’s about an hour and 40 minutes. I said rent me six buses and I’ll meet the people out front before they go in the hotels is not a problem. I met everybody up front. He said this is a traveling seminar.
It’s, a surprise right. It was a three-day seminar. We had to go and come back each day at night for three days in a row. I got all but four people to agree to do it and and then I got the building and watching at the Holiday Inn there and it was.
There was like a Bar Mitzvah or wedding or some stuff next door, and it was so loud. You couldn’t, hear anybody, and so I said just lie on the floor. Close your eyes, gonna hypnotize you into this [ __ ] right.
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 it’s.
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 emotion.
So you know once you saw about when the next one shows up, I had somebody I started franchise and cup. Franchisees were really upset with all the 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 $ 50,000 challenge. 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 I was starting over again and then I grew from that and then I finally got you know.
I had a partner in business, a long story short. They had a business that was losing a million dollars a day and he turned it her how to make it 1.8 billion and he Buddha. He offered me his partner and I signed a document saying we’re all joint in several.
There was 40 million in debt, I figured I had ten million of the debt to have a million eight 1.8 billion and in infrastructure, and it turned out my partner’s. Two of them were broke, they weren’t billionaires, they had lost their money and the other one was the son of a billionaire and his dad had given him nothing at five million dollars to his name.
So I was on the hook shortly after for 120 million dollars, when they didn’t have hundred twenty million dollars. I figure how to deal with that. By doing that, I eventually took my companies to this year will surpass six billion dollars and 33 companies because I made it through 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.
So you can keep growing. Where does the perseverance come from for you? Where does the indomitable spirit come from here? The title of your book unshakable? Where does the does the drive come from? You did not grow up in easy circumstances.
No at all, no college at all, no all self educated self educated, a household that was not easy. True, is that part of the reason that you are as perseverant as you are as optimistic as you are, as didn’t create my optimism, but maybe it was a way to comput to 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 you mem she passed. I didn’t talk about it. One day I was sitting in front of a group of thirty kids that are were abused by their parents and – and I told them that you know your biography – is 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 time I throw up till.
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’d, 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 dry part Is falling in love with 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 lighten my pump up.
I love to have another skill. Having a tool have a system, you know when I do my boot camps each year for our 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 keep all the stuff you got.
We’ll. 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 are 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 imagine that that product lasted 20 years now product like that’S Molly the last a year right.
The competition is too high. So today, if you and I are gonna really succeed, you got to 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, except print more money and we need to print money.
We put you know ones and zeros and computers. So there’s, gonna 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 sort of sitting across from Howard Schultz and 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. If they closed, I think it was 1,300 stores, if I remember correctly it 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 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 about Columbia house, where you got like ten albums for a buck. Remember that or for a corridor and stuff they built a billion-dollar company Tom’s, 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 him 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 cuz.
Those need to change and if you fall in love with 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 you’ve. You know what I’m at your cash flow. Your challenge is going to bite you, but you also have to run the business you’re becoming and 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 cash flow. Now you’re dead in the water. If you just work on today, you’re gonna 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 know the 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 remember one that stands out from you.
He asked 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 L, AFC molest franchise soccer franchise build a stadium here I was at his home in Aspen and he says the Pres online for you.
It was President Clinton and I picked the phone and – and I talked to present 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 present at that point, and I remember Peter look at me holding you talk about inviting you to come out to Camp David, but it was great.
I said I just don & # 39. T want to be sincere up 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 in the moment I know that I was doing what I love was with her a couple of people.
Then they’re all trying to get his attention and he and I went for this walk. You know and this deer went by and he was telling me you know about all these past presidents. He was honestly at the time complaining about unfair things.
Were – and I thought this is the president States and he’s effed up and I’m 31 years old and 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 one.
Making a 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 notice guys? 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 was ten thousand people and he just kind of lost it 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 found it was a more difficult time.
I help people on both sides of the aisle I don’t talk about it. 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 and two floors, and I went to pick up this phone and sure enough.
The secretary just presents waiting and says Tony. They’re gonna teach me in the morning. What should I do I was like. Could you call me sooner you 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 asked is: what do you want? Do you want parents moms dads to have their kids look up to you or do you want 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.
If you 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 this great conversation.
He’s in there that’s, exactly right. That’s. Exactly what I do so I’ll. Call you back, I’ll! Call you back in 20 minutes, so I’m waiting. Twenty thirty forty-five. Madam, our leaders secretary calls me and says person once you know he’s still resolving things he wants to get back to you and then another thirty minutes went by him.
Thinking like I’m, an affecting history here right and then I saw him standing with all the Democrats beside and just said, nope. We really gonna keep the same, come on it and went through things. So over the years I’ve had the 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 has some good idea, 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 where you hope. Somebody else thought that about you. You were 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 or 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 soundbites 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 just say that we’re, leaving an 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 up people on both sides of the aisle and this year present Obama Stephen get him in. But to give you an idea, most people there thought they’re.
More liberal – and they were like thinking like this guy is evil, and after two hours of conversation there wasn’t a person that you liked. He thought that right they know he liked him, but like I liked about his decisions, and they got to see why you made the decisions he did and when you see the why, instead of all the [ __ ] you here and the generalizations that he’s, an evil guy, he started to go wow.
I might have made a different different ISM. I might not have with 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 to brother to win and I admired person Bush.
They’re, never attacking the Past Present. He never attacked. President Obama, it was like he was a class act, he won’t, he disagree, 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 is 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 occupants. You see it when he does things and then there’s, a judicial branch that balances it and – 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 up a beer together.
Now you’re radioactive. Have you talked to somebody and that’s huge? I I met mr. Gorbachev and I got a chance to fly him before and after 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 said I was sitting there with President Reagan. He was lecturing me and he said I could feel the angry sea.
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 when in the Cold War – and I said you know that’s – a really great answer.
But I’m with you for four hours. I want to know the moment what’s the moment I’m, a thunder student of history. What 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 US had at that stage.
Biggest change we’ve had, and he thought for a moment – and he shared this great moment with me said he hid his leg. He’s talking through interpreter, but he recognizes understand flawed English. He’s, smacking his leg and giggling.
Like a little kid, 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 suddenly just stood up like this, and he said this is not working and he turned and walked three steps away and they turned back and said: can we start fresh? My name is rod kale and had that same impact I did on you this now.
He said he was laughing uncontrollably because 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 plan. 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 a scale of society and 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 ultra Nouriel ISM 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 issues and run your business? I happen to have a life and your time that CEO hands out there who feels like that’s there. So you can see it’s about 90 go 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 start to do in the beginning, you have to do both right, but when 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 to a couple times a year and we bring in businesses from all over the world literally and we have people just starting a business. I mean people with. You know business isn’t.
Do it a billion two billion? Three and what you find is that there’s, a common pattern amongst all these people, people where they they find themselves if they’re. If there’s, a small business, they do everything because they figure like they’re, the only one can do it or 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 done. While you’re there, but if you have to be there there’s at climb around 33 companies. I mean 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 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.
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.
The question, I guess, learn how to go to the time and the answer: is you got to take 2 hours 90 minutes a week with your team of 1, 2 3 2000 and you got to meet where you work on the business and I teach people a Format called 7 7, where there’s 7 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 their 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 % hundred 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 running how many of you are stressed, I’ll, be honest but be honest, a feeling today, Being here and not being at your business, how many feel some stress in your business being away even for a day? Okay right now I’m, a business operator at that I’m gonna business owner you’ve got ta, be yeah.
Let’s, go to a question from the audience. What would the 30 year old version of yourself say to you today with conviction and be flat wrong about? Let’s, see 30 year-old today. Well, first of all, he’s dead, so he’s.
Gon na say [ __ ]. Today I married him a long time ago. 157. 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 going doing a decade and a decade happens that fast, you’ll blink, your eyes. That might be here.
I really truly everything I do is long-term. I mean it’s, the biggest challenge we have in your corporate America. Everybody look in the next quarter. Instead of you know the best business people, the Marc Benioff, the Steve Wynn’s, the Peter goobers and people that I hang with.
They all are decade-long people. When I was 14, I said this is how my life’s gonna. I decided I said in my 20s, I’m gon. Na help I won’t, have the skill the help, anyone change their life. If I’m come in and they’re committed it’s.
Gon na be done. I’ll have the ability, so I got to 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 will he ever run for office? I do, I would have said yes now the answer’s. 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. I would not do that unless I ran with him my own money – and you know maybe a small number of friends, but at this stage I think it would disrupt my wife’s life 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 dress. Let’s, go to Jeff the Conlon’s question. If mindset is the key 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 but 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 that’s, sort of how do you think if your mindset, I think, what do you deal with self-doubt, I would I don’t have a lot of it at this stage, but but I shocking I’m.
Being honest, I think self-doubt is you know instead of self-doubt, I would say questioning. I think it’s critical to question, but at certain stages, if you’re questioning all the time, you have nothing but fear, and doubt right, you only believe something cuz you don’t question it right.
Someone tells me, oh so-and-so, talk behind your back this and 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 retain 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 questioning.
If 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 organized 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 questioned he & # 39. S got one question. He questions within himself and everyone else how we gonna protect the downside.
It’s. His number one question: he never believed because I got risked his life when it comes to 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 light of capital.
I mean 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 to entrepreneurs in this room, the illusion that you’ve been taught is that great entrepreneurs take giant risks. It’s, total [, __ ].
There are some exceptions that have and they’d 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, I’m still. Okay, you know I work with Paul Tudor Jones, one of the top 10 traders in the history of the world and Paul I’ve worked with him.
I’ve coached in him 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, gonna make five or he doesn’t risk. The doubt see most people risk a dollar to make 10 % or 20 % he won’t. Do that? If you do that, you’re gonna go broke because 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 but 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 principals.
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 ray is most of you know. Warren Buffett that’s, because Warren Buffett is sweet and shares and it’s.
A public nature, but Ray is actually the most successful investor of his type in the history of the world. He’s, returned more money to investors from a hedge fund perspective. Anybody in history, when I met ray not ten years ago, you had of a five billion dollar net worth for him.
To talk to you, you 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 went to go interview him.
The first time the prime minister of China was talking on the phone. He was coaching China on what to do with her money, that’s. How brilliant is yeah hedge fund people? If you’re familiar with rich 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 home booking 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 and one 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 right. So what I found is the way to speed it up way. To have less of that bad judgment is. Can I 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 and today.
So if you can get a raise head now, Raisman a very private man for whatever decade, but he’s. 68 years old. He’s, a good friend. He’s entering the stage where he now wants to go public for a short time, give everybody who 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 & # 39, 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 would work for every business, but it’s it.
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 whom you were going to help well? First of all, I tried to do things online. You know like either a 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 for people and then I have events and the events have gotten bigger and bigger.
Now we do 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 her own is like. Are you? Are you new or you little slow as T’s novena? He marks his 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 gonna 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. You know 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 in groups worth. It was a wonderful anecdote. I read since you 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.
This 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 okay. Well, I have a home in Fiji.