#98 Rich People Think Differently.

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0:37We're going to break that down exactly and I'm going to tell you things that most people have to pay a lot of money for. All right, so today we got a room full of seven and eight figure entrepreneurs all here for one thing. Are they able to double their business inside of one year and can they do it in 48 hours? Where are we right now? Miami.

1:00I want to do more showing and documenting as opposed to creating. Like we're not a traditional business creator in the fact that I run a bunch of businesses. So I'm not just talking on the internet about stuff that I'm doing. We run a holding company, we have a venture capital firm, we own one of the fastest growing trade franchise companies. I try to squeeze as much time out for content as I can, but I don't have a ton. And so if there's a chance for me to actually just talk about what we're doing and people can see it live as opposed to yap on the internet. I'm into that. What happens when you get in a room with 100 other people who are building businesses, seven, eight, and even nine figures?

1:34You realize that there's three things in business that you need to nail or you'll never make any money. What's up? Hi, man. Thank you. Can I trade you? What's up, man? I didn't know you were gonna be here. I'm so glad. And the first one is, do I even have the right customer? We call this avatar analysis. What's going on, guys? How's it going? Shana was so funny this morning. She's like, I have such a good song. Can you just wait a minute? I want it to play and like you to walk out to this and then that's that song. I'm like, I'm not that hard. Like this is, that's so cool. I'm not cool enough for this song.

2:03If you do not know who you are selling to and you do not realize that the person you are selling to has to want what you're selling, not to be sold what you're selling, you're in the wrong business. Do you know why Amazon is one of the most valuable companies in the world? They f***ing know you. How about Instagram and Facebook? Why is Meta so valuable? They know what I want to buy better than my husband does. They nail their avatar so perfectly that they can create multi multi-billion dollar companies. So I do not want you to set this and forget it. I want you to obsess upon the person that you sell to because if you know them well, you can sell them more things at the exact moment that they want to be sold.

2:39And so they will thank you for taking their money. That is actually how business should work. So we do an entire system on can I find somebody who is already predisposed to want what I am selling. I actually don't believe in sales. Alright, thanks everybody.

2:55You've got the X-book marker on your chin. Oh good, it's fine. Keep going. Where are we going? What's up, dude? What's going up, crew? Second, you've got to nail your pricing. So most people under price. They also don't have multiple options because there are always about 1 ,000 true fans you have who want to pay you more. Often businesses are under priced by anywhere from 30 % to 300%. Why? If somebody wants to give you more money, wouldn't you give them a shot at doing that? Anyway, we teach them how to do that. So I want you guys to take like five minutes. Oh, sick. Is that leopard? Yeah. It's my little gremlin.

3:30This is mine, right? What are you doing here? Oh, they're working on their breakout. Okay. You got a nanner, you got a cookie, you got a lobster. More of the gal we need. And then the third thing is hiring. What I call cheetahs versus house cats. Both cats, right? But not f***ing equal. One of them you really want on your side when you're chasing down big prey, when you're hunting things, and the other one is sort of snuggly but also mad. The number one thing about hiring I've realized is if you aren't good, how are you going to attract good talent? You've got to level up before you can get A players to choose you.

4:05The number one thing you can do to become better at hiring is become better yourself. That's why we have communities where we teach people how to become leaders and business owners, because I like to steal somebody else's 10 ,000 hours. You can go to the room. Got you. Follow you. Yep. Got you. I'm going to follow you. Where are we going? Oh, there's an elevator. Right. Okay, Liz. Tell me what the difference between your relationships with the people in the eight-figure room and the other room are. Eight-figure entrepreneurs are really easy to help, actually. Why? Because when you have more money and more resources, if I fix one thing in your business, it's very easy for you to get a seven-figure return on your time.

4:45I think a lot of times, what do we obsess on? Goals, right? I always say don't tell me what you want to get to tell me what you're willing to give up and I think a business It's don't tell me what your goals are tell me what you're tracking Are there any people in that eight-figure room that run a business that you think would shock people how much they're making from it? Yeah, there's a woman in there that has a feed business for milk cows that does nine figures You don't put a GPS in your car and go maybe I don't know we might make it We might not you're like no no we're gonna make it because I'm tracking the right things It's so much easier just to grow big businesses like I could just keep doing that but trying to show people how to go from zero to one, hands down the hardest thing that I do.

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6:24It's what I think people need help with. It's also what we get shit on the most on the internet because everybody loves to say reasons why something won't work. And I'm like, motherfucker, I'm just trying to show you that it's possible. You can. They don't teach small companies how to do this. And I think that is broken. I think that is why we went from 80 % ownership down to six. because all the big guys who have figured this out refuse to teach anybody anymore. And then they shame anybody who does teach it because they don't want you giving away the secrets. And I think that's a tragedy. It's way easier to just be quiet, only help rich people, build big businesses, and never focus on zero to one.

7:01But I just think that's selfish.

7:07Hey you, do you want to come to an event just like this? I've got you covered. We're throwing our biggest ever in-person event right here in Austin, Texas. It's called Main Street over Wall Street, M-Sales for short, and it's where the best builders, buyers, and investors come together. You'll meet billionaires who built empires with boring businesses, investors ready to find you, operators looking for partners, and buyers and sellers for just about any type of business. You'll rub shoulders with Navy SEALs and garbage men and SBA staffers whose whole career is dedicated to supporting business owners and future business owners.

7:39This is not a conference. It's a call to arms. And if you're not the type of person that likes to go around and make new friends, don't worry. We've got all these like private little workshop style intimate moments where you can even meet people face to face and we'll help orchestrate it. So if you're ready to buy a business, build a business or learn about small business, get your tickets. They actually go up next week. We're about 90 percent sold out. So we'll see you in Texas. Do you know there are lizards here that change colors? This is totally unrelated. I did not know that. You're a big reptile person?

8:08I'm a big animal nerd. I was listening to you on the phone yesterday. You were talking about a YouTube video. Man, our audience really does not like cinematic shit up front. They want the numbers and whatever. What's it like having to wear not only an entrepreneur's hat, but also thinking more about the creative side of things? It's my favorite part right now. I've just done finance and investing and running businesses for so long, but I'm pretty new at media. Contrarian thinking, the media company has revenue as its main goal. Very easy for employees to understand. But it also has followers. Why?

8:37There's a big mistake, I think, in business building. Haven't you heard a lot where people say that you should have one North Star metric? If you follow your North Star, you'll win. And I think that's why so many companies fail. In order to steer a boat, if all I do is have one North Star, AKA one left oar, what happens? You go in a fucking circle. But if I have two oars, which is a left qualitative and a right quantitative metric, it feels a little to the left and it feels a little to the right, but you are going straight. How annoying would I be if I was on the internet every single day, just telling people to give me money to invest in companies, sell me your company.

9:10If I was spamming every single day, I could make a lot of revenue. I could probably triple our revenue, but my follower base would suffer. And so I would hurt my long-term growth prospects of the company. So that's my collar. Simultaneously, if all I obsessed on was followers, well, we'd go out of business because we wouldn't make any money or we'd be fans or hub because we would just be racing to number of followers and that's it. So you need a metric that kind of collars the two. This generation, a lot of people want to have more notoriety online, and I totally get that. I mean, I'm online, and I think there's massive value to it, but that part to me is not a real business.

9:45What benefit do you have if a video gets a million views across the country? You're hyper-localized. You'd much rather that you were on a local television segment or something that your target demographic saw. My main channel is my podcast for getting clients. What is my next step? I'm thinking getting 10 amazing guests by the end of the year. And by 10 amazing guests, you mean 10 of your clients who you have made money? Oh, right. Well, that's a good one. That would be better. Because let me tell you why. If all you do is get 10 amazing guests, say I get on your podcast and I'm like, well, I've got Alex Cooper on.

10:21She's one of the biggest names out there. Joe Rogan on. I've got whoever on the podcast. Do you think your conversion will be higher with those people? or would your conversion be higher with somebody who you made a million dollars, nailed your avatar, was exactly in your niche? You have a B2B business. For a B2B business, I would never go pure social media marketing in a billion years. You do not want your life and your face and your lifestyle to be a business. It has terrible enterprise value. I mean, you can't sell yourself as far as I know. Two, you're getting yourself a job, even maybe a fun one, not a business.

10:56And three, people go a little zany when they get too well-known. Just be careful what you wish for. I can't remember who it was. It was a famous actor. People go, man, I want to be rich and famous. Like, take rich. You know what I mean? You know, famous is not going to make you happy. I think that was Ben Affleck. Was that Ben Affleck? Have you guys ever heard Ben Affleck speak in Spanish? No. Incredible. He talks like my family does. Anyway, just be careful about going after notoriety alone. Get that cash first.

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