Jay Abraham
speaker
85 appearances
1 recordings
1 series
first heard Feb 2025
last heard Feb 2025
Jay Abraham’s voice in public audio — every appearance, attributed to the second.
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Appearances
Well, I'll start with the biggest mistake a lifestyle entrepreneur makes. When he or she starts, so let's say you come from a limited income world, whether it's you had a salary, let's say you were making 70 grand and all of a sudden you get into your own lifestyle business and you're making two or three or 400,000. First thing most people do is indulge their material ego.
They buy a Mercedes or they do something, they go and they buy their Rolex or whatever and And the smartest thing to do is reinvest in the business at that level or reinvest in assets that'll work for you, but not to indulge yourself at that level. So reinvestment is something a lot of people don't do. The second is a lot of people...
Don't understand that a superstar will outperform, I don't know what the right word is, not a mediocre, but an average person by orders of magnitude. There's a very famous quote that I learned years ago. You hire the best. And you cry only once when you have to agree to pay them because they're worth so much more.
So most of them don't bring people in that are better than they are in what they do. They bring people who are basically affordable and superficial. Sometimes people make a different mistake. They're $5 million and they want to grow to $20, so they'll bring somebody that ran a $20 million company or was an instrumental, but they don't check to see if that person actually grew it from $5 to $20.
Bigger difference. And they can bury you. They can bury you. Another thing that's a mistake... is letting your ego indulge you. If you're working from a very modest facility, many people, when they start making a relatively significant amount of money to what they were used to, get a very nice facility, or they expand too fast. Too much growth is just as bad as bad growth.
You want quality over quantity always. You don't want to compromise the integrity of what you stand for because... If you have great, great, great integrity and an ethos that stands out to the audience you're dealing with, there's a great quote. You can lose your money, but if you keep your integrity, someone will always back you.
If you keep your money and you sell out your integrity, you'll never get your integrity back. So it's just understanding what really is relevant if you want to play a long-term game. The problem I see with most lifestyle entrepreneurs is they think they are running a business, and what they are really doing is a promotion. It's an elongated promotion.
And when it starts petering out, they got to scurry for the next one. And it's not really anything sustainable. That's why I said strategy, business model, all that is far more enduring. And then if you have great marketing and advertising and salespeople, that's great. But If you're not playing a long-term game, then you are a promoter by the sheer nature of the opposite. I think that's it.
The third is you've got to reverse engineer where you want to go. There's a terribly sad piece of research. 95% of all entrepreneurs never reach their goal. And the reason is they don't really have concrete, reverse engineered, very, very, very highly correlated goals that are performance-based to different activities occurring. They just have big macro aspirations.
I want to make a million dollars this year. I want to be able to sell for 15. If tomorrow morning, if you're here and you want to be here and you don't have a very well reverse engineered strategy of how you're going to get there and you don't have contingent
plans in place and you don't monitor how, you know, how media performs, how salespeople perform, how, how clients perform, and you don't have ability to, to compensate when anything is, is negative. And you also have the ability to adjust upward. If things exceed your, you're never going to get where you want.
So, I mean, there's things like that are things that really are fascinating and concern to me about entrepreneurs that are small, medium,
I mean, they can go to our website. It's abraham.com, and it's old school. I'm not trying to impress people with the skin on that, but we give a lot of things. If they're large enough, they can connect with me. They can go to jayatabraham.com, but only if they're large and I can explore the business with them. But we give a lot of nice things, and frankly –
everybody knocks me off so you brought my name in a search engine and find all my expensive stuff that somebody has appropriated pirated you know resold cheap and it's bloody out there and i would imagine there's a ton of stuff on youtube as well so i mean i'm not hard to find i don't think i haven't paid attention because not what i do anymore but i got a lot out there and if you i mean i can give you some stuff that you can put on your website don't have to give me the
The name to contribute to people if you want. We've got enormous stuff. I will tell you about something interesting that I should have sent you. We've been working for a year on an AI clone. We've put 250 million words in it so far, and we're going to put another 250 million words of consults and hot seats in it in the next month. And it's designed to be the equivalent of me saying,
to people that can never afford me. And it's instead of spending a fortune and having two hours a month, it's something that you could have 24-7 as your masterful thinking partner, your advisor for life. And I'm going to want groups to try it out. So maybe there's a way that we can let people use it. And if it works, do something together because it's really, it's designed to be
really interesting. I'll send it to you. That's interesting to me. And that's my technological interest is to take my outrageously expansive body of work and turn it into something that will transcend me. And it's very interesting what you can do.
We've been using the top company and it's really interesting to see what kind of intelligence you can give to something if you put years and years of very unique perspective. And it's humbling and it's really impressive.
That's cool. So I did it because I got a couple of friends and I'll give it to you offline. I don't want to tell everyone how to get it yet because it's not ready. But last weekend I was somewhere and I wanted them to test it. So they did. There was an Indian group. There was a Brazilian group and there was a Hispanic group besides the person that I went to spend time with.
So they did it in English. They did it in Portuguese, they did it in Hindi, and they did it in Spanish. So it's really interesting when you have that. I mean, it's scary, humbling when you see what somebody can do with AI. And there's the negative side, but I mean, when I ask these questions that are very deep, I go, crap, I don't know that I would answer it that well.
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