Hard Work Won’t Make You Rich | Spotify Video Exclusive
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Why is hard work not enough for success?
Hard work will not make you rich. I get driven nuts by the amount of gurus and influencers and whatever who want to brag and say, no one can outwork me. I'm the best in the world. So many people outwork me. I still make more money than them. There has to be something else. One of the things that grinds my gears about a lot of the people that I see on Instagram that you probably see too is this whole like no one can outwork me mantra. First off, it's objectively false because many people, A, outwork you today, B, outwork you in the past, C, you haven't met everyone, and D, it doesn't f***ing matter anyways. It's the same thing when someone's like, I'm the best, and you have to say you're the best because if you don't think you're the best, it shows that you're not confident.
To me, I don't take that at all. If someone's like, I'm the best, then why aren't you on f***ing billboards? That's what the best would look like. Absolutely, you need to do the work. You need to put volume in. It's the only way you get better.
What role does leverage play in achieving output?
But if you start claiming that you are the best, you cannot be outworked. You are making statements that you know are not true. Why are we bragging about work? Because work has very little to do with the highest levels of the game. Warren Buffett talks about if he makes two good decisions a year, he's had a good year. And so how is it that one of the best investors, one of the best business people in terms of measuring it by money, which is how you measure business, talks about how he does basically nothing, reads five or six hours a day, eats McDonald's and makes a couple good decisions a year. How is it that that guy is making so much more money than the people who are bragging about the fact that they work so hard?
Everyone only has the same hours of the day. Anybody who only sleeps eight hours or only sleeps seven hours and works the remaining of hours of the day all of them would be tied for hardest working. So what creates output? You have volume of activity, and then you have the leverage of the activity that you're doing. That's what creates the total output. In order to do anything, you must do something. There has to be some level of energy that gets input into the system.
How do player roles impact business success?
Our activity, in terms of number of activities, is a very newbie measure of success in the beginning.
Warren Buffett doesn't say... I sent a thousand emails today. He doesn't talk like that. He's playing a different game. Jeff Bezos didn't like woke up at 4 a.m. today. Now, mind you, I'm saying this to somebody who likes waking up early. We can't be as superstitious about what matters.
Waking up early doesn't matter. Going to bed late doesn't matter. Not sleeping a lot doesn't matter. The few things that matter are the inputs that go into the system that have the most leverage to create the most output. Now, if you're a newbie and you can't get your ass off the couch, then by all means, Figure out how to actually get your ass off the couch and do stuff.
What metrics should entrepreneurs focus on as they grow?
But then there's only so many hours. And so boom. And then very quickly you hit your capacity of work. Great. You've maximized that. Now what? The leverage that we have on that activity is going to dictate how much we get out of it. And if we do a low leverage activity many, many, many times, we might get more than a high leverage activity that gets done once. A CEO who's going to work with acquisition.com works virtually every hour of every day when they come in. Almost everybody does. Sometimes they ask, they're like, am I going to be working more? We're like, it's impossible for you to work more, but you are going to be changing what you work on because that's the only lever we have. There's only 24 hours.
So we're going to switch these nine out and we're going to plop these in with higher leverage activities. And so the way that we do that is we look at their calendars and we look at their org chart.
How can complementary skills enhance a team's effectiveness?
This is how you fucking grow a business. You look at what they spend their time on and you see which of these activities are low leverage.
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Chapters
8 chapters
1
Why is hard work not enough for success?
0:00–0:45
2
What role does leverage play in achieving output?
0:45–1:37
3
How do player roles impact business success?
1:37–2:12
4
What metrics should entrepreneurs focus on as they grow?
2:12–2:49
5
How can complementary skills enhance a team's effectiveness?
2:49–3:49
6
What is the importance of recruiting the right talent?
3:49–4:59
7
How does specialization affect business operations?
4:59–5:32
8
What strategies can CEOs use to maximize their time and effectiveness?
5:32–7:55