How They Keep You POOR Forever | Spotify Video Exclusive
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What is the 'Better Yet' Principle in business growth?
There's tons of other businesses that you can absolutely demolish who are making lots of money just by doing the basics. And if you execute on that for 10 years, your business grows by default because your competitors won't do that. Growing businesses is hard because it's different than people expect it to be. The singularity of focus is so important. We get presented opportunities every single day that could distract us. And the thing is, the bigger you get, the bigger the opportunities that get presented to you. So the harder it is to say no.
How can discipline and strategy impact business growth?
I want to tell a quick story about the woman in the red dress, and I'm going to relate it to business. In The Matrix, one of my favorite movies, there's the woman in the red dress. And so it's one of the training programs that Morpheus takes Neo on, the main character, to teach him one simple lesson.
Why is consistent focus crucial for long-term success?
And so they're walking through a crowd, it's normal, New York, lots of people, everyone looks different. And then there's this woman in this red dress and Neo's head turns and Morpheus is still talking to him, trying to teach him a lesson, right?
What are the dangers of spreading focus across multiple ventures?
And then he looks back and Morpheus is like, were you listening? And he was like, what? He's like, were you looking at the one in the red dress? And he says, look again. He looks back at the woman and it's Agent Smith pointing a gun to his head.
How can saying 'no' to distractions enhance business success?
The thing is, is I see distractions and new opportunities, shiny object as the woman in the red dress. And at every level of business, the woman in the red dress becomes more and more attractive. Because at first you have to say no to a thousand opportunities, then 10,000, then 100,000. And you have to learn how to say no again at every level. Because I thought that once I learned how to say no to the woman in the red dress, I'd be done forever. But that's not true. She comes back.
What lessons can be learned from the 'woman in the red dress' analogy?
Every level, she just gets hotter and hotter and hotter. I used to think that like innovation was everything. And I think innovation is important to very, very small degree. But the vast majority of the business success is actually doing all the stuff that you know you should be doing, but you aren't. A friend of mine has a wife who's really popular and they have literally 60 businesses. He has an Excel sheet to keep track of all the businesses he has. And I think they make about total between everything, maybe eight figures a year. And to some of you be like, oh, that's amazing, but hear me out. So we're having this long conversation and I just said, you know, if there were a magic wand and you could snap your fingers and eliminate all businesses but one, how easy do you think it'd be to grow that business?
He was like, oh my God. It'd be so easy to grow that to like 30 or 50 million. I was like, then why don't you do that? And he said that that question has messed with him for an entire year. And he has, since that conversation, shut down business after business after business after business so that he could focus on the one that he thought was the biggest opportunity. Mark Zuckerberg didn't have side hustles. If you do one thing and you do it right and you do it all the way, you can get as big as you want. You can have a long-running business that covers the entire United States. You could do that. You could have a cosmetics business that covers the entire United States. You could have whatever type of business you want that covers everyone if you waited for a long enough period of time and didn't get distracted.
It's one of my favorite quotes by Neil Strauss. He said, It's the details that pay the dividends. the depth and the nuance of understanding how to do something. And so, for example, right now, obviously lots of opportunities that we have, I still don't feel like we're doing the basics. If we're not on every platform, why are we thinking about starting a new business? If we're not hardcore email marketing regularly and providing value, why are we gonna start another business? If we're not even building the SEO out on our site, why are we doing something else? If we haven't completely built out the sales training for our sales team to keep their execution high, why are we thinking about doing other things?
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Chapters
8 chapters
1
What is the 'Better Yet' Principle in business growth?
0:00–0:24
2
How can discipline and strategy impact business growth?
0:24–0:35
3
Why is consistent focus crucial for long-term success?
0:35–0:46
4
What are the dangers of spreading focus across multiple ventures?
0:46–0:54
5
How can saying 'no' to distractions enhance business success?
0:54–1:14
6
What lessons can be learned from the 'woman in the red dress' analogy?
1:14–3:59
7
Why is executing the basics essential for business growth?
3:59–6:38
8
How does focusing on one business lead to greater success?
6:38–13:50