https://www.youtube.com/watch?v=ug5N9qmFVKQ

1 00:00:00.000 --\> 00:01:00.000 this video is for all my friends who
are doing you know one million three million five million dollars a year
and who come to me and are always like man i want a challenge this is so
boring i want to do something new and exciting and so let me tell you a
story um about my neighbor and so my neighbor had a trash business all
right trash collection business about as boring as it gets and he sold
his business a few years back for a lot of money i'll just put it that
way and i was walking one day and uh he was like watering his lawn and i
was like hey man um you know what's going on and uh he said i just got
out of my non-compete and i was like oh that's awesome so you know what
are you planning on doing he's like well i plan on doing the exact same
thing again and i was like wait what what do you mean he was like well i
plan on starting another trash business and selling it right back to the
guys who bought my last one and i was like what and like he could tell
that i was kind of like confused by this and he was like he's like why
would i learn something new he's like i already know everything about
the trash business he's like i'll just do it again it just really hit me
because i was like

2 00:01:00.000 --\> 00:02:00.000 so many entrepreneurs myself included
right and i made this mistake so many times earlier on in my career we
desire novelty we desire challenges we want growth right but the thing
is is that we think growth means new when i think that a lot of times we
could redefine growth as meaning we develop the character traits to be
able to persist and continue to do the same things over and over again
you don't see these real estate moguls for example being like man i've
built you know 20 million dollars in real estate i kind of just need a
challenge i'm going to start i'm going to start a restaurant right they
don't do that i mean think about how stupid that would sound to you
you're like dude you're so good at real estate just keep doing real
estate right but i see this especially in the marketing community more
than anything is this this need for constant change and and and growth
and challenge right but i think you need to redefine the challenges this
is becoming hard for you because you're getting bored so the challenge
is learning to a be comfortable with boredom or b not need it because
the business doesn't exist to satisfy our internal deficiencies right
that's

3 00:02:00.000 --\> 00:03:00.000 usually when most of us build it we're
insecure we need connection we need we want status right these are all
the things that we build our business to solve but our business doesn't
actually need to solve any of those things it just needs to provide
value to the customer and then we try and extrapolate or project our own
needs onto the business and in so doing break our businesses and make
the wrong decision and so let me tell you a different story so i've had
one two three different guys tell me uh in the in the internet marketing
space who i say one's doing 15 to 20 million another is doing about 10
million now there's doing about 10 million a year probably in the
neighborhood of like three-ish million in profit per year around there
three to five and so each of them on their own reached out to me and
said hey man i think i'm gonna start um a software company because i'm
uh i'm not i'm not challenged enough doing this anymore right and um i
thought about that and i just thought how kind of hilarious it was it's
like i've risen to the top of my game i'm bored doing what i'm doing and
so i'm going to stop doing this and then i'm going to enter a new arena
where

4 00:03:00.000 --\> 00:04:00.000 everyone else has been doing that for
10 years and there are other kingpins in that arena and i'm gonna try
and relearn everything from ground zero uh and then try and beat them
now here's what's interesting right here's what's crazy if you were to
let's say make a hundred thousand dollars a year in your business and
you decide that you're going to be a true entrepreneur and it means
you're never going to quit and it means that you're going to continue to
do business for you know 40 years or whatever right if you were to gain
at the same pace as the marketplace which by the way when you're smaller
is really easy right it's 10 a year if you were to grow by 10 a year by
the end of the 40 years you would have a gazillion dollars right but
most people are always trying to beat the market when in reality if you
just matched the market you would become extraordinarily crazy wealthy
at the end of this game but because we are so frenetic and we have these
insecurities that we project on our business and then force our business
to solve our own personal issues we end up breaking the thing that is
actually working just fine because we have these interpersonal needs
that we're trying to satisfy and i this was very hard for me to learn
i'm

5 00:04:00.000 --\> 00:05:00.000 saying this because for me this was a
mistake that i made over and over again probably for the first four
years of business for me i tried to make my business solve my personal
problems when it really just needed to solve my clients problems and i
needed to do with my own personal stuff right one of the things that i
wanted to give you was the ways that i create uh challenges for myself
within the business without destroying the business all right so let me
give you two different things that have been complete lifesavers for me
so i have desires for innovation i have desires for new things right and
so where to channel that is not to create new businesses where to
channel that is to create new front ends or new backends so meaning like
how can i change the hooks how can i change the creative how can i
change the ad ideas the marketing the front ends that bring people in
because the more variety i have there the more different types of
avatars i'm willing to attract and ultimately grow the business so you
can use that entrepreneurial add but use it in a way that's going to
serve you right and serve the business without rather than breaking the
business right whereas if you start creating more

6 00:05:00.000 --\> 00:06:00.000 businesses to satisfy your add then
what ends up happening is well you know you have lots of businesses and
you don't have any money that's the first thing the second thing that i
do um that i'll walk you through is understanding constraints all right
one of the the lessons that i've learned over the last 12 months is
multiple metrics for success and so i'll dive more into that in another
video but basically for a very long time in my life the only metric for
success that i had was how much profit and how much increase in net
worth i had at the end of the year that was it's all i cared about and i
think that as we've gotten to the point where like an increase in net
worth the marginal utility of more money meaning like the amount of
extra good that i can purchase or that more money can purchase me is
very very little right there's nothing that an extra 10 million dollars
or an extra 50 million dollars is going to purchase me that the first
you know 50 doesn't buy me right there's nothing right that i can
there's nothing that i can't already get right and so when you think
about things like that right what it forces you to do is create
different ways to win right because it's a game right if you're
entrepreneurial then you should especially if you become more successful
you'll see it as a game right and so you

7 00:06:00.000 --\> 00:07:00.000 have this game that we're playing and
we have these metrics for success that originally are just increasing
net worth right but then you could say can i increase my net worth and
have a good marriage can i increase my net worth and and be in shape
right and so one of the constraints that i'd like to offer you as a
challenge to give to yourself so that you don't get bored in the
business that you have is a constraint around time right and so that was
one of the things that i did over the last 12 months was like okay i
want to build something that does a billion dollars a year in revenue
which is the goal for the portfolio and transparently we're not there
you know we're at about 85 million dollars a year across our portfolio
we're still a little short um but it's a good thing to focus on now the
thing is is that i don't want to make and the way that i have to make
that is i can't i'm not gonna outwork to get to a billion right you have
to make good decisions and you have to let compounding work in your
favor right because if we have the 85 million and we go grow by 10 a
year in you know 20 years we'll probably be

8 00:07:00.000 --\> 00:08:00.000 there right and so well let's see a
doubling would happen every seven years so 21 years would be double
double double so that would be two four eight so eight times 85 no we'd
still be so we need another doubling so we'd have to like 28 years from
now we could be it if we just grow at the market rate which is pretty
encouraging i think because i think we can beat the market right but
anyways the point is adding constraints makes the goals far more
interesting because i think the first level of achieving any goal is
learning how to sacrifice everything to achieve the goal which i think
candidly i don't know many people who are super successful who haven't
done that you have to be able to put everything you have on the altar of
success and sacrifice it for what you want some people may not like that
idea and that's fine i don't i just don't know people who are ultra
successful who have done that and the reason they are willing to
sacrifice everything is because the deficiency they have in their soul
is so great that the pain they're suffering from is like for not having
the thing is so great that they'll put everything else on the altar for
their success and i know that i did that firsthand and so i remember
even when i when i was growing growing into this entrepreneurial role
that i didn't tell myself um i'm gonna outwork everyone because i

9 00:08:00.000 --\> 00:09:00.000 didn't even think that was realistic i
said i will out sacrifice everyone so when my competitors are going out
to dinner when my competitors are hanging out with their kids or my
competitors or hanging out with their wives or being good husbands i was
like i will get ahead that was what i told myself and it worked but at a
certain point and this is why multiple metrics of success are important
the new goals that i'm setting have constraints on them because anyone
can just sacrifice everything to get what they want but the question is
can i build a billion dollar a year revenue portfolio working two or
three days a week right and can i do that also while being in
competitive shape physically right and working out one to two hours a
day because i like it can i do all of those things and so this is kind
of the new levels of challenge i'm doing rather than trying to break
what i have and going doing 10 other new things it's like can i add
constraints to the existing game to make the game more fun for me
without breaking the machine because ultimately like the machine doesn't
serve to it doesn't exist to serve me uh it exists to serve the customer
and uh making sure that i don't conflate those two things

10 00:09:00.000 --\> 00:10:00.000 has been a very valuable lesson in the
very beginning for me i'll tell you the story when i when i started uh
the first time where i really saw success was when i learned how to
sacrifice i was saying sacrifice earlier so i'll tell you how i actually
learned how to do this so when i was in college um i ended up pledging a
fraternity and it was a very hard pledging process hard being like time
consuming right and i think we had to basically every hour of the day
minus three hours and minus class time so we had three hours of study
hall and we had uh whatever our class time was all the rest of the time
we had during the day we had to be at the house and doing chores and
stuff and so that was pretty miserable and that wasn't like you know a
ton of fun um but what ended up happening was i ended up getting really
good grades that semester um in college and uh it was because they
forced me to do three hours a day every single day of homework and if
you do three hours a day of work every day and that's what i realized in
college um there's the days that you don't have work to do if you still
work three hours you get ahead on future work and so i realized that for
only three hours a day if i just did that i would i think that that
semester i got like a

11 00:10:00.000 --\> 00:11:00.000 383 or something like that what i did
after i finished pledging was i realized that all these extra hours of
the day were mine and so what i did was i was like well if i can just
study all the rest of the hours then i should do really really well and
that ended up being a really good methodology was i just sacrificed all
of my day um so i basically went to the gym went to the library um and
went to class and that was it and i i that was it i never worked past 9
p.m and i went out almost the nights of the week but by always doing it
that way and not wasting my time i ended up doing really well and it was
the first time i ever learned how to sacrifice everything which was
everything else i just didn't do anything besides work work out and go
to class like that was it throw on day and so when i started applying
that same kind of concept to business it was actually fairly easy for me
because i was so used to sacrificing everything i just switched over
what i was sacrificing for and i think that you have to learn how to
sacrifice first in order to learn how not to sacrifice later right
because a lot of people were like why would i achieve the success you
have or whatever but i don't want to sacrifice x y and z i just

12 00:11:00.000 --\> 00:12:00.000 i think you can say that i just don't
know anyone who's done it um it's kind of like saying i want to get over
the the hole that money has on my life except i haven't made any money i
think you have to achieve something before you can give it up right i
mean buddha who who gave up his his worldly riches like he talks you
know he he walked the middle path because he had been extremely wealthy
in a prince and then given it all up and lived as a poor person and then
walked the middle path and so i think that in order for us to walk the
middle path in life we have to have achieved the thing in order we have
to achieve mastery over the thing before we can truly master it and mean
and give it away right and that's how we can eliminate the desire for
the thing because we truly know what it's like to have it right and then
that means we can truly know why we don't need it and so i think that's
um i know it didn't mean to get 100 business philosopher on you um but
uh but that's that's kind of where i think this goes full circle so um
big picture here multiple metrics of success don't change your business
just to challenge yourself find new ways to either create front ends or
new product lines or things like that within

13 00:12:00.000 --\> 00:13:00.000 your business that can satisfy your
add and if neither of those things are what you want to do then just use
constraints to create challenges in your own business that improve your
life in other ways right and uh you can uh always go back to my neighbor
uh the guy who sold his business for trash uh his trash business uh for
a lot of money and uh and just said he's like why would i learn another
business when i'm already really good at this one he's like i'd have to
learn everything from ground one he's like that just sounds hard and
stupid and i couldn't really argue with the wisdom of that advice
because he doesn't use his business to satisfy his interpersonal desires
he used his business to create wealth which was the whole point so
anyways i hope you found value in this video um click subscribe if you
did more videos like this uh to help you make more money uh mozi nation
keep being awesome and i'll catch you guys on flip side bye
