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

1 00:00:00.000 --\> 00:01:00.000 what's going on everyone happy uh hump
day wednesday uh i want to make this quick video for you uh because i'm
gonna be sharing some of the lessons that i did from that i got from a
uh uh 500 million dollar mastermind but it was basically eight people
eight entrepreneurs who together were doing uh over 500 million dollars
a year i was the second smallest so we'll we'll finish this year i think
at 32 million um i think there was one guy at like seven um and then but
everybody and then another one was at around my 35 and then the rest of
them were almost all above 100 and we had one guy over 250. and the
biggest i'll tell you the two biggest takeaways that i have from that
entire experience the big the first one was when i looked at the biggest
of them they sold simple right uh simple scales and so the term that
i've given myself to like remember this is scale zero which is i have to
get my business to a

2 00:01:00.000 --\> 00:02:00.000 point where there's literally zero
requirement of me zero not like eat like zero none as in like it just
keeps going and growing and by getting to that point where it requires
zero then i can scale it without becoming the bottleneck and so let me
see if i can unpack this in a useful way for everyone like right now if
you're doing anything within the business if you were to double the
business the question is are you going to have to double the amount of
stuff that you do many times it's a yes and to be honest with you it
takes a long time to get like you're going to move up the skill set like
in the beginning you do everything and then you're going to outsource
some administrative work and then you're going to outsource some you
know back-end customer service work and then you're going to outsource
the sales and then and then you'll start outsourcing maybe the marketing
and then after that you'll you know maybe outsource the messaging behind
your overarching position in the marketplace but at some point literally
the only thing that should be left for you to do is just make

3 00:02:00.000 --\> 00:03:00.000 decisions and not all decisions but
just the biggest and most important decisions right and so if that is
what is left for you to do then there's basically zero right and so
scaling zero means that for me to get bigger i must get smaller within
the company i must become less and less and less important to the
company's success in order for the company to grow without me being the
bottleneck of it and i think that um this has just been such so
incredibly telling uh for me going through this and watching each of
them uh what the people who are doing more than me how how little they
were doing and that's by design that's deliberate it's hard to do that
and you fail a lot and you hire people and they mess up and you eat
those costs of mistakes but that's why you know finding really good
people is important but scaling zero has been my the the brand like the
branding that i'm trying to send into my brain it's like scale zero like
get yourself down to zero because only then i'll be able to scale

4 00:03:00.000 --\> 00:04:00.000 otherwise if i'm doing 20 hours a week
of work and we double that i'll be at 40 right and so that has been
probably one of the biggest lessons the next lesson that i learned was
that from just about everybody else there and mind you the lessons that
i'm sharing with you now are the lessons that i'm learning in my current
chapter my current season you may not be in this season but i want to be
transparent with you that this is what i'm learning right now and the
lesson that i learned was that everybody else was going after a bigger
marketplace than i was and so they were all wildly impressed that we've
been able to you know generate a hundred million dollars in a single
niche but they're like man you know you're really good at this stuff you
should be going after multiple you just go after a bigger market like
you're in a pond they're like or a lake you should be going after the
ocean and so that was what i saw was consistent between all of them was
that they were all in oceans and i was in a lake and so that was
probably the biggest the second biggest takeaway

5 00:04:00.000 --\> 00:05:00.000 um that i had the third biggest
takeaway here's a bonus one for you is that everything that everyone
sold there was simple um and i'm gonna say simple in two different ways
one is that of everyone there i was the only one who had three
businesses terrible idea um i mean we've i've i've learned my lessons
and we've been able to build it but i had to take steps backwards and
really work myself to death in order to get all three of them you know
over eight and multi-figures in order to to to work right but i feel
like i lost probably two years of development for myself as an
entrepreneur because i split my attention and every single other person
there had one business that they were focused on and more specifically
one customer and so um that was a big lesson for me now you can have
multiple businesses but for just about everybody who's listening to this
you're probably not that at that level like and i'm and i'm not saying
that you know douchely but like if you're

6 00:05:00.000 --\> 00:06:00.000 buying a business that's very different
than you starting multiple of them and being ceo of them all if you have
multiple businesses and this is a mistake that i made early on and a
mistake that i've made again later on if you're ceo of all of them you
do like you it's for just about every human besides elon musk it's not
feasible and so every other person that i know makes who's made a
tremendous amount of money made it in one vehicle and then they may own
pieces of other businesses right and if they are the main owner in in
multiple businesses which is rare but if they are the main owner in
those businesses they are not a partner they're not an active partner in
that business they've hired a ceo they've hired an executive team that
can run and grow that business without them um but i remember hearing
that when i was younger it was like oh man this guy has all these
companies he doesn't own all the companies that he's like he's not in it
right he's not in any of them he's got teams of executives and high
level producers who are incentivized usually with some level of equity
in that company and he

7 00:06:00.000 --\> 00:07:00.000 advises strategically um and so that
was you know again one of the reminders we need to be reminded more than
we need to be taught myself included um that one of the mistakes that i
was making that everyone else there was not and so i'll recap it for you
because i'm doing it for myself too the first was scaling zero i have to
get down to zero in order to scale otherwise i'll be the bottleneck the
second was going after oceans instead of lakes um again remember this is
me at my season if you're if you're starting out going after a lake is
not a bad idea which is why me making the decision to just niche down to
a single you know niche of gyms was not a bad decision because it was
the right call at that time now we've developed a skill set that we you
know now we've helped agencies in 100 plus niches generate clients for
their clients and so i feel very adept at that skill third is focusing
on one main business as your primary vehicle and an interesting thing
that i found out recently was the word the the root of the word
etymology behind the word decide decision um so c day like suicide
patricide

8 00:07:00.000 --\> 00:08:00.000 matricide side is to kill homicide
right it's kill and so a decision is where you choose to kill off all
the all other things so you you select by elimination right which i kind
of like that so it's like when you decide you're actively choosing to
kill off other things and so you need to decide what your business is
going to be and kill off all other options and so that is the the third
lesson um that i got from all of those those people here that were at
that mastermind and the and the fourth one um was every single one of
them was selling a tremendously high margin gross gross margin um
service and or product except for one of them uh and the two people who
were selling the lowest margin stuff were the smaller businesses and so
when i heard that it was really it was challenging for me in a good way
of thinking like how can we provide value in bigger ways for less hard
costs to us as business owners and risk

9 00:08:00.000 --\> 00:09:00.000 and so as i think about you know the
next moves that i'll do in my entrepreneurial career i'm taking those
things into consideration so it's what am i going to do that is going to
go after an ocean instead of a lake what am i going to do that's going
to be just one thing so not lots of things attacking the ocean just one
what thing is going to be you know very high margin but very high value
which is difficult a lot of times you can you can do high margin but low
hopefully you get what i'm saying here i want a high a high margin thing
that is high value um and sometimes that's hard to find and then finally
i want to structure it in such a way that i can get it to the point
where i am not the bottleneck of the business because i have um better
better decision making leaders so not just not just like in the
beginning you have doers and then you have managers and then you have
leaders and then you have decision makers and leaders to a certain
degree are getting into that it depends on what level of leadership but
really finding high level people who have the experience of doing this
thing

10 00:09:00.000 --\> 00:10:00.000 in the past they've already run and
won the olympic gold i don't want to teach someone how to do it i want
someone who's already done it and can just plug right in and comes
pre-loaded with the solutions they come batteries included um as uh as
maxwell says and so um anyways those are the biggest findings um that i
had now looking back three months later after the dust has settled from
that half a billion dollar mastermind and those are the lessons that i
took away from it so i hope that was valuable for you if you want the
the inner the inner secrets of what what's happening behind the scenes
in those in those types of rooms um those are the types of conversations
that we're having and i hope you found that valuable and i'll see in the
next vid
