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Speaker 1: Have you ever felt like there's something bigger you're meant

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Speaker 1: to do, but you have no idea where to start.

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Speaker 1: Do you have an amazing idea for a product or

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Speaker 1: a company, or you've come up with an incredible solution

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Speaker 1: to a problem you feel could help people, but don't

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Speaker 1: know what to do with it. Or maybe you're start

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Speaker 1: at a nine to five right now, which is really

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Speaker 1: a nine to nine, which is just funding someone else's

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Speaker 1: dream when you could be building your own. Recent reports

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Speaker 1: show that nineteen percent of the US adult population is

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Speaker 1: actively engaged in either starting a new business or currently

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Speaker 1: running one. Whether you've been thinking about starting a side hustle,

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Speaker 1: quitting your job and building a company of your own,

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Speaker 1: or whether you're in the process of doing it, this

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Speaker 1: episode is for you. You're going to hear directly from five

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Speaker 1: of the best entrepreneurs that I know. You're going to

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Speaker 1: be hearing from one of the co founders of Skims,

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Speaker 1: Emma Greed, which is a company now valued at over

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Speaker 1: four billion dollars. You're going to hear from Michael Rubin,

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Speaker 1: founder of Fanatics, the sports apparrel company that was last

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Speaker 1: valued at thirty one billion dollars. You're also gonna hear

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Speaker 1: from Snira, who sold her last company for just over

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Speaker 1: a billion dollars, Brian Chesky, the founder and CEO of Airbnb,

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Speaker 1: and from Cody Sanchez, who's a self made millionaire specializing

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Speaker 1: in small to medium sized businesses. Whether you're fascinated by fashion, tech, apparel,

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Speaker 1: or whatever it may be, We've got you covered. You're

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Speaker 1: gonna hear from them directly about how they navigate innovation,

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Speaker 1: how they dealt with rejection, how they focused on scaling

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Speaker 1: their businesses, and the deep personal journey of balancing gut

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Speaker 1: instinct with strategy. Do not miss this episode. No matter

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Speaker 1: where you're from, you have the opportunity to transform your

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Speaker 1: life right now. This is a true masterclass in what

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Speaker 1: it takes to building something from nothing, and I've put

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Speaker 1: it together just for.

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Speaker 2: You the number one health and wellness podcast.

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Speaker 3: Jay Seti Jay Shetty Set.

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Speaker 1: In this first clip, Emma Greed dives into how she

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Speaker 1: launches purpose driven brands rooted in real problems people face

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Speaker 1: every single day. This is a great lesson for you all.

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Speaker 1: Start with what's missing. The best business ideas come from

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Speaker 1: solving your own unmet needs. Design for the overlooked customer,

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Speaker 1: there are parts of society that don't get seen, don't

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Speaker 1: get heard, build for them. Acknowledging the unseen audiences builds

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Speaker 1: unshakable loyalty. One of the things I love that she

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Speaker 1: talks about is that better business begins with better representation,

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Speaker 1: and diverse voices lead to better decisions. If you're someone

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Speaker 1: who's always felt restricted because if your background or walk

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Speaker 1: of life, this episode will empower you to think differently

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Speaker 1: about your differences. How do you select problems to solve?

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Speaker 1: How do you choose which problems you want to work

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Speaker 1: on and then make sure that you build something that

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Speaker 1: actually solves that problem.

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Speaker 3: I think about it in the sense of myself. I

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Speaker 3: think it would be very difficult for me, and I'm

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Speaker 3: not saying other people can't do it, but to do

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Speaker 3: things that you can't relate to, right, So I always

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Speaker 3: start with the idea that if it's a problem for me,

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Speaker 3: likelihood is it's a problem for other people like me,

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Speaker 3: whether that be other young women or other women in

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Speaker 3: the middle of America. But it's like the starting point,

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Speaker 3: it's always what do I find problematic? And then I

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Speaker 3: think the lens and the kind of red thread that

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Speaker 3: goes through all of my companies is this idea that

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Speaker 3: And again I hate saying it because in the last

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Speaker 3: kind of five years it's almost become like this sort

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Speaker 3: of buzzword. But when we think about inclusivity and business

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Speaker 3: and what that actually means, including and thinking about the

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Speaker 3: most amount of people possible. When I started Good American,

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Speaker 3: it was actually a reaction to this idea that so

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Speaker 3: many women, women of color, plus size women as just

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Speaker 3: completely left out of the fashion conversation. And why is

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Speaker 3: there dollar any less valuable than anybody else's. And so

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Speaker 3: I had worked in marketing for all of these years,

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Speaker 3: for fifteen years, I grew this incredible agency, and I'd

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Speaker 3: done castings and you know, put projects and collaborations together

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Speaker 3: for the biggest and best brands in the whole world.

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Speaker 3: And I'd been part of actually falsifying an image of inclusivity.

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Speaker 1: You know.

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Speaker 3: It's like you have a group of cars, you need

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Speaker 3: a black girl and an Asian girl and then this,

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Speaker 3: And actually, when you thought about the product and when

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Speaker 3: you thought about the senior management of those companies, it

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Speaker 3: looked nothing like that, right. It just the product didn't

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Speaker 3: work for anyone over a certain side, and the boardrooms

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Speaker 3: were just all made up of typically like white men

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Speaker 3: making the decisions usually for women, and I just sort

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Speaker 3: of thought to myself, there must be a better way

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Speaker 3: to start a company. But it came from problem solving

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Speaker 3: for myself. And I go back to this idea of like,

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Speaker 3: you know, when you think about businesses, it makes more

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Speaker 3: sense that they would be geared towards serving more people.

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Speaker 4: That's just good business, right.

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Speaker 3: Forget d E and I forget like, you know, this

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Speaker 3: idea of diversity, equity and inclusion doing being something that

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Speaker 3: companies need to do. Now, it's just good business. And

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Speaker 3: when I talk about it, this idea of inclusivity and

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Speaker 3: diversity being a superpower in business, it's not something that

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Speaker 3: I just say, it's something that I do. That's where

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Speaker 3: the process actually starts. I'm thinking about how can I

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Speaker 3: best serve customers the most amount of people. And then

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Speaker 3: when there's an acknowledgment of someone who isn't usually acknowledged,

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Speaker 3: of course, it goes without saying that. Suddenly they feel seen,

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Speaker 3: they feel heard, and they're like, I'm going with this girl,

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Speaker 3: I'm going with this brand because it's the first time

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Speaker 3: anyone's spoken.

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Speaker 4: Directly to them.

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Speaker 3: And I think that it's such an underthought about part

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Speaker 3: of business.

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Speaker 4: You know, people usually bolt.

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Speaker 3: It on at the end, and I'm like, no, no, no, no,

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Speaker 3: it's right where you start. It's in the inception of

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Speaker 3: those products. It's in making thirty two sizes, it's in

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Speaker 3: doing nine different shades. It's in the very very beginnings

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Speaker 3: of what you're creating, and then you can dress it

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Speaker 3: up and make it look nice and put the right

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Speaker 3: kind of branding on it. But actually it starts way

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Speaker 3: earlier than that, And so I actually think about customers

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Speaker 3: in a way that I think most people don't.

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Speaker 1: Where did you not learn that? But where did you

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Speaker 1: learn to look to understand that? Obviously it started with yourself,

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Speaker 1: But I'm like, why didn't people do that before? Because,

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Speaker 1: like you just said, it's better business, it's better financially,

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Speaker 1: it makes more sense, it makes more people happy. What

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Speaker 1: do you think blocks come?

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Speaker 3: Believe it just comes from where decisions are being made, right,

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Speaker 3: because it's like you don't know what you don't know.

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Speaker 3: And I've sat in enough rooms trying to pitch enough

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Speaker 3: businesses to a group of people that aren't my end audience,

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Speaker 3: and I have actually said in meetings before, maybe you

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Speaker 3: should phone your wife or daughter literally, like phone them

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Speaker 3: because you don't understand this, because.

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Speaker 4: It's not for you, you know.

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Speaker 3: And so I think that decisions are made in such

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Speaker 3: an abstract way in most companies. And you know you

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Speaker 3: see this when you know companies make mistakes, right, There've

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Speaker 3: seen a lot of like big fashion brands and big

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Speaker 3: consumer brands make mistakes that have seemingly kind of come

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Speaker 3: across as like insensitive, racist, completely misogynistic. That's just where

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Speaker 3: a decision is made. A company isn't inherently racist like

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Speaker 3: the whole company, it's just the decision making process is flawed.

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Speaker 3: I there's not enough people in the room of a

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Speaker 3: different background to say, hey, perhaps put the T shirt

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Speaker 3: on the other kid, like then it won't be an issue.

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Speaker 3: So I think that this just comes from the idea

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Speaker 3: of like where are the decisions made in that company

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Speaker 3: and who's making the decisions? And I know that the

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Speaker 3: more people you bring around to table from different backgrounds,

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Speaker 3: We're not just talking about race here, We're talking about age, education,

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Speaker 3: the full gambit, like the better the company will be.

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Speaker 1: Yeah, that is such great. I love what you just

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Speaker 1: said about asking someone to call their partner or their

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Speaker 1: daughter or whatever it may be, because you're so right, Like,

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Speaker 1: I think so many people sit in meetings and they're

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Speaker 1: looking around, going these people don't know what they're talking about,

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Speaker 1: or like they just don't understand totally. How have you maintained?

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Speaker 1: Like I guess the question is how many of those

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Speaker 1: meetings have did you have to sit in until you

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Speaker 1: felt like I'm just going to do this or we're

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Speaker 1: just going to figure it out, or did you look

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Speaker 1: for someone who agreed with you and had your values

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Speaker 1: and did the research or was it kind of like

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Speaker 1: we're just going to build it ourselves. Like how much

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Speaker 1: give us a.

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Speaker 4: Bit of that?

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Speaker 1: Because I think a lot of people.

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Speaker 4: Know, you know, it's so interesting.

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Speaker 3: I'm at that point in my career now where I

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Speaker 3: don't sit in a lot of meetings. Now they pitched me,

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Speaker 3: which is lovely. I'm like, come over here and I'll

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Speaker 3: let you know if you can come in. But in

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Speaker 3: the early days, you know, I think that I sat

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Speaker 3: in a lot of situations feeling like, you know, the

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Speaker 3: great thing is I never doubted myself or any of

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Speaker 3: those ideas.

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Speaker 4: I just thought I hadn't found the right people yet.

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Speaker 3: It's a little bit like, you know, I'm happy to

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Speaker 3: kiss a lot of frogs, and I always have been

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Speaker 3: because again, I don't think it should be so easy

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Speaker 3: when you're doing something that is new and without so

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Speaker 3: much definition and unproven, like it's supposed to be hard.

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Speaker 3: And again it's like anything. I never let it get

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Speaker 3: to me. I just was like, poor poor chicken. He

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Speaker 3: doesn't get it yet, and he will do and he

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Speaker 3: will kick himself, you know, And that's fine, you know,

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Speaker 3: it's just it's part of it. And I don't mean

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Speaker 3: that in a smug way. But I never I never

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Speaker 3: doubted what I was doing. I was very very clear,

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Speaker 3: especially when we started Good America, and I was like,

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Speaker 3: this thing people don't understand, and we'll just get them

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Speaker 3: to understand it.

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Speaker 1: Yeah, definitely, yeah no. And I think that's such a

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Speaker 1: great mindset to have and to not have the smugness

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Speaker 1: or bitterness because exactly that person just wasn't in the

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Speaker 1: right space.

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Speaker 4: You don't know what, you don't know totally.

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Speaker 1: It's totally cool. I feel like that all the time.

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Speaker 1: I'm like, I'm trying to find the people who want

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Speaker 1: to be part of this story, yes, and if they

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Speaker 1: don't want to be a part of this story. That's

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Speaker 1: totally cool, of course, because.

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Speaker 4: They won't be great partners to you down the line.

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Speaker 3: Right, It's like you either get it and you want

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Speaker 3: to be part of it, and you are happy to

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Speaker 3: know that you don't know it all right, because it's

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Speaker 3: about new space. It's like if we were all doing

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Speaker 3: the same thing and trying to set up the same companies,

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Speaker 3: we'd never find the skims exactly.

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Speaker 4: You know, It's like you'd never land on it.

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Speaker 3: You'd be like, that's too complicated, that's not how we

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Speaker 3: do things, and you skip over the great stuff.

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Speaker 1: How have you managed to continue to stay hungry and

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Speaker 1: also stay innovative when things are good? Like before you

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Speaker 1: talk about I didn't like my job, but wanted to

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Speaker 1: get out. You know, milk was outdoors, I was. You know, like,

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Speaker 1: there's a pain that pushes you in a better direction.

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Speaker 1: I'm not saying you don't have pain anymore. Of course,

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Speaker 1: there's stresses.

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Speaker 3: I don't have that much pain. I have daily dramas,

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Speaker 3: but the pain has gone.

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Speaker 4: You know what it is? You are fueled every day by.

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Speaker 3: A piece of it is competition, right, It's like I

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Speaker 3: look at everything, there is no one who knows more

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Speaker 3: about jeans and nickers than I do. I look at

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Speaker 3: every competitor I go out in the market.

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Speaker 4: I see it.

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Speaker 3: I know, like the promotional cadence. I know everything everybody

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Speaker 3: else is doing.

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Speaker 4: And I think.

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Speaker 3: That that natural inquisitiveness is part of what keeps me good.

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Speaker 3: But at the end of the day, it's like I

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Speaker 3: just want to win, you know. It's like I don't

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Speaker 3: feel satisfied. And also it's like, how could you It's

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Speaker 3: just been a couple of years. There's loads of people

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Speaker 3: that had successes for six and for three years. I

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Speaker 3: don't think that's the end goal. The end goal is

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Speaker 3: to build, like you know, generational or generationally defining business,

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Speaker 3: and that doesn't happen quickly. And also I'm not stupid

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Speaker 3: enough to think like, oh, to let a few years'

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Speaker 3: success get to me. There's a lot of people that

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Speaker 3: had a few years success. You know, that's not the

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Speaker 3: end game. And so I think about now, it's about,

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Speaker 3: you know, really taking the foundations of what we've felt,

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Speaker 3: not sacrificing any of your principles, and still being able

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Speaker 3: to grow and to thrive and to hire people.

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Speaker 1: The next clip comes from Cody Sanchez, Well she breaks

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Speaker 1: down her top tips on what it really takes to

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Speaker 1: build and buy businesses that lost. Remember that business is

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Speaker 1: long term grit. Success is enduring low level pain longer

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Speaker 1: than others will. Here's what I want you to focus

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Speaker 1: on in this clip. You're going to fail, You're going

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Speaker 1: to get rejected, You're going to get pushed back. Business

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Speaker 1: is not going to be easy. But here's what you

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Speaker 1: need to learn. All of that failure is helping move

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Speaker 1: you forward when you take it as feedback, when you

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Speaker 1: learn the language of money, as Cody Sanchez says, when

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Speaker 1: you focus on financial fluency because it's a non negotiable

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Speaker 1: for ownership. One of the things I love that Cody

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Speaker 1: emphasizes here is mastering the art of deal making. If

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Speaker 1: you're one of those people who struggles with how to

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Speaker 1: make a deal, how to make a good one, how

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Speaker 1: to negotiate, this clip will actually help you do that.

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Speaker 1: What skills and talents to people need to be able

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Speaker 1: to run those businesses. How much industry knowledge do they need?

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Speaker 1: What business skills are core and important? Because I think

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Speaker 1: the mistake is, again with the kind of world we

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Speaker 1: live in right now, it's someone goes I love what

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Speaker 1: Cody saying, I get it. I'm going to go buy

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Speaker 1: vening machines and then all of a sudden you've got

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Speaker 1: a garage full of like twenty vending machines and you

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Speaker 1: don't what to do with them because you don't understand business.

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Speaker 1: So what core business skills are needed in what should

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Speaker 1: we be developing in order to run any of these businesses?

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Speaker 1: How much industry knowledge do we need?

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Speaker 5: Yeah, that's a great question. Well, first of all, what

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Speaker 5: I would think about is there's two different things we

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Speaker 5: need to know in buying businesses or growing businesses. And

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Speaker 5: the first thing is you've got to learn how to

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Speaker 5: do deal making and how to actually speak the language

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Speaker 5: of money, which is what we talk about in the

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Speaker 5: book before you buy a business. So please don't just

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Speaker 5: hear me and go buy a business, read the book

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Speaker 5: or go to our free newsletter online, but spend a

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Speaker 5: decent amount of up front time learning. I promise you'll

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Speaker 5: make more money that way, you know. I kind of

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Speaker 5: think about sometimes people go, well, why don't I use

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Speaker 5: X amount of dollars I have instead of learning just

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Speaker 5: buying the business, And I go, does that ever work out?

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Speaker 1: Well?

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Speaker 5: Where we don't know what we're doing, but we plow

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Speaker 5: a bunch of money into it because we want to

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Speaker 5: just go do the thing. It doesn't work out, So

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Speaker 5: spend your time learning how to execute first. Now that said,

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Speaker 5: I really think there's just three key skills that we

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Speaker 5: need to learn to grow a business. The first one

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Speaker 5: is deal making. We got to understand how to do

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Speaker 5: a deal. The second one is really the mixture of

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Speaker 5: grit and endurance. So it's actually not tactics, it's how

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Speaker 5: hard am I willing to work? What am I willing

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Speaker 5: to sacrifice for the things that I want? And for

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Speaker 5: how long am I willing to do that? And so

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Speaker 5: Angela Duckworth famously University of Pennsylvania popularized grit is the

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Speaker 5: most important thing to measure success. So it's basically like

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Speaker 5: how much pain can you tolerate? And if you can

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Speaker 5: tolerate a lot of pain, turns out you have a

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Speaker 5: higher likelihood of making money. Business is really just like

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Speaker 5: elongated periods of low level pain. Sometimes you have like

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Speaker 5: what's called an acute or like a big jump in pain,

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Speaker 5: but for the most part you know this. It's like

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Speaker 5: what is what is running a business or starting a business.

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Speaker 5: It's like, well, you're looking at your statements pretty much.

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Speaker 5: Often you're like messing around with marketing. It's kind of

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Speaker 5: like low level pain. And so that's the second point.

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Speaker 5: And the third point is actually maybe a little rare too,

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Speaker 5: which is just a lot of people obsess on how

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Speaker 5: so what skills do I have to have? Exactly? How

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Speaker 5: do I start a business? How do I tax? Structure,

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Speaker 5: structure at the business? How do I get my first customers?

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Speaker 5: All important and good questions, but the real pros, No,

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Speaker 5: you don't ask how, you ask who? Who can I

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Speaker 5: go to who already has ten thousand hours where I

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Speaker 5: can steal their homework. So now in business, if I go, hey,

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Speaker 5: I don't know how to do our taxes, I go

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Speaker 5: find somebody else who has done taxes for us. And

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Speaker 5: it doesn't mean you have to pay for them. It

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Speaker 5: just means you have to talk to them, and often

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Speaker 5: people will help you, and so I find my who. Second,

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Speaker 5: and then the third tier is buy. So the really

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Speaker 5: really rich when they have a problem, they don't think

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Speaker 5: how do I fix it? They don't think who can

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Speaker 5: fix it? They think how do I buy the solution

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Speaker 5: to my problem? Because if I can buy the business,

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Speaker 5: if I can buy the solution, then it's almost it's

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Speaker 5: a higher guarantee of winning. And so that last one

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Speaker 5: is really about your connections. And so I think if

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Speaker 5: you understand deal making, you are honest with yourself about

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Speaker 5: how much work you're willing to do one where the other,

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Speaker 5: and you are willing to ask people for help. I

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Speaker 5: think just about anybody can run a business. Now, can

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Speaker 5: anybody run Amazon?

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Speaker 1: No?

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Speaker 6: Not?

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Speaker 5: Could anybody run your businesses which are quite big? No,

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Speaker 5: of course not. It's really like the level of skill

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Speaker 5: to the level you're at. But we don't say to people,

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Speaker 5: you know, well, not anybody could buy an individual apartment

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Speaker 5: apartment and live in them. We ask like, what do

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Speaker 5: you want and how are you willing to work in

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Speaker 5: order to get it? So I think the same thing

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Speaker 5: with businesses. It's like, okay, we have what's called a

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Speaker 5: deal box, which is a little slightly technical, but basically

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Speaker 5: the idea is oracle of DELFI says, no, thyself, right,

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Speaker 5: most important thing we can do. And in business you

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Speaker 5: basically want to have your little deal box of what

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Speaker 5: you want. So, do you want income of x amount?

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Speaker 5: Do you want it to be located in la? Do

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Speaker 5: you want it to scratch an artistic itch and make

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Speaker 5: you money and you sort of fill out this box

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Speaker 5: you know what you want, and then again you know,

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Speaker 5: the universe. I think a lot of times wants to

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Speaker 5: help us out, but we don't know what we want.

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Speaker 5: So how is it going to help us because we

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Speaker 5: can't tell it one way or the other. And I

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Speaker 5: think it's the same with business, you know, because we

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Speaker 5: could go well fifteen ways from sideways on, Like we

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Speaker 5: have something called the nine p's, which are like the

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Speaker 5: nine ways you scale a business to nine figures. But

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Speaker 5: I don't want to stop people. I want them to

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Speaker 5: start small and reasonable and know that the biggest thing

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Speaker 5: in between you and the thing that you want is

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Speaker 5: the knowledge on learning the language of money, on getting

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Speaker 5: after it kind of intensely, and then on asking for help.

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Speaker 5: Like if you have those three things, you can at

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Speaker 5: least start. And I don't want people to stop because

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Speaker 5: they don't have XYZ leadership skill, Like I believe in

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Speaker 5: your ability to figure it out.

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Speaker 1: How do you find someone who wants to sell a business?

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Speaker 1: Because yeah, I feel like that would be my next

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Speaker 1: question of like how do I even know someone? How

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Speaker 1: do I find someone? Because it must be going great

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Speaker 1: for them. Why would they sell it to me, especially

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Speaker 1: when I maybe know nothing about owning a hair salon

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Speaker 1: or vending machines or whatever it may be.

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Speaker 5: Right, well, you probably already know this. How many people

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Speaker 5: offer you businesses or stakes and businesses? Now, yeah, I've

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Speaker 5: been a lot lot. Why Because you have a very

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Speaker 5: high value skill stack. That's very evident. People can directly attribute.

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Speaker 5: If I partnered with Jay Shetty, then he's probably going

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Speaker 5: to market my stuff. He's going to give me brand recognition.

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Speaker 5: There's a high level of trust, so there's what's called

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Speaker 5: the trust transference. So the higher level of skill you have,

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Speaker 5: the easier it is for you to find businesses. In fact,

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Speaker 5: they'll often come to you. The thing is, though, even

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Speaker 5: when we have a higher level of skill, we often

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Speaker 5: don't really know what to do when it comes to us.

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Speaker 5: We don't know how to do zero risk deals to us.

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Speaker 5: And so I like learning deal making even if you

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Speaker 5: have a ton of skills and a ton of money,

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Speaker 5: because you can do a deal that seems unfair, but

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Speaker 5: because you recognize your value, the deal is incredibly fair.

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Speaker 5: In fact, the richer you are and the more audience

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Speaker 5: you have money you have, which I call capital. The

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Speaker 5: more coding ability you have aka tech Jeff Bezos engineering

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Speaker 5: capability or labor you have access to, so employees or

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Speaker 5: people that will work with you, the better deals you

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Speaker 5: can do. And that's like the two two three Toho

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Speaker 5: three level. And anybody who's listening who actually has access

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Speaker 5: to money and capital, you are crazy if you're not

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Speaker 5: thinking about doing deals and learning it, because it is

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Speaker 5: the ultimate positive form of leverage. So I wish that

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Speaker 5: we learned this earlier. This is how so many celebrities

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Speaker 5: get screwed by the way, and you know, they get

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Speaker 5: screwed because they do a deal, they don't understand the

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Speaker 5: terms they signed, their agent understands the terms they signed,

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Speaker 5: their agent isn't actually insteadive aligned with them long term,

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Speaker 5: and so they end up getting screwed. Like it broke

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Speaker 5: my heart when I watch that documentary with Val Kilmer,

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Speaker 5: like it, Oh God, First of all, you would love it.

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Speaker 4: It's beautiful.

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Speaker 5: The documentary is beautiful. He wrote it, produced it and

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Speaker 5: directed it and started it and it's just a beautiful

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Speaker 5: piece of art. But also he lost everything. I mean

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Speaker 5: he has basically no money now, no way, uh huh,

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Speaker 5: And the reason why is because of a series of

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Speaker 5: deals that he did where other people made it and

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Speaker 5: he didn't. And so even if you have a ton

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Speaker 5: of money, you got to be really careful about how

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Speaker 5: you structure things in order to keep it. And the

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Speaker 5: bigger that you get, the bigger target you have. And

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Speaker 5: so it's important to think about that and like the

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Speaker 5: Russian proverb trust but verify, which is like trust nobody.

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Speaker 5: I'm sorry, trust everybody, but verify that they are actually

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Speaker 5: on your best terms, which is why I always doesn't

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Speaker 5: count unless you've signed on the line that is dotted

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Speaker 5: in the words of Alec Baldwin. So if you don't

435
00:21:22,400 --> 00:21:25,080
Speaker 5: have deals coming at you because you don't have massive

436
00:21:25,400 --> 00:21:28,960
Speaker 5: you know, fame or money or whatever like a normal person,

437
00:21:29,280 --> 00:21:31,120
Speaker 5: then the easiest way is to find deals. It's called

438
00:21:31,119 --> 00:21:34,359
Speaker 5: origination and private equity. So in private equity, if you

439
00:21:34,359 --> 00:21:36,800
Speaker 5: think about what they do, they go around and they

440
00:21:36,840 --> 00:21:40,000
Speaker 5: cold call small businesses. So they literally will cold call

441
00:21:40,040 --> 00:21:43,719
Speaker 5: a plumbing company up all over the Midwest and ask like, hey,

442
00:21:43,760 --> 00:21:45,159
Speaker 5: you guys want to sell or I get them all

443
00:21:45,200 --> 00:21:47,160
Speaker 5: the time because I own these so our small businesses,

444
00:21:47,200 --> 00:21:49,840
Speaker 5: Hey can we buy your landscaping company? So one. One

445
00:21:49,880 --> 00:21:53,199
Speaker 5: way you find deals is called on off market deal searching.

446
00:21:53,440 --> 00:21:56,640
Speaker 5: So you basically turn on what I call your reticular

447
00:21:56,680 --> 00:22:00,200
Speaker 5: activating system, which is basically just a system and out

448
00:22:00,240 --> 00:22:03,960
Speaker 5: of your brain that is trained from the African Savannah

449
00:22:04,000 --> 00:22:06,720
Speaker 5: to say, if I keep repeating this thing brain, it

450
00:22:06,760 --> 00:22:08,720
Speaker 5: means it's important and I might die if I don't

451
00:22:08,760 --> 00:22:11,199
Speaker 5: pay attention to it. And so in real life, what

452
00:22:11,320 --> 00:22:13,520
Speaker 5: happens to you is once you play the game of

453
00:22:13,560 --> 00:22:16,760
Speaker 5: business enough, then once you like deals, Like have you

454
00:22:16,760 --> 00:22:19,320
Speaker 5: ever gone into somebody else's podcast studio and because you

455
00:22:19,359 --> 00:22:22,160
Speaker 5: probably are obsessed with podcasting, you walk in and you're like, hmm,

456
00:22:22,280 --> 00:22:24,399
Speaker 5: that's an interesting way to do that set up. I

457
00:22:24,440 --> 00:22:26,159
Speaker 5: don't think I would do that. Oh I like that

458
00:22:26,200 --> 00:22:27,399
Speaker 5: they did that. Let's steal that.

459
00:22:27,560 --> 00:22:27,760
Speaker 4: Right.

460
00:22:28,240 --> 00:22:31,119
Speaker 5: Your reticular activating system is so turned onto podcasts that

461
00:22:31,119 --> 00:22:32,840
Speaker 5: you can't help but notice all around you things you

462
00:22:32,840 --> 00:22:35,480
Speaker 5: would do differently or that you like the same thing

463
00:22:35,520 --> 00:22:38,600
Speaker 5: happens with business and deals. So now when I go

464
00:22:38,680 --> 00:22:41,280
Speaker 5: into a corner store, or when I go into a restaurant,

465
00:22:41,320 --> 00:22:43,800
Speaker 5: I go or Jim Jim's get me. For some reason,

466
00:22:43,800 --> 00:22:45,960
Speaker 5: it's like you have me, you have my credit card,

467
00:22:46,040 --> 00:22:48,560
Speaker 5: you have recurring revenue. I come in here every single day,

468
00:22:48,680 --> 00:22:50,680
Speaker 5: sell me more shit? Why don't you sell me more things?

469
00:22:50,680 --> 00:22:53,399
Speaker 5: So you definitely should, and so one I will say,

470
00:22:53,480 --> 00:22:55,680
Speaker 5: as you learn deal making, I can promise you only

471
00:22:55,800 --> 00:22:58,720
Speaker 5: really one thing. When it comes to you becoming a

472
00:22:58,720 --> 00:23:03,200
Speaker 5: better deal maker, reticular activityding system comes on. So what's

473
00:23:03,240 --> 00:23:05,680
Speaker 5: gonna happen in deal finding? Yes, you could cold call,

474
00:23:05,880 --> 00:23:09,840
Speaker 5: just like private equity, but instead kind of steep yourself

475
00:23:10,040 --> 00:23:12,600
Speaker 5: in the type of deal you are looking for, steep

476
00:23:12,640 --> 00:23:15,360
Speaker 5: yourself in what skills you actually have, and then you're

477
00:23:15,400 --> 00:23:17,359
Speaker 5: gonna see them all around. You won't be able to

478
00:23:17,359 --> 00:23:19,560
Speaker 5: turn it off. It'll be like when you buy a car.

479
00:23:19,640 --> 00:23:21,200
Speaker 5: All of a sudden, the car's all over the place.

480
00:23:21,280 --> 00:23:23,359
Speaker 5: After you bought it, You're like, did everybody was it

481
00:23:23,400 --> 00:23:26,560
Speaker 5: a sale? No, your brain starts making you notice it.

482
00:23:26,920 --> 00:23:29,280
Speaker 5: And so the best way to find deals is you

483
00:23:29,320 --> 00:23:33,920
Speaker 5: start just having conversations with guys, because again, cash love's curiosity.

484
00:23:34,359 --> 00:23:36,479
Speaker 5: Every time you go into a small business, you just

485
00:23:36,520 --> 00:23:39,040
Speaker 5: go like, ah, amazing, you go, I mean, LA is

486
00:23:39,040 --> 00:23:41,240
Speaker 5: full of them. You walk into a cool retail shop, Ah,

487
00:23:41,240 --> 00:23:44,119
Speaker 5: that's cool, man, this is your store. It is I

488
00:23:44,119 --> 00:23:46,480
Speaker 5: mean probably fifty percent of the time it's theirs. And

489
00:23:46,520 --> 00:23:47,880
Speaker 5: then you say to the guy, like, how long you've

490
00:23:47,920 --> 00:23:50,040
Speaker 5: been doing this? A while? Do you want to keep

491
00:23:50,560 --> 00:23:51,399
Speaker 5: you want to keep doing this?

492
00:23:51,480 --> 00:23:51,520
Speaker 6: Like?

493
00:23:51,560 --> 00:23:53,120
Speaker 5: How's business going? You guys make a lot of money?

494
00:23:53,119 --> 00:23:55,040
Speaker 5: How long you've been around? Is a kid gonna take over?

495
00:23:55,119 --> 00:23:56,040
Speaker 5: Are you going to keep going?

496
00:23:56,280 --> 00:23:56,480
Speaker 1: Oh?

497
00:23:56,520 --> 00:23:58,280
Speaker 5: This is so cool. I love this. Maybe I buy

498
00:23:58,320 --> 00:24:00,639
Speaker 5: a little something, and then maybe I I want to

499
00:24:00,680 --> 00:24:03,160
Speaker 5: own one of these businesses with them. All of a sudden,

500
00:24:03,200 --> 00:24:05,399
Speaker 5: I get to know the owner and I start getting

501
00:24:05,400 --> 00:24:08,200
Speaker 5: into the curiosity where I get them to maybe consider

502
00:24:08,240 --> 00:24:11,720
Speaker 5: that a young hustler who is really aggressive might be

503
00:24:11,760 --> 00:24:12,600
Speaker 5: good for their business.

504
00:24:12,920 --> 00:24:16,800
Speaker 1: Absolutely. Before we continue, let's take a quick breather and

505
00:24:16,880 --> 00:24:22,040
Speaker 1: listen to some of our sponsors. I hope you got

506
00:24:22,040 --> 00:24:25,080
Speaker 1: introduced to some great deals. Let's pick up where we

507
00:24:25,200 --> 00:24:25,680
Speaker 1: left off.

508
00:24:25,880 --> 00:24:28,240
Speaker 5: In order to break your frame and to see businesses

509
00:24:28,280 --> 00:24:30,879
Speaker 5: all around you, don't assume that the same things you

510
00:24:30,960 --> 00:24:33,440
Speaker 5: value other people do. It's like I've never really believed

511
00:24:33,440 --> 00:24:35,320
Speaker 5: in the Golden rule, which is treat others how you

512
00:24:35,359 --> 00:24:37,240
Speaker 5: want to be treated. It's like, buy and large, treat

513
00:24:37,280 --> 00:24:39,200
Speaker 5: them how they want to be treated, unless that breaks

514
00:24:39,240 --> 00:24:41,760
Speaker 5: how you want to be treated, and I think that's

515
00:24:41,800 --> 00:24:44,520
Speaker 5: the same with business owners. I mean my uncle Eb,

516
00:24:44,560 --> 00:24:46,800
Speaker 5: which is one of the main reasons I started publicly

517
00:24:46,800 --> 00:24:50,680
Speaker 5: about business talking about businesses online. He had a business,

518
00:24:51,359 --> 00:24:53,639
Speaker 5: did a couple million dollars a year in revenue and

519
00:24:53,680 --> 00:24:56,480
Speaker 5: you can it's called EB Holmes Plumbing. It was in Phoenix, Arizona,

520
00:24:56,880 --> 00:25:02,160
Speaker 5: and he got sick with cancer and decided he wanted

521
00:25:02,200 --> 00:25:03,600
Speaker 5: to shut the business down. You know, he's in his

522
00:25:03,680 --> 00:25:07,160
Speaker 5: seventies and was like, you know, I'm ready to be done.

523
00:25:07,800 --> 00:25:09,560
Speaker 5: And what he didn't know at the time is that

524
00:25:09,600 --> 00:25:11,199
Speaker 5: a business that is doing a couple of millions of

525
00:25:11,200 --> 00:25:13,440
Speaker 5: dollars in revenue and a couple of millions of dollars

526
00:25:13,480 --> 00:25:16,760
Speaker 5: in profit is worth millions of dollars. And so this

527
00:25:16,840 --> 00:25:19,399
Speaker 5: man who spent his life building up a plumbing company

528
00:25:19,920 --> 00:25:23,080
Speaker 5: that probably would have thought, honestly, like if he was here,

529
00:25:23,400 --> 00:25:25,280
Speaker 5: he would say, Cody, I couldn't have sold that thing

530
00:25:25,680 --> 00:25:27,600
Speaker 5: like that. That wasn't really you know it was it

531
00:25:27,640 --> 00:25:30,880
Speaker 5: was sort of And this is what most baby boomer

532
00:25:31,080 --> 00:25:33,360
Speaker 5: business owners think. They're like, who's going to buy this?

533
00:25:33,840 --> 00:25:36,280
Speaker 5: Because how many times have you had a business where

534
00:25:36,280 --> 00:25:37,679
Speaker 5: you didn't want to be in it before have you

535
00:25:37,680 --> 00:25:38,320
Speaker 5: ever had that before?

536
00:25:38,480 --> 00:25:38,960
Speaker 1: Absolutely?

537
00:25:39,119 --> 00:25:41,159
Speaker 5: Of course, Like if you're in a room. Sometimes I

538
00:25:41,240 --> 00:25:44,600
Speaker 5: go out to speaking stages and just for shits and giggles,

539
00:25:44,600 --> 00:25:47,280
Speaker 5: because people will always go If a business was profitable

540
00:25:47,680 --> 00:25:50,280
Speaker 5: and it was going to continue to be profitable, nobody

541
00:25:50,280 --> 00:25:52,880
Speaker 5: would sell it. And I go, okay, let's buy a game.

542
00:25:53,040 --> 00:25:55,320
Speaker 5: Business owners raise your hand. Everybody raises her hand. That's

543
00:25:55,320 --> 00:25:57,800
Speaker 5: a business owner. I go, cool, keep him up. If

544
00:25:57,840 --> 00:26:00,159
Speaker 5: you would sell your business at the right price, the

545
00:26:00,240 --> 00:26:02,880
Speaker 5: right terms, if it came along, keep your hand up.

546
00:26:02,960 --> 00:26:05,920
Speaker 5: What happens? Everybody's up, not one If you go down,

547
00:26:05,920 --> 00:26:09,240
Speaker 5: and I go liars a laugh because the truth of

548
00:26:09,280 --> 00:26:10,840
Speaker 5: the matter is you haven't been in the game long

549
00:26:10,920 --> 00:26:13,200
Speaker 5: enough if you put your hand down. But if you've

550
00:26:13,200 --> 00:26:15,159
Speaker 5: been in the game long enough, you go absolutely. Now

551
00:26:15,160 --> 00:26:18,080
Speaker 5: I wouldn't sell every one of my businesses, but there

552
00:26:18,160 --> 00:26:20,760
Speaker 5: is at some point one business, and if you call

553
00:26:20,840 --> 00:26:23,359
Speaker 5: me here the right day, maybe I would. So I

554
00:26:23,400 --> 00:26:27,360
Speaker 5: think we have to like change our programming to realize

555
00:26:27,480 --> 00:26:30,680
Speaker 5: all around us, every business has a value. That book

556
00:26:30,720 --> 00:26:33,320
Speaker 5: selling business that shut down, I bet there was a

557
00:26:33,400 --> 00:26:35,760
Speaker 5: value in the lease that they had. It might have

558
00:26:35,800 --> 00:26:38,159
Speaker 5: been in California. Sometimes they have leases that are locked in.

559
00:26:38,359 --> 00:26:40,960
Speaker 5: There could have been value in just the lease contract

560
00:26:41,000 --> 00:26:43,400
Speaker 5: to transfer it. There could have been value in the assets,

561
00:26:43,440 --> 00:26:46,080
Speaker 5: the books. There could have been value in the employees

562
00:26:46,720 --> 00:26:48,639
Speaker 5: because you can do an acqui hire. There could have

563
00:26:48,680 --> 00:26:51,200
Speaker 5: been value in the website listing. What about the Yelp

564
00:26:51,240 --> 00:26:53,840
Speaker 5: and Google reviews. There could have been value in the IP.

565
00:26:54,280 --> 00:26:56,200
Speaker 5: What about the logos and the brand and the name.

566
00:26:56,400 --> 00:26:58,400
Speaker 5: What if they had one of those old school original

567
00:26:58,640 --> 00:27:01,480
Speaker 5: you know, cody dot com websites before like we now

568
00:27:01,520 --> 00:27:03,040
Speaker 5: have to have websites that are like four hundred and

569
00:27:03,080 --> 00:27:06,320
Speaker 5: fifty two words, right, And so every single business has

570
00:27:06,359 --> 00:27:09,560
Speaker 5: some value. And if you can find the business where

571
00:27:09,600 --> 00:27:12,080
Speaker 5: the value to the owner is not as much as

572
00:27:12,119 --> 00:27:13,520
Speaker 5: the value is to you, and then you've got a

573
00:27:13,520 --> 00:27:14,240
Speaker 5: really good deal.

574
00:27:15,320 --> 00:27:19,160
Speaker 1: Next up, Brian Sheskey speaks on how to transform ambition

575
00:27:19,720 --> 00:27:23,199
Speaker 1: into meaning and how to build with heart. Maybe you

576
00:27:23,240 --> 00:27:25,399
Speaker 1: want to help the world, Maybe you want to build

577
00:27:25,400 --> 00:27:27,600
Speaker 1: something powerful. Maybe you have a voice that you want

578
00:27:27,600 --> 00:27:30,600
Speaker 1: to share, but you've got to turn that into execution.

579
00:27:30,920 --> 00:27:33,920
Speaker 1: You've got to turn that into impact. That's what Brian

580
00:27:34,000 --> 00:27:37,560
Speaker 1: focuses on. Brian talks about how your company has to

581
00:27:37,600 --> 00:27:42,280
Speaker 1: reflect your inner world and how leadership starts with knowing yourself.

582
00:27:42,840 --> 00:27:46,119
Speaker 1: He talks about how he views Airbnb as a form

583
00:27:46,200 --> 00:27:50,120
Speaker 1: of art and how to transform your creative passions into

584
00:27:50,160 --> 00:27:53,119
Speaker 1: a successful company. This clip is all about how do

585
00:27:53,160 --> 00:27:55,680
Speaker 1: you take an idea? How do you take a concept?

586
00:27:55,880 --> 00:27:58,240
Speaker 1: How do you take a thought and turn it into

587
00:27:58,320 --> 00:28:02,360
Speaker 1: something real? I want you to stop dreaming and start building.

588
00:28:02,680 --> 00:28:06,639
Speaker 1: What makes you happy today and how does it differ

589
00:28:06,720 --> 00:28:09,240
Speaker 1: from what made you happy sixteen years ago.

590
00:28:09,480 --> 00:28:12,240
Speaker 6: I think that I'll start with what I thought would

591
00:28:12,320 --> 00:28:15,320
Speaker 6: make me happy, and I'll tell you what does make

592
00:28:15,320 --> 00:28:18,040
Speaker 6: me happy and how they're different. When I started this company,

593
00:28:18,200 --> 00:28:21,520
Speaker 6: like fifteen years ago, i started my co founders, I

594
00:28:21,560 --> 00:28:24,119
Speaker 6: was totally broke. I had no status, had no power,

595
00:28:24,240 --> 00:28:28,240
Speaker 6: no money, nothing, And I felt like what would make

596
00:28:28,320 --> 00:28:33,240
Speaker 6: me happy was climbing a mountain and becoming incredibly successful.

597
00:28:34,400 --> 00:28:36,639
Speaker 6: And the challenge is that, well, what do you do

598
00:28:36,640 --> 00:28:39,320
Speaker 6: when you get the top of the mountain. You've achieved it.

599
00:28:40,560 --> 00:28:43,480
Speaker 6: And what I've realized is that at this point, like

600
00:28:43,520 --> 00:28:46,240
Speaker 6: I'm forty one years old and a lot of people

601
00:28:46,280 --> 00:28:49,840
Speaker 6: ask me like, why don't you just retire? Like or

602
00:28:49,840 --> 00:28:53,320
Speaker 6: why don't you do it all over again? And for me,

603
00:28:53,720 --> 00:28:55,840
Speaker 6: I would tell them because the fund is just starting.

604
00:28:56,960 --> 00:28:59,680
Speaker 6: But the fund of just starting isn't to like get

605
00:28:59,680 --> 00:29:03,800
Speaker 6: the next billion people. I kind of think of myself

606
00:29:04,400 --> 00:29:08,080
Speaker 6: maybe more than a business person. You know, you're you're

607
00:29:08,160 --> 00:29:09,880
Speaker 6: kind of who you are growing up, and I was

608
00:29:09,920 --> 00:29:12,440
Speaker 6: a designer growing up, and I kind of think of

609
00:29:12,480 --> 00:29:17,280
Speaker 6: Airbnb as like one of the world's biggest canvas. Almost

610
00:29:17,400 --> 00:29:22,840
Speaker 6: never has a designer being given so much responsibility, so

611
00:29:23,000 --> 00:29:27,560
Speaker 6: much opportunity. And what I love is, you know, like

612
00:29:27,640 --> 00:29:30,480
Speaker 6: a musician wants to play music, a painter wants to paint,

613
00:29:30,520 --> 00:29:32,840
Speaker 6: a builder wants to build, a climber wants to climb,

614
00:29:33,600 --> 00:29:36,320
Speaker 6: And as an entrepreneur, I want to create and connect

615
00:29:36,480 --> 00:29:41,440
Speaker 6: things and try to like defy the notion of what

616
00:29:41,520 --> 00:29:43,640
Speaker 6: a business person could be or what a designer could

617
00:29:43,680 --> 00:29:46,560
Speaker 6: be because I never met someone like me growing up.

618
00:29:47,320 --> 00:29:49,320
Speaker 6: And I'm not saying anyone's going to try to be

619
00:29:49,480 --> 00:29:52,200
Speaker 6: like me, but if I can remind people that there's

620
00:29:52,360 --> 00:29:57,160
Speaker 6: leadership comes in many different paces, many different flavors, and

621
00:29:57,200 --> 00:30:00,400
Speaker 6: that a creative person, you know, can run a company,

622
00:30:00,800 --> 00:30:02,520
Speaker 6: and it can run a really big company, a fortune

623
00:30:02,560 --> 00:30:06,640
Speaker 6: five hundred company, then that's the very beginning. And I

624
00:30:06,640 --> 00:30:11,880
Speaker 6: feel like What makes me happy now is working with

625
00:30:12,080 --> 00:30:14,000
Speaker 6: people I love, like the one of the great things

626
00:30:14,040 --> 00:30:16,400
Speaker 6: about success is you can choose the people you stround

627
00:30:16,560 --> 00:30:19,520
Speaker 6: up with, and I get to like work every single

628
00:30:19,600 --> 00:30:24,920
Speaker 6: day with people I love on ideas that I'm obsessed over,

629
00:30:25,600 --> 00:30:28,640
Speaker 6: and I'm just so obsessed. I think my motivation has changed.

630
00:30:29,280 --> 00:30:31,200
Speaker 6: I think when I started with my motivation was about

631
00:30:31,200 --> 00:30:37,800
Speaker 6: myself becoming something, and once you achieve that, your motivation

632
00:30:37,920 --> 00:30:41,320
Speaker 6: often turn turns outward. It's about its starting to be

633
00:30:41,360 --> 00:30:44,760
Speaker 6: about giving to other people, to lending them experience a

634
00:30:44,800 --> 00:30:47,800
Speaker 6: small part of what I was able to experience, and

635
00:30:47,880 --> 00:30:51,200
Speaker 6: it becomes just about the work. See, when you're not successful,

636
00:30:51,440 --> 00:30:55,640
Speaker 6: you get validation when people praise you, but eventually like

637
00:30:55,800 --> 00:30:58,480
Speaker 6: you do it for yourself, that you're not doing it

638
00:30:58,600 --> 00:31:01,440
Speaker 6: for status or success us, because at some point you've

639
00:31:01,440 --> 00:31:03,440
Speaker 6: gotten all that, Like how much more is going to

640
00:31:03,480 --> 00:31:06,120
Speaker 6: make you happy? And so just doing things I love

641
00:31:06,160 --> 00:31:08,720
Speaker 6: of people I care about, that's what makes me happy today.

642
00:31:09,120 --> 00:31:12,520
Speaker 1: That's beautiful. That's I can see that it's true for

643
00:31:12,560 --> 00:31:15,840
Speaker 1: you too. I can see that it's real for you

644
00:31:16,080 --> 00:31:18,800
Speaker 1: as you're saying it, which is such a special place

645
00:31:18,840 --> 00:31:21,000
Speaker 1: to be. And it was interesting when you were talking

646
00:31:21,000 --> 00:31:24,880
Speaker 1: about this idea of climbing a mountain. I've often thought

647
00:31:24,960 --> 00:31:28,120
Speaker 1: that there's one journey in life that we take that's

648
00:31:28,240 --> 00:31:32,200
Speaker 1: upwards up a mountain, and then there's another journey we

649
00:31:32,240 --> 00:31:35,600
Speaker 1: all have to take that's inwards to the valley. And

650
00:31:35,680 --> 00:31:37,600
Speaker 1: that's a journey that not everyone gets to take or

651
00:31:37,640 --> 00:31:40,200
Speaker 1: everyone thinks about taking, because we're so busy trying to

652
00:31:40,240 --> 00:31:43,440
Speaker 1: get up that we don't often get to go in right,

653
00:31:43,800 --> 00:31:47,520
Speaker 1: And it sounds like you've been excavating that internal part

654
00:31:47,840 --> 00:31:48,600
Speaker 1: for some time.

655
00:31:48,800 --> 00:31:53,040
Speaker 6: You can learn a lot about yourself through this journey,

656
00:31:53,880 --> 00:31:58,520
Speaker 6: and you're right, the biggest journey I've probably embarked on

657
00:31:58,680 --> 00:32:02,480
Speaker 6: is the one inside of myself. The brightest days of

658
00:32:02,520 --> 00:32:04,480
Speaker 6: my life and the darkest days of my life have

659
00:32:04,560 --> 00:32:07,160
Speaker 6: been in the last fifteen years. The highs are incredibly high,

660
00:32:07,240 --> 00:32:09,920
Speaker 6: the lows can be incredibly low. The amount of stress

661
00:32:09,960 --> 00:32:13,960
Speaker 6: can be unrelenting, the rewards are like hard to even

662
00:32:14,000 --> 00:32:17,000
Speaker 6: grapple with. When you go on a journey like this,

663
00:32:17,120 --> 00:32:20,760
Speaker 6: you learn a lot about yourself and you start to

664
00:32:20,760 --> 00:32:24,240
Speaker 6: also learn, like what's important to you starting a company.

665
00:32:24,640 --> 00:32:27,680
Speaker 6: You know, one of my first investors, said Brian. Starting

666
00:32:27,680 --> 00:32:29,840
Speaker 6: companies like jumping off a cliff and assembling the airplane

667
00:32:29,880 --> 00:32:32,320
Speaker 6: in the way down. Maybe another way of saying it

668
00:32:32,360 --> 00:32:34,760
Speaker 6: is like playing a video game and it's like a

669
00:32:34,840 --> 00:32:38,720
Speaker 6: thousand levels, and each level gets harder, and each level

670
00:32:39,400 --> 00:32:43,120
Speaker 6: you learn something about yourself, you do something that's uncomfortable.

671
00:32:43,360 --> 00:32:46,200
Speaker 6: In each step of the game, you learn something. And

672
00:32:46,280 --> 00:32:49,040
Speaker 6: the problem with success is that tends to amplify things.

673
00:32:49,120 --> 00:32:51,320
Speaker 6: I mean that can be good, but it all still

674
00:32:51,360 --> 00:32:54,720
Speaker 6: can amplify holes you have in yourself. People that are

675
00:32:54,760 --> 00:32:57,400
Speaker 6: a little bit paranoid get very paranoid. People that are

676
00:32:57,400 --> 00:33:01,040
Speaker 6: a little deceitful become like completely fraudulent liar, people that

677
00:33:01,200 --> 00:33:05,600
Speaker 6: are a little narcissistic become like egomaniacs and stuff. And

678
00:33:05,640 --> 00:33:10,360
Speaker 6: so this stuff can tend to amplify tendencies inside of yourself.

679
00:33:10,400 --> 00:33:13,320
Speaker 6: And so if you're afraid of conflict, that's going to

680
00:33:13,320 --> 00:33:16,800
Speaker 6: actually manifest and like not actually dealing with things if

681
00:33:16,840 --> 00:33:18,720
Speaker 6: you can't, if you're not decisive, there's going to be

682
00:33:18,720 --> 00:33:22,320
Speaker 6: an element of bureaucracy. If you're like get overwhelmed and

683
00:33:22,360 --> 00:33:24,120
Speaker 6: you get paralyzed, there's going to be an action in

684
00:33:24,160 --> 00:33:27,680
Speaker 6: the company. And so you learn so much about yourself

685
00:33:28,000 --> 00:33:31,400
Speaker 6: and I through this process, I probably learned more about

686
00:33:31,400 --> 00:33:34,640
Speaker 6: myself than I even have about business. And it's been

687
00:33:34,640 --> 00:33:39,959
Speaker 6: an incredible journey. And yeah, it's like incredible lessons. And

688
00:33:40,120 --> 00:33:41,880
Speaker 6: the company is like a mirror about you, right, Like

689
00:33:42,600 --> 00:33:45,560
Speaker 6: when you see a company, it's like a walk in

690
00:33:45,600 --> 00:33:48,360
Speaker 6: your house. And by walking your house, I can step

691
00:33:48,360 --> 00:33:50,920
Speaker 6: a little bit in your mind. Because the house you bought,

692
00:33:50,920 --> 00:33:53,360
Speaker 6: the house you furnished, the house, you made a thousand decisions,

693
00:33:53,840 --> 00:33:56,280
Speaker 6: and it would take a while for me in conversation

694
00:33:56,320 --> 00:33:58,120
Speaker 6: to understand you. But I walk in this house and

695
00:33:58,160 --> 00:34:01,400
Speaker 6: I can understand the thousand decisions you made. A company

696
00:34:01,480 --> 00:34:03,560
Speaker 6: is like that, but it's like one hundred thousand decisions

697
00:34:03,960 --> 00:34:06,720
Speaker 6: or a million decisions. And so by seeing the company,

698
00:34:06,720 --> 00:34:10,160
Speaker 6: you can like see into the person's mind everything they do,

699
00:34:10,480 --> 00:34:12,319
Speaker 6: and not even in everything they do, but everyone they

700
00:34:12,320 --> 00:34:14,840
Speaker 6: surround the self with and the culture they create and

701
00:34:15,239 --> 00:34:17,680
Speaker 6: what they And that's the thing that's so crazy.

702
00:34:17,800 --> 00:34:19,879
Speaker 1: I'm intrigued. You said something there that really stood out

703
00:34:19,880 --> 00:34:22,480
Speaker 1: to me. You said that the happiest thing and the

704
00:34:22,520 --> 00:34:24,680
Speaker 1: best thing about being successful is that you get to

705
00:34:24,719 --> 00:34:27,200
Speaker 1: choose the people you worked with. You obviously built this

706
00:34:27,880 --> 00:34:31,000
Speaker 1: with friends. Yeah, and that's how it started. It started

707
00:34:31,000 --> 00:34:32,640
Speaker 1: in a place of being around people you love with

708
00:34:32,800 --> 00:34:38,320
Speaker 1: What was the biggest point of challenge in building something

709
00:34:38,320 --> 00:34:41,279
Speaker 1: with people you love as you grow it, and what

710
00:34:41,400 --> 00:34:44,680
Speaker 1: is it that you experienced and what was the biggest

711
00:34:45,200 --> 00:34:47,520
Speaker 1: lesson that you took away that actually kept it going.

712
00:34:47,600 --> 00:34:50,320
Speaker 1: Because I can imagine as you're describing highs and lows,

713
00:34:50,360 --> 00:34:53,080
Speaker 1: all of this change for sixteen years, but here you

714
00:34:53,120 --> 00:34:54,400
Speaker 1: are still building it together.

715
00:34:54,880 --> 00:34:58,160
Speaker 6: Think about how many stories you heard of founders. It's

716
00:34:58,200 --> 00:35:01,760
Speaker 6: like a band. They come together other and then eventually

717
00:35:01,800 --> 00:35:05,200
Speaker 6: the band breaks up and people don't stay together, they

718
00:35:05,200 --> 00:35:08,880
Speaker 6: resent each other, maybe things end very ugly. It's like

719
00:35:08,960 --> 00:35:11,759
Speaker 6: a band, except like it's becomes so much bigger than

720
00:35:11,800 --> 00:35:13,640
Speaker 6: the band because it's not just the three of you.

721
00:35:13,719 --> 00:35:15,920
Speaker 6: Imagine a band that starts three people and ends is

722
00:35:16,000 --> 00:35:19,600
Speaker 6: three thousand people. And that amount of pressure, the amount

723
00:35:19,640 --> 00:35:23,560
Speaker 6: of spotlight, the money that changes in like people's status

724
00:35:23,600 --> 00:35:26,799
Speaker 6: and positioning, it can do a lot to break people up.

725
00:35:27,160 --> 00:35:30,200
Speaker 6: But also, unlike a band, where maybe I'm not to say,

726
00:35:30,239 --> 00:35:32,280
Speaker 6: you just have to agree on like where you perform

727
00:35:32,360 --> 00:35:34,200
Speaker 6: and what you sing. With a company, you have to

728
00:35:34,200 --> 00:35:35,839
Speaker 6: agree on like who we're gonna hire, what we're gonna

729
00:35:35,840 --> 00:35:37,960
Speaker 6: call what markets we're gonna go into, what's the prioritization,

730
00:35:38,160 --> 00:35:39,880
Speaker 6: like who we're gonna raise money for. I can go

731
00:35:39,960 --> 00:35:42,000
Speaker 6: down the list of like the thousands of things you

732
00:35:42,080 --> 00:35:46,160
Speaker 6: have to agree to. And with Joe, Nate and I,

733
00:35:46,160 --> 00:35:48,040
Speaker 6: I often say it's really good to start a company

734
00:35:48,040 --> 00:35:50,120
Speaker 6: with friends. Not everyone has friends to start a company with,

735
00:35:50,360 --> 00:35:53,319
Speaker 6: but you want that reservoir of goodwill. And we made

736
00:35:53,360 --> 00:35:57,319
Speaker 6: a decision. The decision was that no one decision is

737
00:35:57,360 --> 00:36:00,200
Speaker 6: going to supersede our friendship in our relationship, that we're

738
00:36:00,239 --> 00:36:02,719
Speaker 6: never going to have well debate, will argue, but will

739
00:36:02,760 --> 00:36:06,319
Speaker 6: never allow a situation where winning an argument is the

740
00:36:06,320 --> 00:36:09,719
Speaker 6: most important thing. Because you think about a company as

741
00:36:09,760 --> 00:36:12,439
Speaker 6: one hundred thousand decisions, it could also be one hundred

742
00:36:12,440 --> 00:36:15,200
Speaker 6: thousand arguments. And if you get stuck on the first debate,

743
00:36:15,680 --> 00:36:19,120
Speaker 6: or you like somebody won a debate, okay, great, you

744
00:36:19,160 --> 00:36:22,880
Speaker 6: have ninety nine ninety nine more things to discuss. And

745
00:36:22,960 --> 00:36:26,399
Speaker 6: so the lesson I learned is, I mean, first of all, Jay,

746
00:36:26,440 --> 00:36:28,600
Speaker 6: I was lucky, and a lot of people when I

747
00:36:28,640 --> 00:36:29,960
Speaker 6: say I was lucky, they think, oh, you're at the

748
00:36:30,040 --> 00:36:31,480
Speaker 6: right place, the right time, with the right idea. And

749
00:36:31,560 --> 00:36:34,160
Speaker 6: I said well maybe, But there's something I was much

750
00:36:34,200 --> 00:36:37,719
Speaker 6: luckier about. And what I was most lucky about. What

751
00:36:38,040 --> 00:36:40,000
Speaker 6: made me most fortunate was I met Joe and Nate.

752
00:36:40,600 --> 00:36:43,920
Speaker 6: That we have this unbelievable chemistry. One time we had

753
00:36:43,920 --> 00:36:46,480
Speaker 6: to do some personality tests. It's like one of those

754
00:36:46,480 --> 00:36:50,080
Speaker 6: core wheels, and we took this personality test to see

755
00:36:50,120 --> 00:36:54,359
Speaker 6: about our chemistry, and they plotted our personalities and they

756
00:36:54,440 --> 00:36:57,759
Speaker 6: formed a perfect equal Adimble triangle. Not always you're going

757
00:36:57,800 --> 00:37:00,399
Speaker 6: to find people that are perfect compliments to you. I'd

758
00:37:00,400 --> 00:37:02,799
Speaker 6: say a couple things. Number One, you want to have

759
00:37:02,840 --> 00:37:06,520
Speaker 6: a team with people that you are friends with or

760
00:37:06,640 --> 00:37:09,120
Speaker 6: could see yourself becoming friends with, that you have a

761
00:37:09,160 --> 00:37:11,920
Speaker 6: deep love and respect for. That. You're going to probably

762
00:37:11,920 --> 00:37:14,200
Speaker 6: spend more time with your co founders than your spouse

763
00:37:14,280 --> 00:37:16,720
Speaker 6: or your family if it goes well. If it doesn't

764
00:37:16,719 --> 00:37:18,439
Speaker 6: go well, then maybe not. But that's the best case

765
00:37:18,440 --> 00:37:22,120
Speaker 6: scenario that people that have shared values, because you can

766
00:37:22,160 --> 00:37:24,239
Speaker 6: debate anything so long as you're trying to climb the

767
00:37:24,280 --> 00:37:26,160
Speaker 6: same mountain in the same Folle system. If you have

768
00:37:26,160 --> 00:37:29,640
Speaker 6: different values, eventually there's going to become irreconcilable conflicts. But

769
00:37:29,719 --> 00:37:33,719
Speaker 6: you probably also want complimentary skills the worst case is

770
00:37:33,760 --> 00:37:37,000
Speaker 6: people with different values and same skills. Right, we do

771
00:37:37,040 --> 00:37:39,040
Speaker 6: the same job. We step in each other's tolls, and

772
00:37:39,080 --> 00:37:41,040
Speaker 6: we're trying to go in a different direction. And so

773
00:37:41,200 --> 00:37:43,160
Speaker 6: I think, and then I think the final thing is

774
00:37:43,200 --> 00:37:46,560
Speaker 6: just this mutual love and respect and never losing sight.

775
00:37:46,600 --> 00:37:47,879
Speaker 6: You know. One of the things I tried to make

776
00:37:47,920 --> 00:37:50,400
Speaker 6: sure of is like even as CEO, I wanted to

777
00:37:50,400 --> 00:37:54,160
Speaker 6: try to make sure that like Joe and Nate, you know,

778
00:37:54,239 --> 00:37:57,319
Speaker 6: were included in things. And I wanted to always make

779
00:37:57,320 --> 00:37:59,719
Speaker 6: sure that people referred to us together. We thought of

780
00:37:59,800 --> 00:38:03,200
Speaker 6: us as as a unit. When I like when public

781
00:38:03,239 --> 00:38:05,080
Speaker 6: you write a founder's letter, and a lot of people

782
00:38:05,120 --> 00:38:07,640
Speaker 6: write letter and they just signed the name of the CEO.

783
00:38:07,719 --> 00:38:09,799
Speaker 6: I made sure that it was from all of us

784
00:38:09,880 --> 00:38:12,080
Speaker 6: and was representing all of us. I feel like they

785
00:38:12,080 --> 00:38:14,000
Speaker 6: are the heart and the soul of the company. And

786
00:38:14,880 --> 00:38:18,000
Speaker 6: it's like you know, parents, like you know, not every

787
00:38:18,080 --> 00:38:21,080
Speaker 6: child has the fortune to have multiple parents, not every

788
00:38:21,160 --> 00:38:24,320
Speaker 6: company has the fortune have multiple founders. But if they're together,

789
00:38:24,440 --> 00:38:26,160
Speaker 6: they're not fighting, and they have a mutual love and

790
00:38:26,160 --> 00:38:28,880
Speaker 6: respect from another, that's going to permeate the company, just

791
00:38:28,920 --> 00:38:31,319
Speaker 6: like it permeates the health of a child. And joan

792
00:38:31,400 --> 00:38:33,920
Speaker 6: A and I kind of thought ourselves as parents and

793
00:38:33,960 --> 00:38:36,440
Speaker 6: the company as a child. I'd never have had kids,

794
00:38:36,480 --> 00:38:38,760
Speaker 6: but you know there's something about that, and I think

795
00:38:39,160 --> 00:38:43,680
Speaker 6: who you are and that relationship permeates every single thing.

796
00:38:43,719 --> 00:38:45,799
Speaker 6: If the founders fight, the employees fight, if they have

797
00:38:45,880 --> 00:38:48,600
Speaker 6: one respect from one another, that is going to be

798
00:38:48,800 --> 00:38:51,520
Speaker 6: a role a model that other people throughout the organization

799
00:38:51,560 --> 00:38:53,719
Speaker 6: are going to copy. And that's what I've learned from that.

800
00:38:54,080 --> 00:38:59,400
Speaker 1: In this conversation, Michael Rubin shaz how staying obsessed, learning fast,

801
00:38:59,640 --> 00:39:03,160
Speaker 1: and stay saying hands on drive success. Too many of

802
00:39:03,239 --> 00:39:06,640
Speaker 1: us don't learn fast, too many of us don't test enough.

803
00:39:07,200 --> 00:39:11,480
Speaker 1: He talks about how entrepreneurship is learned in action. A

804
00:39:11,480 --> 00:39:15,080
Speaker 1: lot of us are thinking, we're theorizing, we're planning, we're preparing,

805
00:39:15,719 --> 00:39:19,279
Speaker 1: rather than diving straight in. We're focused on trying to

806
00:39:19,360 --> 00:39:23,799
Speaker 1: feel ready. We're trying to focus on being confident. His

807
00:39:23,960 --> 00:39:27,440
Speaker 1: point is just do it. He talks about how pattern

808
00:39:27,520 --> 00:39:32,359
Speaker 1: recognition is a superpower, spotting what others miss. Is your

809
00:39:32,480 --> 00:39:33,600
Speaker 1: competitive edge.

810
00:39:33,880 --> 00:39:36,120
Speaker 7: I think it's something for me I was born with,

811
00:39:36,280 --> 00:39:38,279
Speaker 7: Like I was born with that entrepreneur a hustle. I

812
00:39:38,320 --> 00:39:39,920
Speaker 7: think I came out of the womb, like just you know,

813
00:39:40,200 --> 00:39:42,880
Speaker 7: wanting to be an entrepreneur, like just loving the hustle.

814
00:39:42,920 --> 00:39:44,520
Speaker 7: And you know, to me, you know, I've been at

815
00:39:44,520 --> 00:39:46,160
Speaker 7: this a long time. I work harder than I ever

816
00:39:46,400 --> 00:39:46,920
Speaker 7: worked today.

817
00:39:47,040 --> 00:39:47,440
Speaker 4: I love it.

818
00:39:47,440 --> 00:39:49,719
Speaker 7: It's an honor to do. It's fun, it's an opportunity.

819
00:39:49,760 --> 00:39:52,080
Speaker 7: Like I'm never tired, I'm never worn out, like I'm

820
00:39:52,200 --> 00:39:52,719
Speaker 7: just always I.

821
00:39:52,680 --> 00:39:53,160
Speaker 5: Just want to go.

822
00:39:53,480 --> 00:39:55,840
Speaker 1: Yeah, can it be learned? Can you teach people to

823
00:39:55,920 --> 00:39:58,600
Speaker 1: hustle and grind and develop their mindset or is it

824
00:39:58,640 --> 00:39:59,480
Speaker 1: born with as you are?

825
00:39:59,600 --> 00:40:02,160
Speaker 7: So I think I was definitely born with it. That said,

826
00:40:02,200 --> 00:40:04,520
Speaker 7: I do think, you know, for me, the way I

827
00:40:04,640 --> 00:40:06,960
Speaker 7: learned is by being a sponge from people. So I'm

828
00:40:07,000 --> 00:40:09,360
Speaker 7: always picking things up from different people. Like if you

829
00:40:09,360 --> 00:40:11,600
Speaker 7: just look at the diversity of people I have around me, Like,

830
00:40:11,640 --> 00:40:14,480
Speaker 7: I'm always taking so much learnings from them to you know,

831
00:40:14,520 --> 00:40:15,680
Speaker 7: be better on what I do, and I try to

832
00:40:15,680 --> 00:40:17,600
Speaker 7: give those back. So yeah, I think you can definitely

833
00:40:18,040 --> 00:40:19,600
Speaker 7: learn a lot of the stuff just what you know,

834
00:40:19,719 --> 00:40:22,200
Speaker 7: find people you respect, find people that you admire, find

835
00:40:22,200 --> 00:40:24,640
Speaker 7: people that you want to be like, and then you know,

836
00:40:24,680 --> 00:40:26,000
Speaker 7: take the good from them and by the way, figure

837
00:40:26,000 --> 00:40:28,239
Speaker 7: out what they do that you don't like and ignore that.

838
00:40:28,280 --> 00:40:30,600
Speaker 7: Like I see good and band each person, I try

839
00:40:30,680 --> 00:40:32,600
Speaker 7: to take the good and learn from the bad. And

840
00:40:32,760 --> 00:40:34,560
Speaker 7: same thing with me. I've got lots of bad habits.

841
00:40:34,600 --> 00:40:35,840
Speaker 7: I mean, like im myself.

842
00:40:35,840 --> 00:40:37,680
Speaker 1: That's right, That's all I asked for, That's what I

843
00:40:37,719 --> 00:40:40,080
Speaker 1: ask for. There is no judgment here, there's no it's

844
00:40:40,120 --> 00:40:41,680
Speaker 1: a safe space. I just want people to be the

845
00:40:41,760 --> 00:40:44,840
Speaker 1: authentic selves and so so please continue to be yourself.

846
00:40:44,880 --> 00:40:48,240
Speaker 1: And what's so what I love that idea of learning

847
00:40:48,280 --> 00:40:52,360
Speaker 1: from people being a human sponge. What's the most recent

848
00:40:52,440 --> 00:40:54,799
Speaker 1: or most memorable thing you think you took away from someone?

849
00:40:54,800 --> 00:40:58,360
Speaker 1: A conversation, a moment, something you read or heard or learned.

850
00:40:58,440 --> 00:41:00,520
Speaker 1: Was there anything that kind of stuck with you?

851
00:41:00,640 --> 00:41:03,200
Speaker 7: Yeah, for sure. I mean, look, I'm in LA for

852
00:41:03,200 --> 00:41:05,879
Speaker 7: the week. I'm doing six to ten meetings a day

853
00:41:05,920 --> 00:41:07,960
Speaker 7: in my house and you know, to the people I

854
00:41:08,000 --> 00:41:09,319
Speaker 7: met with the last two days has been through some

855
00:41:09,360 --> 00:41:12,480
Speaker 7: real challenges and just watching the challenges that they've been through,

856
00:41:12,480 --> 00:41:14,120
Speaker 7: I'm like, Okay, I need to be that much more

857
00:41:14,160 --> 00:41:17,520
Speaker 7: careful about how I conduct myself in everything that I do.

858
00:41:17,600 --> 00:41:20,080
Speaker 7: So to me, I'm always taking learnings away from people.

859
00:41:20,200 --> 00:41:22,040
Speaker 7: I think if you're not like you know, you have

860
00:41:22,080 --> 00:41:23,960
Speaker 7: no chance of like you know, getting better at what

861
00:41:23,960 --> 00:41:26,200
Speaker 7: you do. I mean it's like life is no different

862
00:41:26,200 --> 00:41:28,160
Speaker 7: than sports. You just got to keep getting better at

863
00:41:28,200 --> 00:41:29,719
Speaker 7: your sport. And so to me, I keep working in

864
00:41:29,760 --> 00:41:30,279
Speaker 7: everything I do.

865
00:41:30,560 --> 00:41:32,799
Speaker 1: Yeah, what do you think obviously now, like when you

866
00:41:32,800 --> 00:41:36,800
Speaker 1: started forty three years ago at eight years old, entrepreneurship

867
00:41:37,480 --> 00:41:40,400
Speaker 1: wasn't as talted as this incredible it was.

868
00:41:40,480 --> 00:41:42,880
Speaker 7: The time was it was actually weird right, Like to

869
00:41:42,920 --> 00:41:45,120
Speaker 7: be clear, like I was a nerd like like that,

870
00:41:45,200 --> 00:41:49,000
Speaker 7: I loved business. Like entrepreneurialism came cool really around technology,

871
00:41:49,120 --> 00:41:52,440
Speaker 7: Like I don't think it became cool till almost from

872
00:41:52,440 --> 00:41:54,919
Speaker 7: my perspective, everything was really the birth of the dot

873
00:41:54,920 --> 00:41:57,400
Speaker 7: com error. Yeah, you know, kind of late nineties is

874
00:41:57,400 --> 00:41:59,880
Speaker 7: when entrepreneurialism became cool. I think before that was kind

875
00:41:59,880 --> 00:42:02,080
Speaker 7: of nerdy and weird. So I was definitely born before

876
00:42:02,080 --> 00:42:02,359
Speaker 7: it all.

877
00:42:02,480 --> 00:42:04,520
Speaker 1: Yeah, And I'd say even after the financial crisis in

878
00:42:04,520 --> 00:42:08,400
Speaker 1: like two thousand and seven eight, like that recession, which

879
00:42:08,480 --> 00:42:10,160
Speaker 1: is because I grew up in the era where we

880
00:42:10,280 --> 00:42:13,839
Speaker 1: still aspire to be investment bankers or consultants. So when

881
00:42:13,840 --> 00:42:15,759
Speaker 1: I was at college or when I was growing up,

882
00:42:15,800 --> 00:42:18,160
Speaker 1: that was seen if you were into business. My goal

883
00:42:18,280 --> 00:42:20,120
Speaker 1: was to go into that world because that's what I

884
00:42:20,120 --> 00:42:22,840
Speaker 1: aspired for. Whereas I think the generation after me, the

885
00:42:22,840 --> 00:42:24,480
Speaker 1: one after me, they were like, I'm not going to

886
00:42:24,520 --> 00:42:26,040
Speaker 1: go work for someone. I want to build something on

887
00:42:26,040 --> 00:42:26,399
Speaker 1: my own.

888
00:42:26,560 --> 00:42:29,480
Speaker 7: I think that's amazing for me. I love. One of

889
00:42:29,480 --> 00:42:31,840
Speaker 7: the things that I'm fortunate enough to do is really

890
00:42:32,080 --> 00:42:34,840
Speaker 7: I think, in a lot of ways, you know, encourage entrepreneurialism.

891
00:42:34,880 --> 00:42:37,280
Speaker 7: And you know, one of our biggest businesses, the collectibles business,

892
00:42:37,320 --> 00:42:38,960
Speaker 7: which is trading cards of my rebility, and that's all

893
00:42:39,000 --> 00:42:41,680
Speaker 7: about entrepreneurs. There's so many entrepreneurs in that business. It's

894
00:42:41,680 --> 00:42:43,600
Speaker 7: probably the business in a lot of ways that I

895
00:42:44,040 --> 00:42:46,200
Speaker 7: actually relate to all three of our businesses. But it's

896
00:42:46,239 --> 00:42:48,759
Speaker 7: the business that's maybe the most relatable for me because

897
00:42:48,800 --> 00:42:50,879
Speaker 7: I grew up selling trading cards an eight year old.

898
00:42:51,080 --> 00:42:52,839
Speaker 7: But also it's all about entrepreneurialism.

899
00:42:52,960 --> 00:42:55,240
Speaker 1: Talk to me through that business because so I remember

900
00:42:55,320 --> 00:42:57,440
Speaker 1: so back in London obviously where I grew up, I

901
00:42:57,480 --> 00:42:59,960
Speaker 1: collected football stickers, right, soccer stick Yeah, so that's what

902
00:43:00,080 --> 00:43:02,120
Speaker 1: we have. We'd have the big you'd have the spread

903
00:43:02,160 --> 00:43:04,040
Speaker 1: with all the Premier League clubs and you'd collect the

904
00:43:04,040 --> 00:43:06,920
Speaker 1: little stickers and that was a big part of collectibles.

905
00:43:07,239 --> 00:43:10,520
Speaker 1: How has that industry evolved as technology has grown on?

906
00:43:10,640 --> 00:43:12,600
Speaker 1: Has it stayed the same where people are still collecting

907
00:43:12,640 --> 00:43:14,960
Speaker 1: cards and like top trumps and things like that.

908
00:43:15,040 --> 00:43:15,279
Speaker 4: Yeah.

909
00:43:15,280 --> 00:43:17,440
Speaker 7: Well, I'll say we got into the business about three

910
00:43:17,480 --> 00:43:19,920
Speaker 7: years ago in a really significant way, and today we

911
00:43:20,000 --> 00:43:21,799
Speaker 7: own Tops, which is the you know, kind of pre

912
00:43:21,800 --> 00:43:24,520
Speaker 7: eminent brand in trading cards. I'd say that, you know,

913
00:43:24,680 --> 00:43:27,279
Speaker 7: until our arrival in the industry little less than three

914
00:43:27,320 --> 00:43:28,960
Speaker 7: years ago, I said, there hadn't been you know, a

915
00:43:28,960 --> 00:43:31,160
Speaker 7: tremendous amount of innovation. There hadn't been a tremendous amount

916
00:43:31,200 --> 00:43:31,800
Speaker 7: of marketing.

917
00:43:32,160 --> 00:43:32,319
Speaker 6: You know.

918
00:43:32,320 --> 00:43:34,319
Speaker 7: We kind of looked at the business said wow, like

919
00:43:34,440 --> 00:43:37,800
Speaker 7: this is such an incredible collector base, such an incredible

920
00:43:37,840 --> 00:43:41,319
Speaker 7: fan base, yet it hasn't changed for like decades. Here

921
00:43:41,360 --> 00:43:43,400
Speaker 7: and you go to a you know, the big trading

922
00:43:43,400 --> 00:43:45,239
Speaker 7: card show where there's more than one hundred thousand people

923
00:43:45,239 --> 00:43:47,200
Speaker 7: that come to Chicago this past summer. It's called the

924
00:43:47,239 --> 00:43:49,799
Speaker 7: National Trading Card Show. Yeah, it looks like something from

925
00:43:49,880 --> 00:43:52,239
Speaker 7: twenty thirty forty years ago. So for us, that was

926
00:43:52,320 --> 00:43:55,040
Speaker 7: just that just mynt opportunity meant if you actually make

927
00:43:55,080 --> 00:43:58,719
Speaker 7: innovative products, you actually really market these products, you build

928
00:43:58,719 --> 00:44:01,560
Speaker 7: a better consumer experience. It's and bring people ford into

929
00:44:01,560 --> 00:44:03,799
Speaker 7: twenty twenty three. Like what an opportunity. So for me, like,

930
00:44:04,040 --> 00:44:05,400
Speaker 7: we do that in all of our business, Like I

931
00:44:05,440 --> 00:44:09,440
Speaker 7: love like we love finding great opportunities, big challenges and

932
00:44:09,480 --> 00:44:11,480
Speaker 7: kind of being unrelenting about going after them.

933
00:44:11,600 --> 00:44:13,919
Speaker 1: Yeah, how has that changed? How is that practically changed?

934
00:44:13,960 --> 00:44:16,680
Speaker 1: Like people are still buying cards and trading cards are

935
00:44:16,680 --> 00:44:17,359
Speaker 1: the biggest.

936
00:44:17,040 --> 00:44:18,239
Speaker 7: Part of business. It's in a lot of way, it's

937
00:44:18,320 --> 00:44:19,920
Speaker 7: very similar little cart but I can tell you, like

938
00:44:20,000 --> 00:44:22,879
Speaker 7: just as one quick example this year, you know, our

939
00:44:22,880 --> 00:44:24,720
Speaker 7: team came in and actually the CEO of our business

940
00:44:24,840 --> 00:44:27,080
Speaker 7: like man said, Hey, I got a great idea. Every

941
00:44:27,120 --> 00:44:29,960
Speaker 7: time a player debuts for the first time, I want

942
00:44:30,000 --> 00:44:31,840
Speaker 7: to put a patch on their jersey and then as

943
00:44:31,880 --> 00:44:32,960
Speaker 7: soon as they get done the game, I want to

944
00:44:33,000 --> 00:44:34,200
Speaker 7: put that patch off and put it in a one

945
00:44:34,239 --> 00:44:36,440
Speaker 7: on one trading card, so you have the card from

946
00:44:37,080 --> 00:44:39,640
Speaker 7: the first So think about for us. You know, maybe

947
00:44:39,680 --> 00:44:41,520
Speaker 7: I grew up in the Michael Jordan, or had I

948
00:44:41,600 --> 00:44:44,120
Speaker 7: had you know, Michael Jordan, or yeah, if I had

949
00:44:44,280 --> 00:44:47,840
Speaker 7: Michael Jordan, or Kob's first one on one cards. Yeah,

950
00:44:47,960 --> 00:44:50,600
Speaker 7: that could be the most valuable keepsake that I could

951
00:44:50,680 --> 00:44:53,200
Speaker 7: ever have. And so you know that innovation, Like for us,

952
00:44:53,239 --> 00:44:54,719
Speaker 7: it was really simple, like, yeah, why would you not

953
00:44:54,719 --> 00:44:56,520
Speaker 7: want to put a patch on someone's jerseys sticking into

954
00:44:56,520 --> 00:44:57,919
Speaker 7: a car to make this a one on one card?

955
00:44:58,120 --> 00:44:59,480
Speaker 7: But no one did that until we created it. And

956
00:44:59,520 --> 00:45:01,360
Speaker 7: by the way, it's already live. We came up with

957
00:45:01,400 --> 00:45:03,919
Speaker 7: the idea this past December. It was it was live

958
00:45:04,000 --> 00:45:06,800
Speaker 7: in April with all baseball Players's gonna be three to

959
00:45:06,840 --> 00:45:09,239
Speaker 7: four hundred baseball player's debut this year, you know, with

960
00:45:09,320 --> 00:45:10,759
Speaker 7: this debut pats that we put into a one to

961
00:45:10,800 --> 00:45:12,800
Speaker 7: one cart. So that's just like one of dozens of

962
00:45:12,840 --> 00:45:15,880
Speaker 7: examples of innovations because you have to be aggressive, like

963
00:45:15,920 --> 00:45:17,560
Speaker 7: we have to be great entrepreneurs, We have to push

964
00:45:17,680 --> 00:45:18,239
Speaker 7: whatever we do.

965
00:45:18,480 --> 00:45:20,200
Speaker 1: Yeah. Now, what I love about that though, for everyone

966
00:45:20,239 --> 00:45:22,279
Speaker 1: who's listening is I think we're stuck in this world

967
00:45:22,360 --> 00:45:25,320
Speaker 1: now that believes that all innovation has to be digital

968
00:45:25,400 --> 00:45:29,440
Speaker 1: or technological or virtual or some sort of you know AI,

969
00:45:29,640 --> 00:45:33,440
Speaker 1: Whereas this is like the most tangible physical change. But

970
00:45:33,480 --> 00:45:35,640
Speaker 1: it's still so valuable because it's what people want.

971
00:45:35,680 --> 00:45:37,960
Speaker 7: Look, we're three business there. First business where we started

972
00:45:37,960 --> 00:45:40,120
Speaker 7: is what we call finax commerce. That's our merchandise business.

973
00:45:40,120 --> 00:45:42,840
Speaker 7: We own Lids, the hat retailer. We own Mitchell Nas.

974
00:45:43,200 --> 00:45:45,440
Speaker 7: We own Fanatics, which operates you know, obviously all of

975
00:45:45,480 --> 00:45:48,240
Speaker 7: the different league you know, the NFL shop, the NBA store,

976
00:45:48,360 --> 00:45:50,840
Speaker 7: and we sell you know, more than six billion hours

977
00:45:51,080 --> 00:45:55,239
Speaker 7: of mostly fan apparel and headware. Okay about you know,

978
00:45:55,400 --> 00:45:57,160
Speaker 7: you know, more than one hundred million units of merchandise

979
00:45:57,200 --> 00:46:01,080
Speaker 7: a year. That's a very physical business. Okay, but AI

980
00:46:01,320 --> 00:46:03,800
Speaker 7: is helping us to do things more effectively in the

981
00:46:03,840 --> 00:46:05,840
Speaker 7: collectible's business. AI is going to help us to be

982
00:46:05,840 --> 00:46:07,880
Speaker 7: more effective. And then our third business is the online

983
00:46:07,880 --> 00:46:10,080
Speaker 7: sports better than I gaming business. So you know, for me,

984
00:46:10,560 --> 00:46:12,319
Speaker 7: we still do a lot of physical things, but there's

985
00:46:12,320 --> 00:46:13,759
Speaker 7: so many things from the digital world that help us

986
00:46:13,760 --> 00:46:14,239
Speaker 7: to be better.

987
00:46:14,320 --> 00:46:16,960
Speaker 1: Yeah. No, but I love that collaboration and thinking about

988
00:46:17,000 --> 00:46:19,560
Speaker 1: it that way, because sometimes the greatest value to someone

989
00:46:19,640 --> 00:46:22,360
Speaker 1: is a physical change. But you're learning that through the AI.

990
00:46:22,840 --> 00:46:26,640
Speaker 1: I'm excited to keep this conversation going, but first, let's

991
00:46:26,680 --> 00:46:33,480
Speaker 1: take a short break for our sponsors. We'll be right back. Okay,

992
00:46:33,640 --> 00:46:35,560
Speaker 1: we're back. Let's dive right back in.

993
00:46:35,800 --> 00:46:38,400
Speaker 7: I still want to wear my Kobe jersey, yeah, exactly, exactly.

994
00:46:38,640 --> 00:46:39,640
Speaker 7: I want my Bronz card.

995
00:46:39,840 --> 00:46:42,560
Speaker 1: Yeah, that's the same thing I'm still buying. I support

996
00:46:42,600 --> 00:46:45,120
Speaker 1: Manchester United, That's that's my soccer team, and I'm still buying,

997
00:46:45,360 --> 00:46:47,040
Speaker 1: you know, soccer jerseys every single year.

998
00:46:47,280 --> 00:46:49,800
Speaker 7: We appreciate that because that's a fanatics next door.

999
00:46:49,719 --> 00:46:52,200
Speaker 1: Even though I absolutely even though we absolutely suck right now,

1000
00:46:52,239 --> 00:46:53,760
Speaker 1: but it's you know, but that's.

1001
00:46:53,600 --> 00:46:56,120
Speaker 7: What sports fans about it. Sometimes you're great years and

1002
00:46:56,440 --> 00:46:58,600
Speaker 7: you get you're getting those championships, and other times you're

1003
00:46:58,600 --> 00:47:01,200
Speaker 7: gonna suck and you gotta stay with your team feel

1004
00:47:01,239 --> 00:47:01,480
Speaker 7: the pain.

1005
00:47:01,520 --> 00:47:03,040
Speaker 1: I'm a real fan now. I grew up as a

1006
00:47:03,080 --> 00:47:05,279
Speaker 1: glory hunter because we just want everything, and now I'm

1007
00:47:05,320 --> 00:47:07,479
Speaker 1: going through real fandom of ten years.

1008
00:47:07,560 --> 00:47:08,799
Speaker 7: Test you now, I'm gona see what you're made of.

1009
00:47:08,800 --> 00:47:11,160
Speaker 7: Are you really committed to man United here? Yeah?

1010
00:47:11,719 --> 00:47:14,120
Speaker 1: I'm being tested right now. I'm being perfect. But we

1011
00:47:14,160 --> 00:47:16,959
Speaker 1: were talking about people not being entrepreneurship not being towed

1012
00:47:17,000 --> 00:47:19,959
Speaker 1: when you started. When you look at it today, now

1013
00:47:20,000 --> 00:47:24,120
Speaker 1: it's become the cool, sexy, interesting, fascinating thing for people

1014
00:47:24,200 --> 00:47:26,799
Speaker 1: to want to try. It's not necessarily things people are

1015
00:47:26,800 --> 00:47:29,400
Speaker 1: good at, like you said you were, It's not necessarily

1016
00:47:29,440 --> 00:47:32,800
Speaker 1: a skill that we honor or give it the kudosk

1017
00:47:32,880 --> 00:47:35,480
Speaker 1: that it deserves. What are the mistakes people are making

1018
00:47:35,680 --> 00:47:37,640
Speaker 1: when they think about being an entrepreneur today?

1019
00:47:37,760 --> 00:47:40,879
Speaker 7: Well, first of all, entrepreneurialism isn't for everybody. But if

1020
00:47:40,880 --> 00:47:42,799
Speaker 7: you think it's for yourself, you better go out there

1021
00:47:42,840 --> 00:47:45,359
Speaker 7: and try it. Put your best foot forward. For me, Look,

1022
00:47:45,400 --> 00:47:48,680
Speaker 7: the biggest mistakes I see people make in building a

1023
00:47:48,719 --> 00:47:52,279
Speaker 7: business are kind of a couple of common themes. One is,

1024
00:47:52,880 --> 00:47:55,040
Speaker 7: first you have like are you even going to take

1025
00:47:55,040 --> 00:47:57,160
Speaker 7: the app bat? So many people tell me I've got

1026
00:47:57,160 --> 00:47:59,720
Speaker 7: this great idea, but I don't want to hear about

1027
00:48:00,080 --> 00:48:02,040
Speaker 7: but like, let's go for it. Let's see if you

1028
00:48:02,080 --> 00:48:03,680
Speaker 7: have an idea you want to do something. You know,

1029
00:48:03,719 --> 00:48:05,120
Speaker 7: I love the story you were just telling me before

1030
00:48:05,120 --> 00:48:07,000
Speaker 7: we went on here that you came over here and

1031
00:48:07,160 --> 00:48:08,680
Speaker 7: you know, you worked one place for six months. Then

1032
00:48:08,680 --> 00:48:09,759
Speaker 7: you're like, I want to go out and do this,

1033
00:48:09,800 --> 00:48:11,239
Speaker 7: and you went out and did it. Like part of

1034
00:48:11,239 --> 00:48:13,640
Speaker 7: being an entrepreneurs to have the courage to fail, Like

1035
00:48:13,680 --> 00:48:14,920
Speaker 7: you just have to go out there and try. And

1036
00:48:15,000 --> 00:48:17,960
Speaker 7: by the way, when you fail, which many times you will.

1037
00:48:18,040 --> 00:48:19,600
Speaker 7: You're gonna learn from that failure. You're going to grow

1038
00:48:19,600 --> 00:48:20,080
Speaker 7: from that failure.

1039
00:48:20,080 --> 00:48:20,600
Speaker 4: You think the best.

1040
00:48:20,680 --> 00:48:23,520
Speaker 7: You talked about Kobe being your favorite, you know athlete, Well,

1041
00:48:23,520 --> 00:48:25,200
Speaker 7: guess what, how many times did he fail? And then

1042
00:48:25,200 --> 00:48:26,640
Speaker 7: he got better and he pushed through it? And so

1043
00:48:26,920 --> 00:48:29,319
Speaker 7: that's what being an entrepreneur is. So from my perspective,

1044
00:48:29,760 --> 00:48:33,080
Speaker 7: it's really all about, first and foremost. If you have

1045
00:48:33,120 --> 00:48:35,640
Speaker 7: something you want to do, if you believe in it,

1046
00:48:36,080 --> 00:48:38,640
Speaker 7: go for it. Don't worry about whether you succeed or not.

1047
00:48:38,960 --> 00:48:41,080
Speaker 7: Go out and take the swing. And if guess what

1048
00:48:41,280 --> 00:48:43,600
Speaker 7: if you strike out, if you fail, just go back again.

1049
00:48:44,040 --> 00:48:45,600
Speaker 7: And I know some people going to say, oh, well,

1050
00:48:45,760 --> 00:48:48,000
Speaker 7: he's really successful now, so it's easy to say, but

1051
00:48:48,000 --> 00:48:50,919
Speaker 7: I gotta tell you something. I've like, I've seen death

1052
00:48:50,960 --> 00:48:52,840
Speaker 7: in its eyes. You know, I've aemo, has gone bankrupt

1053
00:48:52,920 --> 00:48:56,080
Speaker 7: multiple times. You know, I've had epic failures and every

1054
00:48:56,120 --> 00:48:57,520
Speaker 7: one of those led me to be better than what

1055
00:48:57,560 --> 00:49:00,239
Speaker 7: I do. So that's my first thing. Second thing I'd

1056
00:49:00,280 --> 00:49:03,280
Speaker 7: say is you need great people around you to succeed.

1057
00:49:03,360 --> 00:49:05,000
Speaker 7: Like whether it's great people you're learning from that you

1058
00:49:05,000 --> 00:49:07,360
Speaker 7: want to be a sponge from whether it's build a

1059
00:49:07,400 --> 00:49:09,040
Speaker 7: great team to do what you do. Like I know,

1060
00:49:09,120 --> 00:49:11,279
Speaker 7: for fanatics, we have eighteen thousand people that get up

1061
00:49:11,280 --> 00:49:13,040
Speaker 7: and go to bed obsessed with how do we improve

1062
00:49:13,040 --> 00:49:15,960
Speaker 7: the fan experience each day? But like I collect and

1063
00:49:16,000 --> 00:49:17,680
Speaker 7: work with the best people on the planet. Like, if

1064
00:49:17,719 --> 00:49:20,000
Speaker 7: you don't work with great people, you will fail. Like

1065
00:49:20,200 --> 00:49:22,319
Speaker 7: you can't win a championship if you don't have great talent.

1066
00:49:22,360 --> 00:49:24,520
Speaker 7: But that talent also works, needs to work together. And

1067
00:49:24,520 --> 00:49:26,359
Speaker 7: then the last thing, and this will sound corny, but like,

1068
00:49:26,920 --> 00:49:28,840
Speaker 7: have fun in what you do. Like I love what

1069
00:49:28,920 --> 00:49:31,040
Speaker 7: I do. I have the greatest job of the planet.

1070
00:49:31,080 --> 00:49:33,640
Speaker 7: I get to wake up, you know, work eighteen hours day,

1071
00:49:33,680 --> 00:49:35,520
Speaker 7: go to bed thinking about you know what's next. I

1072
00:49:35,600 --> 00:49:38,080
Speaker 7: dream about my work nearly every day, Like I'm having

1073
00:49:38,080 --> 00:49:40,120
Speaker 7: work dreams all the time because I'm obsessed with what

1074
00:49:40,120 --> 00:49:42,359
Speaker 7: I'm doing. It's like it's fun. It's like I should

1075
00:49:42,400 --> 00:49:43,879
Speaker 7: pinch myself. It's so awesome when I get.

1076
00:49:43,800 --> 00:49:46,879
Speaker 1: To do I think patin watching is an ability, whether

1077
00:49:46,920 --> 00:49:49,759
Speaker 1: it's an algorithm, whether it's the stock market, whether it's

1078
00:49:50,239 --> 00:49:52,120
Speaker 1: you know, crypto or whatever it is. For people watching

1079
00:49:52,280 --> 00:49:55,759
Speaker 1: patons is such an unbelievable skill. Would you say that's

1080
00:49:55,760 --> 00:49:57,640
Speaker 1: a skill that you've honed and developed and built.

1081
00:49:57,800 --> 00:49:57,920
Speaker 6: Well.

1082
00:49:57,960 --> 00:50:00,040
Speaker 7: I think it's a really important skill in business. I

1083
00:50:00,040 --> 00:50:03,319
Speaker 7: think it's very predictive of the future. Okay. So the

1084
00:50:03,400 --> 00:50:06,200
Speaker 7: reality is when someone comes in and I'm interviewing a

1085
00:50:06,200 --> 00:50:08,640
Speaker 7: top executive for a role in one of our businesses,

1086
00:50:09,360 --> 00:50:11,400
Speaker 7: and they could seem great, and then I'm gonna go

1087
00:50:11,400 --> 00:50:13,120
Speaker 7: out and I'm never gonna ask anybody for a reference.

1088
00:50:13,160 --> 00:50:13,279
Speaker 6: Ever.

1089
00:50:13,320 --> 00:50:14,880
Speaker 7: I've never asked somebody, hey, can you tell me who

1090
00:50:14,920 --> 00:50:15,080
Speaker 7: to call?

1091
00:50:15,120 --> 00:50:15,160
Speaker 6: It?

1092
00:50:15,160 --> 00:50:17,399
Speaker 7: Like, that's the you ask me for reference? On myself,

1093
00:50:17,400 --> 00:50:18,759
Speaker 7: I'd call each others people and say, hey, I gave

1094
00:50:18,760 --> 00:50:20,160
Speaker 7: you as a reference. Make sure you say great things

1095
00:50:20,200 --> 00:50:20,520
Speaker 7: about me.

1096
00:50:20,800 --> 00:50:20,960
Speaker 1: Right.

1097
00:50:21,280 --> 00:50:24,440
Speaker 7: So the reality is, I'll interview somebody, the first thing

1098
00:50:24,480 --> 00:50:26,560
Speaker 7: I do is if I like them. As soon as

1099
00:50:26,560 --> 00:50:28,800
Speaker 7: they leave, I go out and I start calling people

1100
00:50:28,800 --> 00:50:31,840
Speaker 7: that I knew we had in common to recognize patterns. Okay,

1101
00:50:32,000 --> 00:50:35,200
Speaker 7: because to me, fifty percents the interview and fifty percent

1102
00:50:35,400 --> 00:50:38,440
Speaker 7: is what I learned behind the scenes. And that's probably

1103
00:50:38,480 --> 00:50:41,000
Speaker 7: the more important fifty percent, because someone can blow me

1104
00:50:41,040 --> 00:50:43,320
Speaker 7: away and then you know, you'll find out one minute

1105
00:50:43,360 --> 00:50:46,200
Speaker 7: that person sucks. That person. People don't like working with them,

1106
00:50:46,440 --> 00:50:47,759
Speaker 7: or you can find out that person was a little

1107
00:50:47,800 --> 00:50:49,799
Speaker 7: bit understated. But they are beasts. You know, they've got

1108
00:50:49,880 --> 00:50:54,200
Speaker 7: huge followership, they're super smart, they've got an unrelenting work ethic.

1109
00:50:54,520 --> 00:50:56,920
Speaker 7: So to me, pattern recognition is everything I use in

1110
00:50:56,960 --> 00:50:59,400
Speaker 7: everything that I do. By the way, I use pattern

1111
00:50:59,440 --> 00:51:01,920
Speaker 7: recognition when I or play blackjack with my friends. You know,

1112
00:51:02,160 --> 00:51:04,040
Speaker 7: there's three types of cards you're gonna get cars. You're

1113
00:51:04,040 --> 00:51:06,000
Speaker 7: either going to be you know, you're either streaking heart,

1114
00:51:06,040 --> 00:51:08,080
Speaker 7: you're streaking cold, or you're kind of in between. And

1115
00:51:08,320 --> 00:51:10,680
Speaker 7: you know, when you're cold, you should not do what

1116
00:51:10,719 --> 00:51:12,520
Speaker 7: sometimes I'll do it if I'm misbehaved, which is be

1117
00:51:12,560 --> 00:51:15,040
Speaker 7: aggressive when you're cold, because you got a patterner going on.

1118
00:51:15,160 --> 00:51:16,960
Speaker 7: So you gotta recognize patterns whatever you do.

1119
00:51:17,320 --> 00:51:21,000
Speaker 1: In our final clip, Sunira Madani reflects on building a

1120
00:51:21,040 --> 00:51:26,560
Speaker 1: billion dollar fintech by embracing risk, clarity, and consistency. Maybe

1121
00:51:26,600 --> 00:51:28,400
Speaker 1: you don't know when it's time to take a risk.

1122
00:51:28,960 --> 00:51:31,279
Speaker 1: Maybe you wonder about do you have enough clarity to

1123
00:51:31,320 --> 00:51:35,120
Speaker 1: move forward? This clip will help you make that make sense.

1124
00:51:35,719 --> 00:51:39,480
Speaker 1: She talks about how leaving security is often the first

1125
00:51:39,680 --> 00:51:43,960
Speaker 1: real entrepreneurial step. You will have to trade your comfort

1126
00:51:44,400 --> 00:51:48,239
Speaker 1: for courage. If you want to succeed, she'll show you

1127
00:51:48,360 --> 00:51:50,960
Speaker 1: how to do that. She'll also show you how to

1128
00:51:51,000 --> 00:51:55,200
Speaker 1: bet on boring problems. We think that if we solve

1129
00:51:55,320 --> 00:51:58,160
Speaker 1: this sexy issue, if we come up with this sexy brand,

1130
00:51:58,400 --> 00:52:01,160
Speaker 1: that's what we need to do. Some solving the un

1131
00:52:01,239 --> 00:52:05,640
Speaker 1: sexy issues can lead to massive success. Check it out.

1132
00:52:05,719 --> 00:52:07,840
Speaker 1: When I talk to my male friends today, and I

1133
00:52:07,920 --> 00:52:10,440
Speaker 1: know a lot of their wives and partners and girlfriends

1134
00:52:10,440 --> 00:52:13,560
Speaker 1: and whatever else it may be, they all find that

1135
00:52:13,680 --> 00:52:15,920
Speaker 1: so many women are scared to go in there and

1136
00:52:15,920 --> 00:52:18,239
Speaker 1: start a company. They're scared to take that risk. They're

1137
00:52:18,280 --> 00:52:21,600
Speaker 1: fearful that they can't, or they're waiting till they have everything,

1138
00:52:21,680 --> 00:52:23,640
Speaker 1: like all their ducks in a row, before they give

1139
00:52:23,680 --> 00:52:27,960
Speaker 1: themselves an opportunity. How did early on in your life

1140
00:52:28,000 --> 00:52:31,520
Speaker 1: your dad saying this repetitive statement to you, How did

1141
00:52:31,560 --> 00:52:35,359
Speaker 1: that not become a pressure and how did it feel empowering?

1142
00:52:35,480 --> 00:52:38,600
Speaker 1: Because I feel that sometimes if you're told you've got

1143
00:52:38,600 --> 00:52:41,279
Speaker 1: it you can do this, a lot of people see

1144
00:52:41,280 --> 00:52:42,960
Speaker 1: that as pressure and then they feel they can't live

1145
00:52:43,080 --> 00:52:45,960
Speaker 1: up to it. What was different about the parenting aspect

1146
00:52:46,000 --> 00:52:47,920
Speaker 1: of that, because I think a lot of parents listening

1147
00:52:48,239 --> 00:52:49,920
Speaker 1: may take a lot from what your dad did, right.

1148
00:52:50,160 --> 00:52:52,200
Speaker 8: I was always brought in on all the conversations. I

1149
00:52:52,239 --> 00:52:55,480
Speaker 8: think something that my parents did. We had struggles, and

1150
00:52:55,520 --> 00:52:57,520
Speaker 8: we had challenges, and we had to move, and we

1151
00:52:57,560 --> 00:53:00,520
Speaker 8: had to various businesses, but we were always at the

1152
00:53:00,560 --> 00:53:04,040
Speaker 8: dinner table having the hard conversations, you know, if there

1153
00:53:04,040 --> 00:53:06,280
Speaker 8: were hard things that were you know, taking place about

1154
00:53:06,320 --> 00:53:10,280
Speaker 8: money or about business or about family. We were solving

1155
00:53:10,320 --> 00:53:14,440
Speaker 8: problems together. So my parents would always ask our perspective.

1156
00:53:14,920 --> 00:53:17,279
Speaker 8: That is something that I do feel is very interesting

1157
00:53:17,840 --> 00:53:19,399
Speaker 8: just as a child. I try to do that with

1158
00:53:19,440 --> 00:53:22,200
Speaker 8: my daughters at the dinner table now, is to ask them,

1159
00:53:22,239 --> 00:53:25,759
Speaker 8: like what they think so thinking about solutions versus you know,

1160
00:53:25,800 --> 00:53:27,160
Speaker 8: how they would think about solving it.

1161
00:53:27,200 --> 00:53:29,120
Speaker 2: So I feel like I was really involved.

1162
00:53:28,760 --> 00:53:32,279
Speaker 8: In hearing my voice felt heard, and I think that's

1163
00:53:32,320 --> 00:53:36,000
Speaker 8: important because as women, I do feel like we're you know,

1164
00:53:36,080 --> 00:53:38,320
Speaker 8: our voice isn't heard. And so I grew up in

1165
00:53:38,360 --> 00:53:40,160
Speaker 8: a place where my voice was not just heard, it

1166
00:53:40,200 --> 00:53:43,960
Speaker 8: was really valued and my perspective was valued. And just

1167
00:53:44,000 --> 00:53:45,719
Speaker 8: like so many memories that I can think of, I

1168
00:53:45,760 --> 00:53:48,520
Speaker 8: had such an amazing, amazing childhood and I know a

1169
00:53:48,520 --> 00:53:51,440
Speaker 8: lot of people don't have that on my seventeenth birthday.

1170
00:53:51,520 --> 00:53:54,840
Speaker 8: This is really crazy. So we went to Atlantic City

1171
00:53:55,080 --> 00:53:57,200
Speaker 8: for a Bollywood concert. It was like a Charlotte Cohn

1172
00:53:57,480 --> 00:54:00,000
Speaker 8: concert then when they would come out and do the show.

1173
00:54:00,960 --> 00:54:03,799
Speaker 8: We went to Atlantic City for this concert and you know,

1174
00:54:03,880 --> 00:54:07,200
Speaker 8: there was a casino. I'm not even of legal age

1175
00:54:07,280 --> 00:54:09,640
Speaker 8: to great gamble, and my dad takes me to the

1176
00:54:09,640 --> 00:54:12,120
Speaker 8: blackjack table. Okay, and he was an avid like he

1177
00:54:12,200 --> 00:54:15,279
Speaker 8: definitely had not the best habits as well, and it's

1178
00:54:15,320 --> 00:54:17,160
Speaker 8: and it's important to see, like you can see both

1179
00:54:17,160 --> 00:54:19,319
Speaker 8: sides if your parents things weren't perfect. I look back

1180
00:54:19,360 --> 00:54:23,000
Speaker 8: and I think about mostly the positive. But sitting at

1181
00:54:23,000 --> 00:54:24,920
Speaker 8: this blackjack table, so I'm all dressed up to go

1182
00:54:24,960 --> 00:54:26,520
Speaker 8: to this concert, I'm sitting next to him.

1183
00:54:26,680 --> 00:54:27,799
Speaker 2: My parents were also really young.

1184
00:54:27,880 --> 00:54:29,640
Speaker 8: They had me when they were like twenty and so

1185
00:54:29,680 --> 00:54:32,400
Speaker 8: people are probably assuming I'm like his girlfriend or something,

1186
00:54:32,440 --> 00:54:34,600
Speaker 8: and you know, but I'm sitting at the blackjack table

1187
00:54:34,640 --> 00:54:36,440
Speaker 8: next to him, and he hands me a pile of

1188
00:54:36,520 --> 00:54:40,759
Speaker 8: chips and he's like that, and in my head, I'm like,

1189
00:54:41,040 --> 00:54:41,799
Speaker 8: how much is this?

1190
00:54:42,400 --> 00:54:42,520
Speaker 6: Like?

1191
00:54:42,560 --> 00:54:45,640
Speaker 8: Am I gonna lose the money? You know, what's the value?

1192
00:54:46,239 --> 00:54:49,440
Speaker 8: And his response he goes just feel it. He's like,

1193
00:54:49,480 --> 00:54:52,000
Speaker 8: if you feel like you're gonna win, that more, if

1194
00:54:52,040 --> 00:54:54,000
Speaker 8: you feel like you're not going to win, pull back

1195
00:54:54,360 --> 00:54:56,920
Speaker 8: my ability to now take risks and listen to my

1196
00:54:57,000 --> 00:55:00,200
Speaker 8: gut and not worry about, you know, like scared. He

1197
00:55:00,280 --> 00:55:03,000
Speaker 8: doesn't make money as well, right, so my ability to

1198
00:55:03,040 --> 00:55:06,000
Speaker 8: be able to say, Okay, I feel like I'm gonna win.

1199
00:55:06,080 --> 00:55:08,120
Speaker 8: I feel like look at looking at the hands or

1200
00:55:08,200 --> 00:55:10,480
Speaker 8: learning Blackchack and I was great at math, and I

1201
00:55:10,480 --> 00:55:11,600
Speaker 8: can get this concept.

1202
00:55:12,120 --> 00:55:12,799
Speaker 2: That was one of my.

1203
00:55:13,000 --> 00:55:15,279
Speaker 8: Like a core memory that I can think of. But

1204
00:55:15,320 --> 00:55:18,200
Speaker 8: I was always involved in the conversation. I feel like

1205
00:55:18,239 --> 00:55:21,000
Speaker 8: it was more tactical with action, not just.

1206
00:55:20,920 --> 00:55:23,279
Speaker 2: Being told that you should go do this.

1207
00:55:23,600 --> 00:55:25,719
Speaker 8: I definitely feel very blessed that I did have that.

1208
00:55:25,760 --> 00:55:28,400
Speaker 8: And now my mom lives literally across the street from me.

1209
00:55:28,480 --> 00:55:31,360
Speaker 8: She's like one rock away, and we get to she

1210
00:55:31,400 --> 00:55:33,920
Speaker 8: gets to raise my kids with me, So it's wonderful.

1211
00:55:34,040 --> 00:55:37,040
Speaker 1: It's amazing when you when you go from pitching your

1212
00:55:37,040 --> 00:55:39,719
Speaker 1: idea to all of your bosses and they kind of

1213
00:55:39,719 --> 00:55:42,080
Speaker 1: look at you like this is going to fail, this

1214
00:55:42,120 --> 00:55:44,879
Speaker 1: isn't going to work, and then obviously your dad gives

1215
00:55:44,880 --> 00:55:48,120
Speaker 1: you that encouraging statement you said that you moved back home. Then, Yeah,

1216
00:55:48,160 --> 00:55:51,400
Speaker 1: so I'm imagining that you were making a decent amount

1217
00:55:51,400 --> 00:55:55,040
Speaker 1: of money working at financial services firm, and when you

1218
00:55:55,120 --> 00:55:57,040
Speaker 1: choose to start a company, I'm guessing you took a

1219
00:55:57,080 --> 00:56:01,000
Speaker 1: massive pay here and as you are living out and

1220
00:56:01,040 --> 00:56:02,839
Speaker 1: then you move back home. Now, the reason why I'm

1221
00:56:03,120 --> 00:56:07,440
Speaker 1: pinpointing that moment is because I think those golden handcuffs

1222
00:56:08,080 --> 00:56:10,520
Speaker 1: that so many of us tie around ourselves with the

1223
00:56:10,520 --> 00:56:13,200
Speaker 1: safe corporate job, and when you've got a great degree

1224
00:56:13,239 --> 00:56:16,200
Speaker 1: and you finally get that job you've been waiting to

1225
00:56:16,280 --> 00:56:19,320
Speaker 1: get for like eighteen years of your life, and everyone

1226
00:56:19,360 --> 00:56:21,440
Speaker 1: respects you for it, it looks good on your LinkedIn

1227
00:56:21,480 --> 00:56:24,920
Speaker 1: and your resume. I found so many people struggle at

1228
00:56:24,920 --> 00:56:27,440
Speaker 1: that point to say, well, I'm willing to take less money,

1229
00:56:27,880 --> 00:56:32,439
Speaker 1: I'm willing to downgrade my lifestyle. I'm willing to postpone

1230
00:56:32,920 --> 00:56:36,480
Speaker 1: and delay the gratification of having nice things because chances

1231
00:56:36,520 --> 00:56:38,960
Speaker 1: are if I live with my parents and I'm not

1232
00:56:39,000 --> 00:56:42,920
Speaker 1: making the money anymore, life changes walk me through deeply

1233
00:56:43,040 --> 00:56:45,640
Speaker 1: that decision because I think for so many of our

1234
00:56:45,640 --> 00:56:48,240
Speaker 1: community listening and so many people that I mentor coach

1235
00:56:48,280 --> 00:56:50,680
Speaker 1: speak to, this seems to be one of the most

1236
00:56:50,680 --> 00:56:53,560
Speaker 1: pivotal moments of their life that were you willing to

1237
00:56:53,600 --> 00:56:57,680
Speaker 1: go two steps backwards in order to go five steps forward?

1238
00:56:58,160 --> 00:57:00,360
Speaker 1: And so many of us are so scared to go

1239
00:57:00,360 --> 00:57:03,000
Speaker 1: two steps backwards because we've got so used to a

1240
00:57:03,040 --> 00:57:06,479
Speaker 1: certain level of lifestyle. So walk us through that key

1241
00:57:06,480 --> 00:57:07,360
Speaker 1: decision point.

1242
00:57:07,480 --> 00:57:10,320
Speaker 2: I actually ask myself would I do it again?

1243
00:57:11,080 --> 00:57:14,840
Speaker 8: And I think that it also depends on It's the

1244
00:57:14,920 --> 00:57:16,040
Speaker 8: risk taking ability, right.

1245
00:57:16,040 --> 00:57:18,200
Speaker 2: It takes courage to take risk.

1246
00:57:18,520 --> 00:57:21,120
Speaker 8: One of my favorite, most favorite books that I've recently

1247
00:57:21,160 --> 00:57:24,520
Speaker 8: read is Die with Zero. It is such an incredible book.

1248
00:57:24,560 --> 00:57:28,680
Speaker 8: It's this crazy concept of just taking risks and you

1249
00:57:28,760 --> 00:57:30,720
Speaker 8: have your golden years of your life, like we should

1250
00:57:30,720 --> 00:57:33,560
Speaker 8: be spending our money doing our things in our prime and.

1251
00:57:33,480 --> 00:57:34,560
Speaker 2: That makes complete sense.

1252
00:57:34,800 --> 00:57:38,240
Speaker 8: And the risk tolerance that you can take also changes

1253
00:57:38,480 --> 00:57:40,800
Speaker 8: with your age. Would I take these risks if I

1254
00:57:40,840 --> 00:57:42,720
Speaker 8: had two daughters at home? And maybe if I was

1255
00:57:42,760 --> 00:57:45,800
Speaker 8: a sole breadwinner or where I don't know, And so

1256
00:57:46,160 --> 00:57:48,200
Speaker 8: I can look back and say I didn't have much

1257
00:57:48,240 --> 00:57:50,000
Speaker 8: to lose, and it was a level of risk. I

1258
00:57:50,080 --> 00:57:53,160
Speaker 8: had a steady job, I was on a career path.

1259
00:57:53,600 --> 00:57:55,480
Speaker 8: I could have totally miserably failed.

1260
00:57:56,000 --> 00:57:57,200
Speaker 2: I think you have to think.

1261
00:57:57,040 --> 00:58:00,960
Speaker 8: About not what is the risk in doing it? I

1262
00:58:00,960 --> 00:58:02,720
Speaker 8: think you have to think about what is the risk

1263
00:58:02,840 --> 00:58:05,480
Speaker 8: in not doing it right? So what is a risk

1264
00:58:05,520 --> 00:58:08,000
Speaker 8: if you don't do the thing? And that's kind of

1265
00:58:08,040 --> 00:58:10,880
Speaker 8: how I try to make those the risky decisions today.

1266
00:58:10,920 --> 00:58:13,040
Speaker 8: And I know we're going to talk more and this

1267
00:58:13,120 --> 00:58:14,880
Speaker 8: journey is going to come full circle.

1268
00:58:14,520 --> 00:58:15,200
Speaker 2: In ten years.

1269
00:58:15,560 --> 00:58:19,880
Speaker 8: I left my company at the most record high of

1270
00:58:19,920 --> 00:58:24,520
Speaker 8: the company, but the risk of me staying was a

1271
00:58:24,560 --> 00:58:28,640
Speaker 8: detriment to my health and my burnout and all the

1272
00:58:28,680 --> 00:58:30,520
Speaker 8: things that I had left to go accomplish.

1273
00:58:30,600 --> 00:58:33,800
Speaker 2: And so it's really about the risk of not doing

1274
00:58:33,800 --> 00:58:34,280
Speaker 2: the action.

1275
00:58:34,960 --> 00:58:36,920
Speaker 8: But at that time I think it was I was

1276
00:58:37,000 --> 00:58:40,120
Speaker 8: young and I could and you do have to take

1277
00:58:40,480 --> 00:58:42,680
Speaker 8: a step back, and I would say, I think social

1278
00:58:42,680 --> 00:58:46,800
Speaker 8: media does a horrible job of showing us success. There's

1279
00:58:46,800 --> 00:58:51,000
Speaker 8: so much saturation of success. There's not enough failures that

1280
00:58:51,040 --> 00:58:51,720
Speaker 8: are being shown.

1281
00:58:51,760 --> 00:58:52,439
Speaker 2: It's not enough.

1282
00:58:52,560 --> 00:58:55,520
Speaker 8: It is hard to build a business. You know, less

1283
00:58:55,520 --> 00:58:58,040
Speaker 8: than two percent of female founders ever even break a

1284
00:58:58,120 --> 00:58:59,200
Speaker 8: million in revenue.

1285
00:58:59,640 --> 00:59:01,880
Speaker 2: That is the most insane statistic.

1286
00:59:02,080 --> 00:59:05,000
Speaker 8: Men are eight times more likely to achieve that venture

1287
00:59:05,040 --> 00:59:07,640
Speaker 8: capital right, I'm going to go build a fintech less

1288
00:59:07,640 --> 00:59:10,760
Speaker 8: than Currently twenty twenty three, less than three percent of

1289
00:59:11,200 --> 00:59:14,960
Speaker 8: capital goes to women founders. Less than one percent, it's

1290
00:59:14,960 --> 00:59:17,320
Speaker 8: in the decimals, goes to minority founders.

1291
00:59:17,720 --> 00:59:19,640
Speaker 2: What was I even thinking trying to go raise.

1292
00:59:19,520 --> 00:59:23,040
Speaker 8: Capital out of Orlando, Florida, not even Silicon Valley, Right,

1293
00:59:23,480 --> 00:59:26,320
Speaker 8: And So I think there's a naivete when you're young,

1294
00:59:26,680 --> 00:59:27,800
Speaker 8: and I think it's beautiful.

1295
00:59:28,160 --> 00:59:30,280
Speaker 2: I think that it's the most amazing thing.

1296
00:59:30,400 --> 00:59:33,000
Speaker 8: Like I even think about parenting, like, oh my god,

1297
00:59:33,040 --> 00:59:34,560
Speaker 8: now if I knew all the things that I knew

1298
00:59:34,680 --> 00:59:35,960
Speaker 8: right when we were young and.

1299
00:59:36,000 --> 00:59:37,720
Speaker 2: Doing the things, I think.

1300
00:59:37,600 --> 00:59:40,760
Speaker 8: That having a little bit of not knowing what's on

1301
00:59:40,800 --> 00:59:44,840
Speaker 8: the other side is actually really beautiful too, Like embrace

1302
00:59:45,000 --> 00:59:45,520
Speaker 8: that I.

1303
00:59:45,520 --> 00:59:48,400
Speaker 1: Feel like this generation might be missing out on the

1304
00:59:48,440 --> 00:59:52,280
Speaker 1: businesses that solve real problems that affects millions of people

1305
00:59:52,320 --> 00:59:55,960
Speaker 1: behind the scenes, that the opportunity to scale really really

1306
00:59:55,960 --> 00:59:58,960
Speaker 1: fast because we're too busy trying to grow an online following.

1307
00:59:59,280 --> 01:00:02,120
Speaker 1: And so woke us through that understanding of how you

1308
01:00:02,440 --> 01:00:05,880
Speaker 1: encourage founders to find their niche and build their product

1309
01:00:05,920 --> 01:00:08,760
Speaker 1: and think about what they're doing, because today it's been like, oh, well,

1310
01:00:08,760 --> 01:00:11,040
Speaker 1: if my brand hasn't had a viral video yet, it

1311
01:00:11,040 --> 01:00:13,400
Speaker 1: probably won't become big, so so woke us through that

1312
01:00:13,440 --> 01:00:13,960
Speaker 1: a little bit.

1313
01:00:14,200 --> 01:00:16,760
Speaker 8: It's done so much good, but it's ruined us, right

1314
01:00:16,800 --> 01:00:20,000
Speaker 8: like it's ruined us in so so many ways. We

1315
01:00:20,160 --> 01:00:23,360
Speaker 8: have to stop doing things for the gram we have

1316
01:00:23,680 --> 01:00:27,760
Speaker 8: it is it is our mentality of building companies, products,

1317
01:00:27,840 --> 01:00:28,840
Speaker 8: services that if.

1318
01:00:28,760 --> 01:00:29,880
Speaker 2: It's not this, then it's not that.

1319
01:00:30,280 --> 01:00:32,320
Speaker 8: And I also think that it's important for us to

1320
01:00:32,360 --> 01:00:33,960
Speaker 8: have a social presence and to.

1321
01:00:34,120 --> 01:00:35,520
Speaker 2: Utilize all these tools that we have.

1322
01:00:35,600 --> 01:00:37,720
Speaker 8: So there's so much good that can come from it,

1323
01:00:38,040 --> 01:00:40,360
Speaker 8: but it doesn't have to be all of it, and

1324
01:00:40,400 --> 01:00:42,960
Speaker 8: so I do think it's important. There's so much opportunity

1325
01:00:42,960 --> 01:00:48,120
Speaker 8: out there. Most entrepreneurs that I know of personally that

1326
01:00:48,160 --> 01:00:51,200
Speaker 8: have been really successful came from a corporate position that

1327
01:00:51,280 --> 01:00:54,000
Speaker 8: like saw something and then they wanted to go tackle

1328
01:00:54,040 --> 01:00:58,200
Speaker 8: this one unique problem. And these unsexy businesses are solving

1329
01:00:58,240 --> 01:01:01,040
Speaker 8: the most complex problems for us. So we did forty

1330
01:01:01,080 --> 01:01:03,640
Speaker 8: billion dollars in payments through this ecosystem that I almost

1331
01:01:03,680 --> 01:01:07,560
Speaker 8: didn't start. If I didn't build it, we solved huge

1332
01:01:07,600 --> 01:01:10,919
Speaker 8: problems in this It was so unsexy. Card present versus

1333
01:01:11,000 --> 01:01:14,240
Speaker 8: card not present, so Stripe was focused on digital transactions.

1334
01:01:14,280 --> 01:01:16,920
Speaker 8: Square was focused on in person transactions. Guess what there

1335
01:01:16,960 --> 01:01:20,040
Speaker 8: was nobody bridging the gap for like dentist offices that

1336
01:01:20,200 --> 01:01:22,960
Speaker 8: needed both in person and online transactions.

1337
01:01:23,280 --> 01:01:23,800
Speaker 2: Boom.

1338
01:01:23,880 --> 01:01:27,000
Speaker 8: There was the opportunity that nobody saw on building that tech.

1339
01:01:27,680 --> 01:01:29,560
Speaker 8: And it's not about I didn't have the background. I

1340
01:01:29,600 --> 01:01:32,760
Speaker 8: wasn't a coder, I wasn't an engineer, but I could

1341
01:01:32,840 --> 01:01:35,560
Speaker 8: see where the world was going. And I think that's

1342
01:01:35,600 --> 01:01:39,200
Speaker 8: what entrepreneurship is. It's the spirit of solving for problems.

1343
01:01:39,520 --> 01:01:43,320
Speaker 8: It's not for show. Success will come if you just

1344
01:01:43,840 --> 01:01:46,360
Speaker 8: like let go of that and you can also have

1345
01:01:46,400 --> 01:01:49,240
Speaker 8: a social following and build a great band and have

1346
01:01:49,320 --> 01:01:51,880
Speaker 8: the podcast and do the things to go reach more people.

1347
01:01:52,240 --> 01:01:54,760
Speaker 2: But you can solve if you just focus on solving

1348
01:01:54,840 --> 01:01:57,080
Speaker 2: the problem and seeing it uniquely.

1349
01:01:57,440 --> 01:01:59,280
Speaker 8: And if it's one of you, you're really like it's

1350
01:01:59,320 --> 01:02:01,120
Speaker 8: resonating with you because you're like I am that person.

1351
01:02:01,160 --> 01:02:04,360
Speaker 8: I I'm always finding Like you're in the shower and

1352
01:02:04,400 --> 01:02:07,280
Speaker 8: you're like, this should be better, this could be better. Right,

1353
01:02:07,320 --> 01:02:11,280
Speaker 8: You're you're always finding the next thing. But ideas don't

1354
01:02:11,280 --> 01:02:12,360
Speaker 8: make you an entrepreneur.

1355
01:02:12,560 --> 01:02:14,600
Speaker 2: Execution does, right.

1356
01:02:14,720 --> 01:02:18,400
Speaker 8: Everybody has ideas, it's really about execution, and that's the

1357
01:02:18,440 --> 01:02:20,280
Speaker 8: thing I feel like, that's the thing that I saw

1358
01:02:20,600 --> 01:02:23,400
Speaker 8: maybe in like Salini growing up, was like got to

1359
01:02:23,440 --> 01:02:26,440
Speaker 8: put in the work. Even after everything that I have,

1360
01:02:26,560 --> 01:02:29,360
Speaker 8: I show up every single day and I work. I

1361
01:02:29,400 --> 01:02:31,160
Speaker 8: put my head down at night and I ask myself,

1362
01:02:31,160 --> 01:02:32,560
Speaker 8: did I like give my one hundred and ten? I

1363
01:02:32,560 --> 01:02:35,880
Speaker 8: work so hard still and it's just part of and yes,

1364
01:02:35,920 --> 01:02:37,880
Speaker 8: I work smart too, so it's not that I'm not

1365
01:02:38,080 --> 01:02:41,120
Speaker 8: just grinding my way and being intentional, but hard work

1366
01:02:41,160 --> 01:02:43,840
Speaker 8: is a huge part of it. Because there's no such

1367
01:02:43,880 --> 01:02:46,640
Speaker 8: thing as a billion dollar idea. It's a billion dollar.

1368
01:02:46,440 --> 01:02:49,960
Speaker 2: Execution, and to execute it's every single day.

1369
01:02:50,000 --> 01:02:52,400
Speaker 8: You just got to keep showing up and like that mountain,

1370
01:02:52,760 --> 01:02:54,280
Speaker 8: the mountain's going to be there, and then you're gonna

1371
01:02:54,280 --> 01:02:55,919
Speaker 8: climb it, and guess what, You're gonna get to the top.

1372
01:02:56,240 --> 01:02:58,400
Speaker 8: And you're gonna climb this thing the next the next day,

1373
01:02:58,480 --> 01:03:00,640
Speaker 8: there's another mountain, and there's another mountain.

1374
01:03:00,840 --> 01:03:05,000
Speaker 2: So you've got to love that challenge. That's what entrepreneurship is.

1375
01:03:05,040 --> 01:03:06,600
Speaker 8: It's not I didn't build a billion dollar It took

1376
01:03:06,640 --> 01:03:09,040
Speaker 8: me twelve years to build that business, ten years to

1377
01:03:09,080 --> 01:03:12,840
Speaker 8: exit that business. It didn't happen overnight. It happened because

1378
01:03:12,880 --> 01:03:16,080
Speaker 8: I just kept showing up. It wasn't this magic formula.

1379
01:03:16,080 --> 01:03:18,400
Speaker 8: And people ask like, what was the secret to the

1380
01:03:18,400 --> 01:03:19,600
Speaker 8: billion dollar success?

1381
01:03:19,840 --> 01:03:22,200
Speaker 2: I didn't give up, Like I just somehow kept showing up.

1382
01:03:22,400 --> 01:03:24,720
Speaker 8: I can name every founders, like every journey where we

1383
01:03:24,800 --> 01:03:26,160
Speaker 8: almost did to make pray Roll, I had to put

1384
01:03:26,200 --> 01:03:27,160
Speaker 8: my mortgage on the line.

1385
01:03:27,160 --> 01:03:29,160
Speaker 2: We had to do. We didn't get the investors, we

1386
01:03:29,520 --> 01:03:30,520
Speaker 2: lost the customers.

1387
01:03:30,720 --> 01:03:33,480
Speaker 8: But you just keep going, and so you have to

1388
01:03:33,560 --> 01:03:35,640
Speaker 8: find that why to really power you through. And for

1389
01:03:35,680 --> 01:03:38,640
Speaker 8: me it was I just love to solve really big problems.

1390
01:03:39,320 --> 01:03:42,040
Speaker 8: And that's why even after I exit, right it's like here,

1391
01:03:42,080 --> 01:03:45,880
Speaker 8: I'm back again in building again. It's because I see

1392
01:03:45,960 --> 01:03:49,120
Speaker 8: the problem and I know we can solve it.

1393
01:03:49,360 --> 01:03:51,479
Speaker 1: Yeah, I think you're the right. President asked this question

1394
01:03:51,520 --> 01:03:54,360
Speaker 1: to you because you talked about working hard and working smart,

1395
01:03:54,360 --> 01:03:57,520
Speaker 1: But what was the mindset shift in building a million

1396
01:03:57,600 --> 01:04:00,880
Speaker 1: dollar business one hundred million and getting to a billion?

1397
01:04:00,960 --> 01:04:04,400
Speaker 1: Like what changed? Because I think there may be people

1398
01:04:04,440 --> 01:04:06,040
Speaker 1: listening who've like built the million and they're like, I

1399
01:04:06,040 --> 01:04:07,680
Speaker 1: want to get to ten or one hundred. I don't

1400
01:04:07,680 --> 01:04:10,360
Speaker 1: know what what do I need to do differently because

1401
01:04:10,400 --> 01:04:14,160
Speaker 1: I think at every level there's a different mindset, a

1402
01:04:14,240 --> 01:04:17,240
Speaker 1: different type of work that's required, and often we don't

1403
01:04:17,240 --> 01:04:18,960
Speaker 1: talk about that enough, and so you keep doing the

1404
01:04:19,000 --> 01:04:21,920
Speaker 1: same thing again and again expecting a different result, as

1405
01:04:21,960 --> 01:04:25,320
Speaker 1: Einstein said, is insanity. What was different? What did you

1406
01:04:25,360 --> 01:04:27,880
Speaker 1: find that you ad to up level to go from

1407
01:04:27,880 --> 01:04:29,920
Speaker 1: one to one hundred hundred to a billion?

1408
01:04:30,160 --> 01:04:34,280
Speaker 8: You're brilliant because everything has to change. It's completely different

1409
01:04:34,680 --> 01:04:37,760
Speaker 8: going from your zero to six figures, you know, getting

1410
01:04:37,760 --> 01:04:40,360
Speaker 8: that validation of your it's a completely different journey from

1411
01:04:40,440 --> 01:04:43,720
Speaker 8: zero to six, from six to seven, it's a completely

1412
01:04:43,720 --> 01:04:44,360
Speaker 8: different journey.

1413
01:04:44,360 --> 01:04:47,120
Speaker 2: And everything breaks, and it's supposed to break.

1414
01:04:47,200 --> 01:04:49,680
Speaker 8: Going from seven to eight figures in revenue, it's going

1415
01:04:49,760 --> 01:04:52,160
Speaker 8: to break again. Your systems are going to break, people

1416
01:04:52,200 --> 01:04:53,800
Speaker 8: are going to break. It's going to break.

1417
01:04:53,560 --> 01:04:54,640
Speaker 2: Because it's supposed to.

1418
01:04:55,080 --> 01:04:57,280
Speaker 8: Once you get you know, you get things right, or

1419
01:04:57,280 --> 01:04:59,320
Speaker 8: you think you get these things right. If you're doing

1420
01:04:59,320 --> 01:05:01,320
Speaker 8: what you've set out to, which is go get more customers,

1421
01:05:01,360 --> 01:05:04,240
Speaker 8: go get more revenue, there's pressure on that system and

1422
01:05:04,280 --> 01:05:06,920
Speaker 8: then you've got to recalibrate. You've got to recalibrate the

1423
01:05:06,960 --> 01:05:10,360
Speaker 8: tools you've got to recalibrate the next level of scale,

1424
01:05:10,720 --> 01:05:13,040
Speaker 8: and so it is supposed to break. But the one

1425
01:05:13,080 --> 01:05:15,600
Speaker 8: thing that's not different if I look back, So we

1426
01:05:15,720 --> 01:05:18,200
Speaker 8: had to change our mentality on growth. We had to

1427
01:05:18,560 --> 01:05:21,800
Speaker 8: you know, get new technology. It's scale is it's not simple.

1428
01:05:21,840 --> 01:05:23,400
Speaker 8: But if I were to boil it down, it comes

1429
01:05:23,440 --> 01:05:26,440
Speaker 8: to three things. It's people, process, and profit. You've got

1430
01:05:26,480 --> 01:05:28,720
Speaker 8: to scale your people. You've got to scale your process,

1431
01:05:28,720 --> 01:05:31,160
Speaker 8: and you've got to scale your profit. Most companies that

1432
01:05:31,320 --> 01:05:34,680
Speaker 8: go beyond that market validation of million in revenue and

1433
01:05:34,720 --> 01:05:36,200
Speaker 8: you're trying to get to the you know, or the

1434
01:05:36,200 --> 01:05:39,000
Speaker 8: one hundred million in value, they have multiple lines of

1435
01:05:39,040 --> 01:05:41,280
Speaker 8: revenue and so you're thinking outside of the box. So

1436
01:05:41,320 --> 01:05:44,320
Speaker 8: once we were acquiring small businesses, we've shifted to an

1437
01:05:44,440 --> 01:05:47,520
Speaker 8: enterprise strategy. Now I'm building again, we're selling directly to

1438
01:05:47,560 --> 01:05:50,600
Speaker 8: the banks. We're going directly to enterprise first, because that

1439
01:05:50,680 --> 01:05:52,640
Speaker 8: was the one to many that it took me seven

1440
01:05:52,720 --> 01:05:53,600
Speaker 8: years to unlock that.

1441
01:05:53,680 --> 01:05:55,880
Speaker 2: Next and then I'm going to go to small businesses.

1442
01:05:55,920 --> 01:05:58,400
Speaker 8: So you have to be able to tap into that

1443
01:05:58,440 --> 01:06:01,720
Speaker 8: scale of people, process and profit. But the one thing

1444
01:06:01,760 --> 01:06:04,080
Speaker 8: that I would say stayed exactly the same, and it

1445
01:06:04,120 --> 01:06:06,000
Speaker 8: was so important for me. I wanted to be the

1446
01:06:06,000 --> 01:06:07,800
Speaker 8: one to see the company through to exit, and I

1447
01:06:07,840 --> 01:06:11,840
Speaker 8: worked so hard, oh being over prepared over all the

1448
01:06:11,840 --> 01:06:13,960
Speaker 8: things so that I could be the best CEO that

1449
01:06:14,000 --> 01:06:16,680
Speaker 8: I could be. Like, I put so much intentionality behind

1450
01:06:17,240 --> 01:06:20,880
Speaker 8: working really hard to be the best leader that I could.

1451
01:06:20,920 --> 01:06:23,960
Speaker 8: And the thing that carried me through that was exactly

1452
01:06:24,000 --> 01:06:27,040
Speaker 8: the same was our values in the company. I think

1453
01:06:27,120 --> 01:06:31,320
Speaker 8: we hired the right people, we fired the right people,

1454
01:06:31,920 --> 01:06:35,280
Speaker 8: and those decisions are hard. And our culture was really

1455
01:06:35,320 --> 01:06:37,320
Speaker 8: built on the value system. I mean, I have one

1456
01:06:37,360 --> 01:06:40,000
Speaker 8: team tattooed here on my arm. It comes from that

1457
01:06:40,680 --> 01:06:43,360
Speaker 8: meets me, my brother. We're one team, we wan team,

1458
01:06:43,400 --> 01:06:45,560
Speaker 8: one dream like. That's that's how it's been since we

1459
01:06:45,640 --> 01:06:48,120
Speaker 8: grew up. That's what I wanted our team environment to

1460
01:06:48,200 --> 01:06:52,080
Speaker 8: be like. And so building that the culture, the DNA

1461
01:06:52,280 --> 01:06:57,800
Speaker 8: value system and those core values, those don't change, those evolve,

1462
01:06:58,360 --> 01:07:01,200
Speaker 8: but that needs to say. Ground did end the same

1463
01:07:01,240 --> 01:07:04,000
Speaker 8: as you're scaling, then you just shift into those are

1464
01:07:04,120 --> 01:07:07,240
Speaker 8: just like it's just the next playbook. It's a different

1465
01:07:07,240 --> 01:07:09,600
Speaker 8: heart at the next level, but you can solve it

1466
01:07:09,960 --> 01:07:11,120
Speaker 8: and you can find people.

1467
01:07:10,960 --> 01:07:11,440
Speaker 2: To solve it.

1468
01:07:11,480 --> 01:07:14,560
Speaker 8: And then at that next stage we had amazing leaders

1469
01:07:14,720 --> 01:07:16,520
Speaker 8: at the you know, one hundred million dollar mark.

1470
01:07:16,920 --> 01:07:19,040
Speaker 2: And when I started the company, the name of the company.

1471
01:07:18,760 --> 01:07:21,479
Speaker 8: Was Fat Merchant, by the way, because I was twenty five,

1472
01:07:21,680 --> 01:07:24,120
Speaker 8: you know, it was it was fun and we were

1473
01:07:24,120 --> 01:07:25,280
Speaker 8: disrupting the industry.

1474
01:07:25,680 --> 01:07:27,280
Speaker 2: But I knew Fat.

1475
01:07:27,080 --> 01:07:30,160
Speaker 8: Merchant was one hundred million dollar company. Stacks was a

1476
01:07:30,160 --> 01:07:33,120
Speaker 8: billion dollar company. And I had to get comfortable, even

1477
01:07:33,160 --> 01:07:36,000
Speaker 8: though it was to make those pivots, to make those changes.

1478
01:07:36,200 --> 01:07:37,880
Speaker 8: And so you've got to see where it's going, and

1479
01:07:37,920 --> 01:07:40,200
Speaker 8: you've got to be willing to just throw it away

1480
01:07:40,360 --> 01:07:42,439
Speaker 8: and to start again at that, you know, to bring

1481
01:07:42,440 --> 01:07:43,960
Speaker 8: in we had to bring in new leaders.

1482
01:07:44,320 --> 01:07:45,800
Speaker 2: That's hard. Change is hard for.

1483
01:07:45,840 --> 01:07:49,280
Speaker 8: Organizations, and so you've got to go build and.

1484
01:07:49,160 --> 01:07:51,240
Speaker 2: To be willing to willing to change.

1485
01:07:51,280 --> 01:07:53,600
Speaker 8: It's supposed to break, So get comfortable with it breaking,

1486
01:07:53,840 --> 01:07:54,800
Speaker 8: and you just get better.

1487
01:07:54,840 --> 01:07:56,640
Speaker 2: It doesn't get easier, but you get better.

1488
01:07:57,040 --> 01:08:00,520
Speaker 1: These founders didn't wait to be picked or wait until

1489
01:08:00,560 --> 01:08:05,120
Speaker 1: they felt ready. They created, They evolved, but most importantly,

1490
01:08:05,520 --> 01:08:09,480
Speaker 1: they continue to show up. Whether they built from passion, necessity,

1491
01:08:09,640 --> 01:08:13,840
Speaker 1: or grit. They remind us the world doesn't need more noise,

1492
01:08:14,440 --> 01:08:18,719
Speaker 1: it needs more builders. So if you've been waiting, start small,

1493
01:08:19,479 --> 01:08:24,439
Speaker 1: stay hungry, solve real problems, and keep showing up. If

1494
01:08:24,479 --> 01:08:26,920
Speaker 1: this is the year that you're trying to get creative,

1495
01:08:27,000 --> 01:08:29,599
Speaker 1: you're trying to build more. I need you to listen

1496
01:08:29,600 --> 01:08:32,519
Speaker 1: to this episode with Rick Rubin on how to break

1497
01:08:32,560 --> 01:08:36,759
Speaker 1: into your most creative self, how to use unconventional methods

1498
01:08:36,800 --> 01:08:40,639
Speaker 1: that lead to success, and the secret to genuinely loving

1499
01:08:40,680 --> 01:08:43,200
Speaker 1: what you do. If you're trying to find your passion

1500
01:08:43,240 --> 01:08:46,680
Speaker 1: and your lane, Rick Rubin's episode is the one for you.

1501
01:08:47,160 --> 01:08:49,400
Speaker 5: Just because I like it, that doesn't give it any value,

1502
01:08:49,720 --> 01:08:52,120
Speaker 5: like as an artist, if you like it, that's all

1503
01:08:52,200 --> 01:08:55,840
Speaker 5: of the value. That's the success comes when you say

1504
01:08:56,200 --> 01:08:58,320
Speaker 5: I like this enough for other people to see it.