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To have a business that compounds in growth you either have to:
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Key takeaways
- >> Well, first off, I think you've actually already achieved a level of success in the business that it's actually attainable because you already [music] have money.
- It's more common in the beginning of your career that you have to basically sacrifice a lot of time because you don't have the capital.
- But at a certain point, there's enough leverage in the business that [music] you can do it.
- So, I think that what you really need is how do I attract
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Full transcript
Locally archived YouTube transcript with timecodes. Speakers are assigned heuristically and may be corrected editorially.
0:00I sell roofing and exterior remodeling. We do close to $6 million this year, and I'd like to be at $100 million. What's stopping me, and I'll be a little vulnerable, is the fear of losing family time. Is there a path where I can work no more than I currently am? >> Well, first off, I think you've actually already achieved a level of success in the business that it's actually attainable because you already [music] have money. And so, if you have any amount of margin, which I'm guessing you do, you can take that margin to consistently [music] buy time back and work as little or as much as you want. Now, your ability to get to 100 billion is going to be predicated on your skill in picking good people from a hiring perspective and leading those [music] people so that you can get the most out of them. And in fact, like, beyond a certain point, the wealthier you get, it almost has nothing to do with the time that you're putting into it. And really about the preferences that you have around work. I mean, I know people who make tons of money and spend very little time working, and I know tons of people who make tons of money and spend a lot of time working. It's more common in the beginning of your career that you have to basically sacrifice a lot of time because you don't have the capital. And you have to do it because you have to make up for the fact that no one else is there, and you have to go make the money yourself, and you have to do all the work, right? But at a certain point, there's enough leverage in the business that [music] you can do it. So, I think that what you really need is how do I attract
1:13>> [music] >> and recruit somebody who has the ability to lead my business as well or better than me, or the thing that takes the most of my time, even if it's not leading the whole business, maybe a department or division, so that I can just keep working the same amount that I am. But I in no way see this as a zero-sum game. You do not have to sacrifice your family for your goals. You just might have potentially [music] different timelines and the willingness to lose money on wrong bets.