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To losers, their hardship is their reality.

The reason I'm such a fan of Rockefeller is because of one very important lesson that I learned from the letters that he sent his son, which was he tells a story of how he was the second largest oil producer >> [music] >> and he went to go try and buy the largest producer. And the guy like rebuffed him a bunch of times every time he tried to buy and then finally he was able to get a deal done and he, >> [music] >> you know, he way overpaid for this facility.

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Key takeaways

  • I can't believe you paid this much for my business." And [music] in the next 30 days he did something like 24 deals.
  • [music] So, there was the price of the assets in the business and then everything that he paid in excess he paid [music] to do one thing, which was to be able to say that he was number one so that he had the leverage in the rest of the negotiations.
  • [music] And so, it was really shifting from this like, I have to get an amazing deal on every single thing I do, which happens across business all the time, to [music] taking a step back at the global outlook of like battles and wars.

Chapters

  1. 0:00
    Abschnitt 1 The reason I'm such a fan of Rockefeller is because of one very important lesson that I learned from the letters that he sent his son, which was he tells a story of how he was the
  2. 0:25
    Abschnitt 2 I can't believe you paid this much for my business." And [music] in the next 30 days he did something like 24 deals.
  3. 1:13
    Abschnitt 3 >> [music]

Full transcript

Locally archived YouTube transcript with timecodes. Speakers are assigned heuristically and may be corrected editorially.

3 segments

0:00The reason I'm such a fan of Rockefeller is because of one very important lesson that I learned from the letters that he sent his son, which was he tells a story of how he was the second largest oil producer >> [music] >> and he went to go try and buy the largest producer. And the guy like rebuffed him a bunch of times every time he tried to buy and then finally he was able to get a deal done and he, >> [music] >> you know, he way overpaid for this facility. And the guy was laughing at him saying like, "Well, you know, you're an idiot.

0:25I can't believe you paid this much for my business." And [music] in the next 30 days he did something like 24 deals. And the reason he was able to do those 24 deals is because once he was number two and bought the number one, he had [music] such a significant part of the mar- market share that he was able to say he was number one in the market. And with that story, he was able to do 24 more deals that [music] were significantly more lucrative. And so, what I learned from that was the value of the story. [music] So, there was the price of the assets in the business and then everything that he paid in excess he paid [music] to do one thing, which was to be able to say that he was number one so that he had the leverage in the rest of the negotiations. [music] And so, it was really shifting from this like, I have to get an amazing deal on every single thing I do, which happens across business all the time, to [music] taking a step back at the global outlook of like battles and wars. Like, I'm willing to lose battles to win wars.

1:13>> [music]