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0:01Most people think about business strategy like they think about making dinner. So they go to their kitchen, they open up the fridge, they look what's inside, say, "What what what am I going to whip up?" Right? That's how they think about business strategy. But the question that we should be asking isn't what am I going to whip up from what's inside the fridge. We should ask the question, "What the [ __ ] do I want to eat?" And then go get the ingredients and go make it happen. And so when you when you have when you're saying, "I'm only going to take one bet or two bets this year.

0:28They're going to be material." Then it forces you to be like, "It's got to be worth it." Because here's the part that no one else knows is assume, let's this is still the same output, right? You've got your output. What happens is that if you change nothing, believe it or not, people get better at their jobs. People just keep getting better. They get more skilled. And so you'll typically have one, two, 3% increases that happen kind of month over month from you just not changing anything, from just leaving it alone. And so this has taken me so much time because I'm a natural I'm a yes hinge, right? I'm like, let's do it. Let's shake it up.

1:00Let's change things. Like because the thing is is I had this need from my business. I I like earlier days the business satisfied multiple needs and I didn't satisfy the business's needs. Meaning I had cravings for novelty. I wanted to do new things. I would get bored of doing the same thing over again. And so because of that boredom, I would say, "Let's shake it up." But why? Because the times I've made the most money in my life have not been when I've been changing the most. It's actually when the business has been really boring and we're just blocking and tackling and doing it over and over again. And so this is something that some people never learn. Honestly, a lot of entrepreneurs never learn this. And the hard question, the hard problem to solve is not the new idea that you want to try. It's how can I do more once I've already exhausted my existing way of doing more. I'll tell you a story to illustrate this. So I went and spoke at this personal training thing god I don't know eight years ago.

1:55Long time right? Right? So I was still successful gym once at this time. So I was like considered an authority uh just within the fitness space. And so I go there and I give my whole you know I give my whole presentation whatever. And so then I a girl raised her hand and asked a question. She said um hey uh I currently do outbound you know DMing from my Instagram to get customers. Um but I want a more scalable method of acquisition. And I and I kind of like looked at her.

2:21I was like what do you mean? She's like well you know outbound doesn't really scale. And I was like, in what world do you think that outbound doesn't scale? Of course, it scales. Some of the biggest companies in the world do exclusively outbound. The problem that she had an encounter was how do I hire, onboard, and train another SDR or another outbound route or another DM setter, right? And so some people get to like five and they're like there's no way I can have more than that. But that becomes the complex problems that we then get to solve rather than saying I'm going to do something new, right? And so I I I bring this up because and I'll circle back to this 20% real quick. So for me, the minimum rule is that it's got to be over 20% if I'm going to get a 20% loss guaranteed, right? Of course. But I don't even know if I'm going to get this 20%. Because we have to analyze this through this is an investor frame by the way. It's called uh it's called ICE, right? Which is impact which is like how big, right? Confidence is how likely and then ease is what are the resources required uh for us to make this thing happen right now the perfect world is something that's gigantic impact gigantic competence and super easy right that would be the best type of thing and so when we have a riskadjusted return move we think okay I think this is I think this could double the business I have super high confidence and I think it could be easy then those are the types of bets we want to take because said differently if you know if you know that something could double your business with one move. Why would you do three?

3:52Right? Just because you have this compulsion to be busy, to mess with your team, doesn't mean it's what the business requires. Real. And so a lot of people use the business to satisfy their own ADD, to satisfy their own need for novelty. When the business thrives on same, it's very rare that you're Kodak and you need to adjust to the digital world. It's very rare. We love to tell these stories, but what we don't tell is the guy who just said, "You know what? Uh, I've got three levels of my membership and we're doing a million dollars a year. How do I 10x my traffic and get to $10 million a year? And then once I'm there, what do I need to do to get to another 10x of traffic to get to $100 million a year?"

4:35We don't ask those questions, right? Because one of the one of the one of the fallacies or the the pains of small business owners is that uh we and myself included, right? We consistently think small, we don't think big enough. And so let me let me give you an example on this, right? So let's say this is where people get obsessed around optimization. They get obsessed around relative returns rather than absolute returns. So let me tell you, let me give you two examples of this. So, let's say, okay, so let's say that you've got um you've got a marketing campaign where you put $100 in and you get call it let's say you get you know 10 you know $1,000 out. Okay, so this is 10 to one.

5:20Amazing, right? Cool. But as soon as you scale to $200, let's say that you now are getting uh six to1. So, you get $1,200, which is pretty bad. You know, you you spent twice as much money and you only made $200 more, right? Most people would say, "Ah, I I should stop doing this." The maximizer says, "We made more money.

5:48Net net, we made 900 here. 1,000 minus 100. Here we made a,000. This is still more." And this is what people miss out on. And so people think and what happens is when you're a small business owner, you get obsessed with these relative returns. And there's a point where you do want really high relative returns, want big high LTV to CAC, and we can get into some of that stuff, but I want to just put pin this from a from a larger thinking perspective because I will see people stay in these optimization loops for years, right? They're like, I got to I you know, my my opt-in page converts at 30%. Right? This is my optin. and they'll just keep testing it, trying to get it to 35 or 40 or 45%. But the thing is is like you will never 10x your business by getting this 30% will never go. It will never go to 300%. It's never going to happen. But you can 10x your inputs. You can do more.

6:45You can do more and you can send more in and then that will for sure increase your output even if your relative return goes down. And so if I had the choice between spending $10,000 and making a hundred back 10 to one or spending a million dollar and getting $2 million back, two to one, I would take a million in to get two back every day of the week and twice on Sunday. Why? Because it's more. It's still more. It's absolute returns, absolute output, right? And so when you're thinking about yours, and I'll bring this to business now, right?

7:22I mean, I've been talking about business, but like more to business, more tactical. We have our core four, right? We have our four ways of getting customers. We've got our warm outreach, we've got our cold outreach, we've got content, and then we've got paid, right? We have paid ads. These are the only four things that you can do. And so, the magic is answering the question of how can I go from one piece of content to a hundred a week, right? And I'll tell you this this, you know, I'll tell you a quote from Elon and then I'll tell you a story that I just had. So, um, Elon, uh, he talks often about like, you know, figure out your 10-year goal and then ask yourself, what would it take to get this accomplished in six months? You might not accomplish it in six months, but you'll get there way faster than the guy who accepted it was going to take 10 years, right? And so, I do love the frame of like, they're going to capture your kids, they're going to capture your wife, they're going to capture the thing that that you care the most about. What would you do if you actually had to get this many people to start working for you for app brand or get the sales team uh trained up or actually make a 100 pieces of content when you're currently making one a day? What would you actually do? Like what would you actually do?

8:25And then and I and it's worth answering the question not saying I couldn't. You answer the question and you say this is what I would do and then this is the trick. Then you say what kind of resources would be required to make that happen? So what would it take in terms of what would the actions be and then secondarily what are the resources required to make that happen and you'll often find that it's far fewer than you Respect.