Framework für Entscheidungen ohne Reue

0:00I got a sports facility in Summerlin, which is beautiful neighborhood. And um we're we're generating about 3 3 and 1/2 million a year. And um about 5 years ago during COVID, I had an opportunity I got another small facility in California. Mhm. So, this facility generate about a million and I really think I can scale this business even further all across America. Okay.

0:26>> But my question is not about this. Okay. >> My question is about No, I'll take my wife. We have to talk. >> [laughter] >> Okay, I'm just kidding. 14 years ago this is my 25th year by the way here in Vegas. I came from Israel. I I I'm a soccer player. I have no business skills, no education. >> business skills. I learned, but I was I was not a business guy. I became a business guy. Yeah. Um and uh obviously um 14 years ago I did um I opened the first the only professional team here in Vegas. There was no Raiders, no Golden Knights. My team, Las Vegas Legends, was a little bit of me giving back to the sports that gave me everything. Right. And I failed miserably.

1:09Um 4 years and at the 4th year, my wife told me it's either the the team or we're divorcing. >> I could feel it. >> I'm still with her 28 years. Yeah. And here I am with an opportunity to bring the team back. Now, I know how I why I failed. Yeah. And I know that the the the city is tremendously changed. >> Sure. And I got more opportunity back then there was only one arena, the Orleans Arena, blah blah blah.

1:35>> Make the story short. >> Yeah. Should I go and do it the right way this time? >> Mhm. Um build a brand that I feel that I can make it happen. Or this is something that if you feel, you know, why you have a good thing going on, why go back to something bad? So, you don't have a business question, you have a life question. So, I mean, from a from a business perspective, it's actually I think it's fairly black and white. Do the thing like keep expanding the the the the model that you have right now that's obviously working. Um I'm assuming it's profitable cuz you said okay.

2:12Um and then, you know, we'd go down the like do we want to license, do we want to franchise, do we want to do privately owned, what's you know, what are the unique economics per location, what's grand opening strategy, and kind of going down that path. Um I think that if you were to kind of go off of the the sports the trying to bring the the the sports team back, um it would be a super high risk. Um very high risk high reward uh play. But again, this is this is there are a couple of like eternal questions for humans or entrepreneurs that there is no right answer for. Like how much risk is the right amount of risk? How much uh should I invest versus how much should I consume today? How long should I push to make something to work before I pivot?

2:54Right, those are eternal questions that there's no right answer for because they're 100% personal. And so like if somebody just had a $330 million exit in cash and then said, "Hey, um I'm going to take 1/3 of each of of this 300 million and put it into three different businesses that all have a 5% chance of working." Most people would say that's a terrible idea. That's also what Elon did. And so, you know, politics aside, a super risky bet, right? Was that the right move for him?

3:22Obviously. But at the time, looked pretty dumb. There's also a number of stories of people who do the exact same thing and just lose it all. Um and so how much risk is the right amount of risk is a you question. The framework that I would use I I I like the regret minimization framework of looking at 85-year-old me coming back to the present and saying like, "Would I be okay with failing at this business and torpedoing the one that was working so that I could say I had a shot?" Cuz you can't play out, "Oh, I get, you know, the team becomes a billion-dollar company." Well, it's like, "Yeah, duh. That of course we'll do that one, right?" But we have to look at what's the worst-case scenario and am I okay with that worst-case scenario? If I'm okay with the worst-case scenario, then I'm going to take the swing. If I'm not okay, then I just say that I'm not going to sleep with every woman and I will have to get married at some point.

4:09>> No, it's true. And my mistake last time >> Yeah, yeah. Of course. Um This time I think I can do it with others people's money. >> matter. It doesn't work. It doesn't matter. >> Just time. It wouldn't wouldn't work. That's what I'm getting. Go ahead. My HR department hates me. Go ahead. >> [laughter] >> Um my question again here, this time I think I can do it with others people's money. You know, last time I invested my own and this time I think I can minimize my personal risk and get other people, especially because

4:43>> risk is going to be the businesses basically the opportunity cost of the growth that you're not going to have less than it's like like you can use your own money or you can use other people's money. It's not that's not the risk I'm talking about. The risk is that you already have something that's good and you're going to probably lose it. Just cuz you're going to be you're not going to be focused. You're going to be split. You're going to you're you're basically knowingly walking into this. And so if if you were to do it, I would say go all in if you really want to make it work, and just accept the fact that like I'm forgoing what I consider to be a really comfortable lifestyle um because I really want to make this work.

5:14Cuz the likelihood that you make it work with you split is low. Cuz then you're just going to not make the team work and your existing businesses are going to go down. So, that's probably not the best choice. It's like if I really believe in this, then go for it. Or I accept that I might not sleep with every woman and I really like the wife I have and I'm just going to continue to expand this this thing. You don't really expand your wife, but you get the idea. Expand the marriage. >> And that she's not here because she was Yeah.

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