Podcast Summary
Gary Vaynerchuk's Admiration for Tim Ferriss and Self-Improvement: Through their conversation, Gary Vaynerchuk and Tim Ferriss highlighted the importance of self-improvement, mutual respect, and authenticity in building a strong personal brand. They discussed various topics including business hacking, personal habits, and Tim's new book. Tim's humility and growing admiration were also emphasized.
Learning from this episode of the Ask Gary Vee Show is the admiration Gary Vaynerchuk has for Tim Ferriss and their shared focus on self-improvement. During their conversation, they discussed various topics including Tim's new book, business hacking, and their personal habits such as fasting. Tim's humility and the growing admiration people have for him as they get to know him better was also highlighted. The episode showcased the mutual respect and inspiration these influential figures have for each other. Additionally, Tim shared insights into his fasting routine, which Gary found intriguing, despite having a different approach to it. Overall, the episode emphasized the importance of continuous learning and growth, as well as the impact of authenticity and humility in building a strong personal brand.
Tim Ferriss' New Book: Seeking Guidance from Mentors: Tim Ferriss' new book, 'Tribe of Mentors', is a compilation of advice from successful individuals he asked 11 questions to, emphasizing the importance of seeking guidance from mentors.
Tim Ferriss, the well-known author and podcast host, has had a diverse and impactful career. He gained fame with his "4 Hour Workweek" books, but has since retired that brand and moved on to other projects like Angel Investing, TV, and podcasting. His involvement in tech has been a significant financial contributor to his career. Recently, he turned 40 and was inspired to write his latest book, "Tribe of Mentors," after experiencing personal losses and seeking guidance from successful people across various fields. He asked these individuals 11 questions and compiled their answers into the book as a resource for readers. Ferriss believes that seeking advice from mentors can help us navigate life's challenges and make better decisions.
Surround yourself with the right people for personal growth: Learn from successful people through books, mentors, or virtual means. Ask about $100 purchases that changed their lives and follow their morning rituals or 'no 7' hiring rule for decision making.
The people we surround ourselves with and learn from significantly impact our personal growth in various aspects of life. Jim Rohn's advice that "you are the average of the five people you spend the most time with" still holds true, whether it's in person or through virtual means like books, audio, or video. The "Tribe of Mentors" book by Tim Ferriss is an excellent resource for learning from the world's best, as many of them share common habits like morning rituals and the importance of learning from failures. A few specific pieces of advice from the book include asking people about a $100 purchase that has significantly changed their lives and using the "no 7" hiring rule to force decisions. Additionally, many successful people have a morning ritual, often involving meditation or repetitive exercise, and have experienced significant failures that led to later successes. It's essential to remember that successful people are not immune to mistakes and that showcasing failures can provide valuable insights for those going through hard times.
Saying no cleanly and early can prevent unnecessary commitments and save time and energy: Effective decision-making requires being clear and firm in saying no to avoid overcommitment and save time and energy in the long run
Effective decision-making involves being clear and firm in your answers, especially when it comes to saying no. According to Dustin Moskovitz, co-founder of Facebook, saying no cleanly and early can help avoid unnecessary commitments and prevent a vicious cycle of procrastination. Gary Vaynerchuk shares his experience of embracing radical candor and being less hesitant to say no, even if it's uncomfortable. He emphasizes that the behaviors that got you initial success may not be enough to take you to the next level, and learning to say no can actually help you save time and energy in the long run. The book discussed in the conversation, "Radical Focus," provides further insights and guidelines for making effective decisions and staying focused on your goals.
Investing in skills and relationships early in your career: Early in your career, focus on gaining skills and building relationships through free or low-cost work, even if projects fail. This investment will pay off in the long run.
Starting out in your career, focusing on learning and acquiring skills through working for free or at a high level, even if the project fails, is a valuable investment for future success. Gary Vaynerchuk emphasizes this approach, having made similar decisions himself, and believes that the accumulation of skills and relationships will lead to eventual success. Additionally, creating evergreen content, like a book, can provide both immediate and long-term value, offering specific tactics as well as enduring principles and tools. In the case of Jeremy, who has started a VA company and is looking to scale, the goal should be to maintain the expected level of quality and positive relationships with clients while growing the business.
Hire intuitively, fire quickly when necessary: Background checks essential before hiring, create training materials, scale gradually, regularly evaluate need to scale, and prioritize personal goals
When it comes to hiring and managing virtual assistants, especially those handling sensitive information, it's crucial to hire intuitively but fire quickly if necessary. Background checks are a must before hiring, and creating training materials and videos can help ensure consistency and quality. Scaling a business in this space should be done slowly, and bringing on new hires gradually can help build trust and ensure high-quality work. Additionally, it's important to regularly evaluate the need to scale and consider whether doing so aligns with your personal goals and lifestyle. The pitfall of trying to maintain a better life while scaling a business can lead to recreating the problems experienced in previous jobs.
Building a business with balance and personal growth: Scheduling extended time off to prove systems work, prioritize personal life and growth, and avoid sacrificing experiences for growth.
Building a business takes time and patience, and it's important to consider the long-term goals and priorities in life. The speaker shares his personal experience of nearly losing his life and realizing that he didn't want to spend his days working in a corporate job that he hated. He emphasizes the importance of having mental and physical time for oneself and loved ones, even when running a business. He suggests scheduling extended time off to prove that systems can be put in place to allow for scaling without being the bottleneck. Ultimately, the goal is to build a business that allows for a fulfilling and balanced life, rather than sacrificing personal time and experiences for growth.
Accountability: A Powerful Motivator for Personal Growth: Identify who or what we're accountable to for motivation and growth. Prioritize relationships and see oneself as a CEO for optimal productivity.
Accountability plays a crucial role in personal growth and success. It's essential to identify who or what we're accountable to, as it can be a powerful motivator. For some, it might be financial commitments like buying plane tickets. But for others, like the speaker, it's about being accountable to other people. This realization led her to prioritize relationships and even schedule regular family trips. Moreover, she discovered that she worked best when she saw herself as a CEO working for her team, rather than just for herself. The speaker also drew inspiration from hip hop culture, learning valuable principles and techniques that could be applied to running a business. Overall, accountability, whether to others or to oneself, is a key factor in achieving personal and professional growth.
Staying true to yourself and breaking rules can lead to success: Embrace the power of improvisation and breaking rules to create something unique and successful, whether in art, relationships, or business.
Having a strong foundation or basic rules is important, but the real power lies in the ability to improvise and break those rules to create something new and unique. This concept can be applied to various aspects of life, including art forms like hip hop dance, interpersonal relationships, and even business. Hip hop, for instance, started as an urban and minority genre that was initially dismissed by the mainstream culture, but it stayed true to itself and eventually became a fundamental pillar of our culture. Similarly, in business, having a unique product or service that people don't see yet can lead to success if you believe in it and stay the course, even when others may doubt you. Tim Ferriss and the speaker themselves are examples of entrepreneurs who took risks and broke the rules early on, reaping the benefits of being pioneers in their respective industries.
Following passions and obsessions can lead to success: Indulging in passions and obsessions, sharing them with others, and embracing failure can lead to success in unexpected ways.
Following your passions and obsessions, even if they seem unusual or unproven at the time, can lead to great success in the future. The speakers in this conversation, the examples they gave, ranging from cricket protein to hip hop to self-experimentation, illustrate this idea. They emphasized that it's essential to indulge in your obsession and not suppress it, but instead, share it with others to inspire and motivate them. Additionally, they highlighted that failure and mistakes are inevitable on the path to success, but if you focus on developing skills and building relationships, you will eventually find your audience and win over time. Lastly, they encouraged embracing the idea that public successes and failures are low risk and reversible, and that they can provide valuable lessons for others.
Embracing Failure for Personal Growth: Tim Ferriss values failure and sees it as a crucial part of his life, believing it leads to self-improvement and connecting with others. He's driven by competition and uses past experiences of bullying and anger to fuel his success.
The speaker, Tim Ferriss, values failure and sees it as an essential part of his life. He is not afraid of it and even prefers it over success in some ways. This preference stems from his past experiences of being underestimated and disliking himself, which he believes are necessary for self-improvement and connecting with others. Ferriss also mentions his love for competition and how it drives him to outwork others and succeed. Despite a difficult childhood marked by bullying and anger, he has turned these experiences into fuel for his success.
Exploring Extroverted Behaviors and Authenticity in Entrepreneurship: Introverts can benefit from extroverted behaviors but should prioritize solo time. Authenticity and self-reflection are crucial in entrepreneurship. Entrepreneurship comes in various forms, and starting small is valid. Explore interests genuinely and manage 'chip on shoulder' constructively.
People, even those who identify as introverts, can benefit from extroverted behaviors in certain situations, such as teaching or networking. However, it's important for introverts to prioritize solo time for recharging. The speaker also emphasized the importance of authenticity and self-reflection when considering entrepreneurship. For young people starting out, it's essential to understand that entrepreneurship comes in various forms and that starting small and building up is a valid approach. The speaker encouraged listeners to explore their interests and passions genuinely and not feel pressured to conform to external expectations. Additionally, the speaker shared his experience with having a "chip on his shoulder" and how it can be an advantage if used constructively but can also become detrimental if not managed properly. Overall, the conversation highlighted the importance of self-awareness, authenticity, and persistence in personal and professional growth.
Learning from experienced entrepreneurs and professionals: Observing and learning from successful entrepreneurs and business professionals can provide valuable insights for aspiring entrepreneurs, regardless of background or education.
There's no one right way to become an entrepreneur, and it's never too early to start learning the skills necessary for deal making and negotiation. You don't need a specific background or education to be successful. Observing and learning from experienced entrepreneurs and business professionals can provide valuable insights. Additionally, it's important to identify your passion and consider all opportunities to gain experience and knowledge, even if they seem unrelated to your ultimate goal. College can be a valuable experience for personal growth and skill development, but it may not be the best place to learn business. Instead, focus on becoming a well-rounded individual and acquiring essential skills through various means. Remember, there are various paths to entrepreneurship, and every step you take, no matter how small, can bring you closer to your goal.
Surround yourself with diverse experiences and people for entrepreneurial success: To increase chances of entrepreneurial success, surround yourself with diverse experiences and people, learn from mentors, and be patient. Don't choose between education and entrepreneurship, gain skills and exposure through leadership roles and small businesses. Practice negotiation and build confidence in uncertain situations.
Entrepreneurship may seem easy and accessible, but it's a challenging and rare path to success. To increase your chances, it's important to surround yourself with diverse experiences and people, learn from mentors, and be patient. Don't feel pressured to choose between entrepreneurship and education, as there are opportunities to learn and gain experience in both. Try taking on leadership roles in student organizations or starting small businesses to gain valuable skills and exposure. Remember that entrepreneurship is full of uncertainty, so practice asking for discounts or negotiating prices in everyday life to build confidence and resilience. Ultimately, success in entrepreneurship requires a combination of hard work, determination, and a willingness to learn from failures.
Discovering the Power of Asking for Discounts: Asking for discounts can lead to surprising conversions and high returns, even in mundane situations. Be comfortable with discomfort, understand the downside, and focus on risk mitigation.
Discomfort can lead to surprising conversions and high returns, even in seemingly mundane situations like asking for a discount at a coffee shop. Tim shared his experience of asking for discounts frequently and was surprised by the number of people who agreed, with conversion rates reaching up to 70%. This experience helped Tim become more comfortable with discomfort and realize that the downside is often limited. However, Tim also mentioned that he has taken a break from investing for the past two years due to the high competition and valuations in the market. Instead, he is focusing on risk mitigation and allocating his brain space to writing and podcasting. Tim also expressed his interest in investing in the voice technology space due to its potential as the closest thing to social media in a long time. Overall, the conversation highlights the importance of being comfortable with discomfort, understanding the downside, and focusing on risk mitigation in various aspects of life, whether it's asking for discounts or investing in new opportunities.
Learning from past mistakes: Apologies can lead to greater relationships and personal growth. Setbacks and failures are opportunities for learning and improvement.
Sometimes in life, we may experience failures or disasters that seem devastating at the time, but can ultimately lead to greater success and growth. Tyler shared a personal story about a past mistake he made during a speech and the impact it had on someone he deeply respected. He publicly apologized for his actions and expressed his gratitude for their friendship. This experience taught him the importance of intent and the far-reaching consequences of our words and actions. As we navigate through life, it's essential to remember that setbacks and failures can be valuable learning experiences, and it's never too late to make amends and show appreciation for the people and relationships that matter most to us.
