Podcast Summary
Understanding Probability is Key to Business Success: Focus on increasing volume and improving understanding of probability to increase chances of business success, rather than relying on luck.
A firm understanding of probability is crucial for success and growth in business. Many entrepreneurs face anxieties and worries, especially at the beginning of their journey. One common theme that came up in a conversation with an 18-year-old neighbor going through his entrepreneurial journey was the importance of probability in business. Probability is the percentage likelihood that something will happen. As a business owner, you have to gamble on marketing and assess the probability of getting a return on investment. Volume negates luck. For example, if you send 100,000 emails and get 1,000 responses, and from those 1,000, you close 500 deals, it's not realistic to attribute that success solely to luck. Instead, it's the result of probability. Luck is often used as a placeholder word by those who don't understand probability. But in reality, success is the result of calculated risks and understanding the likelihood of certain outcomes. So, instead of relying on luck, focus on increasing your volume and improving your understanding of probability to increase your chances of success.
Embrace the process and put in the work: Success often requires a large volume of effort, and improvement takes time. Don't let your ego or unrealistic expectations hinder your progress.
Volume is key to success, as it can help negate the need for luck and the development of skill. When starting out, it's normal to suck, but with enough effort and persistence, you will improve. However, many people are unwilling to put in the necessary volume due to their ego and the unrealistic expectation of immediate success. For example, in sales, it may take thousands of cold calls before securing a deal. But with enough volume, it becomes unreasonable to continue sucking, and success will eventually come. So, the message is to embrace the process, put in the work, and understand that improvement takes time.
Consistent effort and patience are key to sales improvement: Even with dedicated practice, progress in sales may not be linear, but staying committed is crucial for success in real estate wholesaling.
Improvement in any skill, including sales, requires consistent effort and patience. The speaker used the example of cold calling in real estate wholesaling, emphasizing that even after a year of dedicated practice, one might still not have closed a deal but would have made significant progress. He also highlighted that the first sale is often the most challenging due to the need to learn various smaller skills. The speaker encouraged business owners aiming for significant growth to persist, as the industry of wholesaling real estate continues to thrive. Ultimately, the key to success lies in staying committed to the process and recognizing that progress may not always be linear.
Focus on skills and understanding probability for long-term success: Improve skills through experience, understand odds, and don't rely solely on luck for success
While there will always be inefficiencies in marketplaces between buyers and sellers, and luck plays a role in business and investing, the key to success lies in acquiring skills through volume and understanding probability. The more experience you gain, the better you become, and the luckier you become as well. However, relying too heavily on luck can be detrimental. If you happen to close a deal early on in your process, it might mess with your mindset and make you question yourself. You might need to work twice as hard to reach the next success. So, while luck is a factor, it's essential to focus on improving your skills and understanding the odds to increase your chances of long-term success.
Persistence and Time are Key to Success: Success may not come quickly, but with persistence and a long-term focus, it can be achieved. Focus on making progress over a longer time frame, such as 4 or 6 years, and have realistic expectations for the rewards of dedication.
Success often requires persistence and time. The speaker shared an experience with someone who was struggling to make progress in a new skill, and he emphasized that they needed to increase their efforts and stay committed for a longer period to increase their chances of success. He used the example of striking gold by increasing the volume, and noted that most people don't go long enough to see results. The speaker encouraged the person to have realistic expectations and focus on making progress over a longer time frame, such as 4 or 6 years. He painted a picture of the potential rewards of such dedication, including a top 1% income and valuable experience. The takeaway is that success may not come quickly, but with persistence and a long-term focus, it can be achieved.
Keep laying the bricks to complete the bridge: Persist in learning new skills, even when it's challenging, to fully master them. Don't give up, keep building on your foundation.
Persistence is key when learning new skills. Most people give up before fully mastering a skill due to the perceived difficulty or time commitment involved. Instead of jumping from one skill to another, it's important to keep building on your foundation and lay the bricks one by one to complete the bridge. It takes time and effort to figure out which brick is missing and to place it correctly, but the only way to get better is to keep going. So, whether you're an 18-year-old or an adult, remember that the first dollar only walks across the bridge once it's fully built. Keep laying the bricks and don't give up, even when the journey seems long and challenging. And if you enjoy this message, please subscribe, like, and comment to support the content creator.
