Podcast Summary
Understanding Probability and Volume in Business: Focusing on numbers and understanding probabilities can help mitigate the effect of luck in business and increase chances of success.
Understanding probability and volume can help negate the impact of luck in business. The speaker shares his experience with his neighbor who is just starting his entrepreneurial journey and expresses his anxieties and worries. The speaker then emphasizes the importance of having a firm grasp of probability in business, whether it's through investing or marketing. He explains that volume can help mitigate the effect of luck, and that people often use the term "luck" as a placeholder for not understanding probability. For example, if a business owner sends out 100,000 emails and gets 1,000 responses, and then closes 500 deals, it's not luck that led to those deals, but rather the probability of closing a certain percentage of responses. The speaker encourages business owners to focus on the numbers and understand the probabilities to increase their chances of success. He also mentions that he is documenting his journey to build a $1,000,000,000 business with Acquisition.com and invites listeners to share and enjoy.
The importance of persistence and volume in learning: Consistency and volume are crucial for overcoming the learning curve and achieving success, even if initial skill is lacking or luck is involved. Keep going and put in the effort to improve.
Consistency and volume are key to overcoming the natural learning curve and achieving success, despite the presence of luck or lack of initial skill. The speaker uses the example of cold calling to illustrate this point, emphasizing that it takes time and effort to improve and that giving up due to early failures or disappointment in not having immediate success is a common pitfall. He encourages persistence and emphasizes that with enough volume, the likelihood of encountering someone interested in your services or developing the necessary skills increases. Ultimately, the speaker argues that being unwilling to "suck" or put in the necessary effort is a major obstacle to success.
Consistency and determination are key to mastering a skill like cold calling in real estate sales.: It takes time and effort to build the skills necessary for success in real estate sales through cold calling. Progress may not always be linear, but determination and continued learning can lead to the first sale or dollar earned.
Persistence and consistent effort are key to mastering a skill, such as cold calling in real estate sales. A year may seem like a long time, especially when you're young, but it takes time to build the skills necessary for success. Progress may not always be linear, and setbacks and challenges are to be expected. The first sale or dollar earned is often the hardest, but with determination and continued learning, it can be achieved. The industry of wholesaling real estate has proven to be successful for many, and those who are willing to put in the work and stay committed can reap the rewards. For business owners looking to expand their businesses to the next level, Motion Nation offers resources and support through Acquisition.com. Quitting should only be considered if the entire industry has disappeared, which is highly unlikely.
Understanding Probability and Persistence in Business and Investing: Success requires a combination of skill, volume, and understanding of probability. Early success can lead to confidence but also false understanding, so persist and keep learning.
Success in business or investing often comes down to a combination of skill and volume, as well as an understanding of probability. Inefficiencies exist in marketplaces between buyers and sellers, and it's important to remember that skill development and luck are interconnected. The more volume you have, the better you become at acquiring the necessary skills, and the luckier you become as a result. However, an early success can sometimes be a double-edged sword. While it may provide a boost in confidence, it can also lead to a false sense of understanding and even setbacks as you work to replicate that success. People who are successful at larger scales have a solid grasp of probability and understand that there is a percentage of success in any given endeavor. It's important for beginners to keep this in mind and not be discouraged by early setbacks or the need to work through more obstacles after an early success. Ultimately, success is about persistence, skill development, and an understanding of the odds.
Consistency and persistence in learning lead to success: Give your skills or goals enough time to bear fruit, focus on one thing at a time, and avoid jumping from one thing to another before achieving success.
Consistent effort and persistence in learning a new skill or pursuing a goal can lead to significant success, even if it takes longer than expected. The speaker in this conversation emphasized that most people don't give their endeavors enough time to bear fruit. He shared an example of someone who had been learning a new skill for only a week and felt discouraged about not yet reaching top income levels. The speaker encouraged him to keep going, pointing out that if he dedicated four years to the skill, he could realistically be closing one deal a month and be twice as wealthy as the average college graduate. He urged the person to think long-term and to avoid jumping from one skill or goal to another before giving it a fair chance to succeed. The speaker warned against building half-finished bridges and instead encouraged a focused, consistent approach to achieving one's goals.
Keep laying bricks to reach your goal: Success takes consistent effort and persistence, keep working to eventually reach your goal
Success often requires consistent effort and persistence. The analogy of building a bridge illustrates this concept well. You must keep working diligently, placing brick after brick, to eventually reach your goal. The first dollar, or success, may take a long time to come, but the only way to get there is by continuing to lay the bricks and improve your skills. The process can be challenging and time-consuming, but it's essential to stay focused and committed. Ultimately, the journey to achieving your goals is about putting in the work and never giving up.
