My next guest is the international bestselling author and serial entrepreneur, Jay Samit:
- He has raised hundreds of millions of dollars for startups,
- He has partnered with the whos who of our time: Bill Gates, Steven Spielberg, Steve Jobs, Reid Hoffman, David Geffen, Richard Branson, Paul Allen, and Pierre Omidyar.
- A former NASDAQ company CEO and Independent Vice Chairman of Deloitte
- The author of Future Proofing You (Wiley 2021) where he made a case study of taking someone who was on welfare to a million dollars in revenue in 1 year.
Jay dropped more than 30 knowledge bombs. Here is a small sample:
- After you change the voice in your head, changing the world of business is easy
- How will your past mistakes inform your future decisions is a better use of your mental cycles?
- When rejected, they are not saying I can’t do it; they are saying they can’t do it with me. It’s their loss
- Being happy creates the best conditions for success – your brain, mood, appearance, sales, decision-making, and creativity.
- A million a year is a mental 4-minute mile. Break it.
- There is 2 axis to select a problem that is suitable for the soul-impact fit: 1) total addressable market for the possible impact. 2) the passion you have about the problem for your own fulfillment.
- By watching where the 800-pound gorillas are spending big, bucks, you’ll see where the wave is being created.
- Find your niche by pairing the problem with the buzzword of the day
- His number 1 hack to get connected with the industry leaders who are impossible to connect
- Find a big company with the existing audience you want to reach; your can offer your product/service as a way for them to be hip and cool again
Here is my favorite: only a small % of your decisions are going to be home runs, so make more decisions.
Wisdom QuotesThe employer pay you just enough not to quit, but not enough to care. Today you traded a day at your job. I've learned that day turns into a week. That week turns into a month. That turns into a year that turns into you're an old person. Click To Tweet After you change the voice in your head, change the world of business is easy Click To Tweet Had i only...' is a waste of mental cycles on something you can't change; better question is how will it inform your next decision Click To Tweet Whenever I'm rejected, they are not saying i can't do it, they are saying that i can't do it with them. it's their loss not mine Click To Tweet When you're in a positive state of mind, you release serotonin. It puts you in a good mood. It makes you more attractive, more sexually attractive, better to complete sales. It makes you comprehend better and it makes you see opportunity,… Click To Tweet Today can be better than yesterday and I have the power to make it so. Click To Tweet If we don't teach people how to create businesses and jobs, we won't have a democracy. Click To Tweet You don't get to live forever, but the things that you create can have an impact the last forever. we're here to repair the earth. we're here to make the world better. Click To Tweet Either be the best of what you do or the only one doing it, because if you're the only one doing it, then you're the best. Click To Tweet When the 800 pound gorillas are spending big bucks, it's like super bowl weekend at a strip club. They're just reeling off money and I'm happy to be that stripper. Click To Tweet Big ideas will attract others around you. And that's how you build a company and the impact you'll have on your employees. The impact you'll have on the community. That's where the joy comes from. Money is just a tool. Click To Tweet 99% of the decisions you'll have to make in business or imperfect data to make a permanent decision. So any decision is better than random. There's the big mistake is NOT making quick decisions. Many of them will be wrong. So any decision… Click To Tweet I've taken stakes and probably a hundred companies, most weren't worth my time. They turned out to be worth zero at the end of the day. So do I go, wow, most of my decisions were wrong. I really suck. Or do I say, wow, I picked a half a… Click To Tweet I will be accused and go to my grave as the guy who always sells out too early. you're the center of the universe for a moment. The second it gets noticed your best offer of all time may come in that very first day. Click To Tweet If offered cash or equity, what do you think I did that money? I took half. It's a win I've made money, but just in case I took schmuck insurance. It's like playing in Vegas. If you constantly bet all your winnings, you're going to lose.… Click To Tweet I wanted to be a great father. So many people think a better life is giving your kids something that you didn't have when in fact, a better life is teaching your children things that you didn't learn. Click To Tweet
Transcript by AI
Future Proofing You_ 12 Truths for Creating Opportunity, Maximizing Wealth, and Controlling your Des
Welcome to noble warrior. My name is CK, Len noble warriors. We're interviewing other entrepreneurs about their journey from warrior to commander, to King. What deconstruct that mindset, mental models and actionable tactics, so that you can go on and build and navigate your own journey and made the kind of impact and fulfillment that you want.
[00:00:20] My next guest is international best-selling author and serial entrepreneur, Jay summit. He has raised hundreds of millions of dollars for startups. He has partners with the who's who's of our time with the likes of bill Gates, Steven Spielberg, Steve jobs. He's a former NASDAQ company, CEO, independent vice-chairman of Deloitte.
[00:00:40]He's the author of future-proofing you where he made a case study of taking someone who was on welfare to a million dollar in revenue in one year, Jay dropped some serious knowledge bombs with actual tactics in our conversation.
[00:00:55] Here are a few after you changed the voice in your head, changing the world business is easy. How will your past mistakes inform your future decisions is a much better use of your mental cycles when rejected. They're not saying that I can do it. They're saying that they can do it with me. It's actually their loss being happy creates the best conditions for success, your brain, your mood, your parents, your sales ability, your decision-making, your creativity today can be better than yesterday. And I have the power to make it.
[00:01:26] So the failure of our current education economic system is that we fail 90% of Americans to get their piece of the American dream. There are two axes to help you select a problem that's suitable for your sole market fit. First axes, total addressable market size . Second axes that passion that you have about this problem .
[00:01:49] By watching where the 800 pound gorillas is spending big bucks. You'll see where the waves are being created. Next, and his number one hack to get connected with the likes of Steven Spielberg, bill Gates, who are impossible to connect, find a big company when existing audience that you want to reach.
[00:02:09] And you can offer your product and service as a customer acquisition tool as a way to help them to be hip and cool. Again, only a small percentage of your decisions are going to be home runs. So make more decisions, you increase your home runs and why he advocates for selling out early versus holding out for a higher offer.
[00:02:31] And specifically why. A specific cash and equity split is a wise choice.
[00:02:39] Please enjoy my conversation with Jay Salman.
[00:02:42] Jay. Thank you so much for being here. Jumping right in. You could have done many, many things. You could have startup and another company you could have started a fund. You could have hire lots of people. You kind of start a podcast and media company, a startup accelerator, a foundation express challenge.
[00:03:02] Why a book out of all of those choices that you have, why a book? And especially as a second on second time author too. Yeah. So I never thought I'd write a second book. So we'll start with that. When the first one came out of, when you start reflecting on what you've learned in life, if you would've told me when I was in a high school or in my twenties, that dozens of my friends would become billionaires.
[00:03:28] I'd ask you, what are you smoking or snorting or something? Cause like, I didn't know any millionaires. Um, my dad was a public school teacher. Uh, grew up like everybody else. And when you realize that there's been a change of how businesses are created, how you can create businesses without any capital, uh, there's no gatekeepers blocking you.
[00:03:50] And I watched, and the people that made it weren't brighter, they weren't better educated. They didn't come from the right families that didn't have connections. But they looked at the world different. And so when I had built companies and sold companies and gone public and done all the things that, that you can do until it gets repetitive, if you're not motivated by money anymore.
[00:04:11] Um, I decided to teach this at the university level at the largest engineering university, uh, uh, USC and first time teaching, uh, two students did $150 million the first year. So it can be taught. So I wrote, disrupt you and it really breaks down how to achieve, and it really starts with the reason why it's called disrupt you as everybody thinks it changing the world.
[00:04:36] But most people don't think of changing themselves. And if you can change that voice in your head, that's holding you back. That fear that I can't do it. I'm not good enough, whatever it might be, you can get past that and change that. Changing the world of businesses easy. So I did that. Um, spent five years circumnavigating the globe, giving speeches all over the book comes out in a whole bunch of languages.
[00:04:58] This year comes out in Urdu, Icelandic, Polish. Um, it's crazy, right. I don't say that to, to humble brag or brag. I'm just, it's just crazy. The truths in the book work and they work in first world third world anywhere. So you get a lot of fan mail as a writer, and it's a great, the thing about being a writer when you're a public CEO, your inbox is you suck, you suck.
[00:05:23] I hate you. This is blowing up. You know, shareholders hate you. Investors hate you clients. Eh, you know, the buck stops with you when your world is, you know, you're basically a firefighter, that's your job. When you help people, they send you love letters. They tell you how, you know, their life turned around.
[00:05:41] So I would get a bunch of those. And. Occasionally, usually from millennial, I get a note that what, like your book was real motivational, but I could never do this. And that aided me. I'm very thin-skinned Jay J does not like being told that Jay can't do something. And what that person is saying is I didn't get to them.
[00:06:03] I didn't convince them that they had it within themselves. So it was knowing in me, how do you prove to somebody that anybody can do it? So I decided to put the reputation on the line, I'm going to pick somebody that is a starting point lower than almost anybody that will read the book. Somebody whose parents were on welfare grew up on welfare, was couch surfing at different homes, basically homeless.
[00:06:26] And could I mentor that person from that stage of their life? To millionaire in one year now the ground rules were really important. I gave him no capital, no money. I bought him a couple of pizzas, our lunch meetings. That's it. I gave him no connections. Cause it'd be real easy. It's like the CEO's daughter that sells the most girl scout cookies.
[00:06:47] Yeah. Well, dad's got a hundred thousand employees. They each were told to buy a box. Now I introduced them to no one and third. I didn't tell them what business to do. So complete level playing field and. He was new. He was an immigrant new to the U S so he didn't have a social network. You didn't have people to call on.
[00:07:06] It was really, you know, my fair lady or Pygmalion if you know the story. And so I did this for a year and then Clancy followed the 12 truths in future proof in you and I'll wreck the ending month 11. He became a millionaire now. It wasn't easy. He didn't just kick back. He worked harder for one year of his life that most people were willing to do, but now he can live the rest of his life in a way that most people can't.
[00:07:36] So I think it's fair trade, you know, I'd rather be the Warren buffet be over 50 when he made 99% of his money. Yeah, it's kind of good. I'm over 50. I can still get around and do stuff. Or would you rather be Kylie Jenner and hit a billion dollars at 22? And you go, well, she had a family with connections and the Kardashians.
[00:08:00] Yeah. But none of them were billionaires. So what did she do? Different and every 48 hours. There's the new self-made billionaire. What are they doing? I have, I have a question for you. So let me actually make a comment. And I have a follow-up question for you if you don't mind. So from the book, then I'm quoting Ben himself.
[00:08:21] He said, I have no fear of not working again. I will need to work for someone else. I can create my own opportunities. Using the skills that I learned, and I think that's a fundamental shift and you literally change the way he looks like how he can create new opportunities. You know what cracks me up on that, or what cracks me up about, about that is most people hate their job.
[00:08:44] They complain about it. They go home every day. I mean, it's actually the employer's fault. They pay you just enough not to quit, but not enough to care. So most people are like going through this miserable cycle. And then when the pandemic or something hits and you lose your job, you're even more upset.
[00:09:00] You lost something that you hated doing, as opposed to saying, now I'm free. So that's really strange. And the way I look at life is, so today you traded a day at your job. Did you hate it? Big deal, but I have this gray beard and here's what I can tell you that I've learned that day turns into a week. That week turns into month.
[00:09:20] That turns into a year that turns into you're an old person. It's miserable. Go talk to your grandparents, go to senior home and ask these people with their biggest regrets in life are, and it won't be what they failed at. It will be what they failed to try. And so VIN got that right at the beginning.
[00:09:40] He's got nothing to lose. Yeah. What, what a blessing that he has met you. So I have a up question for you there. That is you chose to work with one person and one person only curious to know. Why not, let's say shark tank style or kind of documentary, you know, a team of people so that we can feature different perspectives.
[00:10:03] You know, you're, you're, you're a man rubbed media. So why, why, why a single a person, a book format versus a documentary theories. First of all, it's a great question that no one's asked. Um, I did sell the rights to my first book to turn into TV show. CBS spent $2 million making the pilot. It was called, uh, uh, who wants to be a mogul.
[00:10:29] It was very similar to shark tank. My big difference was there's one thing that I don't like about shark tank is there's people that get up there and they've mortgaged their house. They've done their whole life. They've done all the sacrifice and they're then humiliated that doesn't inspire people to do stuff.
[00:10:45] So my twist on it and, uh, was. That somebody comes up there with a problem like we had in the pilot. Um, a mom just went inside to answer the phone just for a second. And her child drowned in the pool. Couldn't somebody invents something so that if something breaks the surface of the pool, bells and whistles go off.
[00:11:08] So a person would pitch that with no idea of how to run a business. And then I had teams of hackathon winners. That would then bid and say, if you work with us, we'll give you 10% of the company or we'll give you 5%, you know? So it'd be everybody's idea turns into a successful package. And then once they stay up 24 hours building it, then they go in for, in front of our, our mobiles, all billionaires, uh, to get funded.
[00:11:35] So everybody wins and you actually see the process. So that being said, here's how, how it would work. You get in there, use everything you can, you get the most money you could imagine spending on a pilot, the pilot test, fantastic with both males and females, they did a great job, but it was brought in by an executive who then got caught up in the whole, me too, and doing horrible things.
[00:11:58] So he gets fired in the second and executive gets fired, whatever they're working on disappears, the new guy has new ideas. So that's why. So I tried the TV show. Um, can you re shop at somewhere else? Rights wise? No, I, I didn't have the power to have the rights revert back to me. That being said, the difference between the first book disrupt you and future-proofing you is people.
[00:12:24] Some people felt I didn't break it down. Step-by-step enough. So I switched publisher. Wiley's a publisher known for, you know, those types of step-by-step books. And I really tried to break it down. So. You're not only learning it for yourself, but in each chapter you see, well, what had been do, and it's kind of fun, you know, kind of to check in on somebody else's progress, you know, throughout the book.
[00:12:47] I mean, I already gave you the ending, but let me tell you, it was not a, you know, rocket ship to the top. He got hit, I mean, broadsided in the middle of this thing in a way that I never imagined would happen, that probably would have stopped me dead in my tracks. But he was so motivated by that part, that it was literally, okay, this isn't going to work.
[00:13:08] Let's find out something that will, it didn't slow him down. I was, I was so impressed with them. So we're going to get into the details of Vince journey and then also your journey as a coach. Uh, in just a moment, I have a, more of a, a broader context question if you don't mind. Sure. Cause you, from my perspective, this is a great book.
[00:13:30] Go out and buy this book. You can watch the journey essentially from my perspective. Yeah, there you go. I love that product. Show the product. Um, Right. You, you break down the eeky guy format, right? The purpose, the skills and monetization and passion. Right. And in a very skillful way, in a, in a narrative way, I'm curious to know, why did you focus on it?
[00:13:55] Making a million dollars? Not the happiness, not connections, not self-esteem not self actualization or self-transcendence why focus on the million dollar revenue. So here's where I'm still in touch with my roots. Right? When you guys look at me, you see some old dude, who's done a lot of stuff. When I avoid mirrors at as much as I can.
[00:14:18] I'm still that, that 20 year old starting his first company, not knowing how the world works and like nothing's going to stop me. And what I realized at that stage, when I talked to most people that stage for most people that don't come from money or have money, a million dollars is just. This fantasy number that seems beyond grasp.
[00:14:38] Okay. Most people, when they hear that number, think that's enough money to live forever. You know, I'm going to have a yacht in a plane and Oompa Loompas carry me around to my Island. Okay. They don't have okay. But a million dollars is a number that if somebody can do that in a year, what can't they achieve?
[00:14:59] I see. Like the people that have a billion dollars fall into two camps, either they came up with the business model. That was so brilliant. It just, you know, Prince money, even if you're asleep. I mean, I created the first auction, which Pierre turned into eBay. Okay. Boom. You're suddenly global, you know, Uber you're suddenly global, any rational person would do what, um, was enacted.
[00:15:26] He turned Apple into this giant company said, wait a second, no need to work. Let me take 10 million and throw the ultimate rock concert with all my favorite bands. I can do that now. Right? Um, money. Isn't a motivator, except at the beginning. When Steve jobs, uh, when, um, bill Gates retired, he was the richest man in the world.
[00:15:47] He, Keith was philanthropic. He was writing checks, but you know what? Boring. And a friend of his went to him and said, you know what? You know, it'd be really cool being the richest, man. Yeah. That's okay. Cool. But you want to be remembered? What if you'd would be the first person in history to eradicate a disease off the planet?
[00:16:06] We have to cure it a polio, but how do you have the logistics to get to every person in every Hamlet village, under every rock in the world? And second, he heard that build leaned it. They got him. And once he solved that problem was like, you know, we've got 2 billion people that don't have access to fresh water.
[00:16:28] And sewage is a huge problem. Can you make a waterless toilet in and on and on? So he could use his intellect and his skills to achieve things. I would like to be retired. I do not want to run another company. I don't need to. But when somebody came to me with a robotics company that can take all the poison out of our food, sequester 20% of all the, uh, carbon that goes up in the atmosphere and, and, and pollution in our rivers and Gulf stream.
[00:16:56] I mean, I'm morally obligated to say, if I can help that happen, how could I not? So what you're going to find is passion comes from solving a problem. Happiness. Comes from helping others. Being an entrepreneur comes from helping others. That's what people don't teach it. Isn't I buy an Apple for a dollar and I sell it for two.
[00:17:19] Okay. That's the zero sum game mentality that we're taught now. Country school. Yeah. Yeah. Follow that. You know, I sell an Apple for $2 to C K. Now I have $2, right? Well, CK doesn't it becomes like this. There's only so much money either. He has it. I have it, they have it. He got the raise. I hate him. That means I can't get a raise.
[00:17:43] They're taking our jobs. Immigrants who take our jobs for our country's robots. Life is miserable. On the other hand, that's not how people were becoming wealthy. If on the other hand that goes CK. I got this great business idea. I'm starting a business. I'll sell you 10% for $10,000. What do I now have? I have 90% of the company.
[00:18:02] So I now have $90,000 of equity that I can buy stuff with. I can trade, I can do mergers with, I can do hire people, or I can do all kinds of stuff. That 90,000 didn't come from somebody else's pocket. It didn't come from the federal reserve. And this is how Jeff Bezos can start Amazon and lose money year after year after year after year after decade and come out the other side as the richest man in the world.
[00:18:27] Why don't they teach that in the third grade? Yeah, I really appreciate that. Thanks for the underlying, why, why you did what you did. Um, I think I want to make a, uh, a parallel. It reminds me of the four minute mile. Oh, absolutely. I read about that in the book. Yeah. Yeah. So, so similarly the million dollar in a year, that's the four minute mile, right?
[00:18:52] People that don't know the store story. If you go back a hundred years ago, Doctors scientists, everybody, uh, people that knew body, uh, kinetics and everything said the human body can't do a four minute mile to fall apart. One guy eventually does it and you go, okay, that's, that's exciting. But that, wasn't the exciting part of the story.
[00:19:11] The next year three people do it. The next year, six people do it. Once you show what's possible, people then believe that's why Ben story is put in this book. You can relate to, then you can say you have more advantages than then, you know, but it was a level playing field and I didn't cherry pick Ben, I didn't say, okay, let me interview 50,000 people, give them IQ tests and figure out that one person that can do it.
[00:19:38] That would be cheating. So. As I say in the book, I started my relationship with Ben off with a lie. Okay. I told them that I interviewed all these people and out of all the people, he was the one that I saw that had that spark, that something extra, that he could do it. And I did that. It's called the Pygmalion effect.
[00:19:57] So he would believe it, this, the successful person, if this guy believes that I must, he knows what he's talking about. It must be true. When in fact Ben was the only person I interviewed the first person. Said come do this. And he thought that he had something special. And so that got him in that first truth of the 12 truths of having a growth mindset and mindset is so important.
[00:20:20] And I know that's what your show talks about all the time, but too many people think it's some hippie dippie tree hugging sit under the pyramid, you know, crap. It isn't it's biology and physiology. When you're in a positive state of mind. You release serotonin, it puts you in a good mood. It makes you more attractive, more sexually attractive, better to complete sales.
[00:20:44] It makes you comprehend better and it makes you see opportunity, not obstacles. So why wouldn't you start your day that way? And I'll tell you how I start my day. I say two things in the mirror today can be better than yesterday and I have the power to make it so. And right then I'm not only setting my mind to that, but too many people spend today rethinking yesterday's mistake.
[00:21:12] You're giving up your future for something that you can't change in the past, whoever you were before, that was then whatever didn't work out. That was then whoever people think of you and their limitations, that was them. I've been turned down and rejected more times than anybody. And anytime somebody says that they won't fund my business or won't hire me or whatever.
[00:21:37] They're not saying I can't do it. They're just saying I can't do it with them. That's their loss, not mine. Right. Beautiful girl. When I'm in college, when I go out, no her loss. Okay. So if you have that attitude, it doesn't mean that you instantly have every success. But instead of saying, I'm not good enough, I can't do this.
[00:22:01] I'll never, I'll never pass my real estate test. I'm not smart enough. You say, okay. I learned what I need to know. There's another path. There's another thing I can try. And that growth mindset will get you so far. I want to ask Julie site, one of the things you said in the book, and I want to go a little deeper there.
[00:22:20] If you don't mind. Sure. The book you said success will make you happy being happy creates success. And it's been proven by research, but you know, your entrepreneur, your friends are entrepreneurs, as you said, some of your entrepreneurial friends may say OD you know enough about this self help, you know, personal development crap.
[00:22:42] Can you say a little bit more about sure. What makes you, do you have any stories to illustrate in college success? Um, my parents live down in San Diego, on an Island called Coronado, and you have to take this big, beautiful bridge to get there. And there was a story in the paper that a multimillionaire drove his Mercedes to the top middle of the bridge and jumped off and killed himself.
[00:23:06] And I'm like, he's got millions of dollars. How can he not be happy? And I know billionaires that have killed himself. So money is not going to solve anything. Money, money amplifies. That's a talk for another show on another day. If you were a good person without money, you're a great person with money. If you're an a-hole without money, you're just a bigger hole with money.
[00:23:29] But happiness, happiness go comes from helping others solving problems. And. The more, you can heal the earth. The more you can make the world a better place, the happier you will become. Now, if you have a purpose and I'm a big believer that the purpose of life is to live a life of purpose. If you have a driving force, then the obstacles and the steps that you have to say have meaning.
[00:24:04] So you're an immigrant. You came to this country very hard to do. But the mere fact that you did that instantly separates you from everybody else that was born here in the positive sense that you're on a mission to achieve something. So when you see first-generation immigrants coming, working in a convenience store, doing a menial job, they don't identify that they are that job.
[00:24:31] That is a tool for them to achieve their dream. People said the American dream is dead. Go to anywhere else in the world and it's alive. Cause everyone outside the world understands this dream and what it can be. So that's why one out of three fortune 500 companies were founded by an immigrant or the child or the first-generation immigrant because they had a purpose to what they were doing in the book.
[00:24:53] I talk about you, you walk by a construction site and there's three guys laying bricks, and you ask them, what do you do? And the first guy says, I'm a brick layer. And second guy says, I'm making a building. A third guy says. I'm making a house of God. He's building a church. The first guy has a job. The second guy has a career and the third guy has a calling.
[00:25:16] You know, some people find their calling really early on one of my dearest oldest friends. Uh, Martha, certainly Dr. Martha Massaro, she's a little kid playing on the swings. Brother hits, swings the swing into her and knocks out all her front teeth. But at dentist gave her back her smile. At that moment, she knew Dr.
[00:25:37] Cloud's opened up. The rays came down from God. She was going to spend her life as a dentist. What do you think your calling is giving the, the, the numbers of careers that you have had, the options that you have? So I didn't start off deepen introspective like you are. I was too, too, too busy, clawing my way.
[00:26:00] Um, But my motivation very early on was I wanted to be a great father. I had two sons when I was very young and I wanted them to live a better life. So many people think a better life is giving your kids something that you didn't have when in fact, a better life is teaching the kids, your children, things that you didn't learn.
[00:26:22] And so that, that drove me in that drove me, but that too. They're grown up. One has kids. They live out on their own. They have their own careers. I felt kind of lost, right. I didn't want to do the same old, same old and run another company and do all those things. And when I started realizing that I could give back where I could pay it forward, I can't thank the people that helped me in my career.
[00:26:48] They're no longer, I can certainly think of them to the next generation that which was entrusted with me. It's funny. When I was in, when I was in school in elementary school, high school, whatever they used to say, what's the difference between man and the animals. And they just say, man uses tools. And then they found, uh, you know, chimpanzees taking a stick to get ants and, and birds using pebbles.
[00:27:13] And it's not tools. What was different is we have a way to store information outside of our own minds. Which means that we can build our lives on the shoulders of all those that came before us, you can spend time on the internet watching a cat play piano, or, you know, a hedgehog, you know, eat carrots, or you can learn anything you want.
[00:27:38] You know, Dale Carnegie, one of the billionaires when there were only four of them in the world, he was an immigrant who didn't go to school, but he went to the public library and just read voraciously. And when he became so rich, you said to any city in the United States or in England, if you build the building of a library, I will fill it with books for you.
[00:28:01] And he built 1600 libraries. His way of paying it forward. When I sold my first company, I said, wow, what can I give back? And. We have a famous court case in the U S went to Supreme court called Brown vs. The board of education, separate but equal for schools. So since schools are funded by property tax and say poor neighborhood has bad schools with no books and no things in a rich neighborhood has fancy ones.
[00:28:31] And, uh, and in the deep South rural segregated schools, you know, had nothing. And it occurred to me that the internet would be the great equalizer. If I could get an internet connection, this is back in the nineties, early nineties, I could get an internet connection into every classroom. Everybody would have equal access to knowledge.
[00:28:51] And I started writing about this and one day, little old me in my little office with, you know, little startup that nobody ever heard of. I get a call from the president of the United States now. I embarrassed myself because there's no way it was bill Clinton. There's no way president bill Clinton's calling little old me.
[00:29:10] So I figured it was a friend doing a bad Arkansas accent. And it makes the president of the United States prove to me that he's the president of United States. Yes. Well, Jamie, I don't remember the exact question, but I've done more embarrassing things in my life because I'm stupid. Um, and then you could imagine, um, and next thing you know, I'm at the white house.
[00:29:33] And he says, you should do this. You should make sure every classroom has an internet connection. You know, you're going to be ahead of the national education technology initiative, go do this. I'm like, okay, by the way, we don't have one single dollar in federal funds, figure out how to do it without any money.
[00:29:50] And so I figured little charities, you know, hold auctions to auction off stuff. I knew enough people in the corporate world that could donate stuff. Let's do the first auction on the internet. Pierre wrote it, that became E-bay. Um, and so many other people that were part of it, you know, went on to do great things.
[00:30:10] So the moral of that story is when you have that big idea, it's like a candle to two mods. I mean, it will attract others around you. And that's how you build a company and the impact you'll have on your employees. The impact you'll have on the community. That's where the joy comes from. Money is just a tool.
[00:30:34] Doesn't make you happy. Yeah. Money is an amplifier. Uh, one of the things that we do say on this podcast a lot is, you know, if you're on an happy now, you're still going to be unhappy even with money. So money fam power, these are all amplifiers catalyst multipliers. So who you really are. So, um, but if you're hurting right now, I'm not making light of that.
[00:30:58] Mm, half of all jobs will disappear in the U S in the next five years, raising the minimum wage as noble as that sounds actually increases the decisions in the boardroom to automate. And the 1980s, I went to McDonald's with this wacky idea, I looked at their cash register and their cash register was designed for illiterate employees, little shake, medium shake, big shake.
[00:31:18] It was little pictures. I'm like, why can't I make you a touchscreen and let the customer just do that. And you'll save all that employees. And they're like, what are you talking about? You raised the minimum wage. You'll now see those touchscreens at every McDonald's around the world. Um, anything that can be automated will.
[00:31:34] So if you lost your job, if you're hurting right now, financially, that is not your destiny and it's not your fault. 140 million people in the U S own 1% of the assets in the U S let that sink in for a second. Most people do not have a thousand dollars to their name for an emergency. Most retirees in this country don't have $10,000 to retire on.
[00:32:02] So it's not your fault that you're broke. You went through an educational system that was designed to make you a farm worker or a factory worker, not to think for yourself. Um, the IQ test was invented by the military, so they know who was worth training and who was cannon fodder that you could just let die.
[00:32:20] So nobody was looking out for you. I mean, there's a great meme that I love. I'm so thankful. I learned trigonometry. It's so helpful during trigonometry season, right. People don't learn about taxes or anything practical. Um, so I'm here to tell you that you don't have to sit there looking that you were left out or left behind and that you have to scrounge for leftovers.
[00:32:43] That was you yesterday. There's nothing stopping you from changing that tomorrow. And so VINs story, and future-proofing you hopefully is that light to attract people to, you know, well enough that nobody writes a book for money. Nothing could be more time-consuming with less payback and you write a book.
[00:33:06] Well, I enjoy the writing process. No kidding. Okay, cool. All right. It's the, uh, 100 of these podcasts that I'll be doing between now and launch that is like, uh, a lot of time. But when I get those emails and there's, there's, there's one that I asked the woman permission. Could I share that's in the book, a woman early fifties put all her money into a startup of hers.
[00:33:30] She was going to rent places and Airbnb and make money and then went belly up. And so she decided to kill herself. And she called to say goodbye to her daughter who was in her twenties. And, uh, and she was expecting her daughter maybe to talk her out of it or call the police or something. And her daughter's first reaction was to laugh.
[00:33:50] She was you're killing yourself over money. That's the stupidest thing. And her daughter gave her mom my book. And the woman was writing me to say that I can't take credit for this, that in her mind, it saved her life. It turned her thinking around it, got her to go again. She started again and now she's successful because when you fail, you don't end up back where you started.
[00:34:15] You either earn or you learn, but either way you grow and life's about growing, you're either growing or you're dying. You know, I'm not MNM. I can't come up with a rap for it, but, you know, So I have a question for you because you actually, you also mentioned this in a book as well. You had missed a video game opportunity where you could have exited Seoul to blizzard, right.
[00:34:42] $4 billion. So, so. Billions, excuse me, billions. Right? So it was, is it, I think the quote was, is still, is still stung a little w whenever you think about it, I have friends who beat themselves up for missing investment opportunities or made investment mistakes. So if you would make it a little bit personal, right?
[00:35:06] How do you control your mind? So you don't go, Oh, if only I invested in Uber and BNB, these type of investment opportunities, I'm sure you have many chance. Um, it was probably six years ago and Brock Pierce. Said let's get together for coffee and explained to me Bitcoin, when it was sub $10. Now I got into Bitcoin.
[00:35:33] I did well with it, but I didn't listen to them that, um, we all have a thousand of those. Everybody does. Um, in that first time I had a company that was really on fire. And what I didn't understand then is you're the center of the universe for a moment. And so often with the startup, the second it gets noticed your best offer of all time may come in in that very first day.
[00:35:55] I two students that got a hundred million dollar buyout offer in the first 30 days. And I'm like, take the money. And they're like, no, they're offering us this. They'll offer us a billion dollars next year, you know? Um, and I will be accused and go to my grave as the guy who always sells out too early.
[00:36:15] Cause I'd rather say, Hey. It worked. I made money, go on pigs, get fat hogs, get slaughtered. So it does it sting. Yes. Does it hurt when you're, when you're struggling and trying to get your next business off the ground or whatever, and you think had, I only of course you could drive yourself insane, but here's the other flip side of that you're wasting cycles on something that you cannot change.
[00:36:39] How, but how did it inform me in making my next decision? I was, I was, uh, at a company that I left and I had a bunch of stock and they offered to buy out all the stock and write me a check. And I'm like, okay, thinking back to that example, so that stock in the future could go up and be worth a ton of money, or it could go to zero.
[00:37:03] Do I take the money now and go, yay. They went out of business. I was smart. But if I take the money and it becomes another billion dollar company, because I've done that enough times, will I have another one of these regrets that drives me crazy. So what do you think I did that money? Nope. I took half.
[00:37:24] Instead if I take half, it's a win I've made money, time swollen, vested. I proved my point. I built a successful business, but just in case I took schmuck insurance. I said, you know, it's like, it's like playing in Vegas. If you constantly bet all your winnings, you're going to lose you take half the money off the table and you lose what's on the table is still left a winner.
[00:37:46] Sure enough, that company ended up going beyond anything. I could have imagined it astounded me. And, uh, so one day you're just minding your own business and a check comes in the mail. I, you know, One of the largest checks of my life. And I'm just like, I guess I'm going to read this packet. What is this? I mean, it's, you know, uh, I had another friend who started a company called, um, God, I can't think of the name of it anymore.
[00:38:17] Uh, it was, uh, uh, current TV. And it didn't go anywhere financially as well, connected, uh, Al Gore everybody's involved and they fired him and he was all bummed and he didn't know what to do his leg. I mean, he was just beating himself up and to make a long story short, to get current TV was on so many cable channels to get on all those cable channels in one fell swoop, it was worth it for Al-Jazeera to buy this thing for hundreds of millions or a billion dollars.
[00:38:49] Right. Now the company is doing nothing. It's losing money. You're no longer there. You got fired at one day. You get a check for $30 million. Wow. Bad. Yeah. How do you? Um, cause, uh, as I shared in the very beginning of our conversation, noble warriors is an audience who are warriors early in their stage.
[00:39:11] Right? It's about proving themselves. We have commanders who are team leaders and then we have Kings and then we are elders. Right? So for the people who has a little bit later in their stage who are Kings and elders, How do, what would you say? Cause in my mind, I consider you an elder you've been there now.
[00:39:29] You want to essentially give it away as a, as a, as a, as a, as your wisdom, right? How would you advise the Kings and the elders to say, put themselves in positions such that they can get checks like that in the mail? Oh, um,
[00:39:50] if you've been into that stage in life, You not only have knowledge at that point, you have access, you know, all the idiots that you started your career with them were equal and had nothing fast forward. 30 years later, that's the generation that's running the world. So you can speed the path into, you know, the C-suite at different things.
[00:40:11] You can have access to people that somebody with a great idea out of school. Doesn't so. Um, I recently stepped down as vice chairman of Deloitte, which does, you know, $40 billion a year in consulting. Many companies have offered me money to consult and invariably, I always turn it down if I liked the company and I believe I can add value.
[00:40:34] I said, listen, if I can take your little company and make it worth a lot. How about we talk about equity now? If I can accelerate the value of the company and the speed's success, then my payday comes, you know, five, seven years down the road, down the road, and it can be substantial if I'm able to get them to go.
[00:40:55] And if I'm not able to add value, it didn't cost them anything. Yeah. Do you mind going to a little bit more details? I mean, maybe not specific names, but kind of like the way you think about it, how do you select them deal structure?
[00:41:14] I have a chapter on deal structure, so people don't get rich from working hard. They get rich from deal structure and it's not taught and they think attorneys know deal structure. No, they know how to paper a deal that you already thought out. Accountants know how the taxes have to work. Deal structure is a whole art in itself, but I'll tell you the first thing.
[00:41:34] And this will probably surprise you. I never talked about this in somebody else's thing. When I get offered an opportunity, I always ask one question. He's you say it inside? Why? Me? Of all the people in the world, why me? Right. There's people with more money there's people with more connections, morphing.
[00:41:52] How am I so lucky? Right. And. Invariably, the real opportunities are the ones where I'm not the first call. You know, a whole bunch of people turn them down for whatever reason. And then the second question is what expertise? What skillset, what connections, what abilities do I have more than money and get money from anybody that can accelerate the success of this company.
[00:42:19] And if I feel I have that, then I say, yes, Um, the, the best example was a company that came to my team and came to me and, uh, they had 30,000 in revenue. They weren't going anywhere that couldn't get traction. And I knew exactly the path. I mean, exactly in the way I could say this is because 90 days later, I took them public for $440 million.
[00:42:46] It was the height of a bubble. Everything was overvalued. I understood the game that was going on. I was finally at the right place in my life that I could take advantage of, you know, the ebb and flow of the stock market in a way that helped this company. But you know, to do that, they give a 50% ownership of that company.
[00:43:05] Now, put it on your site. Do you have a company that's on 30,000 in sales and it's going to go out of business then has no capital, would you rather have half of the Pacific ocean or all the puddle? And, uh, it's pretty obvious. Yeah. But a lot of people don't think that way, you know, a lot of people don't think that way.
[00:43:24] And what do you want to do? And I taught this to then in future proofing, you is if he had a client where they were paying him to, to market something and he realized that he could just do a phenomenal job and make them tons of money rather than charge the clients so much a month. Why not come up with a way to monetize it better.
[00:43:45] If I hit this number, I get a bonus. If I hit two X that I get a crazy bonus, anybody will sign a contract with the crazy bonus because by definition they don't believe it's going to happen. It's so crazy. I was at a public company that was going out of business. It had been around a hundred years having a rough year, the CFO was desperate for revenues.
[00:44:06] And so I had a conversation and said, If we doubled our revenues, if we do twice while we're supposed to in the plan, will you double the salary of everybody in my division? And it's like, yeah, sure. I mean, we need the revenue. Absolutely. That's an insane thing. So for the rest of that year, The CFO's name was Tony.
[00:44:27] I had a picture of Tony on the wall with one of those charity thermometers, where you fill in the red stuff, you know, like you're raising for, for fun. And my weekly staff meeting was how do we make Tony smile? That was all we focused on for a year. And guess what? Every single person got to take home twice, the money that they thought they were going to, and everybody else in the rest of the company hated our guts.
[00:44:49] You know, one of the most unique way that is that I see from my point of view is whenever I read your book, disrupt you and future-proofing you is your unique way of linking different ideas and also align the incentives along the way. Wait, it's very concrete. Like, Hey, how do we, these people are in trouble.
[00:45:12] How do we bring our product such that they're no longer in trouble? And then we can also, you know, serve our clients and make money at the same time. Like how do you hone that skill of being able to see the map and align everyone together? Does that make sense? Yes. So I didn't, I didn't realize for most of my life that everybody didn't think the way I did.
[00:45:33] No, definitely not. What I realized is I can teach you how to think that way. Okay. Um, please Lexi, I'm dyslexic. So reading linearly thinking, literally I'm just not wired that way and all of us can rewire our brain by the way. It's how we use it as how it gets wired. It's no different than working out in a gym.
[00:45:54] Um, so where I start from is. What audience, what target audience am I trying to reach with this product, with the service, with this business? Who am I trying to reach? Are we trying to reach senior citizens? We're trying to reach young moms, you know, high school kids. What's what's, you know, they call it the customer journey to find that customer as best you can.
[00:46:15] And then before you spend a dime figure out how to get OPM other people's money. It's my favorite money. You don't have to pay it back. You don't have to give up equity. You don't have to go into debt. It's free money. People will give you millions of dollars that they don't want went back. And here's how it works.
[00:46:34] Big giant companies have lots of overhead, lots of people, lots of people doing little things and very few people with big ideas, doing anything new and awful. So if you're going after a specific audience, most likely there's a big company that wants to go after that same audience. Not to compete with you, but to sell something else.
[00:46:53] So if you, if, if, uh, you've got, you know, special, you know, magic hearing AIDS or something for seniors, somebody else might have insure or depends or whatever else, senior life insurance. Okay. And if you can get that company to say, Hey, you can give people our piece of technology as a customer acquisition tool or whatever the program is suddenly they'll spend all their money, getting new customers.
[00:47:20] So in disrupt you, I talk about, um, McDonald's had their worst year ever sales were down 8% because of a movie called supersize me where Spurlock just ate McDonald's every day and he got fat and sick and nearly died and they didn't know their, their, their quiver of tools is, you know, bring back the McRib or, you know, uh, you know, make a bigger size shake that they didn't have a tool to get hip and cool again.
[00:47:49] So I went to them with the idea digital music was popular at that time. It was the height of, of the, of the iPod, just coming out, buy a big Mac, get a free track. Simple as that, put a little scratch code on the side of the big Mac, you spend millions of dollars on commercials, um, you know, 20 plus million advertising.
[00:48:11] And the only way those people can get that track is to come to my digital music store that I had at the time. So I know the people are wanting to get, so I tried to figure out where could I find somebody that I could leverage their spend to launch my business. I had 20 million paying customers my first week.
[00:48:30] I didn't spend a penny. Wow. So it's all who else can you solve for? And by the way, you're making that executive look like a genius. They've got a new plan. I mean, and you can do this again and again and again, so that, that chutzpah to go after the executive, you know, the big brands like McDonald's, cause you didn't say, let me start with the small.
[00:48:59] Brands. It's just, let's go to the top. McDonald's like, what did you find that chutzpah to just, you know, McDonald's Starbucks fortune 100. Doesn't matter. Let me, let me go after them. When I had my little startup, we hadn't made the a hundred thousand in sales yet. I mean, we're nothing. I was making video games back in the era when video games sounded like this.
[00:49:25] And it dawned on me that now the computers have had more memory that computer games could have real music rock and roll soundtracks. I mean, they don't take up that much side. Everybody now has speakers on the PCs and laptops and why not just make an, I made this really cool game, my team that would kill with rock and roll and.
[00:49:50] I didn't know anybody in the music industry this, before I entered the music industry, that's what got me noticed by the music industry. So wrote to bill Gates, bill Gates, this'll sell an awful lot of computers. People would like to play games that have this. Would you do me a favor? I've never met the man.
[00:50:08] I'm nobody. Would you introduce me to David Gavin? The only billionaire in the music industry, so that. I can have music in a video game and Gates did. Now you call fitspo good choice of words. Um, what would happen if I didn't nothing, I don't, I don't lose a pint of blood. I mean, I don't die. You try it didn't happen.
[00:50:38] So I've tried thousands of things that don't work. But the one that does just sounds amazing, it's not like. Every, every CEO, every child terror, every CFO you're instantly there. I will give you my secret tip that I've given startups for for years. People don't understand. Why do you hire a PR firm? So for most people, they think it's to get publicity pretty much reach everybody on your own. Nowadays, the reason to hire a PR firm is if you're trying to do that OPM thing, if you're trying to say I got the greatest idea for the, for the CMO of McDonald's, how would I ever get to that person?
[00:51:20] They're not going to read your email, but they're not going to let you walk into their office. They're not going to give you five minutes of your life. Hire the same PR firm that they do. Then when you're launching this thing, somebody there will go, Ooh, this would be great for one of our clients. Do you mind if we share with them and you go, what a great idea.
[00:51:38] You're so smart PR agency. Sure. I would say in the first 10 years I had my first startup company. I switched PR firms at least 10 times. Every time I had no idea if somebody wanted to partner with and I partnered with big giant companies when we're five, six, seven, 10, 20 people. And it works because they don't want to lose their big client.
[00:52:05] They need those new ideas. And if it's an idea that really helps the company, I, I just, I mean, this is, to me, it's like a superpower because I'm a train as a, as an academic engineer. So my mind is linear. It doesn't connect dots, laterally. It's a train muscle, which is, you know, you've, you you're like black bell, you know, $10 and different skill sets.
[00:52:34] Um, engineers don't tend to make good CEOs for exactly that reason. You live in a perfect world. That is one or zero. There is no gray, 99% of the decisions you'll have to make in business or imperfect data to make a permanent decision. So, so with that in mind, totally get it. It's an art, right? How do you, how do you with imperfect information make the best decision possible?
[00:53:03] How do you train what kind of dojo environment, skill level. So we can level up be better. First of all. And one of the truths that I talk about is fear and how to deal with fear. And in you, do you believe that you have more brains than. A rock or a toad or a wall? Yes. Okay. Yes. So would you rather leave a big decision up to nature or you you're going to want to make decision?
[00:53:38] So, so any decision is better than random. Okay. So there's, there's the big mistake is not making quick decisions. Many of them will be wrong. So what that is always better than random.
[00:53:59] And once you get out of that mindset, that it has to be the right decision. There is no right decision. You're predicting the future. You're doing something about the future. You don't have control of the future, but you can always course correct. And, and that's what it comes down to in the beginning.
[00:54:19] You're making a lot of decisions where you're literally betting the farm. You're betting the whole company, but you have to be willing to do that, or it's not going to go. So the underlying theme of your is focused on taking lots and lots of actions. If you, I think in the book you quote, if I want a million dollars, I want to make $10 million offers or something like that.
[00:54:43] If I'm kind of. Paraphrasing what you said. So similarly, if you want to get better at, you know, making deals or connecting deals, make lots of, lots of deals and then just take lots of actions. That's how you get better. He said, is that essentially? Yeah, I've taken stakes and probably a hundred companies might be more, most weren't worth my time.
[00:55:09] They turned out to be worth zero at the end of the day. So do I go, wow, most of my decisions were wrong. I really suck. Why did I waste my time with those companies? Or do I say, wow, I picked a half a dozen that billions of people use every day that they can't live without, that have made me, you know, wealthy.
[00:55:34] No, one's always right. Um, I'd say the best prognosticator. At seeing the future that I've ever met as Reid Hoffman, the man is unbelievable. And Reed did one say to me, he says, so we're investing in this new thing. Uh, it's called Airbnb. People can stay at your house and you can stay at their house. And I'm like, nobody's staying in my house and I'm not sleeping at somebody's house.
[00:55:59] It wasn't about me. He was in, he was the first hundred grand into that and the first hundred grand of the Facebook and so on and so on. And, uh, he has an amazing analytical mind. The way I predict the future. I cheat. I hang out with all the people that are coding it. I know. Yeah. I know the people that are creating new products for Facebook and the new products for Microsoft new products for Apple and the new products, um, for Google and those companies are also my clients.
[00:56:35] So I know where people are spending billions of dollars. So do you want to have some. Hmm, completely unique idea. Your anti-gravity boots. Okay. I want to get a piece of where somebody's spending $10 billion, right? And so in future, I have a whole chapter on what I say is the next trillion dollar market that no one has 1% market share.
[00:57:02] And it is such a big opportunity that if Apple doesn't get it right, Apple goes out of business. If Facebook doesn't get it right, they go out of business. If Google does to get it ready to go. So these guys are spending big bucks. And when the 800 pound gorillas are spending big bucks, it's like, you know, super bowl weekend at a strip club.
[00:57:18] They're just feeling off money because their life's okay. So very vivid. So I'm happy to be that stripper. Um, so I look at where they're focused and I learned this lesson in my twenties. There was a technology now, real going to sound like old guy. You all know what CDs are? Well before the CT was this big, it was 12 inch.
[00:57:43] It was then called the laser disc. It's the first video that didn't wear out and stayed good image and better than videotape and all that stuff. I thought it was the most amazing thing. I worked on the very first one, like, Oh my God, I got in the ground floor and my whole life's going to be laser disc.
[00:57:57] I'm going to make millions of retires, Mr. Laser disc. Um, it didn't catch on. Nobody wanted it because they didn't record a VCR recorded. It died. And I'm sitting there saying to myself, these big giant companies that didn't know how big companies work, spent millions or billions of dollars on all this technology to make this stuff.
[00:58:15] And they're just walking away. That makes no sense to me. So I said, what's something else that I could do with this thing. And I'm sitting there and again, we're going back to the eighties. And there's this new thing called MTV. If you have cable yet MTV and you're watching music videos, and it's the center of alcohol.
[00:58:36] Sure. But most people didn't have cable. So I said, wait a sec, second, what if I take these laser displayers and put them in a jukebox that plays music videos instead of whatever, coin-op put your 50 cents then where the world that's a great use form. I can get them real cheap. Nobody else wants them suddenly.
[00:58:58] I have coin-op use. And then I did corporate training and et cetera, et cetera. So you don't have to invent technology to make money from technology. There's tons of great inventions, tons of free patents that you have access to that are out there because nobody figured out how to take that genius technology and solve a problem with it.
[00:59:19] It's all comes down to solving a problem. In your book you had mentioned is very similar to Peter Tio, where he says, basically I avoid competition. You said, do you avoid competition? Always focus on the next new thing? Absolutely. Can you say a little bit about that? And also what's the next new thing. In addition to the spatial reality thing, you talk about what, what are the next new things that you pay attention to?
[00:59:44] There's a whole bunch, but on that one, I got great advice really early on. To either be the best of what you do or the only one doing it, because if you're the only one doing it, then you're the best. So, you know, where did social media experts come from? Where did, uh, virtual reality experts come from?
[01:00:02] Where did all these people, they didn't go to school and get a degree. They all of a sudden put their hand up one day and say, I'm an expert and they continue to learn and then stay ahead of it. But there's always new things. When you go to the consumer electronic show, You see, you know, one year it's all about drones, right?
[01:00:19] So you don't have to invent the drone companies sit the hard part. What are you going to do with this drone? Well, it turns out I judged a startup competition for the wall street journal and the winner was somebody that just took a drone and fluid on oil pipelines, looking for leaks. They didn't invent the drone.
[01:00:45] They just do it, but it saved the oil companies, millions of dollars, and then it became very successful. So there are tons of ways that you can solve a problem with the new technology. So look at what are the problems and I have in the book, the three problems a day for 30 day technique to, to find your deal flow.
[01:01:06] And then. Go through the buzzwords of the day, while can blockchain do with this? What can wearables do with this? What can 3d printing do with this? You know, is there something that somebody invented the can solve something? Um, I want to underline what you just said. So not only you're exercising your problem identification muscle by the three problems per day for 94 30 days.
[01:01:30] Right? So there's that. And also you, um, set to imagine. Um, you know, you know, basically future pacing, like if this is a inevitable future, what kind of things could I create all? And also you said to look at what new other periphery, the derivatives that could also create as well as stimulation. Let's talk about, go ahead.
[01:01:58] Let's let's walk through augmented reality. Sure. People don't believe that they're going to buy glasses. Okay. So let me get over that first one, we had 80 million pairs of glasses that sold last year in the us for more than $150, a pair that came with one app focus. Okay. Another 50 million sold that came with another app called sun.
[01:02:23] Okay. So you'll wear glasses. If the app's good enough, right? Go to the beach needs. Sunglasses. Want to read a book? You need reading glasses. Now we will now have glasses that talk to us and have overlays. So instead of five hours a day or 27 days a year, staring at a phone, we'll have heads up displays.
[01:02:46] You don't remember where you parked your car. Where's my car. And you'll see a line. Okay. There, there's a zoo that does this with a tablet state, but it works with glasses in Tokyo. Where do you want to get to the zoo from the train station? You follow penguins, bouncing down the side sidewalk. It's adorable.
[01:03:04] What are the other use cases that you can do by either adding or subtracting data? Because now with 5g and edge computing, you know where I am, what my intent is and what's in my environment. So the sales and marketing cycle comes down to the immediacy of the moment. So you're standing in a supermarket there's 40,000 skews on the shelves.
[01:03:26] The doctor says you're diabetic. You're going to pick up each box. No, you just stand there and say, please show me all the products that have no sugar, or please show me the things that are on keto or that are halal or kosher or vegan. And every other product disappears. This isn't science fiction. I know a startup just doing that one application.
[01:03:47] The number one reason furniture's returned to Ikea the largest seller furniture. Isn't their fault. It's because it doesn't fit. It was too big. People are spatially challenged. Know how many people with an eight foot ceiling by 12 foot Christmas tree? I don't know, but there's a lot of them. Um, so now you can put the QR code on the ground, hold up your tablet and see that sofa at scale in your room soon, you'll be able to do all these things just with your glasses automatically.
[01:04:20] So you don't have to be an engineer. You don't have to know any technology. What problem can you solve 10 years ago when the iPhone came out, how much should Apple pay to invent the iPhone and the Android system? We can't live without these things, correct? Yes, but we can't live without them because of the apps that people created.
[01:04:43] So the hard part's being done, one of my, one of the companies I work with has contact lenses that do this. I kid you not. When people ask me tech, technically, how does that work? Since I'm not an engineer? I get the honest answer witchcraft. I mean, I do not know it is unbelievable. Okay. But what can you now do?
[01:05:02] So you think of your job and you think of your promise. You're a firefighter and you have to go into a building in a smoke-filled and you can't see. Well, now you can have heads up display to make a wire frame off of the building plans of where all the walls stairs and everything are. That's a lifesaver.
[01:05:19] Right. You want to do construction? Where is that gas line on this property? Now I can see through the ground like Superman and see where the pipes are in the silvers and this and that. So I don't dig and cut a cable, endless versions of this on and on and on. And so what you want to do is the big guys aren't thinking this, they have to sell this right.
[01:05:43] So solve that problem for that industry. And, and you win, pick a big enough problem. You win giant. And by the way, when you think about problems to solve for you G personally, Well, we'll get to the, the, the, the big ideas that you have around reviving the middle-class, um, for entrepreneurs. But we'll put a pin on that for a moment.
[01:06:12] When you think about a problem to solve, because you can solve these problems, you can solve platform problems you can solve, you know, national problem can solve global problems. What goes through your mind, or you don't even care about these type of stuff. You just constantly coming up with ideas you don't even think about.
[01:06:29] So, so in, in the book, I really tell you to think of three problems today, you end up with 90 problems at the end of the month, but then comes the important part, which is to sort them along two axes. One is Tam, total addressable market. When I teach at university kids to start a business, invariably, they come up with delivering food to the dorms.
[01:06:54] Okay. Same effort to start that as open table or Uber, but your whole market is the thousand kids that live in dorms kind of lame. So you want something that affects a lot people on the other hand, it could affect a lot of people and you really don't care. I'll give you the favorite one that ever walked into my office.
[01:07:16] A guy was manufacturing bullets for the U S military. So it had to have a huge, a huge assembly line that all people for by the government and their orders and everything. So in the hours, when it's not working, he could put more stuff through that machine. Right. And that literally costs them next to nothing.
[01:07:32] So he can flood the market with the cheapest bullets ever made. He can be the biggest seller of bullets. How would I like to be a piece of that business? Business-wise was his thinking sound. Absolutely. Do I want to help the world put more bullets in the streets? No, it was like, how do I keep a straight face and get this guy out of my office without getting shot?
[01:07:54] I mean, nothing could be further. So the point of it is the problem that you're going to want to solve. You have to be passionate about Tom bill. You had a software company that were doing okay. They, they weren't into it. But he had obese relatives that he cared about that were dying. And he looked, the protein bars were basically filled with corn syrup because it was the only way that they could go through the extruder at the pick and pack place.
[01:08:19] And he goes, people think they're being healthy. And the base of having candy bars and getting sicker. So we started with, with, uh, some friends quest and the quest bar, which was the first healthy health bar from a business standpoint, how stupid there were 1600 bars already in the market. You're going to go up against that.
[01:08:37] From a passion standpoint, there were no healthy bars in the health food business sells the business for just under a billion dollars. So yeah, you want to pick something that you're passionate about, so I'm not trying to solve. The business side of problems right now, the thing that drives me at the stage is I love living in democracy.
[01:09:01] I've traveled the world. I understand the difference of on, on everyday people. Pause, pause on that. I want to recap what you said as in the Superbowl, and then, then we can go into bad, big idea. Cause I think that's super important. So on this podcast, we'll talk a lot about soul impact fit. So soul, as in what fulfills me was one of my passionate about, so inside our approach impact would be the impact on others, more of a, an outside in approach.
[01:09:32] If I'm hearing you. Right. Correct me. If I'm projecting myself here is the star from the soul. Like, what am I passionate about? What am I curious about? What do I actually fulfills me? And then you can get into total addressable market. Is that an accurate reflection of what you said? It's, it's two at the same time.
[01:09:51] So a lot of people, a lot of people say, Oh, your passion, that's not necessarily true because your passion may be something that should be your avocation, not your vocation. Um, I love painting. Never thought to do it professionally weirdly this year when I couldn't leave the house. And I started showing my paintings, suddenly I became a painter, but I didn't set out that way.
[01:10:16] Um, so. It's really, you start with a problem that you can solve a problem. That's big enough that if you get a piece of that market, it's worth the effort because it's going to be hard. It's going to take longer than you than you think. And you've got, gotta be committed, but if you don't believe in what you're trying to do, if there's no purpose to it, so.
[01:10:40] A friend of mine started a company, uh, out of, you know, just online selling a window blinds. Right. Uh, it doesn't sound like much of a purpose. It sounds like. Okay. Making it easier, you get the measurements to the, but it turns out a lot of kids choke and die on those, those blind pulleys, you know, the, the string at the side.
[01:11:04] So why not sell blinds that don't have that want to educate the world about that? Why not save kids' lives? Now you have a mission. Now you have a purpose. And, and so there's a way to align a Tom shoes, right? It's another shoe company selling shoes, but when you buy a pair, somebody that doesn't have shoes gets a pair, or I'll give you one of my favorite ones.
[01:11:27] You can 3d print anything. Nowadays it's replacing 300 million. Um, Factory jobs are going away because the 3d printing, you can print metal printing, body parts, it can print organs and print everything. So imagine God forbid your child's born and is missing a limb or fingers. Think of that child's life.
[01:11:47] They don't get a prosthetic until their teens or older because they're so expensive and they grow so fast. So this kid's not going to get picked to be on the softball team and not. I played with at recess and their whole personality is going to shrink and shrivel because of their self-esteem because of something like this.
[01:12:06] Well, for about $15, you can 3d print a working prosthetic. Okay. That's cool. Guys are doing it, helping people make sense. But when you look at it as a businesses, as a passion, as an impact, you know, you have something here that's important. So why not go to Disney and get a license? So now you can make a frozen hand.
[01:12:32] You can make an iron man hand twisted kid. You can make a Darth Vader hand now that they have star Wars. Now all I want Darth Vader on my team. Oh, I want frozen to come over. I mean, you change the trajectory of people's lives. You didn't invent 3d printing. You didn't even invent the idea of making prosthetics with them.
[01:12:53] But you took that to the next level. That's the joy in creating you don't get to live forever, but the things that you create can have an impact the last forever was, was there a turning point in your entrepreneurial career to think about it that way? Because one may assume, right? In the very beginning, you, you utilitarian it's art value arbitrage.
[01:13:20] Then we move into more meaningful, but I'm curious if you have any kind of transition. I was raised with the belief system that we're here to repair the earth. Okay. We're we're here to make the world better. And so each in our own way should do our part to do that well, and it doesn't mean environmentally.
[01:13:42] It could be in any way, but if the world isn't better for you being here, why were you here? And so when I started my first company at 21, here's the basic of every 20 somethings first company. There's more hours in the day than there are people pay. You have excess capacity. So each year I would sit down, everybody in the company and said, okay, with our excess capacity this year, what's something we can do.
[01:14:08] So the first big project, when the first big we did was we made software for non-communicative. Children to be able to communicate on a special tablet with their parents. I'm hungry, I'm thirsty this or that. Life-changing for the parent, the chart, we had the graphic artists, we hit the coders. We hit the ability, donate the whole thing.
[01:14:31] Um, uh, Steven Spielberg Starlight foundation came and they wanted to research with kids in the hospitals that could play video games. Need less medication and get out quicker than kids that are sitting there. Just lying there, thinking about their pain. Like really you need to study this. No problem.
[01:14:51] We'll make games for them that fit that, that, that thing, and like to study. And so it was so rewarding and design things for museums because here's the two ways it's rewarding and it may not be obvious on the one hand you're doing good. That's great. But here's the other side, pretend you're a graphic artists.
[01:15:09] Graphic artists is the most frustrating job I've ever seen because they don't, you get to do what they want to do and what they think artistically is. Right. Cause there's a client that says, no, I want it purple. I don't know it shouldn't be, I want it this way. I want that way. I want it. Like their whole life is yes.
[01:15:25] Right. You know, I won't get to show my artistic skills. I will bastardize myself for the sake of the team. I think you just recreated the frustration of a graphic artist who, uh, whoever was listening. Yes. I feel your pain for, but for a charity project, there is no client. You get to do your best work, your best artwork, your best, whatever.
[01:15:49] There's also no, you know, cut down the time. You know, we got deadlines of six other people. And people went above and beyond on all these projects. I mean, of course there was pride, there was a sense of ownership and, and this was, this was their, their way of paying it forward and helping others. And that's a beautiful thing.
[01:16:12] Yeah. I appreciate that. Thank you. Um, One other thing I think is super important. I want to mention about problem identification is a hack. I really love in the book. I want to mention that before we moved to the bigger issue that you're solving that's okay. So one thing you said to VIN he's you said to pair the problem with the buzzword of the day.
[01:16:35] So at that time it was all about cryptocurrency. So you invited him to consider the possibility of. Cryptocurrency plus growth hacking. Is there anything you want to say about pairing the problem with the buzzword of the day? Anything you want to say there? The definition of a buzzword from my standpoint is things that VCs are funding things that people were starting, things that, that the tech press is talking about.
[01:17:02] Things that are investible. People are excited, right? You came up with a new way to make wax to seal letters right now that was better than the wax that they used in 1834. No one cares. Okay. But right now, if you have a new way to use blockchain or you have a new way to, to add a functionality to a Fitbit or whatever it might be, right.
[01:17:27] Um, So you'll notice that when Uber take took off, there was a whole year of the Uber of this, the Uber of dog-walking, the Uber of, you know, and that's what that is. So, you know, go to where there's a market go to where there's capital and put yourself in between the market and the capital. It's really that easy.
[01:17:50] Well, I mean, where do you pay attention to? Do you pay attention to certain personalities? Certain platform angel is, you know, like how do you know, what do you watch? If, if that at the beginning of my career was how many conferences can I go out there? How many people can I meet? You start identifying who are the people that are always right, or always just seems that way.
[01:18:16] Like here's the new thing. Oh, there he is. Again. Um, uh, and so it was really building that human network of things. Uh, uh, I love social media from the standpoint that my social media fee isn't, uh, you know, Some conspiracy theory, garbage it's somebody that finds the most fascinating article and the most obscure publication to basically go see I'm more intellectually tuned in than you are.
[01:18:43] I mean, there there's a, a pride among my peer group of, of the stuff that they read and the stuff that they think and the stuff that they do. And, um, You know, you go down the rabbit holes on topics that you never knew about that are just absolutely fascinating. Um, you know, uh, there was a, this morning I was reading the economic theory of countries with McDonald's don't have war and why that isn't a correlation, but actually it causation, um, just crazy, crazy things.
[01:19:13] But, um, yeah, you know, the part that doesn't come easy is. You can put yourself in the spot to have the opportunity. You can put yourself in the spot to have the funding. You can put yourself in the framework to actually have the right solution, but execution is everything and that's not hard. That's not innate that is learned and measure.
[01:19:40] Now, if you can measure something, you can improve it. And that's, you know, That formula works for any business, any service that you can think of, do you have a specific cadence in terms of, Hey, so let's bring back to Ben again, right? Um, I think you said at some point he was challenged because of the Facebook and Google.
[01:20:07] Yeah. Yeah. So, so, so VIN, VINs idea. When it came to me, as he wanted to, he thought he could do social media marketing. Just like about 12 million other people. And his problem was everybody that he went to, to do marketing in his peer group didn't have any money and he didn't know how to get to the Cokes and McDonald's, and, and, and, you know, and Sylvester Stallone's and et cetera.
[01:20:34] So there was a misalignment. So the first thing was okay, if you think you're good at this, if you really think you are this growth hacker, and you understand how to do these things. One who somebody that really needs it right now. So what's the zeitgeists where, where is business and industry focused and who were the companies that desperately need?
[01:20:58] What you have that no one has said I'm the expert to do it for your industry. And when I say it like that, it sounds kind of obvious. I mean, there's nothing in future-proofing you or disrupt you that you go, Oh my God, that's the pipe factory in theorem. I mean, that is just, you know, that is quantum physics, dude.
[01:21:18] You are so smart now. It's just common sense. Well, common these days. So I love that more so insightful about it. I just try to share. What to me is a logical way to look at things. So therefore it is teachable. And so it took, this was the year when I was mentoring VIN, that Bitcoin went from a thousand dollars to $20,000.
[01:21:45] So every day everything was Bitcoin Bitcoin, Bitcoin, Bitcoin. And at the same time, everybody that didn't get in on the Bitcoin bandwagon wanted to launch an alternative coin. So all currencies and those get launched with what's called an ICO, an initial coin offering. And the first people did were like pocketing hundreds of millions or billions of dollars for what appeared to be a day's labor.
[01:22:11] So suddenly there's 3000 coins that want to get in before this window of opportunity disappears. There are 3000 people that really, really, really, really, really are highly motivated to hire the world's best agency and marketing initial coin offerings. And it turns out that bins was the only agency that marketed itself as the world's best agency for ICO's.
[01:22:40] So once, once he got his first client and you can always get your first client because you can charge less than anybody else would, or even do it for free. Once this first client made, I think it was it's in the book. I think it was $58 million, you know, in one week now he was not just saying he was the world's best.
[01:22:58] He has a case study that he's the world's best now. It's how organized and how skilled and how can he clone himself. And how do you scale a business and how do you hire people and how do you work with consultants and all that stuff that we talk about in the book to get as many clients as fast as possible.
[01:23:15] So he was humming along thinking, he'll be doing this till he's my age. He's got the perfect business. It's all, you know, he owns the universe. He was so, I mean, he worked so hard and he made it happen. And, you know, to go from zero to $70,000 in your first month in business, you know, and that'd be your worst month in business is, you know, inspiring if you've never had access to any type of money.
[01:23:39] And then all of a sudden, because there were a lot of scammers in the space. Facebook and Google didn't know what to do. So they banned any mention of Bitcoin cryptocurrency, anything I'm on the board of a company that's in that field, the company couldn't even do anything. I mean, everybody was just, so now all of a sudden Vincent they're like he can't do what he said he would do.
[01:24:06] You can't use Google ad sense. He can't, he can't buy ads on Facebook. How am I going to do my marketing? But at the beginning of our journey, I said, you never want to have just one revenue stream. So he was working on another revenue stream and he was able to use the tools of that revenue stream for his existing clients and to the, to his clients, not miss a beat.
[01:24:30] And now suddenly he's not only the best at doing it. He's again, the only guy out there because everybody else was relying on those easy tools that Facebook can go. So. Uh, amazingly proud. I can't emphasize, you know, I was worried he would tap out because I was basically pushing him, uh, hard, uh, because the goal was a huge goal.
[01:24:54] But I also see all those movies with the Navy seal training, you know, where they take adjust, you know, this'll kill you. So we'll just take you down, you know, one degree, less of that. He didn't date for a year. He didn't go out partying. He didn't go to a club. He didn't buy a piece of clothing. He didn't waste his precious time.
[01:25:12] So quick question interjection there as a coach, as a, as a Sergeant, you know, since you brought up the whole Navy seal idea as a trainer, Must be a moment the way he almost cracked. And could you describe that and how did you navigate and motivate and coach and mentor someone who almost cracked, but you still believing them and saw the potential?
[01:25:37] I don't think I had to, because once he saw what he could do, no matter what obstacles came up later, he knew that he could overcome. Um, so I was there at that point to just really, you know, where are we on, on hitting the skull? I mean, he slept with a big board next to his desk, you know, one year to a million dollars and, and tracked his progress and everything they could do.
[01:26:04] And I know one month he was really, we would, we would have our talks on Friday at the end of the week. And he was really disappointed that, you know, this month and go the way a client, he wrote a bunch of proposals. They didn't come in, you have to know, but to prep for our mentoring session. He took the time that, that day to add up all the other revenue streams and what was going on.
[01:26:25] And he was shocked that he had exceeded his target again. I mean, he did it, there was no, you know, the point of this book isn't to saying Jay's a super mentor. That's missing the message. The point is everybody has this within them and I've tried to lay out the steps. For you to follow and seeing the VIN could do it, should show everyone within the sound of my voice, that they can do it.
[01:26:58] And you know, it's amazing what humans can do. I mean, everything on this world was done by stubborn people. You know, that's what makes history. That's what makes all change, believe in yourself. And you're halfway to the finish line. If you think you can, or you think you can't you're right. So inside of helping and empowering and coaching and assisting and supporting whichever verbally use in bringing awakening, Vince potentially, uh, he was very motivated.
[01:27:36] You gave him a path. You, you, you help guide him towards his path and finding his way and believing himself. Was there a particular method or a tool that really helped with the process or was it just super easy? You know, it was inevitable. It was going to succeed. So within any mentor, mentor, mentee relationship, both sides have to learn and both sides have to trust.
[01:28:03] So the hardest part is building that trust in the beginning. Okay. Here's this old dude, everything is saying, doesn't it make any sense? He's wrong? You know, I can't stand them, but I got nothing else going I'll I'll, I'll play along. That was literally where it started. Um, and, and when he then saw things come together, his superpower turned out to be when he heard his voice objecting to something, he would pause and say, am I objecting out of pride?
[01:28:35] Or out of data, do I have a reason why I disagree or I may just disagree? And if he didn't have a reason, he trusts the process and that's a big step. You know, I would love to work in a corporation where everybody communicated that way. It doesn't happen. Um, but there is no single path and there is no single mentor.
[01:28:56] You're going to need a series of mentors in your career at each stage. I mean, Bill Gates. His mom said, I really want you to reach out to the sky Warren buffet because you're going to be dealing with things that only he would know how to guide you. I mean, how do you mentor a guy who suddenly becomes the richest guy in the world?
[01:29:13] Well, the number two richest guy in the world might be a good place to start and they bonded and became great friends. And it wasn't about look how much money I have or look what I bought neither materialistic. Um, so, you know, Zuckerberg had, uh, Steve jobs as a mentor. I mean, Oprah Winfrey hit Barbara Walters.
[01:29:33] I mean, it's so important to have mentors in your life. I was, I was lucky I didn't get a mentor till later in life. Um, I had never had a boss. I'd started my own company and all that stuff. And one day I'm in corporate world and I have no idea how these big giant companies survive. I mean, it's, it was bizarre land.
[01:29:52] It was literally Alice in Wonderland. Through the looking glass. I mean, most people have no relationship to the bottom line and could care less than it's all politics. And my mentor turned out to be Richard Branson's original partner and founding Virgin. And so I go from running a little company to, you know, running the world's largest music company at a time when Napster was putting a music company out of business and we're laying off, you know, tons of people.
[01:30:21] Your, your business gets cut in half in one year. I mean, it's, it's game over. And so there, you're talking about right. Yeah. Ken Berry, um, and a great guy and a smart guy and, and you know, much like Richard, you know, nobody in his family thought he the Mt. Tanning thing, because he's got, uh, a sibling that's like a doctor and an engineer, and he's the one that just started, you know, a music company.
[01:30:45] And so I go to, I'd go to Ken with these wacky ideas. And then he tells me why they don't work. He didn't say that's stupid. Don't do that. You're an idiot. You don't understand how the music industry works and say, this is why it won't work well. That then gives you the tools to find the path around. And I'll give you the most brilliant one that came out of that exercise that, that most people wouldn't understand from the outside world.
[01:31:17] In the beginning when piracy was stealing everything, people wanted to know why didn't the music companies work faster to make digital music possible? Well, it turns out none of them had the legal rights to release digital music. You needed to sign off and say yes. And so their hands were tied. They had all the masters, but they didn't have the rights to do this.
[01:31:40] So. How do you solve that problem? Well, most people would like to get revenue, many artists aren't alive, it's their kids and grandkids, you know, whatever. So what we did was we made a list of every major artist that had ever sued or audited the label, like was adversarial, you know, start with the Beatles and work on down.
[01:32:02] And it ended up that there was 90 some bands on that list. You know, the name of every one of them. These are superstars. We're not going to deal with that yet, but everybody else is just thrilled to get a royalty check and doesn't ask questions. We're putting them in every deal I can think of. And if somebody objects then we'll deal with it, but nobody objected.
[01:32:23] People were thrilled to get money. So internet, radio, and downloads and iTunes and all these things came out of that. And then my job was to spend two years flying around. To meet every band member of those 90 bands or their, or their descendants or their spouses or their lawyers or their managers and explain here's how much of music got stolen.
[01:32:42] Here's how much we could sell choices up to you. And by the time I left EMI, we had the list down to five notes and they were for irrational reasons. And many people call these artists stupid and incredible things. And I'm like, yeah, they're so stupid. You go write something two minutes long. It takes you a half an hour that earns you $40 million.
[01:33:04] Right. You know, they think differently. And th the highest pride moment of my entire music business, uh, career was one that wasn't the making the big bucks or doing something. I am a huge Beatles fan. I mean, That's the band that just moved me as a child and my whole life and, you know, getting to meet some of them and do stuff, but they didn't go into digital for a whole bunch of reasons.
[01:33:31] I won't go into it, but I was hurt story when they were starting off. It really bugged them that coin-op jukeboxes, that their records would go in there. You know, a person buys a record once and the place with the jukebox or the company with the jukebox gets all the money. Like. They're making more money off that music than they are.
[01:33:52] And it really bugged these guys when they were poor kids in Liverpool and having been from the jukebox, uh, in my career, somebody came along with the idea why not have a digital jukebox? You don't need CDs in there. You could have every song. So I went to him and said, here's the deal. You now get half of all the money that comes in when somebody plays your song.
[01:34:12] Now they didn't need the money. This wasn't going to add up to $20. This wasn't going to add up to anything, but the idea that could finally. Be treated fairly. It's the only digital deal that they said yes to. And I was out of my mind and they said, but we still don't understand this internet stuff. The lawyers don't want us to do it.
[01:34:30] So we're only going to do five songs out of their catalog. Okay. It's a win. I'm happy. I finally closed the deal. They turned down a a hundred million dollar deal for surviving. I was like, I was happy, but now comes to the part where I tell the story why I like it. So I said, which five songs go, Jay? You get to pick.
[01:34:50] Wow. So I was like, you know, it's those, it's those, it's those moments, you know, I saw you pick, what are your favorite five must be your favorite? I picked the most popular is the one that put in the top five. That isn't the top five. It was always one of my favorite songs is nowhere, man. I just relate it to the song.
[01:35:13] Um, so yeah, so, so, you know, I've had this improbable journey. I love living in a car free country. I love that we have a middle class and it's entrepreneurs that make that middle-class and it's being eviscerated. I mean, during the pandemic, the 150 wealthiest people in the U S doubled their wealth, and we now have more than 120 million F at or below the poverty line.
[01:35:42] Um, If we don't teach people how to create businesses and jobs, we won't have a democracy. And we saw how parallel was close. We got to that in January. These people aren't politically motivated. They're frustrated because the world that they bought into get a good job and you can raise your family and send them the world from post-war America, where the average price of a house was two years salary.
[01:36:08] And he only had to have one worker and, you know, Wages have stagnated since 1984, today's back produce twice as much as they did in the 1980s with one third of the employees. So we failed these people. We failed, teach them how to get their piece of the American dream, how they can participate and make the world better.
[01:36:35] And you don't need to go to special schools and you don't need. No special families or fancy degrees. Um, and so that's my mission with whatever time I have left, not just here, but it's disappearing globally. And so other countries that don't have entrepreneurial heroes, how can we install that? How can we make an in, in, in Mexico setup a Samana the entrepreneur I've talked to Dora, I'm horrible with the language, but entrepreneur week it's like shark week except with entrepreneurs and the president of Mexico did a big speech.
[01:37:08] It was, it was beautiful. And, and so that's why I still do this and it gives me great pride and passion to see. This, the seeds that I'm planning or I won't live long enough to see the trees, but I'll get to see lots of sprouts. Well, I mean, seeing one person's life change, then right now he has a believer he's broken his mental four minute mile.
[01:37:35] So now he can go out and create new jobs and, you know, live the life that he wants to live. And thanks, Jan. He, and he can pay it forward because I instilled that in him as well, so he can teach others and he can go and speak and, you know, carry the torch. Yeah. I, I really appreciate your, um, evolution of your purpose because in your book you had said in the beginning was your kids, and then it was writing the book disrupt you.
[01:38:04] And then you got positive feedback from readers all over the world. And then now you have identified this revitalization of the global middle class as your new Y your new purpose in life, right? Your new mission. And you had in the book very skillfully talked about exactly what you just said, you know, uh, 140 million people have low-income or really poor.
[01:38:30] And, you know, having a college degree doesn't guarantee, um, you know, higher income or job satisfaction, life satisfaction, these are all important points. And now we have research to actually show that as you alluded to earlier to the beginning of January, the people, you know, this is a small glimpse of.
[01:38:52] You know, if there's, um, wealth disparity continue to expand what, what what's to come. So a lot of context to this question. So. If this is your new mission in life, right? You want to help more and more people to do what VIN has accomplished. Um, what is from your perspective in the mechanism, that's going to bring that transformation.
[01:39:20] So it's interesting when you talk about people that have online courses and all of that, it doesn't matter what the subject matter is. Most people tap out, so it's proved very ineffective. Um, a book is still the best tool that I know to get a lot of accessible information, digestible information, and actionable information into a form factor that you can go to again and again.
[01:39:47] Um, I'm, I'm humbled by the number of people that tell me, I've read your book four times. I read it every year. I read at the start, you know, I give it to my employer. What, whatever that, that, you know, I'm trying to just provide the tools. So that's a way to scale. Another way to scale is a teacher wrote me on disrupt you and said, you know, I teach in, in, in, in inner city and my students see two choices, you know, work at Mickey D's or go to prison.
[01:40:15] I mean, they really don't see, you know, a third option and I'm teaching entrepreneurship. Can I adapt your book? I said, go, go ahead. And she turned it into a course and a workbook and she won teacher of the year. And then I used my life connections. I leaned on HP and said, you know, you guys are big printing company.
[01:40:34] Why don't you print copies of this for every boys and girls club? So, you know, this is how I scale it out. I try to empower an entrepreneur in each of the countries where it comes out in that language. I let them earn the money from the book. I let them. Put the connections together and figure out how to use that as a platform to launch what they want to do.
[01:40:56] And, uh, you know, it's been inspiring to see how somebody went, didn't think that they could achieve suddenly, you know, you're meeting the prime minister and, you know, they're, they're suddenly at the center of, of their nation, uh, because they're doing something important. So if you're hearing my voice, then it's not in your language.
[01:41:16] No email me and we'll, we'll, we'll talk and I'll help you make it. So there's still a whole lot of languages out there, but anyway, I think our time has come to an end. Thank you for it. Um, if you go to my, my website, Jay samit.com, there's free workbooks that are companions to each of the two books. So just click on the link and I will send you the workbooks for free.
[01:41:41] So you can start these exercises right now. And I hope that I, uh, Can ease and speed your journey to success. Hey, take a moment. Just really acknowledge you for the willingness to have a conversation with audience and myself. And if you answered these questions that all entrepreneurs take from being a warrior to a commander, to a King to elder, and thank you so much for just the willingness and the generosity shared tactically.
[01:42:12] As well as mindset, you know, what it actually takes to really go after this life of fulfillment and impact. So thank you so much for just being here and sharing yourself so generously with us. Stay safe.