Balancing Work and Public Life as a CEO (on Don’t Be Sour) Pt. 2 Feb. ‘23 Ep 543

In this insightful conversation, Alex, a seasoned entrepreneur, delves into the nuances of business growth, content creation, and the impact of AI on the future of work. He highlights the significance of understanding one's role as either a technician or a business owner, emphasizing the importance of leverage and the trade-offs involved in scaling a business. Alex also touches on personal accountability and the power of claiming ownership over one's circumstances, regardless of inherent advantages or disadvantages. Additionally, the discussion explores the potential societal shifts AI might induce, including the obsolescence of certain jobs and the need for new forms of economic support like UBI. Alex candidly shares his journey, attributing a mix of luck and strategic decision-making to his success, and encourages entrepreneurs to persistently pursue their goals, adapt to changes, and find fulfillment in the 'mundane middle' of their ventures.

• Discusses the concept of the tragedy of the commons in relation to global issues like global warming.
• Emphasizes the necessity for collective agreement and action to address common problems.
• Highlights the challenge of individual players benefiting at the expense of the group.

"This is a clear example of the tragedy of the Commons. So, like global warming, that whole thing is tragedy of the Commons."

• This quote introduces the concept of the tragedy of the commons, using global warming as an example of a problem that requires collective action to solve.

• Transition from running multiple companies to becoming a public figure.
• The balance between content creation and other business responsibilities.
• The strategy of delegation and team reliance to facilitate a public role.

"Was there a point, like, when you made the idea to become popular, more popular than you were at the time public?"

• Speaker B is inquiring about the strategic decision to become a public figure and the implications it had on Speaker A's business operations.

• Differentiates between working in, on, and above the business.
• Explains the role of CEOs in portfolio companies and the CEO of Holdcos.
• Describes the focus on deal-making and customer acquisition as primary responsibilities.

"The portfolio companies have CEOs, they have people running their company day to day. And then at Holdcos acquisition.com, like, Layla is actually the CEO."

• Speaker A clarifies the organizational structure and roles within their business ventures, highlighting the autonomy of company leaders and his wife's key role.

• Outlines the process of generating ideas and producing content.
• Describes the use of Twitter as a platform for brainstorming and content sourcing.
• Discusses the scheduling and planning of recording days for creating various types of content.

"And then the team grabs from that is like, I think this will be a banger video. I think this would be a great short."

• This quote explains how Speaker A's team utilizes his Twitter posts as a source for content ideas, emphasizing the collaborative process of content creation.

• Discusses the publication of books and the time commitment involved.
• Compares different approaches to content production and the enjoyment derived from the process.
• Mentions the goal to increase the time spent on content creation.

"So 100 million dollar offers is the book that I put out, but I have a second book that's coming out after that. 100 million dollar leads."

• Speaker A mentions his published book and the upcoming sequel, illustrating his involvement in writing and the time it takes alongside other business activities.

• Addresses the issue of gender disparity in business and recognition of achievements.
• Suggests that women in business may not receive the same level of recognition as men.
• Discusses the Forbes list of billionaires to highlight the disparity.

"It's a travesty. If Layla were a guy and we were just business partners and not married, she would be more popular than I am by a mile."

• Speaker A comments on the lack of recognition his wife receives for her business accomplishments, attributing it to gender bias.

• Explores the impact of having a business-focused partner on entrepreneurial success.
• Discusses the importance of shared goals and the concept of a "ride or die" partner.
• Contemplates the trade-offs between work and social life in entrepreneurial relationships.

"So I think you got to find that person, if you can, because most people marry people who are constantly making compromises with them."

• Speaker A emphasizes the significance of finding a life partner who shares entrepreneurial ambitions and supports one's career without demanding compromises that hinder success.

• Reflects on the relationship between success, attractiveness, and character.
• Considers the motivations behind why someone might be attracted to wealth and the implications for genuine relationships.
• Shares personal experiences and perspectives on finding a partner who values character over assets.

"You want somebody who's attracted to you because of your character, not because of your assets."

• Speaker A advises that a partner should be attracted to one's character, which ideally leads to success, rather than being attracted solely to the wealth one has accumulated.

• Having a partner who shares business interests can alleviate feelings of loneliness.
• A supportive partner allows for shared experiences and discussions about business, which is essential for some entrepreneurs.
• The right companionship is subjective and varies from person to person.

"And so having her as my partner, we can talk about business all day, which is what all I want to do anyways. And it's all she wants to do, and it's great."

This quote emphasizes the speaker's appreciation for having a partner who shares their passion for business, highlighting the importance of aligned interests in a relationship, especially when it comes to entrepreneurship.

• Satisfaction in business comes from the love of the process rather than reaching specific financial milestones.
• Milestones are seen as byproducts of enjoying the entrepreneurial journey.
• A focus on the journey itself rather than hard goals is what keeps some entrepreneurs motivated.

"Well, I'm satisfied playing the game. And so it's like the person who loves walking versus the person who loves the destination. I'm walking, so I'm good."

This quote compares the entrepreneurial journey to walking for pleasure, suggesting that the speaker finds contentment in the process rather than any specific financial destination, which aligns with the theme of valuing the journey over the destination.

• Speaker discusses the lack of value found in material possessions like luxury cars.
• There is a preference for spending on items that bring joy, such as gym equipment.
• The speaker’s approach to spending is based on personal enjoyment and utility rather than status symbols.

"It conferred no incremental benefits in my life. So I spend tons of money on gym equipment because I love gym equipment."

The speaker reflects on a past purchase, a Bentley, that did not add value to their life, contrasting it with spending on gym equipment, which brings them joy. This highlights an individualized approach to evaluating the worth of purchases.

• The speaker calculates the opportunity cost of domestic tasks like cooking and shopping.
• The financial comparison between time spent on tasks versus earning potential informs their decision to eat out.
• The speaker encourages others to assess the value of their time and make decisions accordingly.

"The math didn't pencil out. And so the message of that is do the math."

This quote underlines the speaker's method of assessing the financial viability of domestic tasks by calculating the opportunity cost, emphasizing the importance of quantifying the value of one's time.

• AI development is seen as unstoppable due to the potential wealth generation and progress in technology.
• There is concern that AI might surpass human productivity in a way that could undermine human roles.
• The speaker predicts that AI may lead to a societal shift where people might move to less developed countries to escape AI's dominance.

"Because if a robot can human better than humans can, then what is left for humans to do?"

This quote captures the speaker's concern over the potential of AI to outperform humans in tasks that are traditionally human-centric, raising questions about the future role of humans in an AI-dominated world.

• The tragedy of the commons is used to describe the conflict between individual benefits and collective consequences, especially in the context of AI and job displacement.
• People may oppose AI in principle but still choose convenience and cost savings in practice.
• The speaker suggests that individual choices will ultimately drive the adoption of AI, despite its broader implications.

"And so we will vote locally for the thing that's convenient for us, but in so doing, invest globally in the thing that will put us out of business."

This quote illustrates the paradox of people's behavior towards AI, where individual convenience may lead to collective challenges, such as job displacement, reflecting the tragedy of the commons in the context of technological advancement.

• The speaker discusses the unexpected order in which AI is replacing human jobs, starting with creative and knowledge-based roles.
• There is an ongoing debate about the security of jobs in the face of AI advancements.
• The speaker questions what roles will remain for humans as AI continues to evolve.

"Like right now, the knowledge based skills are going to go first, which is reverse of what people thought."

This quote points out the surprising trend that AI is first impacting jobs that require creativity and knowledge, which contradicts previous expectations that manual labor would be the first to be automated.

• The speaker requests support for their podcast through ratings, reviews, and shares.
• Emphasis is placed on the impact that listener support can have on helping other entrepreneurs.

"The single thing that I ask you to do is you can just leave a review."

This quote is a direct appeal for listeners to engage with the podcast by leaving a review, which is presented as a simple yet meaningful way to support the speaker's mission to aid entrepreneurs.

• AI is currently learning from human behavior and outputs.
• Future iterations of AI may learn from AI, leading to a "drift" from human-like outputs to purely AI-generated ones.
• The speaker expresses concern about the implications of this drift.

"But in a future iteration, it will learn from itself. It'll be AI learning from AI. And then at that point, it starts to drift away from what we know to what is purely AI generated."

The quote explains the concept of AI "drift," where AI begins to learn from its own data rather than human input, potentially leading to unpredictable developments in AI behavior.

• AI regulation has been attempted by influential figures but governments have been resistant.
• The lack of international consensus on AI regulation means competitive pressures will force companies to adopt AI regardless of potential risks.

"Elon has far more clout than I do. And he lobbied with the government for years to get AI regulated, and they refused to hear him out at all."

The quote highlights attempts by Elon Musk to regulate AI, his lack of success, and the implications of this failure for competitive businesses.

• Schools are banning AI tools like ChatGPT, but technology is still accessible to students.
• The speaker implies that banning AI in education is futile due to the ubiquity of technology.

"And what about education and things in schools? They're like, no school technology can use chat GBT. It's like, yeah, the kids don't have phones."

The quote points out the irony in attempting to ban AI tools in schools when students have access to technology outside of school environments.

• AI is expected to create new opportunities for quality assurance in the short term.
• Human experts will still be necessary to validate AI outputs, increasing the value of human expertise.
• Long-term implications include AI potentially checking and improving its own work, reducing the need for human oversight.

"In the short term, the people who are going to do quality assurance on the stuff that Chat GPT he spits out will be the opportunity."

The quote suggests that, in the near future, there will be significant opportunities for humans to oversee and validate AI-generated work.

• Neuralink may enable enhancements to human capabilities, such as photographic memory for all.
• The speaker contemplates a future where humans may merge with AI and cyborgs, potentially leading to a "survival of the fittest" scenario based on adaptability rather than physical strength.

"What if everyone has access to photographic memory? Everyone becomes superhumans."

The quote speculates on the profound impact that technologies like Neuralink could have on human abilities and societal norms.

• Leverage is defined as the ratio of input to output; higher leverage means greater discrepancy and efficiency.
• Entrepreneurs should aim to increase leverage by focusing on high-value activities.
• Delegating low-leverage tasks is essential for scaling a business.

"Leverage is just defined as the difference between inputs and outputs in a system."

The quote defines the concept of leverage in business, emphasizing its importance for entrepreneurial success.

• Business owners face the challenge of deciding what tasks to delegate and what to keep.
• The decision to delegate should align with one's goals, whether it is to grow the business or maintain personal involvement in the craft.
• The speaker suggests that there is no right or wrong answer, but clarity on one's objectives is crucial.

"You can outsource whatever you want. I think it's just what goals do you have?"

The quote emphasizes the importance of aligning delegation decisions with personal and business goals.

• Individuals must choose between being a technician (focusing on the craft) or an entrepreneur (growing the business).
• The speaker advises that one cannot easily pursue both paths and must set realistic expectations.

"A lot of people who are technicians love the craft and hate the business. And they need to decide whether they want to be business people or they want to be technicians."

The quote distinguishes between the roles of technicians and entrepreneurs, suggesting that individuals must make a clear choice between the two.

• The speaker rejects the notion of "should" and advocates for personal choice in business endeavors.
• Passion can be a factor in maintaining interest and preventing burnout, but it may not always align with the goal of maximizing profits.
• The speaker enjoys the game of business, indicating that passion can be found in the process rather than the product.

"I love business. And so as long as I'm doing business, I'm good."

The quote reveals the speaker's personal motivation and passion for the process of doing business, rather than any specific business sector or product.

• Some individuals are passionate about the pursuit of opportunities rather than the product itself.
• The excitement comes from negotiating and marketing to get people to buy products.
• This approach is neither good nor bad; it's just a different type of passion.

"But he's passionate about finding the opportunity rather than the opportunity itself. Like, it's the hunt that he's passionate about rather than the product that he's passionate about, which is fine."

The quote highlights the distinction between being passionate about the process of finding and capitalizing on opportunities versus having a passion for the product being sold or marketed.

• Thinking with an infinite time horizon is a key contributor to success.
• Individuals who adopt this mindset are difficult to beat because they never stop pursuing their goals.

"And the only reason for that, not only reason, my bet for why one of the biggest contributors is people who think that way, think in an infinite time horizon. And if you can play on an infinite time horizon, it's hard to beat you."

The quote emphasizes the belief that thinking in terms of an infinite time horizon is a major factor in achieving long-term success.

• Acknowledging the role of luck and privilege in one's success is important.
• Being born into a favorable environment can significantly influence one's opportunities and abilities.

"Why do you think you're lucky? I was born in America. I was born to a higher SES income family. My dad was a doctor, and I was an only child, so I got personal training from a doctor on how to human."

The speaker attributes their success to fortunate circumstances such as birthplace, family income, and parental occupation, recognizing how these factors have provided them with advantages.

• Personal accountability is crucial for overcoming disadvantages.
• Recognizing what is within one's control and taking responsibility for it is the first step towards success.

"But until you say, like, well, what things are under my control, and the fact that I'm not doing at least those things is my fault because those are the only controllables."

The speaker stresses the importance of focusing on what one can control and taking responsibility for one's own actions in order to overcome challenges.

• The speaker believes in the importance of mastering the mundane aspects of their work.
• The middle part of the journey, which is often less exciting, is where the focus needs to be.

"We're going to continue mastering the mundane middle. The start is fun. The finish is fun. But the middle is the part that no one wants to do, and that's what we will do. We will do the work."

The quote reflects the speaker's commitment to persisting through the less glamorous, day-to-day tasks that are necessary for long-term success.

• The speaker has a conservative estimate of their current net worth and a plan to grow it to a billion dollars.
• The strategy involves avoiding major losses and making safe investments, like in the S&P 500.

"If I do nothing, if I put all of that just in the SP and did nothing, at 30 years from now, we would be worth over a billion. So if I do nothing, we'll get there."

The speaker outlines a simple, long-term investment strategy that relies on market growth over time to increase their net worth to a billion dollars.

• The speaker discusses their personal fitness journey, including their powerlifting achievements and transition to higher volume training.
• They highlight the importance of adapting training methods and nutrition to achieve desired physical goals.

"I started training ten s reps, and I just blew up."

The quote describes a change in training regimen that led to significant physical gains, demonstrating the speaker's willingness to experiment and adapt to improve their fitness.

• The speaker believes that the process of achieving a goal should be enjoyable, or it may not be worth pursuing.
• Personal preferences and the desire to maintain a certain lifestyle can influence one's goals and the methods to achieve them.

"So getting to 200 is not enjoyable for you? Correct. So it's not that you can't do it."

The speaker acknowledges that while it is possible to reach a certain goal, such as a weight target, the process must also be enjoyable; otherwise, it may not be a worthwhile pursuit.