F End Of The Week Ep 357

In this episode, the host emphasizes the defining characteristic of top 1% entrepreneurs: rapid execution post-decision-making. He stresses that the power in business lies in minimizing the time between idea conception and reality, likening it to an omnipotent being's instant creation. The host introduces the OODA loop—observe, orient, decide, act—as a framework for swift iteration and responsiveness. He critiques the 'end of week' mentality, advocating for immediate action to exponentially speed up organizational progress. The host's message is clear: prioritize effectively, execute tasks promptly, and instill this urgency within your team to drive revenue, retention, and overall business success.

• The top 1% of winners execute decisions quickly.
• Speed of execution is a defining trait of successful entrepreneurs.
• Power is described as the gap between thought and reality.
• The smaller the gap, the more powerful and successful the entrepreneur.
• Speed in the OODA loop (Observe, Orient, Decide, Act) is crucial for business iteration and responsiveness.

"The one trait I see over and over again that is clear to the people who are winners, right, the top 1%, is the speed with which they execute after making a decision."

This quote emphasizes the observation that the most successful individuals are those who act swiftly after deciding on a course of action. Speed in execution is highlighted as a common characteristic among the top 1% of achievers.

"And so one of the definitions that we talk about in the community is that definition of power, as I understand it, is the gap between thoughts becoming reality."

Here, the speaker is defining power as the ability to quickly turn thoughts into reality, implying that a smaller gap signifies greater power and effectiveness.

"And so if you think that as, like, the ultimate scale of power, then the closer we can get to that, the more powerful we become, the more potent we are as entrepreneurs."

This quote suggests that entrepreneurs should aspire to minimize the time between idea conception and execution, as this would increase their power and potency in the business world.

"And so I see this so many times that it's not even, oh, this is associated with success. This is what creates success, because the gap between where you decide something is a good idea and when it actually occurs is the loop with which you can improve your business."

The speaker is asserting that the rapid execution is not just correlated with success but is a fundamental driver of it. The ability to quickly implement ideas is crucial for business improvement and success.

"And I think the key to that is the speed of the Ooda loop. And that's just like a military term, like, observe, orient, decide, act."

By referencing the OODA loop, the speaker is drawing a parallel between military strategy and entrepreneurial action, suggesting that quick decision-making and action are vital for success.

• The entrepreneurial journey involves numerous iterations and pivots.
• Iteration is compared to the mileage on a car rather than its age.
• Success is partly due to the number of iterations a business goes through.

"And what I mean by that is, we're young, right? But there's been a lot of iterations that have happened from when the business first started, when I started my first gym, until now."

This quote reflects on the speaker's own experience, noting that despite being relatively young, their business has undergone many changes and iterations, contributing to its success.

• The OODA loop is a decision-making process that involves observing, orienting, deciding, and acting.
• The faster an entrepreneur can go through the OODA loop, the more responsive they are to opportunities and failures.

"And I think the key to that is the speed of the Ooda loop. And that's just like a military term, like, observe, orient, decide, act."

The speaker emphasizes the importance of the OODA loop for entrepreneurs, suggesting that the ability to quickly move through this cycle is key to business success.

• The podcast aims to discuss customer acquisition, profit maximization, customer retention, and lessons learned from failures.

"Welcome to the game, where we talk about how to get more customers, how to make more per customer, and to keep them longer, and the many failures and lessons we have learned along the way."

The quote serves as an introduction to the podcast's main themes, focusing on strategies for business growth and learning from past mistakes.

• The concept of power in entrepreneurship is likened to a creator's ability to manifest thoughts into reality.
• The potency of an entrepreneur is measured by their ability to close the gap between idea and execution.

"And so if you were to believe in a creator of some sort, then you might think, as that creator thought, the universe became right."

This analogy is used to illustrate the concept of power as the ability to manifest thoughts into reality, suggesting that entrepreneurs should strive for this level of efficacy.

• The discussion intends to cover the application of these concepts within the context of managing a team and employees.

"And so I want to talk about this within the context of running a team and employees..."

Although the speaker does not elaborate further, this quote indicates that the upcoming discussion will relate the previously mentioned ideas to team management and leadership.

• Delegation is crucial when transitioning from doing everything yourself to leading a team.
• Efficient delegation involves setting expectations for prompt task completion.
• Urging team members to complete tasks in shorter time frames can significantly speed up organizational operations.
• Establishing a quick pace for task completion sets a tone for the organization's overall efficiency.
• The key to speed in an organization is not just about doing things quickly, but about prioritizing effectively and avoiding distractions.

"And so from running your team, right. One of the things that once you're moving out of you, doing things all the time there is, how do I get other people to do things?"

This quote emphasizes the shift from individual productivity to team productivity through effective delegation.

"And if you think about how you can run an organization like that, if you can get things done end of day rather than end of week, you are literally speeding up the organization. Seven X."

The speaker highlights the potential for a sevenfold increase in organizational speed by shifting deadlines from the end of the week to the end of the day.

"And speed isn't doing things fast. It's basically just not being distracted by other shit that doesn't matter. It's being able to prioritize."

This quote clarifies that speed in an organization is not about rushing but about maintaining focus and prioritizing tasks effectively.

• Leaders have the power to set the pace and expectations for their team.
• By setting immediate start times and deadlines, leaders can instill a sense of urgency and accountability.
• Encouraging team members to prioritize high-value tasks over less important activities can lead to more productive outcomes.
• Applying pressure for rapid task completion can shorten feedback loops and accelerate progress.

"You set the cadence. If people say, hey, can we do this? And then you're like, cool, let's start right now."

The speaker suggests that leaders can effectively set the operational tempo by initiating tasks immediately upon request.

"And so if you can speed up that loop and force and apply pressure to your team to not do things by end of week or even end of day, it's like, it's 10:00 a.m. Can you get this done by noon?"

By setting tighter deadlines, leaders can create a culture of efficiency and prompt action within their teams.

• Entrepreneurs who are successful and manage multi-million dollar businesses tend to share knowledge and seek feedback actively.
• A proactive approach to learning and applying insights from reading is common among higher-level entrepreneurs.
• Entrepreneurs in this category demonstrate a quick turnaround in assimilating new information and planning its application.

"I was talking to. So I've been reading some really interesting books lately, and I referred them out to a handful of entrepreneur friends that I have that are all doing five to 15 million kind of in that range."

The speaker indicates that sharing resources among successful entrepreneurs is a common practice.

"And what was amazing to me is that every single one of them read the book, immediately sent me back their notes and what they were going to do with it."

This quote shows the eagerness and efficiency with which successful entrepreneurs absorb and plan to implement new knowledge.

(Note: The transcript was cut off before completion, hence the notes end abruptly.)

• Speed of execution is critical in business success.
• There's a delay between gaining information and acting on it.
• Prompt execution without distractions leads to faster growth and power as an entrepreneur.
• Joey, as an example, implemented every system quickly, demonstrating high efficacy in execution.
• Fostering a mindset focused on immediate execution can lead to significant business advantages.

"The delay between being able to gain information and act is so much longer, and that's why where they want to be, right."

This quote emphasizes the gap between acquiring knowledge and taking action, suggesting that reducing this gap is desirable for business success.

"His level of efficacy in execution was so high because it didn't allow himself to get distracted by things."

This quote highlights Joey's ability to execute without distractions and suggests that this is a key factor in his success.

"If you can start to foster that type of behavior in yourself and those attitudes about execution, you will grow faster and you will become more powerful as an entrepreneur."

The quote encourages entrepreneurs to adopt a mindset of immediate execution to enhance their growth and influence in the business world.

• The ability to execute quickly is a competitive advantage.
• Speed of execution can make first-mover advantages less relevant.
• Businesses should focus on how quickly they can iterate and improve.
• Understanding the time needed to address issues like high churn rates is essential.

"The competitor who sees what you're doing can immediately execute, implement and improve on it at a faster loop than you can even understand what's going on, right?"

This quote underscores the threat of a competitor who can execute and improve upon your ideas faster than you can comprehend the changes, making speed a critical factor in maintaining a competitive edge.

"And so if you're looking at your business, look at it from a context of speed, of how long does it take us to improve things, right?"

The quote advises businesses to evaluate their operations based on the speed of improvement, highlighting the importance of rapid execution in achieving business success.

• Speed is considered a core tenet within the context of the business discussed, likely due to its impact on productivity and growth.
• Procrastination is identified as a common issue that delays problem-solving and progress.
• There is an emphasis on addressing problems immediately rather than delaying them to the end of the week or month.
• The speaker advocates for prioritizing urgent tasks and applying pressure to get them done promptly.
• A sense of urgency can exponentially increase the growth rate of a business by quickly solving problems and overcoming bottlenecks.

We purposely delay these things because we just procrastinate for no reason when the problem will not go away, right? And so that is why within gym launch, speed is king is one of the core tenets of the business.

The quote emphasizes the negative impact of procrastination on business progress and the importance of speed as a fundamental value in the company's culture.

• The speaker encourages starting with the decision-making moment to prioritize tasks effectively.
• There is a call to question the importance of current activities compared to the tasks that need immediate attention.
• The speaker suggests that by re-evaluating priorities, one can make significant progress in a much shorter time frame.

What are you doing today that's more important than this? What are you doing in the next 2 hours that's more important than this?

This quote challenges the listener to reassess their current priorities and consider the urgency of tasks that could drive business growth if addressed promptly.

• Immediate action on solutions can lead to a sevenfold increase in business growth.
• The speaker suggests that rapid problem-solving and addressing bottlenecks as they arise can help a business pivot quickly.
• The concept of "a million small turns" rather than one big change is presented as a strategy for achieving business goals.

If you even going from end of week to end of day, can seven x, how quickly your business grows.

The quote highlights the potential impact of shifting from a weekly to a daily problem-solving approach on the rate of business growth.

• The speaker advises managers and team leaders to focus on implementing new strategies today rather than delaying them.
• There is a call to challenge and push back on excuses for not completing tasks.
• Prioritization should be driven by the impact on revenue, retention, and overall business progress.
• The speaker encourages looking at one's schedule to identify and address bottlenecks immediately.

Start with end of the next 2 hours and then work backwards from there. And then apply pressure and push back on excuses for why something can't be done.

This quote provides a practical approach to task prioritization and overcoming procrastination by starting with the most immediate time frame and holding oneself or team members accountable for their excuses.

• The speaker emphasizes the importance of closing the gap between decision-making and actual implementation.
• The ability to quickly turn thoughts into reality is presented as a measure of one's power as an entrepreneur and a human being.
• There is a motivational element to the message, encouraging listeners to have an amazing day and to keep being awesome.

It's just the speed with which you can close the gap between your thoughts and your decisions. And the reality that you create in front of you will dictate how powerful you are as an entrepreneur and even as a human being.

The quote underscores the significance of swift action in manifesting one's decisions and thoughts into tangible outcomes, thereby enhancing personal and professional effectiveness.