I Don’t Read Books, I Study Them Ep 651

Summary Notes


In this podcast, the host shares insights on practical learning and strategic education in entrepreneurship. He emphasizes that most of his knowledge comes from hands-on experience rather than traditional study, advocating for targeted learning to address specific deficiencies. He critiques the common practice of reading extensively without application, suggesting that discerning what to learn next is key to progress. The host's journey includes masterminds, workshops, and personal coaching, which provided perspective rather than direct solutions, underscoring the importance of self-driven problem-solving. He also encourages sharing the podcast to support fellow entrepreneurs and highlights the value of thinking in larger increments, a lesson learned from successful mentors.

Summary Notes

Experiential Learning

  • Learning primarily comes from hands-on experiences.
  • Mastermind groups can help identify personal knowledge gaps rather than directly solving them.

"99% of the stuff I learned, I learned from doing. A lot of times the masterminds will give you the context to learn where you are deficient more than they will solve the deficiency."

This quote emphasizes the value of learning through action and experience, suggesting that while guidance from others can highlight areas for improvement, genuine learning occurs through personal engagement with tasks and challenges.

Business as a Game

  • Wealthy individuals often view business as a strategic game.
  • The podcast aims to share lessons learned from building a successful business portfolio.
  • The goal is to help others grow their businesses and potentially collaborate to reach significant financial milestones.

"The wealthiest people in the world see business as a game. This podcast, the game is my attempt at documenting the lessons I've learned on my way to building acquisition.com into a billion dollar portfolio."

The quote indicates that the speaker perceives business as a competitive and strategic endeavor, similar to a game, and the podcast serves as a platform to document and share strategic insights from the speaker's experiences.

Targeted Reading and Problem Solving

  • The speaker prefers targeted reading to address specific problems instead of reading broadly.
  • This approach is likened to adding missing pieces to a bridge, facilitating progress towards goals.
  • The speaker is critical of reading as a form of "mental masturbation" when it doesn't lead to action or improvement.

"And so if I need to learn about copywriting, I'll read four books on copywriting in a week, but then I won't read anything for a very long time."

The speaker describes a focused approach to learning, where they immerse themselves in a subject area to solve a particular problem, indicating that learning is driven by immediate needs rather than a general thirst for knowledge.

Critique of Reading for Reading's Sake

  • Reading without purpose is compared to consuming other forms of media without tangible outcomes.
  • The speaker values execution of knowledge over the quantity of books read.
  • The key to effective education is knowing what to learn next, which can significantly impact the pace of progress.

"I don't like the whole, like, I read a book a week. That's what I commit to. Because what happens is you create a really good vehicle for mental masturbation."

This quote criticizes the practice of reading as a self-indulgent activity when it does not contribute to personal growth or the achievement of goals. The speaker suggests that purposeful learning is more valuable than the mere consumption of information.

Sequential Learning and Execution

  • Learning should be structured in a sequence that aligns with business needs.
  • The speaker outlines a three-step process: having something to sell, attracting attention to it, and mastering sales.
  • Lack of knowledge in these areas, or inaction, is identified as a reason for not making money.

"If you can do those three steps, you will be able to make money. And if you don't know how to do one of those three things, then that's probably why you're not making money."

This quote provides a simplified framework for achieving financial success in business, emphasizing the importance of having a product, marketing it, and being able to sell it effectively. It implies that mastering these steps is crucial for financial success.

Value of Coaching and Masterminds

  • The speaker emphasizes that most of their knowledge came from practical experience.
  • Masterminds provide context and perspective rather than solving problems directly.
  • The real benefit of coaching is identifying one's deficiencies.
  • It is the individual's responsibility to work on and solve their problems.
  • Paying for coaching does not guarantee a direct return on investment.

"99% of the stuff I learned, I learned from doing, all right? And so a lot of times the masterminds will give you the context to learn where you are deficient more than they will solve the deficiency."

  • This quote highlights the speaker's belief that hands-on experience is the primary source of learning and that masterminds mainly help in identifying areas of weakness rather than providing solutions.

"And so what we are paying for and what we are buying is perspective. It's context."

  • The speaker clarifies that the value of coaching and masterminds lies in gaining new perspectives and understanding the context of one's challenges.

"But the real thing that it gives you is the ability to identify what your problems are."

  • The quote underscores the benefit of coaching in helping individuals recognize their own problems.

Importance of Self-Work and Focus

  • The speaker suggests that no one else can do the work necessary for one's success.
  • It is important to focus on addressing one's specific weaknesses rather than over-reinforcing strengths.
  • Gaining perspective is crucial to know where to direct one's efforts.

"And then it's up to you to solve, help them, because basically no one's going to do the work for you."

  • This quote stresses the necessity of personal effort in addressing problems identified through coaching or masterminds.

"You're going to have to do stuff, but you want to just make sure that you're doing the stuff that's driving towards where you're going and is not you just reinforcing a brick that doesn't need more reinforcing on that bridge."

  • The speaker is advising to focus efforts on areas that need improvement rather than over-focusing on areas already mastered.

Learning Resources and Self-Education

  • The speaker gained the majority of their knowledge from self-education through books, articles, and YouTube videos.
  • They emphasize the value of targeted learning and the importance of learning by doing.
  • The speaker suggests that traditional and digital resources are both valuable for learning.

"Besides that, I read targeted books and read articles, and I watched YouTube videos, which I would say is still the vast majority of what I learned is the vast majority of what got me started, I learned from doing."

  • This quote indicates that while the speaker values structured learning experiences like masterminds, they attribute most of their knowledge to self-taught content and practical experience.

Community Engagement and Word of Mouth

  • The speaker does not use traditional advertising but relies on word of mouth to grow their podcast.
  • They encourage listeners to share the podcast with others as a form of support.
  • The speaker values the community's role in spreading knowledge and supporting entrepreneurial growth.

"The only way this grows is through word of mouth."

  • The quote reflects the speaker's reliance on the community to promote the podcast, emphasizing the power of personal recommendations.

Personal Experience with Masterminds and Workshops

  • The speaker shares their experience with a mastermind for fitness and how it introduced them to digital marketing.
  • They did not have prior knowledge of sales, copywriting, or email lists before attending the mastermind.
  • The speaker invested in a costly workshop to learn about Facebook ads, indicating a commitment to self-improvement despite the financial burden.

"I learned what this digital marketing space was. I didn't even know it existed."

  • This quote illustrates the speaker's initial lack of knowledge in digital marketing and how attending a mastermind helped them discover it.

"I bought a $3,000 workshop on how to run Facebook ads for a weekend."

  • The speaker shares a specific investment in their education, highlighting the financial commitment they made to learn a new skill.

Learning and Skill Acquisition

  • Understanding the conceptual workings of a system is crucial before diving into practical applications.
  • The process of learning can be accelerated by directly engaging with the task, such as running ads to understand how they work.
  • Tools like ClickFunnels can simplify tasks like creating landing pages, but personal knowledge and skill are still necessary.
  • The strategy of "Replicate before you iterate" suggests that copying a successful example is a good way to learn before trying to innovate.
  • Overcoming the fear associated with learning new skills is often a matter of taking the first step, which then makes subsequent steps clearer.
  • The metaphor of using a flashlight in the dark to take one step at a time illustrates the process of gradual discovery and learning.

"I figured out enough to understand how it worked conceptually. And then I started running ads."

This quote highlights the importance of conceptual understanding before practical application, demonstrating a foundational approach to learning.

"Replicate before you iterate. I'm just going to clone this page on this builder."

This quote encapsulates the learning strategy of starting by replicating existing models, which can be a more approachable way to learn complex tasks.

"But if you just start pulling the thread, you start pulling the corner, all of a sudden, your next step gets a lot clearer to you after you make the first step."

The quote emphasizes the importance of initiating action to overcome fear and reveal the path forward in the learning process.

Professional Development and Networking

  • Offering value is critical when seeking mentorship or professional opportunities.
  • The speaker's fitness knowledge and experience provided tangible value to the gym owner, differentiating him from others who might offer less substantial help.
  • Demonstrating commitment by matching the work hours of a mentor can lead to practical learning experiences, as with the gym owner.
  • Networking and attending industry events, like the Traffic and Conversion Summit, can lead to discovering valuable tools and skills, such as ClickFunnels for webpage creation.
  • The experience gained through working closely with a professional can be directly applied to one's entrepreneurial endeavors, as with starting a gym.

"For him, I had value to provide, right?"

This quote stresses the significance of bringing valuable skills to the table when seeking opportunities or mentorship.

"Your free is too expensive. It's overpriced."

This quote conveys the idea that offering to work for free is not always valuable if it imposes on the time and resources of the mentor or employer.

"I showed up when he showed up. I showed up at the gym at 04:00 a.m."

The quote demonstrates the speaker's commitment to learning and professional growth by aligning with the mentor's work ethic and schedule.

Entrepreneurial Insight

  • The journey to entrepreneurship often involves learning from various sources, including direct work experience, mentorship, and industry events.
  • Working for free can be a strategic move if it leads to acquiring skills that are applicable to one's entrepreneurial goals, as with learning to operate a gym.
  • The speaker's experience with the gym owner was instrumental in learning the ins and outs of starting and running a fitness business.
  • Industry events can provide exposure to new tools and concepts that can be pivotal in one's entrepreneurial journey.

"And then from there, I learned how to start a gym. And that's how I started my first gym."

This quote illustrates the practical application of skills and knowledge gained through mentorship and work experience in starting a business.

"I went to traffic and conversion summit. That's when I learned about clickfunnels, and that's when I learned about the web page thing."

The quote highlights the value of industry events in expanding one's knowledge and discovering tools that can be leveraged for business success.

Entry into Direct Marketing

  • The speaker began their journey in the direct marketing world approximately two years prior to the conversation.
  • They engaged with a wealth of free resources, specifically books provided by influential figures in the marketing industry.
  • The speaker emphasized the importance of reading books tailored to specific life seasons and goals.
  • Books were instrumental in gaining industry context, especially in the field of direct response marketing.

I read all of them, like, all of the guys books, which is why I'm so passionate about books for me, because books, like, as much as I said, I don't read on a regular basis. I read targeted during seasons of my life.

This quote illustrates the speaker's selective approach to reading, focusing on materials that are directly relevant to their current interests and professional development.

Learning Advanced Marketing Skills

  • The speaker invested in personal education by paying for a one-on-one session to learn Facebook advertising at a rate of $750 an hour.
  • Advanced topics such as pixels, retargeting, and audiences were covered during the training.
  • This indicates a commitment to deepening their understanding of digital marketing beyond the basics.

I paid a guy, one on one, $750 an hour to teach me how to run Facebook ads. And so I learned that in more depth because I learned, like, a basic understanding.

The quote highlights the speaker's willingness to invest a significant amount of money for expert guidance in specialized marketing techniques.

Exposure to Online Marketing and Digital Products

  • The speaker joined Russell's mastermind without having an online business, which introduced them to the online marketing world.
  • They gained insights into digital products, information, and education markets.
  • The experience expanded their perspective and encouraged them to think in larger increments.

I joined Russell's mastermind, and I didn't even have an online business, and that's when I learned about the online world.

This quote shows the speaker's proactive approach to learning by joining a mastermind group to gain knowledge about online business strategies.

The Impact of Thinking in Larger Increments

  • The speaker credits thinking in larger increments as a life-changing mindset.
  • They emphasize the importance of focusing on significant opportunities rather than minor ones.
  • The speaker believes that the ability to discern valuable opportunities is a key difference between individuals with wealthy backgrounds and those without.

If you can do that, you can change your life because you stop paying attention to stuff that's small potatoes.

The quote underscores the transformative power of prioritizing substantial goals over trivial matters.

Perspective on Wealth and Opportunity

  • The speaker clarifies a misconception about their access to resources, stating they did not purchase a lot of information but were selective in their investments.
  • They discuss the perspective of wealthy individuals on opportunity and leverage, which involves choosing higher leverage opportunities over smaller ventures.
  • The speaker views decision-making as the most significant advantage of being around wealthy people.

The biggest difference between rich dads and poor dads is that rich dads teach their kids to think in bigger increments.

This quote explains the speaker's view on the mindset instilled by wealthy parents, which focuses on aiming for more substantial achievements.

Value of Buying Expertise

  • The speaker frequently buys time from experts, valuing the insights and knowledge they can provide.
  • They have spent significant amounts of money on consultations with various professionals and found it to be worth the investment.
  • The speaker recommends this approach of purchasing expertise to others.

I probably paid ten different people 10,000 hours or more, and every single one of them was worth it.

This quote expresses the speaker's satisfaction with the returns on their investment in expert advice and their belief in its value.

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