One SKILL That Is HARD To Learn, BUT Will Pay Off FOREVER Ep 297

Abstract
Summary Notes

Abstract

In a candid discussion, Alex from Rosie delves into the harsh reality that a lack of success often stems from not being skilled enough yet, emphasizing that mastery and profitability come with experience. He illustrates this through a conversation with a struggling real estate agency owner, advising that to excel, one must deeply understand and replicate the successful strategies of others. Alex underscores the value of learning from both successes and failures, highlighting that there are no shortcuts to the extensive practice required to build a solid foundation for success. He encourages entrepreneurs to observe, replicate, and then iterate on proven methods, sharing his own and others' experiences of grinding through a "rocky cutscene" period before achieving mastery and explosive growth. Alex's passionate plea is for entrepreneurs to put in the time and effort to develop their skills and contribute value, rather than seeking quick hacks or shortcuts.

Summary Notes

Understanding Business Growth and Expertise

  • The primary reason for not making money is a lack of proficiency in the business.
  • Growth in business is compared to the expertise required in a specific field.
  • Expertise is developed over time, and immediate success is not reasonable for newcomers.
  • The potential for success in a business can be gauged by looking at the success of others in the same industry.
  • The depth of understanding and skill is crucial for success in any field.

"The reason you're not making money is because you're not that good. And that's okay."

This quote emphasizes that lack of success in making money is often due to a lack of skill, which is normal for those new to a business.

"And so is it reasonable to believe that you're going to have a top 1% income only having been in a game where other people have been doing it for 20 years who are in the top 1%? Probably not, right?"

Alex from Rosie points out that it's unrealistic for someone new to the industry to immediately earn as much as the top 1% who have decades of experience.

"So the next piece is understanding the depth of the value and the skills that are required to be successful."

This quote underscores the importance of recognizing the depth of knowledge and skills necessary to achieve success in any business.

The Importance of Industry Viability and Skill Depth

  • Assessing the viability of a business involves observing if others in the industry are successful.
  • Understanding nuanced differences in skills and value is key to surpassing competitors.
  • Comparing the knowledge of snow between Americans and Eskimos illustrates the importance of nuanced understanding in any field.

"So the easiest way to do that is look around and see if there are other people in the industry that are doing what you're doing and if they are succeeding."

Alex from Rosie suggests that one can determine the viability of their business by observing the success of others in the same industry.

"Eskimos... have seven different words for snow, all right? It's because of the different types of snow."

The analogy with Eskimos' understanding of snow is used to illustrate the depth of knowledge required to excel in a particular area.

Client Success and the Role of the Service Provider

  • The success of clients in a business can vary greatly.
  • A service provider's role is significant but not the sole factor in a client's success.
  • Understanding the specific actions that lead to a client's success is crucial.

"That's because of him and not you."

Alex from Rosie points out that the success of a particular client may be more due to the client's own actions rather than the quality of the service provided.

"It's the depth of the understanding. It's looking at the sky and saying, oh, it's white, it's snowing."

This quote highlights the difference between a superficial understanding of a concept and a deep, nuanced understanding that experts possess.

Differentiation and Expertise in Business Strategies

  • Differentiation in business strategies comes from a deep understanding of the industry.
  • There are various ways to approach a concept or strategy in business.
  • Expertise is shown through the ability to distinguish between these various approaches.

"There's only free offers and non free offers, I'd be like, no, there's 19 types of ways to monetize the word free."

Alex from Rosie uses the example of monetizing the concept of "free" to illustrate that an expert's understanding goes beyond the surface level to recognize many different approaches within a single concept.

Learning from Others' Success

  • Successful individuals often learn by observing and replicating the behaviors of those who are already successful in their field.
  • Key behaviors to observe include communication tactics, follow-up strategies, and the overall sales process.
  • Understanding the nuances of a successful person's approach can lead to replicating their success.

"Fly out to the guy who's doing 250,000 a month off of your leads and soak up everything. How many times does he call? In what intervals? What's the first thing he says on the phone? What's the intonation? How does he follow up right after the phone call?"

This quote emphasizes the importance of learning from a successful individual by closely observing their methods and strategies in order to improve one's own performance.

The Importance of Deep Knowledge in Sales

  • Having in-depth knowledge of your business and the needs of your clients is crucial for success.
  • This knowledge gives you the confidence and conviction to counter objections effectively.

"If you knew more about how to make real estate agents money, we wouldn't be having this conversation. Because you'd be making them money, right?"

The quote underscores the direct correlation between understanding how to provide value to clients and achieving financial success in business.

Conviction Through Experience

  • True conviction in your product or service can only come from personal experience or outright dishonesty.
  • Experience provides the confidence to assert the value of your offerings and stand behind them.

"The only way to have that level of certainty, because if someone says to him, these leads are crap, right, for example, he could look back at them and say, no, they're not. You're doing it wrong."

The speaker highlights that having firsthand experience allows you to confidently refute false claims about your product or service.

Commitment to Mastery

  • Success often requires a period of intense learning and practice, which may involve a significant investment of time and effort.
  • Mastery of a skill or business comes from repeated practice and learning from both successes and failures.

"I did 33 turnarounds for two years, right? Two years I spent in motel rooms. Everyone forgets about that stuff."

This quote illustrates the speaker's commitment to mastering their craft, which involved significant personal sacrifice and effort.

Learning from Others' Mistakes

  • Learning from others' failures can fast-track your success and prevent unnecessary mistakes.
  • Wise individuals do not solely rely on personal experience; they also incorporate lessons from others' failures.

"If you can't learn from other people's failures, then it means that you are literally going to have to make every single mistake yourself, which is possibly the stupidest thing you can do."

The speaker advises that learning from others' mistakes is smarter and more efficient than making all the mistakes yourself.

Encouragement to Share Knowledge

  • The speaker does not monetize the podcast but asks listeners to share the content to help more entrepreneurs.
  • Sharing knowledge and experiences can have a positive impact on others' lives and businesses.

"The only ask that I can ever have of you guys is that you help me spread the word so we can help more entrepreneurs make more money, feed their families, make better products, and have better experiences for their employees and customers."

This quote is a request from the speaker to the audience to share the podcast, emphasizing the importance of disseminating valuable information for the betterment of others.

Experience and Perspective in Success

  • Alex from Rosie emphasizes the importance of experience and perspective in achieving success.
  • He uses the metaphor of understanding snow to illustrate that his long-term experience in Alaska gives him a more informed perspective than someone experiencing their first winter.
  • Alex suggests that success is not owed but earned through persistent effort and action.

"Who do you think has more perspective about snow? This is your first winter. I've been living in Alaska for the last 20 years."

This quote underlines the value of experience in forming a credible perspective. Alex is asserting that his two decades in Alaska afford him a deeper understanding of snow compared to someone in their first winter there.

The Common Journey of Successful Entrepreneurs

  • Alex discusses the shared narrative among successful entrepreneurs, which includes a period of relentless effort and repetition leading to mastery.
  • He points out that after achieving mastery, entrepreneurs transfer their skills to new opportunities, which often results in rapid success.
  • This pattern is described as a "rocky cutscene," a metaphor suggesting a montage of hard work that precedes success.

"Every single successful entrepreneur has a rocky cutscene. They have a two year, four year, six year period of time where no one talks about it, and they did the same thing over and over and over again."

The quote captures the essence of the entrepreneurial journey, highlighting the long periods of unnoticed, repetitive work that lay the groundwork for eventual success.

Mastery Through Repetition

  • Alex from Rosie shares the story of an entrepreneur who became adept at selling by persistently reaching out to uncontacted leads.
  • The entrepreneur's success is attributed to the dedication to making hundreds of phone calls daily and incrementally improving his sales technique.
  • This narrative serves as an example of how mastery and system development are achieved through consistent practice.

"He started picking up the phone, and every day he do hundreds of dials, hundreds of dials to these lists that were just plowing through that no one was talking to."

This quote illustrates the entrepreneur's commitment to his craft and the repetitive nature of the work that led to his proficiency in sales.

The Value of Nuance in Sales

  • Alex explains that the nuances of sales become evident only through extensive real-world experience.
  • He contrasts the superficial understanding of sales from videos with the deep knowledge gained from thousands of in-person sales consultations.
  • Alex emphasizes that there are no shortcuts to acquiring the nuanced understanding necessary for providing exceptional value in sales.

"Sales consults in person. It's a lot. So it's like when we talk about sales stuff, the nuances are evident."

The quote reflects on Alex's extensive experience in sales consultations, suggesting that the sheer volume of his interactions has allowed him to grasp the subtleties of the field.

The Foundation of Skill

  • Alex argues that the foundational skill developed through experience is crucial for building substantial success.
  • He likens skill development to building a strong base for a pyramid, which allows for greater achievements.
  • Alex firmly believes that there are no shortcuts to success, and that the depth of one's foundational skills determines the height of their achievements.

"But the foundation is the piece that no one can take from you, no one can take my experiences from it and the skills that were shaped from that."

This quote emphasizes the enduring value of the foundational skills and experiences that one accumulates over time, which form the bedrock of future success.

Learning from Successful Examples

  • Observe and replicate the methods of successful individuals before attempting to innovate.
  • The process of iteration should come after mastering the existing successful systems.
  • Replication is a crucial step to understand the intricacies of what makes a system work effectively.

Once you can do it as well as them or better than them, then you've earned the right to iterate on someone else's system.

The quote emphasizes the importance of reaching a level of proficiency that matches or surpasses the original before attempting to make changes or improvements.

Offering Value to Gain Experience

  • Offering to work for free without providing value is not effective.
  • It's important to provide value in any capacity, even if it's in a seemingly small role.
  • Being around successful business owners and observing their operations is a learning opportunity.

Now you're not going to work for free for me. I get two dms a day. Like, hey, man, I'll work for free if I can just spend time with you. No, you have no value to provide to me. Don't ask.

This quote underscores the speaker's perspective that simply offering to work for free isn't enough; one must bring value to the table.

Practical Experience and Skill Acquisition

  • Practical experience is vital for understanding different aspects of a business.
  • Working in various roles provides insights into effective business layouts and strategies.
  • Learning from others' experiences and mistakes is crucial to avoid repeating them.

When we did the gym turnarounds, I worked the front desk for 33 different gyms. It's a lot of gyms, right? And so I got a feeling for how the floor is laid out, how the lobbies need to be laid out, how you can maximize your sales, how you can have more guys selling in the same space.

The quote illustrates the value of hands-on experience across different environments to gain a comprehensive understanding of business operations.

The "Rocky Cutscene" Period

  • The "Rocky cutscene" period refers to the time spent developing skills before achieving success.
  • Skipping this developmental phase often leads to a lack of sustainable success.
  • This period is crucial for building a strong foundation for future opportunities.

There's the rocky cutscene period. And if you haven't had that period, you probably won't blow up. So just start putting the time in now to get your rocky cutscene done to have the skill that you can then apply to the new opportunity that arises.

The quote draws a parallel to the training montage in the Rocky films, emphasizing the necessity of a preparation phase to build skills for future success.

Market Recognition and Authentic Expertise

  • The market can distinguish between genuine expertise and those who are pretending.
  • True success and earning potential are linked to authentic knowledge and experience.
  • Building a solid foundation allows for greater achievements and surpasses limited success.

And the marketplace knows that they can delineate between who really has trench knowledge and who is pretending, and that's pretty much it.

This quote highlights the market's ability to recognize real expertise, which is gained through experience and genuine understanding.

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