Stuck In Your Business Ep 338

Summary Notes


In a discussion on overcoming business stagnation, the host emphasizes the importance of addressing incorrect beliefs, character traits, and skill deficiencies to achieve growth. He illustrates this with an anecdote of a successful business owner stuck at $1.5 million in monthly revenue due to a limiting belief that no one in the online marketing space earns more than $2 million a month. By challenging this belief and considering market potential, the host encourages looking beyond perceived limits, suggesting that a combination of self-improvement in beliefs, traits, and skills can lead to breakthroughs in business expansion.

Summary Notes

Reasons for Stagnation in Business

  • Businesses often get stuck due to incorrect beliefs, lack of character traits, or skill deficiencies.
  • Understanding the root cause of stagnation is crucial for growth.
  • Beliefs, traits, and skills are interconnected and all necessary for success.

"The reason we get stuck in our business is because we either have a belief that is incorrect, there's a character trait that we lack, or there's a skill deficiency."

This quote highlights the three main reasons why businesses fail to progress: holding onto false beliefs, missing certain character traits, or lacking the necessary skills. It emphasizes the need for self-awareness and development in these areas to overcome obstacles.

The Importance of Beliefs, Traits, and Skills

  • All three elements—beliefs, traits, and skills—are essential for business success.
  • Different experts may focus on one area, but a holistic approach is needed.
  • The speaker advocates for a balanced focus on developing beliefs, traits, and skills.

"And a lot of people who are just really good at character development only talk about traits. People really good at skill development only talk about skills. And people who are kind of like, a little bit more woo. Only talk about beliefs. But you need all three, right?"

The speaker points out that experts often specialize in one area, such as character traits, skills, or beliefs, but to truly excel and break through barriers, one must consider and develop all three aspects. This quote emphasizes the importance of a well-rounded approach to personal and professional development.

Breaking Industry Limits

  • The speaker uses an analogy of breaking the four-minute mile barrier to describe surpassing industry standards.
  • They share a personal success story of significantly outperforming the highest earner in their industry.
  • The implication is that perceived limits are not necessarily actual limits and can be surpassed.

"And so when I was talking to this guy, he said, no one's in the online space making more than $2 million a month. And I thought this was interesting because when I came into the gym space with our first company, there was no one who was making more than $3 million a year in that space. And for those of you who don't know, we grew that company to $30 million a year plus."

This quote illustrates the speaker's experience of entering an industry with a perceived earnings ceiling and then dramatically exceeding that ceiling. It serves as an example to encourage others that with the right mindset, traits, and skills, they can also break through their industry's perceived limits.

Overcoming Growth Limitations in Business

  • Speaker A challenges the belief that a business can't surpass a certain revenue threshold, specifically $2 million a month.
  • The discussion revolves around breaking down the reasons behind the perceived growth ceiling.
  • Speaker A suggests that market size, particularly in mass market businesses, is not a valid constraint for growth.
  • Real market constraints are acknowledged, such as serving a finite number of professionals in a niche market.
  • Speaker A points out that businesses can grow by expanding horizontally (adjacent growth) or vertically.
  • The concept of belief as a barrier to growth is introduced, with the gym industry as an example of surpassing collective competitor revenue.
  • Speaker A invokes the early mindset of Jeff Bezos and Amazon to illustrate the importance of belief in overcoming revenue ceilings.
  • The idea that limitations often stem from a lack of one of three unspecified key elements is hinted at.

"Is there not enough customers?" "And he's mass market, so of course there's enough customers. So tell me, why can you not do it?"

The speaker is questioning the validity of the belief that customer base size is a limiting factor to business growth, especially in mass market industries.

"Now, there are real market constraints, right? So, for example, if you were serving chiropractors and there's 50,000 chiropractors in the United States, if you had all 50,000 of them, then, yes, you wouldn't be able to grow in that space."

This quote acknowledges that certain niche markets have a finite number of potential customers, which can limit growth once the entire market is captured.

"And then at that point, you could grow adjacent. And so then, at that point, your business still would continue to grow."

Speaker A suggests that businesses can continue to grow by finding adjacent markets or expanding their offerings, even after capturing their initial target market.

"But if you're in a mass market business or a business that serves consumers in any way, the entire marketplace is your base."

The speaker emphasizes that for mass market businesses, the potential customer base is vast, implying that growth should not be constrained by market size.

"Well, if you have ten competitors and each of them are doing $2 million a month, then it means that one of you could be better than all of you and make $20 million dollars a month."

Speaker A challenges the mindset of limited growth by suggesting that surpassing competitors' combined revenues is possible through superior performance.

"How much do people spend on logistics and fulfillment? How much do people spend in consumer? Can you imagine Jeff Bezos in the early days of Amazon thinking to himself like, well, you just can't get past $10 million a year. Just can't get past $100 million a year."

The speaker references the early days of Amazon and Jeff Bezos to illustrate how limiting beliefs about revenue potential can hinder business growth.

"The reason that people get limited is because of their beliefs. And the reality is because they don't have one of those three things."

Speaker A concludes that often, the barriers to growth are self-imposed beliefs, and hints at the existence of three key elements necessary for overcoming these barriers, though the elements are not specified in the transcript.

Belief in Possibility

  • The starting point for achievement is believing it's possible to reach the goal.
  • The speaker emphasizes the importance of having belief as a prerequisite for success.
  • A comparison is made with competitors' revenue as a benchmark for potential success.

"I first started with the belief. I said, do you believe it's possible that you can get there? Because if we don't have that, then nothing can happen, right?"

This quote underlines the foundational role that belief plays in the pursuit of any goal. Without belief, no action or progress can be made.

Shameless Promotion

  • The speaker promotes their book "100 million dollar offers" available on Amazon.
  • The book is mentioned to have a high number of positive reviews and is presented as a gift to the community.
  • The promotion is framed as a way to build rapport with the audience and potential future business partners.

"I have a book on Amazon. It's called 100 million dollar offers. At over 8005 star reviews, it has almost a perfect score. You can get it for Kindle."

This quote is a straightforward promotion of the speaker's book, highlighting its success and availability as a resource for listeners.

Traits for Success

  • Patience is identified as a key trait needed to achieve long-term success.
  • The speaker discusses the importance of believing in the positive impact of one's product or service.
  • There is a moral dimension to success—believing that the product is genuinely good and can help others.
  • The discussion moves from self-centered goals to an other-centered focus once personal needs are met.

"Are you patient enough to see it out? And part of that comes to effective. Like if you believe you're making a positive impact, right? And you believe that your product or service really is benefiting the world..."

This quote emphasizes the importance of patience and the belief in the positive impact of one's work on achieving sustainable success.

Growth and Skills

  • Growth may be hindered by a lack of necessary skills.
  • The speaker distinguishes between having the skill to do something and the skill to recruit someone else to do it.
  • The concept of acquiring skills versus finding someone who already has them is discussed.
  • Awareness of what needs to happen is crucial to find the right person to accomplish the task.

"He might not be able to grow because he lacks the skills. He might not have the skills of recruiting somebody to open a new sales channel, right?"

This quote addresses the potential barrier to growth due to a lack of skills, either in oneself or in finding the right person to fill a skill gap.

Assessing Business Growth Potential

  • Evaluating the need to bring in someone to run the business.
  • Importance of assessing market capacity and personal belief in the product.
  • The necessity of identifying whether one is truly stuck due to market cap or personal limitations.
  • Strategies to outperform competitors by acquiring and fulfilling customer needs better.
  • Importance of recognizing and improving lacking traits or skills to unlock growth potential.

"on all the time, at what point do I bring someone in to run my business for?"

This quote introduces the question of when it is appropriate to hire someone to manage one's business, indicating a stage of growth or personal workload that prompts such consideration.

"Is your market capped? Is there a reason that why do you want to do this?"

This quote emphasizes the importance of understanding the reasons behind wanting to hire management, such as market limitations or personal belief in the product.

"You just have capped your skill or your beliefs or your traits."

The speaker suggests that perceived limitations in business growth may actually stem from the individual's skills, beliefs, or traits, rather than market factors.

"And so then I would look at, okay, well, if all my competitors are doing this put together, then there's no reason I can't get all of that or half of that if I were way better than all of them, right?"

This quote implies that by analyzing competitors' customer acquisition and fulfillment strategies and executing them better, one can potentially capture a larger market share.

"is there a trait that I lack or is there a skill that I lack in getting to where I want to go?"

The speaker advises identifying personal deficiencies in traits or skills as a step towards overcoming obstacles to business growth.

"I guess I can get this thing to $10 million a month, et cetera."

This quote reflects the realization of the individual's potential for significant business growth upon reevaluating their market and personal capabilities.

"it's not because of your market. Oftentimes it's because of your beliefs. A trait or a skill that you lack"

The speaker concludes that limitations in business growth are often not due to market saturation but rather personal beliefs, traits, or skills that need to be addressed.

Personal Reflection and Business Environment

  • The speaker's appreciation for the mobile studio setup and the Colorado mountains.
  • A sense of well-being and encouragement for the audience to have an amazing day.

"Hope you like my mobile studio setup. We're rocking the Colorado mountains."

The speaker shares their satisfaction with the mobile studio setup and the scenic environment, adding a personal touch to the conversation.

"It's beautiful up here and I hope you guys are having an amazing day."

This quote conveys the speaker's enjoyment of the surroundings and extends a positive wish to the audience, creating a friendly and motivational closing to the video.

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