In a candid discussion, the host and their guest, acquisition.com founder, delve into the entrepreneurial journey, emphasizing the importance of understanding probability and volume in achieving success. They debunk the myth of overnight success and stress that perseverance and the willingness to be initially unskilled are critical. By sharing insights from coaching an 18-year-old neighbor, they illustrate that consistent effort and embracing the learning curve can negate the need for luck and build the skills necessary for success. The conversation also touches on the pitfalls of early wins and the unrealistic expectations fueled by social media, advocating for a long-term perspective on growth and mastery.
"You might not be doing anything different. You might have just hit the gold nugget way too early in the cycle, and now you got to sift through a lot more no's to get to your next one."
This quote emphasizes that initial success in entrepreneurship can sometimes be a fluke, and continued success requires enduring through many rejections.
"One of the key differences that I see with people who are successful and do grow and do scale is that they have a firm understanding of probability, all right?"
This quote highlights the importance of understanding probability in the growth and scaling of a business, suggesting that successful entrepreneurs are those who grasp the concept of chance and its implications.
"Volume negates luck, all right? So if you can put that in your brain, volume negates luck."
This quote conveys the idea that increasing the number of attempts or actions in business can effectively counteract the unpredictable nature of luck.
"If I explain that math to you, I'd be like, is that luck that I closed 500 deals? You'd probably be like, no, that's just probability."
This quote explains that consistent results from high volumes are not due to luck but are predictable outcomes based on probability.
"You can also negate Gil, which is a byproduct of the volume."
This quote introduces the concept of 'Gil' as a lack of skill that can be overcome by increasing the volume of attempts, implying that practice and repetition can improve proficiency in business activities.
"Of course you suck. You're supposed to suck. You're not supposed to be good, right?" This quote highlights the normalcy of being unskilled when first attempting a new endeavor. It's a reassuring statement that sets realistic expectations for beginners.
"Everyone, especially the guys who are younger right now... they just immediately assume they should be a millionaire the first year." The speaker points out the distorted belief that success, such as becoming a millionaire, should happen almost instantly, which is a common misconception among the youth influenced by social media.
"It should take you about 1000 cold calls to get one deal, right?" This quote serves as a specific example of the volume of effort required to achieve success in a task like cold calling, emphasizing the importance of persistence.
"It hurts their ego too much to be bad. And so then they say, this isn't for me, right?" The quote discusses the psychological barrier of ego that prevents individuals from continuing efforts in the face of initial failure or lack of skill.
"If you did this for a straight year... it would be unreasonable for you not to have found one person if you do this for a straight year." This quote emphasizes the importance of commitment over an extended period to achieve success, suggesting that continuous effort will inevitably lead to improvement and results.
"You have this binary measure of progress, which is I either closed a sale or I didn't close a sale, when in reality there's tons of bricks on the bridge on the way to getting the first dollar over, right?" This quote metaphorically describes the gradual progress made towards a goal, suggesting that there are many small steps involved in achieving success, not just the final outcome.
"The first deal, the first dollar, independent of whatever you're doing, is always the hardest one." This quote encapsulates the challenge of achieving the first success in any pursuit, highlighting the steep learning curve that precedes it.
old business and wants to get to a much bigger business, going to 5100 million dollars plus, we would love to talk to you.
This quote highlights an invitation to businesses aiming for significant growth to engage with a team that can assist in achieving that goal.
And so I told him that the only way that I would give him my blessing for him to quit is if he could convince me that the entire industry of wholesaling real estate had disappeared.
Speaker B emphasizes the resilience of the real estate wholesaling industry and sets a high bar for quitting, implying that the industry's existence is a reason to persist.
And the only way to acquire that skill is volume.
Speaker B points out that skill, which is critical for success, can only be developed through extensive practice and experience.
And the thing is, when you have enough skill, you get luckier, right?
Speaker B suggests that what is often perceived as luck is actually the result of honing one's skills through repeated practice.
But the big picture is that people who invest, people who do business at larger scale, just understand probability, right?
Speaker B emphasizes the importance of understanding probability in business, indicating that successful investors and entrepreneurs factor this into their strategies.
How much do you think that messes him up? A ton maybe? Or probably even more than working really hard to get there.
Speaker B is discussing the potential negative impact of achieving success too easily, suggesting that it might create unrealistic expectations about the effort needed for future achievements.
"If you want to become lucky, if you want to have probability on your side, you simply increase n, increase the number, increase the volume, and eventually you will strike gold."
This quote emphasizes the strategy of increasing one's efforts to improve the odds of success. It underlines the concept that success is often a numbers game.
"Your first three weeks are wasted that you weren't doing it the right way."
Speaker B highlights the wasted effort due to incorrect execution, suggesting that time is lost when a system is not properly followed from the beginning.
"If you do this for four straight years, I was like, do you think it would be reasonable that you'd be able to close one deal a month by the end of that?"
This quote stresses the importance of realistic timelines and the value of consistent effort over several years to achieve professional success.
"Most people end up hopping and always doing these half built bridges where they learn two, three, four of the skills, but there's ten that they have to learn."
Speaker B uses the analogy of half-built bridges to describe the common mistake of not fully developing one's skills before moving on to another endeavor.
"Keep laying the bricks, keep laying the bricks all the way across the bridge from where you are to where you want to be."
Speaker B encourages perseverance, using the metaphor of laying bricks to represent the ongoing effort required to achieve success in any endeavor.