When People Only Care About Making Money Ep 205

Summary Notes


In the Gym Secrets podcast, the host Alex discusses the merits of doing business with candid profit-driven individuals, arguing that transparency about financial intentions prevents deception and leads to better deals. Drawing from a book he recalls, possibly titled "Winning Through Intimidation," Alex outlines three types of people in business: the brutally honest profit-seekers, the deceptive altruists, and those who falsely prioritize relationships over profit. He emphasizes the importance of recognizing red flags, such as claims of indifference to money or overemphasis on values, which often lead to poor business outcomes. Alex advocates for clear communication about monetary goals, warning against emotional decision-making and the pitfalls of working with those who disguise their true motives under the guise of altruism. He concludes by encouraging listeners to learn from others' experiences, to be discerning in their dealings, and to value straightforwardness in business partnerships.

Summary Notes

Business Transparency

  • Transparency in business intentions is crucial.
  • Honest communication about profit motives is preferred.
  • Deception in business dealings is discouraged.

"They're ruthless. They're clear. That's what they want. And the book describes those people as the best people to do business with. Why? Because there's no deception."

This quote emphasizes that individuals who are upfront about their intentions, even if those intentions are self-serving, are considered better business partners due to the absence of deceit.

Profit Motivation

  • Everyone is trying to make money in business.
  • Honesty about profit motives is seen as better than lying.
  • Ethical business practices involve providing value while making a profit.

"Everyone is trying to make money. Some people are just honest about it."

This quote suggests that while all businesses aim to make money, being honest about this goal is more respectable and preferable.

Real Intentions vs. Altruism

  • Speaker A challenges the notion of altruistic business motives.
  • The importance of being truthful about intentions is highlighted.
  • Speaker A believes most people are profit-driven rather than altruistic.

"Most people don't actually have altruistic intentions. Most people are here to make a profit."

Speaker A's quote conveys the idea that despite what some may claim, the primary goal for most in business is profit, not altruism.

Value Exchange

  • Speaker A asserts the importance of providing value in exchange for money.
  • The ethical standpoint of providing value while making money is defended.

"I'm here to provide value and get money in exchange for that."

This quote explains Speaker A's business philosophy, which is to offer something valuable to customers in return for financial gain.

Red Flags in Business Deals

  • Speaker A warns against people who claim they don't care about money.
  • Such statements are seen as red flags indicating potential dishonesty.

"Boom, red flag. When someone says that, bullshit. Everyone cares about the money."

The quote serves as a warning that claims of indifference towards money in business are often dishonest and should be treated with caution.

Speaker A's Business Philosophy

  • Speaker A openly declares a profit motive.
  • There is a belief that being straightforward about financial goals creates a better foundation for business relationships.

"Like, I'm here to make money, right? I am. I'm here to provide value and get money in exchange for that."

This quote is a direct expression of Speaker A's business approach, which is transparent about making money while also ensuring value is provided to the customer.

Nonprofit Sector Critique

  • Speaker A briefly critiques the nonprofit sector for not always being transparent about financial matters.
  • High salaries and questionable practices in nonprofits are mentioned.

"And you could even get into how much CEOs of nonprofits make. And I've seen all sorts of shady shit there."

Speaker A highlights that even in the nonprofit sector, where the profit motive is often downplayed, there can be financial practices that lack transparency and integrity.

Importance of Transparency in Business

  • Transparency and honesty in business dealings create a clear understanding of mutual benefits.
  • Successful business relationships often involve parties openly discussing their intent to make money.
  • Providing value and taking care of customers is essential for making money.

"And honestly, I've had some of the most pleasant business dealings with people who are open and upfront about that's what they want to do."

This quote emphasizes the positive experiences that come from being transparent about the intention to profit in business dealings.

Misalignment of Values

  • People who primarily talk about values may not actually have values that align with yours.
  • Misalignment can lead to poor business outcomes.
  • It is important to have aligned missions and values, but overemphasis on values can be a red flag.

"Virtually every business deal that I've done, and I've done a lot of them have ended poorly with the people who started with their values."

The speaker has observed that business deals initiated with a strong focus on values rather than practical outcomes often end poorly.

Types of Business Personalities

  • A book references three types of business personalities: the shark, the altruist, and the relationship-focused individual.
  • The shark is transparent about their money-driven motives.
  • The altruist claims to prioritize doing good over making money.
  • The relationship-focused individual values the relationship above the business outcome.

"The first one is like that shark, right? Who's just like, I'm here for the money."

This quote describes the first type of business personality, who is transparent about their goal to make money.

"The second type of person who's like, I don't care about the money. It's really about doing good and all that stuff."

The speaker describes the second type of business personality, who claims to be more interested in doing good than making money, but this may be deceptive.

"The third category is the type of person who's like, listen, you know what? I just value our relationship above everything else."

This quote introduces the third type of business personality, who prioritizes the relationship, which the speaker suggests is another red flag.

The Value of Saying No and Discipline in Business

  • Successful investors like Warren Buffett are skilled at refusing most opportunities.
  • Discipline is key to avoiding bad deals and minimizing mistakes.
  • Controlled bets are preferable to risking everything on one venture.

"Sometimes the best deals are the deals not made."

This quote suggests that avoiding certain deals can be more beneficial than engaging in them.

"Imagine how many deals he gets presented with on a regular basis and he has to say no to 99% of them."

The speaker highlights Warren Buffett's discernment in business opportunities, underscoring the importance of saying no.

"The thing that separates the people who are really good from the people who are not as good is the number of mistakes they make and the gravity of the mistakes that they make."

This quote discusses the difference between successful individuals and others in terms of their ability to minimize and manage mistakes.

Business Relationships

  • New entrepreneurs often bet everything on a single relationship.
  • There's a misconception that if you get along well with someone, there will never be issues.
  • Best business deals can be with people who are not necessarily liked on a personal level.
  • Clear, value-driven relationships, even with those you don't personally like, can be very successful.
  • The key is to be clear and transparent about the economic benefits for both parties.

"I think sometimes the best deals are with people that you don't necessarily even like that much, but you're clear."

This quote emphasizes the importance of clarity and transparency in business relationships over personal affinity.

Transparency in Negotiations

  • Absolute blunt transparency is crucial in business dealings.
  • In negotiations, it is beneficial to understand the other party's intentions first.
  • Being upfront about one's own desires and intentions is essential.
  • Sugarcoating intentions or prioritizing the relationship facade can lead to betrayal.
  • The goal is to recognize patterns and make better decisions.

"And I think that's the underlining notion that I found is there just has to be absolute blunt transparency."

This quote highlights the speaker's belief that being straightforward and honest is fundamental in negotiations and business relationships.

Entrepreneurial Decision Making

  • Entrepreneurs should aim to learn from pattern recognition.
  • The difference between past and present selves is the ability to make better decisions.
  • Skills, discipline, and decision-making abilities are key to success.
  • Successful individuals can rebuild their success due to their decision-making patterns.
  • Learning from others accelerates growth and helps avoid mistakes.
  • Sometimes, the best deals are the ones not made.

"The only thing that separates you now from you five years ago is your beliefs and your ability to make decisions, right?"

This quote suggests that personal growth and success are largely due to evolved beliefs and improved decision-making skills.

Learning from Others

  • Humans can learn from the experiences and mistakes of others.
  • Observing others can speed up one's own learning curve.
  • Adopting other people's principles can be beneficial.
  • It's not always necessary to learn through personal experience.

"Humans are the only people on earth that don't have to learn by doing. We can learn by watching other people do and learn from them."

This quote reflects on the unique human ability to learn vicariously, which can be a powerful tool for entrepreneurs.

Recognizing Red Flags

  • Awareness of red flags is important in business decisions.
  • Not all opportunities should be pursued; some should be avoided.
  • Identifying potential pitfalls can save time, resources, and relationships.

"And so sometimes the best deals are the ones not made."

This quote implies that discernment and the ability to walk away from bad deals are valuable skills for entrepreneurs.

Perception of Others' Motivations

  • Be cautious of individuals who portray others negatively based on their financial focus.
  • Such accusations may reveal more about the accuser than the accused.
  • The accuser's intentions should be examined, as they might be projecting their own issues.

"So one, if someone presents someone else negatively, as this guy only cares about money, I would be more worried about the person who says that than I would be about the person who supposedly was claimed to only care about money."

This quote suggests that when someone criticizes another for being money-focused, it might indicate the critic's own problematic perspective or behavior rather than the accused's character.

Importance of Financial Clarity in Relationships

  • In business relationships, it's crucial to be clear about financial matters from the start.
  • The focus should be on the mutual value provided and the benefits for each party involved.
  • Transparency about financial intentions helps avoid misunderstandings and misaligned expectations.

"When you enter the relationship, be abundantly clear about where the money is, all right? It's business."

The speaker emphasizes the importance of transparency in financial dealings within business relationships, suggesting that money should be a clear and upfront consideration.

Dealing with Emotionally Driven Individuals

  • Individuals who are overly emotional or claim to be highly altruistic can be challenging in business.
  • Such individuals may be impractical to work with due to their emotional reactivity and decision-making processes.
  • The speaker prefers to avoid business dealings with people who are overly idealistic or emotional.

"And if they really are these super altruistic people, some of the absolute worst people to do business with, if they really, really do believe all that stuff, absolute worst."

This quote reflects the speaker's negative experiences with people who prioritize altruism over practical business considerations, suggesting they are difficult to work with.

Red Flags in Business Relationships

  • Be wary of those who undervalue the importance of money in business relationships.
  • Statements that downplay financial interests in favor of personal relationship value are seen as red flags.
  • The speaker advises skepticism towards claims of disinterest in financial gain.

"Big red flag if they say they don't care about the money. They're really just in this for the goodness bullshit."

The quote identifies a warning sign in business dealings, where a person's claim of disinterest in money may hide other motives or a lack of practical business sense.

Business Deals as Marriages

  • Business deals are likened to marriages, requiring compatibility and mutual understanding to succeed.
  • Long-term business relationships are challenging to maintain due to changing markets and business dynamics.
  • The difficulty in creating sustained deals is compared to the complexities of dating and marriage.

"Think about business deals a lot of times, like marriages, right?"

The speaker draws a parallel between the commitment required in business deals and that of marriages, highlighting the importance of careful consideration before entering into such agreements.

The Value of Saying No

  • Often, the best decision in business is to decline opportunities.
  • Challenging societal beliefs about money can lead to more honest and fruitful business relationships.
  • The speaker has had positive experiences with people who are upfront about financial matters.

"And so just most times, saying no is the right call."

This quote conveys the speaker's stance that it is frequently more beneficial to reject a business proposal than to accept it, emphasizing the importance of selectivity.

Nonprofit vs. Business World

  • The speaker suggests that highly altruistic individuals may be better suited for the nonprofit sector rather than business.
  • In the speaker's experience, such individuals are too emotionally driven for the practicalities of the business world.
  • The speaker endorses a practical approach to business that may conflict with the values of those more suited to nonprofit work.

"And then finally, that type of person who's the super altruistic person, they should just stay in the nonprofit world and not get into the business world."

The quote advises that people with a strong altruistic bent might find a better fit in the nonprofit sector, where emotional investment is more aligned with organizational goals.

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