# 22K views · 151 reactions **Sursa:** https://www.facebook.com/share/v/1HSJcJopPQ/ **Data:** 2026-07-16 **Creator:** The Diary Of A CEO **Format:** Reel (~? min) **Tags:** @coaching --- ## TL;DR --- ## Transcrierea ăl anul ca să mai pregăti tamtori? Lă午ォăm bi TPSEE șianya-te divorced până de restricted. Pentru, Mr. Gates, Mr. Walt, Mr. Branson. Princi Sand Buz något �ai n-au wozut a volut doğlaria Agent Dollars 30 a Omură care re retaining frầmiile și franame de caz-o să�ase jururile. dungeoners după de că, va începe adicția ScoOO™ya, şi dar Virtua Mary 무서, iar pe disappearing, dar tu e ca modelul mental 총at. Aici au din Satanist. Ceva, victor房arul a Ted M담... Pentru copilul mă decă testimonyul me li păóră proceedings. Ogătea sa bargain a microprofa o..! dar deike interiorarRe neliveau dintr-un bussor nu le lor o om drive pentru ca un udo de yo-yo e le runca dar uita si gwêne la rolile skipped puteam face puterea medalii si nu vizitehi mobilizeks de la frumider ac except g Ouara si vechi inspire venii in Technical descadando de lângă Overobile ka langa se cinde toaptele din investa, ale trei事情 despre investa, iar hidroac edului Rusia 32. Ca vedea si beforehandare si أ creation Muneea pe arzata, can yeter Two sided pe inbreida. Nu a participa in acest intrat inăsta sa ipasăți astea care o serem p�ัlță încât toastelor aspectION gunsene Staats �oartele Ăונatea cã o니다 cei care se iestrã refriger de myasala cu alata ridiculare ca mi l-au braně insect familia axes. Cã jescutese, asiusat это issue acolo ca speculate부� Jezvi. Cum execute te prospects biンダ isnalonicos in teca proporturile buldind criminals안. Eu seriu by ou müte, nu te plac stam desessure. Mernish, pe brands. La lumea eu am va putea pentru oie course inima intresa pe Sound Awesome şi la rinca, Când vreau să se învăție, când vreau să se învăție, încât să se învăție și exact care vreau să se învăție. Încât de fapt, încât de ce mersă? Călături sunt călături diferite călături care mă făcut în ultima decâtă când aveți cazăție încâtă de mental, și specialmente când mă mulțumesc călături care mă făcut în 11. Și așa, mă mulțumesc de mental nu sunt în acest direcție sau în genre. Încât să apățim să se învăție. Călături mental încât încât să se învăție framele pentru până. Călături framele pentru până este ideea de clonin, ca un exemplu. Dar să facem model mental de clonin. Clonin? Așa, ce am spus că, dacă vă mulțumesc să mă mulțumesc, vă mulțumesc să vă mulțumesc cea care nu a fost făcut până realitatea că lături vor să acceptează trei de acest timp. Și, în usual, este un adevântat să se gătează cea care există și cea care există unul de acestui. Așa că, dacă mă facem cea care îi vădă unul de acest timp. Deci, acest lucru pe care, în fiecare de humana, mă facem încât o poate încâtă lături și o ancesă care se gătează până, dacă vă mulțumesc de acest lucru, dacă vă mulțumesc Bill Gates și Sam Walton . Nu, dacă credeți că Bill Gates este un inoamător și credeți că Sam Walton a fost creat un Walmart, care nu este de altă. Deci, acestea sunt mea-l două modelă și Microsoft nu există după că este un clonor greu. Deci, dacă veți văd Microsoft Word, a fost de Word Perfect. Călături au fost de Excel, a fost de Lotus. A fost Bing, a fost Google și văd Bing, dar nu este Google. Focacerea care Microsoft a fost fost foarte bună a fost de copiul de cineva pe care au fost. Și dacă veți văd Sam Walton, care este de family Walton, dacă văd de totul acestul, este o familie de răciță în lumea. Ilon și toate. Sam Walton, de această mânță, îi spune că nu se văd ideea originală. Așa, oamenilor, Walmart clonă, seară și Kmart. De mine, lăsării internaționali, acestea sunt o între supermarketă de supermarketă. Și au fost bine. Walmart a fost bine. Sam Walton era unul de clonor most important pentru a fost văd în vacație cu familie. Și a fost oameni de răciță în răciță. În răciță, să văd în răciță pentru a văd. Și a fost de răciță în răciță care a văd oameni de răciță în răciță de răciță. În un moment, a fost o manageră de la răciță. Retailor este o de o părță de răciță transparentă. Văd în răciță de răciță și văd în răciță în 10 minute. Nu trebuie să spuneți. În retail, managera a fost o operție terapă de topsită. Sam a fost văd în răciță de candel. Deci, răciță de candel a fost fantastica. În răciță de candel a fost văd în răciță de topsită. În răciță de topsită de topsită, Valmart este o amalgamă de idei de alte părță. În catele câtele companyi se văd Starbucks, dacă credeți că Starbucks este innovativ, deoarece oameni a fost concept în Înălă. Ia se văd în oameni. Și a fost oameni de ideea de Înălă și a fost oameni de oameni de cofie de oameni. Încălă 90% a fost din restul de humanitate. Încălă model mental, oameni au o perspectivă de a începe un buscț este risc. În realitate, entrepreneuri nu se poate răciță. În acest power se minimiză răciță. Și în multe cate câtele au încălă o buscță de răciță oameni de răciță este o jobă de 9-5. Pentru că avem o viață și oameni și nu pot să fie oameni în catele în catele și nu pot să fie o muzică și să fie o muzică este foarte important. Asta noștia care a fost entrepreneuri, oameni au fost un deservers de most de humanate. Și dacă oameni au încălă o buscță, oameni îmi fie formată în catele răciță și oameni oameni în existență. Acum, nu-ți binecălă de modelă și oameni au fost 11. 1 plus 1 a fost 11. Nu-ți binecălă. Și că mă dă-mi că entrepreneuri nu se poate să fie rătate. Și dacă mă dă-mi cazul meu, și mă dă-mi 100 cazuri, mă dă-mi cazul meu că mă dă-mi 9-5 până la companie și mă dă-mi buscță. Mă dă-mi 40 timp de aici. Deci, în aici. A fost, atât de 30-40 timp de aici că mă dă-mi în cazul meu. Mă dă-mi acest context? Da. În cazul meu, acestui legos a fost prețată. Deci, acestui legos a fost 2 timp. A fost 8 timp de aici. Și mă dă-mi 7 timp de aici. Deci, basicament, mă dă-mi 7 timp de aici, 8 timp de aici mă dă-mi. Lecătii blu se văd 40 timp de aici. 8 timp de aici, 5 timp de aici mă dă-mi. Deci, dacă mă dă preperim dinner, măsă, măsă, mă dă-mi 4 timp de aici se văd în timp de aici, în timp de aici se văd 8 timp de aici. Deci, mă dă-mi 3 timp de aici, social media, Netflix și părătate de franze în timp de aici. Și mă dă-mi 4 timp de aici se văd 8 timp de aici. Deci, acest tipic, cea tipic, nu când mă dă-mi o bucătie, nu rău de caz . Suntem oameni și oameni oameni se văd . Dar mă dă-mi 1 timp de aici. Deci, după ce mă dă mă dă-mi mă dă-mi oameni . Nu rău de caz . Nu rău de caz . Suntem oameni în timp de aici . La nimeni, nu rău de caz, pentru că trebuie să rău . Suntem oameni Ughi flushesic. A facut ceea ce nu era o filmare de tam... ...갈 eelane ca nu se實h Vlad Nessie Aia... De upcoming Măneștea de lucrură este să legească un produt încredibil de hârtură și hârtură. Dacă îți faci această, măneștea este un efect de hârtură. Nu trebuie să fie făcută. Deci, ce o să fie încălție, este că avem un produt încălție care o să fie încălție, care o să fie încălție, care o să fie încălție încălție. Nu știu dacă e o ideea. Când o ideea o să fie încălție, nu o să fie încălție. Deci, când o să fie încălție în o hârtură încredibil, în ceea cei mai încredibă, nu este o sănțeștea de fapt, pentru a se gătește de fapt. Ce o să mă ducă trebuia o să fie găteștea de un progrăt, care o să fie încălție de fapt, și să fie încălție de humanii, care încredibilă. Ea să fie încălție de fapt încredibil. Când a fost încălție de fapt, a fost o bucătă de internet, Honișifullyi reuține saved mi,horitorie a bunchat-ul și putinaură care porch một a audamtul. A trătuiai si a fost de mot денег româtene neces spenduri și toate rem expectations. U perpetualitipinile a flotat��apane pe searătură, Chamosle și leinteles WhereWeAtOhinking. Nu 2Wa, nuome a 120 miliume. Po pistonă, văd, săfu nevoie se povagangCause 11. Să η blanketă să ne înlinec să Macha 10. Și a datu' pe Bang Ma preță builti, decât, etc. V compă float vânt puți toρί Lands 10-ul … și nu am întedat urbanurile pe mushrooms. Nu am inter permanently pe fut MARK ma zici. Vain pe Bang 11�운 fir Hurry A灯ost ma camtreau si cea ce era despre slide 10. Deci, tec本a oเธonul sunt carefullys pe câteva ala. Slide 10 bucariu. Să este un dom cycling este extrema. Vreau să entendiză departe de ac herselfa. Vreau să măbeforeamb�ce tot o rifegiving s meta de dilageralia. Asta, cât poderi racialorte led. trebuie să se întâmpli foarte carefăr. Călăturiile dacă ești potenției îți spune exact ce trebuie să faci. Când vreau să văd o altă oameni de 80% o altă o altă o altă o altă o altă o altă o altă dar o altă o altă o altă o altă o altă o altă o altă o altă că e un pânț de real. A fost încât și am văzut pe acest pânț. Și am văzut că pânțul acestui pânț și mă dăților pânțul severe, pentru că a fost găsit-o pe o oameni de atât de acest pânț. A fost pânțul pentru oameni de pe oameni de pe oameni. A fost încât a fost slide 10 a fost încât 20 slide-uri și asta a fost o altă oameni. Ok? Încât ce a fost într-un pânț nu mă dăzut pe acest pânț de real. Mă dăților este încât să fie încât să fie făcut. Așa când fie să fie o pânță de real și că aveți o prototypă o prodută de frumos, o să fie unuștia. Cătia useri se va spune exact ce nu se văd. Am văzut că am văzut pe un conversat înapoi înapoi Ok. care am văzut pe un pânț. Pentru că multe ce te-a spus este orientat în pânță de pânță de pânță de real. Dar e actuală every single day of everyone's life pentru că am văzut pe un pânț de real o rol foarte critică în pânță de pânță de real. Și acest pânț a spus 20 ani unul de pânț de pânț în terapia. Și când mă dăciște intervie, mă dăciște ce-i mai multe ziți de ce a fost văzut în pânț de 20 ani. Și eu am văzut să văzut pe acest pânț de real că mă dăciște în pânț de real. Și mă dăciște ce-i mă dăciște, și această, și această, și această, și această. Și eu am văzut, că mă dăciște cea de intervie. Și când mă dăciște ziți de cea de intervie, sau cea de ziți de cea de ziți de cea de ziți, când mă dăciște cea de ziți, că acest pânț este foarte personal. Și oameni și oameni sunt foarte importanti. Și dacă ești oameni oameni, nu, meta este să facă acestul. Dar au fost în Rehban, a fost în Rehbanul JV. Acest ziți de cea de normal cred că se văzut în mai multe ziți. Dar nu jeans amă acum des palace poți face clams. Nu-ne uita. Că nu este asta. Nu cinco. Și e forumul că nu sunt Turkey? Și nu suntb Caroline! Vw vi-a văzut! Mă letezi. Asta este un model mental, care nu este nevoie de nevoie de nevoie de nevoie. Cea ceva de funduri nu este nevoie de nevoie de nevoie de nevoie de nevoie de nevoie de nevoie. Deci, trebuie să aveți foarte buni scelți de lăstări, și trebuie să aveți flexibilitatea... Și, după aceea, când te lăsă, separa siguranță de noi, să le-auștie ce este real în siguranța și să le-auștie ce este noi. Și apoi, te Ye daha mai r 먼 dumping este o mod давай să leuren. Alt vизice ulcis de model e de una trampul. Detail level acum nu tightly mentality este un model. De-o Samuel Uniggly vor nemovika askedele focete aici și de altă centimetră. Big tout s-a inc Constituit au fost convex 간 rounds de mine. Asta e o gangă de angia, Dar o autonomy care vreau lucre... Raosul Dividerath a pasa sé Useder... Yrva vi gere ramp Dă сним �oc раньше... Adigurat un pas разumire pe 13 Leteri Alvara Fionile- Under Time Ele a facei cert Wangooi De Face, dacă va fi tonit la scenari cu jumat fații la pe multe leteri Acum utile parents journalie fourteen realised că valve Eu solicită că este cel mai 고 Danke abrepe COVID-的人 pentru a iei pentru bine Sa fie lanesul de prezentativitat loaded delicios, prețatii apprentice, ov Misorale mindsetului, ceirinitVES corpociuna , netos avem invaluableWE validate ca si frumos când voasim va fol門 unein ale model ro�is. O sa le ocala. O sa ii va face oarinama foarte frumos pe ui zice toصلichuri pentru care va se d")neiește lucrurile, ruixматorul? Scubscribe-u-oli si ducă s-a restrict creepy-uri si Ca hoarela o contributeda, e foarte ste Unã ados. Da사, a străsit power unul care trebuieiesti reali. Dă-TE care este transcăp astia de cele respecte asemenei. dummy........ vor dat protocols de numele cu o categoria nem Iciным espand attackingle ach notebook donde, Lap. Da, y amor, dkill nah wa Credeți aici. Absolut. Și dacă îți aplică toate 100 zile, așa se găsește. Oh, așa se găsește. Deci am unul lucru de jambiei aici, care se reprezentă încât a functionați oameni în your own busnesc. Îmi vedea cum îți faceți acest lucru de jambiei și a introduză oameni în your own busnesc. Da, basicamentul este foarte simplu. Nu rău să nu rău să măsă cu acest lucru de sleep. Să îți faceți acest lucru de sleep și să rău să măsă cu acest lucru de sleep. Și noi vom vedea lucrurile, care este lucru de jambiei, 40 jamuri, să continuăm. Când oamenii nu rău să măsă, vom rău să rău să măsă cu lucru. Așa că vom rău să măsă cu lucru de jambiei pentru că every hour matter. Ok, așa că aceea care vom făcătări este o timpă frie. Și oamenii pentru a îl rău să se răuă bine competări în care oameniune. M-auargunate pentru o perspective să mama dumnezeu sau interactuate pentru multe felii se brothează, deci întotdeauna e criticism. Mi-am referit că avem o mereștia poopada în acela o lucru și extrem dumplings-uri sale. Se afla că am ajuns pe a vizitie pe at dating center, pe care po薳ă și pune, că am văzut schimbi�コre seatsuște. Și am notebooks să vezi. De forward. De funea care cred că asta nu este cu toate.しかi, ar trebui să ajuteように văzut, fără ai înapêa ar trebuni câteva oalsă moamă și care sunt despi și ar trebui quietlyă sortul din frumosu. Se-ai nevoie să fie admissia este ușor. Monaii sunt gottafat. 201 inquar Anteprenere . Creau ca ne entrepunda Instant internetul este că îi mergeți între nails să fau și că s-au zizura cofărat un fest de niște de și a fost un magazine care se văd un computer foarte următor. Și a fost realită că se văd un shift de paradigm. Și a fost realită că a fost partea de acestă. Paul Allen este oameni care a fost scatării această magazine. Și a spus, Bill, să facem acest lucru. Acesta este o timpă. Și pentru Bill, a fost o decoasă foarte bună. O decoasă foarte bună, foarte dificil pentru păranii. Păranii se văd în scoapă că se va abandăța acest lucru. Și, încât, a spus păranii, ne îl worry. Am să văd și să îl finim lucru. Și în câtea de decăi, latera, Harvard a spus un honorit. Și păranii se văd în oameni și a spus, să văd și să îl finim lucru, ca să văd și să văd. Și să văd oameni de lucru. 12% de pe care, păranii, încât staturi, care se văd încât, sunt explicit, însatățivă cu lucrurile, care încât să îl hate. 85% de lucruri globali sunt disengăjite, încât că nu sunt investitări sau fiecare. Așa că este o jumătă de lucruri. Mără de half de lucruri de lăsă de US sunt atât sălătivări, dar lucrurile se răcează pe lăsă de lucruri. Și dacă văd oameni de 85% 85% de lucruri globali sunt disengăjite, încât că nu sunt investitări sau fiecare. Așa că este o jumătă de lucruri. Și oamenii, nu sunt oameni de lucruri să fie un lucru atât lucrurile. Asta este un lucru. Un lucru atât lucrurile se întâmplă în symptom. Și unul de cazuri se întâmplă încât cazuri de lucruri. Și nu se întâmplă încât lucruri. În timp, pentru unul de Bill Gates, în Paul Allen, au făcut lucruri. Și au fost, de la multe de noi, nu pot fi soare. Deci, avem să văd oameni și să trebui să verific ce i le vestirea. Și în Jazmez iar a fost ceva negruțiunște. I'm probably not the best person to tell you how to figure out what the calling is. Maybe another guest of yours can help them with that. Do you think everyone has a calling? Yeah, I mean I think we are all unique children of God and I think we all have some music we wanna get out and knowing what that is and getting it out may not be the easiest thing but it's a worthwhile journey să văd să văd să văd. Deci, nu poți să faci acest lucru pentru că sunt dissatisfată, și nu poți să faci acest lucru pentru că văd să faci mâna și să văd să răce. Văd să aveți cea care cred că oamenii oamenii vorbești. Și în meu caz, vreau să văd sesionul cu oameni industrialii și au spus că Monish, vreau să văd gamul. Văd gamului. Și în real, nu văd să văd să văd. Deci, când văd să văd mâna, sunt un număr și un mâna, deoarece văd să văd. Deci, ce vreau să văd este că pentru că nu văd mâna, vreau să văd 200 leturi de aici așa de la cealaltă a 200 companii diferite. Dar ce vreau să văd acestea de la cealaltă văd să văd un gătăriu. Călătoriul, etc. Căușor văd să nu văd acest lucru. Și mă dău o apărție, văd să văd acest lucru văd să văd gătăriu. Așa, văd mâna, care văd mâna acestea de la cealaltă, dar văd customizările văd când când văd David Smith, văd de David. Ok, și după această lătă, a spus David. David's nără văd după 3-4 zi. Când acestă lătăriu a fost de lătări, nu se poate să spune dacă nu văd David. Pentru că ați usat nără de lătăriu. Nără de lătăriu, și nu văd să văd nără de lătăriu care se văd. Așa că lătăriu văd în câtea de lătăriu. Da? Acest lucru văd este că un mâncare a fost văd a fost a fost a fost 200 mâncare. A fost totuși 200 mâncare. Și basicamentul dacă am fost voicemail sau măsălă o altă. Da? Nu, a fost interescat la funnel de sales. Ok? Așa David Smith este în funnel de sales. Dacă nu am răspunsul de David Smith sau un mâncare se văd un mai mult mâncare. Apoi, mâncarea a fost spăsat două timpuri două timpuri dacă nu am răspunsul de 4 timpuri dacă nu am răspunsul de 8 timpuri dacă nu am 16 timpuri dar David nu mai văd această funnel. Ok? Așa că a spus nu mi-a băutat mâncare și nu am nevoie de a fost în funnelul. Așa că în mâncare am văd un alt 200 mâncare. Măsălă un alt 200 mâncare. Da? Și acum am văd mâncarea în mâncare în mâncare. Așa măsălă timpul am văd mâncarea în mâncare. Da? Pentru că această timpă este dar ce am văd pentru că am un maturat ce am văd este ok, acestui două pânălălături au fost cum măsălă dacă nu am văd acest fel de repositor de repositori. Da? Pentru că nu every-un măsălă măsălă ok? Și cum măsălă măsălă și ce este ratio de mâncarea mâncarea mâncarea etc. Și măsălă size de itemul ce am văd este foarte grană 100,000 de doilea de cea. 9 mânturi apoi a fost cât nu văd să văd aici așa o să văd timp de freia așa ce am văd descrează este că ce am văd este actuală mai înțeleg de oriști măsălă este mai înțeleg de oriști așa așa basică ce este jelă? jelă este așa mâncarea așa că e lucrură începe mâncarea așa așa în mâncarea am văd 10 hârtul așa așa pentru că nu am văd și în mâncarea am văd 4 hârtul așa pentru că am văd alte ziune așa pentru că am văd un job și cea cea așa așa așa așa așa mâncarea 5 hârturi așa cât am văd 4 hârtul așa și văd 10 hârtul în vântul și văd timp acesta nu este asa excite ca pără Dave pără Dave continuosat încât se zice să văd mâncarea sau așa așa văd oașa este foarte excite e mai excite după să plăci oamenii sociali sau văd Netflix sau cea care oameni care oameni așa văd așa oameni oameni testul de se văd oameni trebuie să faci așa așa este jelor trebuie să fie mai excite de ori oameni trebuie să fie mai excite după timpul frit Netflix trebuie să fie mai bine bine bără pentru te și măsură Facebook Instagram cea trebuie să fie bără pentru te cumpar pentru acesta este excite cumpar pentru a fie oameni de așa se văd pincfluit până nu avem nici ușor de nu avem nici timp de nu avem nicio n-o acesta este ușor ușor așa este jelor așa așa nu așa este oameni nu avem acest dacă așa așa nu avem timpul frit așa este timp frit timp construi viznăriu văd văd oameni de orgasm every hour așa ce pot să fie oameni de acest măsură ce văd așa așa când am așa așa cumpară așa am văd măsură de la ușor de oameni care este acest lucru în un 9-5 job și așa așa așa așa și așa nu a fost nici ușor nu a fost necesar și preșiunea văd văd văd nu este probabil nu o financială oameni ca văd financiale fritură văd oameni de opționalitate văd să fie așa văd oameni de aluete văd mai voie să văd văd fritură dacă văd oameni ce sunt model mentale care nu văd văd văd văd văd văd văd văd văd văd văd văd văd este că mă duc să mă duc văd și văd și basicamentul că am început în business, nu este comparită cu companya și mă duc în 2 weeks și acest este mă 2 weeks notice și basicamentul acesta era așa, ca și nu, mă duc mă duc să-mi duc măsură mă duc măsură pentru lasti 9 mălă pentru că măsură măsură pentru că măsură măsură visibil înSur măsură adus o încred還是ce de ce s-o mettem uite am z Audio unul vain întotdeauna alpha gră shotgun surod Am întâlnut o pok. Debotul lucru dezvol insanati cocido에, acestlici atopit็ avem cazulul clara, care l-am face cea c..., Dacă nu Eastern, am s-o padă additions pe acest moment tamitoric,��arul priorit. Cifiu a said, Nowraktion home GME si a fosteste puppet. Aici este de altaicitareUSEI 말씀ii, IQS, limblo, realiunea, ce este lumea apoi, dupa cepAT, la real hobby 2, o zis ca, nu mai ar wherever sa trebuie rings kita Ia sa ii devape, care a carry cu leu-l apoi, cei ascoga, buriedanca e in lateralbirdsie din Sial الصara de grad��, ce sensitive intي Easter, Ce era răspuns? Nu era răspuns. Și dacă studiți entrepreneur, after entrepreneur, after entrepreneur, ce vreau să văd? Deci, dacă văd Sir Richard Branson, văd să așaști un alb. Ok? În aici, să așaști alb, vreau să văd jumătă 747. Călătatea a 155 miliune. Plătări. Da? Călătatea de serios. Richard Branson a făcut vergenul Atlantic de la grău, și de la răspuns. Deci, a fost cea de a fost. Văd capitolul cu creativă dintre până. Deci, a spus 2065551212, care este assistanță directării în Sao Paulo, și a spus numărul de Boeing. Deci, a spus main Boeing Switchboard. Da, Boeing fără 747. Deci, a spus main Switchboard de Boeing, o companya gigantă și a spus, văd jumătă de alb. Și a spus 30-ti de la răspuns. Și a spus, a spus, văd până să văd cea de la răspuns și să văd cea de la răspuns. Ok? Și a spus, a spus, a spus, a spus, văd până în every country o cază. Și în UK, a spus, a spus, a spus, a spus, a spus, a spus, a spus, a spus, a spus, bine, ce trebuie să văd cea de la răspuns. În primul caz de la răspuns au spus, a spus, a spus, a spus, a spus, a spus, a spus, a spus, Nu, după Joymed. Bună式ul?.. dwarf Bine, când văd să se gătește business after business after business, totul de acest lucru este să se gătește în smală, îmbrionică, îmi minimizează râscă, îmi adăugă câtea de customări, și apoi, dacă se rogă cu customări, și dacă se gătește, acest lucru este să se gătește. Deci, importantă oamenilor este că, când îmi facem blu, când blu nu este mai încă aici, când lucru este gătește, blu este un pic oameni, pentru că acest lucru este acest lucru care este orgasmic. Deci, când îmi movem lucru, îmi fie clătării și când îmi movem lucru, când îmi fie clătării, când îmi faceam lucru. Îmi faceam lucru în mâncare, dar de 7-9 in mâncare. Și dacă ii putem, în 6 p.m., îmi lucru în 10-12 în vizion. Când îi avea lucru? Când îi avea lucru, îl îl lucru în veicând. Și eu am fost foarte despre să trece în timpul full. Pentru că am zis, dacă îți legeți cu timpul full, îl poți să legeți. Și asta e exact ce au fost. În primul an, am fost 400,000 reveni, în 2 p.m., 1.4 miliune, în 3 p.m. în 3 p.m. și în 6 p.m. în 7 p.m., am fost 15-17 miliune. În acest lucru, pentru că basicament, nu am niciun lucru în mâncare. În acest lucru, mă putem să fie plăcut. Și acest lucru, am fost multe statisticuri și legeți, am fost multe calduri, am fost multe acestea, am fost multe acestea, și totul acest lucru. Și dacă nu lucru, mă putem să-ți găteți cu 9-5 și să le găteți un alt lucru. Așa că mă putem să facă acest lucru aici. Asta e un framework încât să se numește mental, că te-a spus că te-a spus 200 letele. În acest lucru, cei mai multe copii au fost în rând, și se dăie, dacă am fost încât să se spus, am fost în 6 email-uri. Și se dăie, nu ai mai fost încât să se spus. Și se văd că se fie confidență. Și acum, a fost încât să se numește că se spus că se spus că a fost încât să se spus. Pentru că se spus 6. Și când mă interviem pe oameni de la tine, mă putem să se numește mult mai multe lucruri. Dacă se spus 200, 300, 500, și ceea ce e o lua de average, care se poate să faci mai multe lucruri. Că te văd în cricul. Mă putem să se spus pe care se spus. Dar noi știi care se spus încât să se spus. Mă putem să se spus pe care se spus pe care se spus. Să spus. Să spus încât să se spus. Și mă putem să spus că se spus că se spus 1200 funduri în LA și în New York. Și mă putem să spus că se spus că se spus pe care se spus dar să spus dacă se spus o tine de lucruri. Să spus că se spus o tine de lucruri în teeny de lucrur 많이. Să se scuzem stellare iar de 1200 lucruri, chor люди. Seama ca kyeliotti. Pada blah. Bun în traumaticală şi care izvestim , lăz Ny listen te yncepe pe o admită ca o sa pentru ca poate immersa. verge tidiva in lemne și basic retем Acest acțiun din Internet 31 места heals føră și la drăia reps ci oppressia o poate inpro Pompeii și face la oamenii este awkward elful a oameni cu mistuse posibil... Ia este o aspecte impresiones attacking datzahl לא țără țără nu Looking Imפ ро Lumin Human Indemn Incän Lumin Dan Lumin Min Da Insan Pada Zilă Dan provided OC Koking Impe Shel Htag ce le-am vizit la mers la mersiunea aici, aici le motivam si depresnam, ajungem la mersiunea la mine. Like Michael Jordan use to say, you miss every shot you don't take. Yeah, yeah, yeah. So, basically it is, I mean, I think one of the things about entrepreneurs is that you need to have resilience. Like for me, for me what the data I was looking for is that if I send 5000 letters, OK, which takes 25 weeks, 6 months, how many meetings does that end up in? If that ends up with 10 meetings or 20 meetings, well, now I have my number, right? And then the second part is the meeting to close ratio, right? And so, to me as a math guy, I was just interested to know that it's not zero. OK, I just want to make sure. And I could see very quickly it was not zero. Literally within the first two, three months I could see it's not zero. Every business needs a competitive edge. And if you're great at hiring, that edge should probably be your people. The A players you bring in, and I don't just mean your full time team, but your freelance support too. 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I think one of the most formative experiences you can give your children, which I got at 16, through 16 to 19 years old, which is what I did, was working in cold tele-sales. So, my job at 16 years old was to call people at 9pm cold and try and get them to buy windows and doors. And it taught me the exact lesson you're describing, which is, yes, 80% of people tell you to fuck off. 98% say that, but it doesn't matter. I always said 80% tell me to fuck off. 15% said it in a nice way. And then 5% were at least receptive to what I had to say. Maybe 1% close. But when you understand that, you think of life through that lens. And actually, Stephen, I had almost the same experience. So, my father was an entrepreneur. He was really smart at identifying what I call offering gaps. Things that should exist in the world, but didn't. And he would get these businesses off the ground with no money. I saw him do it repeatedly. His downfall was he was very aggressive in growing the businesses. And so, they didn't have staying power. There was almost no equity, always very levered. So, he went bankrupt eight or nine times repeatedly. When I was about 11 or 12 years old, my brother and I, we were like his board of directors, because he had nobody else. The three of us would sit down at night to figure out how to make the business last for one more day. Okay, everything's craving in, the creditors are craving in, the business is collapsing. How do we make it work for one more day? And then the next night, we'd get together. And how do we get it work for one more day again? At 16, and I don't know why my dad did this, but I'm so grateful that he did. At that time, he had a gold jewelry factory in Dubai. And he was going cold calling in person to jewelry shops to buy his jewelry that he was manufacturing. So, he took me with him on many of these trips. And I was 16, just like you. So, we would take the taxi from Dubai to Abu Dhabi. And now, there's all these gold shops. He doesn't know any of them. Right? And he's going one after the other, after the other, after the other. And I would be stunned that fifth shop, he makes a sale. And it's a very small sale, because he has no trust and all that, but he's made the sale. Then I noticed that after three months, we go back to that same shop we made the little sale too. The guy brings out tea. There's a lot of chemistry, bigger order. And then I saw the orders increase. And then he's continued to do that. I went with him to Doha Qatar. Qatar. And again, the same thing. It was like, you know, I saw how those doors opened. And I saw how it didn't matter to him when they closed. That was irrelevant to him. You know. A really interesting new way to think about it, because what you're saying there is actually when you get that one, yes, it's actually a seed that's being planted that can grow into something. We just care about the ratio and the number. OK, so what effort did it take? Like I was saying, if I send 5000 letters and I get 20 meetings. It's awesome. I mean, that's a fantastic ratio because one sale is going to get me about 200,000 or 300,000. It's a significant amount, right? I mean, so that I don't need large numbers. And. But the lifetime value of that. It's huge. Yeah, yeah. I mean, I mean, these relationships I got then, they're still with me. You know, so it's like forever. Here's a philosophical way to think about that for just everybody, which is you can remember probably conversations you had in your life that you thought were totally inconsequential. But then eight years later, that seed became a business relationship. The example I always give is when I was 14, I applied for the apprentice. They did this like junior apprentice on the BBC. And it's a long story. 35,000 kids in London and across the UK applying. I met a kid in the line while I was queuing up for my audition. And he said to me, oh, my dad runs this 500 million dollar company. And I was like, yeah, whatever, like not interested. I went through the auditions and didn't end up getting on in the show for whatever reason. But then I ended up because we were waiting in the queue that day. I was really nice to this kid and I added him on Facebook. Five years later, I get a message on Facebook. Hey, five years later, although I didn't get on the show, which would have got me about $25,000 investment in my company if I'd won. Five years later, I'm working on a startup. That kid from the line says, hey, my dad has sold his business for a billion dollars. And I've been watching you on Facebook for the last five years. My dad would love to meet you. It was an Indian family, the Alawalias. They had sold a business called Euro Car Parts. They took me to London when I was literally so broke. I was like shoplifting to feed myself. And his dad invested double what I would have won on the show into my business. And that always reminded me that every conversation that I have is like planting a seed. That at any point in my life could turn into something. Well, I mean, you know, I always bring up Adam Grant's book, givers and takers. I don't know if you've seen that. All humans on the planet fall into one of three categories. They are either a giver or a taker or a matcher. OK, these are. There are no other categories of humans. They're just these are the three categories. Now, the matchers are relatively simple to understand. Their mental framework is if Stephen does me a favor, I'm going to try to do something similar for him. You know, one to one, they can do matching in the math in the heads. The takers who you don't have anything to ever do with are trying to scam and screw everyone and always take and never give. OK, the takers basically go nowhere. OK, and if you have any takers in your life, get rid of them. OK, now the givers. What the givers do is the givers are not focused on what comes back to them. They just want to help you. They want to help humanity. And what ends up happening is the universe conspires to help them. So the givers become the most successful. Everyone is trying to give to them even though they're not asking for it. So basically, when we and that's the book that Adam Grant grant wrote, give or the takers is one of the mental models, which is a great mental model to have is to be a giver. Don't play math games. You know, always try to make sure the other guy gets the better end of the deal and just keep going through your life that way. And that good will will compound and it will take care of itself. And the time horizon, you don't worry about the time horizon. You're not doing it for getting something back. That's the key. You're not doing any mathematics. Like I'm going to do, you're not calculating. I'm going to do this so XYZ happens. You're just doing it. End of story. I was sat with my girlfriend last night. She runs a breath work business, so she's essentially a solo printer. And she's at that point where she's trying to scale. In fact, I just meet so many hundred. I think I actually ran a survey before. And the vast majority of business owners are in that SME category, that small sort of business category. It's the back startups in the backbone of our economy. But they come to me with the same problem, which is maybe I started as an individual. I've got high demand and now I'm a bottleneck. And I don't know how to get out of being like a freelancer. How does the freelancer become an agency? And the thing I was chatting to my girlfriend about last night was that the steps she hasn't taken yet is to hire someone exceptional. And so many founders come to me. These early stage founders are like, like my customers like me, I do it better. I don't trust anybody. I wondered if you had a mental model for thinking about. So the thing is, so if you look at people like Elon Musk and Steve Jobs, they believe that number one job is recruiting. The first 3000 people who joined SpaceX, all personally interviewed by Elon. Just think about that. Those are 3000 hires. Think about the number of interviews to get the 3000 hires. Okay. He did not believe there was any other way. And what Steve Jobs used to say is that a players want to work with a players. The moment you start introducing B players, B players will hire B and C players. They will never hire an A player. So your downhill journey is already started the moment you get a B player. And so as an entrepreneur, you know, we have a lot of demands on our time, right? But recruiting has to be at the top. And you've got to be willing to spend inordinate amounts of time on recruiting. Okay. And there's, you know, there are tools that you can use. We use, there's a company called Caliper. We use for pre-employment testing. And the thing is that between the genetics of a human and the first five years of the life experience, who they are, their traits are hardcoded. That is not going to change from five to 95. Okay. So it's not like you're going to change a human. Human is the way they are. Okay. Now these pre-employment testing tests can get you data that you're not going to get an interview. One of my companies I'm building at the moment is called CultureTest.com. It's exactly this. Okay. I mean, you're just like preaching to the choir. But what I'm saying is that we need to get really good at recruiting. Yeah. It's my absolute obsession. And what I found out is that, funnally enough, I'm doing these culture tests. So I've culture tested tens of thousands of people in the general population now. And the shocking part was just to give you some context on what it does, it benchmarks are best performing people and how they make their decisions. The assumption here is that culture isn't the thing you come up with at the off site. Culture is how you would behave on Christmas Eve when you get a text message from a client. Like what you do there is your company culture. So it basically creates these questions, which simulate optimal culture in that team. And it puts you in that scenario and says, what do you do? This is probably a good point to talk to you guys about. CultureTest.com, which is the website we're about to launch for anyone who has the responsibility of hiring someone, which is probably everybody listening. One bad hire can destroy your entire company. So we made culturetest.com so that you guys at home can spot those red flags and avoid those hires that might be the end of your business. CultureTest will make you your own personalized culture test so that you can screen every single person that wants to be in your team and your current team members and people that have left to see how they align. Just go to culturetest.com and put your email address in. In the minute we launch, I'm going to send you an email so you can try it before anybody else. So recruiting is really important. And I think the other thing is we're willing to hire people who may not do things as well as we do. But actually also what I've also found is I have so many people on my team who are better than me. You know, they're better at many of these things because it's not my natural bent to do those jobs. So that's really when you get a huge bang for the buck is you end up with team players that are way better than you. How do you think about firing people? Cause this is the only thing I hear from founders. So hire slow, fire fast. Founders really struggle with the fire fast thing. And it is very important to fire fast. I think fire fast is more important than hire slow. And you're doing the person a service because they may be exceptional in another role at another place. So you are helping them try to find that. And you're helping your other team members. If I was trying to work for your companies, what is the one non-negotiable? But what is the trait that I would demonstrate where you would immediately not even consider me? The most important is integrity. You know, I mean, we want three traits, right? We want intelligence, we want integrity and we want willingness to work hard. Right? And none of these three are really negotiable. And what does integrity mean in your definition? Well, it's absolute honesty. It's pretty simple. You know, it's black and white. And you conduct yourself with the highest level ethical standards. So on all fronts, when you're dealing with a customer or internally or externally, it's the moral standards need to be very high. When you think about your wealth, how much of it has come from building businesses versus being a great investor of the capital that you managed to make from those businesses? I think currently most has come from the investing side. You're very well known for being a really excellent investor over many, many, many, many, many years. I'll put a graph on the screen that I found, which I think shows the returns of your investment strategy versus the Dow Jones, this graph. Have you seen that one before? I haven't seen it this way, but people put all kinds of things. Yeah. I mean, all this says is that you're extremely good at investing. So I want to know if I if I meant starting my investing career, I'm working in a nine to five job at the moment, I've got a couple of thousand dollars in my bank account. How should I be thinking about investing? Should I be investing? So there are there are three things that matter in terms of getting a great outcome with investing. Starting capital, how much the amount you start with, length of the runway, how long are you going to invest the money and the rate of return. Okay. So before I answer your question, I want to tell you a story. Tell you a story. So. And this is a true story. In 1623, in New York, the Native American Indians in New York, who owned the island of Manhattan, the Dutch settlers wanted to buy the island. And so they went to the Indians and said, we'd like to buy the island of Manhattan, great natural harbors. It can be a great place for us. And the Indians and the Dutch reached an agreement to sell the island of Manhattan for $23. And when people hear that, they think, oh, the Indians got taken, you know, I don't know Manhattan for $23 is ridiculous. But let's say, let's say the Indians had a trust officer who they said, invest this $23 for the benefit of the tribe and try to do a decent job. Right. Now, there's something known as the rule of 72. And the rule of 72 is a is a very important rule and I wish they would teach it more in high schools and elementary school. It tells us how long it takes money to double. And it's a kind of a mathematical hack. So, for example, if I'm going to get a 7% return and I do 72 divided by 7, that's approximately 10. And at the 7% return, it's going to take 10 years for the money to double. 7% compounded will take 10 years. If I have a 10% return, it will take 7 years. 72 divided by 10 is 7. If I have a 15% return, it will take 5 years. 72 divided by 15 is 5 approximately. And if I have a 20% return, it will take 3.5 years. So, this rule of 72 is a nice hack. And it's very important to know how long money takes to double because then we can start doing a lot of math in our heads. So, when we look at these Indians with the $23, if they were getting a 7% return, it would become $46 in 10 years. And then it would become $92 in 20 years and $184 in 30 years and so on. Now, if you go 100 years, right, it's 10 periods of 10. And 10 periods of 10 is 2 to the power of 10. And 2 to the power of 10 is 1024. So, we throw away the 24 because we don't want to complicate the math. So, at 7% for 100 years, you would have 1000 times what we started with. And this is why, because compounding becomes non-linear, people have a hard time getting their hands around it. So, non-linear meaning. It's not going up in a straight curve. It's going up in a hockey stick. Hockey stick. Hockey stick, clavier. So, in 1723, the Indians would have 23,000. It would have gone up a thousand. And then, if they continue at the 7%, in 1823, they would have 23 million. And in 1923, they would have 23 billion. And in 2023, they'd have 23 trillion. Now, the entire wealth of every man, woman and child in the United States is 150 trillion. 1 sixth of that is not undeveloped land in Manhattan. So, if the Indians had invested at 7% a year for the last 400 years, they would have more money than owning the land. So, they were not taken. They were given a fair deal. But they just didn't have a good trust officer could actually make it happen for them. So, the magic of compounding is that we started with $23. And we end up with 23 trillion. Without having a great rate of return. It's just an okay, 7% is just okay. It's not great. It's not bad. But it's okay. Now, if you go back 100 years, so we started at 1623, go back 100 years to 1523, we had 2300 cents in 1623. 2300 cents? $23 is 2300 cents. Oh, okay, if they'd got it. Just converted to cents, $23, right? Now, if you make it 1,000th of that. So, just so I'm clear here. So, if you're saying if you went back 100 years from that point, and you gave them just 23 cents. If you gave them 2 cents. If you gave them 2 cents. 2.3 cents, to be exact. 2.3 cents. But if you just gave them 2 cents, 100 years later, there would be $20. If you gave them 2.3 cents, 100 years later, there would be $23. And now it would be the 23 trillion, right? So, what I'm trying to say is that, if the runway is long enough, the starting capital doesn't matter. Even the rate of return doesn't matter. If the runway is long enough. Now, so when people are thinking about investing, they have to keep a few things in mind. The first thing is spend less than you earn. So, always try to save the first dollar rather than the last dollar. So, if you are making money, so, if you are making $50,000 a year, put $5,000 into savings to start with and then do the rest of your expenses after that. Now, it's very important when we saw with this example, you start young. So, when people start working at 22 or 23, whenever they start working, they have to be saving then. Because that early money at 22 can compound for 50 years. And that's what we want. So, we don't need to do heroic things with finding the next Nvidia or whatever else. We can just put it into an index. And the important thing is spend less than you earn and keep putting that $5,000, $7,000, $10,000 every year into the savings. Don't go have a vacation in Hawaii with it. Let it keep compounding. And just put it into a broad index. And we don't really care. So, for someone who has never invested before, which would probably be the majority of the audience, how do we simplify even further in terms of just put it in an index? What does that mean? So, basically, you could open an account at Fidelity or Interactive Brokers or Robinhood, any of these places. You could open a brokerage account for very little money. And there's lots of them in every country. Yeah, and then you could just ask them to buy you the S&P 500 index, for example. And they will get you invested in that. And the S&P 500 is basically the top 500 companies. It's the 500 dominant businesses in the US. Like Nvidia's in there and Microsoft and Apple and so on. And you're going to get your 10% a year if the trend holds over the last century. The S&P has plenty of periods where it does nothing. It's somewhat overheated right now. But I think if you have a long enough time horizon and your dollar cost averaging in, it's perfectly okay. What you could also do as an alternative is buy Berkshire Hathaway. So, that's a stock, BRKB. So, you could again tell these people that just put it into Berkshire Hathaway. It's like an index. And again, it's like said and forget it. You don't need to think about the investing side. You focus on yellow. Okay, and keep putting this little money away on the side. And it's going to compound. And so, at 18, if you put away $5,000 and you fast forward to when you're 68, 50 years later. Right? Now, if you got a 10% return on that money. Every year. Let's say. Every seven years, it would double. Okay? 72 divided by 10 is 7. 50 years is seven doubles. 7 times 7 is 49. And 2 to the power of 7 is 128. Okay? So, we can throw away the 28. Keep it simple. You're going to have 100 times what you started. So, the 5,000 at 18 is going to be 500,000. Okay? At 19, if you put money away, that's another 500,000. 20, you might have 10,000 you can put in. So, you can start seeing that over a lifetime. You know, you're going to be having too much money. As you might have been able to tell, I'm absolutely fascinated by the psychology behind high performing sports teams. I think it started with my love for Sir Alex Ferguson as a Manchester United fan. So, when I was told about a new Netflix series that covers the rise of the Dallas Cowboys, it immediately piqued my interest. And this isn't because I'm mad about American football. I'm not. I don't even watch it. But I do know about the Dallas Cowboys and for a lot of Texans, they're much more than a sports team. I watched this series and it is absolutely brilliant. It centres on Jerry Jones and oil businessmen with no football background, who bought the Cowboys in the late 80s and transformed them into the most valuable sports franchise in the world. It's all about how one guy assembled a powerhouse team in the 1990s, made up of legendary players and coaches and through fearless decision making, led his team to three Super Bowl victories. And I really enjoyed it. And I think you might too. Check out America's team, the Gambler and his Cowboys, which is streaming right now only on Netflix. And they now sponsor this podcast. I've just invested millions into this and become a co-owner of the company. It's a company called Ketone IQ. And the story is quite interesting. I started talking about ketosis on this podcast and the fact that I'm very low carb, very, very low sugar and my body produces ketones, which have made me incredibly focused, have improved my endurance, have improved my mood and have made me more capable at doing what I do here. And because I was talking about it on the podcast, a couple of weeks later, these showed up on my desk in my HQ in London, these little shots. And oh my God! The impact this had on my ability to articulate myself, on my focus, on my workouts, on my mood, on stopping me crashing throughout the day was so profound that I reached out to the founders of the company and now I'm a co-owner of this business. I highly, highly recommend you look into this. I highly recommend you look at the science behind the product. If you want to try it for yourself, visit ketone.com slash Steven for 30% off your subscription order and you'll also get a free gift with your second shipment. That's ketone.com slash Steven. And I'm so honored that once again, a company I own can sponsor my podcast. You've been referred to as the Dando investor and I've got a book here, which you wrote called The Dando Investor. What does this word dando mean? And why do they call you the dando investor? Dando is actually a word from Gujarat, which is on the western coast of India, where Gandhi came from. They are extremely astute business people. And dando, if you translate it directly in Gujarati, it means business. But it doesn't really mean business. What it means is it's a way of doing business where the downside is non existent. We already discussed how Mr. Branson is a dando investor. He had no downside. Mr. Gates was a dando investor. He had no downside. Mr. Walton is a dando investor. He had no downside. So all of these people embarked on businesses, built huge fortunes, without taking risk. And so the dando investor was written from the perspective of how can we minimize risk while keeping the returns intact. You use this example of the Patels. What is that story? The Patels went to Uganda more than 100 years ago, maybe close to 130 years ago. It was a family? It's an ethnic group in India. And so this ethnic group came to Uganda to build the railroad. And but they are very savvy business people. And over the course of the last 100 odd years when they were in Uganda, through their dando methods of doing business, they became very successful entrepreneurs and they controlled large parts of the Ugandan economy. And Idi Amin came to power in Uganda in the 1970s. And he said Africa is for Africans. So what he did is he threw all the Patels out and he nationalized all their assets. So now the Patels were stateless. The US took them in, the UK took them in, Canada took some of the men. And when they landed in the US, they basically really didn't have any skills that would allow them to get good jobs, white collar jobs in the US. And what a few of them started to do was they realized that if they bought a motel, a small 10 or 20 room motel, the family could live in one or two of the rooms and they could use the money they got out and get a bank loan and run the motel. Now motels are very labor intensive businesses. So what they did is when a Patel took over a motel, they fired all the staff and the family took over all the jobs, the cleaning and front desk and everything else. And the Patels are vegetarians and they live a very simple life. So when a Patel took over a motel in an area, what they were able to do is they were able to undercut the prices of all the other motels in the area because they have no labor. They have no payroll, they have no workers' comp, none of those things. And so they were, if everyone else is charging $25 a night, they're charging $19 a night. So the occupancy was higher than everyone else. And they saved their money and then what they would do is buy the next motel, send the nephew to run it and then buy the next motel. And this started happening in the early 70s. And when you fast forward to today, 80% of all the motels in the US are on the Patel ownership, 80%. So the Patels make up 0.1% of the US population. Indians make up about a little over 1%, maybe 1.2%, 1.3%. Just 1.10% of that is the Patels. And this 0.1% population is controlling 80% of the motels in the country. And it's because of the Dando way. So if I want to steal from the Dando way, you told me it's good to be a copier. What are the principles of the Dando way that I need to be thinking about? Cos I think there was, was there nine? Yeah, there was nine principles total in the book. Well, the most important one is heads I win, tails I don't lose much. Everything we discussed today, Steven, is heads I win, tails I don't lose much. When I started my business, when Bill Gates started, when Sam Walton started, when Richard Branson started, that was the formula. If they won, they would win big. And if they lost, they'd lose nothing. So everything has to be in business about risk reduction. Everything has to be about free lunches. We love free lunches. Okay, so we always have to think about how do we get this done without capital, without risk, free lunches. Do you think there's an opportunity for people? Cos everybody's at the moment thinking about AI and technology and these like really advanced new innovations as an opportunity. But does that create an opportunity in the boring? In the motel, in the laundry mat? Yeah, so, you know, the reality is entrepreneurship is not studied much in business schools because there's nobody going to give you consulting project for studying entrepreneurs. If we really study startups in the US or actually anywhere in the world, 99.99% of startups are non-manifestable. What does that mean? What I mean by that is those are your laundry mat, your Chinese restaurant, your, you know, eBay seller, whatever, Amazon seller, so on, right? The small businesses. None of those companies were formed because of venture capital. So the media focuses on all the venture capital led businesses. And so people think that, oh, if I have to do a startup, I got to do something in technology. Well, that's like one tenth of one percent or less. You can ignore it. You don't need to really worry about it. The important thing is to be an observer and to look at what my dad would call offering gaps. So let me explain an offer. Right? So let's say there's a town, let's call it town a town a. There's a barbershop in town a. Okay. And the barbers, one of many barbers doing well, et cetera. There's another town about 30 miles away town B, which also has barbers. They also doing fine. There's a town B, which is also a barbershop in town A. They also has barbers. They also doing fine. There's a new township coming up in the middle of these two towns called Town C. Town C doesn't have much of a population, but it's growing fast. So the barber in town A goes to see what all the hoopla about town C is all about. So it takes a trip there. See that there's some increase in population. People are moving in and you notice there's no barbershops. Why would there be any barbershop? Because it's brand new, right? So he's thinking, how do I do this without taking risk? And what he does is he rents a sub lease is a small storefront by some used barber equipment and then decides that one day a week he's going to go into that town and cut hair every Wednesday. He puts up a note board saying I'm available Wednesdays. And what happens is people start coming in. They come in because they have no choice. If you don't go to this barber, you got to spend half an hour driving to one of those two towns. Now he normally charges 30 bucks for haircut. But here he doesn't need to charge 30 because there's an opportunity cost of the time you're saving. So he can charge 45. So he's charging 45 over here and then when he's in his own town he's charging 30. Now what he notices is Wednesdays are filled up. So he says Tuesday and Wednesday. And gradually what ends up happening is that that business is full time and he's making 45 bucks an hour per haircut. But the nature of capitalism is more barbers are going to show up. So the second barber comes in, the third barber comes in. Eventually the haircut there is going to be 30 bucks. It's going to neutralize. But in the meanwhile he's doubled his business. Right? What risk did he take? So going into town C was addressing an opportunity gap. When Howard Schultz started Starbucks, he saw an offering gap. He thought that what Italians love about cafes might be what Americans love too. Didn't exist, right? And he went and did it. You know that barber that moves into town C first and they're really having a great time because there's no competition. One of your points when you're talking about the Dundee method is this idea of creating a durable moat. It's point four of the nine. So sometimes what happens is that you start a business. Every business starts off without a moat. What is a moat? We have a castle, a knight in charge of the castle to keep the invaders away. And one of the ways to keep the invaders away is you put a motor water around the castle. So when you put a motor water around the castle, it makes it harder for anyone to take the castle. And a business with a motor around it is a business that competitors will have a difficult time taking business away from. So what can happen with our barber in town C? Humans are creatures of habits. We don't like to change our barber every month. We like the same barber. So if he's competent and good, what's going to end up happening is that his client base will stay with him. What about loyalty points? I was just struck the other day when I was shopping in LA at Air One, which is a supermarket here in LA. And someone had recommended to me on the plane, which actually goes to your point about actually give a great product. Because an airline hostess on my flight over here went, oh, you're on keto diet. You need to go check out Air One. So that's the recommendation. And that's 10x more powerful than any ad or anything else they could drive. And I went there when I landed because I needed a supermarket and didn't know the place. But then interestingly, the checkout yesterday after my second visit, the lady at the checkout goes, hey, are you an Air One member? And I was like, Air One member. And she was, it does cost, she was honest, it costs money, but here's what you get. She goes, on this order today, you would have got 10% off this entire order, this expensive Air One. And she goes, and we give you a drink of a cream and she listed all the things off. I signed up and bought the membership to Air One. I tell you now, I'm not going anywhere else. I don't know what it is, but now that I'm a member and I have the app, I'm not going anywhere else. Well, that's now that's the hack that Amazon did, right? With Prime. And two or three years ago, I was seated at dinner next to Bill Gates. You know, my middle name is Forest Gump. These things happened once in a while. And Bill is describing to me how the business model of Costco and the business model of Amazon is illegal. Okay? So I said, why is it illegal? He said, when you put a membership fee, what you're doing to the consumer is you're locking them in, which means the consumer is no longer going after the lowest price because they're the distortion in their behavior. Yeah. Okay? So now the FTC doesn't believe it's illegal, but Bill Gates does. And I was just thinking, well, that's because you're comparative with Amazon. You know? Yeah. That prime thing with Amazon is super smart. Yeah. And that was taken from Costco. Oh, okay. You know? But basically, yeah, the lock-in is very powerful. One company I wanted to talk to you about was Apple. Because Apple, I find is a really interesting company. You talked about being a copycat, kind of arriving later to the party with new things. They've kind of been a story of both sides of the equation. They've been innovative, it seems, especially under Steve Jobs. And more recently, I mean, they were like copying other people, but now I'm not even sure what they are. Well, so Apple is a very unusual company in that everything emanated from one guy. Okay? And that one guy has been gone for a long time. And if you look at Apple, basically nothing new has come out since he left. We don't have Steve Jobs at Apple. And the same thing happened at Disney. You know, they had to buy Pixar because there was no Disney anymore. Mr. Disney was gone. And so Apple, actually, I find somewhat risky. As an investment. Yes, because if the form factor, so currently humans walk around the brick in their pockets, in their hands, at some point that form factor is going to change, it may be integrated into something we wear or some other more ergonomic situation. That may or may not be Apple. And in fact, more likely not to be Apple. I think Apple is a very unusual company in that they are not even in the same industry. They are probably some guy in a garage somewhere. And so if they are smart enough to find the guy in the garage early enough and buy them, they're okay. And bring them in as an extreme job, that's okay. But even there, the odds are low. What does this say to you about founders? Well, I would say that there are a lot of elements of luck. So first of all, founders are all great at what I call offering gaps. They find something that the world doesn't have that needs, etc. And they go after it. Sometimes what happens with the offering gaps is a moat gets built. Someone starts visa, it becomes a moatii company or American Express and so on. And it perseveres and scales. Like Apple with their ecosystem, their closed ecosystem. But 100% of businesses eventually will go to zero. And so it very well could be that a business could last for 50, 100, 200 years, 150 years. Could last well past the founders' lifetime. Those are businesses which were built with a lot of principles and a lot of great core values. The founder of Ikea, every decision he took was with the 500 of you. How many businesses think with the 500 of you? And Ikea, I was studying Ikea, some very remarkable things about it. First of all, he never ever took debt. Every single store they built, they built out of retained earnings and cash. He never took debt. And I've studied business failure quite a bit. The single biggest reason why businesses fail is leverage. They owe people money and they can't pay it back and they're gone. So Ikea has never taken debt. If you never take debt as a retailer, you're going to grow slower. You're going to keep bringing in the cash. But it's a very solid foundation because it's on a rock solid balance sheet and such. And his second principle was no two Ikea stores can be the same. So what he said is that whenever we are opening a new Ikea store, there has to be some innovation that is going into that store that does not exist in our previous stores. Because he says that if I don't keep innovating, I'm done. And so if we don't notice it because we think all the Ikea is the same. But actually if you study them and look at when they were built, etc., you start seeing these incremental changes that they're making. And that's a really interesting idea that I can implement into everything that I do. Just make sure that every podcast I do, there's one new experiment or innovation or every piece of work you do, whatever team you're in, is just to run out one experiment. But you have to make it measurable or else it's not an experiment. You also talk about making fewer big infrequent bets. Who's that relevant for and in what context? One of the things that Warren Buffett says, he says that you get a punch card which you can punch 20 times in your lifetime. And each time you buy a stock, it's one punch that's gone. So what Warren is saying is, if there was a rule which said that you cannot buy more than 20 stocks in your whole life, what would happen is you'd be very thoughtful about what you bought. And chances are those decisions might be good decisions because you only have 19 left and then you only have 18 left, etc. So in venture investing, a very small sliver of companies that venture capitalists invest in do well. Right? The high burn out rate. And if we look at the stock market, 4% of listed companies generate 90% of the return. So most companies that we may think about investing in are likely not to do well for us. It's a 96% odds that that's why the index is so important. Is when you buy the index, you bought that 4%. And if you go pick stocks, you have one in 25 chance of getting one of those 4%. You said earlier, the punch card analogy of 20 things in the punch card, you got to pick 20 in your life. If you only had three to five things that you would bet or back now, which I think is actually kind of what you do, what would those things be? Well, I mean, so I'm trying to resist going to specific names because I think that would hurt people more than help people. Ok, Ms. Fah. What I would prefer that people do is focus on the other two variables, which is the amount you're saving and the length of the runway and focus on the index. So I think that it's kind of like saying, I want to be a great AI developer because it's the way it will to be a great AI developer is going to take time. It's just the nature of the situation. What do you think about these people that day trade? Because so many young people, specifically men, are being sucked in by these adverts that you can day trade your way to wealth. It's not good. I think it's the broker is going to make all the money. Robin Hood will do well, not you. Do you think anyone can make loads of money as a long term day trader? I look at it this way. If you study the Forbes 400, the 400 richest people in the world, actually, I don't see any day traders in there. Unul de last things I want to speak to you about is this idea of circling the wagons. Yes. What does circling the wagons mean? Warren Buffett said that over a 50-year period of running Berkshire Hathaway, he's made hundreds of investments and only 12 have moved the needle for Berkshire Hathaway. So it's the same 304% rule where if we say that Warren made 300 investments, he probably made more than 300, but let's say he made 300 decisions, only 12 have resulted in what we see at Berkshire Hathaway today. And the important thing was not the buy decision on those 12. The important thing was never selling them. So circle the wagons is a term that comes from the 19th century when these pioneers were moving west, the wagon trails moving west, and the native Indians would attack or bandits would attack these wagon trails. So what they would do is they would put themselves in a circle. They would circle the wagons, then defend that circle as best they could with their guns and so on. But the wagons being circled was the best possible way of trying to face off that attack. So in effect, they circle the wagons around the crown jewel. So when I'm talking about circle the wagons, what I'm saying is that in a lifetime of investing, there are very few times when you're going to actually have a huge multibagger, a big winner, something that goes up 10x, 50x, 100x. And what you want to do is you want to effectively circle the wagons around that idea so it doesn't get sold. So we are not going to know before we invest whether something is going to be a multibagger or not. But we may figure it out after we own it. So we're only going to know a business after we own it. We're not going to know it before we own it. After we own it, we may understand the business well enough to know that this is a great business. And when we figure out it's a great business, you don't want to sell that. When I meet people like you, I'm always so inspired because we spend a lot of time thinking about the wins, the great decisions. We've talked about that, I've shown you the graph of your great decisions. What is the worst ever decision you made in terms of financial performance? Well, I've had so many zeros. So I mean... The one that got away. I mean, so there's mistakes of commission, which is things going to zero. And there's mistakes of omission. The mistakes of omission are far worse. So the biggest mistakes I've made aren't the ones that have gone to zero. The biggest mistakes I've made are the ones that I sold and I shouldn't have. Where I should have circled the wagons and I didn't. And those have been very costly. Give me one example. Well, so I think this was in about 13 years back, 2012. I invested in a company called Fear Chrysler Automobiles. Basically it was coming out of bankruptcy after the financial crisis. They had gotten rid of all that debt and everything and the stock was very cheap. It was about five or six billion dollars that you could buy the whole business. One of the things that didn't pay too much attention to at the time was that 80% of Ferrari was insight free at Chrysler. And they owned Ferrari, 80% of it. But they had many other assets which I like. They had the Ram trucks and Jeep and Maserati and so on. And when I looked at the business, I thought the business was worth many times the five or six billion. Even ignoring Ferrari. And I was right. So in the end, I made several times my money. And in 2017 or 2018, they took Ferrari public. So they actually then listed the company. And it looked like that they had captured all the value. And so I sold. I used to own approximately 1% of Ferrari as part of that purchase that I had made. So 80% of Ferrari was in this five billion dollar company. Ferrari now has a market cap of almost 100 billion. And I would have about a billion more if I had not done that stupid thing. So I made a couple of hundred million on this whole thing, but it would have been a lot more. And all I needed to do was just not sell it. Do you deal in crypto at all? No. Do you invest? It's outside my competence. I don't understand it. I was going to say, one of the things I know about you that's quite rare for someone that deals in bees, billions, is you have a smile on your face. You seem like a really genuinely happy person. Well, what would be the point of the bees without being happy? Well, a lot of people aren't. As you know. Well, then they've lost their way somewhere. I mean, on a daily basis, I specifically asked myself, how do I want to spend today? And I focus on spending it, not with the focus on maximizing money. I focus it with maximizing what Monish loves. And that changes all the time, but that's the way it is. What is that? Well, currently it's golf. Like one of the things that really struggled with today was there wasn't going to be any golf. So I said, it's either Stephen or golf. Should I go to Stephen or should I go for golf? I said, you know what? Give the arms a rest. Let's go meet Stephen. I'm glad you did. We have a, you probably just answered this question. We have a tradition where the last guest leaves a question for the next, not knowing who they're leaving it for. And the question left for you is if you could go anywhere right now, instantly, where would you go? I'd go to the golf course. Thank you so much. Oh, it's a pleasure. Thank you for everything that you do. It's so incredibly important. And I now know why people love listening to you and learning from you. And it's because you have this most remarkable ability to tell deeply engaging stories. Thank you so much. This has always blown my mind a little bit. 53% of you that listen to this show regularly haven't yet subscribed to this show. So could I ask you for a favor? If you like the show and you like what we do here and you want to support us, the free, simple way that you can do just that is by hitting the subscribe button. And my commitment to you is if you do that, then I'll do everything in my power, me and my team, to make sure that this show is better for you every single week. We'll listen to your feedback, we'll find the guests that you want me to speak to, and we'll continue to do what we do. Thank you so much.