PRACTICE SALES

“It comes down to high gross margin. It's very, very hard to overcome a business that does not have high gross profit margin. And then leadership, like you can't, you put a good leader in a crappy business and you've got a good business. You can't sacrifice that. I don't spend a lot of time in interviews and like going back and forth and doing reference checks. I just look at this like a numbers game.”

“I think they should try to find a customer first, a paying customer on any idea. Just steal an idea, honestly, like a burger restaurant. People try to think of a new idea. New ideas are more likely to fail than anything because it's new. I want an idea with precedent, right? I want a roadmap of someone that's gone before me and done that, and then I just want to copy that.”

“And then everything changed when I went and served a two-year mission for my church. I went to Hungary. I learned Hungarian and I knocked doors and I approached people on the street. I was an extreme introvert for two years. And that just like completely rewired my brain to make me embrace failure, embrace embarrassment and just not care anymore.”

“No. There's just a big asterisk by it. You have to work your way up to passive income, which takes a lot longer than most people think. ... So it takes active work to then create passive income at some point in the future. Yes, or money, or a lot of money. Because there's a lot of course creators that make a lot of money by putting those two words in the name of their course.”

“Don't share your ideas because people will copy them. That's total garbage. We should share ideas with everyone. ... I think what people don't understand is that when a new entrant joins an industry, in most cases, not all cases, it grows the entire industry, right? ... When you join a market, it grows the market. I knew a woman who made a million dollars decorating porches with pumpkins, right? That's all she does.”

“It comes down to high gross margin. It's very, very hard to overcome a business that does not have high gross profit margin. And then leadership, like you can't, you put a good leader in a crappy business and you've got a good business. You can't sacrifice that. I don't spend a lot of time in interviews and like going back and forth and doing reference checks. I just look at this like a numbers game.”

“But there needs to be a big enough need there, and they need to have a bias for action. Like they need to just be impatient. Impatience can be a superpower. They need to just do things, not just research endlessly, but be willing to go out there and try to get a customer. If they're not willing to do that, then they probably don't want to be an entrepreneur.”

“I think they should try to find a customer first, a paying customer on any idea. Just steal an idea, honestly, like a burger restaurant. People try to think of a new idea. New ideas are more likely to fail than anything because it's new. I want an idea with precedent, right? I want a roadmap of someone that's gone before me and done that, and then I just want to copy that.”

“Probably by starting 80 side hustles. I've always said that the overlooked businesses are the ones that are the most profitable. Any side hustle can become a full-time business, anything. There is a million ways to make a million bucks. This is a business that nobody talks about. I've started 80 businesses. I don't have 80 today. Like 9 to 11. What you call like a business versus an investment, it's kind of fluid.”

“No. There's just a big asterisk by it. You have to work your way up to passive income, which takes a lot longer than most people think. ... So it takes active work to then create passive income at some point in the future. Yes, or money, or a lot of money. Because there's a lot of course creators that make a lot of money by putting those two words in the name of their course.”

“And then everything changed when I went and served a two-year mission for my church. I went to Hungary. I learned Hungarian and I knocked doors and I approached people on the street. I was an extreme introvert for two years. And that just like completely rewired my brain to make me embrace failure, embrace embarrassment and just not care anymore.”

“The worst situation we can be in is when our job is just good enough to cover our bills. If they were to get a 50 percent cut, then that could be the best thing that ever happened to them. ... sometimes when the boats are burned for us, we talk about the metaphor of burning your boats, not looking back, no plan B. When that choice is taken from us, it can be the best thing that ever happens to us.”

“Using natural language, just like we're using today, to build an app. Hey, build me a credit card dashboard where I can do travel hacking all in one place and see when my cards expire, so I don't pay the renewal fee on cards I'm not using, etc. One prompt to get one app. I mean, if you think about it, colleges are teaching students today what AI can already do better.”

“Using natural language, just like we're using today, to build an app. Hey, build me a credit card dashboard where I can do travel hacking all in one place and see when my cards expire, so I don't pay the renewal fee on cards I'm not using, etc. One prompt to get one app. I mean, if you think about it, colleges are teaching students today what AI can already do better.”

“Probably by starting 80 side hustles. I've always said that the overlooked businesses are the ones that are the most profitable. Any side hustle can become a full-time business, anything. There is a million ways to make a million bucks. This is a business that nobody talks about. I've started 80 businesses. I don't have 80 today. Like 9 to 11. What you call like a business versus an investment, it's kind of fluid.”

“The worst situation we can be in is when our job is just good enough to cover our bills. If they were to get a 50 percent cut, then that could be the best thing that ever happened to them. ... sometimes when the boats are burned for us, we talk about the metaphor of burning your boats, not looking back, no plan B. When that choice is taken from us, it can be the best thing that ever happens to us.”

“But there needs to be a big enough need there, and they need to have a bias for action. Like they need to just be impatient. Impatience can be a superpower. They need to just do things, not just research endlessly, but be willing to go out there and try to get a customer. If they're not willing to do that, then they probably don't want to be an entrepreneur.”

“Don't share your ideas because people will copy them. That's total garbage. We should share ideas with everyone. ... I think what people don't understand is that when a new entrant joins an industry, in most cases, not all cases, it grows the entire industry, right? ... When you join a market, it grows the market. I knew a woman who made a million dollars decorating porches with pumpkins, right? That's all she does.”