Transcript
7a2Y5jhR5FU • Tom Bilyeu’s ADVICE On How SUCCESSFUL Entrepreneurs THINK
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Kind: captions Language: en hey everybody today's episode is brought to you by impact theory university's own business decision making workshop if you're a business owner looking to scale your company i can help i've created a four week intensive workshop that's going to give you the decision making strategies that you need to scale your company you can apply today all right i'll see you on the inside life is one of two things the result you wanted or the result you didn't want if you don't get the result you want you are by definition doing the wrong thing and you must change i think your belief about yourself and what you're capable of influences your accomplishments more than you can imagine i'm in the skill acquisition game skills let you do things i'm in the game of doing the things my skills allow me to do go get extraordinary like don't worry about whether the system is broken or not we built quest a billion dollar company in less than five years coming out of the great recession you're the average of the five people you spend the most time with that's just true and but now it's become so common to say and it's like every instagram post that i fear it's going to lose its meaning who are you spending time with because if you're spending time with people like you you're spending time with people like me i'm i'm raising you up i'm just not going to spend time with you so it's like now if you get in a mix of people like that who are like man we'd love for you to raise up to this level but if you don't it's fine but we're just not going to spend time with you all of a sudden that desire to belong to something powerful that you can see is going to lead you to your dreams and i remember saying to my wife over and over and over they are the surest path to my success i don't know anything else i just know if i can hang on to these guys they're gonna make me better and so that was through all the years of being embarrassed and developing actually massive anxiety because i was always behind i was always the dumbest person on the phone i was always the dumbest person in the room and it was like was i going to be willing to emotionally go through that to get great and most people can't so here's the thing now imagine i'm not the only person they said hey this is a startup you can have any job you want they i saw 12 people maybe more come and go over the years they just couldn't emotionally deal with it and so i remember thinking to myself why is it that i'm able to do this and the answer was i could self-soothe faster than anyone else so i would get kicked in the face and i would do something really dumb i'd be called an idiot told how stupid i was and then i'd just be like all right i need to re-center and that just became my obsession i need to be able to emotionally get back to complete neutral so fast that you don't even see a register on my face how'd you do it how do you do that literally practicing so remember the same time i'm reading about the brain voraciously i'm reading about people that understand human behavior i'm getting into cognitive science neuroscience like really going into it so i'm reading all this stuff going whoa we're just a chemical processing plant there are physiological hooks into these chemicals so hey if you're mad scared whatever but you force yourself to laugh out loud you will change your neurochemical state and you literally your experience is the neurochemistry so i was like whoa so i could get i could be in a situation where i'm being berated or i legitimately mess up and it costs money and it's like whoa that's on me and it is nobody's bad but my own and i realized that what most people do their strategy is to deflect it it's your fault not my fault yes so i started thinking of this as a metaphor people are throwing gold at me they're throwing it really hard and i can put a shield up and deflect it but then i lose that piece of gold if i drop my shield and just take the pain let it hit me in the head then i bend down and go this thing which is me being stupid there's a lesson here and now i have this piece of gold but the whole thing is i have to be defenseless so i have to own it i have to take it i can't fight if someone is like this to this day if our team is like hey there's something we need to point out to you i'll do this i square up to it i want them to know like hey i want to hear it i want to know like i want to be literally physically open i'm not going to close down i'm going to do everything i can to square off to open myself so that they know i'm receptive to the criticism right because that's the nugget of gold what i know is it's going to hurt it's going to sting but if i can emotionally recenter so fast you don't even see that i went through something now i can just process how do i take this information you've given me and get better everything in my life is driven by how something makes me feel and i really believe all you have in this world is how you feel about yourself when you're by yourself so in that dark quiet night when you're all alone do you feel good or not and so i steer by that and when i start losing sleep because something is stressing me out or i think i handled something poorly i have to correct that and what are the tactics so part of this is you have a belief system through which everything is filtered so my thing is okay belief system i can get good at anything i set my mind to uh belief system number two having a growth mindset is the absolute ideal so that means that just because i'm not good at something now doesn't mean i can't become good at it that i should only value myself for being a learner i shouldn't worry about being smart right good talented nothing just the willingness to stare nakedly at my inadequacies so if i've done something and it's making me feel badly about myself i start running through those filters also does this beating myself up is it moving me towards my goal or away from it now a little bit of beating yourself up actually probably does move you towards your goal because it kicks you in the ass gets you moving taking it seriously you're really thinking about it but then too much of it begins to erode yourself and so i have to balance like am i just beating myself up and now i've taken it too far and i'm losing sleep over something i just need to let go and focus on getting better instead of punishing myself like just get better at it so those those are the tactics that i use the word yet is a huge tactic for me tom you suck oh i'm not good at that yet okay cool thank you got it um i can get good at that and just keep coming back to those very simple basic building blocks of my belief system what i value where my priorities lie what my goal is having total clarity am i actually moving towards it and then just really holding yourself accountable to that without damaging your self-esteem one of my like guiding principles is never do anything that diminishes you and then never do anything that moves you away from your goal so again goal you have to have that clarity so i know what i'm trying to do okay well if i know what i'm trying to do does beating me beating myself up over this is that going to help me or hurt me oh it's going to hurt me because i'm going gonna be more likely to slide toward depression to think less of myself to be less bold to take less action okay well then we're not going to do that and i don't think people have researched cognitive behavioral therapy nearly enough pattern interrupting is like everything get better at pattern interrupting than lebron is at shooting like you just have to be a ninja like you've got to be so hardcore you've got to know about how to do that with yourself so if i have a negative thought that's recurring i just tell myself nope you can't think this anymore so and every time it will come up because i can't stop myself from it popping up into my conscious mind but you absolutely can control how the next thought goes the next thought can be oh i'm here's what i'll do with a negative thought that's so rad i'm so glad this negative thought appeared in my mind because that reminds me to be grateful for the fact that i'm friends with jay shetty or that reminds me to be grateful the fact i have a marriage that is so insanely cool that like i legitimately some days have to stop myself from just curling up in a ball with her and just chilling all [ __ ] day like that is i'm super stoked even now jay it's so funny i had to stop and think wait i'm going through this list of things that i'm grateful for what started this and i'm like oh yeah the negative thought like that actually just happened right now so you can imagine in real life when like you train yourself ah every time the negative thought kicks up don't don't sit in the emotion of the negativity that it will bring instead use it as a habit loop trigger to think about something you're grateful for and at first it feels so awkward and it's like the negative thought just keeps coming back but if you're diligent and suddenly negative thoughts become a habit loop trigger to gratitude to positivity to repeating your rules about i don't allow myself to think things that tear me down so i'm not going to think about that even just saying that crowds out that thought and telling other people that hey this is what you're doing it is unbelievable but this is why i'm saying i'm literally just a patchwork of all these like tools and techniques that allow me to protect myself from negative self-talk from anxiety from depression i don't think i've ever officially been in depression but i've been super [ __ ] close enough to know the feeling of staring into the void which i don't think is accurate it feels like the void is collapsing in around you and just everything is meaningless and it is all utterly hopeless and i've had just enough of a glimpse of how hopeless that is to to get where people are in those moments but anxiety that i've been in the thick of so that one i know and i've used cbt cognitive behavioral therapy to do interrupts on that i have a very well developed negative voice so i have had to use tools and techniques to stop that i never would have become a successful entrepreneur if i couldn't learn to self-soothe and at one point that was what i would have said was my secret power that my secret power in business was i can self-soothe faster than anybody else i just keep coming back to being the learner right so your identity isn't group a politic this politic that tribe this tribe that it is i'm a learner first and foremost i'm somebody that wants to bring value to myself into the world first and foremost so it's like once you get to that then as people are assaulting you chances of them triggering a self-esteem like in like if somebody wanted to hurt my self-esteem they would need to call me out on on are you really spending time learning or have you really improved i think you're the same that you were two years ago like whoa like if i really like you said felt that that might be true then i would really that would cause some [ __ ] into question for me because that's my identity right so if somebody came to you and said actually you're not a learner for me where my belief is now that's so absurdist that i would brush it off but if they were able to like compel me to see it the funny thing is being a learner then kicks in again and i'm like [ __ ] if they're really right then here's my chance to finally actually be a learner but so that's why i think that one's anti-fragile but that's where it's like you can get yourself into trouble if they're hitting on the very thing that your identity and self-esteem are tied to recognizing that brain plasticity is real and so much of who we are let's say it's roughly science says it's roughly 50 it's not me making it up that 50 is hardwired and you're not going to be able to do anything about it but 50 is insanely malleable and um i love this quote so great that you can't make a racehorse out of a pig but you can make a really fast pig and i thought okay cool so maybe i'll never be a racehorse but i can be a really fast pig and so whenever i'm feeling badly about myself or something knocks me off center i just come back to that idea of what's useful how do you move forward like even if you're not going to be the greatest of all time does it benefit you to act as if you could become the greatest of all time if you pour yourself into it and so i don't know that i'll ever end up being the greatest anything but dude acting like i can and like really practicing and moving through the world like i can become the greatest has propelled me forward yeah because acting like you can't won't get you there yeah won't make you good probably or great if you're constantly obsessing over why i'm not good enough or why i'll never become great so acting like you can at least gives you a much better chance of getting somewhere than nowhere 100 it's what i call the only belief that matters the only belief that matters is that if i put time and energy into getting a new skill i actually will get better at that thing and if you then extrapolate that and say and skills actually have utility they matter so knowing how to build a business that doesn't fall or build a business build a building that doesn't fall down is very very useful for a build a business it doesn't fall apart yeah that's it right so those skills actually let you do things and so that's become sort of my obsession is getting people to understand you don't read a book to check a box you don't go to school to impress your parents you do it because the skill that you will acquire lets you do something in the world that other people can't do or you wouldn't be able to do and that has a material impact on your life yeah i feel like you and i are very similar in the fact that we talk about skills a lot acquiring new skills and i think when you have a down phase or a breakdown phase that's when you should think about what are the skills i'm lacking that could benefit me so this doesn't happen again everybody lean in if you're listening to this this is one of those things that audacity is is nothing don't worry about being audacious the reason people fear being audacious is they don't want to be me ten years from now when this all fails right they're thinking oh man what if this doesn't work this guy's gonna look like an [ __ ] and it's like yeah maybe other people will think that i'm a total dumbass it doesn't matter and why doesn't it matter because of techne because if i know how to build a house i can build a house so my thing is i'm not trying to posture or be cool i'm telling you i have a set of [ __ ] skills that set of skills lets me do things i'm just interested in doing those things so whether or not i hit my timelines does not matter i'm in the skill acquisition game skills let you do things i'm in the game of doing the things my skills allow me to do so i want to impact people's lives maybe i'm not able to pull it off at a film level i'll find another way or maybe it takes me a lot longer to pull it off okay fine as long as i love what i'm doing even when i'm failing there's nothing to lose no because you know on this idea of technique along the way you are fulfilled with every step on the journey for sure right every time you upload a new you know conversation new episode of your show it's it's it's a it's a cool feeling to be able to put that out there and know that it is quote unquote you know impacting people and it is it is and that's the thing you know this like you you say something into a microphone like right now the the feeling that i have while i know people are listening the feeling i have is it's just us in this room but one day somebody's gonna come up to you or me and say i heard that podcast you guys did and it really touched me and it changed me in this way that's all i need so i'm not i'm not afraid to be audacious because i know that you're never going to exceed what you're aiming at so you're only your hope is to hit some percentage of what you're aiming at so i might as well dream massive and one it excites me and then two i'm not afraid of the failure so once you have that like oh it's exciting for me to dream big and i'm hyper conscious of you break it down in small pieces like i'm i'm not worried about building theme parks and all that stuff right now what i'm doing right now today is make a good comic put out a good interview show that's it that's what my life consists of stay in business be profitable like those are the things that i think about so i keep my you know my goals my immediate term goals very manageable but i make sure that they're feeding naturally into the grand vision but i don't get scared or lost and thinking oh my god i have to do all that nope right now today i need to read a script i need to make sure it's okay i need to authorize it to be drawn that's it that's today and as long as you're able to focus on that and get good at that and then just always push yourself to make your skill set better and better and better as long as it's leading towards that thing and you have clarity on where you're trying to go so you make sure the skills you're acquiring will actually lead you there you'll be fine i love the mindset stuff i love it and it's changed my life and i love watching somebody's eyes light up when they get it for the first time and so i created impact theory university and it is the book but in lecture form yeah and so i've already created that stuff now i know that i would open up a much bigger market if i were to make the book so that those people could go oh my god this stuff is life-changing and then i say you like the book you'll love impact theory university sign up today and it would quintuple our business overnight i can pretty much guarantee it when you say no to something that comes with a lot of zeros you do so because of your value system and what i value when i think about tom bill you on his deathbed if i may speak in the third person i think of myself on my deathbed i don't regret not writing the book but i regret tremendously not telling stories because i think if i want to impact 100 of the world two percent of them can be impacted with what we're doing right now where you say think like this act like this it will make your life better and two percent will do it it's amazing now i don't mean two percent of your audience your audience is the two percent they have selected themselves out they watch your show so now some ungodly number of them are going to go out and do it because they belong to that very rare group the 98 though they will not and the i became obsessed with this because working at quest i had 3 000 employees a thousand of them grew up in the inner cities and many of them could process raw data faster than i could they were smarter than me but they had done nothing with their life and they were not going to do anything with their life not that would be remembered or anything that even they valued right and when i boiled down to why not it came down to they didn't have a growth mindset they didn't have the only belief that matters so i thought okay well how do i get it to them so i we created quest university and i would show up early i would stay late i would tell anybody anything they wanted to know about mindset building a business whatever and two percent of them did it and it was life-changing and it's amazing and i still get phone calls from people like you changed my life it's amazing but it's only two percent the other 98 are either apathetic or actively antagonistic to change so how do you reach them entertainment the punch line is you have to get to the limbic system which you do through entertainment so you tell them tv movies yeah i really believe that the way that humans assimilate truly disruptive information is through narrative and so part of the way that i've changed my life that i've opened my mind to things like a growth mindset is through like the matrix it's not a mistake that the matrix came out the year that i was going through this like am i able to improve myself or not the movie comes out ends up becoming the dominant metaphor of my life i'd love to say that it was a lightning rod moment when i saw it my life has changed forever it wasn't like that but it planted a seed that i just kept coming back to oh man it's like neo in the matrix oh man you just start piecing together like these fascinating belief systems because a lot of times the wisest characters and films are often taken from like yoda sounds exactly like loudzou from the daodejing so it's like basically you've got george lucas who's very familiar with eastern philosophy talking eastern philosophy through this little puppet but especially if you hear it when you're young man like your mind is really open to it so because of star wars i ended up becoming obsessed with the dow dishing and then because of that that ultimately was my doorway to a growth mindset i hope you guys are enjoying this episode which is brought to you by impact theory university's business decision making workshop with nine full-length classes and weekly live case studies with me the business decision making workshop is a hands-on approach to honing your abilities to scale your business i'm going to be in there with you working through your hardest problems so that you'll be able to master how to overcome any impediment by getting the most foundational way to think through novel problems and that my friends is exactly what you need to do if you want to scale your company and have the kind of crazy success you've always dreamed i promise it is possible this is teachable this is something that you can learn it is a process that you can deploy against your business and be able to move confidently forward just go right now to decision.impacttheory.com to apply do not delay my friends spots are limited again go to decision.impacttheory.com and apply today i'll see you guys on the inside if there were only three books you could recommend to people that this all the books they could read in their life this is the hardest thing probably but if you're like three books to live a better life to understand the world and to just thrive what would you say are those three books it's not a hard question but it's one that i'm sure i will answer differently every time somebody asks uh number one is mindset by carol dweck it's great it's the most important book in the english language uh number two is the obstacle is the way by ryan holiday which is an absolutely extraordinary book and then number three is extreme ownership by jocko willing he's great and leif babin shout out to leif the first is read the book mindset by carol dweck period it's it's so critical man and it just lays the foundation for how to think um that that's step number one step number two is you will only ever get in your life what you absolutely must have your absolute obsession so you that says your obsessions become your possessions that is so true and so getting people to understand that that level of like i must have this until it is that like whatever it is if it's taking care of your wife if it's doing something rad for your mom if it's having a beach house whatever it is until you need that like you need oxygen you won't get it it is going to demand so much of you you're going to fall so many times there's going to be so many obstacles and unless it must happen in your life one of them will make you stop like you said you can't be for sale like if your will can be bought it doesn't make you a bad person man it really doesn't but if your will can be bought you're just not gonna get it it's all your fault everything every bad thing that has ever happened to you is your fault and if tonight a meteorite comes screaming through the atmosphere crashes into my bedroom and kills my wife i will know that that is my fault now i use the word fault to shake people up i know that it's making you mad right now i know that it winds you up and you think that i'm victim shaming and when you get beyond that and you realize all i'm trying to do is remind you that you are never ever ever ever a victim unless you choose to be everything in your life will change you're always in control even if that's a lie and i don't care if it is even if a meteorite coming in and killing my wife couldn't possibly be my fault i'm going to own it because the second i give away my power to somebody else i'm now at something else's mercy and there's some line that i can't cross that i'm no longer in control and i refuse to do that um if i could give anybody a gift it would be that for you to own that completely top to bottom and to know that every good thing that's ever happened in your life no matter how much it seemed like luck or coincidence that was you you earned that you put yourself in that position and as you move forward life is one of two things the result you wanted or the result you didn't want if you don't get the result you want you are by definition doing the wrong thing and you must change if you get the result that you want then you did the right thing simple as no gray nothing in between that's it it's all your fault and that's the best news possible i don't think that thinking something or saying something makes it true but i think that thinking something and saying something makes you believe it and the things you believe you will unintentionally guide yourself towards um i think your belief about yourself and what you're capable of influences your accomplishments more than you can imagine just because you don't put in the extra mile of effort or whatever that it was going to take because you don't believe that you can or you don't even allow yourself to dream it and if you don't dream it you're never going to come up with a plan so it is wildly influential in terms of what happens just not in a mystical way in a very like tactical you just end up either doing or not doing the things you should to me greatness is leaving it all out on the field like you can't guarantee results but you can guarantee like did you really play to win and this is something that i am heartbroken for other people if they're not playing to win and the only reason to not play to win is if you don't think you can win and you value yourself for winning so my thing is maybe i can't win i think the odds are actually against me building the next disney but it's such a fun game to play because i only value myself for this sincere pursuit so greatness to me is not about achieving something it's about playing all out sincerely pursuing it so i'm chasing money for eight and a half years my mantra is i want to get rich that's it there's no rich father-in-law i want you rich you promised you're gonna be rich you always wanted to be rich when you were young 100 right so and that didn't that wasn't a dirty word for me i didn't understand people who were conflicted about money i was like it's powerful so i want to get rich and and i just made it all about that and so for six and a half of those years i didn't take days off even when we would go to london for christmas i had like a video camera that would allow well this is actually slightly in the future but a great example i would take a video camera that would let me watch the production line at quest so like that kind of obsessive like i'm all in yeah back in the technology company same kind of thing but i would either be working on the tech company or trying to start other companies at night so we talk a lot about we had like five or six companies fail all side hustles yeah but it was like we just kept trying to learn and figure this out and so growing in that becoming better understanding marketing helping elevate the company really rising up to a pure status watching other people fall away because they couldn't emotionally hang in the environment and yeah then they made me i didn't ask for a raise for five years i was like i want to be i want to be so valuable that they feel gross for what they're paying me yeah and so because i wanted the equity i didn't want the i didn't want the salary yep so i was like dude i'm in this for the equity you have to worry about me equity equity equity i just kept it on their mind like hey you said that was a possibility i want you to know that means everything to me and that's why i'm here and so hit the six and a half year mark i'm 10 owner in the company and i'm completely miserable and i burned out and i realized that entrepreneurship had given given given it was making me stronger bigger faster and now it's beginning to take away because i didn't care about the product i didn't love what we were doing i wasn't passionate i was just chasing money and money just wasn't that interesting at that point on paper we both know the difference between paper money and real money right but on paper i was a multi-millionaire and i went in and i said guys here's your equity back i'm quitting i'm not crossing the finish line so i don't think i should get anything for this and it actually ended up being like a really cathartic moment where we could all say what we've been feeling which is yet none of us are happy and so it became well if we're going to keep doing this if we're going to keep building businesses because by then it was very clear to me the struggle is guaranteed the success is not and so i'm going to go do something i love and they agreed they felt the same so we said okay well what would we build that we would love even if we were failing and so for three very different reasons that became a nutrition company and for me it was i grew up in a morbidly obese family my uncle essentially ate himself to death when i was 12 years old and it was scary and sad my mom is morbidly obese has been my entire life my sister's morbidly obese has been almost her entire life my dad at one point was morbidly obese and then lost weight but it was like that's just where my family lived and so i was like they're going to die far sooner than they need to and there's this great mother teresa quote nobody will act for the many but people will act for the one and so i just needed to wake up every day and think about my mom and my sister and that was it and i thought i can show up every day and fight for them it's not about the money anymore i can fight for them and look we a lot of business acumen went into this this was not just we had good intentions and it built a big business it was we understood business right i had now been in business for eight and a half years grinding it out building this technology company which was hard as hell yeah and but now we were able to marry that and by the way we took the tech company through the recession and everything so i mean it was like i'd taken some knocks so we really understood business at this point and so now we're going to start something predicated entirely on value creation that was like our mantra doesn't matter what's more profitable matters what adds more value and so we we literally were saying these things and we also we didn't actually throw our hands in a pile of wish we had to be a cooler story but like all but that said and each of us needs to have fun every day what makes you happy the the easy answer and the most truthful answer is time with my wife the other answer to what makes me happy there's really two things so time with my wife and then the pursuit which i'll put in all caps right so the pursuit of whatever the pursuit of getting better the pursuit of impacting the world the pursuit of building something big that that matters the pursuit maybe i never get it i don't care about that i care about the pursuit i care about whether sincerely i'm actually trying to make it happen not bullshitting yeah not just like empty dreams but like for real i'm actually giving myself over to this and i spent a lot of time in the inner cities a big brother for this one kid for eight and a half years completely changed my life and then having 1400 employees and about a thousand of which grew up hard in the inner cities hard i mean most of them grew up in compton i mean it was just some of the most extraordinary stories i've ever heard and i realized that those people are as extraordinary as anybody barack obama oprah winfrey tony robbins like they all those same raw materials exist in people in the inner cities that nobody believes and nobody thinks will ever go anywhere and they won't because they don't believe in themselves and so we were talking at our most honest like what what are we really driven by and i'm driven by that moment of awakening which i had in my own life where i finally realized wait i can learn new things so just because i'm not good today doesn't mean i can't be good tomorrow and and that filled me with so much excitement i want to see that in other people and i want to see what the world looks like when other people realize wait a second that steve jobs quote that the world is made by people no smarter than you is actually true and so if you're believing that these people are smarter than you because you did bad on your sats i'm just going to tell you right now stop so you can develop yourself so my obsession became that humans are the ultimate adaptation machine we are literally wired from the ground up in order to grow and improve under stress and pressure so it's like what's the phrase uh pressure can burst pipes but it also creates diamonds so it's like you need the pressure and yes it can hurt but it can also make something amazing if you're willing to put yourself in that situation so it's a weird twist of fate that humans in order to build the muscle you first have to tear it right yeah so but once you accept that that's how it works you can do extraordinary things thank you for watching this episode which again was brought to you by impact theory's very own business decision making workshop if you guys are ready to take your business to the next level by investing in yourself and learning the first principles of business then i want you to take action right now and go to decision.impacttheory.com to apply i promise you i am giving you every piece of information that you will need to overcome any obstacle that your company is facing to stare down problems that will arrive a year five years after you take the course this is the strategies of business decision making that every successful entrepreneur has to learn to deploy against their company if they want to grow all right guys i promise it will deliver 10x the value of what you pay for it and if it doesn't i'll give you your money back no questions asked you know me i live in the public eye there's nowhere for me to hide this is me trying to give as much value as humanly possible i really think this class would be transformative and i hope you will sign up and i will see you in the next live class alright guys take care and be legendary