My air conditioning went out in the middle of this last Texas summer. It was really, really hot. But the result of it dying means we were able to get a brand new air conditioning. The entire thing was replaced with a much better one that cools the house more effectively. We would have never have done this if the original hadn’t died.
Sometimes you have to let things die if you want to succeed as an entrepreneur.
The number one thing is your pride. I don’t mean a sense of confidence, or pride in your work. Those are good. I’m talking about arrogance. An unteachable pride. A pride that is unhappy if the world doesn’t revolve around it. That kind of mentality causes entrepreneurs to fail constantly.
Many become entrepreneurs because they want the attention and ego validation. They’re trying to fix broken pieces inside by achieving success on the outside.
The problem is this never works. It doesn’t address the core issue. Becoming an entrepreneur and running a business do not solve a heart issue: you have to take ownership for your own problems.
I do not believe it is a coincidence that the word ego comes from the Greek word for “I” or “myself.” Someone with an inflated ego makes everything about them. When you’re teachable, humble, and able to learn from other people, you will succeed. No matter how wealthy or successful I become, I am always going to have other people teaching me. Some parts of my life need to die so I can have new life and succeed. It’s one of the most liberating things in the world.
Something else that has to die are our misconceptions on time and money. Most people value money too much and their time too low. They’re too attached to their money, so they spend all their time trying to get the best deals. They save $2-3 here and there, but all their energy is wasted on tiny details. They’re not thinking big. They never grow a massive business and build wealth and become free, because they’re penny pinching.
I’m not saying be lazy or irresponsible with your money. You should know where every one of your pennies is going and be in control of that process. But you need to have an investment mindset.
There’s a difference between someone who goes out, picks apples from a tree, and eats them, and someone who goes out, plants a tree, and will have apples for years to come. Stop doing the 10,000 things that will never let you reach your goals. Only do the few things that matter.
Self-discipline is having the ability to say no to a billion things so you can focus on the tasks that matter.
How do I know what matters?
Ask this: What is going to help me reach my goals and dreams? What do I need to do every day that will help me?
Is checking Facebook helping me get there? No.
Will Instagram likes get me there? No.
Is watching a bunch of YouTube videos going to get me there? No.
Do things intentionally, not impulsively. If you’re going to be on Facebook, be there with a purpose. If you’re going to be on YouTube, be there with a goal in mind. Learn things that will help you grow and make money. Don’t live an impulsive life where you get up, go to the fridge, eat whatever you want, watch TV for hours on end, and never accomplish anything. Don’t live by feeling. People who live by feeling and impulse end up broke and in poverty. They’re not taking ownership.
How many drunkards spend 90% of their life knocked out on the kitchen floor? At the end of their life, when they think back on how they really lived, do they cry because they didn’t make more money? No. It’s because they lost time they could have spent with their loved ones.
There is no refund on time. You can not get it back. You can lose a million dollars and make a million back, but you can not get the last hour you spent back.
What does it mean to value your time?
Do things that matter the most and bring good results. I’m not against entertainment: I’m very intentional about having downtime. Time where I’m just hanging out, watching TV shows, laughing with the kids, going to the pool. Working out is downtime for me. It’s enjoyable and mentally relaxing to me.
Downtime is good, but it needs to be intentional, not impulsive. “I’m going to have fun for the next two hours, and then the three hours after, I’m going to work really hard.” That’s being purposeful. That’s using time in a way you won’t regret on your deathbed.
This also relates to how you value your money. When people value money too much and are too attached to it, they’re afraid to spend it to make more money. You can’t make money if you’re not willing to spend it by investing it.
If you want to make big wealth, you have to invest the wealth you have. Use it for your own training and development. Invest in stocks that will give you returns. Invest in real estate. Invest in products that will make you money on Amazon and eBay. You have to be willing to spend money. Then that money will make more money for you.
Money is the greatest tool for making more money. I’m not against poor people at all. I used to be poor. But people who stay poor are people who don’t want to do anything about it. They have this mindset: I work really hard for my money. Wealthy people think: I make my money work really hard for me.
I’m going to be blunt: sometimes it’s your Amazon listing that needs to die. It may be sitting there, doing nothing, no matter how many ads, keywords, and photos you add, because it is simply not a good product.
I get multiple emails every day asking for me to help out with people’s listings. Here’s my first question: What is your foundation? Is the product good? Do you understand the market?
Don’t waste time investing in a listing if you're putting a dress on a corpse. It won’t do anything for you. First make sure there is a market for your product. Then optimize your listing.
We teach you exactly how to do this in our training program: how to find the right products so you can use your time well optimizing a listing people actually want.
One more point: let your victim mindset die. You are not a victim. A lot of people feel like the world owes them a living.
T. Harv Ecker puts it this way: “Rich people believe ‘I create my life.’ Poor people believe ‘Life happens to me.’” See the difference?
A victim mindset is really convenient when we don’t want to take ownership for the dumb decisions we’ve made. But if you continue thinking like that, you will never succeed. You have to take ownership. Say, “Yeah, I screwed up.” It’s freeing to say that. “I have character issues that need growth and change. I owned it, recognized it, and now I’m free to start fixing and changing it. Instead of blaming this and that, I take ownership for my success.” Now you can succeed.
By recognizing something is dead, you can stop trying to optimize it. That’s stupid! Don’t try to fix something that is broken on the inside. Get rid of it and replace it with something new.
Keep going even when it’s hard. When you rise up and conquer that mountain, you can win and make it happen. Believe that. Take ownership for your success. I know you can do it if you have the right mindset. I love you guys, keep going and crushing it.