38 Business Cheat Codes I Wish I Knew at 28

Summary

This video shares 38 'cheat codes' for business success, emphasizing the importance of passion, long-term vision, value over price, and problem-solving. It advises building a business you'd want to be a part of, planning a year in advance, and focusing on team value beyond just salary. The speaker stresses the significance of compelling offers, comfort as an enemy of progress, and self-expectation. Additional insights include the power of creativity, the importance of execution, and the value of a strong company culture. The video concludes with practical tips on marketing, hiring strategies, and the mindset for continuous growth and success.

Takeaways

• 🕒 Immersion in Work: To succeed, one must be so passionate about their work that they lose track of time, working without constantly checking the clock.
• 🎯 Long-Term Focus: The most successful people have a long-term perspective, planning and working towards goals over decades rather than years.
• 💰 Value Over Price: Customers buy value, not price. It's crucial to understand the problem your product solves and convey that value to potential customers.
• 🔥 Embrace Challenges: The hardest steel is made in the hottest fires; embracing and solving problems is a sign of strength and a path to growth.
• 🏭 Build a Business You'd Use: Create a business that you, as a customer, would be proud to use and don't just chase trends.
• 📅 Plan Ahead: Plan out your year in advance to give your work a rhythm and cadence, allowing for focused sprints and refreshing breaks.
• 🤝 Hire for Value: When building a team, consider salary, experience, and learning opportunities as vectors of value that attract team members.
• 💡 Compelling Offers: A strong offer is more powerful than a convincing argument. Ensure your offer is compelling enough to keep you up at night.
• 🚀 Discomfort Drives Progress: Growth comes from stepping out of your comfort zone and acquiring new skills that push your boundaries.
• 🤔 Self-Expectation: Expect more from yourself than others do. This mindset empowers you to take responsibility and achieve more.
• 📉 Avoid Average: Strive for excellence and avoid mediocrity. Take your market's normal practices and amplify them to the extreme.
• 📈 Validate Before Scaling: Before launching a new product or service, validate the concept with a small test to ensure there's an appetite for it in the market.
• 🌟 Execution Over Ideas: Ideas are abundant, but it's the execution that makes the difference. Take pride in your ability to execute better than others.
• 🛠️ Teachable Skills: Hard skills can be taught, but soft skills like integrity and alignment with company values are essential and cannot be trained.
• 🔍 Volume is Key: Often, success is about doing more of what works rather than seeking new strategies or tactics.
• 🧪 Always Test: Continuously run split tests to increase conversion rates and profitability, as this can dramatically improve business performance.
• 🌈 Positive Energy: Bring positive energy into every room you enter, as it is free and can greatly enhance the atmosphere for others.
• 🎯 Focus on Outcomes: Concentrate on creating campaigns with multiple ads that can be drip-fed over time, rather than constantly creating new ads.
• 📊 Action Over Analysis: You likely already have enough data; what's needed is action. Stop seeking more information and start implementing what you know.
• 🤝 Culture of Winning: A winning culture is vital for attracting and retaining top talent. Focus on creating an environment where winning is the norm.
• 🛡️ Business Moat: Build a business with a competitive advantage based on its economic model, making it difficult for competitors to replicate your success.
• 🚫 Explicit Instructions: Be clear and explicit in your marketing to ensure customers know exactly what actions to take, maximizing conversion rates.
• 💔 Handle Disappointment: People you trust may disappoint you, but stay focused on your goals and let success be your response.
• 🛌 Prioritize Rest: Invest in good shoes and a good mattress, as they are essential for your well-being and productivity.
• 🤷‍♂️ Execute Known Fundamentals: Often, the key to success is not seeking new answers but executing the known fundamentals better than the competition.

Q & A

What is the first business cheat code mentioned in the video script?

The first cheat code is about working without constantly looking at the clock, implying that one should be so passionate about their work that they lose track of time.

What does the script suggest for maintaining a long-term perspective in business?

The script suggests thinking in decades rather than years, focusing on what the business will look like and the team needed to achieve long-term goals.

According to the script, what do people typically buy when making a purchase?

People buy value, not price. They are interested in the problem-solving aspect of the product or service they are purchasing.

What is the significance of 'the hardest of steel is made in the hottest of fires' in the context of the script?

This phrase emphasizes that problems are inevitable in business, and it's the ability to overcome these challenges that makes one stronger and more capable.

Why should one build a business they would want to be a customer of?

Building a business that aligns with your own values and interests ensures passion and commitment, which are crucial for long-term success.

What is the importance of planning out your year in advance as mentioned in the script?

Planning a year in advance gives a rhythm and cadence to the year, allowing for focused work periods and strategic planning for holidays and big projects.

What are the three vectors of value mentioned for building a team?

The three vectors of value are salary, experience, and learning opportunities, which collectively form the offer made to potential team members.

Why is a compelling offer more powerful than a convincing argument according to the script?

A compelling offer is more powerful because it can attract customers more effectively, potentially reducing customer acquisition costs and increasing business profitability.

What does the script suggest about the relationship between comfort and progress in business?

The script suggests that comfort is the enemy of progress, and that growth comes from stepping out of one's comfort zone and acquiring new skills.

What mindset does the script recommend for business owners regarding expectations of themselves?

The script recommends that business owners should expect more from themselves than anyone else, adopting an empowering mindset that drives personal and business growth.

Why is it important to focus on the creative aspect rather than the technical aspects when running ads online?

Focusing on the creative aspect is important because it's the messaging and targeting that truly matter in attracting people. The technology is a tool, but the psychology behind the message is what drives results.

What is the significance of batching activities with specific days as suggested in the script?

Batching activities with specific days helps to create a focused work environment, allowing for deep work on creative tasks while scheduling less demanding tasks for other days.

What is the main idea behind 'one good hook is worth more than a thousand words of masterful copy'?

The main idea is that capturing attention is crucial in a chaotic online environment. Without a good hook, no matter how well-crafted the rest of the copy is, it won't be effective in making sales.

Why is validating the front end of a new service, offer, or product important before full-scale launch?

Validating the front end helps to ensure there is a market appetite for the product or service, allowing for adjustments and optimizations before investing significant resources.

What does the Japanese proverb 'once you've completed 90% of the work, you are halfway there' imply about project completion?

It implies that the final 10% of a project requires as much effort as the initial 90%, and that it's the attention to detail and willingness to complete the project fully that leads to remarkable outcomes.

Why should business owners hire help for their personal life as well as their business?

Hiring help for personal tasks can be more cost-effective if the help costs less than the business owner's effective hourly rate, thus freeing up time for more valuable activities.

What is the key to building a business with a competitive advantage based on economics?

The key is to create a business model with a strong economic foundation, such as exceptional service delivery and customer retention, which makes it difficult for competitors to replicate.

Why is culture considered essential in scaling up a business?

A strong culture attracts and retains top talent, creating an environment where people are excited to work and contribute, leading to long-term success and growth.

What does the script suggest about the importance of execution over ideas in business?

The script suggests that ideas are common, but it's the ability to execute those ideas effectively in the marketplace that leads to success and wealth creation.

Why is it crucial to hire for soft skills rather than just hard skills in a business?

Soft skills like integrity and alignment with company values are harder to teach than hard skills. Hiring for soft skills ensures a strong foundation for training hard skills.

What is the main point of '90% of the time, volume is the answer' in the context of business success?

The main point is that often, success is about doing more of what works rather than seeking new strategies. Increasing the volume of effective actions can lead to greater results.

Why is it important to always have a split test running in marketing?

Split testing helps to identify what works best in converting customers, allowing for continuous improvement and increased profitability through optimized marketing strategies.

What is the final cheat code's message about not seeking answers to problems that don't exist?

The message is to focus on solving real problems within the business rather than getting distracted by hypothetical issues or acquiring skills for non-existent problems.