THIS is the ONLY Skill you need to MASTER for Success… | Codie Sanchez
Summary
TLDRThe transcript discusses the importance of speed and decisiveness in achieving success, as exemplified by figures like Elon Musk and Bill Perkins. It highlights the value of time as a critical resource and advocates for a 'bias towards action', emphasizing quick decision-making and iteration over overthinking. The conversation touches on the '24-hour rule' for prompt action and the correlation between effective communication and high performance, suggesting that those who excel prioritize directness and efficiency over wasting time.
Takeaways
- 😃 **Speed is Key**: Elon Musk is known for his ability to quickly challenge assumptions and dive into the core of problems to find faster solutions.
- 🕒 **Time as Currency**: Time is considered a valuable resource, and Musk's approach to problem-solving saves time, which is a significant advantage.
- 🚀 **Urgent Bias**: Having an urgent bias towards action can lead to faster outcomes, as exemplified by Bill Perkins' success in various aspects of his life.
- ⏱️ **24-Hour Rule**: A company policy that emphasizes the importance of acting quickly, aiming to win by decreasing the time between thought and action.
- 📉 **Avoid Procrastination**: Procrastination can lead to being stuck in a cycle of overthinking and inaction, which is detrimental to progress.
- 🛑 **Decision Making**: Making decisions quickly, even if imperfect, is better than overthinking and delaying, as it allows for iteration and progress.
- 🔄 **Iterate Fast**: The emphasis is on moving fast and iterating, which is a strategy that most people fail to adopt, leading to stagnation.
- 🏁 **Start Walking**: A metaphor for taking action when lost, suggesting that movement provides clarity and direction, much like decision-making in business.
- 📈 **Maturity in Decisions**: With maturity comes the understanding that decisions do not need to be perfect, but timely, to avoid prolonged pain and indecision.
- 🗣️ **Communication Speed**: The speed and clarity of communication are correlated with the effectiveness and efficiency of an individual's work.
- 🔎 **Obsessive Focus**: Being obsessed with a subject or task leads to an in-depth understanding and superior performance, as opposed to a lack of focus.
Q & A
What is Elon Musk's approach to information skepticism?
-Elon Musk tends to assume that everything he's told is not true and immediately asks about the core components of the challenge to understand the root of the problem and find a faster solution.
Why is time considered a great currency in life?
-Time is a great currency in life because it is limited, and how one utilizes it can significantly impact their success and achievements, as well as their ability to overcome challenges more efficiently.
What is the 24-hour rule implemented in the speaker's companies?
-The 24-hour rule is a practice that emphasizes the importance of taking action quickly. It encourages reducing the time between thinking about something and actually doing it to gain a competitive advantage.
How does the speaker describe the difference between high and low performers in a business setting?
-High performers are characterized by their impatience for wasted time, focus on moving forward, and dislike for unnecessary talk. Low performers, on the other hand, may prefer to waste time and are less focused on execution.
What is the significance of speed in decision-making according to the speaker?
-Speed in decision-making is crucial as it allows for rapid iteration and progress. It helps in avoiding overthinking, which can lead to inaction and missed opportunities.
How does the speaker relate the concept of obsession to success?
-The speaker suggests that being obsessed with a subject or goal can lead to a deep understanding and commitment, which in turn can result in success. Obsessed individuals tend to remember and focus on the details that matter to them.
What advice does the speaker give for improving speed of communication?
-The speaker advises to be direct and concise in communication, thinking about exactly what you want to say with as few words as possible to avoid wasting time.
Why is it important to avoid overthinking in business decisions?
-Overthinking can lead to indecision and delay, which can be detrimental in a fast-paced business environment. It's better to make a decision and iterate than to get stuck in endless deliberation.
What is the speaker's view on the relationship between communication speed and work performance?
-The speaker believes there is a correlation between fast, clear communication and high work performance. Those who communicate efficiently are often more effective in their work.
How does the speaker suggest dealing with information overload and decision-making?
-The speaker suggests setting a time limit, such as 30 seconds, for making decisions to prevent overthinking and to maintain a focus on action and progress.
What does the speaker imply about the mindset of successful individuals?
-Successful individuals, according to the speaker, have a bias towards speed and action. They are not necessarily smarter but are faster at making decisions and taking action.
Outlines
🚀 The Power of Urgency and Speed in Decision Making
This paragraph discusses the importance of speed and urgency in decision making, as exemplified by Elon Musk's approach to problem-solving. It highlights how questioning the status quo and delving into the core of issues can lead to significant time savings and more efficient outcomes. The speaker emphasizes the value of time as a critical resource in life and business, and shares the '24-hour rule' implemented in their company to foster a bias towards action. The narrative also touches on the idea that speed can compensate for a lack of resources, as well as the importance of iteration and avoiding overthinking, which can lead to inaction. The anecdote about a former SAS soldier's advice to 'start walking' when lost serves as a metaphor for taking action to gain clarity and move forward in life and business.
🗣️ Communication Speed as a Key to Success and Efficiency
The second paragraph delves into the correlation between communication speed and success, suggesting that being concise and direct in speech can lead to higher-level positions. It contrasts high-performing executives who are clear and fast in their communication with those who are not, and the impact this has on the company's efficiency. The speaker also discusses the tendency of high performers to avoid wasting time on non-essential interactions and their preference for meaningful dialogues that contribute to progress. The paragraph further explores the difference between high and low performers in terms of their attitude towards time and their approach to work, emphasizing the importance of hiring individuals who are obsessed with their work and can provide detailed insights into their areas of focus.
📈 The Impact of Channel Growth on Guest Attraction
Although the third paragraph is brief and does not contain substantial content, it can be inferred that it is a call to action for viewers to subscribe to the channel, thereby helping it grow and attract bigger guests. This suggests that the channel's success and its ability to secure influential guests are directly related to the support and engagement of its audience.
Mindmap
Keywords
💡Obsessive ability
💡Core components
💡Urgency bias
💡Time as a currency
💡24-hour rule
💡Iterate
💡Speed of communication
💡Wasted time
💡High performers
💡Obsession
Highlights
Elon Musk's ability to question and deconstruct the core components of a challenge to find faster solutions.
The advantage of saving time on challenges by questioning assumptions and seeking root causes.
Bill Perkins' philosophy on success through speed and making decisions quickly to gain an advantage.
The 24-hour rule implemented in companies to encourage rapid action and decrease time between thought and execution.
The importance of speed in business and how it can lead to significant time and life savings.
The contrast between thinking and working, and the tendency of people to overthink rather than act.
The strategy of making quick decisions and iterating to avoid getting stuck in analysis paralysis.
The metaphor of starting to walk when lost in the woods as a strategy for life and business.
The realization that there is no perfect outcome and the importance of making decisions despite uncertainty.
The correlation between experienced businesspeople and their intensity in making swift decisions.
The importance of speed in communication for higher-level positions and its impact on career advancement.
The correlation between clear, fast communication and effective work among executives.
The distinction between high and low performers in terms of their tolerance for wasted time.
The observation that high performers dislike when time is wasted and seek meaningful engagement.
The difference between high and low performers' attitudes towards office life and time management.
The concept of obsession in high performance and its impact on memory and focus on important details.
The idea that obsession leads to effortless work due to intense focus and interest in the task.
The call to action for viewers to subscribe to the channel for more insights and growth.
Transcripts
Elon Musk is the same I mean I I spoke
to Walter and he he told me that Elon
has this just in
obsessive ability to just assume that
everything he's being told is basically
not true I.E if someone says something
takes eight eight months or something he
he seems to just reject that idea on
site and he immediately asks about the
core components of the challenge so
he'll immediately go right down to the
roots of the problem Y and from there
he'll figure out that in fact it can get
done in eight days and I and I just
don't think people understand the
advantage of saving that amount of time
on on big on any challenge you have in
your life on figuring out a way to make
it happen faster because one of the
great currencies of all of our Lives is
just the time that we have and some
people are like some people will take
three to four years to start a business
that with your information and that your
understanding and your bias would
probably take you 90 days yeah that's a
three like a three year nine Monon
saving on life just because you have
this sort of urgent bias you have this
bias towards believing that all these
deadlines are actually just um I don't
know a [ __ ] yeah I mean one of my
favorite mentors told me a line that
changed my life which was um it was Bill
Perkins I asked him why he's so
successful in so many aspects of his
life damn near a billionaire and uh and
he said the only reason that I am
successful is I'm faster than everybody
else by the time they have thought about
an idea taken it to a meeting and
started to move I have already made
three mistakes and found a faster way
and so his bias on speed is fascinating
if you ever hang out with the guy it's
wild you know I'll be like can we
schedule a meeting he's like I'm calling
you right now um and so he just moves
quicker so in our companies we
implemented something called the 24-hour
rule which was this idea that if we want
to win we have to have a bias towards
action we have to decrease our time
between thinking about a thing and doing
the thing and so most people say well
I'll get back to you on that next week
right get back to you on that next week
hate that line that is where dreams and
money goes to die instead I say can you
get it to me tomorrow if all we do
different than our competitors is they
take a week to do things and we get it
done in a day I don't have to be richer
smarter or better I'm just faster and it
drives my team crazy many times but I'm
not smarter I'm really not I'm just very
fast at a few things and I ignore a [ __ ]
ton of stuff that I don't think is going
to move us
forward you're you're the same seen it
with your team you know we've gone back
and forth with your team and then you'll
be like let's just do this one thing
right now instead I'm like oh yeah okay
that makes sense and so I think speed is
the consistency it's Chris and I were
just talking about this I got annoyed
the other day because I was
um you know what happens is people
overthink things and in this day and age
it happens more and more they they think
about the thing and they confuse
thinking with work and more often than
not thinking is not working and this is
where people will yell at me on the
internet and go well if I just don't
think about anything and I move really
fast I could move fast in the wrong
direction yeah you could but just
iterate move fast and iterate and that's
what most people don't do and so I'll
tell my team all the time you're
thinking about this way too much make a
decision in 30 seconds what's the
decision I'll tell you if I like it yes
or no I like the decision move forward
and so ask yourself that in life it's
like Mel Robins 1 two 3 four five get
out of bed yeah mine is 30 seconds to
decision I was it reminds me of a I
think it was an sas former SAS soldier
that I was speaking to and he said his
friend was going through a lot of
problems in his life going through a
divorce etc etc and he asked he called
him and asked him for advice he said
you're an sas you know Soldier what
should I do and he said when you're in
the middle of the woods and you're
feeling lost start walking yeah and it's
a nice metaphor for life which is you
you could you you'll die of starvation
just stood there overthinking about your
problems lost in the middle of the wood
but if you start walking you'll gain
some information you'll gain you'll gain
your bearings and I think especially in
my earlier career I was certainly a
victim of like procrastinating myself
into a hole with with a with a big
business problem but even this morning I
had something this morning my team in
the UK was speaking to me about a quite
quite a critical business decision that
I had to make and it's now in my old age
that I
realized
uh I realized I almost I a flash I was
like an older version of me was would
would spend three months trying to get
this decision right but a more mature
version of me knows that there is no
perfect outcome there's pain on all
sides of this decision so so I have to
write this long ass like essay memo this
morning and sent it into a person in my
one of my offices in in in Europe and
it's so crazy that they responded this
person responded within because I was so
like I was so concerned about what they
might say and how it might and they
responded within 4 and a half minutes
and they're like yeah cool got it I
actually agree and no need to call me
because I I completely understand and I
thought [ __ ] hell that could have
taken three months of us all in a
boardroom deliberating how to break this
news 100% it's interesting it's funny
because the people that are most
experienced in business seem to be the
most intense and I think this kind of
gives the clue as to why yeah you know
one thing I've also realized if you want
to if you want to get higher level
positions one of the the other things
you can do to get there faster I think
is your speed of communication it's not
even your speed of action so if you're
in an interview don't Bumble [ __ ] your
way through the interview think about
exactly what you want to say with as few
words as possible and be as direct as
possible in it and I've realized there's
a huge correlation in our Executives we
hire between those who are good they
speak fast they are clear and they don't
waste other people's times you know
there are a couple Executives I still
have at some of my companies and there
are two that I know I have to move on
because they're not fast enough and
they're not fast enough in their
communication I should have seen that up
front and I think the way that you
communicate is often the way you work
and it doesn't mean that you have for
instance I don't respond to all text
messages you know I don't think that
every single thing that comes in front
of me needs to be handled I probably let
40% of things go
unanswered and 20% of things I am on top
of it like sauron's eye and Lord of the
Rings I'm just watching if if I was to
look at your business do you think that
your highest performers is there sort of
a correlation between how much they talk
and how much they don't there is a
correlation between having no patience
for wasted time interesting tell me so
for instance one of my guys here Tanner
he's like oh man I can't engage with
this human because they're always
talking to me and I don't really have
time to do that and that is what I found
with high performers they do not like
when you waste their time and so you
know if you think about the typical
office life why do we not like typical
office life because people come in it's
like water cooler [ __ ] talk where
nobody really says anything you ask
about the kids you don't know the kids'
names what happened this weekend you
don't really care High performers are
not interested in that why because you
want to perform you want to talk about
interesting things that move you forward
and then you want to go live your life
you want out of the office I found
low-level performers they actually want
to waste time during the day because
they're not trying to execute they're
trying to just show that they are there
and there's a big difference between the
two and every time I hire a low
performer it's because I ignore that
point you
know which point the urgency the lack of
urgency in time yes yes I forget about
it in the interview you know and it's
really important to pay attention to
those types of people in your life who
are the people that just are okay
wasting your time because what does that
mean if they're okay wasting your time
they're definitely wasting their time
there was a phrase that I read in your
where you use the phrase obsessed not
interested oh yeah and I really love
that I actually screenshotted it on the
way over here today and I sent it to
some some of my team members that IAL
about this a lot too about this idea of
obsession and specifically the team
members that are on the Forefront of
really hiring people because there is a
big correlation between the outcome of
someone who is obsessed versus someone
who isn't yeah and the obsessed people
are just always the best they win you
know I was with Carl Ro again who's like
not a popular figure but he was chief of
the chief of staff Deputy Chief of staff
to George W bush and is like one of they
call him the architect because he
Architects most of the Republican races
in this country and so whether you like
it or not I'm I don't really care I
don't need to like somebody to learn
from them doesn't matter to me and so
I'm I had him on the podcast to hear
like what does it mean to like architect
the centers of power that's fascinating
and um when I was talking to him what
stood out to me I'd been in meetings
with him multiple times and at his house
a few times for for fun F raising events
and I would watch him and somebody would
ask a question that was like hey why did
Bob Sanders and Pennsylvania lose this
Senatorial race and his response would
be like well we lost it by you know
1,200 votes on the third Friday on like
December 4th 2012 and the reason is
because we didn't have this segment of
the population come out and then he
would do that for like five locations
across the country and I remember I
asked him I was like do you have a
photographic memory and he's like
absolutely not I only have about the
things I'm obsessed with and I think we
all actually have that like you've met
friends where like they know every score
of a football game for Manchester United
ever do they have a photographic memory
no they're obsessed and so if you can
find people who are obsessed with the
thing that you're doing it just means
they don't work hard they're just like
they they think of it as hardly working
because they're so intense on it and
they can't help themselves if you love
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