THIS is the ONLY Skill you need to MASTER for Success… | Codie Sanchez

Summary

The 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

00:00

🚀 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.

05:00

🗣️ 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.

10:03

📈 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.

Keywords

💡Obsessive ability

Obsessive ability refers to an intense, almost compulsive focus on a particular task or idea. In the context of the video, it is used to describe Elon Musk's approach to problem-solving, where he questions the validity of information presented to him and seeks to understand the root of the issue. This trait is highlighted as a key to his efficiency and success.

💡Core components

Core components are the fundamental elements that make up a larger system or challenge. The video emphasizes the importance of identifying and focusing on these elements to effectively address problems, as demonstrated by Musk's method of dissecting issues to their most basic parts to find faster solutions.

💡Urgency bias

Urgency bias is a mindset that prioritizes speed and immediate action over prolonged deliberation. The script discusses how having an urgency bias can lead to significant time savings and more efficient outcomes, as it compels individuals to act quickly rather than getting stuck in overthinking.

💡Time as a currency

Time as a currency is a metaphor that equates time with a valuable resource, similar to money. The video script underscores the importance of time management, suggesting that saving time is akin to saving a form of wealth, and that being able to make decisions and act faster can lead to substantial life advantages.

💡24-hour rule

The 24-hour rule is a principle implemented by the speaker's companies, which mandates that decisions and actions should be taken within a day to maintain a competitive edge. It exemplifies the video's theme of valuing speed and efficiency in business operations.

💡Iterate

To iterate means to repeat a process with the aim of improving upon it. In the script, iteration is presented as a critical strategy for moving quickly in the right direction, even if the initial steps are not perfect, by making and learning from mistakes.

💡Speed of communication

Speed of communication refers to the rapidity and clarity with which individuals convey their thoughts and ideas. The video suggests that this is a key differentiator among high-performing executives, who are able to articulate their points concisely and directly, thereby saving time and fostering efficiency.

💡Wasted time

Wasted time is a concept that denotes time spent without productive outcomes or purpose. The script criticizes the acceptance of wasted time, particularly in the context of low-performing employees who may engage in non-essential activities during work hours, contrasting with high performers who seek to use time efficiently.

💡High performers

High performers are individuals who excel in their respective fields, often characterized by their efficiency, dedication, and intolerance for wasted time. The video script highlights the correlation between high performance and a disdain for time-wasting activities, as well as a preference for direct and meaningful communication.

💡Obsession

Obsession in this context refers to a deep, consuming focus on a particular subject or goal. The script uses the term to illustrate the difference between those who are merely interested and those who are so engrossed in their work that they excel, drawing a parallel to the idea that obsession can lead to exceptional performance and success.

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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