How Billionaires Think: Decoding The Billionaire Mind
Summary
TLDRIn this insightful video, Sam Ovens explores the mindset of billionaires, revealing how their mental processes differ from the average person. He emphasizes the importance of mental awareness, cognition, and business principles as foundational layers for success. Ovens shares his journey from living in his parents' garage to running a multi-million dollar company, attributing his success to understanding and applying these mental models. He advocates for a 'full-stack' approach to learning, where mastering various business disciplines and principles leads to exceptional problem-solving and decision-making abilities, which are key to achieving success in any field.
Takeaways
- 🧠 The billionaire mindset is fundamentally different from the average person's, focusing on specific actions and mental processes that lead to success.
- 📈 Success is not accidental but a result of cause and effect, where specific actions are taken based on thought processes and decision-making.
- 🤔 The mind is the root of success, as it is responsible for creating thoughts that lead to actions, which in turn produce results.
- 🔍 Sam Ovens has spent six years studying successful individuals to understand and replicate the thought processes that lead to their success.
- 🏠 He shares his journey from living in his parents' garage with no money to building a company that makes around thirty million dollars a year.
- 📚 The importance of not just acquiring information but understanding how to apply it effectively, which is where the mind's role becomes crucial.
- 💡 The concept that two people given the same information can have vastly different outcomes due to the differences in their mental processing abilities.
- 🌐 The script emphasizes the importance of mental layers, including mental awareness, cognition, business principles, disciplines, and specific processes or tools.
- 🛠 The 'full-stack mind' refers to having a well-developed understanding across all layers, from mental awareness to specific business processes and tools.
- 🔑 Mental cognition is highlighted as a key layer for problem-solving, critical thinking, prioritization, and planning, which are essential for success.
- 🏆 The video concludes by emphasizing the necessity of becoming 'full-stack' in one's field to achieve exceptional success, much like successful individuals like Michael Jordan or Michael Schumacher.
Q & A
What is the main focus of the video by Sam Ovens?
-The main focus of the video is to decode the billionaire's mind, exploring how it works and how it differs fundamentally from the average person's mindset.
What is Sam Ovens' personal motivation for studying the minds of successful people?
-Sam Ovens is motivated to study successful people's minds to understand how they think and make decisions, which has helped him in his journey from living in his parents' garage to running a multi-million dollar company.
What does Sam believe is the root of success?
-Sam believes that the root of success lies in one's mind and mental function, as thoughts create actions and actions create success.
Why does Sam emphasize the importance of studying the mind of successful individuals?
-Sam emphasizes this because he believes that understanding the thought processes and mental models of successful individuals can help others improve their decision-making and actions, leading to success.
What is the difference between mental awareness and mental cognition according to the video?
-Mental awareness is about self-awareness, understanding one's thoughts, actions, and patterns. Mental cognition, on the other hand, involves problem-solving, critical thinking, prioritization, and planning.
How does Sam describe the relationship between mental cognition and business success?
-Sam describes mental cognition as a crucial layer for business success because it helps in prioritizing tasks, making decisions, and solving problems efficiently, which are key to running a successful business.
What are 'business principles' as discussed in the video?
-Business principles are the core beliefs and values that guide how a business is run, such as student obsession, focus on cash flow, long-term thinking, and thinking from first principles.
Why is it important to have a full-stack understanding of business, as mentioned by Sam?
-A full-stack understanding allows individuals to see the interconnections between different parts of a business, make informed decisions, and adapt quickly to challenges, which is essential for success.
What is the role of 'business disciplines' in the context of the billionaire's mind?
-Business disciplines refer to specific areas of business knowledge such as marketing, sales, product development, and finance. Understanding these disciplines helps in managing different aspects of a business effectively.
How does Sam differentiate between learning specific skills and understanding the underlying layers of the mind?
-Sam differentiates by stating that while specific skills are important, they are ineffective without a strong foundation in mental awareness, cognition, principles, and disciplines, which form the base for successful application of those skills.
What is the significance of 'mental models' in the billionaire's mind as discussed in the video?
-Mental models are frameworks and perspectives that successful individuals use to view and solve problems. They are part of the mental cognition layer and help in effective decision-making and understanding complex situations.
Outlines
🧠 Decoding the Billionaire Mindset
Sam Ovens discusses his interest in understanding the thought processes of billionaires and how they differ from the average person. He emphasizes the importance of the mind in creating success, as it is the foundation for thoughts that lead to actions. Sam shares his journey of studying successful individuals across various fields to reverse-engineer their mindset, which has contributed to his own business growth from a startup to a multi-million dollar company in a few years. He highlights the need to focus on mental function and the cognitive processes that drive decision-making and actions.
📚 The Layers of Human Minds
This paragraph delves into the concept of layers within the human mind and how they affect learning and success. Sam explains that people often focus on acquiring specific skills without considering the foundational layers of mental cognition and awareness. He compares it to installing software on an operating system, illustrating that without a solid base, even the best skills will not function effectively. Sam's experience with business consulting has allowed him to observe varying levels of success among individuals, which he attributes to the strength of these foundational layers.
🏗️ Building a Solid Foundation for Success
Sam discusses the importance of establishing a strong foundation for learning and success. He uses the analogy of building a house on sand to explain how learning specific skills without a solid base of mental cognition, awareness, and business principles is futile. He emphasizes the need to understand the interconnectedness of different layers of the mind and how they influence each other. Sam provides an example of how a person with a well-developed mindset can integrate new information, like Facebook Ads, with existing knowledge to achieve success, unlike someone with a weak foundation.
🛠️ The Importance of Problem-Solving and Critical Thinking
In this paragraph, Sam highlights the inevitability of problems in any endeavor and the necessity of having strong problem-solving and critical thinking skills. He criticizes the current trend of teaching specific skills without addressing the foundational layers of the mind, which he sees as crucial for true success. Sam argues that without a solid base, even those who learn specific processes are likely to fail when faced with challenges, as they lack the mental cognition to adapt and overcome obstacles.
🧐 Developing Mental Awareness and Cognition
Sam explores the concept of mental awareness, which includes self-awareness, identity, and belief systems. He stresses the importance of recognizing and challenging limiting beliefs that can hinder success. Additionally, he discusses mental cognition, which involves problem-solving, critical thinking, prioritization, and planning. Sam points out that many entrepreneurs struggle with these aspects, leading to poor decision-making and an inability to effectively execute tasks and respond to challenges.
🏆 Embracing Business Principles for Long-Term Success
This paragraph focuses on the significance of business principles, which are the core beliefs and values that guide how a business is run. Sam shares some of his own principles, such as student obsession, a focus on long-term cash flow, and thinking from first principles. He contrasts these with the common focus on short-term profits and argues that adhering to strong principles is essential for sustainable success in business.
📚 The Multi-Disciplinary Approach to Business
Sam discusses the importance of being a generalist and having a broad understanding of various business disciplines, rather than specializing in just one area. He criticizes the education system for producing single-skilled workers and emphasizes the need for a multi-disciplinary approach to truly understand and manage a business effectively. Sam shares his personal experience of learning various aspects of business, which has enabled him to see the interconnections and make informed decisions.
🛠️ Mastering the Full Stack for Exceptional Business Acumen
In this paragraph, Sam talks about the concept of being 'full stack' in business, which means having a deep understanding of multiple disciplines and being able to apply this knowledge effectively. He uses examples of successful individuals like Michael Jordan and Michael Schumacher, who excelled in their fields by mastering various skills. Sam encourages viewers to develop a comprehensive skill set to create and add value in the world through businesses.
🌟 Conclusion: The Path to Full-Stack Success
Sam concludes the video by summarizing the importance of developing a full-stack mindset to achieve exceptional success in any field. He encourages viewers to focus on self-awareness, cognition, principles, and learning multiple disciplines. Sam invites viewers to like the video, share their thoughts, and subscribe to his channel for more content on personal and business development.
Mindmap
Keywords
💡Success
💡Mindset
💡Mental Cognition
💡Business Principles
💡Business Disciplines
💡Full-Stack Mind
💡Mental Awareness
💡Cognition Layer
💡Pattern Recognition
💡Prioritization
💡Trade-offs
Highlights
Decoding the billionaire mind to understand the fundamental differences from the average person's mindset.
Success is not by chance but a result of specific actions influenced by one's thought process and decision-making.
The importance of studying not just billionaires, but successful individuals across various fields to understand their mental processes.
The speaker's personal journey from living in a parent's garage to running a multi-million dollar company in six years, underscoring the impact of studying successful minds.
The disparity in outcomes when different individuals are exposed to the same information, highlighting the role of the mind in interpreting and acting on data.
The flawed approach of focusing solely on information acquisition without considering the individual's mental framework.
The concept of a 'full-stack mind' as the foundation for success, encompassing mental awareness, cognition, business principles, and disciplines.
The analogy of installing software on an operating system to illustrate the importance of a solid mental foundation before learning specific skills.
The layers of the human mind and how they influence the effectiveness of learned skills, from mental cognition to business principles.
The necessity of self-awareness and identity in shaping one's approach to learning and business.
Mental cognition as a critical layer for problem-solving, critical thinking, and prioritization in business.
The significance of business principles in guiding the philosophy and values behind running a business.
The argument for being multi-disciplinary in business, as opposed to focusing on a single skill, to create comprehensive value.
The importance of understanding the interconnectedness of different business disciplines for effective decision-making.
The concept of 'T-shaped' individuals who have a broad knowledge base but specialize in a particular area, exemplified by successful entrepreneurs.
The practical advice for aspiring entrepreneurs to develop a full-stack mindset to increase their ability to create and capture value.
The call to action for viewers to reflect on the video's content, engage with the material, and apply the principles to their own lives.
Transcripts
every one Sam ovens here and in today's
video I want to decode the billionaires
mind and what I want to do is take you
inside the mind of a billionaire and
really show you what it is how it works
and how it is fundamentally different in
pretty much every way shape and form
from the average person's mind now Wyatt
this has been a point of interest for me
is because personally I've been trying
to learn like how to become more
successful and how to function at a
higher level because you know behind
success isn't really magic it's it's
always cause and effect and there are
actions that people have taken in their
life that have had like profound impacts
that have allowed them to become
successful it didn't happen just by
chance it it happened by taking specific
actions now what causes somebody to take
an action is thinking by its analysis
its rationalizing and it's viewing
things and making trade-offs every
single day and the piece of you that is
responsible for that is the mind and so
if we reverse engineer this thing back
you know actions create success thoughts
create actions then the mind creates the
thoughts then you know really what's
lying at the base of success is your
mind and your mental function and how
your mind works and so that's why it's
been a real point of obsession for me to
study billionaires and not just
billionaires but really successful
people in every different field from you
know athletes to musicians to military
leaders to all sorts of different people
from all different eras and to really
pull apart their mind and really decode
their mind and figure out how it worked
and why it enabled them to see things
more clear than the average person and
make better decisions and take better
actions which is how they came to get to
where they are so that's why it's been a
real point of a focus for me to really
study the billionaires mind and really
successful people
so that I could then assemble one of
those mines inside my own mind and so
that's what I've been trying to do for
the past six years and I'm not a
billionaire yet but you know so far I've
been able to go from living in my
parents garage and with zero dollars at
all I didn't even have a college degree
or anything to start in consulting calm
my company and growing it to the point
now where it's making around thirty
million dollars a year and all that
happened in about five six years so you
know I'm by no means billionaire but I
have studied these people's minds a lot
and I've been able to reverse-engineer
it back to specific things that not only
myself but you can do like starting
today so that you can dramatically
improve the decisions that you make the
trade-offs that you make and the actions
that you take every day and that's going
to have an impact on your success in
life and in business or you know
whatever your field is now the reason
why I really wanted to dig into this and
study it is because this thing has
always interested me you know why if you
take one person and you put them into
contact with some information and this
information could be an online course it
could be a university degree it could be
a book it could be anything but let's
say you have a person they come into
contact with information and that
results in like massive success let's
say this person becomes a billionaire
right but then they say we have another
person and they come into contact with
the exact same information so the
information variable here is identical
right so two different people but very
similar come into contact with identical
information one output is you know be
linear the other output is you know
complete failure right so why is that
why can two people come into contact
with the same information and get
inverted dramatically like it
streamit results why is that and why
that is is because it's not about the
information you know the information
plays a role but it's not the main part
the main part of this is actually the
human's mind that is you know the main
piece here and what's fascinating is the
way we look at education and online
courses and and everything is we just
look purely at the information side we
think ok let's just get these people to
learn this information and they should
get this result because someone came
into contact with this information the
output was this so therefore we should
just force this upon everyone and that
output should be the same or to varying
degrees the same but what we see in the
world and what we see you know every day
is this we don't have the homogeneous
output we have wildly varying outputs
and it's because you know we've never
really looked inside these people's
minds and how that works and what I've
really tried to do is dig into this
I've studied other people's minds my own
and I've even you know been my business
consulting com what we do is we help
people start their own businesses from
scratch so we take people who have no
experience with business or anything and
we have to teach them everything and
help them make that dramatic
transformation into starting a business
and being successful with it and that's
a huge shift and so I've observed twenty
thousand people over five years go
through this and I've observed what
happens and the people who have trouble
with it the people who do okay with it
and the people who get extremely good
results with it and it's fascinated me
and I've really dug into this and looked
at it and what I've found is that there
are layers to like every humans mind
every humans brain there are layers and
what's fascinating is that when we go to
learn a specific skill like let's say
the specific skill is
is going to be you know how to run
Facebook ads right so that specific
skill is going to be up here on this
processors layer or this process layer
and beneath this we have like a business
discipline layer and so this layer here
is so I'll write this on so you guys can
see it so here we have like processors
and then on this layer here we have
business disciplines and then on the
light on the layer beneath it
we have business principles and then on
the layer beneath this one we have this
one here is mental cognition and then
the layer beneath it we have mental
awareness
now you're probably thinking what are
these things why are we talking about
these things well let me explain all of
them so if somebody and I see this
happen every single day you know
somebody will come in and they want to
start a business or be an entrepreneur
and they think okay well what do I need
to learn all right the hot topic is like
Facebook Ads and so I'm gonna come right
in and just learn all about Facebook Ads
and so they go in and they do that and
what they're doing is they're they're
acquiring a specific process skill like
this one little block here and they're
acquiring the skill but it's operating
on top of all of these layers and the
best way to think about this is you know
you've got like an operating system on
your computer like Windows or Mac
operating system and then on top of that
you can install applications like
Microsoft Word or keynote or different
things and then within those you know
you can create different files and
create different things like that
now if you install like a specific
software application on a bad operating
system like let's say you try to install
a Microsoft Windows application on Mac
OS it's not even going to install all
let's say you install like a real memory
hungry application like some sort of
graphics heavy graphical interface sort
of application on top of an operating
system that's outdated with not much RAM
and not much available memory and hard
drive space
well that application is going to be
running very poorly it's going to be
extremely inefficient and it's not even
going to really function and this is
what I see happen in business every
single day is people are just trying to
learn these processes in these specific
things but their foundations of their
mind are like in serious like in
seriously poor condition and basically
what they're doing is trying to install
like how to run Facebook ads on top of
really no knowledge of business
disciplines no knowledge of business
principles and
poor mental cognition and poor mental
awareness and when this happens it's
just like building a house on top of
sand you know it doesn't matter if you
get like a multi-million dollar house
with the fanciest design and everything
if you lay that thing on top of sand
it's going to fall over and it's going
to be completely useless and people
don't look at these layers beneath and
they don't work on these layers beneath
and then they wonder why these things up
here don't work for them and they wonder
why things are glitching up here and
this is why two people can come into
contact with the same information and
get different results because it depends
on the layers of the person's mind
somebody who's more aware with bitter
sharper cognition and with better
business principles and a wider array of
business disciplines is going to learn
information and perceive information in
an entirely different way and let me
give you a perfect example of this let's
say that somebody you know is much more
aware and has much better
problem-solving abilities and much
better critical thinking abilities and
lots of different mental models to run
things through and then on the business
principles layer this person has a
really solid kind of paradigm and
ideology of how they how they like to
run their business and they've got some
values and some principles they like to
follow and then up here on the business
disciplines layer they say this person
understands accounting they understand
tax and they understand sales and they
understand marketing and product
development and they understand
management as well and looking after
teams and all of that well now if that
person if they learn how to run Facebook
Ads
when they're going through that
information they're going to see all of
these connections all over the place
that the other person can't see because
they don't have this base foundation so
the person who's got all that and
they're learning Facebook Ads they're
gonna think oh this is how Facebook Ads
would affect the P&L this is how
Facebook Ads would affect the balance
sheet
or this is how Facebook Ads would make
that thing work or this is how sales
kind of comes in and interrelate with
Facebook ads and this is how product
development comes in and connects with
Facebook ads they're starting to connect
all of these different dots between all
of these different layers and then their
style and their method in their way of
running Facebook Ads
is going to be massively influenced by
these lower layers because every single
layer of your mind
you the layer above it inherits
everything from the layers below so if
you have really poor awareness and
self-discipline you know if you're at
this awareness layer if you are not able
to catch things if you're like attention
span is really short and you know if
you've got really destructive behaviors
and habits and if you also have a poor
sense of identity and you've got a lot
of delusions and false beliefs and
things like this then if you if this
person tries to learn anything it's game
over you know this person has problems
just sitting in front of the computer
for an hour and watching a video that's
longer than two minutes let alone
starting a damn business you know so
this person here it doesn't matter what
they learn they're screwed and the
person with bad mental cognition it
doesn't matter what they learn this
group so these layers down here of
extreme importance and so this is how we
can get these massively differing
results you know the person who becomes
a billionaire from this information
they're able to see all of the different
interconnections and they have really
solid foundations that they're able to
just like take this information apply it
between all these different things and
then execute it as a functioning
business or executing it as you know are
functioning anything and making a
massive difference whereas the other
person just sees words because all that
is to them is words and an a classic
example of the other person is when they
learn Facebook Ads they're thinking
we'll like how do how does this work
financially like how does this
if I spend money on ads how does this
come back does that is that like going
to be a profit or a loss they they
they're already breaking down mentally
and then you know they're because their
awareness and everything is so bad
they're not even going to be able to sit
down in front of the screen and write
Facebook ads for an extended period of
time because their attention span is so
horrible and then they're going to have
no mental cognition skills they're not
going to be able to problem-solve things
when problems arise and problems always
arise you know one thing we can
guarantee is that problems are coming
they come every day all the time
it's non-stop and so if you're not good
at solving problems and thinking
critically then you know none of this is
really going to work and this is what
nobody is really teaching anyone
anywhere ever
like people are just teaching skills
these days now when I look outside and I
look at by entrepreneurs and in these
different things they're learning
they're learning specific skills
processes or tools and they're
installing it on top of you know of
nothing and that they're just results in
nothing and they don't want to look at
these layers beneath because they think
oh that's just some like we will crap or
something that doesn't really matter I
just want to learn the technical like
nuggets oh I'm gonna get those gold
nuggets well these are we the gold
nuggets sir and you can have a lot of
these but if you don't have these base
foundations you ain't gonna make
anything happen
or if you do make something happen it's
gonna be short-lived it's going you're
going to self-sabotage it and it's going
to crumble and the moment you face a
problem because you don't have this
stuff down the bottom you're going to
you're just going to fold you know
you're just going to completely crumble
in the heat of the moment and that's why
billionaires you know the billionaire
mind is really well built it has these
layers really dialed in now what I'm
going to do is just walk through each
one of these layers and describe it to
you so that you can understand what it
is and how you can start like working on
your mind to make it full stack like
this and that's the kind of term I've
I've I've come up with to describe the
this billionaire mind it's like a
full-stack mind and it's when you work
on every single layer in the stack and
every single different interconnection
on the stack and you master the whole
thing instead of just the part because
if you just have a good part installed
on a rotten foundation the part will rot
right so it mental awareness what is
that and I'll write these things down
fear so mental awareness is really the
first layer and what it's all about is
basically how am I going to fit this in
I'll just fit it in here what it's all
about is your self-awareness so how will
where you are of yourself and your own
thoughts and your own actions and your
behaviors and your habits and your
tendencies and the patterns that seem to
you know repeat in your life and your
existence you know so someone might be
like will self-awareness I I know I'm
myself is here and I'm aware of that so
I'm self-aware yep like it this is
different this is being incredibly aware
of yourself and your thoughts basically
you know when you have got a higher
level of self-awareness is when you
focus on your the patterns of your
thoughts instead of the thoughts
themselves so you're kind of taking a
third a third what's it called it's
called a third person view of yourself
you're really looking from a bird's eye
view on yourself and how you're
interacting instead of being kind of
stuck in it yourself
now just close then something's popped
up on my phone so you've got self
awareness you've also got your identity
and your identity massively shaped zebra
thing in the stack and what I mean by
this is it's your self image of of who
you are so you know
this who you are physically and
everything but then there's who you
think you are and who how you see
yourself and what your self-image is and
this massively shapes everything because
if you think I'm not good at math and
I'm not outgoing and I'm not able to do
that or I don't have much energy or work
ethic then you're going to carry that
into everything you do and so as soon as
you come across some math anywhere in
this stack or anywhere in your business
journey they're going to be like open oh
that's not me I'm not a math person and
I see this happen all the time I see it
with people often say math or technology
I see it a lot especially with the older
generation they say oh no technology
that's not me That's not me and honestly
guys it's 2018 if you think technology
isn't you then you are right
because so you need to stop saying that
because it's not true like you can't
show me this like this imprint in your
DNA that proves that technology isn't
you you made it up it's a delusion you
cooked it and you're believing it and
you have to be the one that pops it
because it's not true you can learn
technology if you think you're not good
at math you can learn math right and
it's also like your ability to to belief
systems so what you believe is true and
not true about the world a lot of people
have a lot of these like making money as
evil or making money as bad or you know
all of these different things you have
to fix all of these before you can
really have any success anywhere else in
the stack everything you learn on top of
the space here will get these things
inherited into it right it's like having
a virus in the operating system of your
machine and then installing applications
on top of it the virus is just going to
just string its way right through
everything and so that's you know mental
awareness and I'll put out here well
I'll just rub out that one here so I've
got some space
now let's talk about the second layer
and there's more things to mental
awareness than just this right there's a
lot more to it but for the sake of
keeping things you know brief I'm just
going to mention a few things from each
stack and then the second one is mental
cognition and what this is is this is
your ability to problem-solve think
critically and prioritize different
things it's basically the layer in your
mind that receives all of these
different requests well there's all this
different information flying into your
mind all the time like oh maybe I should
do that maybe I should do this thing or
do that and this this layer here is
responsible for scheduling things it's
like okay how important is this and it
weighs it it weighs it's upside and it
weighs its potential downside and it
weighs it's like its effect horizon and
it also looks at all of the other pieces
in the system and then it assigns kind
of like a priority witness things should
be executed is it critically important
for survival if so then it should run
now execute now take the front of the
cube go or if it's not so crucial it
should just take you know a back
position in the queue and get scheduled
later on because it's not that important
but also if something is not important
at all this this layer here will just
discard a bit and just ignore it so this
piece is huge and I see a lot of
entrepreneurs who have some good
self-awareness and they've got some good
top-level kind of skills and principles
and disciplines but the cognition layer
is seriously missing it's like lacking
and prioritization is a key one because
I see people all the time they delay
working on the thing that's most
important and they prioritize and obsess
about and spend a huge amount of time on
the thing that is useless so when I see
this kind of behavior happening again
and again and again it tells me that
this purse
has a really backwards like cognition
layer in their mind and they're not able
to weigh things correctly and prioritize
things correctly the Slayer of the mind
is also responsible for like planning
thinking out into the future breaking
things down into chunks scheduling them
delegating them to other people and
planning and contingencies like what
happens if we if this happens then we
should do that or if there happens then
we should do this it's like a really
powerful layer of the mind and it's also
good at problem-solving so you know
problems come up all the time and this
layer of the mind will help you solve it
how do you troubleshoot a problem like
what are the different mental models
that you view the problem through one of
the different perspectives that you flip
between and one of the different
problem-solving methodologies and
frameworks and things that you deploy
when you come into contact with a
problem all right this is mental
cognition we've also got pattern
recognition so how easily you're able to
spot patterns in your own behavior in
your life in your business in the data
that you see for ads and your accounts
in the way your industry is evolving
it's like pattern recognition is very
very important and you know when you
study billionaires you'll notice that
they're hyper aware they are extremely
aware they catch things they catch
details and they can see things that
other people can't even see about
themselves all right it's almost like
they have x-ray vision they've got like
a clear winds right this hyper awareness
is that you're not born with it it's
made you can teach it to yourself it
just takes practice and then the
cognition layer billionaires are amazing
at this their problem-solving abilities
they can just go boom BAM find it done
before like you know before anyone else
has even processed the information and
they're also able to prioritize things
properly like they're able to put things
back in queue say no to things you can
do lots of things and focus on the key
important things and that's why this
layer is of exceptional importance in
your business principles so where am I
going to write this one I think we'll
put it we'll just put it here if you can
still see it here business principles
what are these so these are your like
your values and your beliefs about how
to run a business and these things are
crucial and so you know at these base
layers we're not even getting into
business so I down here we're not even
learning business skills we're learning
mental awareness and problem-solving and
mental models and cognition all of this
and then we're only getting into
business on this on this layer upwards
right and business principles are
different like beliefs you have about
business so I'll give you some of mine
for example like I run an online
education company and so I need a
central point of focus one thing that I
always default on and there is like
student position like the student is the
most important person in the equation so
whenever I'm whenever I have to make a
trade off or anything I think what does
the student want if the student was here
and they were listening to this what
would they choose what's best for them
not what's best for me
not what's best for different people in
the company nor what's best for
profitability or margin what's best for
the student through their eyes
so that's like a principal students
obsession another one would be that we
focus on on cash flow so you know we're
not too concerned about profit margins
or profits or quarterly profits or
anything to do with profits or earnings
what I'm most interested in is cash
flows and specifically long term future
cash flows that is what I'm focused on
and so you know this is very different a
lot of business people they've just got
their eyes fixed
on profits all right and all they want
is profits but in my belief system may
think profits people who do that a kind
of silly because they're leaving
themselves open to for somebody to come
in and take their market away from them
by just simply not making as much profit
that's leaving yourself open to a very
easy place to attack and also you have
to pay a lot of taxes and it's highly
inefficient and you're also not
investing a lot back into the business
into research and development and things
like this so this is just one principle
so you know I've got a student obsession
I'm a cashflow focused or long term
future cash flow focused and also I
think about the long term so if
something is gonna make my company less
money this year but more money in three
years five years ten years from now I'll
take the long term one any time right so
that's another one and also thinking
from first principles so I like to have
in my company like an idiosyncratic kind
of method of thinking so I like to think
differently and not just follow the
crowd and so instead of just doing what
everyone else is doing what we will do
is we'll look at it and break it down to
its first principles we'll break out
this thing into its different
constituent parts we'll analyze all of
them weigh all of them and then find the
best way to reassemble these constituent
parts to achieve an optimal outcome
instead of just doing what everyone else
is doing and what this leads to is quite
abnormal behavior to be honest you know
a lot of the things that a lot of people
have really obsessed about I completely
ignore and people think I'm an idiot for
doing it and then a lot of the things
that people never touch I obsess about
and they think that I'm stupid for doing
that right this is idiosyncratic
thinking and it's the byproduct of
having like a first principles kind of
worldview and a scientists worldview
instead of just you know like a fashion
point of view right fashion is it
follows trends but a scientist looks at
the constituent parts in the first
principles of everything and so those
are a few different business principle
then up here we have business
disciplines so what are these so right
here
cash flow focused and then student
obsessed and then we also had those
principles all right you know pretty
sure you can see there but now what
about business disciplines what are
these things well how am I going to fit
these ones on I should be able to fit it
by right here what happens if I go like
that good this will work so then we're
up to number four
business disciplines here's where the
Slayer starts to have different parts so
you can see these layers like this is
all blue this is all red this is all
green but up here we have different
pieces so these are kind of the
foundational layers but as soon as we
get to the business discipline layer we
can have different disciplines right so
if we know accounting that could be one
and then if we know like finance or law
or tax there could be like another and
then marketing could be a different one
and then sales could be a different one
product development could be a different
one and then management could be another
one right and what happens is our
education systems like how universities
and everything what they do is they
don't teach anyone this parent teaching
on this or this and what they do is they
teach people only one of these so you've
just learned marketing or you just learn
finance or you just learned this one
thing and what this leads to is just
single skilled workers right and this is
a really fascinating argument it's like
should you learn one thing and just
focus on it or should you be a
generalist and learn a few like a
broader range of things and what you'll
notice is if you study billionaires or
really successful people they are pretty
much in every single and every single
case like full stack and what I mean by
there it's not just through here but
multi discipline so they know lots of
different things and this has been the
case for me too along my journey is you
know I've thought all right I'll just
learn this marketing piece and then I
learn how to do that and then oh now I
need to sell now the now the result of
running this marketing thing generates
appointments and now I've got to get on
these appointments and sell but now I
don't know how to sell so what I do I've
got to learn sales now so then you learn
the sales part and then you're like what
what am i selling well now you've got to
come up with a product or a service
right and so how do you do that there's
like product development that's like
learning how to research and learning
how to find problems that
market has n craft solutions to them
this is a whole other thing and then
once you've done all of these so now
you've learned marketing sales and
product development and research and
things now you're running but now what
you need to learn accounting so that you
can manage everything and know how it
all works economically and how that all
of this outputs on the balance sheet and
the P&L and then you do that and then
comes tax season and now you're like
Noah now you've got this tax stuff and
so it just keeps going like this and the
the belief that a lot of people have is
that oh you can just hire other people
to do that or just get contractors to do
all of that but what you'll end up
finding is that they're just not good
enough because this single skill workers
like all they know is their little thing
and so when they look at your part of
your business all they can see is that
and they can't see how it interconnects
with all the other parts and so they
give you stupid advice right and this
this means that you can't really trust
these people or fall back on these
people and what I've found through my
experience in business is that I pretty
much had to learn how to do everything
myself so I've learned accounting tax
law corporate structures across
different countries and internationally
I've learned cash and accrual basis
accounting I have had to learn marketing
and then I've had to live in sales I've
had to learn product development I've
also had to learn statistics and like
analytics and things like that and
probabilities conversion rate
optimisation I've had to learn all of
this as well as management functions
like you know how to hire people how to
make sure the culture and everything is
good and within the company how to you
know create incentives and compensation
plans you know all of the stuff I've had
to learn all of it and what that that's
happened by accident kind of just
because I've had to along the way but
what that resulted in after a while was
really good knowledge across all sorts
of things and an ability to go in at
every different part of the business and
see how that interconnects to everything
else and troubleshoot things
real quick and problem-solve things real
quick and when you learn the full stack
so multi disciplines and the stuff down
here what you'll be able to do is do the
work of 30 people yourself and move a
hundred times faster than the thirty
people would as a team right now you
want to have that skill and billionaires
have that skill billionaires
multi-disciplined they are typically
like t-shaped and what I mean by that is
they have a broad knowledge of all these
different things but they focus in an
extreme obsessive way on a particular
thing so someone might know law taxes
accounting and all of this but they
might focus incessantly on like just
corporate structures right but they have
to understand all this other stuff in
order to do this and what I see today is
a lot of entrepreneurs just learning one
discipline and then they go out into the
world and they they're not able to do
anything they're not able to create
value because businesses are the things
that create value for people the
businesses have value and businesses are
made up of lots of different
interconnected parts and so if you want
to start a business you need to know the
different parts and how they
interconnect you currently just know one
piece that's how you get a job at a
corporate not how you create a business
and add value in the world and so this
is a very important thing and then on
this top layer here we've got like
processes and tools and things like this
and you have different processes and
tools on top of every discipline so on
top of just the discipline of marketing
right I understand
Facebook Ads I understand like click
funnels for landing pages
I understand analytics and I understand
conversion rate optimisation and I
understand a whole bunch of different
processes like how to create ads
different frameworks for ads just within
one channel and then I know how to do
copywriting and then
how like what types of images and things
would work well and I know the
psychology of marketing and all that and
so these are all different specific
processes tools and skills that just sit
on top of one discipline of marketing
and then with sales you know you've got
different sales skills and processes and
tools and then on top of Finance or
product development you've got different
processes tools and skills and so up
here we get into the actual what is the
step by step process of how we do this
thing here is the discipline the
marketing the sales then we've got the
principal's so it's your core beliefs
about operating a business then your
mental cognition your problem-solving
abilities and your prioritization and
planning and forecasting and mental
models and all of this and then down
here we've got your awareness and that
is self-awareness identity belief
systems things like that now like I said
earlier in this video what I see today
is people just learning tools how to use
the power editor good god if you just
learn how to do that you're useless and
or just processes like how to just run
this per specific process what are you
doing the process breaks what the hell
do you do now you're screwed because all
you know how to do is execute a process
you don't know the the discipline on
which the process says and you certainly
don't know the principles upon which
this process was founded and created on
and you don't know how to prioritize and
problem-solve anyway and you're not even
aware at the base level so even when it
stops working you probably won't even
notice that it stopped working and
you'll just continue to execute it and
it not work and you're not even aware
that it's not working and I see this
every single day so the purpose of this
video is to really show you in decode
the billionaires mind how it works what
it is and how it's fundamentally
different from the everyday normal
person's mind and if you want to be
successful in life and in this world and
any endeavor then you honestly need to
focus on becoming full-stack you need to
work on your awareness your cognition
you need to develop principle
your philosophy of things and then you
need to learn different disciplines by
keeping Michael Jordan he could play
offense and defense right here's one of
the first players that could do that
because players usually focused on just
offense or just defense he played both
and so we see this everywhere across all
disciplines Michael Schumacher was one
of the only Formula One drivers who was
a mechanic and would get in the workshop
with his mechanic for his Formula One
car and know what's happening with
everything you'd come off the track and
say you need to turn this on this fuel
mixture up here
I want this fuel mapping to have more
kick down here and it needs to not
be a spiky back here or that back lift
tire needs to go up 1 psi right he would
he would know the detail he was full
stack and so you know whatever the thing
is that you want to achieve and succeed
in in life then I can tell you that the
way you're going to be exceptional at it
is through becoming full stack so that's
it for this video today now what I want
you to do is if you enjoyed this just
click that like button and let me know
what you thought in the comments section
below just give me some feedback also
make sure you subscribe to my youtube
channel I release a video like this once
a week every week as well as customer
interviews and other resources like that
so thanks for watching and I look
forward to seeing you in the next one
soon
浏览更多相关视频
How to build a company where the best ideas win | Ray Dalio
the only 2 skills you need to make money (steal this)
The mindset you need to NOT fall behind
I became a millionaire at 21. Here's 10 lessons for anyone in their 20s.
8 Steps To Building a 7+ Figure Yearly Real Estate Business (Making Over $1Million GCI Per Year)
From 1 to 7 Orangetheory Fitness Locations | The GSD Show
5.0 / 5 (0 votes)