Alex Hormozi On Rejection and Failure

Byjack

The first step is to say “it’s my fault”. Second step is to use what you have.

Make the pain in the future worse than what is in the present or you will feel the pain from yesterday because you pushed it today.

Patience is about figuring out what to do in the meantime.

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Profit in Peace 8: Day Four

Byjack

I feel really tired today. I really like this course but I’m having a couple of worries:

  • I don’t know what products to sell because I like utilitarian stuff, things to make things and all those items, quality matters a lot and there are existing players
  • For more complex items, I don’t know if my RFQ will require a lot of work (cad models and blueprints)

Anyway, excited to see what happens today.

Thoughts and questions:

  • Money is like soldiers
    • There was a village that borrowed soldiers from other villages until they became an empire…they become Rome
  • “We cannot solve our problems with the same thinking we used when we created them.” – Einstein
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The Profit in Peace Challenge

Byjack

So here is the long and short of it.

I saw an ad on Facebook. It was talking about making money as an introvert and making money without giving up your inner peace.

I immediately signed up. It was about 20 dollars.

Now I have done a bunch of the exercises for the prework of the challenge and here are my reflections.

Some major questions that I have right now:

  1. What am I willing to give up and how will I go about giving it up?
  2. How do I live my values every day in a way that is in flow and not forced or mechanical?

I have some initial ideas.

First, I was thinking originally about what I wanted to give up in terms of things like YouTube, or socializing. But recently it made a lot more sense for me to think about time. Specifically, I wanted to dedicate my entire morning to succeeding at these goals.

From the time I wake up, I usually am doing what JT Franco calls “buffalo brain” (the idea of being one of the herd that moves without thinking). I listen to audiobooks, and watch YouTube videos. I don’t eat breakfast or drink water. I keep the blinds closed. I feel awful and I don’t feel the feelings.

Someone once said (might be Melinda Gates) that the first few hours of the day are the most important because they set the stage for the entire day to come. If I want to give up anything, I want to give up my mornings to getting up, drinking water, feeling my body, and going downstairs into the lounge to write on my blog and work on achieving my dreams.

Middle of the day has to be reserved for work and for talking to my girlfriend. End of the day has to be reserved for me time. Being alone, taking time, creating art, and letting the magic of nighttime take over.

This is what I’m thinking roughly:

7/8 AM – 9/10 AM: Dedicated to living the magical life

9/10 AM – 12 PM: Dedicated to doing the impossible at work

12 PM – 1/2 PM: Lunch, meditation

1/2 PM – 5 PM: Work, performing at the highest levels

5 PM – 7 PM: Misc time

7 PM – 11 PM: Alone time, creativity, play

During the weekend, work will be removed, leaving more time for dedication to my magical life. I think it will look something like this:

7/8 AM – 12 PM: Dedicated to living the magical life

12pm – 7 PM: Misc time

7 PM – 11 PM: Alone time, creativity, play

With this balance, it seems that my breakdown is this:

Weekday

  • 1-3 hours per day on living magical life
  • 5-7 hours of work
  • 4 hours of alone-time/play
  • 2 hours of miscellaneous time

Weekend

  • 4-5 hours per day on living magical life
  • 4 hours of alone-time/play
  • 7 hours of miscellaneous time

I suspect, I will have to do careful planning during the weekend, in order to perform at the absolute highest levels of work and potentially spend less time there.

In terms of living out my beliefs of empathy, intuition/following feelings, creativity/imagination, and honesty. I’m not entirely sure what actions I need to take to feel that I am in congruence with my values.

My main thought right now is about taking risks, breathing through difficult emotions and sensations, and following connection theory.

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Sales All the Way Baby

Byjack

So I’ve been thinking a lot about, well sales. This video sums it up pretty well.

I have been focusing on a lot of things recently, coaching, youtube, France and my girlfriend and on top of all of that, work and my day job in AI consulting. I recently decided to say fuck it for everything but three things:

  1. My girlfriend and relationship – we don’t have much time together and I want to enjoy it
  2. Exploring France – again not much time, amazing opportunity to relax and explore
  3. Going crazy as an AI Consultant and bringing in a crazy amount of business

My relationship is going pretty good, and for France I don’t want to think about it, I just do whatever I want. So let’s focus on the last thing.

I want to do exactly what Mark Cuban said. I want to be the best-performing salesman at my job. I want to take that experience to build my coaching business. I want to use my success to do consulting like I do coaching and have a lot of fun. I want to use my success to request more pay.

I want to learn how to master content creation. Build a social media presence. Build my connections. Get the reputation and respect that I’ve always felt I deserved.

The main conundrum I’ve been facing is this:

  1. How much information do I give away?
  2. If I give away tons of free information, what are they hiring me for?
  3. If I give away free 30 minute sessions, does that mean I will never talk to them ever again?

After some meditation, I came up with the following thoughts:

  1. I can give away everything
  2. For focusing on their specific problem. The most difficult thing is not to come up with a solution it is to come up with a solution to the right problem (just like coaching)
  3. No, I can always talk to them again. In fact, I can give away unlimited 30-minute sessions. However, it isn’t about the 30 minutes in the session that costs me a lot. It is the 30 minutes of research that I need to do before the call. It is the structure of writing out a plan for them that is costing me more.
  4. I can always have more conversations with less prep or even more 30 minute conversations with them.
  5. In the future, if they pay for consulting, they are paying me to invest more deeply into their solution. That means more research outside of the calls. That means more knowledge of their product and aligning my goals with theirs (just like in coaching).
  6. If I wanted to sell educational products, the cost for me and the added value for them would be in the way I packaged the information. Not the information itself. For example, a special website, platform, a book or an app.

There are three parts of a solving a problem:

  1. Having the knowledge
  2. Transferring it to someone
  3. Using the knowledge to solve the problem

When you create free content, you are mostly some #1 and some #2. I use a lot of my current knowledge + a little research + some production (design, videography, writing).

When I get on random calls with people, it is a little #1 and a little #2. I’m using my current knowledge with no research, and trying my best to transfer it to someone on a call.

When I get on “free” high value calls with people, I’m doing some of #1 and some #2 and a tiny bit of #3. I do a lot of research, use my current knowledge, trying my best to transfer the knowledge, and might even implement a small deliverable (like a roadmap, plan, strategy, or diagnosis).

When I’m doing consulting for them, I’m doing a lot of #1 and a lot of #3 with some #2. I’m doing tons of research, using my own knowledge, leading the charge on actually solving the problem (either building it myself, finding the right solution to buy, or hiring the people needed to build it), and doing a bit of education.

When I’m selling an education solution, I am doing a lot of #1 and a lot of #2. I’m doing tons of research, and spending a lot of effort on transferring the knowledge.

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Profit in Peace 7: Day Three

Byjack

I didn’t do the powermoves yesterday. Dunno how I’m already so burned out.

Dunno how to find my power or center again.

This is very interesting for me, like the logistics portion for me.

Thoughts and questions today:

  • Alibaba is not a marketplace, its a directory of manufacturers
  • You can send them an RFQ and they can produce your product
  • Certification used to make something eco friendly
  • Click hearts on suppliers that look good > Favorites > Select all > Contact Supplier
  • High quality images
  • Talk about benefits not features
  • Use canva for images
  • Turn off on keywords that are not delivering, put more money into the keywords that are delivering
  • 20-30 per hour for sourcing agent
  • about 400 for each project
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Drafting out My Disclaimer

Byjack

Intro goal:

  • Create a disclaimer for my hot takes channel
  • Make people understand why I’m doing what I’m doing
  • Make it ok for people to disagree and debate

It is important to talk about controversial issues because controversial issues are controversial because they are important issues. I have strong opinions and will say exactly what I mean and be very direct. I am not an expert on everything. I can be wrong and you can disagree with me. I might also change my mind, this is just what I believe right now.

Outro goal:

  • Get them thinking deeper
  • Get engagement

What came up for you during this video? What is your hot take? Add to the conversation in the comments sections below. I read everything.

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My Two Year Plan

Byjack

Here is my dream life:

  • Part time accountant: 2.2k-3.2k
  • Full time videographer: 4.3k-6.4k
  • Full time editor: 4.8k-6.9k
  • Apartment or down payment on house: 3k
  • Art studio 2k
  • Massage everyday: 1.7k-3.6k
  • Therapist 2 times a week: 2.8k
  • High end business coach: 4k
  • Eat out at a nice dinner 3 times per week: 1.2k
  • Fly first class to a destination with a plus one, with a nice airbnb every month: 5k
  • Organic high quality groceries: 1k
  • Nice quality clothes: 1k-2.3k

Total: 28.2k-41.4k

Per Year: 338.4k-496.8k

If I wanted to save 50%: 676.8k-993.6k

Before taxes that would be: 1.091M-1.601M

Meaning each month I would have to bring in: 90.1k-133.4k per month

I realize that this is more of an end goal. To get to the place I want to be right now, I don’t need to make enough to save 50%. That can come later. I highly suspect that having a great business coach, massages, and a therapist will enable me to double and triple my income.

So lets take another look at the numbers. What is the bare minimum I need to get into this lifestyle?

338.4k per year -> 531.8k before taxes

44.3k per month

If we were to operate on the Parrado Principal just for coaching:

  • 80% from group coaching: 355 group coaching clients | 20% from one on one: 6 one on one clients
  • 80% from art coaching: 425.4k | 20% from AI consulting 106.4k

Questions for myself:

  1. What should I focus on first?
  2. How do I divide what I want to do into steps?
  3. What should I focus on, AI or Art Coaching?
  4. Should I even do AI consulting?
  5. Should I try to find a partner for AI consulting? Should I wait until I find a partner to do anything?
  6. How do I want to legally set up my companies?
  7. How do I make my life easier?
  8. How do I market my businesses?
  9. What is something that I’m missing?
  10. How do I make my art coaching business succeed in a way that doesn’t destroy my peace?
  11. How do I maintain my AI expertise? How do I make progress without being overwhelmed and unfocused?
  12. What will make my life more fun while making big strides in my businesses?
  13. Is there something I can start succeeding at today?
  14. Am I aiming at the right goals? Are they too small? Too large?
  15. What can I do today to rapidly speed up my progress?
  16. If I wanted to make a lot of money, enough to live on in the next year, and I wanted to make this money in a month with my current skillset, what should I do?
  17. Is there a small shift I can make that will have a massive impact on my income/success?
  18. What should I be hiring someone else to do? What things will have a good return on my investment, make me money not lose money?
  19. What should I do today that will make me happier and more successful?

My intuitive answers:

  1. What should I focus on first?
    • You want to focus on the fundamentals: sleep, meditation, food, emotional processing
    • The stronger the fundamentals are, the more you will be able to handle anything
  2. How do I divide what I want to do into steps?
    • Picture some of your immediate goals that make you feel excited, give you energy, make them small enough to understand, and work on meeting those goals first
  3. What should I focus on, AI or Art Coaching?
    • It depends on what you want to do, to create a large business, AI makes more sense
    • For creating a smaller business, focus on Art Coaching
  4. Should I even do AI consulting?
    • Yes of course, there is a really good business opportunity here
    • If you mean at the same time as Art coaching, the answer is it depends, you will have to pick a priority
  5. Should I try to find a partner for AI consulting? Should I wait until I find a partner to do anything?
    • No you shouldn’t wait, you can start by yourself
    • Yes, you should look for a partner while you are looking for clients, you are developing a network for both
  6. How do I want to legally set up my companies?
    • Depends on how easy it is to change, the benefits of separating them, etc.
  7. How do I make my life easier?
    • Stop doing everything alone, work with other people
  8. How do I market my businesses?
    • Ask other people for ideas
  9. What is something that I’m missing?
    • You are missing a business coach/mentor
  10. How do I make my art coaching business succeed in a way that doesn’t destroy my peace?
    • You write about your challenges and experiences, to approach the business like an opportunity for personal growth
  11. How do I maintain my AI expertise? How do I make progress without being overwhelmed and unfocused?
    • The best way is if you could connect the art coaching with AI and AI with art coaching, if you could find a way for them to be symbiotic, that would be the easiest way
    • The other way is to find a simple and easy way to make money from AI
  12. What will make my life more fun while making big strides in my businesses?
    • I think maybe posting about your process/journey on social media
    • Hosting events and meeting people
    • Speaking at events
    • Creating strong boundaries for doing other things unrelated to business
  13. Is there something I can start succeeding at today?
    • Yes, focus on the fundamentals, they are the most important part
  14. Am I aiming at the right goals? Are they too small? Too large?
    • I think you are focused on the right goals, but maybe it is too early to be thinking about timelines, just create a bunch of attainable goals and work through them with no timeline in mind
  15. What can I do today to rapidly speed up my progress?
    • Meditate
    • Sleep as much as possible
    • Find a mastermind
  16. If I wanted to make a lot of money, enough to live on in the next year, and I wanted to make this money in a month with my current skillset, what should I do?
    • Teaching people would probably be the best way, that is probably your strongest skillset at the moment
    • Probably not the best use of your time for your goals
  17. Is there a small shift I can make that will have a massive impact on my income/success?
    • Yes, write down goals and look at them everyday
  18. What should I be hiring someone else to do? What things will have a good return on my investment, make me money not lose money?
    • Finding a good video editor or social media manager
    • Marketing is key and you need to work with people to get good at it
  19. What should I do today that will make me happier and more successful?
    • Remember your mission(s) and focus on them