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Summary of Transcript:
The speaker initially faced disbelief from those closest to him about his potential for success, and he struggled with a lack of skills and motivation. However, he eventually built a billion-dollar business by developing his skillset and understanding the problems commonly plaguing entrepreneurs. He emphasizes the importance of having grand ambitions, drives, and compassion and notes that the negative voice in our heads is often a result of our brains evolutionarily “messing with us.”
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Summary of Description:
The content is a summary of a keynote speech by Tom Bilyeu, discussing the number one job of business owners and the importance of thinking critically. He challenges the audience to envision standing in a room with 1000 doors and knowing which 999 to close, emphasizing the need for clarity and decision-making skills. Bilyeu also addresses various business challenges and offers insights and advice, stressing the importance of solving novel problems and making better decisions. He also provides workshops and speaking engagements to help business owners scale their companies.
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Finding the Right Door: The Number One Job of Every Business Owner
Imagine yourself standing in a room with 1000 doors. Your job is to know better than anyone else in the company – better than anyone else on the planet – which 999 of those doors to close. According to Tom Bilyeu, the entrepreneur, and host of Impact Theory, that’s business.
In his latest keynote speech, filmed at the Driven to Success event in Los Angeles on September 25th, 2021, Bilyeu reveals the number one job of every business owner: to close doors. To be successful in business, you need to focus on what you’re best at and close off opportunities that don’t align with your vision. This may sound simple in theory, but it can be a daunting task in practice.
Wanting to vs. Knowing How
One of the biggest challenges in business is knowing how to close doors. Many people want to scale their companies successfully, but they don’t know how. According to Bilyeu, the key is to think from the first principles. This means breaking down complex problems into their fundamental components and then reconstructing them in a way that makes sense for your business.
The Hardest Problem in Business
Bilyeu challenges audience members to ask him the hardest business question they can think of. One of the questions he receives is about knowing when to keep or sell a company. Bilyeu’s advice is to focus on what you’re best at and passionate about. It may be time to sell if you’re no longer passionate about the business or are not the best at managing it.
The Physics of Progress
Bilyeu also talks about the physics of progress. To make progress, you need to keep moving forward. This means being willing to take risks and try new things. If you’re unwilling to take risks, you’ll never move forward, and your business will stagnate.
Presenting Large Proposals
When presenting large proposals, Bilyeu advises business owners to focus on the fundamentals. What problem are you solving? How will you solve it? How much will it cost? These are the questions investors want answers to.
Keep or Sell?
Another difficult question business owners face when to stop injecting money into a struggling company. Bilyeu’s advice is to focus on your metrics. If your metrics are trending in the wrong direction, it may be time to cut your losses and move on.
Scaling from 8 to 9 Figures
Scaling from 8 to 9 figures is a significant milestone for many businesses, but it’s not easy. You can’t do everything yourself, and you need to be willing to trust others to help you scale. According to Bilyeu, the key is to focus on what you’re best at and to be ready to delegate responsibilities to others.
Should I Hire More People?
One of the most common questions business owners ask is whether they should hire more people. Bilyeu’s advice is to focus on the fundamentals. Are you profitable? Are you growing? If so, then yes, you should hire more people. If not, you need to figure out why before hiring more staff.
Chasing Fulfillment
Another important aspect of the business is finding fulfillment. Bilyeu believes that to find true fulfillment, you must add value to people’s lives. If you’re not doing that, you won’t be fulfilled.
Chasing Money
Many people go into business to make money, but Bilyeu says that’s not enough. If you’re only chasing money, you won’t be successful in the long run. It would be best to focus on adding value to people’s lives, and the money will come.
NFTs & Investing
One of the newer trends in business is NFTs or non-fungible tokens. Bilyeu believes NFTs are a great investment opportunity, but you must be careful. You need to do your research and understand the market before you invest.
Balancing Self-Education & Action
Another important aspect of the business is balancing self-education with action. According to Bilyeu, you need to learn and grow constantly, but you also need to take action. You can’t just sit on your knowledge and expect things to happen.
Scaling in a Saturated Industry
Finally, Bilyeu talks about scaling in a saturated industry. The key to success in a crowded market is to focus on what you’re best at and to offer something unique. Finding a way to differentiate yourself from the competition would be best.
Closing Doors
In conclusion, the number one job of every business owner is to close doors. You need to focus on what you’re best at and close off opportunities that don’t align with your vision. By doing so, you’ll be able to scale your company and achieve success.
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Source Description
“I want you from now and forever to imagine yourself standing in a room with 1000 doors, and your job is to know better than anyone else in the company – better than anyone else on the planet – which 999 of those doors to close. That’s business.”
In my latest #keynote, I reveal the number one job of every business owner, explain the necessity of thinking from first principles, and challenge audience members to ask me the hardest business question they can think of.
This keynote was filmed at the Driven to Success event in Los Angeles, CA, on September 25th, 2021
Learn more about Driven here: www.drivenevent.com
Want to hire Tom to speak at your next event? See the link here for more information: https://impacttheory.com/hire-tom/
If you’re a business owner looking to scale your company, check out our Business Decision-Making Workshop.
I will teach you the skills I used to scale Quest into a $1B company. Visit https://decision.impacttheory.com/application and apply today!
SHOW NOTES:
00:00 | Introduction
01:55 | Wanting To vs. Knowing How
11:14 | The Hardest Problem in Business
15:04 | The Physics of Progress
26:45 | Presenting Large Proposals
34:10 | Keep or Sell?
36:13 | When to Stop Injecting Money
42:52 | Scaling From 8 to 9 Figures
56:44 | Should I Hire More People?
1:06:19 | Chasing Fulfillment
1:09:38 | Chasing Money
1:12:56 | NFT’s & Investing
1:15:10 | Balancing Self-Education & Action
1:17:45 | Scaling in a Saturated Industry
QUOTES:
“Your business won’t fail because of lack of opportunity; your business will fail because you pursue the WRONG opportunity.” [14:15]
“You’re lost until you have so much clarity that you know what to do with the next 15 minutes. You’re lost if the next 15 minutes aren’t self-evident to you. So whenever you’re like, “I’m not sure what the next move is,” it’s because you don’t have enough clarity.” [19:11]
“If you can’t solve a novel problem, all you can do is copy. Now you can make a career out of being a fast follower. But the only way to get where you want to go is to be able to solve a novel problem.” [22:41]
“The only way to win is to be more prepared than everybody else. If you want to win a gold medal in the Olympics, you must be better at that sport than any other human being on Earth.” [32:15]
“You can learn anything – but you can also hire almost everything. So the only thing that you must get good at is decision-making. If you’re not good at decision-making, you work for somebody else.” [42:21]
“I promise you; there is no problem in any business where the right questions won’t lead you to the right answer.” [55:37]
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