Episode of My First Million with Sam Parr and Shaan Puri.
Transcript
Note: This transcript was auto-generated from YouTube captions. It may contain errors and lacks speaker identification. A full Gemini audio transcript will replace this.
Kind: captions Language: en they grow up so fast so i just want to cherish these but it’s like my pre-billionaire days i just want to really own these because i know how easy it’s going to be to lose sight of these when i when i do become a billionaire i so for the record i don’t think that whatever i start is a guaranteed success but to sam’s point my my point was just that what i want to do is focus on gaining as many skills as possible so that when i take my shot it’s a good shot versus i see a lot of people who are like it’s time to drop out of college because i think i’m going to be successful steph why are you not working for yourself why do you have a job are you working for these other companies why are you making guys like sam rich she’s she’s got a good answer so my answer let’s see if sean thinks it’s a good answer my answer is that currently i get paid well to do things that i like and i have the freedom to work on my side projects which i do and is like a prerequisite to work anywhere and so i personally like the financial stability and the mental stability knowing i get a good paycheck to do things i love and then that means all of my side projects are purely for fun like you know that like con or the comments saying where it’s like you know a full-time job no full-time job is fun right so if i made my passions my full-time job full focus then i actually don’t think i’d have as much fun so eventually i do want to work on my things alone but i’m pretty happy with my setup yeah but you’re the second part you barely touch upon so sean what she told me one time and she said it very clearly she goes yeah i was like are you gonna start a business soon she goes yeah i am i’m just plotting because when i start it i’m going to become a billionaire and i just want to make sure that like i’m ready for all that to happen uh like like she’s like very clearly told me like whatever she starts it’s gonna become a billion dollar company and she was like so i’m happy yeah she was like she was like i’m happy just to be doing this what i love and building up like my bank account and savings but when i do start something um i think i’m gonna become a billionaire it’s like oh i know but they grow up so fast so i just want to cherish these but it’s like when i when i do become a billionaire i so for the record i don’t think that to be successful and i actually learned this from one of my very first jobs i was like a contractor doing social media for a company and it was this woman who was just like so poised so put together and successful and she was probably around 35 and i asked her that same question i’m like why did you start your company now like why didn’t you start it 10 years ago and she told me the same thing she’s like steph a lot of people miss the value of learning for you know years in their career from people who have a lot more experience than you and who can basically like teach you all the obstacles that you can miss so that when she went into building this company which was a success off the ground she just knew what she was doing right she wasn’t stumbling around so i kind of i’m trying to embody that that that advice from that woman i thought it was actually pretty wise i’m gonna disagree with that advice um and the reason why i disagree i’m almost hesitant to even say this because uh you know everybody should do what they want to do and i fundamentally believe that so you know and if you’re happy doing what you’re doing fantastic it’s not like a career advice to you so i’m kind of talking to you but i’m really i’m just talking to like anybody who’s listening to this uh which is the best way to build your skills so that you’ll be successful when you go do that thing is to go do that thing now and just keep doing it until you figure it out figuring out other games to try to then parlay them into the game you want to play that works when you didn’t realize what game you want to play right so like i learned a lot of skills in poker that helped me in business but if i wanted to be great at business i would do business not poker um it’s just at the time i didn’t know i wanted to do business i thought i wanted to do poker and so those skills yes they do cross over they will help me for sure but like all the things you’re saying sound good sound reasonable they’re just a story that you’re telling yourself like if you really wanted to go do that thing you should go do the thing and the fastest way to get good at that and to like you know be good right off the bat or like you know like i don’t know sam you’ve done many businesses i’m sure each time you do one now you have a higher likelihood of success than you did before but it’s not like you just do them and they just magically work now because you’ve you’ve you’ve crossed the magical threshold of skills and knowledge and wisdom that now mean businesses that you start will succeed no way right it’s like and it’s always changing every market’s different every business is different timing is always different and so like the reality is if you if you’re doing it to build up skills you’re building the wrong skills the skills to build is to go if you’re building up skills to go start a business the best way to build that skill is to go start businesses um these skills that you have today will help you don’t get me wrong it’s just not the up like you’re taking the long path rather than the the direct path um that’s kind of my my pushback i think i have something in my contract where i say uh first kids comments i can’t persuade i can’t persuade is it there don’t i have like a thing of my contract where i can’t like poach our uh our past people yeah so i i can’t really say too much except uh i think steph should do whatever makes her happy but and she’s pretty much capable of doing anything she wants and by the way all right guys i quit i’m kidding i’m done you know the other thing is that not everybody actually wants to be an entrepreneur there’s a whole bunch of ways to have uh like the fun of business building without the stress of business building and so like for some people i think that’s the honest answer is like actually i want to work in a small team i don’t want to go to sleep every night worried about how to make the whole [ __ ] thing work i like that you go to sleep worried about that and i worry about my part and i enjoy my part like and that’s the trade i want to make and i think that like more people should be honest with that’s the case for them and they say you know right now at this phase of my life i don’t want that stress that’s that to me means more than like i’m building my skills up right it’s like because once you do commit to doing a business it is you know there’s no like kind of way there’s you know it’s not really an easy way out and um you know it’s pretty full-on commitment and i don’t think you should just make full-on commitments unless you like want to and we’re ready to and are down to deal with like the pros and cons of that and so like i have a bunch of people who work for me that i tell them i say look there’s like three scenarios here either you suck and you’re fired um you’re great and you’re you’re great and you’re going to realize you’re great you’re going to grow here right so you’re great and you’re going to grow your impacts and grow your comp is going to grow your your rewards are going to grow here or we’re going to realize that like you’re you need to be doing your own thing in which case you know i’ll be your first kind of like backer investor or i’ll partner with you on something in some way and i just try to be honest with people like i i kind of only want you to land in one of those three spots uh there’s not really like another spot there’s not really like another landing destination like this flight only goes those three places and so you know choose which one which one you want i think that’s smart though because a lot of businesses treat people like there’s like 10 outcomes and they kind of slot people like oh you’re pretty good so we’ll keep you around or like you’re not that bad so we’re not going to fire you but really like if you’re trying to operate a business effectively it should be mostly those three outcomes like you’re either amazing you’re driving value so we want you around we’re going to incentivize you to do that or like there’s probably somewhere better for you [Music] you