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Let's get into this episode.I hope you guys enjoy it.
What is up, everybody?Welcome back to Capital University, the number one business podcast in the world.If you're listening on Apple Podcasts, don't forget to give the podcast five star rating, subscribe and leave a review unless it's a negative.
We really don't care about that.If you're watching on YouTube, don't forget to like, comment and subscribe.And we have a very special guest today, someone with a very wide variety of vocabulary.So, Pom, do you want to introduce them?
What's up, guys?Today we have Jay Abram.He's one of the top five business executive coaches in the country.He has just been doing it for a long time, over four decades.He's got a wealth of knowledge.He shares a bunch of it with us today.
I guess we'll really enjoy this.But before we get into the episode, do not forget Kraken.com.Kraken.com.Go get it. a Kraken.com account where you can buy cryptocurrencies like Bitcoin, Ethereum and others.
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Please, please, please keep a sponsor.It would be amazing if you guys could help us do that.So please go to Kraken.com and sign up today.Let's get this episode with Jay.
So Jay, maybe let's just start with kind of an explanation of your background.You know, how did you become so successful in business?
Quite accidentally, quite accidentally.I got married the first time at 18.I've been married three times, not saying that's recommended.I had the needs.I had two kids at 20, the needs of somebody.
40 or 50 the business world didn't care the only people that would give me a job were crazed entrepreneurs and they didn't give me a salary they just gave me sort of eat what you kill a piece of whatever the deals are the clients the cash flow.
eat when you earn you find out very quickly Anthony what works and what doesn't and what works for best and I would because I wasn't getting a salary there was no obligation to be full-time anywhere so I had three four or five deals going at any time and they were normally not
in the same industry so I jumped around and after about 10 I did a take a double take and thought geez people in this industry don't have a clue how people in this industry or this industry think or act or how they sell or market.
or reach the market or make offers or create value or anything distributed channels and I started borrowing very simple common methodology or approaches from different industries, but introducing them to industries that were very myopic.
And my clients my partners exploded we did you know 10 or 15 companies that grew 1000 2000% in a year.And then I became this brilliant person but all I really was was the one eyed man in the land of the blind, so to speak, just bringing
clarity from other industries and saying, hey, you don't have to do it this way.Here's a better way.It's a faster way.There's a safer way.There's a bigger way.Why don't you try this?That was it.
Grown since then to get much more sophisticated, but that was the start.
So you talk about hidden assets in underperforming assets.What do you constitute as something that's a hidden asset?
Hidden asset can be sunk cost invested in unsold buyers,
There's going to be unsold prospects, inactive buyers, relationships with distribution, deals you've got with media, salespeople that call on people that could do other things, skill sets that you possess that could be shared with other people that don't have it for a piece.
Let's say ads that used to work and don't anymore that you could license to other people in other markets, product services that you sell just to one niche that could be packaged to other people as bonuses, as upsells.Those are a start.
I can give you a list of a thousand, but those are a couple of them.
So you talk about performance maximizer.What does that even mean to you?
Well, it means that in a revenue system, Bryce, you got all these factors that are driving performance. But most people don't even isolate what they are.
And then the ones that even get that far don't have a clue that each one can be made to do a lot more for the same time, same effort, same access to the market.And so I have spent a lifetime identifying hundreds of what they are.
are and more importantly ways that you can make each one of them do more for the same effort or less time or less cost or less risk or less and each one of them has the ability to multiply your yield, your return, your outcome, your sales, your profits and it's just the fact that you've got all these performance factors these levers if you will in a business and well in a life actually but in a business
And most people don't understand what they are, let alone how they are performing, let alone how they could perform better and with no more risk or effort.That's pretty much it.
So what's your best piece of advice to be a performance maximizer?
Well, the best way is to travel outside of what you do and where you do it and the industry and learn how other people do things because There's a lot more realities going on than just yours.
You might be doing great things on Facebook, but not even recognize that there's all these organizations, these entities, these distribution channels you could plug into.
Also, I, I created something years ago, Bryce, it was called funnel vision versus tunnel vision.And the concept is very simplistic.You want to go outside your industry or your category.It could be.
anything you want, and you want to learn what other people are doing that whatever you're doing or whoever you're competing against aren't, so you have advantage.And I think it's forcing yourself to travel figuratively outside your comfort zone.
Anybody, you're young, but I presume before all this happened, you traveled extensively.When you travel outside your city, your state, your country, your continent, every level of travel broadens your mind.
You see different topography, geography, food, lifestyle, clothing, architecture, religion.And the same is true when you travel outside of whatever you are doing.You learn all kinds of alternative realities.
many of which are much, much more powerful, profitable, and significant than what you're doing.And you want to have advantage.Whatever you do, you're playing a game.If you're going to play a game, you might as well play to win.
If you're going to play to win, you might as well, first of all, know the rules everyone else is playing by, and then decide whether you want to do that or make your own rules.Whatever you're going to do, you want to have absolute advantage.
And the greatest way to have advantage is to be able to understand stuff that your competition doesn't and understand ways to make things happen differently.
And that's sort of what I'm all about.So Jay, you spent a bunch of time with a variety of highly successful business leaders, CEOs, and founders.
What do you find are the most common characteristics, whether they are things that they got from their environment or they've trained themselves on over the years?Just what do you find are those common characteristics of the most successful people?
There's probably three or four, but it's a great question, Anthony.First is they really have, I call it the three Ps, passion, purpose, and a sense of possibility.They have passion and it's a dual passion.
One is passion for whatever the thing is they're doing, product, service, company. but equally so they have passion for the people they're doing it for.
They really see themselves as creators of value, filling voids or taking something that is pretty commonplace to a higher level of benefit.
Number two, they are obsessed with growth, not just business growth, but personal growth, achievemental growth, product service growth.Number three, They have an obsessive curiosity.They want to constantly understand stuff.
And the biggest and the best ones, I did a lot of work with Tony Robbins.I still do some with him.But when he was younger, he was obsessed with learning all about everything he could, anything he could.Finance, high performance, health, everything.
And he integrated it because he understood that a lot of things are holistic.It's not just one element.So the highest performers, and they're on a mission and a crusade, and they are masterful.
at getting everyone in their life, their team members, their vendors, their benefactors, all to be on the same crusade with them.And it's sort of like Tesla or something.I mean, it really, and it just is, it sparks and it's electric.
And those are the people, and they see themselves as true entrepreneurs, not business owners.An entrepreneur, Anthony, is somebody who creates more experiential value, more impact, than everyone else doing the same generic thing.
And that's pretty symbolic of the highest performers I've worked with.
What company would you say is your biggest success story using your strategies and efforts?
I go back a lot.I mean, I was almost just your age, Bryce, when I started.We did Entrepreneur Magazine before anyone knew what the word entrepreneur was.We did Icy Hot before anyone really knew what the product was.
I helped the Chicken Soup for the Soul, you know, and those are when they started. I got involved in the newsletter business before anyone knew what a newsletter was.I mean, I just did a lot of stuff early in the game.
So, you know, I've had influences, not directly, but things like Planet Fitness were modeled after my methodology, you know, and then I just, it's, I've done things all over the world.You know, I had the largest candy company in
China that we created.There's a company that has become the dominant leader on Sirius satellite and all the cable channels to help people that are a little younger than me get out of their time shares.I helped them.
I've helped, you know, I've done a thousand separate industries over my life.And most of them, I've been able to impact either the number one company or the highest performing companies in the two or three.So it's a lot of people, Bryce.
But if you can ask me more, maybe it'll come clear.I just have so many people I've helped.It almost becomes Damon John I've helped.I love him.Dave Asprey from Bulletproof Coffee, if you know what that is.Brian Tracy's
you know, more my age, but all kinds of people.I've helped 200 influencers, sort of like yourself, in different categories of performance enhancement.I've helped thousands of operating businesses.
I've helped professionals in private practice and entrepreneurs of all kinds around the world.I mean, I've seen some wonderful people. emerging countries.I've done Japan, Vietnam, Italy, China, Malaysia.So there are all kinds of things.
It's a big whatever.It's just a blur.
Jay, if you had to say what the one mistake is that you see business leaders make that they could avoid if they knew to look out for it, what's that one mistake that you're like, man, this is really detrimental, but people would be so much better off if they avoided this thing?
One of it is they fail to understand sort of the meaning of business life.And the meaning of business life is to basically be able to have something that solves a problem or creates an opportunity or fills a need in a way that others don't.
But they have to be able to create a sustainable business, something that is continuous.And if they only have one product or service, Anthony, they have to figure out how to ethically extend
what I'll call the utility value of their role in the lives of that client, because something it's one shot is very limited.Something that is perpetual is it gives you a lot more, it hedges your bet.
It gives you a lot more recoupment time and a lot more lifetime value to create wealth.And it's a lot more sellable.And I think that they, a lot of people don't, they see themselves very rigidly.I just do this.
whereas if you think about whatever you sell and you ask yourself, what else do people buy before, during, after, instead, all of those areas are other opportunities you could be servicing.That's one thing.
The second is they don't reinvest enough in marketing, selling, experimentation, product, breakthrough development.They don't hire quality people.
There's an adage, Anthony, hire the best and cry only once, as opposed to hire the worst and keep losing them because they either screw up or they don't show up or you, you fire them, hire somebody that, I mean, there's an adage that you don't want to be the smartest person in a room.
You want to be the dumbest.You want to learn from everybody.You want to hire people better than you if you own the company.Why does it matter?When I started, and I was a little older than Bryce,
I had a client pay me $2 million a year and he was only making in salary and benefits 500,000, but he owned the company.I was building him the asset.
Pretty good way to operate life.What do you think that the number one thing?So Bryce has this very large audience.He has great aspirations.He's got tons of opportunity kind of at his feet.
What's the one thing that you wish you knew at 21 that if he knows will make his journey more successful and less painful?
It's to use the credibility and the authenticity and the integrity of your access to the market to create sustainable assets and wealth.I made, I should be, I mean, I'm not a pauper.
I should be worth a half a billion dollars, but I was too busy driving, driving around from one industry to the other and speaking and doing fun things and being paid. very, very, very richly for that.
But I never really invested passively in activities.I never took big interest in things that I caused to grow very large.And I think that I've been around, not trying to age myself, but I've been around for over four decades.
And if you look at the four decades and you take not the stuff that Bryce or you're involved in, because that's all relatively new, but if you take generic concepts, business opportunity, information, marketing, real estate, flipping real estate, options trading, stock market, you can find that in every one of those different eras, there was a hot
iconic person and he or she is no longer hot.They're probably still alive, but you wouldn't even know the name.So I believe everybody gets a chance to get a big financial hit.It's a relative amount.
The key in the denominator is how well you preserve and expand that capital and deploy it into things that will keep earning for you.I talk a lot, Anthony, about the difference between being a two-dimensional
and a three-dimensional business owner or entrepreneur.A two-dimensional just looks at revenue less expense equal profit.A three-dimensional is looking at how much
ongoing yield that investment of an asset, a buyer or a distribution channel or a network can produce over time.But I think if Bryce has the trust of an audience, he should use it to some degree to source really good deals.
And there's two ways to do it.Most of my thinking in retrospect, if I were redoing it, would be product services that have high probability of sustaining, and the more transactions they generate, the more value normally they are worth.
You know, one transaction versus a SaaS system that is ongoing is different.
I would try to get other people if he's got the influence because I made, we did a quarter billion dollars in a year one time just using influencers like Bryce to funnel their entrepreneurs to our seminars if Bryce has the influence.
is discriminating enough to find people who have products or services that are qualitative enough that it's worth him using that influence to direct people to those people.
He should be able to value that the same he would capital infusion and get equities and or cash flow out of those while doing his viewers, his listeners, his followers a great service.And that's what I would do first.
And I would value what I'm bringing just as much as if I was writing a check and maybe more so because you're shortening the timeline for people.And I would command a duality of cash flow.
I may not even care about equity, although equity is great if the company is sold or if it goes public.But if you have a lot of cash flow that's permanent, it's the equivalent, Anthony, of a forced option and taken out anyhow if they ever sell it.
But I would use it to source wonderful opportunities for my audience that I actually got them superior either pricing, product, value, access, but I would command a permanent interest in those.
And I would fully disclose it because I'm doing it for the best interest of both sides.I don't know if that helps.That was fantastic.Bryce, you got any more questions?
I don't have any more questions.That was a big chunk of information right there.
Jay, it's almost like you've done this a time or two before.
I'll tell you what, the most wonderful thing about my career, the bad is that I overstepped billions for the thrill of what I did.But the good news is I've been through, I don't understand technology.You may or may not know that.Bryce knows that.
I don't turn my computer on very often. But I understand about every scenario so I can give you very well balanced perspective that then all you have to do. is adapted or modified to the realities of your situation.
But hopefully, what I just said as an answer to you will have some residual, and Bryce will take it up in his brain and do it for the betterment of both his audience, people he can partner with, and himself.
Because he's a quality young man, and he has the chance to do a lot of good.But in the event, which is a potentiality,
that stature becomes a supernova someday, you want to use the opportunity to secure security for yourself that'll let you be liberated to do a lot more good and a lot more fun things.
Absolutely.Where can we send people to find out more about you or some of the work that you're doing?
You know, we have a website that gives nine million stuff away.It's abraham.com.I mean, I don't know if you have large enough people watching.If you do, they can get ahold of me at
Jay at abraham.com if they ever want to talk serious but we give one we most of the most entrepreneurs or startups are not they're being respectfully they're wonderful people but they aren't big enough to afford me so we give away better stuff than a lot of people sell because i think everybody deserves the chance to make the biggest contribution and be rewarded for it anthony but yeah those are two ways
And then go to our podcast we have a podcast will put this on it as well, but it's called the ultimate entrepreneur there's two or 300. long and very, very deep types.I put all my keynotes on it and everything I ever do.So it's sort of fun.
Thank you so much for coming on the podcast, man.
My pleasure.I hope this had value.
Oh, no, it did.All right.Thank you guys so much for watching Capital University.If you're watching YouTube again, don't forget to like, comment, subscribe.If you're listening on Apple Podcasts, you guys already know what to do.
We'll see you guys next time.Don't forget to go to Kraken.com, our only sponsor.Help us keep the sponsor.Kraken.com.Peace.
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