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number one reason for success is people focus on things that have high potential consequences number one reason for failure is people focus on things that have low or no potential consequences exactly what joe was saying earlier the famous drucker quote very worst use of time is to work entangling on something that need not be done at all i've dedicated my life to being a small and medium-sized entrepreneur and i've devoted the second half of my life to helping other people to be successful small and medium-sized business owners and carl schramm of the marion and ewing coffin foundation the preeminent foundation on entrepreneurship wrote an article in the wall street journal two days ago and what he said was that there have been very few empirical studies into what actually makes an is a successful business that most of what is taught in the entrepreneurship faculties of the universities is nonsense in fact if you he said that there's something at 1 687 professors of entrepreneurship and their primary focus is drinking their own bath water and telling that entrepreneurs have to have a business plan and if you have a business plan you'll be successful and they spent two years in their faculties teaching people how to set business plans and 49 out of 50 businesses are started without a business plan including some of the most successful businesses in the world today so we are now just starting to learn what we really need to do to build successful businesses and what joe is doing here is absolutely marvelous because it can save you years of hard work and hundreds even thousands of hours of hard work to understand how to do it much much faster to shortcut we say there's always a learning curve in anything and what we want to do is we're going to jump the learning curve we don't want to spend years and years learning what we need to learn to reach a certain level of income and so i've majored now in the last few years on doing seminars and talking and books and articles and programs for owners and would-be owners of small and medium-sized businesses now i've got 45 minutes so i'm going to have to condense what sometimes i share in seminars for days but i understand you're some of the smartest people in the world so that you can take a lot of information in a short period of time is that true did anybody not understand the question so i'm going to try to bottom line several of the concepts one of the first concepts which i thought was interesting was a little story that was in the papers uh recently warren buffett who is one of the richest men in the world and bill gates who is the richest man in the world and bill gates senior were at a dinner party and the three of them are good friends and they...