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out of all the reasons in the world and I've regular but you have the talent you know all these keys to success etcetera what would you say is the number one reason why people fail not necessarily why they make you the complete opposite right lack of brains lack of effort lack of brains lack of effort yeah they just don't do the work they don't learn you know when you walk in the room but when you start a business and you start to talk about somebody you're never in a vacuum with no competition you know unless you're just extremely lucky and if there's going to be competition that means somebody else knows your business as well as you do when you get started and if you walk into a competitive environment and they still know more about the business than you do more about your customers you're going to lose and but most people don't consider that they don't do the work they don't learn more about their industry they don't know even about their business I mean and so you've got to put in the effort to know more about your industry than anybody else now and that's that's the brains part and that's the effort part as well because look if you're competing with me you you better know what you're doing otherwise I'm gonna kick your ass you know and you're not gonna outwork me and so you know the combination is usually what kills businesses early on more than anything you know alluded to earlier about entrepreneurs being born or built you know and I think they're I knew I was wired to be excited about business how or why I don't know but you know and there's certain guys they have the genetics to jump out of the gym right certain guys you know that you know when they golf they have the muscle memory and and the discipline you know Dirk Nowitzki may not be the most talented guy in the NBA but his discipline and his focus to do what's necessary to be successful he's willing to do and combine it with being seven feet tall and being skilled you know it makes him an amazing basketball player so it's it's understanding what your skill set is finding the right place to use those skills and then going for it you know will that make you 250 grand if you pick the right industry but whatever industry you pick if you outwork everybody if you try to be a little smarter than everybody if you try to be a better salesperson and everybody if you try to be better prepared than everybody you've got your best chance because if you don't do it and somebody else does you I have the same work like someone's trying to take it all away from you you know we're actually working like someone's spending 24 hours working 24 hours to take it all away from you and that's kind of the way I look at it you know I started my first business when I was 12 I was buying and selling baseball cars buying and selling stamps anything I could do to make money I was hustling and trying to do so I was into business but I not so much work it was all my friends were into it with me so they wouldn't know any spell cards yeah baseball cards you name it I mean I grew up in Pittsburgh and so I would probably even less than 12 years old I would go up by a bunch of baseball cards that I collected and I would package I would say okay you're guaranteed to have a Pittsburgh pirate in this package and I would charge three times as much and I'd set up on this park bench down in the park down it's got Township where I grew up and I'd have these little sails and it was great I made money you know I mean it was you know and I learned as much about business when I was nine ten and twelve as I learned any other time let's transition to a different subject with college you went to IU yep right now you got a lot of people that say forget about school you know there are better school they're idiots oh you think they're River idiot tell me what if you're gonna have and run a business if you don't understand accounting you're already behind the eight ball can't you hire a guy that's the no seven then they they still have to communicate to you your accountant might tell you you're profitable but your cash is going down you know not understanding that breakdown and and when you don't you see you need college to learn that yeah I think you do right because it may not for some people look if you're so self-motivated that you can take an online course in accounting and teach yourself everything you're way ahead of the game anyways but most people aren't I don't care if you go to a community college and take accounting and Bend 99 bucks for the class just you know spending the money forces you to be more obligated to do it but accounting finance lesser extent marketing sales of the school offers that these are all that's the language of business and so while it's possible to teach yourself these things and while it's possible to hire them when you're starting your own company you don't want to have to spend money hiring an accountant well let me take that if you've gone through all these classes if I don't have to hire a lawyer to incorporate right probably figure out yourself and so your cost of opening up a business drops but even more important and all that that's that's the blocking and tackling that's the language of business you know the thing I learned at Indiana that was more important than anything else I learned how to learn and learning became far more important to me because the one certainty in business is that it's always going to be changing if you're not always learning if to this minute if I'm not continuously learning if I'm not just absorbing as much as I can absorb someone else is going to kick my ass right so you talked about paranoia the greatest source of your paranoia should be knowledge if someone else knows more than you do and if you're not learning if you don't know the law if you don't know how to learn if you don't have a thirst for learning and acquiring information you're you're Sol so do you think like let's just if we put 10 guys here you interview them okay you could within a 5 10 minute minute interview say this dude is not gonna make it as an entrepreneur yeah I mean I can I can typically tell right I can tell um but by their passion I can tell by their focus I can tell by their preparation you know there's a whole realm of things than any business here you know here's here's the business you're in and here's a thousand things that influence whether or not you're going to be successful you know through my experience in businesses I can put myself in his position and say okay here are nine hundred of the thousand things he has to be aware of and then go through and ask and by how many of those or her issues they've been able to address already that kind of gives me a sense of how hard they're willing to work you know and I can tell by the questions they ask me so all I have to do is say okay what do you want to know and you know when they start saying what should I do they yeah yeah and that's fine right and I want them to ask questions but you know people like to say you know the only stupid questions are the one you don't ones you don't ask that's not right right because the questions you ask tell me tell whoever more about you than anything else you do because in particular tells me about your preparation if you ask me questions about just basic things that you should have known and you should have down to a science that's gonna disqualify you almost more than anything do you think there needs to be a healthy level of peril absolutely they're nice too oh yeah I mean I I always say you know for every one of my businesses I said what would I do to kick my own ass you're right so whatever business you have there's somebody trying to put you out of business or somebody trying to to take a bite out of your business and it's better for you to figure out how they're going to do it rather than they do it and so yeah that's being paranoid and so you have to be paranoid you have to anticipate other people's next moves and you can't ever you know downplay the competition I was at a business plan competition this morning for at a college and they were kind of being dismissive of the competition and so you can't ever do that you know they're out there trying to take you down and they're not just gonna sit still and if you're good really really good you're gonna inspire them to work even harder faster better and so you have to be you know very self aware of what you're good at and what other people are good at and you know a healthy dose of paranoia makes a bit there at me is very helpful how does one entrepreneur increase the speed and areas that they can increase there's certain things you can't compete in one way speed of growing your business all right so how fast can I grow yeah I mean it just depends you've got to know your own skill set right and you've got to know how that fits within your company's lifecycle um you know some companies are slow slow grind and you just have to understand that and you've just got to bide your time and still until it starts to click and then grow with it quickly you know if you're trying to release a product that needs to be ubiquitous you've got to go as fast as you can and then you know release a product yeah along yeah and and you know there's a lot of people say you know perfection is the enemy of profitability right and that doesn't mean you have to wait to us a perfect prod it really just depends on what the product is that you know a barbershop right is in an app is it a service is it a product but you know the the key is looking for the low-hanging fruit what are the app what are what customers are willing to write you a check or commit to it you know so that they're willing to integrate it into their daily lives or integrated into their daily business and so getting a commitment either through time or revenue is typically what I look for and so if I can get a commitment then I'm gonna be able to learn I'm gonna see how they use it to they sustained usage and then once I get the next one you know hopefully it came a little bit faster than the first month then I can ask for referrals and then the next one then the next one and I just try to ramp it up you know when I bought the Mavs we had no season ticket-holder race and so literally it was a matter of just putting a list of former season ticket holders and a white pages back then you know on my desk next to my phone and making phone calls you yeah me yeah because if I'm not gonna do it I'll find somebody else to do it right so just get on the phone hey this mark you know I'm the new owner of the Dallas Mavericks we've you know I'd like to invite you back blur again it's not though this is my business you can't get great the vasila skits or something make those calls wants to get to a corner you you're a guy that's a billion you making those but that's all you know and that's fine and good right because everybody's got their own goals right and but still I don't want anybody at the Mavs to be able said well he's not willing to do the work right there's you know if I walk around I'm picking up all the papers I'm not saying go get that picked up my money okay that's trash I'm picking it up so but in terms of speed of growth it's really you got to get that first customer first and then when you get that first what did you learn reiterate get that next customer and then hopefully as you learn more and more through the process than the next one the next one the next one becomes come volume faster you [Music] [Music] [Music] [Music]