What I Learned from Getting Coached by a Billionaire
The Amplified Impact Podcast
January 21th, 2023
What did Anthony pick up from masterminding with billionaire Tom Bilyeu?
In this episode, Anthony shares a concept from Tom Bilyeu, about the role of a CEO in a business and how it relates to the challenge of being presented with so many opportunities and not knowing which one to choose.
He reflects on his own experience of feeling overwhelmed and frustrated in his life and how he learned to focus and make decisions. If there is a room with a thousand open doors, then you need to close 999 of them to narrow down the options and rally the team around a single goal.
It’s also important to be able to pivot and change directions if the original plan proves to be wrong. Through this discussion, Anthony offers practical insights and encouragement for listeners who may be struggling with similar challenges.
TWEETABLE QUOTE:
“The job of a CEO is to stand in a room with a thousand open doors, close 999 of them, and get the team rallied around you to sprint through that door with 100% energy, but be open to pivoting and admitting you’re wrong without any loss of enthusiasm..” – Anthony Vicino
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Episode Transcript:
Anthony: [00:00:00] I was in a mastermind with Tom Bilyeu last year. It was a one month thing. got to sit down and do some one-on-one coaching with him. Pick his brain. I think he’s a brilliant guy, very thoughtful, very, considered for those that know, he built a, he was part of a team that built a billion dollar company called Quest Nutrition.
Anthony: Made bars of like energy bars and fitness bars and stuff like that. And then he left and he is now building this new thing called Impact Theory, which is, pretty cool. But he had this concept which, which really resonated with me because as a person with ADHD, as an entrepreneur like you, you’re, listen, you listening to this, you might, you might really resonate, is that like there are just so many directions that you could go in life.
Anthony: This is something that caused me so much friction and so much pain when I was young, is that I felt I had so much potential, but I, I, and I could go in, in a billion different directions. I could go, I could do. And I felt so frustrated because I, it’s like the dog that has too many bones to [00:01:00] chase, it’s like just becomes overwhelming and doesn’t chase anything like that was me.
Anthony: And I think a lot of, or, or I would, I would start to chase one and I would be like, oh, this is a really good bone. And I’ll be like, oh, that’s a better bone. I’d drop that bone, go get the other bone and like never actually get to enjoy any bone. I’s just constantly running from bone to bone to bone. And when I share that story with people, they go, a lot of people go, I, that’s me.
Anthony: That’s me. How do I get through that? And. , John Bi shared something about being a c e o in a business that, really helped to surmise how I felt in my younger years, which is that as a CEO your job is to stand in a room with a thousand open doors and your, your, your job is to close 999 of them, and then get the team rallied around you to sprint through that door with a hundred percent energy and.
Anthony: but not then to. Blindly continue through that door, even after you realize that the plan is wrong. That what [00:02:00] you thought was on the other side of the door is not in fact what’s there. You have to be open to them pivoting, admitting you’re wrong, getting the team to go back, shut the door, go through a different door without any loss of enthusiasm, which is like a Winston Churchill quote, right?
Anthony: Like success is moving from failure to failure with no loss of enthusiasm. And I think that’s just, it’s frigging brilliant, but the whole concept of all these doors being open and us having to choose one really. Brings home to mind the fact that in business, in life, most businesses are, not dying. As a result of starvation, not dying from a lack from insufficient nourishment.
Anthony: They are in fact dying from indigestion, from, they just have too much, they’re consuming too much, too much opportunity. They’re chewing on too many bones simultaneously, and they can’t get any of them down. They can’t keep them. . I think I read that actually, that concept from Felix Dennis who wrote the Maxim magazine or he didn’t write it, but he like, I think he was the, the magazine magnate.
Anthony: He wrote this really great book. I’m [00:03:00] like, how’d to get Rich? from a guy who’s like a billionaire or was, he’s dead now. But, I think it’s so much more interesting to read from people who’ve actually achieved like grand success in their own words. And he was a poet and. Things in a very intelligent, thoughtful way.
Anthony: And I think he was the first person I read who said that that businesses die as a result of, indigestion, not starvation from too much opportunity, not from a lack. And I know that sounds weird, especially if you’re in the beginning stages of building a business, you’re probably looking around and be like, where are the customers?
Anthony: Where’s my opportunity? There’s not enough here. I’m, I’m hungry. Like I need more money. I get that. but there comes a point when there will be. and ev even in those early days, you probably have more than you realize. You’re just focusing your energy in, in wrong places, and as a result, you are, you’re, you’re not making as, effective forward progress as you otherwise could.
Anthony: And what I mean by this is like, I think another book, what is it called? It’s called Ready, fire, aim. for some reason, I can’t remember the guy’s name who wrote it. [00:04:00] He talks about how to build his, a business from zero to 1 million and from one to 10 to 10 to 50, 50 to a hundred. Like the different mindsets and systems and, and teams that you’re going to need to have in place to make the leap from each phase to the next phase.
Anthony: And the thing that he talked about in there, which I, I do almost, I agree in a lot of ways, not entirely, is. Until you get to about $5 million, like you really only need one product. You need to find one product that the market resonates with, and then you need to find where your people are and how to get in front of them and how to fulfill on that product over and over and over and over.
Anthony: If you do that, then you can get to around, you know, 5 million. I don’t know if that’s entirely true, but I do realize, but the thing I will, Say there is that you can probably grow a bigger business than you realize just focusing on a singular product. The problem is you think you need to have more services, more things, more like for every customer that comes in, you have to have some way of like increasing the lifetime value of that customer, and that’s all true.
Anthony: You do want to increase the lifetime value of your customer, but you need to first figure out what that, that solid product, that solid offer is [00:05:00] that’s going to maximize the number of people coming in through the door. Once you have that, then you can sell to them on the backend with backend offers, and that’s a great way, once you have that, that.
Anthony: That list, that customer base, that book of business, to then take these thousand customers who bought this one product and then market to them this other thing. But what ends up happening is we’re using all of these different products and services as like a front facing consumer product to get people in the door.
Anthony: And it’s overwhelming for us from both a design and fulfillment perspective. Designing the product and actually putting it in front of people. If you just realize that you need just like one, maybe two really good products, and then you need to focus all your time and energy on getting customers into the funnel.
Anthony: And once you have them into the funnel, then figure out what can you sell them on the backend, right? But the whole mindset just shifts. It’s very different. And so probably where you’re at in your business, if you’re a sub $5 million, like that’s what you probably need to be focusing. Is not taking on more but slimming [00:06:00] down and focusing on what you have in front of you that is working.
Anthony: Like focus on the thing that’s delivering 80% of your results. Cuz there is a product, there’s a service. There’s something that you’re doing in your life and your business that is accounting for a disproportionate amount of your success. Figure out what that thing is and then just do that thing. If that’s your goal is like to have less headache, less moving parts, less like, less confusion of like, oh my God, I have all these different balls in the air.
Anthony: That’s the way to do it. It’s like what Marcus really has said to, to live a good life, do less better, and I think it works with a business too. Have a better business, do less. Do it better. So hopefully that brought you guys a little bit of value. If you don’t know who I am, I’m Anthony Vicino. I’m a bestselling author, serial entrepreneur.
Anthony: I built multiple businesses at this point, a real estate investor with, tens of millions of dollars of assets under management. And I make this podcast so that entrepreneurs just like you can learn how to hyperfocus on the things that matter so that you can maximize your return on life. So if you got some value out of this, make sure that you go leave a review, hit the subscribe button, and I’ll see you back here around, around these parts tomorrow.
Anthony: Peace.[00:07:00]
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