1 00:00:00,080 --> 00:00:01,040 Welcome to the episode. 2 00:00:01,780 --> 00:00:04,260 Let's tackle a concept that's often misconstrued. 3 00:00:04,640 --> 00:00:07,860 Immediate monetization versus longterm value creation. 4 00:00:08,320 --> 00:00:10,260 The allure of quick cash is tempting. 5 00:00:10,460 --> 00:00:13,240 It's tangible, quantifiable and gratifying. 6 00:00:13,680 --> 00:00:16,020 However, this is where discernment is crucial. 7 00:00:16,580 --> 00:00:20,580 I learned through building a conglomerate from the ground up that patience and an 8 00:00:20,580 --> 00:00:24,400 unwavering focus on creating lasting value trumps the immediate profits. 9 00:00:24,980 --> 00:00:28,780 In the early stages, I invested in sectors that were overlooked because they didn't 10 00:00:28,780 --> 00:00:30,959 promise quick returns. 11 00:00:31,260 --> 00:00:32,580 Here's the kernel of truth. 12 00:00:33,020 --> 00:00:37,380 Sectors that are unattractive in the short term can harbor untapped potential if 13 00:00:37,380 --> 00:00:38,500 you're willing to be patient. 14 00:00:39,619 --> 00:00:43,900 Consider industries that are deemed boring or have high entry barriers due to 15 00:00:43,900 --> 00:00:47,020 regulatory complexities or steep learning curves. 16 00:00:47,939 --> 00:00:51,740 These are gold mines for those who commit to understanding them. 17 00:00:51,980 --> 00:00:56,459 By delving into these areas, I was able to build robust systems that over time not 18 00:00:56,480 --> 00:00:59,459 only safeguarded my investments from common market volatilities, 19 00:00:59,959 --> 00:01:02,119 but also established a monopoly of sorts. 20 00:01:03,220 --> 00:01:07,459 Now, coupling this with habit formation, it's essential to adopt a system first 21 00:01:07,459 --> 00:01:08,139 mentality. 22 00:01:09,099 --> 00:01:11,480 Most entrepreneurs are fixated on goals, 23 00:01:11,580 --> 00:01:15,459 but what truly sets apart the successful ones is a dedication to systems. 24 00:01:16,099 --> 00:01:17,739 A goal as a desired result. 25 00:01:18,300 --> 00:01:21,220 A system is the collection of daily habits that will get you there. 26 00:01:21,900 --> 00:01:25,779 This shift from goal-oriented to system-oriented thinking ensures that you're 27 00:01:25,820 --> 00:01:30,180 constantly moving in the right direction even when specific goals seem distant. 28 00:01:31,339 --> 00:01:33,260 You might be wondering how to apply this. 29 00:01:34,019 --> 00:01:36,180 Start with identifying a sector you believe in. 30 00:01:36,779 --> 00:01:39,779 Then immerse yourself fully into understanding its nuances. 31 00:01:40,660 --> 00:01:44,699 Invest resources into devising systems that optimize every aspect of the 32 00:01:44,699 --> 00:01:47,620 business from operations to customer relations. 33 00:01:48,720 --> 00:01:50,980 The more seamless and scalable your system, 34 00:01:51,339 --> 00:01:55,099 the more valuation you add to your enterprise. What's more, 35 00:01:55,320 --> 00:01:56,879 trust your gut over trends. 36 00:01:57,379 --> 00:02:00,379 Mass approval is not a measure of a good business decision. 37 00:02:00,900 --> 00:02:04,500 There were countless times when market trends pointed one way and I chose 38 00:02:04,500 --> 00:02:09,320 another based on instinct honed by years of experience. Lastly, 39 00:02:09,419 --> 00:02:11,080 value people over profits. 40 00:02:11,600 --> 00:02:15,619 Treating your employees and partners with respect and integrity pays dividends 41 00:02:15,619 --> 00:02:18,619 far greater than any cost cutting strategy ever will. 42 00:02:19,259 --> 00:02:23,059 It fosters an environment of loyalty and innovation. In essence, 43 00:02:23,179 --> 00:02:24,759 entrepreneurship isn't a sprint. 44 00:02:25,300 --> 00:02:28,500 It's a marathon with hurdles that are unseen and unexpected. 45 00:02:29,539 --> 00:02:30,899 Embrace the long game, 46 00:02:31,220 --> 00:02:35,860 focus on systems over goals and build an empire that stands the test of time. 47 00:02:36,779 --> 00:02:41,539 By doing so you'll not only outlive your competition but also create a legacy. 48 00:02:42,539 --> 00:02:44,240 If this message resonates with you, 49 00:02:44,399 --> 00:02:47,740 subscribe for more insights that delve beyond the surface of business and 50 00:02:47,759 --> 00:02:48,699 personal development. 51 00:02:48,740 --> 00:02:52,039 Share this with someone who could benefit from a shift in perspective. 52 00:02:52,639 --> 00:02:55,240 Remember, in the realm of entrepreneurship, 53 00:02:55,279 --> 00:02:58,740 wisdom is not in popularity, but in lasting impact.