This from Gary Vaynerchuk’s YouTube Channel. It’s his keynote at Russell Brunson’s ClickFunnel conference and is dated 10 October 2017. Notes follow, not in order.
Watch what I’m doing
Don’t listen to what I’m saying, watch what I’m doing.
Spend 20% of your time and energy on things for the future, not on the things that work now. Be okay with experimenting and losing money.
What got you here won’t get you to the next phase.
Pay attention to who’s desparate. This is where the opportunity is. Look the other direction from conventional wisdom. Examples:
- Snapchat, Facebook ads are underpriced compared with other channels.
- LinkedIn wants to be the B2B Facebook.
- Amazon Echo, Google Home, Apple HomePod. All need apps to win.
Always be testing things out. Taste everything. Develop what works, drop what doesn’t. Say “yes” a lot. Maintain velocity.
Art and science
Art is the product side of the business, creating and doing. Science (mathematics) is the business part of the business. Both are necessary.
The last nine years have been great for business. Sooner or later this will end. Be prepared.
Most people are average, or close to average. Need to be better than average, get there while things are good.
Recognise consumer behaviour. Example – people value time and convenience more now than they did. Even people without money will pay for extra time and convenience.
The future of audio
The next trend. Fight looming between Apple, Google, Amazon. All need apps to gain market share.
In a few years it will be audio everything. Nowhere near too late to start a podcast. Podcasts respect peoples’ time because they can be doing other things while listening. Not possible with reading or video. Key point.
Biggest benefit – you get to decide what you want to do today.
Best to be first. Examples:
- Malibu Beach real estate. Those who got in early made a lot of money. But then it wasn’t Malibu. They took a risk and won.
- Google keywords. When it started words were a few cents only. Now, unaffordable.
Basic supply and demand. If you can’t be first, be the best. You are your own niche, no-one else as good as you, so you own that niche.
If there’s too much supply the only choice is to be better. Example – today’s best athletes would dominate yesterday’s best athletes. Because they have to be better and they practice as much as they need to be better.
Consider other income streams.
Don’t spend time predicting, always be tasting what’s there and testing to see if it works for you.
Time is valuable. Use your intuition to decide what to do and what to ignore. Use it every day and you will get better at it. Some you get right, some you get wrong. Be open to experiments and spending money.
Winning and losing
Everyone likes to be right. But no-one remembers the losses, as long as you eventually win. One out of seven is better than no wins out of no attempts.
Comes down to 6 people or less. Extended family, a few friends. Their opinion is what matters. On that basis, you win. Don’t think about the others.
Three lessons to give to your kids:
- Be kind to everyone.
- Don’t use their parents’ wealth or power to influence anyone.
- Ignore political correctness. Play to win. There are no such things as “participation prizes”.
Coming, but not yet. It will be a thing when normal people start to use it as something other than a novelty.
There are plenty of other things to do that have a better return on investment.
Don’t get caught up in the buzz. Go against conventional wisdom.
Strength and weakness
Empathise with haters. If they hate they are not in a good place. Use gratitude, and be grateful you’re not them.
Focus on your strengths and get others to cover your weaknesses.
Everyone has weaknesses. There are things we will never be good at. Accept this. We only spend time on correcting our weaknesses because we give credence to other peoples’ opinions. Put these to one side.
The macro thesis
Know your why. Business is not always the end game but it could be the vehicle you use to achieve something that’s important to you. Personal wealth. Philanthropy. Legacy. Could be many things, not just money.
Measure progress against this thing, not EBITDA.
Think of the most macro thesis you can come up with, and then execute for that.
Thanks for being here.
Header image: Jarin Bontrager on Unsplash.