- Oh hey, Fast Laners.
My name is Ryan Daniel Moran,
and on today's episode, we're going to talk about
the *evils* of capitalism.
We'll talk about the barriers that prevent people
from starting businesses.
We'll look at what personality traits
make people successful.
And we'll look at a million dollar lifestyle brand.
Make this intro great again!
(Ryan as Bernie) - I find it offensive in 2017
that we use Trumpisms
as the intro for Freedom Fast Lane.
And that you have all these Tribe members
who are making all this money while the 1% suffers.
So earlier this month, I was with a family member
and with my daughter, Esther, and my family member
was playing with my little girl.
And we were just having a conversation because
of the new administration.
I don't know if you guys heard,
but there's a new president,
and it was a big deal here in America,
at least here in Texas.
And my family member and I we were talking politics,
and she said, "You know, I don't know
"that I really like capitalism."
And this is the point where I said, "Do you know
"what I do for a living?"
And she said, "Yeah, you run businesses."
And I said, "Do you know that I run Capitalism.com?"
And there was an awkward silence.
But what it did was it opened up a really great
conversation of really why I started Capitalism.com
in the first place because here I was with someone
that I trust, someone that I respect and even admire,
and she was sharing her perception of capitalism,
which is the exact reason why I felt the need
to shift the conversation because my generation
seems to have this view that there's the evil 1%
that get rich and successful on the backs of everyone else.
And that they need to be either paying their fair share,
or they need to be giving back.
There's two things that I want to hit here
that I think most people miss when they're exploring
the tenants of capitalism or the evils of capitalism.
The first is that what is your alternative?
The alternative to freedom is force,
and force by government is always more dangerous,
always creates more exploitation,
always creates more inequality than does freedom.
Because freedom is simply voluntary exchange.
And when there is voluntary exchange,
there is a creation of new wealth.
If I create something new, and you want it,
we have created new value.
That's why there is no fixed pie.
There is an unlimited pie.
You can have as much pie as you want,
and it does not limit the amount of pie that I can have.
So the idea of fair share is a misnoner, misnoner,
which is like a misnomer.
It's a misnomer because there is no fixed amount,
so a fair amount is what?
We can produce as much as possible.
That's the beauty of freedom.
That is the beauty of capitalism.
It's why we teach entrepreneurship because when someone
comes in, and they create value for themselves,
they have also created value for someone else.
It's new value, not just taking from somebody else,
which brings me to my second point.
The idea that there should be giving back
or those who are at the top did it only by exploitation.
The point here is that by, if we assume that there's
voluntary exchange, that means in order to get
to the proverbial top, that means that there had to be
an immense amount of value creation in the first place.
There had to be a provision of value to many other people
in order to get to that position.
So the idea of giving back, or paying your fair share,
that already happened.
It happened on the way to the top.
You created new value for somebody else.
That's how you got there.
You have been rewarded for providing something
into the marketplace.
That's how they got there.
By creating a value that other people now get to enjoy.
So giving back is fine if that's what you want to do,
but you have already paid your tab
by actually creating the value in the first place.
This isn't what people are talking about.
People just like to make comparisons,
and it's rational because our brains only know
how to do that.
Our brains look at inequality, and it says,
there's this person here and this person here.
This is a problem.
All our brains know how to do is compare.
What is hot?
What is cold?
What's beautiful?
What is ugly?
Whatever you're comparing it to.
What's successful?
What's a failure?
Whatever you're comparing it to.
It's why those who chant, we are the 99%
forget the fact that they're actually in the 1%
of the world's wealth because if you make, what is it?
28,000 dollars a year, you're in the world's top 1%
of wealth, but when you don't see that on a regular basis,
your comparison is a little bit different.
When capitalism has been experimented,
when freedom has been experimented,
it has only worked every time, and when exploitation
or fascism or socialism is experimented with,
we all see how that ends.
Capitalism is the best shot that we have
at solving the world's problems.
Government is a way of protecting the freedoms
that allow you to enjoy more goods and services,
to enjoy unlimited upward mobility, and to enjoy
the creation of solutions to new problems
because profitability is the greatest measure of progress.
That is why capitalism and entrepreneurship is so important.
That's why we talk about building businesses
and investing the profits, so let's answer some questions
that will help you do just that.
(upbeat electronic music)
- [Announcer] Nic Bonesteel asks, "What personality traits
"have been key to your success?"
- You may have heard me talk about that there was actually
a study done in children that evaluated if they could find
predictable personality traits that would determine success.
You might have heard this called the marshmallow test.
You give a kid a marshmallow.
You see if they eat the marshmallow
or if they hold on to the marshmallow
when given an incentive to do so.
What this test supposedly showed was that the ability
to delay gratification was the greatest predictor
of success in children.
The children who came back with the marshmallow
and said, "I'll have my second marshmallow, please,"
were the individuals who grew up to be more successful
than the rest of the group.
So being able to delay gratification
and do the hard stuff now even when you don't want
to do it, is a personality trait of mine
that I think has made me successful.
Even as a kid, I remember, oh, this is embarrassing
to admit on camera, but I remember being at a Pizza Hut
when I was six or seven-years-old.
This is when people went to pizza shops and ate inside.
It was a crazy, archaic time in our history.
And we went into Pizza Hut, and there was an arcade game
at this Pizza Hut, and my dad gave me 50 cents.
And he said, you want to play the arcade game?
And he gave me the 50 cents, and I immediately
started weeping.
And I was asked, "Why are you crying?"
And I said, "I want to save it."
Even as a kid, I wanted to save my 50 cents
and not play the video games.
When I was at home, my mom was afraid that my brother
and I were going to play too many video games
when we got a Nintendo NES.
It was a breakthrough at the time.
And my dad had this idea.
He would make tokens, and he'd give 'em to us,
and we'd spend, each token was worth half an hour.
And half an hour, we'd get to play video games,
and when we spent the tokens at the end of the week,
then he'd give it back to us, and we would use 'em again.
I wouldn't spend the tokens.
I would save them, and my dad had to go make more tokens
because I started hoarding all of the tokens in the house
to save for later.
There's something in my wiring that says
delayed gratification brings a better tomorrow.
Sacrificing today is good for tomorrow.
Because of that, that is the reason why I've been able
to build businesses because I'm okay not taking money
off the table.
I'm okay reinvesting for the next thing.
I'm okay learning the thing that's painful to learn
because I know it will give me a better payday.
Now, today, I'm more in a mode of I want to enjoy today.
I want to do what I enjoy.
I want to enjoy my life now,
but I always plan for the long-term.
This is a trait, and Gary Vaynerchuk has been talking
about this a lot on his videos, and I could not agree more.
The idea of the person who can plan for the longest term
usually is the most successful
because there are exponential returns to investments,
not just investments in the stock market or real estate.
I mean, investments in your time, investments
in your education.
There are exponential affects, so you're getting .01%,
then two, then four, then eight, 16, and then it starts
to take off, so if you take money off the table
when you're here, you're never going to hit
that exponential uptick.
It's that exponential return that is what creates
the standout, overnight successes
that have been at this for 10 years.
So the ability to delay gratification and therefore,
playing for the very long-term were probably the pieces
that have made me the most successful.
Most recently, me doubling down on my strengths.
Being able to forgive my flaws, be cool with my flaws,
and focus on the activities and the habits
that make me happy and that I actually enjoy
are the things that have really been able
to give me the exponential uptick,
and it is why some people look at me now, and say,
you came out of nowhere.
That came from me doubling down on where I'm strong
and forget trying to do things that I hate,
and do things that I'm not good at.
And allowed me to be in that mode where I am at my best,
where I derive the most value,
and allowing other people to do the same
and going in a very specific direction together.
And that's the final piece.
This isn't so much of a personality trait
as much as it is a habit that I've had to learn.
And that is incrementally getting clearer and clearer
about where we are going, what we are building,
and why we are doing it.
The more I get abundantly clear about our goals
and expectations, the more the right people
get in line to be able to build that.
And then there's better people.
There's better customers.
Those of you who are watching know
that the clearer that we are about where we're going
and why we do this, the more likely you are to watch
the next video or download the next podcast.
Download 'em all by the way.
And that is why people start to, really started to rally
around what we're doing at capitalism.com as we get
clearer and clearer about what we are doing
and why we're here.
So the clearer you can be, and the longer term
you can plan, the more successful, I believe,
that you will be.
(upbeat electronic music)
- [Announcer] Hannah Laamoumi asks, "What barriers
"have you seen prevent people from starting a business?"
- Ah, this is a great question because there are
so many people with ideas in their brain.
There are so many people with things that they want to do.
What is it that stands in their way
from actually building the business?
I think without question, the biggest barrier
is just being willing to ask for the darn sale.
I mean, the person who actually puts it out there
and gets feedback in the marketplace.
The person who actually is willing to look stupid.
Because you don't look stupid.
You just think you are cause you're in your own head.
Look, we have so many abilities
to be able to take orders today.
You can put up a Kickstarter
and not even have the product done and take in order.
You can pre-sale products.
You can talk about a product on Facebook,
and get people rallying behind it that are just your friends
and coworkers that believe in what you want to do.
You can pull out your phone and have it go viral.
You can put something on Amazon, and it cost 30 bucks
to set up an account.
There is more opportunity now for you to be funded,
for you to have a prototype,
for you to pre-sell your product,
for you to get it out there, than ever before.
The difference is who is a person that's willing
to make mistakes along the way, and say,
I'm asking for the darn sale.
Whether it is emailing your customer list
or pitching the client or picking up the phone
and saying, if I can provide this value,
would you be willing to pay for it?
We all have our own insecurities,
but when it comes to entrepreneurship,
I have found the biggest insecurity that prevents people
from taking that action is what if I can't deliver?
Or what if I'm not of value?
What if my product's not good enough?
So we sit there tweaking and testing and polishing
something that we haven't even got real feedback on.
Ask your market what it wants.
Give 'em that.
Get feedback, and adjust.
You can do it profitably if you're just willing
to ask for the sale.
The second thing that I think is kind of a barrier
to business is some sort of distribution.
There's a perception of a lack of distribution,
and I think we can hack this a little bit.
I call it audience-building.
If you do nothing more than pulling out your phone,
talking about our product, showing a demo of your product,
advertising that product with like a 100 bucks
as a boosted Facebook post, which wouldn't be ideal,
but it would be something.
We would get at least a few thousand views
on something like that.
And then we sent them to a page that collected
an email address that said, get notified when it's ready.
If we did only that, we would have a list of people
who are talking about the product or on a list
that were ready for it when it got live.
That's a distribution model.
It's not a very sophisticated one,
but it's the shortest one to actually taking the sale.
Or it might be that you then put up a Kickstarter page,
and you send your list to the Kickstarter.
Or it's you make a few videos using the demo,
putting it on YouTube, and when the product is ready,
talking about it on the YouTube audience
that has started to follow your videos.
So what is your distribution model
for getting a product out there?
For some people, it's Amazon listings
and then ranking 'em for keywords.
But is there a way that you can control a bit
of the conversation so that when it's ready
to launch a product or a second product,
you can pull a lever, and get it out there?
If this is new to you, go watch the first episode
of Freedom Fast Lane TV where someone asked the question,
"How would you start a business on 500 dollars
"a month or less?"
And I say, every dime of that needs
to go into audience building cause when it is time
for you to monetize, you can pull a lever,
have people see the message, and you can sell whatever
you want, and have a profitable business.
(upbeat electronic music)
This is the part of the show where we look at one
of our student's businesses, and we find out
what they're doing well and what they could be doing
to make even more money.
For this one, I thought it would be fun if we brought in
some of our tribe members here in person.
So let's see if this still works.
Can we manifest a tribe member?
Someone who's doing over a million dollars.
Bring in the tribe member.
(chimes)
Oh, oh, man, that continues to work.
That is amazing.
- What?
- And we've got the Cohens here.
What's up, guys?
Welcome to Freedom Fast Lane TV.
- Ryan, where are we?
I was just working on my computer.
- That is the law of attraction at work.
- Hey.
- Right there.
So you guys run Lifestyle Dynamics.
You guys are doing great.
You're doing 150,000 a month.
Great.
You guys are right at that two million dollar mark,
which is awesome.
So tell me a little bit about the business,
and where you guys are lookin' to go,
and what you're running into along the way.
- Take it away, Chels.
- Well, we have a second brand that we've started,
and that brand is one of the brands
that we are going to be focusing on primarily.
- Okay.
- So we've got the first brand is really
our cash flow brand.
This brand is our long-term, long play brand
that we really want to push outside of Amazon.
- And is that because you're passion is in that second brand
or is that because you just see diminishing returns
in the million dollar business?
What makes you want to step away from a business
that's selling over a million dollars a year,
and start something that is at zero?
What makes you want to do that?
- Multiple reasons.
The primary, the first reason was the diminishing returns.
- Okay.
- So we met with you last year, and we had a kind of pivot
where Lifestyle Dynamics was doing well,
and it was growing, but the lifespan of that brand
is not going to be, I mean, realistically, right.
These are me, too, type products.
- Okay.
- They're good products, but we wanted to start something--
- Got it.
So you don't really want that to be the focus of your time.
It's served its purpose.
And now it's time to build something
that is really meaningful to you.
- Yeah.
- That you really want to spend your time
and energy building, and then, you want to automate
Lifestyle Dynamics or sell that, so you can put
all of your energy into the new thing.
- Yeah. - Bingo.
- Okay.
So tell me a little bit about what the challenge is
on the new brand, or we could talk about growing
Lifestyle Dynamics.
What would be a good use of your time?
- We're more interested in learning what the best
strategies are for mostly focusing on the new brand.
- Okay.
- And the biggest issue that I think we're having
is that I am a huge bottleneck in our business,
so I need to figure out how to not be a bottleneck
and at the same time, be able to enjoy life
and not go crazy.
- Great, so where are you spending the majority
of your time right now that is just demoralizing
and taking up all of your energy to where the time
you're done, you're like, alright, what am I doing
with my life and my career?
What are some of those activities right now?
- Finances.
Sorry.
- Finances, yeah.
I have outsourced some of the finances,
but it's not nearly enough for what I'm paying
the company, but finance is a big part of it.
And the other part is--
- Can I ask, what does finances mean?
Does that mean managing books?
- Managing books, you know.
- Paying bills.
- Paying bills.
Payroll, taxes.
- Taxes take a lot of time up.
She's really good at it, too.
- Sale tax.
- So first things first.
I have some great resources that I'll recommend
off camera.
- Okay.
- For automating that that are affordable.
Publiclybench.co does an okay job, and I have some people
that I've worked with personally for a long time
that I can make a recommendation for.
So what are the other things that when you're trying
to grow the business, that are just sucking you dry?
- I think feeling like I have to do everything,
and that I'm not outsourcing enough.
I have to do all the blogging, and then I have to,
I'm learning click funnels now.
And then I want, you know, email marketing.
I'm not getting enough out on email marketing.
I feel like there's all of these opportunities
that I'm missing because I'm trying to do all of it.
- Got it.
- It's also kind of a transition.
Like, for me, I'm sort of the opposite of Chelsea
where I want to outsource everything.
I don't want to do anything.
(laughs)
So I have no problem outsourcing it, but then there's only
so many dollars right, and we have to survive off income
as well.
- I totally get it.
So I think I have a nice Samurai for this one,
and if this doesn't help you out,
we'll go deeper, but a funny thing happens
with entrepreneurs, especially entrepreneurs
who have a success under their belt.
Once they have this success, now they say,
well, I know how to do that.
This is normalized to me, so I'm going to go learn
a completely different skillset that isn't what made me
successful in the first place.
- Okay.
- So this thing works.
I know that.
Yeah, it's all great.
Let's learn a completely new set of skills,
and spend all of our time being newbs again,
starting all over, and building the business
completely differently than what worked for us
in the past.
So here's a question, when you are building this new brand,
can you use the exact same skill sets,
putting things on Amazon, optimizing your listing?
You're a thought leader on optimizing listings.
And you are amazing in front of the camera.
You know how to build audiences.
You've seen what Marusha has done with her new brand.
You're following kind of a similar model,
so you have a bit of a following that's starting
to build.
Can you only focus on audience building,
optimizing listings, getting reviews,
and getting this business to be profitable,
and then worrying about email marketing
and all these other things that aren't
in your core skill set?
- Yeah, I think so.
I guess the,
when I think of email marketing, I feel like I should have
that email marketing piece as part of the building,
you know, building the audience.
But I don't feel like, and we've got a list
from our previous business, and we're going to be
working on setting up like a click opt-in
to get the list from one business to the other.
- Yeah, great.
- But if I'm not marketing to that list,
then, what's the point?
You know?
- Yeah, I totally get it, and you can and should be
marketing to that list.
And I'm guessing you could be marketing to that list
if you weren't worried about all of these other things
that are keeping you bogged down.
So I guess my question is, you're building
up a good audience.
You have products that you both are proud of.
You've got videos that are being shared
that have a heartfelt message to them.
You've got a list that you can market to.
You know enough about email marketing to be able
to do some damage, so what is preventing you
from really going aggressively into this new brand
and stripping away the things that don't provide
revenue right now?
- My answer is nothing.
We are going aggressively this year.
- Okay.
- We have business planned it out.
We have the products lined up.
And we are making strides in that direction.
So that's my viewpoint, and we work together
as best we can to do that.
- Can you pull that lever now?
Like can you promote those products right now?
- Yeah, and I think that he says nothing,
but at the same time, I know
that I've got this mental block.
There's a website that we have that's generating a lot,
that's generating traffic about, you know, 200 per day.
It's building our list.
But there's no conversion there, so we've got
the problem of a website that's building a list
but nothing else, and then we want
that to be happening over here.
So there's content.
I'm like, we have to put content out,
so we can keep building that list to--
- I've gotta keep doing the thing that's not working,
so I can get it to work rather than focusing
on the thing that's working really, really well,
so I can make more money.
I mean, this is, I'm not picking on you guys.
This is very, very common.
And here's what, something that we've done internally
that has helped us.
- Okay.
- Rather than try to manage all of these different pieces
at once, we make a deal internally that we're going to focus
on two to four of them for three months.
And we're not allowed to learn anything new
or focus on anything else except for those two to four
items for three months.
And at the end of three months, we can decide
a new set of things that we're going to focus on.
- Right.
- So we have to say, if I'm going to keep blogging,
I have got to replace something else on that list
of three things that are going to be the focus of my time.
And what you'll find is that you will double down
on the things that are working really well,
and you will naturally have to make the hard decision
of we're not going to do this now.
We can do it later.
We can make this a focus later, but we're not going
to do it now cause this is the thing we're going to
focus on learning and really improving.
And when you give yourself three months to do that,
you're not waking up every morning and going,
I gotta get this done.
And I gotta get this done.
And I gotta get this done.
- That's nice.
- And at the end of the day feeling completely exhausted
and like you made absolutely zero progress.
- Okay. - Yeah.
- Now, for you that's probably going to be
building the audience, writing an email
to the existing list to promote the new products,
getting new reviews, and maybe sourcing new products
for the new brand.
And if you focus on only that for three months,
and at the end, you say, what this really needs is content.
Well, the good news is you've got momentum now,
and you could theoretically then hire that out,
and make that the focus of the next three months.
We're going to find a really good person in the next
three months that's going to take over content,
that knows what they're doing, and let them do it
for three months before we evaluate the result.
- Awesome.
- And what you'll find is that by simplifying things,
you actually move faster rather than slower.
- That's great.
- Awesome.
- How's that?
- Yeah. - Yeah.
- Well, you guys are doin' a great job.
Congratulations on the multimillion dollar business.
- I'm just going to--
- Yeah, go for it.
I guess I took you away from the coffee around the computer.
So congratulations on what you are doing.
I'm so excited.
I've told you this.
I'll say it publicly.
The minute you guys need an investor, call Uncle Ryan,
cause I love what you'll do in your new brand.
- Thank you so much. - Thanks.
- Thanks for coming on Freedom Fast Lane TV.
- Great, thanks. - Thank you.
- If you find yourself in a similar situation
as Ari and Chelsea where you are working more and more
than ever, and you are having a hard time prioritizing,
what do I actually need to get done
so that I move the ball forward?
There's a podcast on the Freedom Fast Lane podcast
that it's an interview with my buddy Sean Coyne
who is the best that I know of managing multiple
projects at the same time.
So if you just Google Sean Coyne Freedom Fast Lane
or you just go to FreedomFastLane.com\itunes
and you listen to his episode about managing
multiple projects, I think this will show you
how you can prioritize which things need to get done
so that you can move the ball forward.
And if you want to run a business like Ari and Chelsea do
where they sell physical products?
They built a million dollar brand,
and now they are pivoting into doing a thing
that they really want to be doing in the world,
head over to FreedomFastLane.com\bootcamp.
That is our boot camp that shows you exactly
how to pick products, source products,
and start selling them, so that you can be
on the route to building a business
and investing the profits.
You know, it has been so rewarding to work
with people like Ari and Chelsea
who you met earlier and watching their businesses grow.
When we met, they were doing a fraction
of what they are doing now.
Now, they're at a point where they can start
a second business and it be something
they're really, really excited about,
almost being like their gift to the world,
the thing that they are producing
that make somebody's lives better.
And that's why I get so jizzer-jazzered up
about entrepreneurship and capitalism
because it literally is producing something.
It's creating something.
And that makes your life better.
It makes the customers that you interact with better.
It makes the world a better place.
It's why we can look back 150 years ago
and say, wow, we have a really different world.
We have all this new stuff.
It's because we're creating value as we create businesses
and create wealth, and it is an honor and a privilege
to serve the tribe and those of you
who are just starting your businesses
as well as our backroom members, people who are doing
well over a million dollars.
And people who are selling businesses
for 10 million dollars and up.
It's such an honor to be able to watch your evolution.
I think entrepreneurship is probably the greatest portal
we have to self-discovery because it requires you
to put yourself in something you care about out there.
So that is why I think this message is so important.
If you want to start a business like these,
we can help you do that.
If you have a successful business that you want to scale,
join our tribe FreedomFastLane.com\tribe.
If you are already doing over a million dollars,
we have a special group just for people who are millionaire
entrepreneurs and investors.
And that is called The Back Room,
and you can find out more about that at FreedomFastLane.com.
It's an honor to be able to talk about this.
Thank you for supporting this platform
and supporting the show.
We'll see you guys on the next episode.
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