Dan Martell - September 28, 2020


Why Fear Is the Biggest Threat to Your Business Growth


Episode Stats

Length

12 minutes

Words per Minute

191.13687

Word Count

2,342

Sentence Count

124

Hate Speech Sentences

2


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

Transcript

Transcript generated with Whisper (turbo).
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:00.000 Hey there, I'm Dan Martell,
00:00:01.000 serial entrepreneur, investor, and creator of SaaS Academy.
00:00:03.040 In this episode, I'm gonna share with you
00:00:05.240 how to overcome your fear,
00:00:07.040 how to overcome it because it's holding you back
00:00:09.840 from making the big moves that are gonna change your life.
00:00:12.120 Be sure to stay to the end
00:00:13.320 where I'm gonna tell you how to get access
00:00:14.440 to my Dream 100 training.
00:00:16.800 It is how you think of your peers,
00:00:19.040 your advisors, and your mentors.
00:00:21.100 Let's get into it.
00:00:30.000 I can still remember when I first started off in business, hiring my first employee,
00:00:39.720 it really was like a contractor. I wasn't even brave enough to hire the first person because
00:00:43.220 I literally thought they're probably going to steal from me. They're probably not going to do
00:00:47.800 the work properly. They're probably going to embarrass me. There's a good chance that they're
00:00:52.900 not going to stick around. And there was like all these fears from making the decision that was
00:00:57.740 holding me back from even making the decision.
00:01:01.180 And at the end of the day, from 17 to 24,
00:01:04.520 I built two companies that unfortunately failed.
00:01:06.780 And it was because I was always crippled by fear,
00:01:09.580 as fear of the unknown,
00:01:10.960 fear of making the wrong decision, et cetera.
00:01:13.920 And it was through reading books and understanding
00:01:17.460 that the level of success I wanted
00:01:19.920 had to come from being comfortable with the unknown.
00:01:23.800 And now I've made $25 million deals without losing sleep.
00:01:27.860 So I'm gonna share with you three unique
00:01:30.120 or four unique perspectives on how to think about fear
00:01:32.840 that hopefully will shift your mindset,
00:01:35.140 give you some clear actions to take
00:01:38.300 so that you can get the outcomes
00:01:40.520 and success that you're after.
00:01:41.820 Number one, risk reversal.
00:01:44.500 So the way you wanna think about this
00:01:46.660 is when you're making decisions,
00:01:47.980 Tim Ferriss writes about this
00:01:49.540 and has talked about it on his podcast,
00:01:51.600 where you wanna make a list of the pros and cons.
00:01:55.080 Because I think what happens is when you think of fear, right?
00:01:57.960 So, you know, recently I had a friend
00:02:00.000 that was thinking of doubling his business next year.
00:02:02.980 He's like, okay, you know, this year's been really challenging
00:02:05.440 but next year I really wanna hit the ground running.
00:02:07.260 I wanna hit full steam ahead and pour fuel on the fire.
00:02:10.100 He put some capital aside.
00:02:12.040 But there was this fear of like, you know,
00:02:14.140 what if I don't train people properly?
00:02:16.060 What if I don't get ahead of it?
00:02:17.780 And I said, just make the list.
00:02:19.180 Make the list of all the things that could go wrong.
00:02:21.340 And then write down all the things
00:02:23.580 that you have the ability and power to take action on
00:02:27.120 to overcome those risks.
00:02:28.700 And I think once you put it out on paper
00:02:30.540 and you see it with your eyes, it's way less scary.
00:02:35.380 You know, back in the day,
00:02:37.360 so that's on the writing it out.
00:02:39.840 The other thing that I wanna share with you,
00:02:41.260 I read a book a long time ago,
00:02:42.920 I think it was called Thinking Fast and Slow.
00:02:45.620 And in it, he talked about Jeff Bezos,
00:02:47.700 the founder of Amazon.
00:02:49.020 and Jeff talks about type one and type two decisions, okay?
00:02:53.160 And the easiest way to think about it
00:02:54.300 is a door going one way or two ways.
00:02:57.920 So one way is a type one decision,
00:02:59.760 and two ways is a type two decision.
00:03:01.280 He says, if you don't differentiate the types of decisions,
00:03:04.960 and this is where risk comes into play,
00:03:06.780 in regards to the ones you're making,
00:03:08.340 you sometime apply the same vigor and fear
00:03:11.400 to a type one decision, which is a one way,
00:03:14.140 I can't reverse, I can't come back from it
00:03:16.480 to a type two decision, right?
00:03:18.460 Or vice versa, you should give something
00:03:20.520 a little bit more analysis
00:03:23.100 and instead you just make a decision flippantly
00:03:26.300 or your team does even worse.
00:03:28.460 So what Jeff says is like things like buying a company,
00:03:31.380 that's a type one decision.
00:03:32.820 It's really hard to unwind
00:03:34.300 but hiring an employee that doesn't work out,
00:03:37.120 that's a type two decision.
00:03:38.320 Yes, it's gonna be unfortunate
00:03:39.900 that you didn't get the outcome
00:03:41.320 that you were hoping to achieve
00:03:42.360 because the person didn't work out
00:03:43.640 and you have a hole you got to now fit
00:03:45.220 and you got to explain it to your team
00:03:47.080 and all those things
00:03:47.560 but they're not type one decisions.
00:03:50.100 They're not things that you can't easily reverse.
00:03:52.820 And I think just understanding that,
00:03:54.480 and that's why I call it risk reversal,
00:03:56.100 is gonna allow you to separate
00:03:57.480 where you're spending your energy
00:03:58.940 and where you can really question yourself like,
00:04:01.600 this is only a type two decision.
00:04:03.460 Let's just make it and move on.
00:04:04.840 The delaying of making a decision is costing you more.
00:04:08.400 How many times have you ended up being forced
00:04:11.140 to move forward?
00:04:13.360 Timelines, resource constraints, whatever.
00:04:15.800 And at the end of the day, you made the same decision.
00:04:17.560 you would have made in the beginning,
00:04:18.660 but you just dragged your feet making it.
00:04:20.840 Clearly delineate type one, type two,
00:04:23.080 make that list, get it out of your mind in front of you
00:04:25.720 so you can see it and make sure you make a decision
00:04:28.180 to reverse that risk.
00:04:29.900 Number two, remove the ridicule.
00:04:32.240 So most people are not gonna make a decision
00:04:35.200 because of fear of being judged by other people
00:04:38.420 that they care about, you know?
00:04:40.860 But one of the quotes,
00:04:42.080 and I share this often with my friends,
00:04:43.460 is the people that care don't matter
00:04:46.800 and the people that matter don't care.
00:04:49.980 If I think about just the folks
00:04:53.620 that are mentors of mine, advisors,
00:04:55.760 you know, think about comments on social media,
00:04:57.760 comments below a video, a podcast episode.
00:05:00.660 You know, if those people's name are not Richard Branson,
00:05:04.280 Mark Cuban, or a list of my other mentors,
00:05:07.120 I'm not internalizing that feedback.
00:05:09.140 I'm not even really listening to it.
00:05:11.380 I'm looking for themes and patterns
00:05:13.120 because I'm always open to getting advice
00:05:15.340 on how I can make things better.
00:05:16.800 but I'm not putting a lot of weight to that feedback.
00:05:20.280 And I think that fear of being judged
00:05:23.380 is just so overly indexed
00:05:26.820 in regards to the weight people give,
00:05:28.240 it just doesn't matter.
00:05:29.180 To me, fear is an acronym.
00:05:30.600 I heard this a long time ago,
00:05:31.680 is false evidence appearing real, okay?
00:05:35.680 It's not true.
00:05:37.200 Your fear of being judged,
00:05:38.800 if you decide to move away or start that business
00:05:42.660 or go to a school that might not be as a popular decision
00:05:45.680 or pursue your passion.
00:05:47.580 But what are people gonna think?
00:05:48.940 Look, is it true?
00:05:50.400 Some people might criticize that decision 100%.
00:05:52.960 Guess what?
00:05:54.660 I'm not saying you don't love them.
00:05:56.200 I'm just saying that, you know,
00:05:57.900 people that care don't matter.
00:05:59.920 Like at the end of the day,
00:06:00.840 you gotta follow your heart,
00:06:01.660 you gotta follow your soul,
00:06:02.380 you gotta pursue your passion.
00:06:04.440 And a lot of times that fear is just unfounded.
00:06:06.620 I ran through this myself
00:06:08.700 when I decided I wanted to start coaching clients
00:06:10.700 because I came from being an entrepreneur,
00:06:13.280 serial entrepreneur, investing in companies,
00:06:14.940 building companies to all of a sudden now say hey I want to I want to coach I want to support
00:06:20.240 you know and I just felt like there was this negative stigma attached to that word
00:06:23.860 and I was fear that I had a lot of fear around my investors and my friends judging me for making
00:06:30.320 that decision and guess what turned out the complete opposite when I finally wrote a blog
00:06:36.060 post called what's next and explained to them my plan to serve as many people and have an impact
00:06:41.160 and create this YouTube channel, all these things,
00:06:43.380 many of them said, Dan, what took you so long?
00:06:47.360 I've seen this in you.
00:06:48.640 I'm so proud of you.
00:06:49.600 I'm so excited for you.
00:06:50.560 Some of them said, hey,
00:06:51.260 I've always had this same desire myself,
00:06:52.720 but I haven't been able to pull the trigger.
00:06:56.040 So I just want you to know that a lot of time
00:06:57.740 that fear is just false evidence appearing real.
00:07:01.000 And the people that you think will care,
00:07:04.540 they just don't matter.
00:07:05.780 Number three, upsize your problems.
00:07:08.440 So here's the reality is,
00:07:10.280 if you wanna grow, if you want success,
00:07:13.440 you gotta think of like, you know, in units of zero,
00:07:16.280 like $10 problems is maybe your level of uncomfortableness
00:07:20.320 that you're able to deal with today.
00:07:21.960 And you need to be able to learn to move
00:07:23.460 to $100 problems and $1,000 problems
00:07:25.160 and $10,000 problems and $100,000 problems.
00:07:27.500 And now that might sound crazy,
00:07:29.420 but that's kind of what's required.
00:07:30.940 I remember a great story of Oprah being sued
00:07:33.420 by the mad cow people for some comments she made on her show.
00:07:37.040 She was being sued for a billion dollars, okay?
00:07:39.300 a billion dollars and her response to the news and the media saying, hey, Oprah, what's it like
00:07:44.760 being sued for a billion dollars? She said, hey, I'm just grateful that I have a billion dollars
00:07:49.620 to be sued for. It was, it was just part of that evolution for her. It's, you know, if you want
00:07:57.240 to grow, that fear is stopping you from learning how to be uncomfortable with the uncomfortable.
00:08:04.920 Tony Robbins has a great quote that says,
00:08:07.220 your life quality is directly proportionate
00:08:10.360 to the amount of uncertainty
00:08:11.880 that you can comfortably live with, okay?
00:08:15.080 I remind myself this all the time.
00:08:17.080 Whenever I feel a little of anxiety around decision,
00:08:19.280 I'm just like, whoa, whoa, hey, whoa, why is that scary?
00:08:23.320 Let me put this down on paper.
00:08:25.120 Let me talk to my advisors.
00:08:26.500 Let me get some perspective.
00:08:27.920 Is this type one or type two?
00:08:29.340 And at the end of the day, I go, look,
00:08:30.800 this is just another opportunity for me to push forward,
00:08:33.940 overcome that, that like little feeling of anxiety,
00:08:37.680 make a decision and honestly invite,
00:08:41.020 upsize your problems because knowing that
00:08:44.520 when you go from a $10 problem to a $100 problem
00:08:48.460 and you can be okay with that,
00:08:51.040 then you're like, okay, I got this, right?
00:08:53.220 I mean, I literally give my team permission
00:08:55.620 to make five $10,000 problems
00:08:57.600 because at the end of the day,
00:08:59.380 I want them to be able to make decisions,
00:09:02.240 take risk, innovate, learn.
00:09:05.300 And if I'm fearful of those things
00:09:08.160 and I'm creating too much micromanagement,
00:09:10.180 it's not gonna allow people to develop.
00:09:12.360 And that's the only way we grow.
00:09:13.360 We gotta be comfortable with it.
00:09:14.860 Not invite it, not wish that it happens to us,
00:09:17.640 but just know, you know what, true freedom?
00:09:19.840 True freedom is knowing that I have the skill
00:09:22.020 and the process and the mental strength
00:09:24.580 to deal with whatever the world throws at me.
00:09:27.640 That, my friend, is true freedom.
00:09:29.820 Number four, massive, imperfect action.
00:09:34.660 My buddy Gebs says this all the time.
00:09:37.760 Michael Gebbins, on his YouTube channel,
00:09:40.120 he made t-shirts.
00:09:41.020 Now, I know it's not him that created the saying.
00:09:44.160 I've heard it many other times,
00:09:45.340 but I just think of him because that was his motto.
00:09:47.980 That was his mantra.
00:09:49.000 That was his call to arms for all his people
00:09:51.320 because as soon as you've said,
00:09:53.820 hey, yes, I have fear around this.
00:09:55.800 I've assessed it.
00:09:56.480 I'm making it.
00:09:56.940 As soon as you know,
00:09:58.380 and it speaks to your soul, you gotta move.
00:10:02.420 You gotta JFDI it.
00:10:04.180 You gotta take action, even if it isn't perfect.
00:10:07.140 Because what'll happen is that as soon as it,
00:10:10.140 it just snaps for you and you're like,
00:10:11.940 oh, I gotta do that.
00:10:13.280 If you sleep on it, you drag your feet,
00:10:16.420 your left brain's gonna analyze the can't out of it.
00:10:20.480 You're literally gonna wake up the next day
00:10:22.720 and have 14 reasons why you can't do it.
00:10:25.120 So my rule, just because I know that of myself,
00:10:27.780 I know that a big idea left on my plate to think about,
00:10:33.980 often my brain will just try to figure out
00:10:35.940 why I can't do it or why it's not the right time,
00:10:37.960 et cetera, et cetera.
00:10:38.720 And I wanna take massive and perfect action.
00:10:41.220 I wanna do something, anything that I can do today
00:10:44.360 in the next 20 minutes to move that forward.
00:10:46.520 It could be emailing a friend.
00:10:47.620 It could be making a phone call.
00:10:49.080 It could be pulling out a piece of paper
00:10:51.400 and drawing something out, making a commitment,
00:10:53.180 adding something to my calendar.
00:10:54.460 But take M-I-A.
00:10:57.060 So four strategies to remove fear from holding you back
00:11:01.480 to achieve your level of success.
00:11:03.400 Number one, risk reversal.
00:11:05.200 Number two, remove the ridicule.
00:11:07.020 Number three, upsize your problems.
00:11:09.840 And number four, M-I-A.
00:11:13.180 So as I mentioned at the beginning of this episode,
00:11:15.300 I wanna share with you an exclusive training
00:11:17.020 called the Dream 100.
00:11:19.240 It's my thinking around listing out the 100 people
00:11:23.340 you need in your life to be successful
00:11:25.840 So from the peers, the mentors, and the advisors
00:11:28.680 for whatever you're out to achieving,
00:11:30.160 click the link below to download that specific training.
00:11:34.440 It's going to give you the strategies to reach out,
00:11:37.340 who to reach out to, how to think about it.
00:11:39.560 It's got a 60, 30, 10 split.
00:11:42.360 It's a spreadsheet.
00:11:43.360 It's awesome.
00:11:44.200 It's one of my most powerful trains
00:11:45.780 when it comes to building your network.
00:11:48.020 And I really believe your network is your net worth.
00:11:50.220 So click the link below to download your copy.
00:11:52.880 And if you liked this video,
00:11:53.900 Be sure to smash that like button,
00:11:55.620 subscribe to the channel and leave me a comment below.
00:11:58.620 I'm gonna respond to the first 10 comments
00:12:01.660 with any questions, ideas, feedback you have around fear.
00:12:05.220 I'd love to support you.
00:12:06.580 And as per usual, I wanna challenge you
00:12:08.780 to live a bigger life and a bigger business
00:12:10.940 and I'll see you next Monday.
00:12:14.340 Bam.