Are You Paying The Right Costs To Build Your Business Fast?

Summary

If you pay all the necessary costs, the results you see will naturally fall. This is why some people take years to attain what all this get in just a few weeks.

Transcript

If you pay all the necessary cost, the results you see will naturally fall. This is why some people take years to attain what all this get in just a few weeks. Let's get to it.

[INTRO] Hey, I'm Leon Castillo, founder of Selfmastered, a high performance training company that helps entrepreneurs scale their businesses by solving their salad bottling. Their own performance will transform the unproductive, overwhelming and focus entrepreneurs into laser focused business athletes that can achieve in one day, what they previously achieved in one week.

So today, I want to talk about why some people take weeks to attain what other people takes months. And eventually everything boils down to understanding what all the necessary costs that you need to pay in order to get the goal you want to get. And this cause doesn't need to be financial, it can be meetings, you need to have changes, you need to undergo skills, you need to learn belief systems that you need to embrace everything and anything that stands between you. And the goal. That's the most important concept here. Because there's no such thing as lottery ticket. There's no such thing as undeserved success, everything that is meaningful takes at least five to 10 years in business to fully materialize.

But for whatever reason, we humans, especially entrepreneurs are very prone to the planning fallacy thinking that attending as will be much easier that will normally take and that's just not how life works, you need to understand that things are going to be way more difficult and take longer than initially anticipated. But the best way of shortening the time is knowing in advance what kind of costs do you need to pay in order to get there because you cannot be successful if you do not pay it unnecessary costs. And this is just a law of nature. And even those that get a lottery, they end up broke after a few years because they do not deserve the success, the financial success that comes from the lottery. And there's no exception to this. There's no free lunch in the world. But there's also something that needs to be taken into account at this point is that not all costs are created equal. There's no glory, or results or success and chasing enthusiastically and hard working your way towards the wrong cost.

In other words, doing what doesn't need to be done in order to get what you want to get. So you need to be extremely mindful about what it is that needs to be done. And then do it understand what I'm to ride costs to pay and then pay them. And if you do this, you will attain your goals.

I encourage you right now to list all the costs that are related to a goal that you want to achieve all of them, make a list and then go by one by one and ask yourself if you are actually willing to do and the moment you create a list that's going to one bring you clarity, because you are going to finally understand what do you need to do and you will avoid falling for the planning fallacy, you will avoid falling for this faulty thinking of thinking that everything is easy is going to take short amount of time, but also going to provide your motivation because you're going to have in front of yourself the ability to foresee all the future hardships and obstacles that will eventually come your way.

This is how you get your goals much faster. Now, how does this apply to for example, myself that I want to IPOs have mastered in the New York Stock Exchange. This is one of the visions that we have for the company. Well, it applies perfectly.

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So when I first started working at Selfmastered, I listed all the costs that I thought I had to pay in order to get to that goal of IPO in this company in 2029. And I created a model internally that I called the best model. So essentially, is beliefs, action, skill. And time when I first started, one of the beliefs that I had is that if I was going to build a high performance consulting company like self mastered in a language that is not mine, because I'm in Spanish national common architecture, and then private equity, I had no credentials other than being an investor and subpoenas for teaching this, although I had results with people had disbelief that maybe I should just stick to my geography to try to do this in Spanish for Spanish people. But I wanted I had this vision of IPO in this company in New York. So the number one thing that I had to do is to break that belief that it was just not meant to be because if you think about it, we do not have any competition that is not purely American brand. Right? As soon as I had my first international client and more importantly, we provided results to that person that I believe was gone. So I conquered I paid the cost of destroying a limiting belief that I had at that time. A

n example of an action that I listed is okay if I want to do this in New York. Well then one of the things that I need to do is probably move to New York and I also need to in prove my English speaking skills and probably to study storytelling and I need to hire a team. And I need to build a product. And I need to create a marketing strategy. And I need to refine my sales process, right? I listed all the actions that I needed to do, then when the skills part of the equation is okay, what do I need to learn to make this happen? Well, coming from finance, I had no idea about marketing, no idea about sales. And I've never built a product before. So I had to learn about product building skills and marketing skills and sales skills.

I knew how to manage people. So that was easy to me. And I knew how to forecast financially, but I didn't know how to market and I realized that I will have to learn copywriting and storytelling and positioning and all of those micro skills that go into marketing and sales. And I decided I was happy with learning that that will make me a better rounded intrapreneurs. And finally, the time if you are anybody that is serious about IPOs, a company normally will have to devote a sizable amount of time of your life to make that happen. Normally 10 years. So when I started, I said, Okay, do I believe I can? Of course I can. Actions, I'm going to do whatever is necessary to make it happen. Yes, I am. I'm a willing to learn as much as I can about everything that I don't know to make this happen. Yes, I am. And am I willing to pay the cost of time? Am I willing to devote one decade of my life to this? Yes.

And this is when I decided to start a company and then continue building this internationally. And this is how you apply this theory of knowing what costs need to be paid, and then decide to pay them if you want to get to your goal faster. Because if I haven't done this at the beginning, I would have already quit it because it's been harder than I initially expected. I've been having to learn more things than I initially thought I had to. But it's all about knowing that I am ready to pay all the costs that come with the decision of building this.

So I hope this was useful. Think about the goal that you have been trying to change for quite some times and all the costs that are associated with them and see if you don't have a good enough understanding of the cost and need to be paid. Or if you do, you're probably or possibly not willing to pay those costs. This mental model will help you tremendously in understanding what is the root cause of you not getting to the goal you seek.