Does your Reality Matches your Potential?
Notes from the 10X Business Summit of May 7, 2022
Yesterday I took some time to attend to the 10X (virtual) Business Summit, organized by Grant Cardone, where he shared his vision about the 4 things that you can immediately do, to grow your business and income in 2022.
During the Summit I could listen to excellent interviews with three successful and well known guests: Robert Herjavec, Shaquille O’Neal and Rob Dyrdek.
Disclaimer: This blogpost is not affiliated with Grant Cardone or his companies, I just want to share my impressions about the event and some insights from the interesting interviews and presentations.
A nice thing about this type of Virtual Seminars, is that I didn’t have to physically go anywhere and could fulfill other tasks at home while learning. This sounds very obvious nowadays, but “back in the day” when I wanted to attend a seminar, I had to go somewhere for a few hours, and in many cases to travel to another city, which would take all day long, or even the weekend, for that matter.
Back to the subject of the content of the seminar, the 4 steps that we can take immediately to grow our Business and Income in 2022 are:
1) Master the Mental Game of Money:
A phrase that caught my attention on this topic was:
“Does your Reality matches your Potential?”
If I know I could do better than how I’m doing now, and that in theory, my potential is limitless, what can I do to fulfill it?
What don’t I know that prevents me to improve, what information I am missing, what actions I’m not taking, what do I need to change in my mindset, and in my habits?
This is applicable regardless if we are “poor”, middle-class or even if we feel that we made it, to a degree that we have a “comfortable” lifestyle. If we know our potential is much greater, it’s worth to auto-evaluate and pursuit to express it.
Another discussion was about the scarcity mindset that many of us acquired during our upbringing and life circumstances, that takes us to believe and to act according to myths and misconceptions around Money.
As an example, when we have a scarcity mentality we are always worrying about the costs of things, we think we won’t have enough resources to pay for the things we want, but this is only true if we don’t have plan that we are committed to follow through, in order to grow out from the position that we are in. What does it mean to be rich? What does it mean to be abundant?
Again, it comes the evaluation of our reality compared to our potential, and asking ourselves what we don’t know that keeps us in our current situation.
2) Master the Marketing Game
This was a surprise to me to be presented as the second step, but the way the point was made, it makes perfect sense. Maybe my surprise comes from some of the money myths that most of us tend to believe as being true.
Many of those myths present themselves in socially widespread sayings, such as, “is not what you know but who you know” or “it takes money to make money”, but nowadays, specially with all the technology and tools available, you don’t need money to make money, and most important,
“it’s not about who you know, but WHO KNOWS YOU”
If no one knows who we are, and what we can do, we are limited in our ability to generate income or to get leverage for our projects when we want to move faster and to scale up.
On the other hand, while is easier to connect and be known by many, thanks to technology and social media, is also true that we are in an attention economy, there are thousands of stimulus from everywhere, trying to catch people’s attention.
During the presentation it was highlighted the importance of marketing during times of widespread economic crisis. During times like these, one of the effects might be the drastic lost of the purchasing power of the currency. Even if we have some savings “for the rainy days”, those savings might not be able to help us to keep our standard of living.
What will hep us to get ahead is having sources of income that we can make grow, or better yet, multiple sources of income. If this is true, according to the presentation:
“Savings will not save you in a recession, marketing will”
3) Master the Revenue Game
The third step would be to learn how to grow our current source of income and how to create additional sources, first from our current skills, talents, personal activity and labor or “earned income”, while adding “passive” sources of cash flow that allows us to “make money while we sleep”, as the only proven way create real wealth.
4) Scale
The last step in this process is to scale what worked in the previous three steps and “10X-it” over and over. Multiply our reach and our results.
Most likely, to scale effectively we would need help, by either adding technology, using more leverage, hiring people, or a combination of all the above, anything that suits our goals and our philosophy towards business. Therefore, is useful to think from the very beginning of any endeavor how scalable is it, how dependent is any activity of us performing it personally, if ot has any limitation in its potential or not.
The Guests
During the 4 hour event, Grant Cardone presented interviews with three successful guests:
Robert Herjavec, a Croatian-Canadian businessman, investor, and television personality known for being in 13 seasons of the TV Show “Shark Tank”, with hundred of millions of dollars in net worth.
He built his wealth from zero, having grown up in a poor immigrant family in Canada. He remembers being told as a young man that to make money it was needed to have money, to have a higher education and to know the right people, but he didn’t have any of those advantages growing up. In his case, he said that technology was a great vehicle for him, because you can become successful without those levers, as soon as you’re able to solve people’s problems.
Shaquille O’Neal, who is one of the most successful and known basketball players alive, but also known for being a smart investor and business man, who has accomplished what most professional athletes have not, and is to maintain multiple and sustained sources of income after retirement.
From his interview, I could learn about the importance of:
- Understanding that we don’t need to be the smartest or to be the one who knows the most, but to be humble enough to ask questions and to connect with the people with the knowledge that is willing to help you achieve your goals
- Being known by the right people gives you access to the right rooms with the resources, knowledge and connections that will help you succeed
- Having multiple sources of passive income, allow you to maintain your standard of living in case that you stop having earned income.
Rob Dyrdek, who is an American entrepreneur, actor, producer, reality TV personality, and former professional skateboarder, gave his vision about business, and how he organizes his endeavors in seven areas:
Brand, Product, Media, Marketing, Sales, Finances and Leadership
Also, he shared how he pursuits what he called “harmony” in his life by using his talents to create (high risk) earned income, that then he will invest in the (low risk) cash flow passive income sources.
For him, the goal is to grow the passive income to at least, match his earned income, and make the the passive income to pay for the lifestyle.
The Host
Grant Cardone is the CEO of Cardone Enterprises, Cardone Capital, international speaker, entrepreneur, author of The 10X Rule and creator of 21 bestselling business programs. Grant Cardone owns and operates seven privately held companies and a multiple billion dollars portfolio of multifamily properties.
He became well known for his constant and intense presence in social media, that has helped him to leverage his endeavors. I assume that from this experience is that he remarks the important of making yourself known as key to obtain your business goals.
Last Remarks
This 4 hour seminar that I attended to was also an opportunity for Grant Cardone to promote his 3-day virtual conference, that will be held the 3rd week of May 2022. That means this was also a promotion event, but that provided useful and insightful information for free, which is also a lesson to myself, about how the current trend is to provide value upfront before asking for people’s business.
There were many other useful concepts and insights that would be useful for anyone who wants to create success in his personal finances and businesses in 2022. My understanding is that you will be able to have access to the recordings in Grant Cardone’s website.
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My regards,
Thank you for reading this material, and I hope you have enjoyed it and found it useful.
Until next time, all the best for you,
José