Russell Brunson: Bootstrapping Strategies and Opportunities
Russell Brunson started off by announcing a new award called the Bootstrapped Entrepreneur of the Year Award. This will be given to businesses that did not take venture capital funding but built and funded their business through bootstrapping strategies.
During an event where Rand Fishkin, the CEO of SEOmoz, spoke, Russell went up to him and asked, “If you could go back again to the start of your business, would you still take the venture capital?” Rand said that if he did have to do it over again, he would not have taken the money. He said that many of the people he coaches make more money than him because he can’t have a side job. The board also sets his salary.
With Rand’s story, Russell voxed his team and told them that they are going to bootstrap and not take investment money. He would encourage us to do the same. In the long run, it is better for our businesses to be bootstrapped, rather than funded by venture capital. This is one of the reasons Russell created the new award, to encourage us to grow our business through bootstrapping strategies instead of relying on venture capital.
Russell also talked about finding a level 10 business opportunity. Before ClickFunnels, Russell and Todd felt that they had a level 10 skill set, but not a level 10 opportunity. While they had the talent to do something great, they were pursuing opportunities that were too small. They had to search for the right opportunity to apply their skills in order to create a truly successful business: ClickFunnels. We should try to search for our own level 10 opportunities as well.
Winston Churchill said, “To each there comes in their lifetime a special moment when they are figuratively tapped on the shoulder and offered the chance to do a very special thing, unique to them and fitted to their talents. What a tragedy if that moment finds them unprepared or unqualified for that which could have been their finest hour.”
Tony Robbins: Energy
Tony Robbins is the category king in the personal development space and has become one of the top six business leaders in the world. His companies currently have $8 billion in annual revenue and 4 million people have attended his live events.
During Funnel Hacking Live, Tony coached us for nearly five hours. He shared such incredible advice that I wanted to primarily focus on his speech for my key takeaways today. Here are some of the main points.
- If you want to make a billion dollars, help a billion people.
- Imposter syndrome: not believing that you are enough. It’s a fancy word for, “I’m scared”. Tony doesn’t believe it’s real.
- A decision made out of fear is the wrong decision. We should make the decision we feel is right.
- We are all achievers. Stress is the achiever’s word for fear.
- The real challenge is that we’re often waiting for perfection; something that will never happen. Because of this, we are operating in survival mode instead of crushing it.
- We should never use the imposter syndrome again. Even if we’ve scared, we should do it anyway.
- Tony gets in a cold pool each morning, at only 56 degrees. He never wants to do it, but he tells himself, “go” and he does it.
- The difference between having the life you want is whether or not you do the things you want to do when you don’t feel like it.
- If you keep doing it, you get a result. If you try it and it doesn’t work, change it.
- Tony is where he is because he has done all of those uncomfortable things continuously.
- Progress = happiness. If you’re not where you want to be, and you just make progress, that progress will make you happy.
- During his first event, Tony rented a big hotel room, did a ton of marketing and only seven people showed up. However, he did the entire 4-day event anyway. We should follow through and take control where we can, even if things don’t go as planned.
- The threshold of control: This is the thing we must master if we want to take control of our life.
- There was an intermediate skier who took a wrong turn and ended up on a black diamond. While he was afraid, he had to do it anyway. That is what courage is. Courage means that even though you’re afraid, you do it anyway. Don’t wait until you’re ready for the black diamond to take action.
- The difference between faith and fear is action.
- If you want more, you need more faith, and you show faith by taking action.
- The threshold of control: every time someone says it’s impossible, you find a way.
- Complexity is the enemy of execution. The more complex it is, the less likely it is going to happen. It’s harder to make it simple.
- The most important thing is maximizing energy. Low energy = lower quality life.
- When things are measured and focused on, they get better
- Passion not expressed, doesn’t grow; it shrinks.
- Do you want to do business with a level 6 energy level? If you’re a parent with 6, your kids manage you.
- The chokehold is energy
- During the pandemic, many of Tony’s events got canceled. Countries closed their borders. He tried to do an event inVegas, then Vegas closed it down. He tried to do events in theaters with small groups, then movie theaters shut down. He tried to do the events in churches, then churches closed down. It had been a long time since something challenged him, but he challenged it back. He served 10x the number of people during the pandemic through virtual events.
- We should fall in love with our clients instead of our products and services.
- “Life is always happening for us, not to us.” – Tony Robbins
- A decision is where you cut off everything other than what you decided.
- A generous person delivered food to his home when he was young. His father focused on his failure to provide for family, and then how he felt like a failure, and then chose to leave. Tony focused on food and focused on how strangers cared. It’s all about perspective and our energy.
- One Thanksgiving, Tony bought food for two families. He called a church and asked for two families who needed help but were too proud to come get some food. He got the addresses of the families and delivered the food. The woman answered the door, pulled his head down, and kissed him on the cheek. They went out and kept bringing groceries in from the van. He realized that his worst day became his best day.
- You have to do the uncomfortable stuff. To do that, you’ve got to raise your energy to another level.
- The greatest attribute of a leader is influence. You have to figure out what influences a person.
- Emotion is created by emotion.
- A breakthrough is a moment in time when the impossible becomes possible and you act on it.
- Many of us are so general in what we’re asking for. We say we want to make more money, then we get $1 and we got what we were going to ask for. We have to be more clear. Clarity is power. The more clear we are about what we want and why we want it, our power is unleashed.
- Michael Jordan worked out six days a week during the off-season. Repetition = mastery.
- You get what you focus on. If you’re driving a race car and can’t look at where you want to go, you will never get there.
- You can’t get momentum and be happy when you focus on what’s wrong
- Do you focus more on what you can control or what you can’t control? Do you focus more on the past, present or future? The number one pattern you should change is to focus on what you have, not what you don’t have. If you change your pattern, you change your life.
- You used to get a brand by advertising. It’s harder to do advertising effectively today. Advertising is now everywhere. How many people don’t even look at advertising banners anymore? Almost everyone. It used to take six exposures to get someone to notice your ad. Now it takes 16.
- People don’t buy products. They buy feelings and identities.
- You better know who your 20% is that makes 80% of your income, and take really good care of them.
- Most of you are still business operators, but you have to build a system that works when you’re not there. That’s the next level for everyone in this room. It requires a different type of skillset and mindset to get to $10 million and $50 million.
- During the trash strike, it had been 47 days in the community without trash pickup. The realtor paid for all the trash in the community to be picked up. People wanted to pay their share. He wouldn’t accept any money. People asked what they could do and he told them that if they ever wanted to list their home, they could with him. Before that, he had only sold one home in the community, after that, he made $1 million from selling homes in that community.
- When we serve our customers and focus on their wants and needs, we will naturally make more money and be more successful.
Thank you so much for joining me today for my key takeaways from Day 4 of Funnel Hacking Live. I hope you learned as much as I did over the course of this four day event and can apply these tips to your own business to help you on your path to success.