The Mindset Mentor - He Became a Billionaire By Thinking Like This

Episode Date: May 12, 2021

In this episode, I talk about why it is so important to think outside the box and also share a story about how thinking outside of the box made this man a billionaire. Follow me on IG for more inspiration: https://www.instagram.com/robdialjr/ Thanks to today's sponsor Netsuite: http://netsuite.com/dial Want to learn more about Mindset Mentor+? For nearly nine years, the Mindset Mentor Podcast has guided you through life's ups and downs. Now, you can dive even deeper with Mindset Mentor Plus. Turn every podcast lesson into real-world results with detailed worksheets, journaling prompts, and a supportive community of like-minded people. Enjoy monthly live Q&A sessions with me, and all this for less than a dollar a day. If you’re committed to real, lasting change, this is for you.Join here 👉 www.mindsetmentor.com My first book that I’ve ever written is now available. It’s called LEVEL UP and It’s a step-by-step guide to go from where you are now, to where you want to be as fast as possible.📚If you want to order yours today, you can just head over to robdial.com/bookHere are some useful links for you… If you want access to a multitude of life advice, self development tips, and exclusive content daily that will help you improve your life, then you can follow me around the web at these links here:Instagram TikTokFacebookYoutube

Welcome to today's episode of the Mindset Mentor podcast. I'm your host Rob Dial and if you have not yet done so, hit that subscribe button so that you never miss another podcast episode. Today we're going to be talking about how to think outside the box and why it's so important for you to think outside the box with everything that happens to be going on right now so in order to actually go in and tell you why this is important I'm actually to start with a story so in the early 1900s there was a guy who owned a fast food company and in this fast food company that he was literally like the type of person that was so analytical he had fully optimized his business and this is a a true story. And so literally to the

point where he went through every single aspect of the business and he thought to himself, how can I optimize this? And so it was a burger place. And so he went in and looked at the burgers and he said, okay, if I look at the buns, if I look at the meat, if I look at the tomatoes, the cheese, if I look at every single aspect from how I order it, how it gets here, how it's stored, how it's cooked, how it's put together, how they wrap it up, how it gets delivered to the customer at the counter. Is there ways that I can optimize this? And so we optimize every single process of making the burger. Then he went through every single process of making the fries, every single process that he could. And he goes, okay, now that the food is fully optimized, what about the soda machines? How can I optimize the

soda machines to make sure that we get the most out of our soda machines or as fast as possible? And this is where fast food came from is there were these people that had burger places and they wanted to make them as fast as they possibly could versus having sit down. So he starts figuring out how he can get better, how he can get better, how he can get better. How can I make sure that the cashiers check people out more efficiently and we can make as much money as possible? So he goes through, literally optimizes his entire business. And then he goes, I don't know how to make anything faster. I don't know how to optimize anymore. And so him and his business partner are brainstorming and he's like, you know what I think I'm going to do? I think I'm going to start going to other businesses

and other industries outside of the food industry and just see what they do and see if I get ideas. And his business partner is like, well, I don't, that doesn't really make sense why you would do that because it makes more sense for you to go and see other people in the food industry and see what they're doing. He's like, well, I've already done that.

I'm going to start going to other industries and see what they're doing. So what does he do? He starts going to grocery stores. Then he decides he wants to start going to libraries. Then he goes to all of these different places. And one day he goes to a bank and he walks into a bank and he's like, Hey, um, you know, I I'm, I'm down the street. I have a food company and I want to just see what you guys do and see if I can get some ideas of maybe I can help you guys in some sort of way. Maybe you can help me in some sort of way. They're like, yeah, I guess that's fine. You know, you can shadow the manager for the day. And, um, right in the morning as he's shadowing the manager, he's like, Hey,

there's people that are doing construction outside. What are they doing? And he goes, Oh, we're going to build something called a drive-through this early 1900s. We're going to build something called a drive-through so that This is the early 1900s. We're going to build something called a drive-thru so that people don't have to get out of their cars in order to come in and actually start to, you know, get to, in order to come in and actually get money or deposit money, whatever it is, we're going to need to allow them to actually stay in their car in order to put money in whatever it is they need to do here at the bank. And he thought to himself, oh my God, I never thought of optimizing my business that way And he thought to himself, oh my God, I never thought of optimizing my business that way. I've been trying to optimize my business by everything

that I know in the food industry. And when someone comes in, but I never thought about optimizing the customer's experience so that it's faster for them so they don't have to get out of their cars. And so he went back to his business partner. He said, we've got to make this thing called a drive-through. He's like, what is that? Explains the whole process to partner. He said, we've got to make this thing called a drive-through. He's like, what is that? Explains the whole process to him. He's on board. You know, they got to take out one of the walls and put up windows and they got to switch a lot of stuff around. He does this and fully optimizes the drive-through process. And a few years later, for millions of dollars in the early 1900s, ends up getting bought by McDonald's.

McDonald's obviously started using drive-thrus. Now drive-thrus are known like crazy. Now, why do I tell you this story? It's because this guy tried to optimize every version of his life, everything that he possibly could in his business. But what happened is he started going outside of his industry,

outside of what he knew, so that he could learn much more. Everything was already fully optimized. He decided to learn from other industries. And I learned this from a guy named Jeff Hoffman. Jeff Hoffman is a billionaire. He founded Priceline.com. And he does this thing called info sponging. And info sponging is where he takes time every single day to learn something that has nothing to do with his business. Nothing to do with his business. And what he does is he takes time every single day to learn something that has nothing to do with his business.

Nothing to do with his business. And what he does is he takes time every single day and he takes a three by five card. So he'll read a chapter of a book that has nothing to do with his industry. He'll read a magazine that's from a completely different industry. He'll read and learn and try to grow that has nothing to do with his industry. And then what he'll do is he'll get a three by five card and he'll summarize what he learned for the day in this event he calls info sponging. He'll write down on a three by five card what it is that he learned and what he liked about it. And then he'll just forget about it. He takes that three by five card, he throws it inside of a shoebox. And at the end of every single month, he takes out the shoebox and he looks through all of

the cards and thinks about how can I use this in my life or how can I use this in my business? And sometimes, most of the time, he can't use it in his business in any sort of way. It doesn't make any sense. But one day he was reading through and he was looking through his boxes. And he read an article earlier that month and it said, it was talking about how bananas, when bananas get closer to their expiration date and they're about to go bad, they're right, but they're about to go bad. They become cheaper. And the reason why is because the grocery stores want to make sure that banana gets sold to somebody or else they lose money on it. And so they lower the prices of bananas so that therefore they can make sure that they make their

money and they don't lose any money. And he thought to himself, oh my God, I think I can use this. You're not still running your business on QuickBooks, are you? Come on now. The bigger your company grows, the faster you sync with outdated software that just can't keep up. You don't have to spend time dealing with manual processes, multiple systems, delays, and scrambling to get the numbers that you need. It's time to get on solid ground. NetSuite by Oracle is the saleable solution to run all of your key back office operations, no matter how big your company grows. And NetSuite gives you visibility and control over all of your financials, inventory, HR, e-commerce, and so much more. Everything you need all in one place. And NetSuite helps you automate all of your key business processes and close your books in a fraction of the time. Think days, not weeks. In fact, 93% of surveyed organizations increase

visibility and control over their business since making the switch from QuickBooks to NetSuite. So right now, NetSuite is offering a one-of-a-kind financing program only for those that are ready to graduate from QuickBooks. So head to netsuite.com slash dial. That's special financing for you graduates at netsuite.com slash dial. That's netsuite.com slash dial. And so at that point in time, he was in the airline industry and he was, his company at that point in time was actually the company that developed the kiosk. So you can actually check yourself in, get your flight taken, you know, your boarding pass printed out, all of that stuff. So his company was in that industry and he was in the airline industry. He thought to himself, okay, now if you look at it, you might say airlines, bananas, airlines, bananas, airlines, bananas,

that doesn't make any sense. And so what he did though, is he said, when, when, when bananas are about to go bad, they become cheaper. And then he said, I wonder if the closer and closer and closer it gets to a flight taking off, if the open seats become cheaper. So because of the fact that he had connections in the airline industry, he went to Delta, he went to American, he went to United, he went to every single company that he could that was in the airlines. And he said, hey, I'm curious, how often do you have seats that are not sold? And they're like about 10 to 15% of the seats on all of the flights that we have are never sold. And he said, how much would you be willing to sell those for it? If a flight is $500,

what would you be willing to take instead of having an empty seat? Knowing that the person's going to have luggage, all of this stuff, let's work it in. He sits down at the airlines and he finds out the perfect amount of how much it would be worth for them. And so what he does is he develops Priceline.com. Priceline.com, the way that they became famous is that they had a, you know, offer your own price. And so as the flights got closer and closer and closer, people could make an offer. So if the flight is normally $500, they could say, listen, I'll pay $400 and that's my bid. I'll pay $300 and that's my bid. And the bid would then go to the airline companies and they would say to themselves, is this worth it? Is it not worth it? And they would either accept or decline. And if they accepted it, you had to buy that flight.

It was your card was automatically charged. There was nothing that you could do. There were no refunds. And so what happens is he built a multi-billion dollar company off of the idea that he got from reading an article about bananas. And you would never think that's something that would happen. And so what I, reason why I'm bringing all this up is because I want to challenge you to learn about stuff that doesn't make any sense for you at this point. I want to challenge you to learn about stuff that doesn't make any sense for you at this point. I want to challenge you to do this. And this brings us to what's called the five hour rule. Okay. The five hour rule is the idea with the world changing as much as it is with things happening. I just did an episode on, on how much the world is changing and how, if you don't adapt,

you're going to be left behind with the world changing as much as it is, how do we keep up? And the five-hour rule makes it super simple. Here's what the five-hour rule is. Every single day, you should spend, Monday through Friday, you should spend one hour reading and learning and growing five days per week. So five days a week, all you have to do is read learn and grow preferably outside of your industry but you can also you know learn inside of your industry if you don't feel like you've perfected your industry and what you do and i'm going to take the five-hour rule i'm also going to take the info sponging i'm going to put them together is have a stack of three by five cards read something see how that could work for you write it down that three by five card and when you're're done with it, you put it inside of a shoe box, you put it wherever it is,

leave it, you know, have a stack on top of your desk, whatever it is. And at the end of every single month, flip through those cue cards, flip through all of them and see if there's something in there that you can pull into your life. If you're a business owner, this could be massive for you to keep ahead of the competition. If you're somebody who is just going to college and learning and growing, this could be massive for you for thinking outside of the box and thinking differently in everything that you do. So the five-hour rule is to spend one hour per day, Monday through Friday, learning. Where this came from was Benjamin Franklin. Benjamin Franklin did this every single week. If you want to constantly stay on top,

you've got to constantly push yourself to learn and grow. And, you know, it's a commitment to being a student and always learning. And if you look at the people that our society looks up to the most, so the type of people who they seem to know everything, right? They're so well-read. They seem so they're so well-versed in everything that they have. If you look at Oprah, if you look at Warren Buffett, if you look at Tony Robbins, look at Elon Musk, anybody that you look at and you're like, wow, that person seems to know a lot. The thing that tends to be the common denominator, even though they're all in different industries,

is that they all have a commitment to learning and growing and never resting on the laurels of their success. The difference between what I have seen from a lot of successful people that I know and unsuccessful people that I've seen is that unsuccessful people tend to just think that they know it all, to rest on the laurels of their success and to never go, you know what, I'm going to try to push myself to be better. And the people who are successful act like they aren't successful at all. They act like they don't successful at all. They act like they don't have any money. They act like they're the type of person who doesn't have anything. They never wrestle the laurels of their success. They're constantly trying to learn.

They're constantly trying to grow. And that commitment to being a student is what helps them out. Now, here's what happens. In the short term, that hour is going to take away from everything that you do. Like that's just a fact. That hour is going to take away from everything that you do. Like, that's just a fact. That hour is going to take away from an hour of productivity today, an hour of productivity tomorrow, Monday through Friday. But in the long term, the knowledge that is gained from it will be massive for you. The knowledge that is gained from it will be life-changing for you because you will

be so far ahead a year from now. You will be so far ahead of every single person that's around you that you're going to be different. You're going to think different. Now, if you do this for two years, three years, five years, 10 years, it could be life-changing for you. You're going to be way different than everyone in your industry and everyone that you have around you. But the key to it is this, is to think about how this relates to your life and to think about when would the best time for me to do this be? When's the best time for you? When is it during the day? For me, it's usually late afternoon or late morning is the best time for me. That's it. You look at it and you say, okay, the late afternoon is when I'm going to do it.

Usually about 10 to 11 o'clock is when I feel like my brain's working the best. And that's when I want to push myself to learn, right? Maybe for you at the same time, maybe for you, it's six o'clock in the morning for the kids wake up. And that's just when you have quiet time. And that's when you decide that you like to learn and grow. Maybe it's before you go to bed. You just, you dedicate an hour to yourself. Instead of watching Netflix, you decide, you know what? The last hour is going to be dedicated towards my own growth, my own knowledge, everything that I do. Maybe you replace Netflix with learning. Maybe you replace social media, everybody. Replace social media with learning. Think about what I want to challenge everybody to do is to take your phone and at the end of the

month, go through or end of the week, when you get that report that says how much time you spent on your phone, everything, look back and see how much time you spent on social media. Look back and see how much time you spent on YouTube. And if you're using YouTube for growing, then that's fine. But think about the ways that you waste time on this little device, this little phone, and think, what would happen if I replaced some of that time with learning? What would happen if I replaced some of that time with growing? What would happen if I replaced some of that time with pushing myself to be better? Think about that. So where can you fit it in? Where can you fit it in your day? And where can

you fit it in with stuff that you're normally doing? It's never that you don't have enough time. It's just not a priority for you. Your learning should always be a priority for you. So that's the first aspect of it. Then I want to pivot and talk about what should you be learning, right? So if you think about what should you be learning, the first question I have for you is, where do you want to go in your life? Where do you want to go? In five years, where do you want to be? In 10 years, where do you want to be? In 15 years, where do you want to be? And you think about that future that you want and the future person that you want to be. And then you ask yourself, in order to get there, in order to have the business that I want, in order to have the family that I want, in order

to have the relationships that I want, the finance that I want, all of those things, in order to have the relationships that I want, the finance I want, all of those things, in order to have those, what do I need to learn? And you find out what you need to learn. And then from there, now you have a pretty good idea of the stuff that you start reading, the people that you start pulling yourself around, putting yourself around, the knowledge that you should get into your head. Okay, where do I want to go? What do I need to know to get there? That's where you start. And the important thing is to realize that if you just learn five hours a week, that's not much. There's a lot of time. I think it's around 164 hours, something like that. 168 hours that are in an entire week. You're telling me you can't spend five hours dedicated to your learning,

to your growing, to your becoming better, you absolutely can. We all can. We could all find time where we're wasting time. What if you were to just literally go, you know what, every time I go to the bathroom and I decide to go number two, I'm going to take a book with me around XYZ and that's what I'm going to learn. I'm sure you spend a pretty good amount of time there every single day, 10, 15, 20 minutes on the bathroom, right? There's some time right there for you. Netflix, if you were to get rid of it, there's some time right there for you. Social media, if you were to get rid of it or at least lower it, there's some time there for you. There's

always time to learn and grow and get better. And I think people know, actually, I know people know they should be learning, but I think people underestimate the value of the long-term results that you'll get from taking time and investing into yourself. Because there is no better ROI than putting time, money, energy, attention into your own development. Whatever it is that you want to learn it, whether it's business, whether it's self-development, whether it's, you know, creating a better relationship with your spouse, whether it's being a better parent, there's always time available to you. So if you think that there's not any time, I would challenge you to find where that time is. It's there. You just haven't made it a priority yet because when you sit down and you learn and grow years down the road, you're going to notice you're a completely

different person. So that's what I got for you for today's episode. If you love this episode, please share it on your Instagram stories and tag me at Rob Dial Jr. R-O-B-D-I-A-L-J-R. As I always say, I greatly, greatly appreciate you guys always sharing it. The only way that we grow is from you guys sharing it. It's through grassroots. We don't pay for advertising. We don't pay for any of that stuff. The reason why we're always in the top 100 to 200 podcasts in the entire world is because you guys share it. So I greatly, greatly appreciate you for always sharing it from the bottom of my heart. And with that, I'm going to leave the same way I leave you every single episode. Make it your mission to make someone else's day better.

I appreciate you and I hope that you have an amazing day.