The Mindset Mentor - Your Next Billion Dollar Idea

Starting point is 00:00:00 Welcome to today's episode of the Mindset Mentor Podcast. I'm your host, Rob Dial. If you have not yet done so, hit that subscribe button so that you never miss another podcast episode. And if you're out there and you love this podcast, if I've ever given any value, please do me a favor, just give us a rating and review, however you listen to us on Spotify, Apple Apple podcasts. Reason why is because the more positive ratings and reviews that we get on those platforms, the more that those platforms actually show this podcast to people who have never listened to it before. It allows us to grow and allows me to impact more people. So if you do that, I would greatly, greatly appreciate it. Today, I'm going to talk about how to get your next billion dollar idea. I'm going to tell you a story and I'm going to talk about how to get your next billion dollar idea.

Starting point is 00:00:49 I'm going to tell you a story and I'm going to teach you basically how to think outside of the box. So I've got a couple of stories. And the first one is this, is in the early 1900s, there was a guy who had a fast food restaurant and his whole idea, this is before there were drive-thrus, any of that, but he had a fast food restaurant and he was like fully the type of person who had to optimize every single thing. And so, you know, he figured out how to make the burgers faster and he got to the point where you can't make the burgers any faster.

Starting point is 00:01:19 And then he started optimizing how to make sure that the soda machine worked faster so that you could fill up the soda as fast as you possibly could. And then he started figuring out how to get the cashiers to work faster so that you could bring in as many people as you possibly could. And then what happened was he hit a glass ceiling. He basically got to the point where everything in his business was fully optimized. And so he thought to himself, I need to get outside of the box that I'm in. I'm so in my restaurant. I'm so in my fast food.

Starting point is 00:01:53 I'm so here that I need to figure out what else that there is out there. And so he made it his mission that every single week, what he would do is he would go out and try to learn from other companies. He would go to grocery stores. He would go out and try to learn from other companies. He would go to grocery stores. He would go to every single place that he possibly could. And then one day he went into a bank. And what he noticed, and mind you, this is like the early 1900s. And what he noticed when he was walking into a bank was there was construction happening

Starting point is 00:02:21 outside. So he walks into a bank and he's talking to them and he's like, hey, I own this fast food place that's down the street. And I was just curious if I could kind of come in and just ask you guys and kind of see what you guys do. I just want to see if I can learn something that's out of sight to make my business better. And they're like, yeah, I guess you could. And he goes, first off, what's that thing that's going on outside? What's the construction happening? And they said, oh, we're making something that we're going to call a drive-through. And the reason why we're doing that is so people don't have to get out of their cars in order to get the money in the bank and to be able to deposit

Starting point is 00:02:53 money in the bank. And he thought to himself, oh my God, that's the idea I've been waiting for. He optimized everything in his business, but he never thought, what if people didn't have to get out of their cars? And so he built the world's first drive-thru for his fast food restaurant, and then eventually sold that company, his company, to McDonald's. Now, I tell you that story because I have another story to tell you. And where I actually learned that story is a guy named Jeff Hoffman. And Jeff Hoffman, years ago on this podcast, I interviewed him. And he is a billionaire. He started Priceline.com. And he has this practice that he calls. And he does it every single day

Starting point is 00:03:32 still. But you know, guy's a billionaire. He could just retire. But his thing is that he's really passionate about helping small businesses and helping entrepreneurs growing it better. So he does this thing that he calls info sponging. And what it is, is he says, you have to learn something new every single day. And sometimes it has to do with his business. And then sometimes it has nothing to do with his business at all.

Starting point is 00:03:58 And he says that sometimes when you actually learn something that has nothing to do with your business or nothing to do with your current life, you actually get more ideas for your life. Because all too often, we start to get used to just being in the box of, you know, if you're in tech sales, you could probably, and you've been doing it for four or five years, you could probably do it in your sleep. But you've probably been staying inside of that box. What is outside of the box? And what he says is he recommends that you take an hour, and I call it the five-hour rule. You do it Monday through Friday, and you take an hour to learn something new every single day.

Starting point is 00:04:37 And what you do is you learn about something, and then you just take a three-by-five card, and you write down on the three-by- card, just a quick summary of what you learned and you put it inside of a shoe box. And that's what he does. He does this every single day, info spudging. He just learned something new, writes it on a three by five card, and then he'll throw it inside of the box. And then at the end of the month, he'll look through all of them and just remind himself of the stuff that he learned.

Starting point is 00:05:04 Now, this idea of info sponging is actually how he became a billionaire. So what happened was he was learning and he was, you know, he was one of the guys who first off started, he was one of the first people to bring electronic machines to print out people's boarding tickets. So he was already kind of in the travel industry, right? And then one day he was reading about how bananas are cheaper the closer that they get to going bad. And so he thought to himself, okay, so it makes sense because there's these bananas. They want to be able to make some money off the bananas, but not completely lose their money. So they're trying to make up whatever they can. And then he was in the airline industry and he thought, wait, I wonder if I could do the exact same thing for flights. And that's what he did was then he started going, cause he was already

Starting point is 00:05:54 in the airline industry. He had, he had a connection with all of these different airlines and he went up to them and he's like, Hey, you know, how many, what percentage of your seats are unsold and just go empty? And there was a certain percentage. He said, would you be willing to take a cheaper price or any price, basically, just to get that seat filled? And most of them were like, yeah, we'd be able to take less. And so what he did was he started Priceline.com.

Starting point is 00:06:20 And Priceline.com doesn't do this anymore. He sold Priceline. They don't do this anymore. But what they used to do is that you could bid on flights and the airline would either accept or reject your offer. And so, you know, let's say that it's $400 for a ticket and that ticket is $400 if you were to buy it from them right now, but the flight leaves tomorrow and they have 25 seats that are still open and they're thinking to themselves, hey, we might not sell all these seats. So you could come in and say, hey, I'll give you $300 for it.

Starting point is 00:06:49 And they could either, you know, and you got locked into the price. So if they said no, then you weren't charged. If they said yes, you were automatically charged. And what happened was he built Priceline.com and became a billionaire from that idea. But the idea, his billion dollar idea came from learning about bananas. And he took the idea from bananas and put in a price line, became a billionaire, right? And so what I'm saying to you is, what would your life look like if you just became more curious about everything in the world, about everything that's going on? How can you just continue to keep learning and growing, knowing that one day you might be able to have the same type of one day you might be able to have the same

Starting point is 00:07:25 type of idea. You might be able to transition whatever it is that you do and pull something from, you know, some company that's over in Africa that works with something completely different than you do. This brings us to what I like to call the five hour rule. And I recommend for everybody, this world is changing so fast. How do we keep up? You know, if you look at AI, if you look at all of this, if you look at like the fact that, that we're, we're, for instance, I never even thought this would be possible two years ago, but for instance, we're looking at, and it's getting very close to technology is getting super close to be able to take a video, these YouTube videos that I create, if you're watching on YouTube or if you're listening

Starting point is 00:08:05 on the podcast, I create YouTube videos and I put these up on YouTube. We're almost at the point where technology could take my video of me doing this and take my voice and change it to Spanish and actually have my lips look like they're speaking Spanish. And so we're like a few months away from possibly launching the Mindset Mentor in Spanish without me ever having to get fluent in Spanish, right? The world is changing so fast. Did you have any idea that that was possible? Could you use something like that inside of your business or your company or whatever it is that you do right now? And so the five-hour rule is really super simple. Spend one hour per day, Monday

Starting point is 00:08:47 through Friday, learning something new five days per week. And Ben Franklin is actually famous for doing this. He's one of the first people that actually did this thing and did info sponging, where he would just go around and try to learn as much as he possibly could. And that's why when you look at the life of Ben Franklin, he had like 10 different lives in one life. He did so many different amazing things because he was just always constantly learning and growing and keeping up on what else was happening in the world. So if you want to constantly stay on top of what's going on in the world, really what you need to do is you need to be committed to being a student, being committed to learning and always growing.

Starting point is 00:09:26 It's crazy that like I read a statistic and I've said a couple of times in the podcast, but like 80% of American households didn't buy a book last year. And most people who finish college don't read another book the rest of their life. So clearly those people are not committed to being a student. If you're the type of person that says, I'm going to learn, I'm going to grow, I'm committed to being a student, I'm committed to always learning, you will outpace the rest of the people in the world within the next 2, 3, 5, 10, 15 years. When you look at people that you might look up to or people that kind of stand out, whether it's Oprah or Warren Buffett or Tony Robbins.

Starting point is 00:10:10 The one thing that I noticed around people like that is that they really have a strong commitment to always learning, to always just trying new things and seeing what else is going on in the world. And the idea is to never rest on the laurels of your success, but also just never rest on the laurels of your knowledge. But the most successful people that I know are the biggest sponges. And I've shared this story before, but there was a guy, I was in a mastermind a few years ago, and the mastermind had this one guy who had a couple of years before sold his business. He was the sole owner, him and his wife were the sole owners of this business, and they sold it for over a billion dollars in cash, which means that overnight he got a wire for over a

Starting point is 00:10:49 billion dollars into his bank account. And he had, you know, paid his taxes, all this stuff. So it's a couple of years after, right? Still had a ton of money. And I went to this event and it was crazy to me because this guy, you would think he could just stand in the back of the room. Like some of the people, if you've ever been at events, like the cool people that stand in the back of the room and too cool for school. No, he was at the very front in the middle with his journal, taking more notes and asking more questions than any other person in the room. And I was like, it's very clear how he got to where he is because he is a learner and a student until he dies. And so if you look at this in the short term, this takes away time from you. Immediately when I say an hour a day,

Starting point is 00:11:32 some of you guys are going, I don't have an hour a day. Sure. Okay. Well, maybe you could work it in there. Maybe you could stop watching Netflix. Maybe you could stop scrolling on your phone. Maybe you could do something and just try to find an extra 15 minutes here, an extra 10 minutes here to just learn whatever it is that you want to learn. In the short term, it takes time away from you. In the long term, you have massive compound gains in your knowledge. If you think about this, if you end up going and saying, okay, well, let me just do the math real quick. If I end up doing this, you know, let's say you do five hours a week and you do this for the next year. What is that? Like 260 hours this year of learning extra? 260 hours? My math is correct

Starting point is 00:12:20 off the top of my head. That's a lot of learning. If you do the math and you multiply it over the next 20 years, that's over 5,000 hours of learning in the next 20 years. That's going to set you way apart from other people in this world. Now, if you start to think about it, if you're, like I said, if you're in tech sales, do you think that if you had an extra, I don't know, 200, 260 hours of knowledge in your brain that maybe you could stand out a little bit more than your competition? Maybe you could have some better ideas. Maybe because you're learning all these other things, you might be able to build rapport better than your competition because you just learned about XYZ and it happens to be that your client or your prospect is interested in XYZ, right? And so what I recommend is just trying to see if you can figure out a time to make it work for you. Find out a time that's best for you during the day. For some of

Starting point is 00:13:13 you, it might be in the morning. For some of you, it might be your lunch break. If you could learn something new while you're eating your lunch, hey, you're doing two things at one time, killing two birds with one stone. For some of you, it might be the thing that you do right before bed that kind of gets you to wind down instead of just scrolling. You could replace social media with learning. Instead of just seeing what other people are doing and comparing your life to other people, you could just be constantly learning. So then you start to think about it and you start to think, well, what should I be learning at that point? Well, my question to you is, where do you want to go?

Starting point is 00:13:53 If there was a gap in your knowledge, what is it that you could learn? And then, so, you know, if you look at where you want to go, you say, okay, well, I want to be here at the end of this year, or I want to be here in the next five years or 10 years. I want my business to be, you know, number one in my category in the next 10 years. Okay. Well, what do you, now that you know, where do you want to go? What do you need to know to get there? Because you can get there. You just need to learn what it is that you need to learn. And so maybe if you need to scale your business, maybe you do need to learn and read some books about scaling. Maybe you need to invest into a course that teaches you how to scale a business. Maybe there's a, and I recommend this, maybe there's a

Starting point is 00:14:29 mastermind or somebody who is better than you, who has a extremely successful business in the exact same category that you are, that you could get to be your coach. Or maybe they have a book, or maybe they have a course, or maybe they have a mastermind, or maybe they put a conference on. What do you need to learn to get there? That's really what it comes down to is you can really be anywhere that you want to in five years or 10 years. There's just something that you don't know that you need to learn or that you need to master. And once you have that knowledge inside of your head, you're able to take the action that you need to create the life that you want, to create the business that you want, the relationship that you want.

Starting point is 00:15:05 You know, like maybe you're not a business owner. Maybe you're not focused on those things, but maybe what you really want to do is make your relationship better. Okay. Maybe you want to make your, maybe, maybe you have your first child on the way and you want to be the best parents you possibly can. What do you need to learn to be the best parent that you possibly can? There's tons of children's books.

Starting point is 00:15:24 You know, how do you want to raise your children? Do you want to start to pay attention more to psychology and neurology? Maybe you want to learn about cognitive behavioral therapy. Maybe you want to learn about internal family systems. Maybe you want to, and you just start seeing what else is out there. And as you do, you start to realize, oh my God, there's tons of different things that I can learn. Let me go ahead and try to learn each one of these things. And so you really ask yourself, like, where do you want to go in your life? And then what do you need to know in order to get there? What do you need to learn in order to get there? And essentially all it takes is five hours every single week. And if you do that over and over and over again, fast forward 20 years from now, it's over 5,000 hours downloaded into your head.

Starting point is 00:16:06 And so essentially, you can get anywhere that you want to go. You just got to figure out what you need to learn. And that is where your possible next billion dollar idea might come from. So that's what I got for you for today's episode. If you love this episode, if you saw value in it, please do me a favor. Share it on your Instagram stories. Tag me in it. Rob Dial Jr. R-O-B-D-I-A-L-J-R. The only way this podcast grows is from you guys sharing it. So if you would share it, if you get value from it, it would allow us to be found and to grow and to be found by more people. So if you do that, I would greatly appreciate it. And with that, I'm going to leave you the same way I leave you every single episode. Make it your mission, make somebody else's day better.

Starting point is 00:16:40 I appreciate you and I hope that you have an amazing day.

The Mindset Mentor - Your Next Billion Dollar Idea

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