Spending on Entrepreneurial Education
Seconds and Cents, Episode Eight. Today is Monday, July 6th I am absolutely ecstatic to just kind of talk about an idea that's very near and dear to my heart, something that I worked my hardest to live out. And it's something that has never failed me. And today what we're going to talk about is how I have spent more on education in the last three years being an entrepreneur than I did during college, combined. So I've spent more in the last three years on education than I did in college combined. Actually, I can point I could probably guess, that I have spent more than double the amount of money on as an education, being an entrepreneur over the last three years than I did when I was in college. And it started because educational opportunities. were one of the reasons why I became an entrepreneur. I think one of the reasons why I became an entrepreneur was because I attended a conference in San Francisco called Singularity University where we talked about technology and how it's used. It's being used to change the world and how, what are the economics of technology? And how can you start a technology business and it was absolutely insane. And I couldn't wait to start a business after that. It was the only logical step for me over the long run. I didn't realize it was gonna be the step that I was going to take immediately, but I couldn't be happier about it. And then after I went to Singularity University, that was in August, September of my senior year of college, in January, I went to an event called abundance 360, where a great exponential entrepreneur by the name of Peter Diamandis brings in 360 entrepreneurs to basically talk about how you could use technology to solve the world's problems, what's coming in the next couple of years and the technology space, how will that affect your business and he brings in some of the world's leaders in in technology and very specific niches of technology my first year At abundance 360 we had the guy who created the HoloLens. I think his name is Alex kipman. He worked at Microsoft, he might still work at Microsoft. And he did an entire hour with us on the HoloLens. We had a guy by the name of Jeff Holden, who at the time was the Chief Product officer at Uber. He was the person in charge of the Uber elevate program, which is over helicopters. He did an entire two hour session with us just about how transportation is going to change over the next 10 to 20 years. We had a guy by the name of I believe, Chad Righetti, from Righetti computing to talk about well, how is quantum computing gonna change the game for software companies? How is quantum computing gonna change the game for any type of company out there, and it was the best money that I had spent. So I did that I did it abundance 360 again, the next year, that was the best money that I spent, and in fact, the next year doing that, you know, as I was in the middle of starting a business, it took every single dollar that I had, and In order to be able to attend to this event, the following year, I was able to go to abundance 360. Again, I was able to go on a china trip, where I spent my entire life savings again, to go meet who I thought was going to be some of the best and brightest people in the entire world. For eight days in China fly, close the sun, learn about business in China, learn about how Chinese culture operates with business and how I as an American could work with the Chinese to help bring products to market that could really help our consumer base here in America and help the Chinese consumer base as well. And then I was able to join Strategic Coach because I went to on this China trip I met somebody who's a member of Strategic Coach, which was founded by Dan Sullivan and Bob Smith, and their entire focus is on expanding entrepreneurial freedom. I was able to invest a fairly significant amount of money into being a Strategic Coach.
And now I have been in Strategic Coach for the last three years. And just on Strategic Coach investments alone, I have spent more than I did on my college education, just on abundance 360 events alone, I have spent more than I did on my college education. The trip to China was a significant percentage of my college education. And that was only eight days. And these are all independent of each other. And so what I want to talk about today is well, what is why do I spend so much money on education? What is the purpose of spending more on education after college than in college? And kind of what what am I feeling surrounding it entirely? My hope for you is that you can really get a great understanding of how I feel the compounding value of education works and how I feel that the more that you know early in life, the more times that you're going to be able to compound that knowledge to create a lot of value to help a lot of people and to make a lot of money. And so first, I think the most important point in This is the most important point for the entire podcast is that the education never stops because I'm a grower. I love to consider myself to be a grower. I'm not stagnant. I'm not receding or getting backwards at all. Everything that I do is in the name of growth. It's in the name of expanding my capabilities, expanding my freedom of time, money, my freedom of relationship and my freedoms of purpose. And I like to surround myself with growers. I like to be with growers. growers are interesting to me, people who are doing new things are interesting.
When I first started this podcast, I started this podcast to talk to people who see the world a little bit differently and to talk to people who are taking action on something that they see in the world that just doesn't seem quite right. And those are people who I consider to be growers. I just absolutely love hanging out with learners. I love talking with learners. And I think the education just simply doesn't stop. It doesn't stop for me. It doesn't For my growth for the kind of destinations that I want to be at, and it doesn't stop for the people that I want to spend the most time with, I think Second of all, the second most important thing about kind of education as a whole, is that unsuccessful initiative. unsuccessful things that are failures are tuition dollars. Now, I don't include that my tuition dollars for how much money I've spent on education, of course, but it's not something that I did that's unsuccessful, that totally blew my face that I've lost
$10,000 on or 20 or $30,000 on or more in some cases. Those are just tuition dollars, their data points that I have that I will never repeat again, hopefully, and they are kind of continuing to provide color to the things that I learned in the classroom and in the conference center, and everywhere else and and so I mean, even today on July 6, I'm retiring, two different business processes that I have lost a significant amount of money on. I'm retiring Two different pieces of one tech piece of technology and one business process that simply I lost a lot of money on. I thought was going to work. It ended up blowing up into my face. If I ever want to restart it, I can. But it's tuition dollars in terms of what should I be doing? What should I not be doing? What should Evan Ryan never focus on again, inside of his business, because every time he does it, it doesn't work? Right. So for me, every time I ever tried to create a marketing strategy, it doesn't work. I'm not good at marketing. I can talk to people, I can talk to people one on one, but ultimately, I can't create a marketing strategy. Now we help people with Pinterest. But that's because we're really good at this one very specific niche. We're very good at helping get people into the right Pinterest audience. We're very good at helping people really create a strong values based social media strategy where you're interacting with your right fit customers. But in terms of marketing for my business, I'm really not that great at the other way that I think about it is you know, people who go to barber shops, the person In the in the Barber Salon who has the worst haircut is always the barber. Right? And so for me, I'm fantastic at helping other people with their digital marketing strategies. But for me, I'm just, it's just not in my skill set. And so today I'm I am retiring two different aspects to our marketing strategy. And I'm going to end up taking a 10 or $20,000 loss on those things. And it two to three month period of time. That however, is tuition. And now for the rest of my life. I know I should not create a marketing strategy for my own business. I can multiply other people's businesses, I can get other people, tons and tons and tons of customers, but I cannot multiply my business. And so that's just a tuition expense for me. I'd rather learn at once and learn a ton of times and I'd rather learn it in a small environment where we aren't losing that much money relatively. So what we could lose and have over the course of 1020 3040 years. The third thing here is that I pay for the best Education, I go and I find who's the best in the world at what I want to know. And I go pay for that. And I'm happy to pay the top dollar for it. Because ultimately, I want to learn the best way to do the things that I want to do. And I want to learn the best way to live the life that I want to live, I want to pay for the best that I know what I'm learning is the cutting edge. And what I'm learning is going to be the thing that works the best. I went to a couple of conferences that I didn't speak about, and in my tuition expense, that I knew were teaching the wrong material. And I knew that because I'd been to higher dollar conferences with higher impact people with people who were actually doing the things that were being talked about versus people just talking about things that are happening. And I knew the people who are talking about these things were wrong. And I've heard about this from other people to where at some point you get to you pay for the absolute best education in the world. And then you realize what second best looks like and you realize how bad it really could be So what I decided was I decided I was only ever going to pay for the past, I was ever only going to learn from the leaders of whatever industry I'm looking to learn from. And I decided that I was going to know why I wanted to learn from them. And so when I attend abundance 360 I attend abundance 360 because I want to learn about the cutting edge technology and I want to know how technology is going to impact people's lives for the years to come. When I do Strategic Coach seminars, and when I do Strategic Coach workshop days, I know that it's because I want to expand my entrepreneurial freedom. I want to have the best entrepreneurial life and the best personal life in the best combined life that I possibly can. And so I walk into these educational sessions with very specific deliverables that I want in terms of what part of my life do I really want to expand right now. I'm not trying to expand entrepreneurial freedom and expand my freedom of time and my freedom of purpose. At abundance 360 we're all I'm learning about are the nitty gritty details of nanotechnology. I want to pay for the best. And with the industry leaders that I'm hearing from. Number four, what's the fourth most important criteria? I think this is the fourth most important criteria, because I think if you look at the first one where education just doesn't stop, and I'm a grower, and I like to surround myself with growers, that's a mindset, that's a way of life. I think, second of all, failure equals tuition. That that is so real, because I think that there are a lot of failures that I've had that compounded and they became very discouraging over time. And it only takes one success to overtake all of the failures, right? And so knowing that that's just the tuition dollar, and it's getting you closer to that success that's going to be out all of the other failures is huge. Third, paying for the best because you could be led astray I've gone to things where I was led astray And then I had to unlearn When I had previously learned, and that's a real bummer, because not only did you waste money, but you wasted time and the time is the most important thing. And it wasn't just the time in the classroom or the time at the session or at the conference, it was all the time that it took to discover that what you have learned was the wrong thing, and then unlearn what you had previously learned. so forth here that compounding is real. Educational. Compounding, in my opinion, is the most important type of compounding that there is because it leads to financial compounding. And it leads to financial compounding and an accelerating rate. So the reason why is because ultimately, I can apply what I learned four years ago, but it's 362 my life right now. And I can apply what I learned three years ago as Strategic Coach or in China, to my life right now. And I'll be able to do that in five years, and I'll be able to do that in 10 years and in 20 years. So if I learned the best way to have a really successful entrepreneurial business now, I'm gonna be able to capitalize on that for 30 or 40 or 50 years as my entrepreneurial Career expands. And lastly, I think it's really important to understand well, who's learning the same material that I am? And to really read the room here? So who else is in the room? Why are they in the room? And what are their goals? Mostly do I want to be like those people Because ultimately, when I enter a room with a serious mindset of I'm ready to grow, I'm willing to accept new ideas, I'm willing to learn things that are going to stretch me and put me push me out of my comfort zone. Those people are going to influence me and they're going to influence me in some way. So if I had to work with them every day, what I love it. And do I want to be more like those people. And so I found that it's unbelievably important to vet the room that I'm in to make sure that the people that I am spending time with and the people that I'm learning from, are really worth learning from. A great example is that I've been told at some conferences, who to hire. I've been told at some conferences, hey, you should hire this is a true story. I've been Hold, you should hire social media people, because social media is going to be huge is going to continue to get huge. And this was in 2016. And I had hired social media person. And while that person worked out for the amount of time that they worked out for, it wasn't the absolute best hire that I could have made. And I've been told, hey, you should hire a sales team. I've been told you should hire this type of a sales team. So some people say that you should hire all employees on the sales team. Some people say that you should hire 100% contractors on your sales team. And I've tried hiring employees. I've tried hiring contractors for sales teams, and I've paid 100% Commission, I've paid zero commission for sales teams. And ultimately, those recommendations were almost entirely false every single time or they were just not right for me. And then I walk into a Strategic Coach room and the first thing they say is you should hire an assistant. And Wow, what an unbelievably different thing. Everybody is saying sales marketing, and then be the boss of these people and then build a team and involve sales and marketing and then expand your cash flow. Expand your Reach, expand your brand. All these are things, I walk into Strategic Coach and they said you can't do any of that yet because you need to hire an assistant who can take away a lot of the minutia that you're currently doing. And my assistant now is one of the best hires that I've ever made. I swear by having an assistant now, I think that if my company was going to go under, I would still figure out how to pay my assistant for an extended period of time to make sure that that person is freeing me up
to do what I do best and to create value for the people that I love creating value for. So I'm really excited about this idea of education. today. I just got out of a Strategic Coach workshop where I spent six hours on zoom talking about total cash confidence and talking about dangerous opportunities and strengths. But I'm really excited about this, this idea of how should you educate yourself as an entrepreneur? Where should you invest the money as an entrepreneur for education, and how should you be thinking about education as its own kind of personal profit? last statement or it's your own personal balance sheet in terms of how you are really going to be able to compound the educational growth compound to the knowledge growth compound the learnings that you have over time to produce stronger and stronger returns that will impact your financial cash flow statements.