The 40% to 70% Rule on Decision Making with Cofounder CEO Sankarshan Murthy of Bumblebee Spaces

Welcome to this episode of the Million Dollar Mastermind. I'm Larry Weddell. And before we get started, if you want to know exactly how to win again and again, go to Wydell on winning.com webinar now to watch something I've put together for you. Now let's get going into this episode.

Of Million Dollar Mastermind. I'm here with this afternoon. I'm here with Sankarshan Murthy and he is the co founder and CEO of Bumblebee Spaces. You see the future of living and furniture@bumblebeespaces.com and when you see it, you will probably want it and you know, you'll be. There's an excitement there that with these products that really solve so many problems. So San Cartion, talk about that what you were mentioning earlier. How do you avoid the getting stuck in the paralysis by analysis.

Yeah. There's an interesting quote that I heard on is this rule called actually one of our Wharton professors was talking about this called the 4070 rule. It's not supposed to total to 100. So you kind of, you have to make decisions when you have what you believe is like 40% of the information. And if you waited until you've 70% of the information, you waited too long to make decisions. And this whole 40 and 70 is kind of arbitrary in some ways because you don't know what is exactly 100% of all the decision making variables that you may have. But it gives you a sense of sometimes making, even if it's an incorrect decision, making and being kind of like, okay, this is why like based on, based on the information at hand. This is why I'm making this decision. And kind of like knowing that you may have to revisit it. That's a better way to move forward. And you know, sometimes you if it, you know, the amount of time you do false starts or like readjust and things like, you know, or throw away a few parts or those things are much, you're still way ahead of the game than not making a decision because if you keep waiting for perfect information, it's too late. One like that the moment passes. Second you're like your intensity on like your whole this you know, your mind has like certain amount of energy to deal with decision making, right. And then it fatigues. If you're just sitting with it for too long, it fatigues. And you don't want to like just tire your mind repeating the same thing. Instead make a decision, then you have new information, make new, new decisions. You just like keep Moving with that. And that's been kind of. It's tough like at the time, because it's very uncomfortable that you're making some major decisions without perfect information. But then if you have perfect information, it's like it's kind of too late. Like any rational person can make decision on perfect information.

Well, it's also not just perfect information. It's the perfect people to execute it and the perfect amount of money to fund it and the perfect facility. There's a lot of things that go. And it's like, is this the perfect time to be bringing these things, Talk about those things and how you get past it. Don't get stuck with the funding, with the people, with the timing, with a. You know, because you're always gonna, you're always gonna know. You know, the thing about being an entrepreneur, being a leader in any situation, you just got to accept the fact that every decision you make, there's going to be someone respectable who will say, well, that's a big mistake. You know, that's wrong.

Totally. Yeah.

Yeah. The idea that how do you work your way through that when you got limitations on personnel, money. But you know, this is something we've got to do. We've got to get going on this. And then you have people out there, respectable people, knowledgeable people, say, this is wrong, this is a mistake. And how do you get that courage of conviction and how do you deal with that mentally?

Totally. I think sometimes being contrarian is energizing. You know, sometimes like, oh, they don't believe in it, but I'm gonna do it anyway. Like this underdog, it's energizing. But you know, it's also like if, if it's constantly, if you're butting up against that, it is fatigue, like to your mind. Right. Like, so you. I, I do tend to surround myself with people who are like, net positive outlook on life. They, they are, they may be very pragmatist, like, like, like very much like things that could go wrong. Like, they're good at pointing that out. But they are not just naysayers for the sake of being naysayers. Right. Like, and that, that is dry, that drives energy down like this. Where, like every, every decision you make. Like people are like second guessing in some ways. Like, you know, like anybody who's done anything important, there have been people who, who laugh at it, who, who think it's crazy. Like there's always that. And if you, if you really want to do something important, like you can't care about what, like what Internet Troll number whatever is going to say about this, right? Like that's not, that's not going to help. But I think there are some people whose advice I take seriously. And like for example, my wife is like sanity test for me. Like I, I kind of like whenever I have crazy ideas, I kind of, first thing I do is kind of run it through her and just to see like how she reacts. And you know, there's like net her outlook on, on the world is net positive. Like just like me. Like, she's not a. She doesn't believe like everything's bad, but she may pick things that are like this is. Are you sure this will work? Or like, you know, like there are moments like that which actually is very useful for me. And so is my co founders. You know, like my co founder is a very pragmatic person and like so you do need a very strong, like you need to surround yourself with people who, who are optimists, but they're very pragmatic. They are not, you know, they're problem solvers. They and, but they're able to like identify the problem and articulate it. Because of course in hindsight, you know, it's easy to like pick out, well, you made this decision wrong that day. Like, right, that doesn't help anything. Like unless you came to this meeting with a time machine. Let's not even talk about what I did wrong some other day, you know.

Hey, listen, there's a lot of information online, but there aren't a lot of people who have actually done something. In my case, I've actually built a successful business that's accrued over $5 billion.

In assets under management and has done.

Well even during trying times. Now if you want to know exactly how I've done this, go to whiteellawinning.com webinar Now I've compressed a decade of learning into five short weeks. Just for those of you who want to give yourself an incredible advantage and are tired of waiting and watching others move up.

Right? Yeah. Well, you know, the thing is that, that's why it's true that most revolutions are run with just a handful of people at the core because you've got to have a small core of people who there's so many things at the top when you make these decisions that so many details. It's impossible to have a ton of people informed on all of these details. You know, and when you have, you know, co founder, you've got your spouse, you've got some insiders. That's why revolutions, you know, even Countries are run with just a handful of really key insider people because you have to have a way of sorting through this thing and like you say, get that idea in motion and still have thought it through enough to where any obvious blunders or things that are going to come up and kill the deal are thought about or addressed. But you got to move fast because at the top, speed is really what gives you a big advantage in any kind of competitive environment. Sports, sports, business, whatever. Your fundamentals, you got to have your fundamentals. But if you can't execute on your fundamentals and your ideas and your improvements and your strategy quickly, you're going to get beat by the one who can. And it is a race, it is a competition. And how do you. I'll tell you this. I had, when I was at my launch, you know, their early years, and I was having to make so many decisions myself, I had those few times where I didn't have a key insider around me, you know, because a lot of times the insiders would come up and then you expand and then they take off and take over the new expansion operation. And then now you're, you're left with, you know, you're left running things. You have a staff, but you don't have that key person lean on, you know, the co founder type person. And so I had a thing where when I was in those situations and I really didn't know to go left or right, I had one mentor that I had two mentors and one was a positive go for it guy and the other one was, yeah, I hate to say negative, but you know, you know, it was always slower think, you know, the more methodical. But I would run the idea, I'd run the situation and buy each of them separately. I wouldn't tell them what I was thinking, but I would say, what would you do? And if I invariably, the positive guy reinforced what I was already thinking and the negative guy, I knew that if I got a yes vote out of the positive guy, now they didn't know what, they didn't know how they were voting with their response. But if I got a yes vote from the positive guy and combined with a negative vote from the negative guy, I know I convinced this is the right move.

Right, right.

But how do you come down to, when it comes down to that, it helps to have some things you could say, okay, this is how I'm going to decide and go.

Yeah, I think sometimes articulating that, like sometimes we go through decision making without even thinking of it. Like a decision it's just like. It just happens, right?

Impulse. Yeah.

Yeah. If you're able to articulate and, like, layout, why. Why you're thinking certain way. Like, it one, like, to me, I've seen that it helps me just, like, think through. Like, sometimes I. Like, it doesn't matter, like, who I'm talking to. I just wanted, like, you know, like, in. Like, in Dr. House, he's always, like, talking to Wilson, and Wilson's not even engaging, and he's just, like, talking to him, and he's just walks out with an idea. And I know exactly how that feels because sometimes I'm, like, just, like, throwing this and talking this through, and it, like, helps me unwrap some. Just, like, articulate what I should be focused on or, like, you know, like, if there's some blind. Blind spots there.

Well, you're making a great point. And that is saying it out loud allows you to hear your idea that may have seemed fantastic in your head, but then when. But then when you even hear yourself say it out loud to explain it someone else, a lot of times, even you don't even like it. You know what I mean?

Exactly. Yeah. When you say it out loud, you're like, what was I thinking?

Yeah, that doesn't even sound good to me. And it's my idea. You know, it's like, a lot of times we'll review, you know, blogs, and my staff, you know, they'll put it together and I'll say, this is terrible. You know, what a stupid idea this is. And, you know, and they said, well, that's what you said. I said, yeah, but I don't even like it anymore. I said, in the moment, it made sense, but right now, looking at it in writing, it's stupid. We got to change that. So really, really good.

If you enjoyed what you've heard and are definitely dead serious about finding out for yourself exactly how this works in the real world. I've taken the most valuable business lessons I've learned over 40 years and put them into something for you to watch. Go to Whiteellumwinning.com webinar now in order to move up as fast as possible. I'm Larry Wydell, and I run the Million Dollar Mastermind. Go, go, go.