The HIDDEN COST of business ignorance (a message for marketers)

Hey, Vince, stop. Mike, stop it.

Stop what?

I got something to tell you, man. I'm mad right now at myself.

What is it, Vince?

Lacking knowledge, information, or awareness about a particular thing. You know what? That's the definition of what? Ignorance.

And you know what? It cost me millions, Mike.

What do you mean by that?

Millions?

So, you know, most of our talks are marketing related, business related, giving people the tactics and the skills and the strategies to grow a business. Right? But the reality of it is, is most people never get to implementing the strategies and the tactics because they can't get past these three things. Okay, okay. Number one, cost versus value. So they're constantly worried about the cost of something versus understanding its true value. We'll dive into it. Number two, fear and a scarcity mindset. It's crazy because so many entrepreneurs, they have these big dreams and they have these big goals, but they allow fear and a scarcity mindset to hold them back and it prevents them from getting what it is that they want. Number three, people simply don't understand that they don't know what they don't know. And had I understood these three things, man, I'd be so much further on a serious note than where I am today.

Well, I don't know what you're going to say, but I do know that you should go ahead and hit that like, button because this video is going to be real good. So what do you mean by cost versus value?

So many people get fixated on the cost of something and they don't understand the true value. And when they focus in on the cost of certain things, it actually ends up costing them more money. Let me explain. Okay, so for example, let's say that you were going to go to a live event and you had the choice to purchase two set of tickets, a general admission ticket or a VIP ticket. The general admission ticket was $297. The cost of the VIP ticket in this case, let's say, was 997. You get so many people, me included, I would have chosen the cheaper ticket. Just get in the room, see the speakers, leave out of the event like everyone else, all excited, and get home and not do anything with it, right? In reality, what I found out later was that the 997 ticket was the actual true value. Because what happens is when you are essentially investing in the general admission ticket, you are around all those same individuals that have that same cost versus value mindset, right? Had they invested the 997, and I would argue that almost all of them could have figured Out a way to invest in the 997 ticket. If they were able to afford the 297 ticket, not only would they have been in the room with other individuals who invested that they would have been around less people with that same mindset. Individuals that are excited way in the back, just kind of hearing a speaker, not really connecting versus being in that VIP room, going to the bonus sessions, the VIP parties, connecting with the movers and shakers. And if you think about the gap between 297 and 997, the relationships that you could have built, the understanding of, hey, I'm going to now start to attract individuals that are willing to invest in themselves to be in those rooms. What ends up happening is you start just like spewing that type of energy, so you start attracting those same type of people. And I think me not understanding cost versus value, There were so many times where I missed out on meeting influencers and marketers and business owners and connecting with people that could have actually helped me build a business or led me to something that could help me make more money. I chose the cheaper route, and it prolonged what it was that I wanted. And that 297 actually ended up costing me more. All right, so how many more years was I just sitting back, not getting the true answers? Where? Where? Who knows? Maybe I was rubbing elbows in the VIP room where someone would have given me one tactic that could have helped me 10x my business immediately. And that's a problem that I think has cost me so much money and cost people money each and every day.

Dang.

That'S heartbreaking, man.

Stepping over hundreds, chasing pennies.

Well, what about fear?

Scarcity, number two.

Yeah, number two. That's a big topic.

Heartbreaking, huh?

Real heartbreaking.

Like Sanford and Son. You remember that show, they have it hard as hex, huh? All right, Fear and scarcity. It's that guy, right? Everybody's had it. They come up to you, they run all excited cheese in from ear to ear. I got this new business I'm about to start. It's gonna change the world. It's better than Facebook. Wanna know about it? Yeah. Yeah, tell me about it. Sign this NDA.

I didn't start anything. Yeah. Never built a business before in their life, right? Scared everybody's gonna take their idea and I'm joking about it. But it's funny because a lot of people allow fear, including myself. And having a scarcity mindset from, like, literally preventing them from making money. In reality, the guy with the NDA needs to just go do it. Just do it. Just go build the business. Him telling you the fact that he fears telling you and that you would go build it before him says it all. Right? Exactly. You know what I mean? It says it all. So, you know, we had the guy. There was a guy, like, recently that was on a sales call. Sometimes I'll walk in, I'll see the sales call come on, and I'll jump in and say hello to everyone. And this guy. And he actually ended up buying that same day. I'm glad he did. Hopefully it was what I. What I said to him, but he was like, you know, if I get this, if I get eboove, what else can I replace? Essentially? What can he cancel if he got this?

Yeah.

And I was like, hold on one second. Step back for a second. And I was like, listen, hold up. I was like, wait a minute. Let's stop that mindset right now. Because the tool eboo is designed to help you make more. Get more leads and faster sales. If you're already going into it trying to figure out, like, what you can replace to be able to afford it, you're missing, like, the big picture of what it is that we're. We're trying to do. Your mindset shouldn't be fearful, should be like, I'm going to leverage this thing and I'm going to absolutely crush it. So that thing that you're thinking about replacing, that might save you 20 doll, the least of your worries. And, you know, to your example, you know, stepping over 100, chasing pennies, that's what they're doing. They're trying to save 40 bucks to replace this versus saying, how can I leverage this thing to absolutely crush it? And I see it each and every day, and thank God the guy ended up, you know, getting started. Because these people get into it and they're so fearful of something that can help them that it's actually the reason why they aren't being helped. It's them. They have this fear that the scarcity mindset that just keeps them stuck where they are. And I wish that somebody would have just grabbed me and shook me and said, look, man, you're hurting yourself. Like, you're the reason why your business isn't where it wants to be because you're scared to actually make it happen. Congratulations. You played yourself. And it was funny after we got off that we were talking about this, and I was like, come here. And I remember, I was like, connor, check this out. Look at this document of, like, all of the things that we invest in, like, in terms of software tools. And I know for a fact there's things on there that, like, I could probably cancel and save money. And I'm not saying you shouldn't be aware of your finances. My thing, what I'm talking about specifically is your way of thinking about your next move to help you grow your business. If you're already, like, fearful that what you're about to invest in isn't going to help you get to your next goal, that you're so focused on the other things that you have to eliminate, how are you going to continue to move forward? And it was just like, paid, like, list of all these things that we used. And everything that I got, I got it because it was there to help me. It was a tool designed to help me grow my business. Right. And, man, I just wish, like, back in the day I would have had that mindset. I know for a fact there were so many things that prevented me from making moves that could have helped me. Every single time you hesitate, time is not waiting for anyone.

Exactly.

You know, it's just moving faster. Technology's moving faster. You gotta move, man. And people just. They hold themselves up and then they look up and next thing you know, you know, they on that deathbed, crying, mad, sad, wishing, wishing that they would have just took action.

Well, I don't know if that's good or not, but I don't know what I don't know. And you said, that's not good either. What? So the third thing you said was, I don't know what I don't know.

Hands down, the biggest one. And.

Man, this is unfortunate.

Loss for words.

Loss for words. People have a hard time saying sorry, so you can understand why they have a hard time realizing and understand they don't know what they don't know. You don't know what you don't know right now. I don't know what I don't know right now. You don't know what you don't know right now. So the best way to explain this is this. If you could understand what I'm about to share, I think it will help people, like, immediately speed up wherever they are, especially if they're stuck in their business. There are so many people, like insanity, keep banging their head up against the wall, expecting a different result. But if they just step back and understood what we're talking about right now, they could likely fix it. So, for example, okay, there's things. There are things I should say that you know, there's things that I know so for example, I played college football. I know how to play football. I know you played college football. You know how to play football. I'm a marketer, lead generation expert. I can do that. I know that. I know that skill that you're amazing at what you do and video production side and all the things that you do. You know that stuff like the back of your hand. Right. Would you agree you know that? Yes, I would agree that. I know those things. Now, I'm sure that there are things that you know that you don't know. Right. So for myself, I'm not an airline pilot, okay. I'm not gonna, like, get on an airplane and the plane's, like, getting shaky, and the pilot comes out and he's like, earlier we talked about, you know, Stanford from Sanford and Son. You come out, you're like, I'm having a heart attack. Vince, take over the controls of the plane. Fly it. I'm gonna be like, we going down. Right. I don't know how to fly a plane. I know that I don't know how to pilot an airplane. Yep. Okay, so what is something that you know, you don't know how to do?

I know.

That I don't know how. This is a good question.

Well, we're waiting.

I know that I don't know how to run a farm.

That's what you came up with?

Yeah, that's what I came up with.

Interesting. All right, well, I know I don't know how to run a farm either.

Old MacDonald had a farm. E, I, E, I know.

We don't know how to run farms, y'. All. And we know that we don't know that there are things that you don't know that you don't know. This is the mistake that so many people make. And this is why you hear a lot of the gurus say you need a mentor to be in a mastermind group, because that's where they pick up that information. But even with all of that, there's still things that you're always going to not know that you don't know. Most people, they don't recognize that. In fact, like, I've had this happen to me. I don't know if it's happened to you, but, like, you're like, hey, I'm going to this meetup, or this mastermind. And your people, like, those are like scams. They just want your money. They don't know what they don't know. And not only that, they talk you out of things that could have helped you actually grow your business. That Is something that has that cost me so much money. Because not only does it work that way that we just talked about in terms of you just not realizing that you don't know what you don't know. People get fixated in what they're doing, thinking that that's the only way to do it. And they may not even know that they're not knowing to do it right. And they're not, like, able to take step back and go, is it possible that everything that I'm saying or doing is wrong? And that component I found, especially when you're like, in rooms with high achievers, they get it. And the way you know that they get it is that they have people that are smarter than them around them. And if you notice people that are struggling, they always feel they're the smartest. Ah.

They don't know what they don't know.

Makes a lot of sense. But, you know, there's always that someone could be you just needs a little bit more explanation. Can you break this down?

I'm gonna do it. I'm gonna do a little different. Instead of giving them an explanation, what I'm gonna do is I'm gonna give them three things to think about. Anytime they feel stuck, anytime they feel like they need to pick me up, or just something to get them to that next step, Especially if they're struggling. Number one, your level of expectations must match your expertise. So what this will do is get you to step back and not do the whole compare itis thing. So, for example, like, I've been online for a year. This person's been online for a year. Why are they more successful? Clearly their level of expertise is greater. They have better knowledge. They have a better skillset. Your expectations are that you should have equal or more what they have, but your expertise isn't matching your expectations. Right. So anytime I feel like I'm, like, deserving of something, like I should be here, I step back and I ask myself, does your level of expertise, expectations match your expertise?

Right.

In that specific topic. Okay, that makes sense. Think about that.

Yeah.

Number two, this one's the hard one, is most people can't do this. It's always your fault. 100% of the time, it's your fault. We've had talks about it's my fault. It's always your fault. No, Vince, business, it's, you're the leader.

No, Vince, don't tell me that.

It's always your fault. Okay. Okay. I thank my old running back coach, Eric Vienemy, who's now I Think the offensive coordinator for Washington and anything happened, he'd be like, excuse. It's your fault. Like, quarterback throws the ball over my head. Like, why you didn't catch that? I'm like, it was up there. Like, excuse. Arms right long enough. Excuse. I'm telling you, if you listen to a business owner explain to you why they aren't having success, it's everybody else's fault of why they didn't have success. Let that same entrepreneur start a business from the ground up, bootstrap it, make millions of dollars. Is it someone else's fault they made millions of dollars? Who's responsible for them making all that money? In that case, their own.

Their own.

So they'll take credit and it's good. It's good. Okay, it's all them. But when it's bad, it's my agency, everybody else. It's, you know, it's. It's your product, it's whatever, right? It's always something else, I'm telling you, always your fault. And that one, that one's one I think they should definitely kind of hold onto. It's difficult, but you should. And lastly, you're either growing or you're dying. I see it so many times. People start having success, things change. Okay, what worked when I got started online way back in 2008. Some of those principles work, but the strategies and the techniques change, which is why you have to continue to invest in yourself. You have to continue to do, you know, read books, listen to podcasts, get to live events, hire mentors, continue to get better. I see so many people, they start having success, they chill, they take the foot off the gas. They start spending the money on Lambos versus spending the money on the Lambos and the mentor. Right? Because the mentor, as we talked about earlier, is the true value. That's the person that's going to get you the information that's going to help you, you know, 10x100x whatever it is that you're earning.

Absolutely.

People forget about those principles. So I think if you just abide by those principles, then you won't make those same mistakes that I made.