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Setting Big Hairy Audacious Goals

#
96
Chris Do
Published
April 24, 2019

Chris Do talks with the pro group about the value of setting massive goals that are specific, measurable and have a deadline.

Read Transcript
I might tell you a little story, and some of you may have heard this before, Ben burns and I were very different creatures were almost like born on the opposite side of the world, ok? And somehow we find a way to work together, and it's pretty fantastic. But he has a very different perspective than I do, excuse me. His perspective is this is a Chris. In order for us to figure out our price, we should calculate our expenses and our overhead and the wages that we have to pay people and then figure out how much more money we want to make. So for for the simple math part of it, let's say when we add all up our expenses for the for the year, it's 100,000. Then he says, then we should sit there and think, should we make 15k? Should we make 20k profit? Should we make 30k profit? Right? so he's like, yeah, if we do $130,000 that would be pretty good because we're going to do 30% profit and it's going to be awesome. And most companies would kill for 30% profit. OK, so that's one way of looking at it. And that sounds like, you know, right? I think I can hit 40. If I go a little bit over it, I'm going to be happy. And if I go a lot over, I'm going to be ecstatic. Yeah OK. So you guys do me a favor right now and just temporarily raised your digital hand so I can see how many hands, if you guys think that's a perfectly reasonable way of thinking about it. Raise your digital hand for me right now. Just think about it. It's not a trick question. I'm not going to judge you. Just raise your digital hand. You guys know how to do that. There's a three little icons on the top right corner of your face. You click on that. You can raise your hand. OK, I see one person, too. OK, let's see who else. Three four. Somebody changed their mind. I'm scanning scanning. So only four out of 56. Come on, please. Either you do not know how to raise your hand or you just lying to me right now. Don't lie to me. I thought we knew each other. OK, so I see four. Oh, come on, Mo, don't do that. What are you doing? I just can't figure out how to raise my hand. I thought we were done. I thought we were done to lower your hand. So, Rachel, hover over your face and there's these three dots on the upper right corner, I believe. Is that is that? Am I doing it right, guys? Because I'm the admin, I have different functions in you, so it doesn't work on everybody. Maybe we need me and Rachel need to update our I think, yeah, something's not working. OK, guys, let's just press participation. You'll see it at the bottom of the participants list on the left hand corner. OK there it is. I knew it was somewhere else. I just couldn't figure it out. Wait, where is it? Participants oh OK, I have managed participants. I see. And then the rest of us should have participated. Now I see 13 of you raise your hand. That's much better. No thank you very much. Now we all learn how to dance. Now you guys can all lower your beautiful. OK all right. All right. OK, so here's here's the other way of doing it. OK, so if you guys don't mind, just please put yourself on mute. I hear something tonight again that. Bobby Kennedy goes silent. I just I just want the fruit that Abby is eating because it sounds amazing. You have to share if you're going to eat something, everybody has to get a bite. All right. Here's the other way of doing it. I say, OK, Ben, that's one way to do it. But here's what I want to do. I sit there and imagine myself in the life that I want to have. And in order for me to live this life, I want to make. I want to make 360,000. I have no regard for how much my actual expenses are because I don't live in reality because reality is no friend of mine. And like 360,000. OK, Dan's laughing, maybe she understands the reference to a song, I don't know. Anyways, I'm like 350 thousand, he said. Chris, where are you pulling that number from? I don't know, from my imagination. It's what I use it for. 350,000 and then later on, I can figure out what my true expenses are, and I know because I overshoot what my expenses are going to be. And it turns out my expenses are $100,000 so I'm going to have a net profit of 2.50, he said. Chris, why would you approach it like this? What science is just based on? What what kind of checklist are you going? I don't think like that then. Now I'll tell you what the differences between these two, ok? When you look at your expenses and your cost of living. And you said this is what it costs. That becomes an anchor. So you guys know, anchoring is a form of bias. So when you say $100000, it would be audacious of you. How dare you think you could then go and do 200,000 or whatever? Who do you think you are? And you're going to say now that every dollar that comes into your company, only 50% is going to go to expenses. Is that ethical? You see all the kinds of problems there. So I think are really high. I shoot for the moon. I said this is what I want my company to be. This is the life I want to live. These are the things I want to afford and this is how I want to. Support my family. And then reality can set in. So what happens in my mind now? This is part of the law of attraction here. If you say $360000 and you look through society and you say, well, what businesses make three sixty? What profession makes 360 and what kind of skills do they have? Well, a graphic designer from art center doing letterhead and logo design and editorial design has zero chance of making that kind of money. What kind of person do I have to become, what kind of mindset do I need to have? Who do I need to surround myself with or by for me to have a shot of making that? What kind of books do I need to read, what kind of lectures do I need to watch? Podcast I have to listen to. So I line my life and I'm attracted to things now that I think can lead me there, and they take action every day. Now we talk about goals quite a bit. The goal is right, you have to have goals that compel you to take action. So a goal that. Covers your expenses with a little bit more. It's not that exciting to me. A goal where I can imagine myself traveling around the world and meeting amazing people and sharing what I learned and helping them in their life. That's a pretty freaking exciting goal. Now, don't get me out of bed, so if you guys were all sitting around me right now, a group of 55 people, I said, I want you to think of a goal right now, goal that's so exciting that it just you're just shaking inside. That you can feel your heart rate elevated, right, it's like, wow, I really want to do this thing. That's a good goal. And then some people are like, yeah, this is an OK goal. And I say to everybody right now. Somebody yelled out fire. You guys would all jump out of your seat and you would run for the exit or you heard that crazy ear piercing sound the fire alarm, you would get out. Only a few people would sit there and like, yeah, maybe it's just a false alarm. Almost everybody would run out of the theater, right? That's how your goals work. It needs to be like that ear piercing alarm that you hear, it's like I am going to wake up today full of energy because this is what I want in my life. Period so, Elena, I want you to change. I don't want you to shoot for a reasonable goal because reasonable goal for reasonable people. You're an exceptional person. Have an exceptional goal. And to be honest, 60 k, I was like, I should have said 80, I should have said 90 four, you know, really like I have a big goal, but I'm thinking of of this year as a as a little step towards that goal. But I don't want to get I don't know. I think that's a big gap for me. I mean, like, I want it to be realistic in a way of like reaching that goal, not to be burned out or to be, you know, frustrated because I didn't do something. I kind of I'm setting myself a smaller goal towards the big one, and I want to surpass those smaller goals while I'm going. Does it make sense? It does. I don't agree with it, but it's OK. I'm not going to anymore. That's the best I can do to try to get you to have a big, audacious goal. And I'm going to share with you what our big, audacious goal is. OK, the future as a product and service, not a service. A product company is an education platform. Our goal is to do 4 and 1/2 million dollars in revenue this year. And if you look back just 4 and 1/2 years ago, we did $18000 in revenue the whole year. We do 18,004 or five days now. Just think about that. Now, if we sat there like, you know, it'd be kind of nice to have a couple of $100,000 we'll do this, but our goal is to grow our business not 15 percent, not 35 percent. We want to grow our business 300 percent every single year. So last year, we're just shy of hitting $1.8 million. So when we did the forecasting this year with then we're all shocked. In January, we need to do this much money, and it's a giant number if you think about it. It's three times what we used to do in January of last year, just one year ago. And then February is like even bigger in march is even bigger. And we're sitting there last year looking at these goals and our projections and thinking, how are we going to get ourselves there? How is this going to be possible? So here's the thing. In my heart and my mind, I'm like, can we do this when he looks at me, he's like, I don't know, Chris. That's what the math says. When you told me to multiply it, I did. OK so here we go. We're creeping into January and we have a plan now. What do we need to do? We need to fix our website. We need to run marketing campaigns. So we started splitting up the group into different divisions. You do product, Chris. I'm like, OK, I'll do product Matthew. You do content. That's why Matthew is running the YouTube channel. Ben is going to run marketing. Mark is going to look for b2b sales. And we just do it. And the crazy part is in January, we overshot our own goal. We passed it, I was like, oh my god, there's no way we can do this again in February, can we bend? It's like, I don't know. On the last day of February. We hit our financial goal, it was so close. And the fact that we even that close is scary. So now, Ben said. Between January and February, already $50000 ahead of our goal. Let's see what march is going to do now. March is a giant number. It is like, oh my god, can can we do it? You guys see a pattern happening here. And then the teams like Chris, we need to do this, you've got to make that and everybody is just doing what they need to do now. You see, it's like you expand to fill your own goals. Hey, Chris. Yeah, I have a question for you, are you speaking solely for the future blind or the future? No, no, we don't. We have zero dollars for blind. I'm telling you how crazy our business is right now. Wow yes. On the future of the future. OK yes. The future. And if you want to know more, I'll tell you as much as you want to know. OK, because we do not want to do any more client projects. We have turned down to projects this year for blind. That's 5,6000,000. And it was that it was out a decision because you wanted to put all your efforts into the future moving forward. Yeah, there's a couple of things going on we think and we believe in the company and our future. That every client project takes us away from building our goals, our dreams. And it's hard it's hard to say we're going to go. You've heard me say this, you've seen me write this. It's hard to live it. I'm going to tell you, I'm not going to lie to you right now where I say, you know, double down, go all in, burn the bridge in which you came from. So there's no retreat. And those are words for a little while. So last year, towards the last quarter of last year in 2018 we said we don't want to do client projects anymore because even if we do $300000 project, it means that we're going to be taken out of the game for a month and a half. It means that we're going to have to bring in all these people do this work and what kind of profit will we have from that $300000 job? Maybe we'll do 40% So that'll give us about 120 k. So the net profit of that job after doing all this stuff is truly just 120 cake is wolf spent the other money. It'll just go straight from our pocket to vendors and freelancers and machine rentals, all that kind of stuff, right? But if we sit down and we write another topography course, which thus far has earned us over $250,000. Of course, that's $149. 250k if we just sit down and write a book, we just sit down and do the things that we said we're going to do but never do because we get distracted with client work. What is that going to mean for us? And the great thing about this is when you do a client project, you make that 120 k. If that all goes well, you make 120 k. But that's it. That's end of it. But if we do a project that earns us 40k in the launch period. Over the year, what will that equal? Over the next five years, how does that contribute to the library that we want to grow and build so that it's more of a curriculum now, not just a couple of courses? So we have to make that decision. So the first time we had to say no to a $250000 job, I was like, this is going to hurt, it's going to hurt real bad. I mean, Greg's room, we're talking about the project. I asked him a few questions. I'm like. I see some. Let's turn it down, just doesn't make sense. He looks at me like we didn't even have a lot of dialogue about this. He thought he was going to have to convince me and remind me. I'm like, no, Greg, I agree with you. Let's walk away from this one. This was for riot games, guys. We're not talking about some dumb project. Turn that one down. Didn't work for us. You don't want to know about the projects we turn down because it'll kill you. So that's what we have to do, we're focused all in on the future, so we're going to live or die. And this is it. Now, here's the interesting experiment, right? What if it doesn't all work? Then this thing will end in four or five months, and that'll be that. But that's the kind of commitment we have to make if we believe in the dream. J.d. you got another question. I was just going to say, are you keeping blind around for just as like a just in case, let's say not that I personally think that this is going to happen. Let's say the future does not move forward and and crashes every few months. Good question. Good question. Excellent I'll tell you the truth. I'm only keeping blind around because there will be some consulting services that's OK for us. We don't want to do making services anymore. So if a company wants us to go in and train or teach or to do some big event with them, then we'll do it that way. We're keeping a line around also just for a little bit because there are little client projects and this is where you're going to say what they said. No client projects. There are little client projects that we do because we can film the content, so we're not doing it for the money. We're doing it because we can share what it is that we do freely and openly with anybody. We've been given permission to do that. So there is a an alcohol. What is it called? A beer brewer like a microbrewery that we're doing some packaging for? So they've been documenting it, shooting a really long series. So you haven't seen any of that, but you will see it at some point. I'm also doing some work with some two independent brands that like, yeah, go ahead and share it. Don't worry about it. So we're still keeping around for that reason, but I'm not going back to that world and I'll tell you why now. Probably my team doesn't want me here, doesn't want to hear this, but the reason why is. I don't need to make money anymore. I have enough money to last me until I'm dead. I'm OK with money, so if this doesn't work, it just won't work in the way that it's existing now in this big office with 12 people and two people off site. It just won't live like that. It'll be like this. I'll just continue to talk to you. I'll be OK now, the rest of the team that will have a job. And that's a different problem. And I'm not just lightly saying that I don't care. But ultimately, if it doesn't work, I would just go and do lectures and workshops. I would teach and record videos on YouTube just like the way I'm doing right now, and I'll write another book or whatever it is I'm doing. The operation will have just scaled down. Now there's no way that's going to happen because I'll tell you something too. I have about. $700,000 in assets that I'm selling off right now in stocks and whatever. And I'm going to spend all that money. So when it fails, it means that we've run out of all of our money and I've burned through $700000 of savings. And then next thing is, I'll sell my house and then I'll say it's not working. So there are many steps involved. So when I say go all in, I'm 100% committed to this. I truly am 100% committed to this. And my wife's on board. Go ahead. So I have a question, I think I know the answer, and so I think we get to a point where our time is is the most valuable asset and we stop caring so much about money. And that's where you are, right? Yes so tell them so I understand that it's not about the money, but so I think it's about helping people, right? It's making the world better with everything you do and you have a bigger reach now to do that. Is that your reason? Or can you tell me what your reason is? My reason for moving away from the service business and building the future so service business takes time, right? So it's allowing you to produce content, but that content is driving the things on the future. So that's the only reason you're keeping it together. That's right. So but this is a completely different mindset. You're really helping a lot of people right now go with that business of services. Right? but in a way, you're also helping them do these other things too. Like you're giving them all these skills that they can help clients, that it's not just time based, right? Yes yes. So I'm going to take you back to a conversation that I had with my financial advisor. So I have a financial advisor. I've been working with him for seven or eight years. He helps me to invest my money and make sure that we're going to be OK. So the joke always is when we have our meetings, like his name is John, I'm like, John, when can I retire? And my wife looks at him and she's telling me, give me three more years, honey kind of thing. I'm like, I just don't want to work anymore. It's just dumb. I've done my work already. And then he said, Chris, I don't know if anybody wants to hear this, but I looked at your numbers. You could have retired three years ago, and I look at my wife like, honey, why didn't you tell me this? You're just, you're just bleeding me here. I'm done like being bled out like this. I'm done with this service stuff. And he goes, you guys live very conservatively relative to your income. You live conservatively. And if you continue to live like this, we can make a plan so you can burn it down. So it's all gone when you're dead. I said fantastic and went home that day, I was thinking to myself. You know, I've been waking up every morning thinking about when can I retire? No wonder I'm not enthusiastic about life and work anymore. I mean, what kind of life is it to wake up to think I don't want to do anything anymore? That's why I started to think, well, what's this money for? What is my life for? Is there more to it than this? And it happens to coincide really beautifully with the time in which we're starting to do some content on the future because I love teaching. And if you ever ask somebody, it's like, I love a couple of things. I love building businesses and I love teaching and helping people that genuinely makes me happy. So once my financial needs are met, the bottom of Maslow's pyramid, I'm a good, happy boy. I'm done. The problem with teaching is I don't feel like I'm being compensated fairly for how much I put into it. The system is not designed to support teachers, nor is it designed necessarily to be of great value to students. So that's why I started to think I need to do this thing. And then there's the creation story, which I'm not going to tell you about why I'm doing the feature the way I am. But to me, it's like, you know what? I want to teach on a scale that I haven't been able to do before. And I look at rock musicians, I look at celebrated authors, gurus and coaches like they're teaching on a scale that I like. That's where we need to go as a company. And here's the thing in my life, I know this that if I pursue something that makes me happy that I'm super passionate about that I have some skill towards doing. The weird thing is, I don't do it for money. But money seems to chase you when you do these kinds of things. It's really weird the less you want to make money in pursuing something that you're super passionate about, that you can impact other people's lives. The more money is there, it's really weird, Sony just called us up. We want to put you on a panel to talk about something I'm like, Sony, like Sony, would not even know who I am, having worked in the industry for 23 years. Even though we've done so many Playstation commercials before. I was just interviewed from PBS socal. Not in a million years where they called me up for. So it's really weird, like when you don't chase the fame, the money or anything, and you truly just want to give. In many ways with that expectations, wonderful, amazing, crazy things will happen, and I'm a capitalist. Let's not confuse that, ok? The dream is fueled by the capital because I've said this before. There's no cause without capital. Like if you want to save the whales, you better make some money. Because how else are you going to save the whales? You can save one whale or you can save all the whales, but you need money to fuel that. That's going to be a great luxury for us when we hit all our goals. So this is a fantastic part, and you guys are in on the ride with me along with this, this entire journey, because at the end of the year when we do 4 and 1/2 million dollars in revenue. The future is just nirvana. We have no clients. We come and go as we please. I have no idea what anybody is doing now. We've gotten rid of the executive producer, the producer, project coordinator, so we got rid of salespeople. It's all creatives, with the exception of one person who makes sure that there's money in accounts. That's Monica, our bookkeeper. What a crazy place. So it's like our own little bubble of Google, it's like, I know I don't have that kind of money, but everybody comes and goes whenever they want. Look, errands like sleeping at the office and there's guys just hanging out all the time now. It's hilarious because they want to make films to get I'm like, this is what you get to do. I think that's a future worth fighting for, and that's what I'm going to do. So it is a tough, tough, daunting, scary, unnerving thing to say that every month when a 300% of what we did the same point in last year. It is super scary, and we might miss it a couple of months, I'm prepared for that, but I have a different definition of failure than you guys. You know, failure just reminds me to keep doing it. Go ahead. So, Chris, sorry, I want to interject here because so you have this dream. But meanwhile, it doesn't happen alone, right? I mean, you talk about the nirvana, but you guys have to put good content out or, you know, people are going to fall out of the bandwagon, right? So, yeah, don't have a high, high amount of work and you still have, of course. OK, so it doesn't happen just like, oh, I'm just cashing in, right? No, no, no. This is not. This is not cashing in at all. This is the opposite of cashing in. You see, because one before my motivation was to cash in, just like I've worked hard enough, I've saved enough money. I've been a good boy. I'm going to go party now. I could have done that years ago, but instead, I'm like, you know what, what gets me out of bed isn't to make money. What gets me out of bed is to build this kind of company to ultimately and I think you may have heard me say this before, if we do what we do correct and it works and successful 10 years from now, all these private art schools will not exist the way they do today because they will not be able to say with a straight face to a prospect. That this is still a good value for your money. So why didn't you do that before I dropped so much frickin money on art school? I'm sorry, I'm working as fast as I can. I really am, I promise you. And there are some people who are 16, 17, even 15-year-olds who are watching our show, learning from us and people in university who are just recently graduated, said, say it to me all the time. This happens if you read the comments. I've learned more in this video than I did all of last semester or all of the whole year, or they never have taught anything like this in school. I'm doing the best I can. So what happens is this j.d. if we make enough money? If we make enough money, I can hire more teachers, writers and producers, different kinds of producers now. To make more content with me, and we're just going to slowly but surely recreate the entire design curriculum from the best schools. Then that's just the starting point. And this is actually where I know you've asked on Facebook some questions about that, where I also wonder, like in the group, what's the percentage of people who actually want to build an agency on an agency already and what are their goals versus the sole entrepreneur? Or, you know, I know I want a lifestyle business for a few years until kids are out of the house. And so that's my goal. But it's interesting. The interesting. I don't know why to me, but the people know stand. And maybe that starts being having clustered because the pain points are different. I think if you are an agency versus a social entrepreneur, yes or no. Yes, 100% And I want to be clear about something right now. Excuse me. I want to be clear. That I'm not telling you my story because I want you who just graduated from school to do what it is that I'm doing, I'm trying to lay out the roadmap from how you go from point a to point z. I'm not at point z yet, but I'm going towards that direction. So, Priscilla, for you, you have kids, you need to make a certain amount of money. Elaine, I need to make a certain amount of money. I don't mean to tell you guys to get on YouTube and do x, y and z. We don't sell that as a concept. I want to help you become a better creative. I want you to learn how to value your creative services and achieve the goals that are relevant to you. OK, so some of you want to create a passive income business model. I want to be there to help you. Some of you just need to learn how to price your projects correctly or how to turn down a few clients, or how to address a problem that you seem like, you can't seem to figure it out on your own. I'm there for you. All of us are on the different ladder, right? And I love this, and you put out a lot of product product that's already, at least for me. And I'm sure I talk with a lot of other people have helped them. I just wondered at the clients that are going through a big agency like yours. Well, I have the answer. Your clients are very different than my clients, right? I can't charge 260,000. Right I don't think I'll ever be able to. Oh, don't say that out there, you know? OK OK.

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