One Loss, Seven Games | Why Immediate Results Don't Matter

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Transcript

Why Sports Analogies Work

SPEAKER_00 0:05

Everybody loves a good sports analogy. So that's what we're gonna give you today. Today we're gonna be talking about my beloved Dallas Stars, which are in the NHL playoffs fighting for the Stanley Cup, which started this past Saturday with a devastating 6-1 loss to the Minnesota Wild. Now, the reason why I bring this up is not because of the loss, but because of the stars' reaction to the loss. It started with the post-game press conference, the messaging that they had after the game, which was our compete level wasn't high enough. We're not going to duplicate this result. You'll see a different team come Monday. And sure enough, Monday evening, they went out and they won the next game against the Minnesota Wild 4-2. Now, as entrepreneurs, as wholesalers, why do we not have the same thought process? Why do we cling to the the losses, the defeats, and sit there and dwell on them? And yes, today's video was inspired by a TU member, Mr. Ken Smoot. And Ken has been on my channel multiple times. He's called Sellers Live. I even had a video of me essentially chewing his ass out. But today we had a one-on-one, and he's waited six months for this one-on-one. And it was the day before his 33rd birthday. And one of the questions that he wanted to ask during the one-on-one was how can I emotionally detach myself from losses, from a title issue, or seller that goes to us, or seller that changes his mind, those moments when I feel like I have a win and then it disappears on me because he struggles with that. And most of us do, especially when we're still at those beginning stages of our entrepreneur. Some of us, we've been doing this so long, we understand wins are going to happen, and so are losses. It's part of the game, just like the Dallas Stars realize that. That's why in the NHL playoffs, you play a seven-game series, not a one-game series. Well, guess what? You got your ass kicked, go home, enjoy your summer. But it's a seven-game series. They know their job is to win four games out of those seven. That's it. Now they've won one. Now they go on the road and they go play the Minnesota Wild tonight. And hopefully we see the exact same result that we got on Monday night because go stars. But as entrepreneurs, we go get a property under contract, we open up title, we find an end buyer. We think we're gonna make X amount of dollars. And then there's a judgment, there's a lien on the property, and our fee gets significantly cut or even disappears where the deal can't close at all. And we can't move on. We can't show up the next day because we're still emotionally clung to that loss. We're we're stuck, and this happens over and over and over again. So the question that I want to ask you guys is why what happens yesterday would that impact what happens today? Yes, we want to learn from those losses, but to allow it to sit there and impact the results that you're trying to achieve today, that's irresponsible. It's immature, and you need to be better than that. You cannot sit there and allow that to hinder you from moving forward. And that's what I told Ken today. It's easy for me to move on from that because I expect some of that to happen. The only thing that we're trying to avoid inside of our business is trends, trends of losses, trends of the same reasons why things are not happening the way that we want them to happen. But we expect some negative things to happen. I cannot control whether or not a seller went out and bought an RV from a credit union, and that somehow got attached to their property. So when the title commitment came back, our assignment fee got chopped in 75%. That I cannot anticipate that. There's no way of us knowing that. And that's a real life example, by the way, of what we were discussing today. Emotionally, it does suck. You should allow that pain to sit in, just like the Dallas Stars allowed that 6'1 defeat to sit in for a little bit. But I love the response. It wasn't about the X's and O's. It wasn't about, hey, we need to forecheck or back check or we need to be better on the penalty kill or power play. Those all things that they need to improve on. But the one area in which they actually talked about was up here. We need to have a better level of compete. We need to be more focused on the fact that we're in the Stanley Cup playoffs, and then we have to elevate our game. That was the most important message that the Dallas Cars sent out after that loss. And as entrepreneurs, we have to do the exact same thing. I need to be better on the phones. I need to be better during my transaction coordination. I need to buy deeper. I need to work harder on dispositions. Each and everything that we do, we can improve upon and focus on ourselves, not the result. And so, yes, I say this all the time: focus on the process, not the results. The results are important. Just do not get clung to the wins or the losses. Be stoic, level headed. Expect the wins, expect the losses. Expect to win more than you lose. Pay attention to the trends and make those adjustments as needed with small pivots over the course of time. And so when I was talking to Ken, I'm like, some of these losses that you've experienced, there was nothing that you could have done to change that result. You did your job. So emotionally, you should have been able to detach from that very easily and move on to the next deal, the next seller that needs you. And that's where our focus needs to be. Why would I allow a seller that needed my help that lied to me about something, then impact my ability to help the next seller that needs my help that's not going to lie to me? That's silly if you actually think about it. So find a way to detach from these moments. Expect them to happen. But your response needs to be move on to the next deal. Move on to the next conversation, the next deal that you need to comp and underwrite, the next problem that you need to solve during transaction coordination, and the next relationship that you need to establish during dispositions. That is where your priority always needs to be focused. And so, yes, losses are going to happen, but your response is so important because it could have been easily, you know, the Dallas Stars could have looked at this loss on Saturday and been like, look at what we did all year. We fought all year to get home ice advantage against the Minnesota Wild, and we immediately lost it in game one. Does that mean that the series is over? It could have been, but mentally they found the strength to move on and go out and win game two. Now they have an opportunity to take home ice back if they can win either game three or game four. That is their priority. That is their focus over the next three days. So as a business owner, as an entrepreneur, where is your focus immediately following a loss? Is it on that result or the lack thereof? Or is it you moving on to the next deal? How you can go out and instead of focusing on the one that you potentially just lost, go out and get the next two deals. Because if you can do that, then nothing can hold you back. You've already proven to yourself that you have the skill sets to get deals under contract, to find in buyers. So are you really going to allow a lack of result or not the desired result to hold you back from doing it over and over and over again? Because the people that have long-term success in this industry are the ones that move on from deals, that do not hold themselves back, that deal with situations, take the money that they can make and move on to the next one. The ones that get crippled by a lost deal or are clinging to money being in their bank account when it's not realized yet, those are the ones that don't last very long. So make that decision that moving forward, a loss is not going to dictate what you do the next day and moving forward. So thank you to the Dallas Stars for giving me this fantastic sports analogy. And Mr. Ken Smoot, man, I'm so proud of you. I'm so proud of the improvement that you've made on your journey inside of TU. I can't wait to see what you do moving forward. I loved our conversation this morning. And like I said, happy birthday, man. Happy 33rd. And congratulations on all the success that you got coming your way. Show Ken some love in the comments. Go stars. Go beat the hell out of Minnesota tonight. We'll see you guys tomorrow.