BigDeal Podcast Summary
Episode Title: Game-Changing Millionaire Secrets: What Jesse Itzler Wishes He Knew Sooner
Release Date: October 15, 2024
Host: Codie Sanchez
Guest: Jesse Itzler
Introduction to Jesse Itzler
In this episode of BigDeal, Codie Sanchez welcomes entrepreneur and multi-millionaire Jesse Itzler. Known for his ventures like Zyco Coconut Water Co. and Marquee Jet, Jesse shares his humble beginnings, relentless work ethic, and the personal philosophies that have driven his success. The conversation delves into his approach to life, business, and relationships, offering listeners invaluable insights and actionable strategies.
Overcoming Fear and Taking Risks
Jesse recounts his early experiences with fear and entrepreneurship, emphasizing the importance of stepping out of one's comfort zone. He shares a transformative moment during a conversation with his friend Rich, who proudly announced a $3 million bonus. Jesse realized that if Rich could achieve such financial success, so could he.
Jesse Itzler [00:00]: "If Rich can make $3 million, I can make $3 million. If that guy can run 100 miles, why can't I run 100 miles?"
Jesse underscores that embracing fear and potential embarrassment is crucial for personal and professional growth.
Jesse Itzler [04:09]: "Once you get over the fear of being embarrassed, it's so liberating."
Story Behind Marquis Jet and Zico Coconut Water
Jesse delves into the origins of his successful companies. With Marquis Jet, he innovated the private jet industry by purchasing time on existing jets and reselling them in smaller increments, effectively creating accessible jet card programs.
Jesse Itzler [25:11]: "We were drug dealers. We were buying a lot of time on the planes and charging more for it."
Similarly, with Zyco Coconut Water, Jesse capitalized on the growing demand for healthy beverages, eventually selling the company to Coca-Cola for nearly $100 million.
Calendar and Life Scheduling
A significant portion of the discussion revolves around Jesse's unique approach to life scheduling using a "big ass calendar." This method ensures a balanced focus on both personal adventures and business goals.
Jesse Itzler [09:58]: "I put all the things that I know are important to me on my calendar first."
He introduces the concept of "masogi," a year-defining goal that provides a sense of accomplishment and direction. Additionally, he incorporates mini-adventures every other month to maintain excitement and prevent burnout.
Entrepreneurial Mindset and Learning from Others
Jesse emphasizes the importance of continuous learning and surrounding oneself with successful individuals. During his early entrepreneurial days, he observed and interacted with industry leaders, adopting their habits and strategies.
Jesse Itzler [22:38]: "I was a big observer. I was sleeping on my friend's couch in Burbank, California, watching and learning from the best."
He also highlights the value of virtual mentorship and the benefits of being in proximity to influential people.
Handling Failure and Loss
Jesse shares candid stories of his professional setbacks, including the failure of his energy strip company, Sheets, which struggled due to poor taste despite strong initial support.
Jesse Itzler [32:28]: "The product has to be good. It doesn't matter who's endorsing it."
He discusses the emotional and financial toll of losing someone else's money, drawing parallels to challenges faced during the COVID-19 pandemic while managing a cannabis investment fund.
Leadership and Mentoring
A key aspect of Jesse's leadership style is fostering confidence in his team and encouraging personal growth. He recounts mentoring Curtis Jackson (50 Cent) during his early career, which eventually led to a lasting professional relationship.
Jesse Itzler [28:23]: "I don't have a crystal ball... Then, eight years later, he became an international megastar."
Jesse also takes pride in the success of former interns who have gone on to build billion-dollar companies, attributing their growth to the supportive and empowering environment he cultivated.
Marriage and Relationships
Jesse provides an intimate look into his marriage with Sarah Blakely, founder of Spanx. They prioritize shared values, open communication, and mutual support to maintain a strong relationship despite their busy entrepreneurial lives.
Jesse Itzler [53:05]: "We have to confront it and be solution-driven rather than just ignore it."
He discusses the importance of balancing personal aspirations with family life and how their differing needs complement each other, fostering a harmonious partnership.
Legacy and Storytelling
Reflecting on legacy, Jesse emphasizes the significance of creating memorable experiences and meaningful stories that endure beyond one's lifetime. He shares a poignant story about discovering his grandfather's autobiography in a safe, highlighting the enduring impact of family wisdom.
Jesse Itzler [77:35]: "Your legacy is the stories that you create that you pass down to your friends, family, kids."
He encourages listeners to invest in experiences and relationships that will form the foundation of their personal and familial legacies.
Rapid Fire/Q&A Highlights
In a rapid-fire session, Jesse offers succinct advice and shares personal anecdotes:
-
Staying in Love While Running Businesses:
Jesse Itzler [69:29]: "Just love her. You have to let your partner be who they are and do what they like to do."
-
Most Money-Spending for Happiness:
Jesse Itzler [70:01]: "These two things made me insanely happy because they're great memory makers for my family."
-
Secret to a Memorable Speech:
Jesse Itzler [72:18]: "Tell stories that only you can tell. Make it emotional, entertaining, and inspirational."
Conclusion and Takeaways
Jesse Itzler's journey is a testament to the power of resilience, strategic planning, and authentic relationships. His insights on overcoming fear, the importance of scheduling, continuous learning, and fostering meaningful connections provide a blueprint for aspiring entrepreneurs and individuals seeking personal growth.
Key Takeaways:
- Embrace discomfort and overcome fear to unlock potential.
- Utilize strategic planning tools like comprehensive calendars to balance life and business.
- Learn continuously from mentors and peers.
- Handle failures with grace and use them as learning experiences.
- Prioritize values and open communication in personal relationships.
- Invest in experiences and relationships to build a lasting legacy.
Jesse's candid stories and practical advice make this episode a valuable resource for anyone looking to make significant changes in their life and business endeavors.
Notable Quotes:
- Jesse Itzler [00:34]: "Rich can make $3 million. I can make $3 million. I can run a marathon."
- Jesse Itzler [09:58]: "I put all the things that I know are important to me on my calendar first."
- Jesse Itzler [22:38]: "I was a big observer... watching and learning from the best."
- Jesse Itzler [25:11]: "We were drug dealers. We were buying a lot of time on the planes and charging more for it."
- Jesse Itzler [53:05]: "We have to confront it and be solution-driven rather than just ignore it."
- Jesse Itzler [77:35]: "Your legacy is the stories that you create that you pass down to your friends, family, kids."
This comprehensive summary encapsulates Jesse Itzler's philosophies and experiences, providing listeners with actionable insights and inspiring stories to apply to their own lives and businesses.