Podcast Summary: The Diary Of A CEO with Steven Bartlett
Episode: Moment 196: This Is The One Skill That Will Guarantee Your Success! (Even Against Smarter, Better & Richer People) featuring Codie Sanchez
Release Date: January 17, 2025

In Episode Moment 196 of "The Diary Of A CEO," host Steven Bartlett engages in a profound discussion with guest Codie Sanchez about the paramount skill that ensures success, even when competing against individuals who may be smarter, better, or wealthier. The conversation delves into the power of optimism, the significance of speed, and strategic approaches to business ownership, especially for those with limited capital.

1. Optimism and the Reality Distortion Field

The episode opens with a reflection on the deep-seated optimism that both Steven and Codie possess—a belief that one can reshape the world around them.

• Codie Sanchez [00:03]:
  "At the heart of all of your messages, Cody, is this sort of deep optimism and belief that one can just kind of bend the world."
  Codie emphasizes that while many advocate for proactive actions like sending emails and making requests, not everyone inherently believes in their power to influence and mold their environment.

• Steven Bartlett [01:00]:
  "Steve Jobs was known for having this energy that basically made other people around him believe that they could change the world, that they were unstoppable."
  Steven draws parallels between Steve Jobs' famed "reality distortion field" and the inherent ability individuals have to inspire and drive change through sheer belief and optimism.

2. The Value of Speed in Achieving Success

A significant portion of the discussion centers on how speed acts as a crucial currency in personal and professional growth.

• Steven Bartlett [02:04]:
  "Bill Perkins... said the only reason that I am successful is I'm faster than everybody else. By the time they have thought about an idea, taken it to a meeting and started to move, I have already made three mistakes and found a faster way."
  Steven shares insights from his mentor, highlighting that being swift allows one to outpace competitors by iterating quickly and refining strategies on the go.

• Codie Sanchez [05:45]:
  "Time is one of the great currencies of all of our lives."
  Codie underscores the importance of valuing time and leveraging it efficiently to gain an advantage in various endeavors.

• Steven Bartlett [04:27]:
  "If all we do different than our competitors is they take a week to do things and we get it done in a day, I don't have to be richer, smarter or better. I'm just faster."
  This statement encapsulates the essence of maintaining a bias towards action, ensuring that speed becomes a differentiating factor in achieving success.

3. Strategic Business Ownership with Limited Capital

The conversation transitions into practical strategies for individuals aspiring to own businesses without substantial initial investments.

• Steven Bartlett [05:58]:
  "Senior care centers are interesting because...demographics show we have a huge aging population. We need more areas to take care of them."
  Steven discusses the viability of investing in senior care centers, highlighting the growing demand and government support as mitigating factors for potential investors.

• Codie Sanchez [10:22]:
  "Knew what I know now about business, if I'd heard you say when I was 18 years old, just go buy a business... I've got $700 left from my call center job a month."
  Codie reflects on the challenges faced by individuals with limited funds, emphasizing the need for alternative strategies beyond outright purchases.

• Steven Bartlett [10:31]:
  "You can't buy it with your 700 extra bucks, but you could buy it with your sweat and your time."
  Steven introduces the concept of seller financing, where business acquisition is facilitated through sweat equity and performance rather than substantial upfront capital.

4. Seller Financing and Partnership Models

A detailed exploration of seller financing provides listeners with actionable insights into acquiring businesses without significant financial burdens.

• Steven Bartlett [13:37]:
  "Seller financing is how 60% of all businesses get sold when they're small businesses."
  He explains that seller financing allows buyers to pay for a business over time using a percentage of future profits, reducing the need for immediate capital.

• Codie Sanchez [14:30]:
  "Or not royally fuck it up."
  Codie candidly addresses the inherent risks in such deals, emphasizing the importance of trust and competency in managing acquired businesses.

5. Real-World Application: Adam's Success Story

Steven shares a compelling example of how a young individual leveraged seller financing and strategic partnerships to successfully acquire and grow a business.

• Steven Bartlett [12:00]:
  "Adam was 19 years old... he partnered with the owner using seller financing and now owns a business that's about to sell because he basically partnered with his owner."
  This anecdote illustrates the practical application of the discussed strategies, demonstrating how diligence, networking, and strategic planning can lead to entrepreneurial success even with minimal initial investment.

6. Empowering the Aspiring Entrepreneur

The episode concludes with motivational insights encouraging listeners to harness their unique skills, networks, and passions to embark on their entrepreneurial journeys.

• Steven Bartlett [09:00]:
  "Find what your Venn diagram is of the things that you think you're good at, your network is good at that you could actually go either start or buy a business on."
  Steven advocates for self-awareness and strategic networking as foundational steps toward successful business ownership.

• Codie Sanchez [15:00]:
  "The opportunity is here. The only question is, will you take it?"
  A powerful closing remark that underscores the importance of seizing opportunities and taking decisive action to carve out one's path to success.

Key Takeaways:

1. Optimism as a Catalyst: A deep-seated belief in one's ability to influence and reshape the world is crucial for driving change and inspiring others.
2. Speed as a Competitive Edge: Valuing and leveraging time can offset disadvantages in resources, enabling individuals to outpace competitors through swift action and iterative improvements.
3. Strategic Acquisition without Capital: Seller financing and sweat equity offer viable pathways for aspiring entrepreneurs to acquire businesses without substantial upfront investments.
4. Importance of Networking and Self-Awareness: Understanding one's strengths and leveraging one's network are essential components in identifying and capitalizing on business opportunities.
5. Action Over Inaction: Embracing a bias towards action, making quick decisions, and iterating rapidly can lead to significant progress and success.

This episode serves as an invaluable resource for aspiring entrepreneurs, offering both philosophical insights and practical strategies to navigate the complexities of business ownership and achievement.