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Lessons - Why Playing It Safe Will Kill Your Company | Michael Loeb - Serial Entrepreneur & Billionaire Investor · Success Story with Scott Clary

• 0:00
  I just want to take a second and thank Cornbread Ham for supporting today's episode.
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  Just head to cornbreadhamp.com slash success and use code success at checkout. That's cornbreadhamp.com
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  slash success code success for 30% off your first order of these amazing gummies. In this lessons
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  episode learn why embracing risk and failure can lead to greater opportunities. How to cultivate
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  an entrepreneurial mindset and the importance of thinking three steps ahead. Discover practical
• 1:19
  strategies for navigating challenges and making bold decisions in your career.
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  You know you're asking me who's listening to this podcast and I said well there's people
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  that are building but I said there's people that are in companies trying to build something for
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  the first time. I was talking to I was talking to somebody and the general thesis was if you
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  don't burn the boats you aren't ready to build. That's a good one. You believe in that. Do you believe
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  in that? Well all I can do is tell you my experience right and I followed my dad into timing.
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  So my dad was a journalist of great renown right and he really tried and we talked about this
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  Scott. He changed the arc of history more than once and he joined time ink as a reporter at time
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  magazine a rose to the ranks and became a senior editor and then almost as a consolation prize
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  they made him the managing editor of money magazine which he turned into from a failing property
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  into a powerhouse and then fortune magazine right so he was the editor of fortune magazine for 10 years
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  and I really wanted to work at HBO at the time and HBO was you know in its day like you know
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  the Netflix right it was um unbelievably important and it was in the Vanguard
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  not so much anymore but uh and all I wanted to do was work for HBO and I can never get a job at HBO
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  and then all of a sudden timing was starting a new magazine called TV cable week officially
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  the ill-fated TV wait cable week and they were hiring just about anybody and that's how I got a
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  job at timing and the rose through the ranks got the opportunity of managed sports illustrated
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  you may not know this but I am the inventor of the sneaker phone and the football phone
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  look for him an eBay they're expensive and then created kind of the idea of a bloopers video as a premium
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  and launched SI for kids had something to do with um turning the swimsuit issue into the franchise
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  that it became uh which got me labeled as a misogynist I didn't know what that word meant at the time
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  I thought it had something to do with misogyn and uh was tapped to run
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  entertainment weekly or start launch entertainment weekly which I did and that was a job that got me
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  fired and uh myself and the editor um the editor was um quite the intellectual and he thought that
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  you know stories or cover stories on books and polo would sell and um but not to the masses of
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  America for me it had to be about the big three just like SI is about big three sports this is
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  big three entertainment and um anyhow uh got fired and decided that I was going to start the
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  business outside of timing that I was trying to start inside of timing and so to answer your question
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  you got to burn the boats right you got to burn the boats you got to cross the Rubikam
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  which is a whole lot better analogy than burning the boats right cross in the Rubikam because that's
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  what Caesar did to get in the room okay and yeah you got to do that and you got to have the courage
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  to do that in my case I didn't right I didn't have the courage to do that but fate stepped in and
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  said you know what you got to be an entrepreneur right so we're going to make you an entrepreneur
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  and years that we're going to do it you're going to have to suffer the humiliation of being fired
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  now the notice of me being fired because it was the editor and me both being fired at the same time
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  you know that was in you know the daily news the New York Post the Wall Street Journal the New
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  York Times wasn't about us it was is timing kind of shutter entertainment weekly but the
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  derision related to that right because the official stats of timing was you know we were telling
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  you that everything was copacetic and entertainment weekly we kind of fibbed on that but here was the
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  problem and we got rid of it okay so now everything is good again and you know you got to see your name
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  and print under that context so the likelihood of my getting a job was not high so I had kind of
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  no choice I had to become an entrepreneur and I had to pursue that you know that idea that I
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  was talking smack about inside the timing I you know had to try it outside the timing
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  no what was it happened to work and I think that it's interesting because every time I've seen
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  somebody laid out and this is a harsh a harsh reality that I believe and I'm sure a lot of
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  people are are gonna argue me on this and they're dealing with it right now they don't they don't
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  think that I'm correct but every time that I've found that somebody gets laid off or fired or
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  terminated or furloughed if they have the right mindset they end up in a better spot yeah that
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  all is it if that's the key words right the right mindset and what do you have to be in that
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  circumstance well one you can't be afraid right now I have I have an internship program at my
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  company that we call internal Tokyo kind of cool right and I put that together because I'd run
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  down the halls when the you know when the time was ripe you know it's a good news everybody the
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  interns are coming and I get this i-roll and I'm saying why the i-roll and they're saying well you
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  know I don't really have anything for them and they come in and it's a surprise and it's like
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  I got to find a work and by the time I got them situated they're gone right so you know all they
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  do is slow me down and I said you're an idiot because in a year's time right you're gonna be
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  slitting your each other's throat and Goldman Sachs and McKinsey and everything else to get these
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  guys right and what I do know is pick the fruit from the tree and not the ground so we just got to make
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  this internship program work and so what we do um Scott is we have three days boot camp and it's
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  in my house in the Hamptons we have 1500 applications you know for every summer we look for rising seniors
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  in college and they come from the great colleges and universities in the United States and you
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  know we'll get a hundred applications from like London um so in internal Tokyo and the idea is
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  three-day boot camp right I'm gonna rearrange your thinking in three days so that you're thinking
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  like an entrepreneur now they're not in until they can make a persuasive argument that they
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  are an entrepreneur and one of the things they have to do is write a 300 word essay on their best
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  idea right which I promise not to steal from them and uh it's really to do several things one
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  if they don't have the energy to do that right and do it well then you know I'm gonna put a lot
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  of energy into them and if they're not gonna do that then I you know I don't want to have anything
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  to do with them so that's first thing in second I want to see the quality they're thinking they
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  can be dead wrong but if there's logic behind it and it's well articulated because three
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  inner words you've got to think about what your business model and your thesis is and you got to
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  put it to pros so um we accept them and they have three days and I have three things that I add
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  that are kind of fun things that by the way are helpful if you're an entrepreneur thing one is I
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  get a world-class pool player and they teach them how to play pool and why is that because pool
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  is not about and I don't play pool right but pool is about not this shot but about three shots
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  down the road so this shot sets up the next shot which sets up the next shot which by the way
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  that's a very important concept for an entrepreneur the consequences of what you do now
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  are gonna affect the next decision and the next year and the next decision and the next year
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  the following year and you should know that and you should appreciate that and you should think
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  that through right the next night we teach poker what is poker teach you detachment if the
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  chips in the middle right the middle of the table if that is your life savings and that is what
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  you're thinking you will lose 1,000 percent because the pros who are used to picking up the
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  signals will see the tells and you're done you're done and the last day okay we have a magician
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  what is a magician teach you okay the stupidity of the crap right because what it all is is a
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  big deception so they make you look at the left hand when all the action is on the right hand right
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  so if you only want to follow the crowd right you're not going to decode how a magician actually
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  gets it done because you want to be the one tenth of one percent and to behave differently you
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  got to think differently thanks for tuning in if you found this valuable don't forget to hit that
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  subscribe button so you never miss an episode and if you want to dive deeper into this conversation
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  check out the links in the description to watch the full episode see you in the next one