I want to share a story (that may or may not be true) about one of my favorite people in investing. Warren Buffett was playing golf with three other billionaires. Just before he struck the golf ball, the other billionaires wanted to make a bet that he wouldn’t hit a hole in one. Based on the odds, he would have won $40,000 if he hit that hole in one, and had to pay just $20 if he didn’t.
Instead of accepting or declining, he thought through the odds and then offered to play for a larger bet: $4,000,000 if he won, and $20 if he lost. The other billionaires probably rolled their eyes over how little fun he was to make bets with. Buffett pointed out, though, that it wasn’t about his $20 risk; it’s that stupid in little things is stupid in big things.
This ties into Buffett’s first rule of money: don’t lose it! His second rule is this: “Never forget rule #1.” Risk is inevitable, but loss is optional if you take a calculated risk by acting small and thinking big. Acting small means testing. You track the result, then act a little bigger, then test again. As long as you keep getting good results, you keep acting bigger!
Tune into this episode to learn all about this concept. By the end of the episode, you’ll deeply understand these three key insights:
Why how you do anything is how you do everything.
Why ethical influencers win by thinking big, but acting small.
Why failure is an event, not a person. Test small in order to win big!
In This Episode:
[03:22] – Alex introduces the three key insights that you’ll come to understand over the course of today’s episode.
[04:50] – We hear a story about one of Alex’s favorite people in investing: Warren Buffett.
[09:06] – Alex shares Warren Buffett’s reaction to being offered $40,000 if he won a bet, and $20 if he lost.
[09:37] – Warren Buffett’s rule #1 of money is “don’t lose money.” Alex talks about this, and explains why loss is optional.
[11:54] – As promised earlier, we learn who told Alex the story about Warren Buffett and his golf bet.
[12:57] – We hear about the manifestation process that Alex has talked about in previous episodes.
[15:36] – Alex invites listeners to visit his Alexims book website, and uses it as an example of testing before acting big.
[18:06] – We hear about Alex’s dog, and how the dog herself is an example of acting small.
[20:10] – Every offer that you make has objections, and the sales process doesn’t even begin until you get an objection, Alex points out.
[23:47] – Alex explains the DELTA sales process, which comes from Jerry Acuff.
[24:25] – Alex shares today’s Alexism: “Wildly successful entrepreneurs do not break through their comfort zones, they expand their comfort zones!”
[26:05] – We hear a quick review of the major insights that Alex has covered in today’s episode.
[28:04] – Speaking of reviews, it’s your turn! Go to this link and leave a review of the podcast by posting your biggest takeaway from this (or another) episode.
[29:36] – Alex gives listeners a final gift in honor of this episode: free access to his four-part video e-training course (normally $197). Head to this link to get started!
Links and Resources:
Alex Mandossian Fan on Facebook
Alex’s Friday Live events
Marketing Online 4-Part Video Training Series
Alex Mandossian on YouTube
Alexisms by Alex Mandossian
All Selling Aside on iTunes
Alex Mandossian’s free live Friday show
Roy H. Williams