One of the reasons Ryan Daniel Moran started Freedom Fast Lane was because he wanted to move the conversation from starting little businesses to talking about what it takes to grow real successful businesses. In this episode of Freedom Fast Lane, Ryan discusses thinking like a big company and covers the major questions you need to ask yourself as an entrepreneur. If you want to transition from chasing scraps to being a major player and thinking on a much bigger level, then this is a great podcast for you.
Those who think bigger aren’t much different than those that think smaller. Ryan used to set goals every year and by the end of the year, found that he would achieve about half of them. He now believes that goals aren’t necessarily meant to be achieved but exist to set us on a certain path and tweak our thinking. Ryan now sets goals that are ridiculous and as a result, his thinking has to change in order to do big things.
Thinking on a Bigger Level
Common knowledge sets the bar low and the conversation at a mediocre level. By even saying ‘big,’ we are putting certain emotion on the word, as we tend to associate ‘big’ with hard. In order to start thinking like a big company or setting and achieving big goals, we have to start being comfortable with the level that we want to be. Therefore, we don’t get comfortable setting bigger goals or going to the next level by settling at the level we are at or thinking on a level that doesn’t stretch us. If we aren’t being stretched, then we aren’t going forward. Remember at first that big goals will make you feel uncomfortable.
When we think something is big or something is hard, then we make it so. It is important to surround yourself with people who believe you can achieve your dream, and know that when you believe, something is possible. Ryan explains that it takes 17 yesses to overcome a single no. He also admits that he used to be guarded about his big dreams because he didn’t want anyone to see him fail. Ryan has now released his fear and purposely publicizes his dreams everywhere for two reasons:
- Someone always knows someone who knows someone, and can connect you to the right people.
- It is crucial to hear and normalize the idea so know that it is possible.
Big dreams may make your immediate circle uncomfortable, especially if you live in an area where the idea is unconceivable to them. It could be time for you to upgrade the people you surround yourself with by publicizing what it is that you want and being with people who support your dream. For example, Ryan surrounds himself with people who normalize his dream of owning the Cleveland Indians.
Multiplying Your Goals
Ryan asked himself, “How would I have to think to own enough real estate to own the Cleveland Indians?” He started to think about the existing process and how he could multiply that process one hundred fold so he owns hundreds of millions of dollars in real estate. If you want to be at a different point, then you have to ask different questions to get your brain to think about what you have to do to get there.
Ryan likes to challenge entrepreneurs to take their goals and multiply them by ten or one hundred, then have them ask themselves, “How would I have to think in order for this not to scare me?” One of the things Ryan practices on a monthly basis is to look at where he is at, look at where he wants to be, and times it by a large amount to just see how he feels. He admits that the reaction is usually fear and self-doubt, but he combats that by asking, “How would I have to think if that didn’t scare me?” and, “What would I have to plan for, and questions to ask myself?” This is the point at which Ryan would reach out to his success network and ask them the same questions.
Big Business Applications
Major acquisitions are not acquired because of income but rather because they are disrupting a market and have significant users. This is relevant because companies such as Instagram and WhatsApp didn’t settle at the point of, “What do we need to do to make some cash?” Their questioning was, “How do we disrupt the marketplace enough to where we attract the people who own the market?” The number one company in the market, Facebook, acquired these two companies because they were willing to sacrifice short-term gain for long-term market disruption. Had Instagram and WhatsApp only asked, “How do I make money?” they wouldn’t have done the things that it took to disrupt the market. When you look at major market disrupting companies, they usually delay the process of taking money off the table in order to reinvest back into the business. Ryan likes a rule of thumb of 50% of profits going back into the business.
Major Players & Asking Strategic Questions
One of the ways to stretch the muscle and think like a bigger company is to ask very strategic questions. When you ask yourself pointed questions, you actually get answers. The temptation is to be afraid of the question and then ignore the answer. You won’t have answers within a few minutes of posing the questions, but by repeatedly asking the question you will be tuned into answers when they show up. Most people think small, so there is less competition when you think really big.
There are two factions in business; the major players and the scraps. The major players own the market share in an industry and most people end up going after their piece of the scraps. However, deciding to go ‘all in’ to build a major company is actually easy because you are completely focused on the task and you put yourself in the minority of people willing to do it. One of the ways to train your brain to ask empowering questions is by asking, “What would it take for me to be the #1 person in my industry?” Then look at the people who are number one, and figure out how they got there.
If you want to be an entrepreneur, it is empowering to ask the question, “What do I need to think about in order to achieve x ?” When multiplying, you need to ask, “How do I need to think if this did not scare me?” And “What would I need to learn or get good at in order for this to be normal?”
Instead of saying, “I want to make $5-10K per month,” ask yourself, “How would I need to think in order to earn $50K- $100K per month?” When you think like that, normalizing $5-10K per month is really easy.
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Links to Resources Mentioned
Building a Success Network (podcast)
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