What Is Your Business Definition & Why Does It Matter? | Dan Lok

0:00So, as an entrepreneur and now I'll go through definition entrepreneur, that's not what you'd be doing. Now, as an entrepreneur, what should you be doing there? Tell me. Generating more revenue. Generating more revenue, very good. Right, my book. It's good. What else? What should you be doing? Creating, okay, creating value, good. Ideas, good. Strategy, yes. Looking for opportunities, yes, good. Relationships as well, right? That would grow a business. Do what you're good at. Do what you're good at. So, you look at all these things. Right this down. Less control is more control impact. In fact, we peed after me. That's loud. Less control is. Less control is. More control. Let me give you a metaphor. Let's say we have a bucket of gold sand here, okay? With a lot of money.

1:06A lot of money. Now, if I want to give you, I say, you know, I'll give you one chance. Using one hand, I want you to grab as much gold sand as you could. Whatever you can put in your hand, you take it home with you. Okay. Now, if you like Mohlis-Huncher-Brenner, you're going there and you grab it. Now, let me ask you the question. If you want to grab it tight, the tight-fisted approach and you control how much sand are you going to get? They're little. And the tighter you approach the tighter your physicals, what happens? If you want to get as much sand as you could, what do you need to do? You go in and you have what? Open hand. Open hand. Loose. And you would get as much as the money you could. That's how you get it. So, less control is more control. Does that make sense? Less control. Now, but why do we strive for control so much? It goes back to because an entrepreneur, where we start the business, we control everything. Where the boss is our idea, is our baby, we put everything together, we know the business inside and out.

2:07And suddenly, when we have to let go, we freak. It's more psychological than anything else. It's all here. It's not so much how to because delegation. We can finish the whole thing, I can put it on napkin and then we can go home. But I'm going to spend almost a good hour, almost selling you. What was the word? Selling you on the idea of why you must delegate. And there's a reason why I'm going to spend about good chunk of the time just selling you an idea. And when you get it, holy shit, I got to do this. And when you say, I got it, like, holy shit, I got to do this, then you do something about it. Because it's so easy. Tomorrow you'll go back to your business, same old way. Have it. Kick sand. You operate the same way. And you operate the same way. What's going to happen? Same result. Nothing. It's the same. And then you keep bitching about it. Not good. So let me give you a definition of business. It's not the only definition out there, but I think it's the best definition that I've found.

3:10And that is this. A business, a business, it's a commercial profitable enterprise that works without you. I'll say it again, a business, it's a commercial profitable. What kind of enterprise? Profitable. Profitable means it's what? Making money that works without you. That works without you. Now, it doesn't mean when this machine, this profitable enterprise is working, it could function without you. It doesn't mean you're not there. You could be there if you want to, but it's by choice, not by necessity. Does that make sense? Not that you have, I've got to open the door. I've got to be there. No, no, no. If you want to keep working in it, you could. But you can also walk away. Now, think about it. If you have a machine that probably enterprise, let McDonald, how much does a McDonald franchise cost? Who knows? About million bucks, right? Right? Yes? Why does it cost a million bucks? Because it's a what? Enterprise that works without you. In fact, I challenge you. Go to the end of McDonald. Walk me any McDonald. And you say, can I see the owner?

4:18What answer are you going to get? He is not here. She's not here. You're talking to an 18 year old kid. Running a multi-million dollar business. You think about it. That's why it's worth so much money. Why does Joe's hamburger stand only worth $50,000? Because Joe's hamburger stand is working in it. It's Joe's hamburger stand, right? And there's the problem. He's working in it. Now, although is it possible that Joe's hamburger is better than McDonald? Yes? Yeah. How many like McDonald's hamburgers? Oh, man, you got something wrong, man. Jesus. It's like, this is a cardboard. Now, I like the fries. The fries is good. Fry's a good. I don't know. I don't know. I'm like a fries. Yeah, I like a fries. Fry's a good. McNuggets? No, McNuggets. Yeah, after you watch the documentary and stuff like that, you don't want to eat that shit anymore. Anyway. I am a control freak. If I don't have control, I freak. How many control freak we have in the room? Seriously, be honest. Okay. And I was one of them. I was a control freak because I am a bit. I was a bit of a perfectionist. And I would control everything. Make sure. Oh, my God. I got to make sure this is the way I do it. He's a mile way or the highway. I know what's a control freak myself. But when you control freak, you're what you are.

5:43It's micromanaging and you are what? Choking business.