FASTer - Issue #142

Slow and Steady Wins the Race, Fast and Furious May Face Disgrace 

In this edition, let's dive into the world of Adnan Khashoggi, a man whose life was more thrilling than a James Bond movie, yet offers sobering lessons for every aspiring mogul.

Background Beat: From Humble Beginnings to High Stakes

Adnan Khashoggi, born in Mecca to a physician, didn't exactly start with a silver spoon. But he had something better – a golden mind for business. He transformed his father's modest medical practice into a launching pad for his own ambitions, initially in medical equipment. Lesson One: Every giant leap begins with a small, well-calculated step.

Rise and Shine: The Midas Touch with a Catch

Khashoggi's ascent was like a SpaceX rocket – dazzling and gravity-defying. He became a renowned arms dealer, with a Rolodex that could make world leaders blush. The man had a knack for making deals where others saw dead ends. Lesson Two: Networking isn’t just about collecting business cards; it's about building bridges, preferably not over troubled waters.

Entrepreneurial Elixir: Charm, Grit, and a Dash of Mystery

What made Khashoggi tick? A cocktail of charisma, resilience, and an enigmatic aura. He could sell sand in the Sahara. But here’s the twist – his charm was as double-edged as a samurai sword. Lesson Three: Charisma opens doors, but integrity keeps them open.

Off the Rails: When the Fast Lane Leads to a Dead End

Alas, our protagonist’s tale takes a darker turn. His involvement in arms trading, a field riddled with moral and legal landmines, eventually led to his downfall. It’s like building a castle on quicksand – impressive but unsustainable. Lesson Four: Shortcuts might seem tempting, but the scenic route often leads to lasting success.

The Moral of the Story: Slow Burn Over Flashy Fizzle

Khashoggi’s life is a goldmine of lessons. Embrace the slow burn. Build your empire with patience, integrity, and a moral compass that doesn’t waver, even when the stakes are high. Remember, Rome wasn't built in a day, but it sure stood the test of time.


The Unspoken Skills of Success

As entrepreneurs, we navigate a world rich in advice and opinions. The real skill lies in discerning which pieces to embrace. I've found a simple method: absorb advice from all quarters, filter it through a lens of the giver's happiness and success, and then apply the 'bullshit meter'. Most advice may be discarded, but the gems that remain are priceless.

Energy and excitement are the lifeblood of success. Tasks, however lucrative, lose meaning if they don't ignite a spark within you. Remember, energy often trumps competence. Stay positive; it's an irresistible trait in business. People gravitate towards those who exude good moods and avoid gossip and negativity.

In communication, brevity is king. Master the art of conveying your thoughts succinctly. The world rewards those who can express in 15 seconds what takes others minutes.

Life is dynamic, and stagnation is its penalty. Rapid change is the norm, so avoid overthinking. Opportunities don't find those who hesitate or lurk in the shadows. Know when to listen and when to seize the moment. If you're established, speak less; if you're rising, make your voice heard.

Be direct, yet respectful. People appreciate clarity over cryptic messages. Emotion and logic are two different lanes; successful people navigate both separately.

In this era of instant gratification, the path to success often involves discomfort and a bit of 'healthy suffering'. The pursuit of success is fraught with challenges – it's uncomfortable, risky, and demands resilience.

So, embrace the discomfort. Step out of your comfort zone. True success, however you define it, lies far beyond the realms of comfort and ease. Your outcomes change when you decide to.

One New Thing (That you should know)

Some thing you could literally do in any market. But would you? Should you?

Boring Stuff That Scales

The Unseen Value of Boredom

In a world where being constantly busy and overtly dynamic is glorified, it's time to reassess the power of being 'boring'. The pursuit of excitement might seem appealing, but the true essence of long-term success in entrepreneurship lies in embracing the mundane.

The Efficiency vs. Effectiveness Paradigm

Entrepreneurship isn't just about ticking off tasks; it's about making meaningful decisions. Often, the best ideas and decisions come not in the whirlwind of activity but in quiet, seemingly dull moments. This is where boredom becomes a strategic ally, helping you distinguish between being merely efficient and truly effective​​.

Boredom in History and Today's World

Historically, boredom has been a constant companion of humanity, evolving over time. In today's fast-paced, technology-driven world, boredom is rare, but its scarcity has increased its value. Recognizing and valuing these moments of 'boredom' can be a game-changer for new entrepreneurs​​.

The "UPS" Framework for Business

  1. Unsexiness: The most lucrative business opportunities often lie in simple, overlooked sectors. Embrace the mundane aspects of business; they often lead to stable, profitable ventures​​.

  2. Patience: Emulating the approach of investors like Warren Buffett, understand that sometimes the best business strategy is to wait and let your decisions play out over time​​.

  3. Stillness: Encourage moments of stillness in your routine. Automation of repetitive tasks can free up space for creativity and innovation, crucial for entrepreneurship​​.

The Dangers of Unintentional Boredom

Boredom, when not leveraged intentionally, can lead to a stagnant life. Avoid falling into a routine that feels unfulfilling and monotonous. Instead, use 'intentional boredom' to break the cycle of mediocrity and inspire change​ for better outcomes.

What You Should Be Watching

In this episode Vinny Lingham chats with Jaime Schmidt, the woman who took on legacy corporate retailers headfirst to the tune of a $100M+ exit, and the remarkable entrepreneur behind the natural personal care revolution.

Episode Key Takeaways:

From Kitchen to Corporate Giant: Discover Jaime's journey from starting in her kitchen to creating a game-changing brand, eventually leading to a monumental acquisition by Unilever.

Entrepreneurial Wisdom: Jaime shares her golden rule for entrepreneurs - "Say yes now and figure out how!", and how staying true to her values and passion guided her path to success.

The Art of Negotiation: Peek behind the curtains of high-stakes business deals, including a candid recount of the acquisition process with Unilever - a story of resilience, negotiation, and unexpected mome​​nts.

Growth Mindset: Learn how Jaime focused on customer satisfaction and bringing on new retailers, emphasizing the importance of staying grounded and customer-cent​​ric.

Emotional Journey: Witness the raw and emotional side of business as Jaime reflects on the acquisition's closing moments, and sharing a personal glimpse into the feelings of relief and triumph./

Monetize your time - at any age

Jesse Itzler's Mastery of Minutes

Jesse Itzler's entrepreneurial journey teaches us the art of monetizing time. Co-founder of Marquis Jet and an investor in Zico Coconut Water, Itzler transformed industries by valuing time as a luxury and an asset. His ventures cater to maximizing efficiency and optimizing personal energy.

Itzler, a serial entrepreneur, author, and former rapper, began his career in the music industry but quickly pivoted to business. He co-founded Marquis Jet, a private jet card company, revolutionizing private air travel by offering prepaid cards for flight time. This venture tapped into the luxury market's desire for time efficiency and convenience, significantly monetizing the concept of time for busy professionals.

After selling Marquis Jet to Berkshire Hathaway's NetJets, Itzler then invested in and became a partner at Zico Coconut Water, which was later sold to The Coca-Cola Company.

Beyond business, Itzler's personal commitment to time management is equally remarkable. His decision to invite David Goggins, a renowned Navy SEAL known for extreme physical and mental endurance, to live with him for a month, was a testament to his dedication to self-improvement. This mentor-mentee relationship, as chronicled in Itzler's book "Living with a SEAL," was not about business development but personal growth, emphasizing pushing limits and making every minute count.

For entrepreneurs, Itzler's story is a powerful reminder: time is not just money; it's an opportunity for growth, innovation, and pushing beyond comfort zones.

One Last Thing

Idea of the week…in 1993

Was to have fast food accept credit cards. When cash was faster. Burger King rolled this out in 1993. What is something that is inevitable in your industry?that you know is coming that you can go to market with first/fastest/best, to create universal adoption and growth? Do you think about moving away from the basics of your business/industry? Do you think you can take such a leap in what you do?

Bonus! Thought(s) of the week

$ized freelance/remote work here