2:59 How Thomas Edison inspired Perry Marshall to be curious about his environment when he was young, much to the dismay of his parents.
4:29 Perry’s epiphany about the 80/20 principle - “It’s a universal law of cause and effect.”
5:29 “People are using this every single day to figure out what gaps exist in their business.”
6:56 The Invisible Money Finder - “If Starbucks has a thousand people a week who buy a five dollar latte, it’s pretty much guaranteed that one of those people will buy a $2700 espresso machine.”
7:34 “People in large numbers are extremely predictable. If they’re not doing what the formula predicts it means they’re doing something wrong.”
8:49 “The Pareto principle has only often been used as a rearview mirror.”
10:14 How to use the 80/20 principle as a metric to determine what is working fine versus what just isn’t.
11:30 “Everyone’s accustomed to averages.”
12:00 “The most interesting thing is, who are the most capable people in the science class, and how much science can they do.”
12:15 The 80/20 curve
12:59 “Average conceals the extremities.”
14:21 “If I’m selling a million dollars a month, one of my salespeople is going to sell half, one of them is going to sell 2 or 300 thousand, and the other 8 are going to sell the rest.”
15:02 When 20% of your sales people are outselling the other 80%, it’s time to get rid of the 80% and focus time and resources on the top sellers.
16:22 “It’s possible to defy the laws of nature, but look how much effort it takes you to do it.”
16:49 “Everything in business is all about outliers.”
17:02 “The first rule of 80/20 is deciding what you’re not going to do.”
18:21 Racking the shotgun, the story of John the gambler, - “The way you win more poker games is you need to find people who are going to lose.”
21:35 “Sales and marketing is not a convincing people process, it’s an elimination process.”
22:50 “A buyer is a buyer is a buyer.”
23:42 “Selling is harnessing natural processes to enable what already wants to happen, to already happen.”
25:45 80/20’s are everywhere, it’s just about knowing how to look for them.
28:04 “It’s probable that 3/5/10% of your customers are just bleeding money out of your bank account.”
28:16 “Most people just haven’t been given permission to just get rid of the customers.”
29:43 Why most people don’t actually know how to make a business better.
30:30 “There’s no rule that says you have to take these people’s money.”
32:25 How to fire someone gracefully.
34:37 “Maybe the reason that you’re struggling is that you’re carrying too heavy of a burden.”
34:52 “It is possible to get 70% of the work done with 30% of the people, it requires surgery to that, but it is possible.”
35:50 “Having the wrong person in a position is catastrophic.”
36:06 Lighting Round