The decision to go all in can be a big one. Today’s guest, Ronen Gafni, founder of Fresh Biz and co-author of The New Entrepreneurs, joins Charlie to discuss the importance of going all in and betting on yourself. In addition to discussing some misconceptions about what it means to go all in, they also talk about some of the counter-intuitive truths about entrepreneurship, especially how it relates to how you’re charging for your value.
Key Takeaways:
[2:20] - There are three different types of “going all in.” Ronen relates them to poker: The first type is throwing yourself into something with no skill or idea of how it works. The second type is going all in thinking you can fool those around you that you know what you’re doing. The third way that Ronen is talking about is when you know you have a winning hand, and you’re willing to risk something to really go for it.
[5:30] - Sometimes, we have trouble putting all our chips on us and our own abilities. Ronen encourages people to begin to trust themselves more and bet on themselves. It’s a little harder than going in on external systems, where we have someone else to blame when things go wrong.
[8:32] - How do you determine if you have a good hand or not? When it comes to entrepreneurship, it’s not about having the best hand at the table; it’s just about having a good hand. You don’t have to be the only one who is winning - there are all kinds of different wins. The first element to a good hand is the ability to learn, and the second is to understand and know that you can handle the falls and the punches you will face.
[13:03] - There are foundations for creative and entrepreneurial successes. Knowing when to stick and when to pivot, and knowing the core things that customers value can take you a long way. It is important to cover these basics so you can focus on the uniqueness and the value that you bring. At the end of the day, the only competition is about getting the attention of the customer.
[16:30] - Ronen shares the story of getting to a point of going all in on a business. FreshBiz started in this way. FreshBiz is a training company based on a board game that Ronen developed - it teaches you the skills to know and understand today’s economy. The original idea was just to develop a game, but once it was developed, he had to decide if it was going to become a business, or just be a project he was a part of and be put aside. One of the concerns was his debt, and in order to make FreshBiz a business, he had to decide if he was going to sell his house to pay back the debt and invest the rest in the business.
[20:40] - While this was going on with Ronen’s business, he also had a commitment to his family. His wife, who is like-minded about self-development, was open to the conversation about selling their house to alleviate some credit card debt and fulfilling the goals of FreshBiz. Coming at it from a self-development perspective made it easier to discuss, though the decision was still difficult.
[26:21] - The infrastructure of the self-development process is very important. It’s always about the mindset and the story you choose to tell yourself. A big discussion for Ronen and his wife was whether they were really connected to the specific house itself, and then it became a financial decision: would they be able to sell this house and make more money in their business to buy a new home?
[31:45] - Ronen’s original idea for FreshBiz was just to be the game, but it quickly became something more meaningful for other people. It grew organically as people were seeking a way to better understand themselves. For Ronen, the entire process was figuring out how the game generateed a way for people to understand themselves.
[37:00] - For a lot of entrepreneurs, the thing that’s most natural and easiest for you is usually the thing that other people latch onto as being incredibly valuable. These are the things you should be charging the most for, rather than the things that are hard for you. It is a big step for many entrepreneurs to recognize their gift and charge for it.
[39:52] - Right now, Ronen’s new challenge is looking at going all in globally. They are active in about 20 countries, and are looking at travelling more to grow the business around the globe. Some of the things keeping him from jumping all in are family (being away from his wife and kids), as well as the flying and travelling.
[42:15] - Charlie and Ronen talk about sufficiency points - this is about finding the right level for your business and your life. For Ronen, moving to the next level is not necessarily about the business goals, but has more to do with his mission in life. He wants to personally deliver his message to different parts of the world.
[45:50] - Ronen’s invitation for listeners: Go all in for something that you feel comfortable enough with that you could learn what you need to learn, and be willing to stand up again if there is a setback. Understand that you have a winning hand just because you are who you are, and go for it!
Mentioned in This Episode:
The New Entrepreneurz: Changing the Way You Play Life, by Ronen Gafni and Simcha Gluck
Ronen Gafni: Going All In (Episode 159)