The Chili Hypothesis
I went to barbecue a little while back that literally changed my life. CLARIFICATION. It was the bowl of chili at that barbecue that changed my life. Sounds a little crazy…. but stay with me here.
After eating this glorious bowl of chili, by wife turned to me and said,
“If only I had the recipe… then I could do the same thing.”
You are probably thinking right now – ‘Bridger, you’re losing it. There is nothing revolutionary or ground breaking about that statement.’
To be honest, right in the moment I think I blew it off too…
… But that statement kept haunting me. I just kept thinking about it. That bowl of chili was probably the best dang bowl of chili I have ever had in my life… Hands down. No debate. Don’t try and argue.
But I started asking myself why didn’t all of the other bowls of chili not measure up? Then I went back to what my wife said... They were different recipes.
How does anyone make anything good in this life!? Like good bread? Good soup? A good company? …. a good company?
The Ingredients in Business
In every business (hypothetically) there is a step by step process you could follow to make that very same product. On top of that- there is a step by step process on how to market or finance that product( again, all hypothetical here). But still.. there is a step by step for every aspect of any business ever.
Now, if you had that manual… of your dream business…. that particular line of business… do you think you would be able to replicate it?
Do you realize that there are people all around the world that are doing that very thing? Except they aren’t walking in HQ and stealing a “magical manual” that is locked up in a back safe.. no… they are just learning…
… it’s also commonly referred to as reverse engineering. They go to Walmart or Amazon and buy their successful competitors products.
Then, they figure out what they are doing. They will literally read the ingredients, or take it apart to find out how it was made! Even with software!!
They model their business after the successful competitors. Why? Because it’s the best way get started!!
If I wanted to try and make a bowl of chili that tasted similar to the one I had at that barbecue… I would first go ask whoever made it, how they did it!
If I didn’t know who made it (or they wouldn’t give it to me), then I would start out with the ingredients I remember that were in there. I might go as far as asking everyone else at that barbecue if they had the chili and what they remember being in it!
I would become an expert at chili making. I would do everything on my end first… But then, how would I really become an expert?!
Someone once told me..
“If you want to get anywhere in life, you can either BUY your way in… or you can WORK your way in…”
Sure, I would likely start out by learning as much about chili as I possibly could… but then what? Well, I would look to people who knew more about chili than I did… mentors or coaches.
Get A Coach or Mentor … JUST DO IT
A mentor would be someone that you know personally that you have a relationship with… someone that has been working in the same industry as you and would be willing to tell you what you are doing right and wrong.
A coach on the other hand would be someone that you pay to teach you how to be a better. In the chili scenario .. a professional would have made thousands and thousands more bowls of chili than you ever had!
I know I’ve been going on about this bowl of chili… but when my wife told me, “If only I had the recipe” … something just clicked. Funny enough, it was one of the most pivotal moments in my life actually!
It was that moment, along with several other small, but meaningful nudges, that urged me to take a leap and start my first fund.. which then lead me to really scaling my first business.
I wanted to start a fund so I learned everything I could. Fortunately, I knew a guy, who was the co-founder of a $20 billion dollar family of funds. He mentored me. (I know I was extremely lucky and super grateful).
I also started Investment Fund Secrets, which teaches others how to start funds. Unlike my fund, I didn’t know anybody that was good at building online businesses… so what did I do? I hired a coach.
I hired a coach that helped me get me feet off of the ground… and then I hired another coach to teach me how to scale. I owe both of them so much. I don’t think I would be where I am today without their help.
It takes a lot of humility to hire a coach… I didn’t want to at first, but my business partner convinced me it was vital. So I caved, and I am so glad I did!
To conclude… If you are serious about making a bowl of chili… or starting a business. You don’t have to re-invent the wheel! Go learn how others are doing it and model your business, after their’s! Obviously, respect intellectual property and follow the law… but go learn from your competitors!
When I started Investment Fund Secrets, I can’t even begin to tell you how many online course I bought. Some were relevant to finance & funds while others weren’t even close- like Photography! Why? Because I wanted to learn. I did everything on my end I possibly could and then found/hired professionals to help me!
Have any questions about my story? Comment them below, and I’ll be happy to answer them for you! Or I’d love to hear what you’ve done!