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Masters of Scale cover image

Learn from every "no"

Masters of Scale

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Learning from Mistakes in Entrepreneurship

The speaker shares their principle of saying no to wearing furs, selling alcohol, and promoting cigarettes, despite lucrative offers. They reflect on missed opportunities, such as rejecting the chance to launch a magazine, realizing the importance of delegation and visionary leadership. The speaker acknowledges that everyone makes mistakes, but what differentiates a great entrepreneur is the ability to learn quickly and maintain an infinite learner mentality for rapid recovery and growth.

00:00
Speaker 2
so it was offered millions of dollars to wear furs. I'm not the person that's throwing paint on people, but I just don't want to wear furs, right? Real fur. Millions of dollars to sell alcohol. Always said no to that. I did one Drink Responsibly campaign, but I was like, it has to be a Drink Responsibly campaign. My grandmother died of lung cancer when she was 50 years old. So I said no cigarettes. So those are my three main categories no. And also the three main categories that paid you the highest. So I always would say no. And my agents were like, are you serious? Do you understand? What you can make in four days is what you can make in four years. I'm like, I know, but I just not going to do that. But through that, there was just so many no's. I mean, oh Lord, Reed. There's so many that I look back on and I feel like as precious as I was about personal brand, I think there was a lot of protection there, but I think there was a lot of dumb no's. What
Speaker 1
are like one or two of those that you most regret? One
Speaker 2
of the top magazine companies, they came to me and wanted me to do a magazine. How Oprah has her magazine, how Martha Stewart has magazines, Rachel Ray has magazines, and they wanted me to do a magazine. I remember being in that meeting with these 12 people in this huge, beautiful conference room and me saying, I don't have time for that. I'd have to look at every single page and approve of myself. And, you know, I'm hosting my modeling show and I'm doing this and I just don't have time. I didn't understand that true leaders, they're the visionary, but they don't have to do every damn page and do the typesetting and the whole, I mean, I just felt like I needed to be so close. And I said no to something that I think would have been extremely beautiful, powerful in the way that I see power of giving knowledge. And so I think that was a huge mistake. Of course, magazines are hurting right now. Today it would have been an online community, but I think that was a huge mistake. We've
Speaker 1
all had our share of dumb no's, and that's actually okay. What sets a great entrepreneur apart isn't a perfect batting average. Far from it. Rather, it's the speed at which you learn from your mistakes. It's the infinite learner mentality that allows for rapid recovery after an error. For another case study, in a no, that felt like it could have been a huge mistake, let's

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