Pat from Smart Passive Income, quick question, when you get a new idea, when a new idea pops into your head, how do you, do you have a validation process before actually taking action on that idea to make sure it’s worth it or not? Do you have a vetting process, does your team help […]
Pat from Smart Passive
Income, quick question, when you get a new idea, when a new idea pops into your head, how
do you, do you have a validation process before
actually taking action on that idea to make sure
it’s worth it or not? Do you have a vetting process,
does your team help you? I’m curious because a
lot of us entrepreneurs, we have a ton of ideas, how do you know which ones are going to work or not. And to follow it up,
do you have an example? – That’s a great, great, great, great, great, great, great question. I’ve two processes. One is completely emotional, the other one is completely rational. There have been ideas,
a la, the #AskGaryVee Show where literally in one shot, though it’s perculated a little bit, in one moment I go, I execute against
the idea and I let the results speak for themselves
and I can stop it. For everytime I look like
a hero, where I make the first episode of Wine Library TV
or #AskGaryVee and I say we’re gonna look back at
this and this was right. There’s seven other things
that I have done like that which are floating
in the internets, and I’m gonna be, we’re gonna look
back at this and be like merr. My first picture from Flickr,
my first picture for Flickr. – [India] I have it somewhere. – Do you have it somewhere? My first picture from Flickr I drew out gourmetlibrary.com. Drew it and I said one day
this will be one of the most iconic pictures in my
life or something like that. And it was because at
that time I thought I was gonna launch gourmetlibrary.com
and I knew that I was gonna build $100 million gourmet business. What happened was I
started Wine Library TV two months later as well
and that became the thing and I never got around to
really doing gourmet library. So, I think I got that intuitive part. The other part is like Wine Library TV, since February, since
really like March or April of 2005 I knew that I
wanted to do a Youtube show. That it was gonna be
big, but it took me until February ’06 to start Wine Library TV. I knew that I wanted
to do an ecommerce site in ’94 but I really didn’t launch it until ’96 but really run it until ’98. I know that I’m going
to buy a brand one day. Puma, Snickers, you know
Pabst Blue Ribbon but I’m perculating and learning for
10 years before that moment. So, I’ve both, but Pat
really the answer is it’s very internal, I don’t go
to my dad or to Brittany and be like hey Britt what do you think. Like, I don’t give a shit
what Brittany thinks. Now that is either a strength
or a weakness, sorry Brit. That’s either a strength
or a weakness but I want to give you the truth which
is I go very internal, I feel it with myself, I
care, you know what’s funny? I don’t care what Brittany
says as my consultant or teammate, I care what
Brittany does as a consumer. I respect the market over
my friends, my family, the people I respect and even myself. And so I think the way to find out what the market’s gonna feel and do is by giving them a chance to react to it. So, I let the things that
I feel the most bubble up and then I execute against those things and then I let the chips
fall where they may. – [India] I found it.
– You found the picture? – The caption is so
funny, one day everyone will know why this pic is so amazing. – Oh my God, see this
is so cool because look, I mean obviously you’re
gonna put the subs on, the so is very similar to show. – Yeah. – That’s unbelievable, one
day, December 30, 2005, oh my God, this is
literally, what’s today? – [India and man] The 16th. – This is literally,
literally a decade ago. Like, two weeks short of a decade ago. There’s a picture of the
pasta I ate while I drew out gourmetlibrary.com
and one day everyone will know why this pic is so amazing. And I’m gonna tell you why
this pic is so amazing, though I didn’t execute on
gourmet library ten years ago, and big shout out to
Eric Caster and John Kay who were there with me that day. Even though I didn’t, this
date was the two week period, this was the height of the
holidays, this date represents the day that I knew that
I wasn’t gonna be in the wine business the rest of my life. This picture really
represents the transformation into what all of you have known me to become over the last ten years. – The dirty bowl is so significant though. – I told you that one day everyone would understand why this pic is so. – I even bookmarked it
cause we were eating. – Cause it’s so amazing, that’s cool. – [India] That is cool. – I’m a little bit emotional about that.