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  • (crowd cheering)

  • - Thank you so much.

  • First thing I wanna say is I love you back.

  • (crowd cheering)

  • Sit, sit, sit.

  • First thing I wanna say is clearly my mother snuck in here,

  • because that fucking intro was ridiculous.

  • I'm sorry you had to sit through that.

  • Fuck.

  • Jesus.

  • I'll get to it.

  • I'll get to it.

  • I don't have unlimited time, so I wanna get right into it.

  • A couple things I wanna talk about.

  • First and foremost, I am so fired up to be here.

  • I've never spoken in this market,

  • so thank you so much for the warm welcome.

  • (crowd cheering)

  • To be very frank, the thing that I'm thinking most about,

  • when I think about the lineup of speakers,

  • is why are you here.

  • To me, when you speak, what matters most

  • is can you bring value to the audience.

  • So I've been thinking quite a bit about this speech

  • of like what can I really touch on

  • that isn't available for free online,

  • that isn't something you've seen or heard before

  • and the reality is

  • is that's a difficult challenge

  • in a world where, very honestly,

  • there's not a lot that I believe in.

  • There's only four to six to nine things

  • that I really trade on

  • and those are the things that I wanna really reinforce.

  • First and foremost, the biggest thing

  • that I wanna make sure that everybody understands

  • more than anything ...

  • I just had a really fun strategy session

  • with a bunch of people

  • and when I think about what it was

  • that we just talked about for the last couple hours

  • is the fact of the matter is I truly believe

  • that every single person here today,

  • including myself, are grossly underestimating

  • how special today is,

  • how special this era of the internet at maturity is,

  • how special the opportunity is.

  • What is remarkable to me this morning

  • is that there is never ...

  • And I mean this.

  • Now, if you are somebody who watches

  • cable news all day, you may not agree with me,

  • but it is my absolute deep belief

  • that this is the absolute greatest era

  • to be alive in the human race.

  • (crowd cheering)

  • And I'll tell you why.

  • This internet thing,

  • it's bigger than you think.

  • This internet thing,

  • when you're older,

  • when our great, great grandkids judge us

  • and how we navigated through this era,

  • this internet thing is a much bigger deal

  • than we've been able to comprehend.

  • The internet, not Facebook, not social media,

  • not Instagram, not podcasting,

  • the internet is the single biggest invention

  • that has ever happened to the human race

  • and we, being in it

  • in the first couple decades of it,

  • are struggling to understand how big of a deal it is.

  • What I am completely fucking blown away by

  • is that there is nobody

  • and I mean nobody

  • who is a gatekeeper to the game anymore.

  • What is amazing to me

  • is that our great, great grandparents;

  • our great grandparents and our grandparents would laugh

  • at the shit that we cry about.

  • The amount of people

  • that get upset that Instagram and Facebook

  • changed their algorithm and cry about is fucking ludicrous.

  • It's free.

  • Facebook and Instagram are free

  • and we sit and cry about the change in the algorithm.

  • Here's where I'm at.

  • For this entire room,

  • the one thing that connects all of us,

  • whether you're an entrepreneur,

  • whether you work somewhere,

  • whether you're fucking thrilled,

  • whether you're devastated,

  • the one thing that connects all of us

  • is that for us to take the step

  • in what we're trying to achieve,

  • whether it's financial, whether it's legacy,

  • whatever it may be, the one thing

  • that connects us is we have to trade on attention.

  • The thing that I desperately want everybody

  • to leave this talk with

  • is understanding that attention

  • is just like real estate

  • and that attention

  • is the gateway drug to everything you want, period.

  • Before you can tell me how great you are,

  • how awesome what you're selling is,

  • you need my attention.

  • Before you can tell me anything,

  • you need my attention.

  • What everybody in this room needs to wrap their head around

  • is that this device owns the attention of our society.

  • You may be upset about it;

  • you might be sad that when you go out,

  • people aren't talking to each other;

  • you can do whatever the fuck you want,

  • it doesn't change the fact that this

  • has the attention

  • and if you are sitting in this room today

  • and you have not figured out how to put written words,

  • audio or video into the platforms that sit on top of this,

  • you are fundamentally irrelevant.

  • (audience cheering)

  • So

  • when you think about sitting here and standing here,

  • look, I have no interest in inspiring you for an hour

  • and getting you pumped and then next Thursday

  • you don't do shit about it.

  • That's not interesting to me.

  • I'll be very frank,

  • even with all these faces in the audience,

  • I'm looking for one person

  • who understands that this is such a remarkable time

  • and that you need to go harder at it.

  • Let me tell you ...

  • Let me tell you ...

  • Let me tell you the thing that upset me most in my intro.

  • I'm extremely proud, maybe more than anything,

  • that I went into my family business

  • and built my family business for my family.

  • I'm proud.

  • I love when people try to raz on me,

  • easy for you, you were handed three million dollars,

  • when they don't know my story.

  • What I was handed was my dad had a liquor store

  • doing 3 million dollars a year on 10% profit.

  • What I did was worked my face off 17 hours a day,

  • from 22 to 34, building my dad's business for my dad

  • and my mom and at 34 years old,

  • I left Wine Library day to day

  • with 0% equity in Wine Library

  • and no money in my bank.

  • That's what I did.

  • (audience cheering)

  • I'm proud.

  • If you're a child of an immigrant or great parents,

  • nothing is better than settling the score with your parents.

  • You can't zoom in, but the goosebumps,

  • can you just confirm this.

  • Real fucking goosebumps.

  • The best.

  • Meanwhile, when the intro came up,

  • the gentleman said, "He grew his dad's business

  • "from 4 to 60 million."

  • True.

  • Nice solid accomplishment,

  • also my greatest regret.

  • If I could do it again, businesswise,

  • I would have built Wine Library

  • from a 4 to a 250 million dollar business,

  • in that same time.

  • Let me tell you why and let me tell you

  • why it's the only thing you need to pay attention to

  • in my entire talk.

  • Let me break this down.

  • Get your fucking attention up right now.

  • I don't know if you like taking notes.

  • I don't know how you like to consume it,

  • but I promise you what I'm going to explain

  • for the next three minutes is the fucking game right now.

  • I

  • built my dad's business from 4 to 60 million dollars

  • with no money.

  • The business was doing 4 million dollars,

  • 400,000 in profit before expenses.

  • We literally had no money.

  • You pay people, you pay your rent,

  • like nothing.

  • My first year marketing budget

  • in building Wine Library was $14,000

  • for the year

  • in marketing.

  • I was able to build it

  • in such a big way for three core reasons.

  • In 1996, nobody had a website.

  • That was a good idea.

  • Number two: I started an email newsletter.

  • For the youngsters in here, it's hard to understand,

  • but you have to understand people didn't even know

  • their own email when they would come into the wine store.

  • I'd ask them, "You wanna be in the email list?"

  • They'd be like, "Yeah."

  • I'm like, "What's your email?"

  • They're like, "aol@yahoo.com".

  • I'm like, "No fucker."

  • (audience laughing)

  • This was early.

  • This was early.

  • But I started and email newsletter.

  • How many people here have done

  • email marketing in their career.

  • Raise your hand.

  • I had 91% open rates on my newsletter in 1997 and 8.

  • Why?

  • Not because it was such good content.

  • All it said was buy this fucking Merlot.

  • It was because nobody else was emailing

  • and I bought that real estate cheap,

  • because nobody else was doing it.

  • And then the final point of

  • why I really exploded my business

  • was the day that Google AdWords came out,

  • I bought Google AdWords for my dad's business,

  • so I was the first result for wine

  • and cabernet and Napa Valley.

  • And while everyone else was doing direct mail

  • and advertising in magazines and radio,

  • I was winning Google, which went on to become Google.

  • Got it?

  • Let me now explain to you the number one mistake

  • every person in this audience is making right now,

  • including me, who's supposed to be fancy at this.

  • Every person in this place

  • is not producing enough content for social media

  • and is not spending enough money on social media ads.

  • Every person in here is not producing enough content

  • and not spending enough ad money on social media.

  • Because you have to understand what's about to happen.

  • Let me explain it real simple.

  • Right now, buying ads on Instagram and Facebook,

  • which is something everybody in here should be doing

  • at scale ...

  • And please

  • don't be that person who has run Facebook and Instagram ads

  • and not gotten results and deemed it not working.

  • The ROI of a basketball, to me, is zero.

  • The ROI of a basketball to Lebron is billions of dollars.

  • Let's be honest with each other.

  • How many people here have run

  • Facebook or Instagram ads and it hasn't worked.

  • Raise you hand.

  • Actually stand up.

  • I want everybody to see this.

  • Don't be lazy.

  • Do this for everybody.

  • Watch this.

  • Keep going.

  • Don't sit down yet.

  • Everybody look around.

  • All these people suck.

  • (audience laughing)

  • I'm kidding; I'm kidding.