9 Lessons From The “Poker Princess”
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9 Lessons From The “Poker Princess”

Molly Bloom is known as the “Poker Princess” Dave Woodward had the opportunity of being with her in Phoenix at Genius X. Dave details the 9 secrets he learned from Molly as she discussed her rise and fall and rise again. Molly recently had a movie produced by Aaron Sorkin portraying her story based on her book, Molly’s Game.

Tips and Tricks for You and Your Business:

  • The importance of “the experience” (2:20)
  • Taking risks (4:30)
  • Knowing your numbers (6:18)
  • Your blind spots (10:17)

Quotable Moments:

“In life, there is nothing more important than the relationships you have with others, and you have to spend the time to develop those relationships.”

Other Tidbits:

Find the time to be creative. Make time for “quiet time” when you can disconnect and really let your brain get creative and you will be surprised at how much problem solving you can get done.


Episode Transcript

Speaker 1:   00:00         Welcome to funnel hacker radio podcast, where we go behind the scenes and uncover the tactics and strategies top entrepreneurs are using to make more sales, dominate their markets, and how you can get those same results. Here’s your host, Dave Woodward.

Speaker 2:   00:17         They’re being welcomed back. Last week was so much fun. I had the opportunity of being with Russell down in Phoenix at Joe Polish and Dean Graziosi is 100 k group and while we were there, they brought in a special guest at molly bloom. Uh, you’re familiar with the movie that came out first year. Molly’s game was basically, she talked about her story and her life and she’s known as the poker princess because of all the crazy things she was actually able to pull off. Now, if you’re not very familiar with their story, I get go watch the video, watch the trailer. I’ll try and post the trailer down below. And this is the one basically who started off as an Olympic hopeful skiing from little era from just outside of Denver and in Colorado and ended up eventually trying to go into law school and everything else thinks that work out exactly how she wanted it.

Speaker 2:   01:05         And so what happened was she didn’t get a job down in the La and her boss on the side had kind of things going on where he had his own little poker thing going. Well this became an enormous opportunity for where she ended up becoming known as the poker princess. And again, I won’t take away all of her, her thunder. Go ahead and take a look at the trailer down below. But understand what happened was she got to the point where she was literally was dealing with Hollywood’s elite as well as the, you know, top athletes across the country as well at a whole bunch of other gamblers and things. And it was fascinating. Just kind of talk to her about her story. So it was basically $250,000 did to come to the. Her poker parties is kind of when it started at and then what ended up happening was because of all the things that she was doing a all of a sudden she ended up getting her house raided by the FBI and ended up standing in front of a judge facing 20 years in prison.

Speaker 2:   02:02         So I want to kind of tell you some of the things that she talked about, what the insights I gathered from her life experiences and in probably the next month or so, she’s actually to be on the podcast and then I’ll let her tell you her whole story. So one of the things that she mentioned was how important is that people actually value experiences, and this is the thing I can tell you. I’ve seen it in so many different things from a marketing side where what she said was what mattered most was the experience. It wasn’t the actual game itself. It was the lavish hotels. It was the way that people were treated. It was the way her presentation was given and the secrecy behind it. And it was this whole crazy experience and this massive adrenaline rush that she created around these poker tournaments that made people just value her as the host.

Speaker 2:   02:51         And she said she basically never did anything wrong until she started taking a percentage of the pot and that’s where things went wrong for her. But the things she said was what you learned out of all of it was how important the experiences were and said, when you start looking at your own market, you’ve got to look at the types of things. What are the experiences that you’re giving to your clients? It’s that culture that we talked so much about. You hear it referred to as far as culture, because we really try and make sure that it’s an experience. You take a look at funnel hacking live. We tried to make a massive, massive experience for people when they attend. That’s not a normal type of event, almost verges on that of being a rock rock concert type of deal. As you take a look at your own marketing and the way in which you speak with and you communicate with your, anybody was following you.

Speaker 2:   03:36         What is the type of experience that they’re getting with you and try to make, try to find some way of increased net experience. Take for example, one of the things we added to our last offering of our two Comma Club coaching program was to go on a cruise with Russell and and the other coaches and so that enhances and adds to the actual product itself. A Yanik silver used to have his maverick trips, which were these just crazy, crazy experiences, whether it was down in the Baja racing down there or doing zero g flights or these halo type of events. Skydiving. And so understand that as you take a look at the people that you’re working with, what are the type of experiences that they want? People go to live events for experienced people attend webinars for an experience. People go to movies for an experience.

Speaker 2:   04:25         So look at your market and find out what is the type of experience that you’re giving them. Second thing she said was, you need to get comfortable taking risks. Uh, again, she started off as a Olympic hopeful and ended up having to. She had a real bad scoliosis in neck and had to have her, her vertebrae fused, and because of that she wasn’t able to to compete, but she said she got very, very good at an early age of understanding the importance of taking risks. As an entrepreneur, that’s one of the main things you have to understand. You have. You have to get very, very good at feeling comfortable taking those risks and that comfort comes lily. By just taking more and more risks and understanding how far you really can go. A frequently got our mind set. That’s telling us all, you can’t do that.

Speaker 2:   05:09         You can’t do this. Realize that there’s so much more that you really can do if you’re really willing to stretch yourself, so get uncomfortable taking risks. Number three, she said was that she was absolutely shocked when she realized how much could happen in a very short period of time. He said, you know what? Literally anything can happen in your life if you really focus on it and try and make things happen. She goes, four years ago, she was standing in front of a judge facing prison term over over 20 years and four years later she was on the red carpet attending the Oscars in a four year period of time. Her whole life changed, so realize no matter what your past is, no matter how bad you may think things have been, the future is whatever you want to make of it, and you got to go all out.

Speaker 2:   05:53         You got to find a way of playing the game and have really realizing that life is there to be lived and get comfortable taking risks, but more importantly, make sure you’re going for it and that you know what you really want. Longterm. Number four, she said is you have to know your numbers. She said, especially in her highest risks poker type of game. She really had to know her numbers. She said she never wanted to have really, really good poker players at the table because they would. They would win all the time. She said, what she really hoped is that she understood her numbers and what you wanted was a very large amount of money circulating among the same players every single month or during her frequency, so by the end of the year, people looked back and said, you know what? I kind of broke even, or I didn’t lose that much or that, you know what?

Speaker 2:   06:43         I love the experience behind it and it was just the cost of admission. She said, you’ve got to get very, very good at knowing your numbers, especially in business. Obviously from a marketing standpoint, we always talk a ton about what your average cart value, what’s your cost to acquire a customer. Those are some of the two most important metrics when, because at that point, if you can get your. You get your cost to acquire a customer to be less than or equal to your average cart value. You literally can throw as much money into that as you want, as long as you’ve got a big back end, because the back end is going to be fueled by free customers. So realize that you’ve got to know your numbers. Number five was celebrity currence currency, and this is one of the things I taught Russell. I’ve talked so much about celebrity currency.

Speaker 2:   07:25         This goes back to the importance of you have to make you have to read, make sure that you’re always relevant and like last year when we are going out to launch Russell’s book expert secrets, I was fascinated to see as we started going towards our dream, 100, how many people had not moved towards facebook. Everything was still only had email lists where we were looking at really expanding and doing a facebook live book tour. A lot of the people we’ve worked with in the past had remained relevant or hadn’t grown into the next big thing. Same thing years ago, back to my 10 year anniversary, my very first internet marketing product was a product called legendary marketers where I flew around the country and it was kind of like an MTV cribs type of thing where I felt at that time eight of the best internet marketers to see what their lifestyle was like.

Speaker 2:   08:12         We’ll see what their business was like and fast forward 10 years. Russell were joking. He said, you know, maybe we got to do a tenure special, you know, kind of a where are they now? Type of episode. Russell was one of the eight that I fail and it was kind of where my genesis in my business relationship with Russell starting 10 years ago doing that, but the crazy thing is I take a look at that. Of the eight that I filmed, there’s only two, maybe three that have remained relevant. Everyone else has kind of gone by the wayside. So understand you have to remain relevant and the way you remain relevant as you continue to publish, you continue to grow, you continue to learn, you continue to do everything you possibly can to provide more and more content and feedback to the marketplace. So remaining relevant is the currency that you create and that typically comes through being out there and publishing on a regular basis.

Speaker 2:   09:00         Number six, kind of similar to this, but ties into the value of relationships. I talked about this so many times that my kids are sick and tired of hearing it, but I’m a huge believer that in life there’s nothing more important than the relationship that you have with others and you have to spend the time to develop those relationships. I’m not a person who’s got really deep relationships with a whole bunch of people. There’s really only a handful that have really deep, deep relationships with, but at the same time I value the relationships that I’ve built over the last 20 plus years of being in business because it’s through those relationships that you establish your integrity that through those relationships that you actually crossed paths so many different times. I’ve been fascinated just to see over the last 10 years how many times I ran into people either on the either on my way up or on my way down of my financial career or business career, whatever it might be, and realizing the importance of.

Speaker 2:   09:54         You’ve always have to treat people the same. No matter if they’re the CEO or the janitor. To me, it’s always the same and understand that the value of those relationships is something you need to invest in. Number seven, she said where the blind spots and said, no matter who you are, every single one of us has blind spots and those blind spots, they, for her it was greed and significance. She could never get enough. It was if so and so was making this. She wanted to make this much more. And the other thing was significance where she wanted the significance was, as you’ll see in life, people who are highly significant driven, they do a whole bunch of things that, uh, typically they probably wouldn’t do if they will, if significance wasn’t that important. A significance is something that every single one of us craves in life, but you have to decide what is the cost of that significance and more importantly, what the significance look like to you.

Speaker 2:   10:48         A greed, obviously it goes without saying as far as as what that is, but every one of us have some sort of agreed element. There’s certain things we want and it’s how do you control that and how do you. I think one of the main things I’ve seen in my own personal life is being able to be excited for other people’s success by being able to be excited for other people success. It’s that gratitude that you get in your life and the weirdest thing is stuff comes back to you. A jealousy and greed are two of the biggest cancers in any business. And I was, as I was talking with molly about it, she says, you know what? That was one of her biggest things was she just always wanted more. And it was typically what someone else had. So in her case there was a business partner who had things on the east coast or on the west coast.

Speaker 2:   11:30         And she’s like, well, if I can’t do that, I’ll take the east coast and they’ll come back and all gobbled him up. Which she did. A number eight was to find joy in everyday life. Uh, this is kind of just the opposite of what you were saying as far as the blind spots. And she said once she realized what a blind spots were, she had the opportunity of really focusing and finding joy in everyday life. And that actually is where true significance came from. It was a mind shift. It was an emotional shift. It was a significant shift where she really started to realize that she could live in a smaller moments, that it didn’t have to be an adrenaline rush. Twenty four slash seven, uh, she made mentioned as far as like with her grandma house, she used to think her grandma was just this silly old lady who had no insights whatsoever.

Speaker 2:   12:13         And as everything was taken away from her, she found herself spending time with her grandma and how much after a while she actually looked forward to those times of just going to sit with her grandma and just to talk and to realize how important that time was for, not only for our grandma, but how much, how important was from molly as well. So I really encourage you guys to find out what are the, how do you find joy in your everyday life? I know as entrepreneurs we’re typically hard push and drive into the next day as soon as we achieve whatever we’re looking for, we really didn’t celebrate it on under the next. My wife has been really good for me in this area of making sure that I. I take a step back and enjoy the process, enjoy the game of life and have fun and celebrate the wins.

Speaker 2:   12:58         Celebrating the wins to me has been a ton of fun, but more important for that is actually celebrating the process of the wind, enjoying enjoying the pain of the workout at times to join going through just the everyday life piece of it and I can’t thank my wife enough for the way when she’s. She’s taught me that. The other thing she talked about, and this was one thing I see happen quite a bit, is number nine here, that was the constant reaction and stimulus. When we. When you live in a situation or environment where you have a ton of stimulus around you and things are always being thrown at you. What it actually does is it typically decreases your creativity and your imagination and she said when she didn’t have as much going on and when she was starting her business, she was super, super creative, but then all of a sudden when there was such a massive amount of stimulus and such insane amount of just reactivity for that’s where she got sloppy.

Speaker 2:   13:55         It’s where she made a lot of mistakes and she said if she was to do it all over again on that aspect, what are the main thing she would do is to take time to take a step back and to really focus and to get your own quiet time because it’s during that quiet time that you get the imagination that the creativity to come. That’s. That’s really that quiet time is the most important thing for an entrepreneur, which is hardest thing to find because you think I’ve got a million things I got to do. But as you spend that time focusing on that quiet time, whether it’s in the morning or at night, or maybe it’s during the day where you literally shut everything off, you turn off the phones, turn off the computer, shut down the Wifi, and you literally sit and think and try to focus on being creative and being imaginative.

Speaker 2:   14:37         That’s where it problems really truly get solved. That’s where you get these huge breakthroughs. The problem for most of us is we live in just a quick stimulus response 24 slash seven, and because of that, you look back at the end of the year and you’re like, oh my gosh, I really didn’t accomplish as much as I thought or I’m not being as creative as I used to be. So really encourage you guys to find that time, make the time, and by making that time, you’ll find that you’re much more creative and that your imagination flows. I get it was a great experience. Just spending time with molly. She’s going to be on a podcast here. Hopefully next month or so is we get some dates together. But again, if you take a look at, uh, some things I learned from her, I hope that some of these will actually be a value of benefit to you and your business and most importantly, I get, I mentioned this quite a bit and that’s the importance of publishing.

Speaker 2:   15:23         It’s the importance of remaining relevant and whether that publishing is your own content or have taken someone else’s content you’ve seen on this podcast. I’ve done both ways where the, when I first started everything with someone else’s content recently, I’ve really tried to start adding more of my own in and I appreciate the feedback I’ve been getting from others who were saying that they are enjoying, that are liking my insights on it. So if you find that, that, uh, these things are valued to you, by all means, just let me know. Hit me up on facebook or email me, whatever it might be. I really want to make sure that I’m providing value to you. If there’s certain people you want me to interview by all means, just email me who they are and we’ll try to get him on the podcast. Once again, I thank you so much for your time and listening to this and I hope you’re finding value in this. Have an amazing day and we’ll talk to you guys soon.

Speaker 3:   16:08         No, one of the things that means a ton to me is the personal reviews that you guys leave on itunes. If you wouldn’t mind going out, rate the show, let me know how I’m doing. Just go to Itunes, click on the episode and rate and leave a comment. I read all the comments. I appreciate all the stars and everything already left for me. Again, I really appreciate it and it’s my way of finding out how I’m doing so if you don’t mind, I’d really appreciate it and I again, thank you so much for all that you guys do. Have a great day.

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Funnel Hacker Radio w/ Dave Woodward