21 Jan I’m Going All-In with Live Your Legend! The Difficult Decision to Close My Investment Business
Focusing Your Future
Last night Chelsea and I met a nice man named Horace at a small surfer’s bar in Nosara, Costa Rica (we didn’t exactly blend in…).
He was a 52-year-old investment banker who visited Costa Rica for a few months about two years ago. He’s been living in Nosara ever since. He left the high-priced finance life in exchange for a little “pura vida” as they call it here. He’s now a certified yoga teacher and helping build the Yoga Institute down here. He’s also a pretty good surfer (especially for having started less than two years ago).
I love stories like this. It’s probably the #1 reason I travel – you could never script the stories you’ll hear, the people you’ll meet or the ideas both will help you discover.
Then, this morning, I finished reading The Alchemist for the eighth time.
I try to read it every time I leave the country and once a year at the least. It’s about a boy named Santiago who’s in pursuit of his Personal Legend – his life’s purpose. Or in LYL’s terms, the work he can’t not do. The book inspired the creation of Live Your Legend a few years ago while on a fishing trip with my dad in Chile. It serves as a constant anchor of what matters.
Given Horace and Santiago’s timing in the past 12 hours, I figured now was the right time to share this big news with you.
Making the Difficult Yet Obvious Decisions…
A little over five years ago, I started an investment business with Mike, one of my closest friends from high school and study abroad. It was our first real crack at entrepreneurship, and for years that was my pure focus.
Then, on December 31st, 2013, after five years of blood, sweat, tears, excitement and fun (there were plenty of all), we closed the doors on Cumbre Capital Partners and returned all money to investors.
While the decision was hard at the time, it had become quite clear.
It was time to go all-in with Live Your Legend.
You all deserve it. And to be honest, I believe I deserve it as well. So does the world.
There’s no question about it… there’s no better way I could imagine spending my working hours (and most of my hours, to be honest).
And that’s why it’s so crazy exciting to share this with you – a version of our final letter to investors and friends.
This also happens to be the first part of my annual planning process – Creating Insane Focus.
I’ll share more of my process next week (including my biggest and most painful lessons from 2013).
But for now, enjoy this declaration – and pat yourself on the back because I’m deeply grateful for all of you making this decision so damn obvious.
December 31, 2013
Re: Cumbre Capital’s Final Closing Letter to Investors and Friends – Thank You!
To: Partners, Investors and Friends of Cumbre Capital Partners
Cumbre’s Final Quarter & Our Decision to Return All Capital To Investors
As all of our investors now know, after much discussion between the two of us and our advisors, we decided that Q3 2013 would be the last quarter of operations for Cumbre Capital. As we described in our recent conversations with you, we have already wired the Q3 2013 ending value of your investment to the account you specified. You should receive your final K-1 by April 1st, 2014.
While the decision to close the fund was a difficult one, we could not be more excited about things to come.
We are returning capital because we have other opportunities that require and deserve more of our attention, and we feel that it is in the best interests of our investors and ourselves to focus on one opportunity at a time.
This was not an easy decision, so today we would like to take a few minutes to further explain our decision, recap our experience, and fill you in on what’s ahead.
Management of Your Investment Has Been our Top Priority — Without Any Fixed Fees
About ten years ago, we watched a talk given by Mr. Buffett to the University of Florida MBA Class of 1998 (here’s the video). We have since watched it nearly a dozen times. The investing and life lessons are pure gold.
Mr. Buffett’s most memorable quote from the talk went something like this:
“Taking a job just to build a resume is like saving up sex for old age.”
That one stuck. It made such an impression that we’ve tried to make all our career decisions with these words front of mind.
In 2009, we started Cumbre with the vision of providing investors with access to the investment principles laid out by Warren Buffett and Benjamin Graham in the 1950’s and 60’s. Their approach is the most effective investment strategy that we can understand and the only one we’d be willing to stake our money and our reputation on.
We also felt strongly about structuring the partnership in a way that fully aligned our interests with the interests of our partners. That’s why we refused to charge management fees, and instead opted to be paid only when we delivered exceptional performance. We have also had all of our investable assets invested alongside yours in the fund.
At Cumbre, we have taken the “officers eat last” approach. We continue to feel that this pay-for-performance fee structure should be the rule, not the exception, in the money management industry, and we encourage you to seek out a similar structure when you place your funds with another manager. It astonishes us that fewer than 1% of funds offer this structure. We built Cumbre to offer that fairness, alignment and true partnership to families and business owners who held similar beliefs about long-term business ownership.
For those interested, here is a PDF excerpt from the book Of Permanent Value – The Story of Warren Buffett by Andrew Kilpatrick. The section is titled the “Young and The Brave”, which is a profile on the two of us and our plans to build Cumbre as we launched during the darkest time of our investing careers. Rereading this puts things into perspective and provides a nice reflection. It’s also pretty fun to reminisce. Click here to download it.
Moving Forward, We’re Shifting to Personal Career Adventures & Building Private Businesses of Our Own
While the decision to close the fund was a difficult one, we are both eager to pursue emerging business opportunities that now warrant our full-time attention.
At the time we launched Cumbre, panic was widespread and business prices were comfortably below reasonable estimates of intrinsic value. Today, confidence and even greed have returned, eliminating the obvious bargains of 2009. The opportunities today are simply less attractive than when we started. And while we are not trying to make a market call, we believe there is more opportunity in developing businesses right now rather than buying publicly listed equities.
Focusing Our Efforts Where They Can Make the Biggest Impact
One of our investors and advisors has always said, “Focus is the key to the world.”
This point was further brought to our attention by one of our biggest investing mentors, Mohnish Pabrai, when he shared the below quote in one of his recent presentations…
“Take up one idea. Make that one idea your life; dream of it; think of it; live on that idea. Let the brain, the body, muscles, nerves, every part of your body be full of that idea, and just leave every other idea alone. This is the way to success, and this is the way great spiritual giants are produced.” ― Swami Vivekananda
These words have echoed in our minds as we’ve thought about the future of Cumbre. While Cumbre has been far and away our core focus over the past five years, in the last few months, our other business development projects have grown to the point where we believe they deserve our full attention.
Scott is developing a web business, Live Your Legend, dedicated to helping people find and do work that they love by offering online and in-person courses and workshops. He is focusing his work on helping young people identify their talents and passions and assisting them in creating or finding career paths to leverage these interests and strengths. Recent growth in the Live Your Legend community now touches people in every country in the world. And more importantly, it is making significant progress in helping its members find meaningful work and connect with others who inspire them.
Mike and a partner are building a billboard development and advertising company, Mesa Outdoor. They are dedicated to helping small businesses get the visibility they need to grow and succeed by building billboards and offering advertising along the highways in northern and southern California. To date they have built and operated over a dozen signs, and they recently got approval for two more top-flight development projects that have dramatically changed their growth trajectory.
When we began experimenting with these business ideas, we did not imagine the growth potential they now offer. Recently, it’s become clear that our respective skills and strengths will be better applied to the world in building hands-on businesses, as opposed to making passive investments in publicly listed companies.
While running Cumbre over the past five years has taught us a tremendous amount, possibly the biggest lesson has been that we are meant to be business operators rather than investment managers. And the sooner we can make discoveries like that, the better!
As operators of these businesses, we are able to take a more active role and deterministically influence the future as we build our visions.
We Will Continue to Be Value Investors for Life
We fully believe in the Buffett-Graham value investing approach and will continue to think about the world and approach our investments from this perspective. In fact, these same principles apply to our current businesses – finding attractive risk reward opportunities to put capital to work.
To be clear, the decision to close Cumbre has nothing to do with our confidence in the Buffett-Graham long-term strategy. We still believe it to be the most productive and low-risk way to invest in the public stock market.
The companies Cumbre has invested in are still good businesses with sound economics, useful products and loyal customers, and we plan to keep personal investments in some of them going forward. But you have trusted us with your hard-earned savings, which we greatly respect, and that responsibility deserves our full-time attention, which we can no longer provide given our other ventures. We’re simply not willing to compromise our values and reputations – and your capital – in order to keep multiple businesses going.
But you can be sure that while we won’t be running Cumbre in the years to come, we will be diligent value investors for the rest of our lives.
It’s also important to mention that we feel that our respective new businesses are doing more good for society than what we could do in money management. Live Your Legend is inspiring people to spend their time doing work that excites them by making their unique impact in the world, and Mesa is helping small businesses drive the foot traffic they need to survive and provide goods and services for their local communities.
Thank You for Joining Us In the Arena
We started Cumbre for simple reasons. We wanted to build something that helped people in a meaningful way, allowed us to do exciting work, and made some type of bigger impact on the world.
For us, the most important thing is to constantly be creating, building and moving forward so we can take an active approach to our careers and the world. We want to spend our time in the arena instead of the stadium. Cumbre was our first real ticket into the arena.
With that said, we wanted to share a quote with you that seems especially fitting in this time of transition and possibility.
And given that most of you are entrepreneurs, founders, managers, and operators, something tells us you might relate especially well to it.
It’s an excerpt from Theodore Roosevelt’s “Citizenship In A Republic” speech, delivered at the Sorbonne in Paris, France on April 23, 1910.
As we write this, it hangs framed on our office wall…
The Man In The Arena
It is not the critic who counts;
not the man who points out how the strong man stumbles,
or where the doer of deeds could have done them better.
The credit belongs to the man who is actually in the arena,
whose face is marred by dust and sweat and blood;
who strives valiantly; who errs, who comes short again and again,
because there is no effort without error and shortcoming;
but who does actually strive to do the deeds;
who knows great enthusiasms, the great devotions;
who spends himself in a worthy cause;
who at the best knows in the end the triumph of high achievement,
and who at the worst, if he fails, at least fails while daring greatly,
so that his place shall never be with those cold and timid souls who neither know victory nor defeat.
— Theodore Roosevelt
We have always promised this to each other: Stay in the arena. Get dirty. Experiment, learn, grow and build things.
To this end, we see our experience with Cumbre as a runaway success.
But that would have been impossible without you in the arena alongside us.
For that, we owe you all tremendous gratitude. Your presence has made these past five years much more than we could have imagined. Thanks to your support and our experience, our belief of what’s possible has been transformed. We look forward to running with that new belief in our future endeavors. Something tells us we’ll be crossing paths with plenty of you in the years to come. We very much look forward to that.
Connecting the Dots
On June 12th, 2005, Steve Jobs, founder of Apple Inc., gave a commencement speech to the graduating class at Stanford University. We have watched it well over a dozen times and believe it’s one of the best career and life talks of all time. If you haven’t watched it lately, we highly recommend it (here’s a link to the video).
During his talk, there was one message that never seemed to leave our mind…
“You can’t connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. You have to trust in something – your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life.”
These last five years have been nothing short of amazing. We could have never predicted they’d lead us to today – not even close. But looking back, we wouldn’t change a thing.
And as it turns out, we appear to have ended up exactly where it feels like we’re supposed to be. We couldn’t be more excited about what’s next.
It Never Ends — We Will Always Be In Your Corner
We’ve loved building this business over the past five years, and the interactions we’ve gotten to have with so many savvy and accomplished people (all of you!) have been priceless. We are proud of what we have all built together and the people we’ve been able to surround yourselves with – as well as the 48% net return we produced for our investors since our January 1, 2009 inception.
If you would like help in deciding what to do with your funds after you receive them from Cumbre, we’d be happy to have those conversations on a person-by-person basis so we can hear your goals and perhaps point you toward other money managers we respect and plan to invest with ourselves. While less than 1% of managers operate in the same investor-aligned structure as Cumbre, we are thankful to know a few of them closely.
One of them is Farnam Street Investments, run by Jake Taylor and Lonnie Rush, who also founded the value investing course for UC Davis’ MBA program. They manage investments with the same strategy and values as we did with Cumbre, and we have traded ideas and shared trips to Omaha with them for years.[From Scott: Since closing Cumbre, I’ve entrusted them to manage a sizable portion of my investments. I’d be happy to make a personal introduction – just say the word.]
We will always be in your corner, ready to help however we can.
We wish each of you the best of luck in your investing and personal futures. And as always, if there is any way we might be able to help, or if you would like to trade ideas on something, please do not hesitate to reach out.
Just because our official Cumbre relationship has come to a close does not at all mean our friendships need to do the same. We look forward staying connected as we all continue to build out projects, trade ideas and support each other in the center of the arena.
Thanks again for being a part of Cumbre. It has meant more than you realize. We are forever grateful for your support, friendship and enthusiasm. You have allowed us to go further than we could have imagined, and we are much better investors, entrepreneurs and citizens of the world as a result.
We’re excited for the new ideas and discussions to come. They’ve been our favorite memories of the past few years. As far as we’re concerned, we’re just getting started.
See you in the arena – and in Omaha this year!
Scott Dinsmore & Mike McCoy
Ahhh… now that feels good. Talk about a weight off the shoulders!
I can only imagine what we can all do together now that we have pure focus on our side.
Now it’s your turn…
What do you know needs your deepest focus this year? What other projects need to be cut in order to make it possible?
Share in the comments below. I know it’s not easy, but it’s incredibly important and unbelievably freeing. This is your permission to say no to one thing so you can say hell yes to what you know really matters.
I’m all in. You?
P.S. To kick off our new year of focus, on February 10th, we’ll be opening our private How to Connect With Anyone course and community to our next crop of students. Enrollment will be open for four days.
To keep it intimate, we only let in a small group of people and so far it has sold out every time. If you’re interested in surrounding yourself with the people who refuse to let you fail, I suggest you get on our Insider’s waiting list. In addition to early priority access, you’ll get some fun free connection tools to go along with it.
Oh, and do you need help nailing your focus? This free workbook should help…
I learned the below process from one of Warren Buffett’s pilots of 10+ years. It’s a wild approach and crazy how simple and powerful it is. It’s free to members of our community (which is also totally free). And if you’re already a subscriber, just enter your email below to be taken straight to the download page. Don’t worry, you won’t be double subscribed. Enjoy!
Don’t see a form? Click here.
BenPosted at 14:21h, 21 January
Congratulations, Scott! Got chills when I saw read this post. Takes a lot courage to make that bold move.
Your post is so well time for me. My deepest focus is completing and distributing my first book on conquering burnout. The process is really pushing me to whittle down my projects to a singular focus in Q1. This means a bit less one-on-one coaching until it’s done. Also I’m being challenged to create in way the supports the ideas in the book versus letting my mind run wild with possibilities.
ScottPosted at 14:27h, 21 January
Thanks for the support Ben. It’s been an incredibly empowering decision. Sounds like you’re doing the same. Congrats on the progress – and the focus!
I’m Going All-In with Live Your Legend! The Difficult Decision to Close My Investment Business - Introverts PowerPosted at 14:40h, 21 January
[…] And that’s why it’s so crazy exciting to share this with you – a version of our final letter to investors …read more […]
Karol GajdaPosted at 14:43h, 21 January
Damn! Nice going Scott. Looking forward to seeing what you do this year and beyond.
ScottPosted at 05:47h, 22 January
Thanks man. It’s going to be fun. Really really freeing 🙂
Damien BartlettPosted at 15:17h, 21 January
Hey Scott! Congrats on your process! I say process specifically because a lot of people get hung up on ‘goals’ when the reality is, it is ALWAYS a process, goals are markers along the way.
My focus for the year is to turn my blog, ‘The Accidental Actor’ into a platform for education and integration between Actors and Businesses, and creating a shared language between the two.
What needs to be cut is any and all fears of ‘how will this work/where will the money come from’. JUST DO IT, is going to be the driving force.
ScottPosted at 05:49h, 22 January
Love hearing your focus Damien. That’s always the first step. Funny what you say about process too. That’s what my dad always says and last January when he came into our office for a strategy session (he’s always been my informal chief strategist) he said something like “alright guys so let’s talk about your process for figuring out what’s next.” Then later he casually said “and as you guys know, focus is the key to the world…”
That quote now lives on my office white board – and here we are :).
YazminhPosted at 15:51h, 21 January
Wonderful, heartfelt letter, Scott. I know your partnerships will appreciate your genuineness, and I’m sure you made good friends in the process. Seeing your example of how to do business in such a positive manner makes me really happy, b/c honestly, my experiences with businesses and people chasing the buck has been such a turnoff that I have felt I could never become a business person after all. I hope I can get to the place where you are in the near future – converging the best of both worlds of humanity and prosperity. Still learning. 🙂
ScottPosted at 05:52h, 22 January
Thank you for this Yazminh. That means a lot. And that’s exactly why I try to be as open as possible and share what I do. Business doesn’t have to be “business.” We’re building our lives here and that means the requirements include doing what you love with people you trust and enjoy. I’m still learning too 🙂
JustinPosted at 18:37h, 21 January
Congratulations Scott! I’ve been focusing on the phrase “diamond laser focus” for a while now. Sharing your transition with the LYL world is helping me grab hold of the idea.
My only focus going forward will be to truly focus my web design business on its original purpose of helping self-employed people, who provide some form of healing with a pure heart, do as much great work with as many people as possible. My part in helping transform the planet with the talents I was given! 🙂 Dropping focus on, and I’m rooting for you too Damien!, worrying that the Universe will not provide for all I need during the process. Thanks again, Scott!
ScottPosted at 05:52h, 22 January
Love that focus Justin – and that term!
SkudderbugPosted at 19:43h, 21 January
Kia Ora Scott,
Thanks for sharing! The article has been a welcome account that has helped me make a decision about my next steps. I particularly enjoyed the video link to Warren and Steve :O)
Last year I finished a job I miserably stuck at for four years to please family. 10 hour days, 7 day weeks, relationship doom…you know, the usual work palava.
I was so glad to be out of there! After a few weeks of freedom I had decided 2014 was going to be about me…Two weeks after that epiphany I was offered a contract to complete similar work for a great pay day! Ive been in two minds about taking the money or pursuing my idea ever since. This article has made it really clear about what my focus should be!
ScottPosted at 05:54h, 22 January
Well then I’d call it a success! So happy to hear. And can’t wait for you to share what’s next. Let us know!
RosannahPosted at 20:01h, 21 January
Hey, yep. I get where you’re coming from. Those big decisions are heavy but once you make them – a lightness follows.
FOCUS: that can be a tough one for me. I have a lot of angles as a performing artist. I could use some help and mentorship really clarifying a direction.
At the moment, my first focus should be finishing my ‘high’ aerial threads act and then putting together a short rope act. (see webpage if this makes no sense to you) however, I’m dealing with some injuries – so wondering how to re-direct focus without loosing momentum or… should I be questioning my focus all together?
I too want to be “all-in” with my artistic career. But what is this current challenge asking me to look at? Why the roadblock?
I’ve been seeking connection with people who might be able to advise/help or just allow me to feel heard – and it’s been hard. I am very self-reliant and maybe I don’t convey my needs clearly?
Anyhow – here it is. Thanks for listening.
ScottPosted at 05:57h, 22 January
Sounds like you have a pretty sharp view on things Rosannah – and your work sounds like fun!
The Alchemist talks a lot about road blocks and how you get tested most when you’re closest to realizing your personal legend. And you’re always tested along the way to be sure you want it badly enough. Because if it were easy then everyone would do it :). Even though it’s a fiction book, I cannot tell you how helpful it’s been in my journey and staying focused.
ScottPosted at 05:58h, 22 January
Btw, just checked out your website. Whoa! Amazing!!
Mike ArnoldPosted at 20:15h, 21 January
Scott, great post. I’m new to LYL, and I like what I see. Similar to you I’m in the investment industry, but transitioning into a free lance writer and foraying into the SaaS web app world under brand http://www.indievestments.com.
I’ve got you on feedly now, I’ll be sure to check in from time to time.
ScottPosted at 05:59h, 22 January
Well welcome to the adventure Arnold! I think you’ll fit in nicely around here 🙂
Just checked our your site but looks like it’s not up yet. Let us know when it’s ready to for us to have a look!
MikePosted at 14:06h, 05 February
Scott, thanks for the reply. I hadn’t noticed until today.
Yes, sorry, the websites are now up @ indievestments.com and @ m1kearnold.com
We have some development work to do but hungry and hoping to build something to disrupt the financial web.
David HarbourPosted at 21:13h, 21 January
Many might call it anything from downsizing to stepping back, I call it having a clear vision of where your future lies. The best of luck to both of you.
ScottPosted at 06:00h, 22 January
Well thank you sir!
Steve ArensbergPosted at 21:30h, 21 January
Congratulations! I can’t wait to see what the new year of insane focus brings forth! Thank you for continuing to lead by example.
ScottPosted at 06:00h, 22 January
And thank YOU for being such a huge part of our community and adding the value you are. Lot’s of fun to come!
KshitijPosted at 22:27h, 21 January
Great going Scott. Requires a lot of courage. Am doing something similar myself. ( No job, just needs covered, all in on venture)
Your life story should serve as inspiration along the way 🙂 🙂 !!!
ScottPosted at 06:01h, 22 January
Well thank you. It’s been a hell of a journey that’s for sure. But what else is life for anyway?!
A. E. StarkeyPosted at 22:50h, 21 January
Well-done, Scott! Be ruthless with your free time! I cut back some no-longer-priority performance commitments about two months ago and have found new, also-not-priority engagements rising to take their place. (To use a common Lenten experience, we Catholics are well-aware that we might knock down one demon only to find that it was a mask held up by another.)
Because I have had trouble cutting projects, I will be modifying a page from the LYL Goal-Setting & Action Workbook (a really great resource, thank you) and dedicating a project to each month. I hope the short-term focus will help guide me toward what I’d like my long-term focus to be. It should certainly eliminate some possibilities if nothing else.
ScottPosted at 06:04h, 22 January
Awesome. Whittling things down feels so good once you get the momentum.
Oh and this might help a lot – it’s a workbook on how to prioritize projects like Warren Buffett. I learned the process from his pilot. It’s part of our free Passionate Work Toolkit here:
Robb GorringePosted at 03:10h, 22 January
Seems like you’re going to be a whole lot more focused, (which is always a good thing). Sometimes with too many irons in the fire, it’s difficult to ever shape them all at the same time.
I know I’ll be looking forward to even more heartfelt posts in the coming weeks & months.
ScottPosted at 06:16h, 22 January
It’s crazy how true that is Robb. I’ve come to believe that pretty much any more than one focus is too many. Especially with a business project and with building a Revolution with 100’s of thousands of all of you!
Hazel LauPosted at 07:48h, 22 January
One of the best decisions I’ve made for the last year was to convert my working scheme to part time basis, so that I have more time this year to bringing my side business to a different level!
It wasn’t a rush decision. I have been thinking about quitting my job since June 2012. Since then, I paid off most of my loans and saved up a one-year Quit My Job fund. I started a side business that leverages my sister and my skills, and I got into a dilemma some time last year. I KNEW I want to give deep focus and more attention to my business because of its potential and impact to my life. And I also felt that my job was eating up too much of my time and energy but yet it was paying my bill and funding my side business. I couldn’t just quit.
After serious thought, I went to my boss and told her I want to cut my working hours half with my wages and benefits being cut half of course.
It’s hard to tell people that. I have to explain why I chose this path to many people involved. But it’s also the best one. I believe I will have more confidence and know what to do when it’s time to tell them “I quit!”. 🙂
Heather Farrar - SeattlePosted at 09:45h, 22 January
Congrats to you guys! I can feel the excitement in your words. I have joined LYL and went to the first meeting. So inspired. I have decided to stop dreaming about what my business would look like and I have taken the first steps. I am signing a office space lease next week. I am sharing a 100 sq ft office with another person starting a business. I will be running my business around my 9-5 job and on the weekends. I am so excited I can’t stand it!! You have been such an inspiration and your words keep me going. The hardest part was believing in my self and taking the first step. I just want to say Thank You for such a wonderful forum and showing us it is okay to have dreams and follow them. I don’t feel so alone with LYL and the LYL people I have connected with. BRAVO!! xoxo
StephaniePosted at 11:20h, 22 January
A well timed post for me, yours always seem to be which is strange.
I think you are making a great decision. Live Your Legend is something very special.
I still haven’t figured out where my focus should be. I spent years training in theatre and having recently moved to a rural location I know I could bring value to the local community with a youth theatre. It’s my area of expertise. But I want my own creative practice and the only way for me to have that is to focus on the poetry I write (some of which you have sampled!). I don’t know what the answer is, I am hoping it will emerge!
Jeff RosePosted at 14:47h, 22 January
This is great, Scott. I actually had no idea that you were also in the investment business.
Your journey has been fun to watch and I’ve only seen a tease of the awesome things to come.
tracyPosted at 19:33h, 22 January
I need and want to focus on my yoga series, and that is what I plan on doing. Cheers to you for doing yet another BRAVE and BOLD thing to further LYL on to bigger and better things..
HannesPosted at 02:00h, 23 January
congratulations on your decision. Finding and living my passion is my single focus right now and your course is really helping me to make major major progress in that area. Thanks for that and I’m exited to see that this great work gets your full attention now. Wish you good luck!
Cheers from Germany, Hannes
PS: Totally agree that it’s either “hell yeah!” or “no”. Derek Sivers has a great article on this: http://sivers.org/hellyeah
MollyPosted at 02:01h, 23 January
Congrats Scott!!! Tough & bold decision indeed… and being “all-in” with LYL is another inspiring dedication and commitment you give for the community. I call it a genuine & rare gift. 🙂
I am new here, we watch your TEDx video a month ago and my husband was the one inspired me to look into your LYL website and be a member like himself. Now, I’m hooked with your moving words of optimism & opportunities. What you said in the first part –“I love stories like this. It’s probably the #1 reason I travel – you could never script the stories you’ll hear, the people you’ll meet or the ideas both will help you discover.”– made me read on til the end. I love being around positive people…exchanging Life’s Lessons and Learning. I can also relate much on being a “job hopping person”…I’m still trying to find my PASSION…WHAT I WANT…and will eventually FOCUS on it! THANKS to your great website & very helpful workbooks! I’m on my 1st step in marrying my GOALS.
It may sound subtle to some but I WANT TO FOCUS ON BEING FIT inside & out as a start of this year. I believe everything will follow, building my self-confidence on top. Many thanks to my ever supportive husband and kids as well. 🙂 Thank You!
FabPosted at 02:58h, 23 January
sincere congratulations for your definitive choice!
( the same, if you had chosen to grow the previous business! )
In the mid long term, your service will be really excellent because you’ll be even more passionate about the subject and more competent, as a consequence you’ll attract much more people!!
As far as the link between passion and competence, if you feel like, have a look at:
The HUMAN Brand: How We Relate to People, Products and Companies
by Chris Malone
“Social psychologists have determined that primitive humans, in their struggle for existence, developed the ability to judge other people almost instantly along two categories of perception, which are known as warmth and competence….”
All the very best for your new full time venture!
Fab,greetings from Italy.
BRPosted at 08:24h, 23 January
“What do you know needs your deepest focus this year? What other projects need to be cut in order to make it possible?”
Great question! I’ve been a social media community manager for 5 years. And I’m damn good at it. But recently, I’ve felt like I’ve kind of “hit my ceiling” with my job. I love the community I’m working with, but I’m overworked, underpaid, and there’s not much potential for remedying those things.
In the past few months, I’ve come to the realization that my talents can be put to better use consulting, and teaching others to do what I do for their own online communities. That alone opens up so many doors for creativity and financial abundance. If I let myself get there. I’m struggling currently, with fear, worry, doubt. But I am taking action. I just enrolled in 4 months of business coaching, starting next week.
My focus for 2014 is developing my business. And that means letting go (for the most part) of the community I love, that I’ve nurtured for 5 years and have built to over 120k fans over 3 prominent social platforms (which might not seem like a ton, but it’s pretty good for an event that happens once a year at a venue that only holds 10k).
It’s actually really hard to verbalize that. But it’s definitely something that’s already been on my mind. I mean, that’s why I hired the business coach. I already knew where I was going. Your story just helped me reach a bit more clarity.
Thanks, Scott. And congratulations.
AndreasPosted at 03:47h, 24 January
Dear Scot, is the first time commenting in your blog although that i am a long-time reader (and LOYP memmber).
I really wish you all the best in this tipping point of your life and I am confident that you took the right decision; I am strong advocate of the focus principle as well.
Bottom line Congrats Scot, thanks for your insights and keep rocking…
annaPosted at 04:35h, 24 January
Wow, Scott you never stop to amaze, when I think, well he has done it all, out of the blue you inspire by something totally new, and hitting home. Hard.
Admire your incredible inner strength and pursuing what is true for you, even if it’s a tough decision. Bet you inspired loads of us now, me included.
Fed by your courage I’m saying no to my fears and beliefs planted on me, I’ll opening a coaching practice. No I will, I might, that’s it, this is happening.
Wishing you and Chelsea even more blessings that you wish for.
Akshay NanavatiPosted at 06:23h, 24 January
Congratulations Scott! Really happy for you. I am sure it took a lot of courage to make this monumental decision, so thanks for the inspiration. I am really excited to see what’s next for Live Your Legend as a result!
EricPosted at 07:44h, 24 January
Boom. I don’t believe you can rightly say you have lived unless at some point you have pushed all your chips into the pot and set your defiant gaze on the man across the table. In the words of my father, “you’ve got this!” In the words of my mother, “don’t forget pants.”
ChrisPosted at 21:41h, 24 January
Congratulations on taking the big leap Scott! I wish you all the best and huge success inspiring others to live up to their full potential.
AlexPosted at 05:51h, 25 January
Scott, you continue to inspire me dude. Loving the narrowing of focus so you can dedicate more energy to the good stuff. It’s making me think, and I appreciate you for it.
Brad JorgensenPosted at 13:38h, 25 January
I love this story, and I deeply admire your decision to cut ties with a part of your life that you’ve been heavily invested in in order to focus on your passion.
Focus has been a hot topic in my own life lately. I’d been talking for years about wanting to be a freelance copywriter who helps businesses convince prospects to try new things. And for that entire time, I had a well-paying “day job” in IT that made me feel empty and that I kept saying stood in my way because it sucked up my time and energy.
Then, late last year, I got laid off. At first, I felt euphoric: finally I had the freedom to focus on what I wanted to do.
Then the distractions came. Colleagues tried to hook me up with other IT jobs, then made me feel guilty when I rejected them. Friends suggested I get into computer consulting. Career advisors told me maybe I wasn’t ready to start my own business. And the voice in my head said I should keep interviewing for IT jobs “just in case.” In other words, repeat the cycle of misery.
Instead, I’m focusing on my new identity. On LinkedIn and Monster, I’m no longer an IT guy, I’m a copywriter. I tell career advisors I’m looking for entrepreneurial guidance, not job-search advice. And I’m trying to spend more time with people who will support my dreams rather than try to be the voice of “reason.”
It’s liberating. I’m sure you feel the same.
Sam KnightPosted at 16:10h, 25 January
Congrats on going all in for something that you love (and are awesome at)! I’ve just started exploring LYL, signed up today, and am truly inspired!
The timing is perfect for me- I quit my job with an IT consultancy on Monday, having realized that I want to do something that makes me happy and makes a difference. I can’t just keep doing some job to make money when my heart isn’t in it. I don’t know what I’m going to do yet, all I know is that I needed to give myself the time and the freedom to explore possibilities, get to know myself, and to find out what I’m truly passionate about.
Which has brought me here…
The day after giving my notice, I was looking around on YouTube watching some Tedx videos and yours came up- it really spoke to me and came right when I needed it!
I’m living in Brisbane, Australia at the moment and will be going to the local LYL meetup on the 4th of Feb, it’s fantastic to have the opportunity to get involved locally right when it’s starting up here.
The stuff you have created so far is amazing, I can’t imagine how awesome it’s going to be now that you’ve taken the plunge to be doing this 100%!!!
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Abhishek DubeyPosted at 21:25h, 03 February
I am happy to see you pursue your passion,way to go Scott!
I may be scared like hell today,but someday,I will get into arena myself!!
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