EP 542 The IQ Trap | Why Entrepreneur Brilliance Kills Your Side Hustle

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Picture this, you're sitting
at your kitchen table.

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It's about 11:00 PM You've
got your laptop open.

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The kids, they're finally asleep
and you've got your college

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degree hanging up on the wall.

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You, you know the one I'm talking about,
the one your parents are so much, so very

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proud of you, landed that corporate job
that everyone else said you should watch.

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And yet.

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Here you are moving money between bank
accounts, hoping the mortgage payment

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clears before your paycheck hits.

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Meanwhile, your neighbor next
door just pulled into their

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driveway in their brand new Tesla.

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Oh, or whatever car you, you would prefer.

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The same neighbor that you know, barely
graduated high school and started

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selling stuff online from their garage.

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Three years ago, and here's what's
really gonna mess with your head, Daniel.

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Goldman's research shows that people
with average IQs outperform those

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with the highest IQs 70% of the time.

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Yeah, 70%.

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You heard that right?

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Those perfect credit scores
you've been building.

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The people maxing out their credit cards
are often the smartest ones in the room.

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If you've ever wondered why your
brilliant mind isn't translating into an

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equally brilliant bank account, you're
about to discover an uncomfortable

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truth that just might set you free.

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What is up?

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What is up?

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What the hell is up?

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My dark horse, friends and family,
welcome back to another episode of The

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Dark Horse Entrepreneur AI Escape Plan.

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Will we break free from the grind, share
some AI powered tips and side hustle

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strategies, and of course, support
my amazing parents out there chasing

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freedoms like modern day trailblazer.

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If you know someone that's dreaming
of ditching the grime but still

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makes time for bedtime stories
and snuggle time, please go ahead

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and forward this episode to them.

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So, okay, so we're gonna be talking
about the intelligence trap that's

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keeping my smart parents poor,
and why your biggest asset might

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also be your biggest liability.

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So there's three things I want
you to come away with here today.

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First, I'm gonna show you the
shocking research revealing why your

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IQ has almost zero relationship.

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To your wealth and the three
psychological traps that turn

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intelligence into a financial liability.

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Second, you're gonna discover the
dumb strategies that consistently

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outperform sophisticated planning.

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Including why The Wright Brothers.

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Yeah, those guys.

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The airplane guys.

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Yeah.

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How, why they succeeded.

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Were brilliant, engineer.

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Failed.

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And then third, I'm gonna give you
three practical frameworks to harness

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your intelligence without letting it
paralyze you so you can finally turn

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your smarts into side hustle success.

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So.

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As always, here's an uncomfortable truth.

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I don't think anyone wants to tell you.

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Your intelligence is probably
the biggest obstacle between

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you and your financial freedom.

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And the sooner you accept this, the sooner
you can start making some real money.

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The money you really want.

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Lemme tell you about, let's call her
Jessica, not the avatar, Jessica that

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we have for this show, but a real woman.

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I coached a while back, she had
a PhD in biochemistry, fortune

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500 Company six figure salary.

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The woman could explain molecular
structures that would make your head

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spin, but when it came to starting
her side hustle, no, no, no, no.

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She was completely paralyzed.

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She spent eight months
researching the quote unquote.

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Perfect business model.

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She built spreadsheets comparing
17 different opportunities.

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She read like 43 books
on entrepreneurship.

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She created detailed financial
projections for scenarios that

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might happen in year three.

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Meanwhile, her neighbor, it's
called her Sarah, her neighbor

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Sarah, worked part-time at a
daycare with a high school diploma.

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Maybe even she barely Sarah, started
selling handmade jewelry on Etsy.

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No business plan.

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Market research just listed her first
piece, made it and started learning from

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real customers and real customer data.

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Eight months later, while Jessica
was still perfecting her business

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plan, Sarah was generating $47,000 in
revenue and hired her first employee.

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The difference.

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Sarah didn't know enough to talk
herself out of just getting started.

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Yeah.

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And, and this is not an isolated case.

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Jay Zagorski from Ohio State University
analyzed data from the National

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Longitudinal Survey of Use and found
something that should terrify just

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about every overthinker out there.

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And I've spent the past two episodes
talking about my, my Overthinkers out

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there because I know you're there.

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I'm one of them.

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IQ explains only 9%.

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Of income variants.

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Yeah, that's a mere 2.4%
of wealth accumulation.

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That's the only gap.

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Think about that.

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If you have an IQ of 130 versus of
some versus someone who has an IQ of

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say a hundred, you'll earn about six
to $8,000 more than them per year.

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Yeah, that's it.

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But the advantage gets completely wiped
out by one critical flaw that plagues all

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my smart parent entrepreneurs out there.

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They think too damn much.

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Yeah.

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Yeah.

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This will be episode three of my
overthinkers, and hopefully this

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one will get you over the hump.

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Hopefully this will be the.

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Third time is a charm scenario.

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And speaking of threes, we're gonna
talk about the three intelligence

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traps and how you can escape them.

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So let me break down exactly how your
intelligence is currently sabotaging

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your financial success, and more
importantly, what you really wanna know.

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It's how to fix it.

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So, intelligence trap number one.

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Uh, we've all heard this
one, analysis paralysis.

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The problem here is smart people see
all the variables, every single one

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of them, sometimes maybe even a few
of 'em that are hiding in the shadows.

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You understand market risk, you understand
competitive threats and you understand

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potential future failure points.

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So what do you do?

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Well, obviously you research, you plan,
and you optimize until the opportunity

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just goes sailing right past you.

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Let's talk about the Wright
Brothers and their solution.

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While Samuel Langley spent $70,000
in government funding trying

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to build the perfect aircraft.

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Orville and Wilber Wright succeeded
with less than a thousand dollars.

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Why?

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Because they had a bias towards
action that allowed them to discover

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more crucial control elements than
any theorist could ever, right?

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Actually, they discovered some of the
con critical control elements that

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many of the theorists completely.

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Missed.

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So here's your action plan for trap
number one, set a research deadline.

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I want you to do your research, right?

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You wanna get some knowledge,
but give yourself, I don't know

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exactly seven days to do your
research about any new opportunity.

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Maybe you say.

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Three days.

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Heck with, with, with all the AI
opportunities out out there, you

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could say, I'm gonna spend 48 hours
doing real deep learning research.

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Yeah.

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And then use the good enough
principle if something is 70% there.

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Launch it.

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Just get it out there.

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Test and iterate.

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And that's the step number three.

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You want to implement the
test and iterate approach.

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Start small, learn fast,
and adjust quickly.

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Right?

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You wanna be, you wanna be like Sugar
Ray Leonard of entrepreneurial movements.

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You just wanna Bob weave and jab, right?

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Okay, so let's go to
intelligence trap number two.

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This is the smart kid identity protection.

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Yeah, because the problem here
is maybe you've been praised for

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being smart your entire life.

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It's one of the foundations
of your personality.

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Now you avoid challenging
situations because you're afraid

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of losing that smart person label.

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Yeah.

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Stanford psychologist Carol Dweck
called this a fixed mindset.

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You won't ask questions that
might make you look uninformed.

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Right.

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We, we know some of those people.

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Go ahead.

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Raise your hands.

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Maybe you were one of them at one time.

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Okay.

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Lemme give you a world
of world example here.

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I, I was lucky enough to coach woman who
never asked questions on our group calls.

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We would get on and she would
just listen, take notes.

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And so one time I called her out about it.

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She admitted that she didn't
want anyone to think she

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didn't know what she was doing.

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So on the next call, she did ask a
basic question, which is awesome, right?

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She asked it about some of the automation
tools that are out there, and that

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question led to her cutting costs in half.

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And doubling her business over the
course of the next what, 190 or 120 days?

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Because she pulled down the veil and asked
a question, knowing that's why she was

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there, because she didn't know everything.

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So here's your action plan.

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In this one.

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Write down one thing you avoid
doing because you are scared.

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You might look incompetent
or a little less smart.

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Okay.

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Number two, you wanna identify
who you are trying to impress

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by not doing that one thing.

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Is it yourself?

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Is it your mom, your dad, your spouse?

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Hopefully it's not your spouse.

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They should love you anyway.

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And then this week, go ahead and ask
one dumb question that could potentially

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unlock a real breakthrough for you.

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Okay, so that brings us to
intelligent trap number three.

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This is the broken risk radar and the
problem here is smart people overestimate

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risk and just go ahead and play it safe.

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You see you smart folks out there.

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You see all the ways something could
stumble and bumble and trip and

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fail, so you choose the quote unquote
safe option that guarantees you.

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No.

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Or slow progress.

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So let's talk about Y Yahoo
versus a a FedEx example.

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Yahoo passed on buying Google twice.

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Once for $1 million.

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They had the opportunity to buy Google
and then later refused again to pay 5

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billion was a b. To buy Google again.

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Why?

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Because they overthought
the damn opportunity.

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Meanwhile, let's go over to FedEx.

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Founder Fred Smith, who took his last
$5,000 to Vegas was lucky enough to

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gamble and win $27,000 at Blackjack.

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And use that to save the company.

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That's smart versus dumb risk assessment.

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Okay.

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Might be a little bit of an
extreme example, but you get

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what I'm coming from here.

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So let's talk about your
risk calibration system here.

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One, you wanna identify
your scary investment.

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What business investment
is scaring you right now?

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Maybe you know it's a good idea, but got
your equipment in your boots a little bit.

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Yeah.

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Calculate the percentage.

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What percent of your annual
income is this investment?

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Is it 1%?

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Is it 50?

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Is it 99?

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On the extreme scale?

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And then apply the failure test.

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If you knew you could not
fail, would you place that bet?

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Would you make that
bet on this investment?

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Yeah.

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Some of you're going,
well, yeah, of course.

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If I wouldn't fail, then go for it.

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'cause remember, the biggest risk
really is taking no risk, right?

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I, I can remember way back when.

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Well, I'm something to
date myself, eighties.

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Nineties.

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I spent $18 on a business book,
and back then that felt huge.

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Now I realized that every single one
of the investments I've paid out over

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the course of my life, 63 plus years
on this planet, has paid dividends.

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Okay, lemme give you three dumb strategies
that can create opportunities for you.

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Strategy number one, model, then modify.

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Here's the thing.

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I know everyone wants to be different.

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Stop trying to be original
about every damn thing.

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Just be you and that's original enough.

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Find someone succeeding at
what it is you do right now.

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00:10:38,827 --> 00:10:43,927
Copy their first three steps and
then modify it to fit who you are

250
00:10:44,063 --> 00:10:45,563
after you gain a little momentum.

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00:10:45,618 --> 00:10:48,072
You don't need to rewrite the
rule book Entrepreneurs who

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copy existing business models.

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00:10:50,322 --> 00:10:56,377
Have about a 20% higher survival rate
than those who innovate from scratch.

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Okay?

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00:10:57,222 --> 00:10:58,940
Number two, strategy number two.

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00:10:59,022 --> 00:11:01,259
This is your zone of genius focus.

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00:11:01,422 --> 00:11:05,159
So basically you want to be
strategically dumb about everything

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00:11:05,349 --> 00:11:07,395
except your one core strengths.

259
00:11:07,695 --> 00:11:10,340
This is the Japanese concept of a key guy.

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00:11:10,531 --> 00:11:11,131
Here's what you wanna do.

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00:11:11,131 --> 00:11:13,095
You want to ask yourself
these four questions.

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What do I love doing?

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00:11:15,477 --> 00:11:16,077
Whatever it is.

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00:11:16,268 --> 00:11:17,222
Maybe you love social media.

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00:11:17,222 --> 00:11:18,231
Maybe you love YouTube.

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00:11:18,422 --> 00:11:19,377
Maybe you love gardening.

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00:11:19,459 --> 00:11:20,713
Maybe you love working on cars.

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I don't know what it is.

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00:11:21,804 --> 00:11:22,731
You know what it is.

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00:11:23,004 --> 00:11:25,540
Number two, what are
you naturally good at?

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Could be two separate things.

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There could be the same thing.

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What does the world need?

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00:11:30,340 --> 00:11:31,568
And what do you get paid for?

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00:11:31,813 --> 00:11:34,131
And somewhere in there there's an overlap.

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00:11:34,131 --> 00:11:38,645
And in that overlap that my friends is
where you go in everything else, it's you.

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00:11:38,650 --> 00:11:40,459
You should be acting like
this three-year-old child

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00:11:40,459 --> 00:11:41,168
and say, I don't know.

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00:11:41,413 --> 00:11:41,795
I don't know.

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Okay.

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You feel me?

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Okay.

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00:11:43,813 --> 00:11:45,068
Let's go to strategy number three.

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And this is Simple Scales.

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I want you to use the five ones framework.

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00:11:50,209 --> 00:11:51,409
And that's five ones.

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00:11:51,599 --> 00:11:56,427
And those five ones are one target market,
one product, one conversion method, one

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00:11:56,427 --> 00:11:59,099
traffic channel, and one year commitment.

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00:11:59,400 --> 00:12:01,527
Because here's the real deal
here, ladies and gentlemen.

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00:12:01,663 --> 00:12:07,745
Complexity kills David Tran built Hoy
Fung Foods into a billion dollar company.

291
00:12:07,881 --> 00:12:09,436
Was almost zero.

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00:12:09,436 --> 00:12:11,618
Big fat goose egg advertising.

293
00:12:11,890 --> 00:12:13,445
He focused on one.

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00:12:13,668 --> 00:12:17,786
Core product, simple scales, and
it scales a whole lot faster.

295
00:12:17,786 --> 00:12:20,377
Look, I've been in the game long
enough to know the difference between

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00:12:20,377 --> 00:12:24,331
hype and reality, and this isn't
about dumbing yourself down here.

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00:12:24,331 --> 00:12:25,368
I don't want you to get this wrong.

298
00:12:25,449 --> 00:12:28,640
It's about getting
smart about how you use.

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00:12:28,945 --> 00:12:32,572
Your intelligence, the gap between
people who take action and people who

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00:12:32,572 --> 00:12:36,281
keep planning is getting bigger and
bigger and bigger every single day.

301
00:12:36,418 --> 00:12:40,345
So while you're hiding behind building
that perfect strategy, other parents

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00:12:40,345 --> 00:12:43,699
are out there building their escape
land using AI powered side hustles

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00:12:43,836 --> 00:12:47,109
with tools like Chatt and Claude and
everything else that's out there.

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00:12:47,327 --> 00:12:49,863
That's why I created the
AI Escape Plan Newsletter.

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00:12:49,890 --> 00:12:53,027
It's your roadmap to more
money, more freedom, and more

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00:12:53,109 --> 00:12:54,363
of what really truly matters.

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00:12:54,363 --> 00:12:55,618
And hopefully that's your family.

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00:12:55,690 --> 00:12:56,972
Whatever it is for you, I'm cool.

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00:12:56,972 --> 00:12:57,409
I back it.

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00:12:57,518 --> 00:12:58,063
Each week.

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00:12:58,336 --> 00:13:02,099
I deliver practical AI powered
strategies to help you start, grow,

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00:13:02,099 --> 00:13:03,790
and streamline your side hustle.

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00:13:03,872 --> 00:13:07,990
All designed around protecting your
family time and boosting your income.

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00:13:07,990 --> 00:13:10,772
So don't let another week
pass by with you wondering.

315
00:13:11,045 --> 00:13:12,463
Hmm, I wonder what if?

316
00:13:12,572 --> 00:13:16,609
Yeah, sign up, go over to dark
horse insider.com and let's start

317
00:13:16,609 --> 00:13:17,836
building your freedom today.

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00:13:18,027 --> 00:13:21,299
So that said, let's, let's step
back for a moment here and.

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00:13:21,790 --> 00:13:24,518
Ask the question, why the hell
does this really even matter?

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00:13:24,518 --> 00:13:26,509
I have a job, I'm doing
well for my family.

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00:13:26,618 --> 00:13:29,400
I think there's a bigger paradigm
shift out happening out there right

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00:13:29,400 --> 00:13:33,436
now because we're moving from an
economy that rewards credentials.

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00:13:33,436 --> 00:13:36,845
So many of us grew up with, you know,
get a college degree, get a good

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00:13:36,845 --> 00:13:38,290
job, and, you know, retire from that.

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00:13:38,290 --> 00:13:38,754
Good job.

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00:13:38,809 --> 00:13:40,418
It's, it's shifting from rewarding.

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00:13:40,854 --> 00:13:43,663
Credentials to rewarding results.

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00:13:43,827 --> 00:13:47,427
Your degree is starting to matter
less and less and less than your

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00:13:47,427 --> 00:13:52,227
ability to solve real world problems
for real people and real businesses.

330
00:13:52,418 --> 00:13:57,054
Your IQ matters less than your
willingness to take action despite all the

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00:13:57,054 --> 00:13:58,959
uncertainty that you're gonna be facing.

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00:13:59,154 --> 00:14:01,745
And let's be honest, you're gonna be
facing uncertainty no matter what.

333
00:14:01,990 --> 00:14:04,745
This is especially true with
the current AI revolution.

334
00:14:04,990 --> 00:14:08,072
The parents who are winning are not
the ones with all the computers.

335
00:14:08,127 --> 00:14:08,836
Science degrees.

336
00:14:09,027 --> 00:14:11,372
Mind you, there are some of them with
science degrees that are doing well,

337
00:14:11,454 --> 00:14:15,436
but they really are the ones that are
willing to experiment with those AI tools.

338
00:14:15,681 --> 00:14:18,409
Experiment failed fast
and iterate quickly.

339
00:14:18,627 --> 00:14:19,745
You've seen them, right?

340
00:14:19,854 --> 00:14:23,727
As soon as AI hit the mainstream, people
started peppering, oh, I'm gonna try this.

341
00:14:23,727 --> 00:14:24,327
I'm gonna try this.

342
00:14:24,354 --> 00:14:24,954
Oops, I stumbled.

343
00:14:24,954 --> 00:14:25,281
I tried.

344
00:14:25,445 --> 00:14:26,263
I found something else.

345
00:14:26,263 --> 00:14:27,245
And then give you something else.

346
00:14:27,327 --> 00:14:31,827
The democratization of technology
means that execution trumps education.

347
00:14:32,618 --> 00:14:33,981
Period, hard stop.

348
00:14:34,063 --> 00:14:37,472
Your ability to ship something
imperfect beats someone else's

349
00:14:37,472 --> 00:14:40,227
ability to plan out something perfect.

350
00:14:40,390 --> 00:14:40,745
Yeah.

351
00:14:40,909 --> 00:14:44,427
Quite often they never get it out the
door, so they just plan it to death.

352
00:14:44,481 --> 00:14:48,599
The future I think, belongs to the
parents who stop asking, can I do this?

353
00:14:48,736 --> 00:14:51,518
And start asking, what
am I gonna build first?

354
00:14:51,627 --> 00:14:54,900
So that said, lemme give you your
whiskered wisdom for this week.

355
00:14:55,063 --> 00:14:59,072
Intelligence without action is
just expensive entertainment.

356
00:14:59,350 --> 00:14:59,486
Yeah.

357
00:15:00,168 --> 00:15:02,595
So here's your specific action
I want you to do this week.

358
00:15:02,813 --> 00:15:07,122
Go ahead and pick one dumb thing that
you've been avoiding because it seems too

359
00:15:07,122 --> 00:15:09,577
simple or beneath your intelligence level.

360
00:15:09,849 --> 00:15:11,568
Yeah, I know it'll seem silly.

361
00:15:11,813 --> 00:15:14,022
Maybe it's starting a basic Etsy shop.

362
00:15:14,240 --> 00:15:16,831
Maybe it's starting a, a
simple newsletter like mine.

363
00:15:16,927 --> 00:15:17,190
Okay.

364
00:15:17,431 --> 00:15:20,349
Or maybe it's asking for help
with something you think.

365
00:15:20,495 --> 00:15:21,477
You should already know.

366
00:15:21,613 --> 00:15:22,868
There's nothing wrong
with asking for help.

367
00:15:23,168 --> 00:15:25,922
That's usually where the big
breakthroughs come, come, come out of,

368
00:15:26,086 --> 00:15:28,295
okay, do that one dumb thing this week.

369
00:15:28,404 --> 00:15:32,004
Not because you're not smart enough
for something better because,

370
00:15:32,059 --> 00:15:36,313
because you are smart enough to
know that done is way better.

371
00:15:36,577 --> 00:15:37,149
Then perfect.

372
00:15:37,422 --> 00:15:37,831
Okay.

373
00:15:38,022 --> 00:15:42,113
The uncomfortable truth is that your
intelligence might right now be your

374
00:15:42,113 --> 00:15:44,295
biggest obstacle to your side hustle.

375
00:15:44,295 --> 00:15:46,995
Success to your family success,
to your financial success.

376
00:15:47,240 --> 00:15:52,449
But unlike your iq, this is something
you can actually change and change fast.

377
00:15:52,940 --> 00:15:55,340
You can choose to act despite uncertainty.

378
00:15:55,627 --> 00:15:59,118
You can choose to start before you
feel ready, and you can choose to

379
00:15:59,118 --> 00:16:01,354
value progress over perfection.

380
00:16:01,599 --> 00:16:03,863
Your potential clients and
your bank account don't care

381
00:16:03,863 --> 00:16:05,090
about your damn test scores.

382
00:16:05,199 --> 00:16:08,745
They only care about the value that
you create for them and you capture

383
00:16:08,936 --> 00:16:13,136
in the world around you, and that
starts with your very next action.

384
00:16:13,390 --> 00:16:17,945
Even if you think it's a dumb one,
stop being so smart about why you

385
00:16:17,945 --> 00:16:22,772
can't start and start being smart
about how you will start with that.

386
00:16:23,045 --> 00:16:26,945
I'm gonna leave you as I always do,
think successfully and take action.