Quote:
Originally Posted by joomorrow
Was it because you take too little % from your student?
No. Profit target was 100k, % higher than today.
I "sacrificed" short term EV for bigger longterm EV. Students do the same, altho with some you could argue that they were so bad that they made no sacrifice at all lol.
But funny enough, the people with the toughest contracts/conditions do the best - today.
Reasons:
First, my hourly is very high. But yes, taking somebody from Micro to Highstakes, especially in a super short time (6-9months) will only work if both the coach AND the student are hardcore.
Every time the student gets lazy/crybaby/life problem, it's a problem for the coach.
Today we actually take a lot less %, lot less profit target and conditions become easier.
It's because we improve every day at what we do and we pass our additional profit to the students, which then also helps us to grow more (i copy Jeff Bezos here).
The other part of the hard truth is that most people are crybabies and are not smart enough to think 1-2 years ahead. I know that very very few people would accept the hardcore contracts we had back in the day (quitting was NOT possible!).
People made fun of how somebody would pay 50k+ for poker coaching, but if you understand that these guys make 25k/month on their own today, it is the "people" who are the dummies. Yes, that's in the times where "poker is sooo tough".
The guys know that they got a lot MORE value than poker. You can throw them into other fields, and they will kill there, bc not only did they learn pokerstrat but more importantly a success winner mindset (which is a lot harder to teach...bc even some of the biggest winners in online poker are "only" geniuses who were lucky to have poker...and not winners who looked at poker, fought for it and won. Sort of one-hit-wonder vs predictable success)
Other stuff:
You learn a lot of little details by doing things. The unexpected stuff that you can't know.
Also, certain lessons we put in our library, kind of little mini-courses (not for sale, only CFP students get this stuff). Now we don't have to teach the same stuff in person to every new student.
Now we also have (other) great coaches, most of them went through the program themselves. They coach and bring additional value with their unique experience of having been a student.
Our COO (Janez) is also a successful CFP alumni, so now we got a big powerhouse, everything systemized and we can accept more students and scale things.
In short:
(IMO) it only makes financially sense if you plan on doing things on a bigger scale. The first investment is so big (time) that it can't pay off by itself.
You need to have fun doing stuff and willing to get less or no pay (relative to ur std earnings).
Most people are not, that's why you will not see other successful CFP programs on the market.
I'm happy tho if it works, bc poker is not the only industry where education needs to be changed... so we're working hard on expanding elsewhere as well!
Last edited by ThinkItThrough; 06-06-2016 at 10:35 AM.