Eben Pagan teaches four essential mindsets for taking action in business, including why learning from action beats perfect planning and how to overcome the paralysis that keeps entrepreneurs stuck. He provides four practical tips for implementation including speed of execution and getting to version 3.0 as fast as possible.
Mindsets For Taking Action In Your Business
Eben opens by addressing the fundamental challenge entrepreneurs face - getting stuck in endless planning without ever taking action. He introduces four essential mindsets that separate action-takers from dreamers, emphasizing that learning from doing beats theoretical preparation.
Most businesses and entrepreneurs don't execute on their ideas, even good ones they observe others doing successfully. This reality means that fear of competition stealing ideas is largely unfounded, as most potential competitors are too busy or distracted to implement what they see.
The real danger in business isn't failed experiments or imperfect attempts - it's remaining financially stagnant for years. Eben contrasts small failures that provide learning with the catastrophic outcome of inaction over time.
Four specific tactics for overcoming action paralysis: immediate implementation of ideas, focusing on version 3.0 rather than perfect first attempts, aiming for 80% completion instead of perfection, and over-communicating in all business relationships to build trust and clarity.
“We learn a lot more from taking action than we do from making a perfect plan. So many of us get stuck planning what we're going to do, we never actually do it.”
— Eben Pagan▶ 0:31
Most entrepreneurs want to learn everything possible before acting to avoid mistakes and look perfect. However, this actually prevents the real learning that comes from customer interaction and market testing.
“Speed of implementation. This is what separates the winners from losers. Winners act. They implement right now.”
— Eben Pagan▶ 6:10
Implement ideas immediately - right now, today, not in a week or months. Ideas fade like dreams if you don't act on them quickly, becoming foggy within a week and completely forgotten within months.
“Most people don't execute, which means that most competition isn't. Most businesses don't execute. Most make big plans and don't do anything with them.”
— Eben Pagan▶ 2:06
No, because most people and businesses don't execute even when they see good ideas. They're too busy, stuck in habits, or distracted to actually implement what they observe.
“Bad things tend to happen in business because of inaction, not because of action. A bad thing in this case is you waking up five years from now and being in the same or worse financial condition than you're in now.”
— Eben Pagan▶ 3:29
The biggest risk is inaction, not failed attempts. Waking up five years from now in the same or worse financial condition is far worse than small failures that provide learning experiences.
“Get to the third version as fast as you can. Version three point o is what you're looking for. The first couple of versions are just to learn, just to get oriented and see what the space is about.”
— Eben Pagan▶ 8:08
Focus on getting to the third version as fast as possible. The first two versions are for learning and orientation - version 3.0 is when you start to feel stable and competent.
“Over communicate. In almost every case, you'll find that you can't communicate too much. You cannot communicate too much. People wanna know what's going on.”
— Eben Pagan▶ 11:24
Over-communicate significantly. Give way more details and information than you think they need. You literally cannot communicate too much in business relationships.
A systematic approach to breaking through planning paralysis and taking consistent action in your business
Implement immediately
When you get an idea, take action today, not in a week or months. Speed of implementation separates winners from losers.
Plan for version 3.0
Don't try to perfect your first attempt. Focus on getting to the third version as quickly as possible - that's when you'll feel stable and competent.
Aim for 80% completion
Shoot for great, not perfect. You can get 80% done in 20% of the time, avoiding the diminishing returns of perfectionism.
Over-communicate throughout
Give way more details and information than you think necessary to customers, partners, and team members. Set clear expectations and exceed them.
You learn exponentially more from taking imperfect action than from making perfect plans - the key to building profitable business is getting trial and error experience with real customers and markets
Eben explains that entrepreneurs get stuck planning what they'll do but never actually doing it, missing the critical learning that comes from talking to customers, testing marketing offers, and trying products in real markets
Most people and businesses don't execute on their ideas, which means most competition isn't actually competitive - even when others see what you're doing, they won't take action
Eben states that most businesses make big plans but don't execute because they're too busy, stuck in habits, or distracted with multitasking and interruptions
Bad outcomes in business happen from inaction, not action - the real danger is waking up five years from now in the same or worse financial condition
Eben contrasts spending a couple hundred dollars on a failed ad (which teaches valuable lessons) with the catastrophic outcome of not taking action and remaining financially stagnant for years
Focus on finding a better way, not the right way - constantly improve your approach to customers, products, and marketing rather than seeking one perfect solution
Eben explains that seeking 'the right way' locks you into looking for one solution instead of continuous improvement, and emphasizes acting to learn and get feedback for constant refinement
Speed of implementation separates winners from losers - when you get an idea, implement it immediately, not in a week or three months
Eben compares ideas to dreams that fade from memory - vivid at first, foggy after a week, mostly gone after a month, and completely inaccessible after a year without immediate action
Get to the third version as fast as you can - version 3.0 is when you start to feel stable and competent, not the first attempt
Eben explains this mindset lowers expectations for early versions, adds persistence, and recognizes that the first couple versions are just for learning and orientation to the space
Shoot for great, not perfect - you can usually get 80% done in 20% of the time, but that last 20% takes 80% of the time due to diminishing returns
Eben notes that he looks back on everything he's done in business and says 'that was pretty good' or 'that was great' but never 'that was perfect', and explains how perfectionism causes analysis paralysis
Over-communicate in all business relationships - give more details than you think necessary, set clear expectations, and you literally cannot communicate too much
Eben emphasizes this applies to customers, partners, employees, and team members, recommending giving way more information than needed and setting multiple expectations that you can then meet or exceed
Under-promise and over-deliver consistently - people heavily penalize you for the one thing you promised but didn't deliver, even if you delivered nine other things
Eben explains that if you tell someone you'll do 10 things but only do 9, they really penalize you for that one missing item, especially when they're paying money
You learn exponentially more from taking imperfect action than from making perfect plans - the key to building profitable business is getting trial and error experience with real customers and markets
▶ 0:31Most people and businesses don't execute on their ideas, which means most competition isn't actually competitive - even when others see what you're doing, they won't take action
▶ 2:06Bad outcomes in business happen from inaction, not action - the real danger is waking up five years from now in the same or worse financial condition
▶ 3:29Focus on finding a better way, not the right way - constantly improve your approach to customers, products, and marketing rather than seeking one perfect solution
▶ 4:48Speed of implementation separates winners from losers - when you get an idea, implement it immediately, not in a week or three months
▶ 6:10Get to the third version as fast as you can - version 3.0 is when you start to feel stable and competent, not the first attempt
▶ 8:08Shoot for great, not perfect - you can usually get 80% done in 20% of the time, but that last 20% takes 80% of the time due to diminishing returns
▶ 10:46Over-communicate in all business relationships - give more details than you think necessary, set clear expectations, and you literally cannot communicate too much
▶ 11:24Under-promise and over-deliver consistently - people heavily penalize you for the one thing you promised but didn't deliver, even if you delivered nine other things
▶ 12:49Claim: “You should research extensively and create perfect plans before taking action to avoid mistakes”
Reframe: You learn exponentially more from taking imperfect action than from making perfect plans, and the real business education comes from trial and error with real customers
Claim: “Taking action is risky because bad things happen when you act without certainty”
Reframe: Bad things in business happen because of inaction, not action - the real danger is remaining in the same financial position for years, not failing at small experiments
Claim: “Find the right way to do something in business and execute that method”
Reframe: Focus on constantly finding better ways rather than seeking one right way - act to learn and improve continuously
“We learn a lot more from taking action than we do from making a perfect plan.”
“Speed of implementation. This is what separates the winners from losers.”
“Bad things tend to happen in business because of inaction, not because of action.”
“Most people don't execute, which means that most competition isn't.”
“You cannot communicate too much. People wanna know what's going on.”
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Coaching Strategies
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Common Mistakes
Base your product entirely on your customer's needs, not your expertise or knowledge you think deserves payment
Eben explicitly warns against the 'expert mindset of I deserve to get paid for my knowledge' and emphasizes repeatedly asking customers about their fears, frustrations, wants, aspirations, and secret dreams
Transform your offering from a product or service into a proven system or method that delivers specific results
Eben states that 'most experts who write books or offer seminars teach general bland material that has no impact' and emphasizes using the words 'proven system' when creating products
Replace the term 'customer' with 'business friend' to fundamentally change your relationship approach and eliminate the power dynamic that creates disconnection
Traditional customer mindset creates a 'big powerful business vs little customer' dynamic with voicemail trees and policy-driven interactions that customers hate experiencing themselves
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John Carlton, described as a wonderful friend and amazing copywriter, states this is 'the hardest thing to do in the world and the hardest skill to acquire' - getting the human animal to take out their wallet and credit card
