Earning the gift of life | Ric Elias (#79 rebroadcast)
In this special episode, Ric Elias, founder of Red Ventures, recounts his experience on US Airways Flight 1549's emergency landing. He shares how this near-death event profoundly shifted his perspective on life, family, and community, leading to a renewed focus on purpose, humility, and living without regret.
Deep Dive Analysis
19 Topic Outline
Introduction to Ric Elias and US Airways Flight 1547
Ric's Life and Red Ventures Before the Crash
The Plane Crash: Explosion and Realization of Death
Ric's Reflections and Regrets During the 90 Seconds
The Miraculous Landing and Immediate Aftermath
Untold Story: Ric's Selfish Act and Rescue Efforts
Meeting Captain Sullenberger and the 'Just Doing My Job' Philosophy
Returning to Flying and Earning a Second Chance at Life
Living a Life of No Regrets and Choosing Happiness
The 'Collecting Bad Wines' Philosophy
The Infinite Game: Playing for Longevity and Continuous Improvement
Time as the Ultimate Currency and the Power of Saying No
Parenting in an Achievement Culture: Goals and Challenges
Ric's Immigrant Journey and Lessons from His Parents
Red Ventures' Social Impact Work: DACA, Road to Hire, Life Sports, Puerto Rico
The Philosophy and Structure of Red Ventures' Business Review
Qualities Ric Looks for in People and the Nature of Competition
Future Philanthropic Goals and Current Business Challenges
Final Reflections on the Plane Crash's Lasting Impact
5 Key Concepts
Collecting Bad Wines
This philosophy serves as a trigger thought for not postponing anything in life. It means that if the 'wine is ready and the person is there,' one should open their best one, implying taking the trip, making the call, taking the risk, and having the courage to do things now rather than saving them for a future that may not come.
The Infinite Game
This mental model, inspired by Simon Sinek, posits that the whole purpose of the game is to play the next game, with no ultimate winning or end. In life, this translates to prioritizing health and sustainable practices to ensure one can continue to participate and evolve in the long run.
Everything is Written in Pencil
This is a core belief statement at Red Ventures, meaning that the company is not anchored by rigid plans but is open to evolution and changing its mind due to the fast-changing world. It gives permission to experiment and adapt, fostering a culture that embraces uncertainty.
Running Up the Escalators
Another belief statement at Red Ventures, this emphasizes playing with pace, getting more repetitions, and iterating through problems quickly. It's about efficiency, decisiveness in small teams, and understanding that many business tasks are 'pass-fail' events, requiring quick execution rather than perfection.
Three-fer (or Four-fer)
This concept suggests that any activity or investment of energy in life or business should serve multiple purposes simultaneously. For example, a business review meeting can act as a tool for prioritization, training, decision-making, and culture-building all at once.
10 Questions Answered
He regretted not getting to do things, not asking for forgiveness, not saying 'I love you' again, allowing his ego to dominate, and not prioritizing his children's upbringing, having largely delegated it to his wife.
Captain Sullenberger responded by saying, 'I was just doing my job,' a statement that deeply impacted Ric Elias, highlighting the power of simply fulfilling one's responsibilities with excellence.
Ric Elias now views time as his only currency and is highly selective, only doing things aligned with his priorities or that he deeply enjoys. He has become very comfortable saying 'no' to protect his time, significantly reducing his travel for work.
The 'collecting bad wines' philosophy means not postponing anything and living in the present. Ric applies it by always opening his best wine (seizing opportunities) now, taking trips, making calls, taking risks, and having the courage to do things he knows he needs to do, rather than saving them for later.
Ric believes a parent's role is to help their children find their unique gifts, encourage their natural inclinations, and accept them for who they are, avoiding shaming and meeting them where they are.
The core purpose of Red Ventures, as part of the 'infinite game,' is to leave its 'woodpile higher than we found it,' meaning to advance the human race by doing good, not just for profit, and to serve as a platform for social impact.
He looks for people who are ambitious for something bigger than themselves, driven by a desire to constantly improve and compete against themselves, rather than being motivated by killing competitors or fear of failure.
He finds it much easier to apologize, even for things he's unsure he did wrong, simply to avoid creating negative energy. He prioritizes choosing to be happy over being righteous and doesn't seek to argue or understand the counter-argument if it creates dissonance.
He believes injustice is worth getting upset about, specifically when the system fails people who want to help themselves but cannot, such as undocumented children (DACA) or terminally underemployed young adults.
He advises parents to align their actions with their true goal of raising happy, well-adjusted kids, rather than over-scheduling them or judging their own self-esteem by their children's perceived achievements. He emphasizes meeting kids where they are and encouraging their natural bent.
19 Actionable Insights
1. Live a Life of No Regrets
Strive to live a life with no regrets by not postponing important experiences, expressions of love, or seeking forgiveness. This ensures you cherish your time and relationships, as life can change in an instant.
2. Choose Happiness Over Righteousness
Prioritize choosing happiness over being ‘right’ in arguments or conflicts, especially in personal relationships. Recognize that most disagreements are shades of gray and wasting energy on being right consumes valuable time and creates negative energy.
3. Value Time as Your Currency
Treat time as your most precious and irreplaceable currency. Protect it fiercely by aligning your activities with your priorities and learning to say ’no’ to anything that doesn’t serve your core goals or bring you joy.
4. Practice ‘Collecting Bad Wines’
Don’t postpone joy or important actions; metaphorically ‘collect bad wines’ by using your best resources and experiences now. This means taking trips, making calls, taking risks, and having the courage to do things you know you need to do, rather than saving them for an uncertain future.
5. Adopt an ‘Infinite Game’ Mindset
Approach life and endeavors with an ‘Infinite Game’ philosophy, where the purpose is to keep playing and improving, rather than winning a finite outcome. This mindset encourages long-term health, sustainability, and continuous self-improvement.
6. Prioritize Family & Children’s Well-being
Make your most important responsibility ensuring your children become the best versions of themselves, actively participating in their development rather than delegating it. This involves helping them find their gifts, accepting their strengths and weaknesses, and avoiding shaming.
7. Measure What You Want
Turn dreams into goals by writing them down and consistently measuring what you want to improve. This practice focuses your brain and effort, making progress more tangible and achievable.
8. Develop Intuition Through Introspection
Build intuition and pattern recognition not just by experiencing many events, but by deeply introspecting on what happened in those experiences. This meta-level analysis allows you to extract deeper insights and apply them to future situations.
9. Cultivate Emotional Self-Management
Prioritize emotional self-management as a crucial skill for success, recognizing it can be more challenging than managing physical health or daily tasks. This involves regulating your thoughts and emotions in interactions with the world.
10. Apologize Readily to Conserve Energy
Apologize easily and quickly to diffuse negative energy and conserve your valuable time and emotional currency, even if you don’t believe you were wrong. This prevents energy leakage from prolonged conflicts and allows you to move on.
11. Reserve Outrage for Injustice
Direct your emotional energy and outrage towards genuine injustices, rather than minor personal inconveniences like a late Uber or spilled soup. This ensures your passion is spent on what truly matters and can effect meaningful change.
12. Model Desired Behaviors for Children
Teach your children how to live not primarily through words, but by consistently modeling hard work, kindness to strangers, and respect in your daily actions. Your behavior serves as their constant lesson.
13. Prepare for Moments of Crisis
As a leader, actively prepare yourself and your organization for moments of crisis through scenario planning and ‘fire drills.’ True leadership is defined in these challenging times, not just when things are running smoothly.
14. Implement ‘Three-fer’ Activities
Strive to engage in activities that serve at least three purposes simultaneously, maximizing efficiency and impact. This approach ensures that significant investments of time and energy yield multiple benefits.
15. Use Your Platform for Impact
Leverage your platform and influence, not just your financial resources, for social impact work. This allows you to engage others and create broader, more systemic change in communities.
16. Foster Self-Improvement Drive
Seek to hire and work with people who are driven by a desire for self-improvement and getting better all the time, rather than solely by competing against others or fear of failure. This fosters a sustainable and balanced competitive spirit.
17. Embrace Feeling ‘Over Your Head’
View situations where you feel ‘over your head’ in complex challenges as opportunities for fun and growth. This mindset encourages learning and adaptation in dynamic environments.
18. Actively Manage Company Culture
Recognize that company culture is a key competitive advantage and actively manage its evolution, especially during periods of growth, acquisition, or significant change. This ensures the culture remains aligned with organizational goals and values.
19. Detachment from Outcomes
Show up every day, give maximum effort to your endeavors, but cultivate a detachment from the ultimate outcome. This allows you to stay engaged and purposeful without being paralyzed by the fear of failure.
9 Key Quotes
Brace for impact.
Captain Sullenberger
I was just doing my job.
Captain Sullenberger
Time is our only currency.
Ric Elias
When you're saying yes, you're saying no to something else.
Ric Elias
You're only a pilot when you lose an engine.
Captain Sullenberger (as quoted by Ric Elias)
You're only a leader in a moment of crisis. Otherwise, you're just in charge.
Ric Elias
Raising teenagers is a tug of war you ultimately must lose.
Ric Elias's Mom (as quoted by Ric Elias)
The worst decision is a no decision.
Ric Elias
Self-management is the key to success.
Ric Elias
1 Protocols
Red Ventures Business Review Meeting Structure
Ric Elias- Meetings are 20 minutes each, with a strict adherence to the clock.
- No charts are passed; a couple of charts on screen are acceptable, but the presenter must get to the point quickly.
- The meeting must start by clearly defining the problem to be solved or the topic to be discussed.
- The meeting must conclude with a clear outcome or decision, as 'the worst decision is a no decision'.