Valuetainment - February 08, 2021


Don’t Become an Entrepreneur if You Hate This


Episode Stats

Length

6 minutes

Words per Minute

204.44043

Word Count

1,283

Sentence Count

102


Summary


Transcript

00:00:00.280 If you're currently experiencing a plateau with your business or not happy with the results,
00:00:03.840 there's a reason for that.
00:00:04.840 So I want to read you two quotes from two folks, executives, who did very, very well
00:00:10.600 for themselves.
00:00:11.400 Let me start off with one.
00:00:12.660 His name is Thomas Watson, former CEO of IBM, said this decades ago about running a company.
00:00:19.380 He said, whenever an individual or a business decides that success has been attained, progress
00:00:25.580 stops.
00:00:26.500 Meaning, if you think you've already made it, guess what?
00:00:30.200 Progress is going away.
00:00:31.520 The second one is a former CEO of General Motors, Alfred Sloan, once said the following.
00:00:38.480 This guy was on a cover of Time Magazine.
00:00:40.080 I'm talking in the 20s, maybe 1926, said the following about competition.
00:00:44.180 He said, there is no resting place for an enterprise in a competitive economy.
00:00:50.540 Let me read this one one more time slowly.
00:00:53.120 There is no resting place for an enterprise in a competitive economy.
00:00:58.860 So what do these two things mean?
00:01:00.900 So first of all, Thomas Watson talked about what?
00:01:02.520 He said, the moment you think success has been attained, progress stops, right?
00:01:06.880 Alfred says, there is no resting place in a enterprise in a competitive economy.
00:01:13.720 What do you mean by that?
00:01:14.500 Here's what it means.
00:01:15.060 So if you choose to build a business and go out and compete in a marketplace, if you don't
00:01:22.740 compete and you think you've made it, you're going to lose market share.
00:01:26.480 It's that simple.
00:01:27.460 By the way, I'm in one of the most competitive marketplaces myself with businesses that I
00:01:32.340 run, right?
00:01:33.480 Competition never stops.
00:01:34.780 It's every single day.
00:01:36.120 It's constant.
00:01:37.300 It's happened to me for the last 19 years, from local to regional, to state, to national.
00:01:44.380 There's constant competition.
00:01:46.480 The moment that you notice that you're getting a little bit casual and you're like, oh, I
00:01:51.600 think we got this thing down.
00:01:52.660 I think we got it down.
00:01:53.500 I think this is it.
00:01:54.220 I know exactly what I'm doing.
00:01:55.740 There's no way in the world anything's going to happen to my business.
00:01:58.640 And people forget.
00:01:59.900 How big is your business?
00:02:01.000 You may say, oh, I'm running a $5 million a year business.
00:02:04.440 Wow.
00:02:05.380 How big is your business?
00:02:06.100 Oh, we're doing $20 million a year.
00:02:07.600 Really?
00:02:08.100 Yeah.
00:02:08.660 How big is your business?
00:02:09.300 We're doing $100 million.
00:02:10.660 You're running a $100 million a year?
00:02:12.000 Oh my gosh.
00:02:13.020 You know what I mean?
00:02:13.320 Let me tell you who I am.
00:02:14.240 Look at my structure and what I have.
00:02:17.420 Kmart went out of business.
00:02:18.880 They were bigger than me.
00:02:21.260 Kmart was big.
00:02:22.540 Blockbuster was an $8 billion company.
00:02:24.500 They went out of business.
00:02:25.640 You want me to continue?
00:02:27.300 Chevron, last year, had such a bad year.
00:02:30.940 All these executives walking around selling oils.
00:02:33.180 They'll say, I made a million dollars last year.
00:02:35.260 I made a half a million dollars last year.
00:02:36.980 Making a quarter million dollars working for Chevron or Exxon is not a big deal.
00:02:40.680 But it was such a terrible year last year that they thought, oh my gosh, there's no way in the world that Elon Musk is going to be able to compete.
00:02:46.320 And all these electrical cars, there's no way in the world.
00:02:50.640 It was so bad that Chevron and Exxon have decided to team up together to become the largest merger.
00:02:59.440 And it was such a rough year last year for Exxon that they're no longer in the Dow Jones 100.
00:03:06.880 Think about that.
00:03:08.100 It's the first time that's happened in decades is what we're talking about.
00:03:12.340 The first time that's happened.
00:03:13.300 One of those two, either Chevron or Exxon is no longer in the Dow 100.
00:03:16.660 But what's the moral of the story here?
00:03:18.120 Here's the moral of the story.
00:03:19.060 If you're watching this right now, you're kind of like, well, I don't know about that.
00:03:22.700 It's kind of giving me anxiety.
00:03:23.780 And I don't know if I want to do this or not.
00:03:25.620 I totally get it.
00:03:26.720 Look, Tom Brady is 43 years old.
00:03:28.200 And they asked him, they said, how long do you want to play?
00:03:29.760 Probably until 45 if I can.
00:03:31.800 What the hell is wrong with this guy?
00:03:33.620 He's made a few hundred million dollars.
00:03:34.840 He's living in a $35 million house right now in Tampa.
00:03:37.100 Derek Jeter's former house.
00:03:38.640 He's married to a beautiful model.
00:03:40.160 Everybody around the world knows who she is.
00:03:41.920 He's won six championships.
00:03:43.320 Why does he want a seventh one?
00:03:44.720 It's because he understands that the moment you decide to have an enterprise and you want
00:03:52.320 to go in an enterprise to win, there is no resting place in an enterprise that's a competitive
00:03:57.860 climate.
00:03:59.020 He has to compete even till this age.
00:04:01.360 He has to stay disciplined even till this age.
00:04:04.320 And for you, no matter what you do, whether you're small or whether you're big, you have
00:04:08.420 to have that as well.
00:04:09.060 And I interviewed an astrologist, a Zodiac expert yesterday, 50 years he's been doing
00:04:13.700 this, right?
00:04:14.380 And he read me very well.
00:04:16.040 He's like, well, you are this and you're Libra, but on the back end, you have a bit of Leo
00:04:20.340 and Virgo and you're somewhat fascinating.
00:04:23.620 And if you know me, I always ask people what their birthday is, when their birthday is.
00:04:26.820 So when we did the interview, the guy was like, why would this guy want to interview me?
00:04:29.120 He's a capitalist.
00:04:29.780 He's a competitive guy.
00:04:30.600 And so finally we do the interview together.
00:04:31.940 We hit it up.
00:04:32.520 But he says, you know, you're all about competition, Pat.
00:04:36.480 I mean, sometimes you have to have collaboration.
00:04:38.200 It says, who says, I don't like collaboration?
00:04:40.060 I like collaboration.
00:04:41.420 I love competition.
00:04:42.420 Like even right now, with one of our competitors that we're competing with, you know, very,
00:04:48.460 you know, strong competitor on the other side, respect, respect for both each other.
00:04:52.920 But guess what?
00:04:53.700 It's leading to a collaboration.
00:04:56.340 Let's just say you have a collaboration with a partnership.
00:04:58.640 If you stop competing in a marketplace, there's going to be somebody else that's coming in
00:05:02.520 that's going to say, let me try to take this guy.
00:05:03.940 Let me try to take a market share.
00:05:05.000 However, if you don't want to compete, set aside and let somebody else do it.
00:05:09.760 Very simple.
00:05:10.960 If you say, I no longer want to compete, no problem.
00:05:15.720 Give your job to somebody else, just like Jeff Bezos gave it to Andy Jazzy.
00:05:18.780 But if you still want the leadership position, if you still want the kind of respect of I'm
00:05:23.640 competing in a marketplace today, you better stay tight.
00:05:26.860 You better stay strong and you better not be over resting and you better not get too
00:05:31.000 casual and keep constantly competing or else someone out of nowhere could come and take
00:05:37.540 a market share away from you because that's what happens when you decide to run and enter
00:05:43.640 price.
00:05:44.580 Having said that, I did an interview with Mark Cuban four or five years ago, okay?
00:05:48.880 And we talked about a lot of different things, but he did talk about competition.
00:05:52.200 If you've never seen my interview with Mark Cuban, I did from four or five years ago,
00:05:56.160 I think it's 2016, maybe it's 2015.
00:05:57.860 I think it's, actually, no, it is.
00:05:59.540 Is it 16 or 15?
00:06:00.680 I don't know.
00:06:01.020 It's one of those.
00:06:01.960 If you've never seen it, it's an interview you do not want to miss to see his mindset
00:06:07.480 of competition.
00:06:08.720 Whether you agree with his politics or not, click over here to watch that interview.
00:06:12.440 And everybody else, go compete.
00:06:15.480 Take care, everybody.
00:06:16.260 Bye-bye.