Don’t Become an Entrepreneur if You Hate This
Episode Stats
Summary
In this episode, I talk about how important it is to be disciplined in order to win in a competitive world and why it's so important to stay focused no matter who you are or how old you are. If you don't stay disciplined, you're going to lose market share.
Transcript
00:00:00.280
If you're currently experiencing a plateau with your business or not happy with the results,
00:00:04.840
So I want to read you two quotes from two folks, executives, who did very, very well
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
00:00:26.500
Meaning, if you think you've already made it, guess what?
00:00:31.520
The second one is a former CEO of General Motors, Alfred Sloan, once said the following.
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.
00:00:53.120
There is no resting place for an enterprise in a competitive economy.
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.
00:01:15.060
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.
00:01:27.460
By the way, I'm in one of the most competitive marketplaces myself with businesses that I
00:01:37.300
It's happened to me for the last 19 years, from local to regional, to state, to national.
00:01:46.480
The moment that you notice that you're getting a little bit casual and you're like, oh, I
00:01:55.740
There's no way in the world anything's going to happen to my business.
00:02:01.000
You may say, oh, I'm running a $5 million a year business.
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.
00:02:36.980
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.
00:03:08.100
It's the first time that's happened in decades is what we're talking about.
00:03:13.300
One of those two, either Chevron or Exxon is no longer in the Dow 100.
00:03:19.060
If you're watching this right now, you're kind of like, well, I don't know about that.
00:03:28.200
And they asked him, they said, how long do you want to play?
00:03:34.840
He's living in a $35 million house right now in Tampa.
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
00:04:04.320
And for you, no matter what you do, whether you're small or whether you're big, you have
00:04:09.060
And I interviewed an astrologist, a Zodiac expert yesterday, 50 years he's been doing
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
00:04:23.620
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?
00:04:32.520
But he says, you know, you're all about competition, Pat.
00:04:36.480
I mean, sometimes you have to have collaboration.
00:04:42.420
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.
00:04:56.340
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.
00:05:05.000
However, if you don't want to compete, set aside and let somebody else do it.
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
00:05:44.580
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,
00:06:01.960
If you've never seen it, it's an interview you do not want to miss to see his mindset
00:06:08.720
Whether you agree with his politics or not, click over here to watch that interview.