Valuetainment - February 08, 2021


Don’t Become an Entrepreneur if You Hate This

Topics
competition in a competitive economy competition
Hosted by
Patrick Bet-David
Mentioned
Thomas Watson Alfred Sloan Mark Cuban Derek Jeter Jeff Bezos Andy Jassy Elon Musk Tom Brady Kmart Libra
Polyglot Who Speaks 20 Languages Reveals His Formula 10 Reasons You Have High Blood Pressure in Business

Episode Stats


Length

6 minutes

Words per minute

204.44

Word count

1,283

Sentence count

125

Harmful content

Toxicity

1

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

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

Transcript generated with Whisper (turbo).
Toxicity classifications generated with s-nlp/roberta_toxicity_classifier .
Topics generated with Qwen2.5-3B-Instruct.
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
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. 0.82
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.