Valuetainment - September 12, 2018


Episode 169： 10 Dumbest Mistakes Entrepreneurs Make with Their Money


Episode Stats

Length

24 minutes

Words per Minute

213.90785

Word Count

5,297

Sentence Count

429

Misogynist Sentences

3

Hate Speech Sentences

4


Summary


Transcript

00:00:00.000 30 seconds, one time for the underdog, ignition sequence start, let me see you put em up, reach
00:00:09.240 the sky, turn the stars up above, cause it's one time for the underdog, one time for the
00:00:16.240 underdog.
00:00:17.320 I'm Patrick Bedevi, your host of ITM, and today I'm going to talk to you about 12 mistakes
00:00:20.780 I made my first year as an entrepreneur.
00:00:23.660 The dumbest mistake I almost made my first year as an entrepreneur is I almost quit.
00:00:27.860 I almost quit.
00:00:28.780 I almost believe I couldn't do this.
00:00:31.720 I almost believe being an entrepreneur wasn't for me.
00:00:34.660 I almost believe that everyone that said, Pat, you don't have what it takes to be an entrepreneur,
00:00:40.160 I almost believed it and I almost gave up.
00:00:42.480 Almost.
00:00:43.080 I almost quit my first year as an entrepreneur.
00:00:46.160 That would have been above everything else the dumbest mistake I would have made as an
00:00:50.380 entrepreneur.
00:00:50.740 Number two, I tried to become a CEO president too early.
00:00:57.260 And let me explain to you what I mean.
00:00:59.660 Trying to organize too much too early.
00:01:02.420 When you are a brand spanking new entrepreneur, I did a video last week, it was called A Phone
00:01:06.960 Call to Starving Entrepreneurs.
00:01:09.280 You can see the picture here.
00:01:10.800 It's a phone call I made.
00:01:11.880 It's like a four minute video.
00:01:12.920 If you haven't listened to it, you click on the link on the bottom, you'll be able to listen
00:01:15.960 to it.
00:01:16.700 My message was very simple.
00:01:18.680 See, when I think about the word entrepreneur, right?
00:01:21.360 When I think about the word entrepreneur, what's the first thing that comes to mind?
00:01:23.720 For instance, if I were to tell you right now, what's the first word that comes to mind
00:01:27.900 when I say Microsoft?
00:01:29.080 What do you think about?
00:01:30.080 You may have said Bill Gates.
00:01:31.920 What's the first word that comes to mind when I say Apple?
00:01:34.960 You may have said Steve Jobs.
00:01:36.600 What's the first word that comes to mind when you think about the Lakers?
00:01:39.420 You may have said Kobe.
00:01:40.620 What's the first thing that comes to mind when I say Chicago Bulls?
00:01:43.380 Michael Jordan.
00:01:44.280 What's the first thing that comes to mind when I think about Golden State Warriors?
00:01:46.900 Steph Curry.
00:01:47.420 Whatever it is, that first word, what's the first thing that comes to mind when I say
00:01:52.240 the word entrepreneur to you?
00:01:53.880 What is it?
00:01:55.100 What is it?
00:01:55.600 I don't want to say mine yet.
00:01:56.540 What's your first?
00:01:57.340 First.
00:01:58.380 See, to me, entrepreneur, first is sales and numbers.
00:02:02.240 Now, you may have said create a problem, solve a problem, da, da, da, da.
00:02:05.580 If you don't know how to sell and you don't look at the world of business as a number formula
00:02:09.640 you've got to solve, you're not, because the only way an entrepreneur is an entrepreneur
00:02:14.740 is because an entrepreneur sells something.
00:02:17.440 Zuckerberg sells.
00:02:18.580 Bezos sells.
00:02:19.680 Elon Musk sells.
00:02:21.420 They are salesmen first.
00:02:22.800 Sam Walton sold first.
00:02:24.900 Ben Franklin was a salesman first.
00:02:27.780 An entrepreneur must first learn how to graduate.
00:02:31.140 Sales first.
00:02:31.980 Back in the days when he moved up in a company, the way everybody came to the top of the company,
00:02:35.820 it wasn't like how it is today.
00:02:36.760 When people go get a fancy degree and they start off as a vice president, back in the
00:02:41.040 days when he worked up at a company, everybody started selling first.
00:02:43.540 Why?
00:02:43.660 Because you had to know what it was to be a salesperson, touching the customers, talking
00:02:46.380 to their customers, and connecting with everybody else as an executive that you know what the
00:02:50.140 salespeople do on a daily basis.
00:02:51.640 If you don't know what salespeople do on a daily basis, you don't know how to connect
00:02:55.100 with them.
00:02:55.780 And you don't know how to connect with the customer.
00:02:57.520 His frustration, her frustration.
00:02:59.600 So, my biggest mistake first year was I tried to be too much of a business owner instead
00:03:05.300 of learning how to sell first and survive based on my selling abilities of making money
00:03:11.040 as a salesperson.
00:03:12.940 Dumbest mistake I made was number two dumbest mistake I made.
00:03:15.580 Number three, trying to take advice from too many people.
00:03:18.540 Let me tell you what I mean by trying to take advice from too many people.
00:03:21.140 If you're not pregnant yet or if you haven't, you as a woman are not pregnant, have never
00:03:25.680 been pregnant, or you haven't been a man with a wife who hasn't been pregnant yet, when
00:03:30.800 that does happen, and if it has, you know exactly what I'm talking about, everybody wants
00:03:35.100 to give you advice.
00:03:36.420 Let me tell you what's the best thing to do.
00:03:37.500 You want to have a natural baby.
00:03:38.360 You want to do a C-section.
00:03:39.100 You want to do this.
00:03:39.680 You want to take Pitocin.
00:03:40.380 You want to do that.
00:03:40.940 You want to go do this.
00:03:41.740 You want to take the Epiduria.
00:03:42.560 You know, I want to do this.
00:03:43.340 And whatever they tell you, they're telling you because that's what they did.
00:03:47.300 Just know this.
00:03:48.740 And when you raise your kids, that's the best way to raise your kids.
00:03:50.660 The way we raise our kids, we raise our kids because we put them through this, and we put
00:03:54.040 them through that, and we put them through this.
00:03:55.520 That's great.
00:03:56.900 Everyone has opinion.
00:03:57.760 And by the way, this doesn't mean they're wrong, and it doesn't mean they're right.
00:04:02.680 It's their opinion.
00:04:04.720 The way I take opinion from the people is, here's what I had to do.
00:04:08.820 I took way too much advice from way too many people.
00:04:11.340 My first mentor was in nine different sales companies at the same time, selling nine different
00:04:16.760 products.
00:04:17.680 And he told me that's the way to do it.
00:04:19.100 Multiple streams of income.
00:04:20.140 I realized that's not the way to do it.
00:04:22.740 Not the way to do it.
00:04:23.620 It still is not working for him.
00:04:24.920 That was my first mentor at 20 years old.
00:04:26.900 21 years old.
00:04:27.760 I took a, trying to take advice from way, way too many people.
00:04:31.400 Instead of simplify, who has the life that you want to have, and what are they doing
00:04:39.240 at the phase that you were at in business?
00:04:42.480 What were they doing at that phase?
00:04:43.660 Sometimes we don't take the right type of advice because we see somebody that's already
00:04:47.600 got the lifestyle that we want.
00:04:48.800 They come at the office at 11 o'clock, and they do this, and we think we have to have
00:04:53.800 that life.
00:04:54.240 No, I want to know how you were when you were in the hunt building your business.
00:04:56.940 So take advice from people who have the life that you have, and ask them how they did and
00:05:02.600 what they did when they were at your level getting started, not at their level.
00:05:06.160 It's irrelevant what they're doing at their level.
00:05:08.320 It's at your level.
00:05:09.340 So take advice from established entrepreneurs.
00:05:12.060 I took advice from too many people that gave me too many different opinions, and my brain
00:05:15.960 was going all over the place until I finally realized this is what I'm doing myself.
00:05:19.720 Number four, not knowing how to ask for advice.
00:05:23.060 Not knowing how to ask for advice.
00:05:24.420 So sometimes, you know, because you're an employee and you want to become an entrepreneur, an employee
00:05:30.860 doesn't necessarily ask for advice.
00:05:32.160 An employee's told what to do, and you go do it.
00:05:34.340 No one goes and says, so how do you think I've become a better employee?
00:05:37.120 Very few people ask, how do I become a better employee?
00:05:39.760 How do I become better in my department?
00:05:41.440 Most employees, I don't like this place.
00:05:42.940 Boom, I leave.
00:05:44.060 I don't like this place.
00:05:45.060 They don't take care of me.
00:05:45.860 Boom, I leave.
00:05:46.800 I don't like this.
00:05:47.640 Instead of, you know, in my environment, I'm kind of like, you come tell me what we need
00:05:52.020 to do.
00:05:52.300 You come ask me what we need to do to get better.
00:05:54.620 What do we need to do to make this department better?
00:05:56.420 What do we need to do to make the company better?
00:05:57.900 I want to hear from you.
00:05:59.060 But most companies are not like that.
00:06:00.780 Most companies, the employees are told what to do, and they do it.
00:06:03.500 Right?
00:06:03.800 So when you go from being an employee to an entrepreneur, your mind hasn't yet shifted
00:06:07.840 to go into, you know, asking for advice.
00:06:11.360 And as an entrepreneur, when you go into becoming an entrepreneur, you got to learn how to ask
00:06:15.960 advice from the right people.
00:06:17.360 Kind of point number three and four is the same thing, but learning how to ask advice from
00:06:20.840 the right people.
00:06:21.340 How do I do this?
00:06:22.500 You know, when you were at my face, how did you do this?
00:06:25.880 When you were new like me, what did you do?
00:06:27.620 Not where you are now.
00:06:28.740 I hear sometimes on some conference calls.
00:06:31.080 So, hey, you made $193,000 last month.
00:06:34.360 What did you do this month?
00:06:35.840 It has anything they did this month means nothing to you.
00:06:39.620 You got to ask them.
00:06:40.860 When you were making $3,200 a month like I am today, and you were at this level when
00:06:47.900 you only had 17 customers, what were you doing every single day?
00:06:51.840 That's the right question on how to ask for advice.
00:06:54.720 Then making $196,000 is the final product.
00:06:56.720 That means nothing to you.
00:06:58.440 What were you doing at this phase?
00:06:59.640 If you want to sell yourself to dream and be excited, that's fine.
00:07:02.500 I understand that.
00:07:03.780 But if you want to know how to's, you got to ask, what did we do when we were at your
00:07:06.600 level?
00:07:07.340 Point number five, forcing versus influencing.
00:07:09.500 I try to force too much.
00:07:11.400 I force too much on my clients, on my staff members, on my sales force.
00:07:15.860 My first year, oh my gosh, I was just way, way too much about forcing people to become
00:07:21.280 successful, forcing people to realize why they made the decision to.
00:07:24.900 That was just too much force, way too much force, instead of trying to influence.
00:07:28.100 It's almost like trying to manage everyone's success instead of leading.
00:07:31.380 And finally, I just said, you know what?
00:07:33.320 This is putting way too much pressure on me than anybody else because their success is
00:07:39.280 predicated on me.
00:07:41.020 If they don't succeed, then I'm taking, I said, you know what?
00:07:42.960 I got to set an example of success and then I'm going to lead and influence them with my
00:07:49.380 example.
00:07:50.180 That took weight off my shoulder and they enjoyed my style of leadership because it was purely
00:07:55.760 influential.
00:07:57.260 It was more about example than it was about, you better do this, you better do that.
00:08:00.580 Why don't you do this?
00:08:01.180 Why don't you do that?
00:08:01.860 It was more about, here's what I did.
00:08:04.300 Here's what I'm doing.
00:08:05.520 This is what's working for me.
00:08:06.960 This is what I suggest.
00:08:08.100 Here's what I request.
00:08:09.720 I had to learn by a ton of mistakes on going from force to influence, from managing to
00:08:16.280 just leading and setting an example.
00:08:18.740 Point number seven, living the dream, point number six, living the dream too early, living
00:08:25.100 the dream too early.
00:08:27.200 What does that mean, living the dream too early?
00:08:30.040 When I started the business, I made some money, so I went and got a brand spanking new
00:08:34.660 car, big car payment, just driving everybody around.
00:08:37.960 I was going out and buying drinks for everybody and partying and, hey, Pat's in the house.
00:08:43.720 It's so cool.
00:08:44.520 What up, Pat?
00:08:45.700 I was good in the party scene because I liked that.
00:08:48.620 Oh my gosh.
00:08:49.860 So lifestyle big, going to Vegas, spending 10 grand on a weekend when I don't even have
00:08:56.060 $10,000.
00:08:57.140 It's okay.
00:08:57.920 The money is coming on future success and future sales.
00:09:01.380 Boom.
00:09:02.440 Lost everything.
00:09:04.360 Money, girl, car, everything.
00:09:07.980 Gone.
00:09:09.240 First year.
00:09:10.060 Gone.
00:09:10.880 Wiped out.
00:09:12.000 Credit card score, 484.
00:09:13.760 Everyone's calling collecting debt.
00:09:15.440 You're one.
00:09:16.140 Okay?
00:09:17.280 That's what happened when I tried to live the dream too early.
00:09:20.040 Way, way too early.
00:09:21.100 Now, I think there's a mistake as well trying to leave it delayed too long as well because,
00:09:25.060 you know, people also want to see that you're expanding in your life too.
00:09:28.540 There's got to be a part of that that's taking place that you're expanding in your life too.
00:09:32.640 But living the dream too early, trying to act as if way too early, I don't think that's
00:09:38.780 a benefit either.
00:09:39.660 Because at the end of the day, the number one rule of being in business is what?
00:09:42.700 To stay in business.
00:09:43.800 You got to make sure you're staying in business to be able to have a shot at growing your business.
00:09:47.480 And living the dream too early, living too large too early, can backfire on you.
00:09:52.160 Next.
00:09:53.140 Number seven.
00:09:54.420 Trying to sell too many products as an entrepreneur.
00:09:57.000 So, I'll give you a story for myself.
00:09:59.560 I remember when I first chose the financial industry.
00:10:02.380 So, I got started with Morgan Stanley Dean Witter.
00:10:04.620 And I'm getting my Series 7, 66, 31, 26, life and health.
00:10:08.240 I'm going to go into the financial industry.
00:10:10.160 Okay?
00:10:10.900 I got started the day before 9-11.
00:10:12.800 My first day in Morgan Stanley Dean Witter was on Monday, it was 9-10.
00:10:15.860 9-10, 2001 is the day before 9-11.
00:10:18.660 And I got involved.
00:10:19.760 It was probably the worst time to be involved in the financial industry.
00:10:22.280 Market tanked about 1,000 points the next day.
00:10:24.700 9-11 happens.
00:10:25.580 No one wants to buy stocks, mutual funds.
00:10:27.180 No one wants to talk to an advisor.
00:10:29.060 Market kept going lower and lower.
00:10:30.860 Trust in the market was down.
00:10:32.460 Fear, war, anxiety, panic.
00:10:35.280 No one wanted to deal with anything.
00:10:37.140 Right?
00:10:37.680 And I saw mortgages start climbing up.
00:10:40.460 And that's when Negam, if you've seen the movie The Big Short,
00:10:43.440 who's in The Big Short?
00:10:44.800 The Big Short has who?
00:10:45.800 It has, I want to say, Ryan Gosling is in The Big Short.
00:10:49.840 Who's the funny guy from The Office?
00:10:51.280 What's the funny guy's name from The Office?
00:10:53.980 Pharrell, Carell, Steve Carell?
00:10:55.800 Steve Carell.
00:10:55.900 Steve Carell's in The Big Short.
00:10:57.800 Actually, some pretty big shot actors on The Big Short.
00:11:00.800 Christian Bill, Brad Pitt.
00:11:01.580 Christian Bill, Brad Pitt, yeah.
00:11:03.300 So, you know, the whole thing is about the Negam business.
00:11:06.760 Mortgages were pick a payment, negative amortization,
00:11:09.900 whatever you want to call this program that came from Australia.
00:11:12.800 There you have four payments.
00:11:14.160 You can pay the 15-year loan, the 30-year loan, the interest only,
00:11:17.600 or the negative amortization, which whatever payment you're making,
00:11:20.940 your loan gets bigger and bigger every single month.
00:11:22.900 So, I buy this house.
00:11:24.380 I know it's a $720,000 house, but you only need to make a payment of,
00:11:27.680 you know, $1,920.
00:11:29.340 And who knows, five years from then, it may go up.
00:11:31.200 And then, boom.
00:11:31.940 It went up.
00:11:32.400 But I was tempted to get into the mortgage world.
00:11:35.480 And I saw all these people doing it.
00:11:36.700 I made $28,000.
00:11:38.420 I made $200,000.
00:11:39.220 This guy made $400,000.
00:11:40.200 This guy made $600,000 last month.
00:11:41.800 And he's doing this, this, this, this.
00:11:43.540 Everybody in L.A. wanted to get into this.
00:11:45.560 I was this tempted.
00:11:46.640 Nothing wrong with the guys that did it.
00:11:48.340 People who did it the right way made a lot of money.
00:11:50.000 More power to them.
00:11:51.440 But I had chosen the insurance and the financial industry.
00:11:54.880 That's the industry I chose.
00:11:55.860 And I was tempted this close.
00:11:59.880 One weekend, I came back, and one guy was kicking my butt.
00:12:03.320 This one guy was completely kicking my butt.
00:12:04.940 One of my competitors was killing me.
00:12:07.280 And I'd have to go and sit in the room and just watch this guy beating everybody up.
00:12:11.260 Mortgage, mortgage, mortgage, mortgage, mortgage, mortgage, mortgage.
00:12:14.640 And so I said, we also need to do the mortgage.
00:12:16.820 He's also doing escrow.
00:12:17.820 He's also doing real estate.
00:12:18.840 He's also doing this.
00:12:19.940 He's also doing that.
00:12:21.000 He's also doing title.
00:12:21.980 He's also getting, he's got his money, all this other.
00:12:23.640 He's also, we have to try to become like a bank, and we have to do property and casualty
00:12:27.400 as well, and we have to do tax services as well, and we have to do, and I said, nope.
00:12:31.400 Went back to the book, Blue Ocean Strategy.
00:12:33.840 And Blue Ocean Strategy said, get leaner, get tighter, fewer products, focus on a product.
00:12:38.440 That's what's going to work.
00:12:39.820 And not having read that book, I read it afterwards, realized, and by pure luck, I made the right
00:12:43.680 decision.
00:12:44.100 But I was this close of selling many, many, many different products instead of being focused
00:12:49.840 about a product.
00:12:50.480 But the challenge as an entrepreneur is when you choose an industry, there's going to be
00:12:54.700 booms happening in a lot of different industries, whatever industry you're going to choose.
00:12:57.320 And there's always an industry that seems more sexier.
00:12:59.760 I wish I would have came out with the next Snapchat, the next Instagram, the next Facebook,
00:13:03.660 the next Twitter.
00:13:04.240 It just seems it's more sexy to come out with the Groupon or to come out with this, you
00:13:08.040 know, I just wish I would have, our business is boring.
00:13:11.920 You know, I wish I wasn't in this boring type of, it doesn't matter.
00:13:14.360 I am going to more hedge my money towards the guy that's all in an industry to master
00:13:19.620 that industry than I am with the guy that's constantly trying to chase the next big thing
00:13:23.200 that's taking place.
00:13:24.000 And I watch guys, they went from negam, from mortgages into REO, to short sale, to real
00:13:29.340 estate, to, you know, commercial, to modification, to selling gold, to debt settlement, to credit
00:13:36.140 repair, to credit restoration, to so many, 25 different things.
00:13:41.280 And I kept telling everybody, sell one product, man.
00:13:45.480 Sell one product, one product, one product.
00:13:48.600 Can you do that?
00:13:49.220 Sell one product.
00:13:50.560 And I almost made that mistake and it cost me my business on where I'm at.
00:13:55.200 So don't try to sell too many products.
00:13:56.600 Become focused and intentional on one product, one industry you're choosing.
00:14:00.580 Number eight, thinking I knew it all.
00:14:02.700 I mean, literally, when I got started, I was a young kid, just a knucklehead who thought
00:14:08.620 he knew everything, you know, 21 years old.
00:14:11.660 I would have been so annoyed coaching myself at that time because I thought I knew everything.
00:14:16.160 And then the best thing that ever happened to me, the best thing that ever happened to
00:14:19.760 me is I hit rock bottom.
00:14:21.600 By far, the best thing that ever happened to me is hitting rock bottom.
00:14:24.280 I think for men, I have two boys and I'm going to be in pain when I witness these guys go through
00:14:29.760 this.
00:14:30.100 But I think the best thing that can happen to a man is a heartbreak, a very strong heartbreak
00:14:35.260 and a very big failure early on in business.
00:14:38.440 And it happened to me early on in life, both heartbreak and business.
00:14:42.000 It happened early on because I thought I knew it all.
00:14:44.880 And it was a slap in the face to save.
00:14:46.500 Socrates says, the only thing I know is that I know nothing.
00:14:49.340 If the greatest minds on their deathbed are saying things like that, what makes you and
00:14:53.140 I think we know everything?
00:14:54.540 Quite frankly, everything I'm saying on Valuetainment may be inaccurate.
00:14:57.320 Every single thing I'm saying on Valuetainment, you may come back and my opinions may be wrong.
00:15:01.980 It's worked for me.
00:15:03.180 This is how it's worked for me.
00:15:04.440 For me, it's more about teaching how to think than actually what to think.
00:15:07.480 I want to get an entrepreneur to learn how to think than what to think.
00:15:11.300 But we don't know everything.
00:15:13.040 We got to learn how to adjust.
00:15:14.180 We got to learn how to adapt.
00:15:15.120 We got to learn how to get better.
00:15:16.100 We got to learn how to improve.
00:15:17.420 And so the mindset of thinking, you know it all and all the concepts, it's just, it's not
00:15:20.980 a place you want to be because it means advancements doesn't come around the corner.
00:15:23.780 And I had the know-it-all attitude at a young age and it almost cost me.
00:15:28.080 There's a benefit to that.
00:15:29.580 There's a benefit because you become edgy.
00:15:31.560 You push the envelope a little bit.
00:15:33.240 But there's also the leveling off to know that maybe you don't really know this and
00:15:39.280 let me ask and question somebody I respect to give me proper direction that I trust that
00:15:43.960 maybe they can challenge my position and opinion.
00:15:46.980 But it's good that I have the audacity.
00:15:48.760 So I like it.
00:15:49.720 The fact that there's audacity, that you're pushing the envelope, but there's got to be
00:15:53.960 coachability and learnability that you want to learn in advance as well.
00:15:59.020 It doesn't matter who you are.
00:16:00.360 Everyone's got to have somebody that they have a mentor that's giving them direction with.
00:16:03.980 So it was good that I got at that pretty quickly.
00:16:06.080 Point number nine, I partied way too hard.
00:16:08.560 Way too hard.
00:16:09.480 I mean, I have stories of how hard I partied.
00:16:11.580 I like Thursday night because it was ladies night.
00:16:13.740 The best night was Thursday night.
00:16:14.900 I mean, we used to go to, this is back in the days, Dublin's.
00:16:20.080 I don't know how many times I got kicked out of Dublin's.
00:16:22.380 Man, Dublin's is now shut down.
00:16:24.340 But Dublin's was just heavenly for me.
00:16:27.180 I mean, we had a great time at Dublin's.
00:16:29.920 We had a great time at Miyagi's, Saddle Ranch, all these other clubs that they had in Hollywood.
00:16:34.840 I mean, you name it.
00:16:35.620 We went through every single one of these things.
00:16:37.500 We just partied like crazy and we'd go to Vegas and Dre's is open until today.
00:16:41.600 But back in the days, Dre's was the late, you know, after hours.
00:16:45.360 And we'd go all these other places, just partying Thursday night, then Friday night, then Saturday night, then Sunday night.
00:16:49.760 And then you're trying to get up in the morning and go work on Friday morning.
00:16:52.700 And you came home at 3.30.
00:16:54.760 And you go into work and you're kind of like jet lagged and, you know, from Vegas flight back or whatever it is.
00:17:00.740 And you have no energy and you're going to work.
00:17:02.420 No, I'm going to pull it off because I'm drinking three Red Bulls today.
00:17:05.180 Nope.
00:17:05.940 I want to be focused.
00:17:07.500 I did that for a couple of years.
00:17:09.560 And then my friends will tell you from high school, I went from being the most ridiculous, crazy party guy that wanted to do all that stuff to the most boring guy that said, stop calling me.
00:17:17.800 I don't want to party anymore.
00:17:19.260 One incident took place one night at a nightclub at Highlands, which was an ugly fight that almost led to arrests and all this other stuff.
00:17:28.320 And I said, don't call me anymore.
00:17:30.100 I don't want to deal with this.
00:17:31.000 The only way I'm going to party is I'm going to party going around the world and seeing the world.
00:17:34.120 And I want to celebrate with some ridiculous celebrations and business and success in life.
00:17:40.040 All this other party stuff, the drinks, the girls, it's so boring after a while.
00:17:44.500 Man, it's like the same old crap over and over again.
00:17:47.280 There is no real life and substance behind it.
00:17:50.120 I want the juice of life.
00:17:51.980 I want to hide that last till the day I die.
00:17:54.520 I want to be naturally high.
00:17:56.060 This is why I don't drink coffee.
00:17:57.480 I don't drink Red Bull.
00:17:59.060 I don't eat any of these energy stuff.
00:18:02.040 I don't.
00:18:02.640 I want the natural highs of life is what I'm seeking, what I'm looking for.
00:18:06.980 But it almost cost me a business because I thought, well, listen, man, we watch these movies, Wolf of Wall Street and Boiler Room, and you got to go and party very hard because that's what these guys do in the movies.
00:18:16.820 B.S.
00:18:17.520 If you want that life, you go get it.
00:18:19.380 If you want the bigger real life, the real, real players, that's not how they party, man.
00:18:23.540 They own the nightclub.
00:18:24.500 They don't party with the people at the nightclub.
00:18:26.500 They own the business.
00:18:28.220 They own the products being sold.
00:18:30.000 They don't go in there mingling and doing all that other stuff.
00:18:33.000 And so it's all based on your standards and what you want to do.
00:18:34.960 But I can't lie.
00:18:35.740 I've been to hundreds of ladies' nights.
00:18:38.080 I've been to a club many times.
00:18:39.460 If you're my age and you're from California, we've probably partied at some of the same places together.
00:18:44.000 Okay.
00:18:44.480 All right.
00:18:45.020 Let's not bring any memories, by the way.
00:18:46.260 If you know me from the past, we don't need any comments on the bottom.
00:18:48.680 Okay?
00:18:50.020 Number 10.
00:18:51.300 Acting like a boss instead of an employee.
00:18:53.520 I made that mistake.
00:18:54.500 Let me tell you what I mean.
00:18:55.580 So I'm an entrepreneur now, man.
00:18:57.400 I get to do whatever I want to do.
00:18:58.900 I can come in whenever I want in my hours.
00:19:01.200 And, you know, it's just nobody tells me what to do.
00:19:04.040 I'm an entrepreneur.
00:19:04.800 I come out at 11 o'clock if I want to because I chose to be an entrepreneur.
00:19:08.560 And you're going to fail.
00:19:09.580 When a person goes from being an employee to an entrepreneur, they're missing one thing.
00:19:14.780 They don't have a boss anymore.
00:19:15.920 And they're not used to being a boss.
00:19:17.340 And they don't make a good boss.
00:19:18.420 If you were a boss, you'd be a boss in your past life.
00:19:20.400 And you're not a good boss.
00:19:21.340 That's why you were never a boss in your past life.
00:19:23.880 If you're a boss, you're a boss.
00:19:26.000 Okay?
00:19:26.320 So when you become an entrepreneur, one thing's missing.
00:19:29.680 You don't have somebody that's going to hold you accountable.
00:19:32.020 You don't have somebody that's going to tell you, what were you at 8 o'clock in the morning?
00:19:34.920 You don't have that.
00:19:35.660 You don't even like when somebody does that to you because no one's paying you hourly anymore.
00:19:38.900 No one's paying you $20 an hour, $15 an hour, $30 an hour, $40 an hour, or whatever it is.
00:19:42.880 So who's someone to tell you, what were you this morning?
00:19:44.800 Nobody is.
00:19:45.900 So that environment that you're going into, you're thinking to yourself, what the hell am I doing?
00:19:50.180 You know, so if you don't hold yourself accountable or don't have somebody that's going to hold you accountable,
00:19:56.320 a person, somebody that's directing you, challenging you, a running mate, a partner,
00:20:01.360 many times you'll see that not working out.
00:20:03.800 So for me, I went in.
00:20:05.460 I wasn't a good boss to myself.
00:20:07.140 It cost me my first year.
00:20:08.600 And then eventually, obviously, you're self-motivated.
00:20:10.980 You learn how to hold yourself accountable, all this other stuff, and the rest is history.
00:20:14.760 But you're one.
00:20:15.300 I've seen many people not make it because of that.
00:20:16.680 So point number 11 kind of follows that, is not having a schedule.
00:20:19.800 Create a schedule and stick to it.
00:20:21.500 And punish yourself if you don't.
00:20:23.000 Like literally, I didn't have a schedule.
00:20:24.320 It was just kind of like showing up.
00:20:25.920 Create a schedule just like you have a job, except at a job you work 9 to 5.
00:20:32.480 As an entrepreneur, you work 7 to 10, just so you know that.
00:20:35.440 You don't go become an entrepreneur and work a few hours.
00:20:37.960 You go become an entrepreneur because you work twice as many hours,
00:20:40.500 but then you own your own business and you control the time.
00:20:42.740 Most people don't become entrepreneurs because they make more money.
00:20:45.200 They want control and freedom and a lifestyle.
00:20:47.720 And that lifestyle may take 3, 5, 10 years.
00:20:49.580 It won't happen overnight.
00:20:50.840 It won't happen overnight.
00:20:52.260 But set a schedule and stick to it.
00:20:53.720 And the last one I'll tell you is the value of a business plan.
00:20:59.680 You know, I remember I got started early on and I was on this meeting and this one girl
00:21:07.900 who had gotten involved in business, we had both become advisors right around the same
00:21:12.220 time, she wrote a business plan, 60-page business plan.
00:21:17.060 I'm going to make this kind of money.
00:21:18.360 I'm going to do this.
00:21:19.020 I'm going to do that.
00:21:20.040 And I'm just scratching my head.
00:21:21.240 I'm like, man, I have no idea how to even write a business plan.
00:21:24.040 But I don't even know what a business plan is.
00:21:26.920 And there was not like internet to go and type it, seven points to write a business plan.
00:21:30.120 There was no online blogs, you know, on how to write a business plan.
00:21:34.040 So I don't know how to write a business plan.
00:21:35.500 What am I going to do on writing a business plan?
00:21:37.020 So the value of a business plan is this much when you're year one of an entrepreneur.
00:21:46.020 Your business plan should be actionable items and habits to learn and apply every day, such
00:21:52.360 as, I'm going to make 250 calls today.
00:21:56.380 I am going to give away 50 business cards today.
00:21:59.780 I am going to network online and connect with 50 people on social media today.
00:22:06.680 And what counts, so I'm not just going on News Feed Facebook, I'm getting numbers and
00:22:11.180 schedule and follow-up appointments.
00:22:13.200 That's what counts.
00:22:14.680 Habits.
00:22:15.460 I'm going to read an hour per day.
00:22:17.860 I'm going to study my trade an hour per day.
00:22:21.400 The business plan is not, here's what I'm going to hit, quarter number one, quarter number
00:22:24.740 two, quarter number three.
00:22:25.840 It's more, I'm going to learn this skill set this month.
00:22:28.380 Then I'm going to learn this skill set this month.
00:22:30.960 Then I'm going to learn this skill set this month.
00:22:32.920 Then I'm going to learn this skill set this month.
00:22:34.980 That's a business plan, not a 75-page business plan.
00:22:38.960 A habit, skill set, discipline plan is really what's critical over all the other stuff.
00:22:45.460 So, you know, very, very critical.
00:22:48.360 Reading and putting that part of your plan on a daily basis is very important because
00:22:52.360 you're improving your mindset, self-affirmation, you know, self-auto-suggestion statements you're
00:22:57.360 telling yourself, books you're reading on how to improve yourself, audio CDs you're
00:23:01.220 listening to, things that get you going.
00:23:03.400 Very, very important for doing that.
00:23:06.700 And obviously, when you do that plan, it's eliminating certain relationships, certain
00:23:11.020 associations, who you want new to be in your life.
00:23:13.880 That's what the plan is.
00:23:14.840 The plan is not a business, business plan that you have to write.
00:23:17.920 This intimidating business plan that a kid from USC with an MBA is going to teach you
00:23:23.440 how to write and it's charging you $1,500, nonsense.
00:23:26.640 I've seen hundreds of kids coming out of big universities writing business plans as entrepreneurs
00:23:30.500 who failed and are working at somebody right now for nothing.
00:23:34.240 So, writing a business plan to value with year one, not a lot.
00:23:37.580 Year three, year five, year ten, more because then you understand the cycles of the business,
00:23:41.480 the seasons of the business.
00:23:42.980 You know, you're more of a mature entrepreneur, dot, dot, dot, dot, dot.
00:23:45.800 Thanks everybody for listening and by the way, if you haven't already subscribed to
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00:23:55.820 for me that you may have, you can always find me on Snapchat, Instagram, Facebook or
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00:24:00.880 Just search my name, PatrickVidDavid and I actually do respond back when you snap me or
00:24:05.980 send me a message on Instagram.
00:24:07.760 With that being said, have a great day today.
00:24:09.500 Take care everybody.
00:24:10.220 Bye bye.
00:24:15.800 Bye bye.