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

Harmful content

Misogyny

3

sentences flagged

Toxicity

18

sentences flagged

Hate speech

4

sentences flagged


Summary

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

The dumbest mistake I almost made my first year as an entrepreneur is I almost quit. I almost believe that everyone that said, "You don't have what it takes to be an entrepreneur." I almost believed it and I almost gave up.

Transcript

Transcript generated with Whisper (turbo).
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
Toxicity classifications generated with s-nlp/roberta_toxicity_classifier .
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
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. 0.93
00:00:27.860 I almost quit. 0.97
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. 0.97
00:00:46.160 That would have been above everything else the dumbest mistake I would have made as an 0.99
00:00:50.380 entrepreneur. 0.97
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. 0.99
00:03:12.940 Dumbest mistake I made was number two dumbest mistake I made. 0.99
00:03:15.580 Number three, trying to take advice from too many people. 0.99
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. 0.98
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 1.00
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, 0.91
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. 1.00
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. 0.99
00:11:59.880 One weekend, I came back, and one guy was kicking my butt. 0.99
00:12:03.320 This one guy was completely kicking my butt. 0.99
00:12:04.940 One of my competitors was killing me. 0.99
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. 0.99
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. 0.94
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. 0.88
00:17:17.800 I don't want to party anymore. 0.82
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. 0.99
00:17:44.500 Man, it's like the same old crap over and over again. 0.94
00:17:47.280 There is no real life and substance behind it. 0.99
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. 1.00
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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00:24:07.760 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.