Valuetainment - November 07, 2018


Episode 205： 7 Steps To Make Millions In Any Industry

Topics
condensing time frames
Hosted by
Patrick Bet-David
Mentioned
Warren Buffett Elon Musk Al Bundy David Jeff Bezos Bill Gates Blockbuster Snapchat Zuck
Episode 204： 14 Strategies to Beat Your Competition as an Entrepreneur Episode 206： How to Make a Million Dollars a Year

Episode Stats


Length

7 minutes

Words per minute

189.58

Word count

1,428

Sentence count

128


Summary

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

If I had Jeff Bezos' money, life would be amazing. If I had Warren Buffet's money, I would be a millionaire. But what if I had Elon Musk's money? What if I could figure out how they think and how they process issues? If I could be Warren Buffett's processor, I could make $60B in an industry.

Transcript

Transcript generated with Whisper (turbo).
Topics generated with Qwen2.5-3B-Instruct.
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
00:00:00.000 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
00:00:16.220 underdog.
00:00:17.340 I'm Patrick Bede, your host of Value Team, and today we're going to talk about 7 steps
00:00:20.780 to make millions in any industry.
00:00:23.560 I often hear people say, man, if I had Jeff Bezos money, life would be amazing.
00:00:28.580 Man, I wish I was wealthy like Warren Buffett or Bill Gates or Zuck or any of these guys,
00:00:33.560 Elon Musk, I would love to have their kind of money.
00:00:36.160 See, you don't want their money.
00:00:37.720 If there's anything you would want, the right answer is the following, I wish I could figure
00:00:43.120 out how they think and how they process issues.
00:00:45.840 If you had Elon Musk's processor, Warren Buffett's processor, you're going to make money, and
00:00:52.420 by the way, you're actually going to enjoy life even more, cause your processor is what
00:00:56.260 you're going to have for the rest of your life.
00:00:57.520 Money you're going to run out of eventually.
00:00:59.340 Maybe not that kind of money.
00:01:00.760 Look, last week I was doing a podcast, and on the podcast I was asking a very good question.
00:01:05.800 I said, we're going to turn it into an episode.
00:01:07.160 Here's what the question was.
00:01:08.020 Pat, if you had to do it all over again, and you had to get involved in an industry, and
00:01:12.920 it cannot be insurance or financial services because that's what I'm a part of, what industry
00:01:17.640 would you choose to get involved in?
00:01:19.940 This was my answer to him.
00:01:21.440 I said, look, I don't look at industry.
00:01:24.180 I don't care what industry it is.
00:01:25.360 I think we put way too much emphasis into industry.
00:01:28.180 Think about it.
00:01:29.220 Can you imagine if you would have said, imagine I'm doing a video 10 years ago.
00:01:32.600 I think the industry where you can make $60 billion is go try to beat cab drivers.
00:01:37.000 You would laugh at me if I, honestly, would you have not laughed at me if I said that?
00:01:41.100 Go beat taxi drivers.
00:01:42.640 Yellow cab.
00:01:43.700 You're going to build a $60 billion company.
00:01:45.820 You would have said, I'm out of my mind.
00:01:47.580 So it's not the industry.
00:01:48.900 It is not about the sexiness of the industry.
00:01:51.720 It is not about, oh my gosh, it's got to be technology or it's got to be a social media.
00:01:55.220 It's got, no.
00:01:56.320 Any industry, clothes, shoes, Al Bundy, shoes, Zappos, a billion dollar sales, a shoe salesperson
00:02:03.420 is a joke in a series called Al Bundy.
00:02:06.180 Forget about the industry.
00:02:07.560 Here's all it is.
00:02:09.100 This is how you got to think about it.
00:02:10.420 What can I do in any industry, pick any one of them, where the delivery of the product
00:02:16.580 coming to me is condensing time frames.
00:02:20.180 So for instance, we like Uber because if I want a cab, I got to call an 800 number.
00:02:26.480 I got to wait until the operator finds a cab.
00:02:28.920 Then they call them.
00:02:29.940 Then the cab driver either shows up or doesn't.
00:02:32.520 Why?
00:02:33.340 Because maybe he doesn't show up because no one's going to give him a two star or a one
00:02:36.600 star.
00:02:36.920 They don't care about that kind of stuff.
00:02:38.480 But in Uber, boom, condensed time frames, I use Uber.
00:02:41.780 You got Netflix, condensed time frames, I don't need to go to Blockbuster, I don't want
00:02:44.940 to get out of my house, change my clothes, go into public, rent something, decide, Netflix,
00:02:49.920 boom, boom, boom, boom, boom, boom, boom.
00:02:51.920 I'm picking this thing.
00:02:52.860 Everything is about condensing time frames, right?
00:02:54.860 So here's a system for it.
00:02:56.000 I told you I'm going to give you a system.
00:02:57.720 Here's a system for it.
00:02:59.920 Pick an industry you're a part of.
00:03:01.300 Matter of fact, the industry you're a part of right now.
00:03:03.040 Say you've already chosen the industry to be a part of and let's work with you first.
00:03:06.460 First, everybody else, you can apply the same exact thing to someone that hasn't yet chosen
00:03:10.720 the industry yet.
00:03:12.000 And you can apply this to the industries you choose to be a part of.
00:03:14.500 It's actually going to be a very fun exercise.
00:03:16.600 It's a seven step process.
00:03:18.140 Let's go through it.
00:03:19.380 Number one, identify the process.
00:03:23.000 Meaning, process of me ordering a cab.
00:03:25.440 That is a process.
00:03:26.440 Ordering a cab, right?
00:03:28.800 Buying a house.
00:03:30.420 I'm going to identify the process.
00:03:32.180 I want to buy a house.
00:03:33.500 Number two, list the steps of the process.
00:03:37.100 For example, I want to order a cab.
00:03:39.320 What do you do?
00:03:40.120 Call an 800 number.
00:03:41.840 Next, the person is going to find the cab driver.
00:03:45.140 Next, then the cab driver comes to me.
00:03:47.000 Next, then it comes.
00:03:48.400 List.
00:03:49.020 So number one, identify a process.
00:03:50.860 Number two, identify the steps of the process.
00:03:54.280 Number three, here's the magical one.
00:03:56.520 See if you can eliminate which one of these steps on the list.
00:03:59.720 Why?
00:04:00.680 You have no idea how many companies, at one point when they got big, they started hiring
00:04:05.380 all these big resumes.
00:04:06.520 And they hired a guy that came from Harvard or Yale or Princeton to make himself seem very
00:04:11.940 important.
00:04:12.880 They had all these laws and regulations and rules and all this other stuff.
00:04:16.520 And they added this new paperwork that you got to do that's taking so much time that if
00:04:21.480 you eliminate it, you save a bunch of time for your guys or whoever that's doing the
00:04:25.200 business, right?
00:04:26.320 Number four, number four, is minimize one of the steps.
00:04:30.680 What can you do to shorten the timeline on one of the steps?
00:04:33.140 So again, let's go through it again.
00:04:34.800 List the process.
00:04:35.700 Number two, list the steps of a process.
00:04:38.060 Number three, which step on the process can be eliminated?
00:04:41.880 Number four, which of the steps can be shortened?
00:04:45.080 Number five, beta tested in a small market.
00:04:48.420 See how it goes.
00:04:49.640 Number six, after beta testing, come back and revisit and see what adjustments and pivots
00:04:55.200 you can make.
00:04:56.280 Make those adjustments.
00:04:57.520 And number seven, go implement the new process that you've put together.
00:05:01.700 Let me explain what happens with this.
00:05:03.140 This is one of those videos where you watch this, and I would say 5% of people that are
00:05:07.280 watching this, they're going to say, oh my gosh, I just figured this thing out.
00:05:11.440 Let me explain why.
00:05:12.220 I'm not telling you, this is not theory.
00:05:13.700 I'm not reading a book and telling you, oh, this is it, I'm doing this.
00:05:17.760 I run a business and I had a hard time selling five life insurance policies.
00:05:22.200 Let me say it again.
00:05:23.180 I'm in the life insurance business.
00:05:25.820 Life insurance business is the company, that's what I do without a degree.
00:05:30.880 I was having a hard time selling five a month.
00:05:33.500 Last month we sold 3,742 in one single month.
00:05:36.920 Why?
00:05:37.580 Because we constantly, in our company, over and over and over and over again, we go through
00:05:45.100 these processes and meetings, and we say, identify the process.
00:05:50.080 Two, make a list of the steps of this process.
00:05:52.780 Three, which step can be eliminated.
00:05:55.300 Four, which one can be shortened.
00:05:57.460 Five, beta test with this market.
00:05:59.820 Six, let's revisit and see how it went and make some pivots and adjustments.
00:06:03.520 And seven, let's implement.
00:06:05.360 This is what's made me tens of millions of dollars, because this works.
00:06:10.040 This can make you so much money if you use this either into whatever business or industry
00:06:16.160 you choose to be a part of, or the current industry you're a part of.
00:06:19.240 And by the way, for some of you that are saying, Pat, I want to kind of go a little bit deeper
00:06:22.720 into this.
00:06:23.520 No problem.
00:06:24.500 Send me a tweet, at Patrick by David.
00:06:26.680 I'll give you a couple book recommendations, or maybe one at least, that you can read that
00:06:30.780 can help you with this topic.
00:06:31.960 Thanks, everybody, for listening.
00:06:33.680 And by the way, if you haven't already subscribed to Valuetainment on iTunes, please do so.
00:06:38.240 Give us a five-star.
00:06:39.640 Write a review if you haven't already.
00:06:41.140 And if you have any questions for me that you may have, you can always find me on Snapchat,
00:06:45.220 Instagram, Facebook, or YouTube.
00:06:47.180 Just search my name, Patrick by David.
00:06:49.100 And I actually do respond back when you snap me or send me a message on Instagram.
00:06:54.080 With that being said, have a great day today.
00:06:55.820 Take care, everybody.
00:06:56.520 Bye-bye.
00:07:01.960 Bye-bye.