Valuetainment - February 21, 2019


Episode 274： What Van Halen Can Teach Every Entrepreneur

Hosted by
Patrick Bet-David
Mentioned
Van Halen David Lee Roth Patrick MidDavid Snapchat
Episode 273： How To Earn Loyalty From Your Team Episode 275： The Only Solution To Beating Inflation & Unemployment

Episode Stats


Length

4 minutes

Words per minute

186.16

Word count

897

Sentence count

21


Summary

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

In this episode of Value Team, host Patrick Bedevans talks about a clause in Van Halen's contract that every entrepreneur can learn from. It's a key piece of advice you can use as an entrepreneur to protect yourself and your business.

Transcript

Transcript generated with Whisper (turbo).
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, touch the stars up above, cause it's one time for the underdog, one time for the
00:00:16.220 underdog.
00:00:17.280 I'm Patrick Bedevi, host of Value Team, and today I'm going to talk about a clause, yes
00:00:20.560 a clause, like a clause within a contract that a famous rock star, Van Halen, put in
00:00:26.000 his contract that every single entrepreneur can learn from.
00:00:29.920 Van Halen, back in the days, they were a rock band, so when these guys would go and perform
00:00:35.020 in the Boston Gardens, or the Toronto Maple Leafs Garden, or it was Chicago Garden, wherever
00:00:43.520 it was, the AV equipment wasn't prepared to have a rock band like Van Halen, they would
00:00:50.560 come and there was a lot of different things, if he didn't do it right, it wasn't safe for
00:00:54.460 the attendees, people could get hurt, there was a lot of different things to it, and they
00:00:58.920 had to protect themselves, so they had a clause, and here's what the clause was, when they got
00:01:04.080 a promoter to come and promote them and get all these different setups everywhere, right,
00:01:09.260 the promoter would have to sign a contract with dozens of stipulations, they had writers,
00:01:15.560 is what they called it, on the contract that Van Halen had, if you don't go through these
00:01:22.060 dozens of things that we have on the checklist, we don't pay you at the end of the show, and
00:01:26.920 so the promoter knew, if I get you in the gardens, if I do this, if I do this, if I don't follow
00:01:31.160 these dozens, you're not going to get paid at the end of the show, so a lot of people
00:01:35.820 used to say, you know, David Lee Roth, he's a weird guy anyways, all these stories about
00:01:40.580 him going in his man cave, turn the lights off, and be there by himself for days to come
00:01:45.380 out with music, he is a weird guy, he is this, he is that, he actually was a very,
00:01:49.440 very brilliant mind, the whole group was a brilliant group, and here's what they did,
00:01:53.320 one of the writers they had, in the contract to the promoter, they had things from what
00:01:59.380 specific type of toilet paper they wanted on, and now 90% of the writers, 80% of the writers,
00:02:04.700 were about how to make it safer for everybody else, but a couple of them were things that
00:02:09.800 people would say, who cares about having this, one of them was, we want M&Ms in backstage,
00:02:16.380 but in details, it says, but there can be no brown M&Ms in there at all, none, and if
00:02:26.540 you don't read this line, we will not pay you, and the promoter would sign it, say they
00:02:32.180 would come to perform in Chicago Gardens, or they would come to perform anywhere, what
00:02:36.000 would happen, they would go through everything, first thing that we check is go in the back,
00:02:39.980 in the backstage, and they would see the M&Ms, and we look for brown M&Ms, nope, there's brown
00:02:43.860 M&Ms, we're not paying them, because they're not prepared, then they would have to go and
00:02:47.560 check everything to make sure it was safe for people to attend their rock concert.
00:02:51.740 Now, you may say, give me a break, that's just ridiculous, you know what I do say today?
00:02:56.280 I say, pay attention to details. So many times, you know, in businesses, you're running a
00:03:02.580 business, you're doing this, you're doing that, and you're doing a lot of things right,
00:03:05.460 you're not paying attention to your expenses, you're not paying attention to the details of
00:03:09.640 an operation, you're not paying attention to certain numbers you're supposed to track,
00:03:13.440 you're not paying attention to certain paperwork you're supposed to submit the proper way, you're
00:03:17.280 not paying attention to certain person that's not doing the right things, the proper way
00:03:21.280 that could potentially hurt your company, you're not paying attention to the details, and eventually
00:03:26.140 it ends up backfiring on you, and it ends up hurting you, if you don't pay attention to
00:03:31.140 those specific details. So Van Halen, and your M&M story, what a great story. I would tell you
00:03:37.960 to inspect your business as an entrepreneur, and ask yourself, what areas of my business
00:03:43.980 details am I not paying attention to that are hurting my business? And if you're not going
00:03:50.400 to do it, you've got to hire somebody to do that part, and their job specifically is to
00:03:55.360 do what? To pay attention to those details, so it doesn't hurt you long term, and it protects
00:04:00.860 you long term, and gives you the highest chance of succeeding as an entrepreneur.
00:04:05.280 Thanks everybody for listening, and by the way, if you haven't already subscribed to
00:04:08.700 Valuetainment on iTunes, please do so. Give us a five star, write a review if you haven't
00:04:13.940 already, and if you have any questions for me that you may have, you can always find me
00:04:17.560 on Snapchat, Instagram, Facebook, or YouTube. Just search my name, Patrick MidDavid, and
00:04:22.600 I actually do respond back when you snap me, or send me a message on Instagram. With that
00:04:27.680 being said, have a great day today. Take care everybody. Bye bye.
00:04:30.100 Bye bye.
00:04:37.100 Bye bye.
00:04:39.100 Bye bye.
00:04:41.100 Bye bye.
00:04:45.100 Bye bye.