Valuetainment - February 21, 2019


Episode 274： What Van Halen Can Teach Every Entrepreneur


Episode Stats


Length

4 minutes

Words per minute

186.16396

Word count

897

Sentence count

18


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).
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.