Valuetainment - March 30, 2021


How to Identify a Running Mate as an Entrepreneur

Hosted by
Patrick Bet-David
Mentioned
John Patrick
The Genius of Great Communicators Inside the Multi-Billion Dollar Sports Industry

Episode Stats


Length

8 minutes

Words per minute

216.71

Word count

1,905

Sentence count

192

Harmful content

Misogyny

1

sentences flagged

Toxicity

1

sentences flagged


Summary

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

In this episode, I explain how I rank people I do business with and who I don't, and why it's so important to know who you should be doing business with, and who you shouldn't. I also give you a formula to rank your business with your friends, family, co-workers, strangers, acquaintances, etc.

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 .
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
00:00:00.120 So imagine you're in business with somebody who's very talented, but they don't have the
00:00:03.560 right character.
00:00:04.560 You don't trust them.
00:00:05.560 They have the right contacts.
00:00:06.560 They're not workers.
00:00:07.560 They have the right skills, but they haven't bought into you.
00:00:11.200 They're not team players.
00:00:12.200 They're good team players. 0.67
00:00:13.200 They're selfish.
00:00:14.200 How do you prioritize what's the right ranking for you to say, I'm going to be in business
00:00:18.760 with this person long tomorrow night?
00:00:19.920 I had a friend of mine today, yesterday, came up to me, and he's about to finish up a business
00:00:25.320 relationship with him.
00:00:27.240 They had an investor relationship together, but he had a fallen out.
00:00:30.740 And he says, I can't do business with this person.
00:00:32.240 I said, why?
00:00:33.240 After a series of questions, I said, let me tell you how I process who I do business with
00:00:38.120 and who I don't long-term, and this is my formula.
00:00:41.480 I presented it to him.
00:00:42.480 He says, oh my gosh, this is so much clearer.
00:00:44.240 I said, I'm going to have to make this into a how-to, so here you are watching it now.
00:00:51.960 Here's how this thing works.
00:00:53.620 I've got different categories here when it comes down to people I do business with.
00:00:58.840 One is character.
00:01:00.120 The other one is trust.
00:01:01.580 The other one is work ethic.
00:01:03.000 We have vision, somebody that's bought in.
00:01:05.480 Then you have competency, skill set.
00:01:07.800 Then you have Rolodex, and contact.
00:01:10.380 So now you kind of have an idea of what we're looking at.
00:01:12.120 Now on this side to the left, I've ranked them from zero to ten, right?
00:01:15.960 So you can rank on different categories, and I'll explain to you trust in a way that will
00:01:20.780 make a lot of sense to you.
00:01:21.820 So let's look at the first one.
00:01:23.140 Character.
00:01:24.140 Is this person someone to do business with?
00:01:26.140 Lowest level, anything less than four.
00:01:27.720 They lie, they cheat, they steal, at all costs.
00:01:29.640 They'll do business at all costs.
00:01:31.420 It doesn't matter what it is.
00:01:32.480 Even if it ruins you, hurts your business.
00:01:34.720 Okay?
00:01:35.720 Next one is four to seven.
00:01:37.700 They're selfish, but honest.
00:01:38.900 Listen, I don't mind doing business with selfish people who are honest.
00:01:42.260 Meaning, hey, I want to do this, and I want to make money, and no, no, no.
00:01:45.060 They'll try to over-negotiate for themselves.
00:01:46.780 I'm okay with that, because there's still an element of honesty, but they're selfish.
00:01:51.160 And then the last one is what?
00:01:53.120 Anything above eight, nine, ten.
00:01:54.500 Fair, reasonable, honest, and a team player.
00:01:57.560 Meaning, character's solid, I can do business with this guy because he or she is fair.
00:02:02.100 They're reasonable, we can have dialogue together.
00:02:04.440 They're honest, and they're a team player.
00:02:05.860 Let's go make this happen together.
00:02:07.180 Phenomenal.
00:02:08.180 Obviously you want the score to be what?
00:02:09.180 Higher.
00:02:10.180 Next one, trust.
00:02:11.180 Stranger, acquaintance, friend, running mate.
00:02:14.780 You could put a score to yourself and say, like, if you're thinking about a guy, let's
00:02:17.820 just say John.
00:02:19.040 You know what, John to me is a seven and a half when it comes down to what, character.
00:02:23.900 John to me in trust, he's probably more of a five.
00:02:26.600 He could be a two, but he could be a nine.
00:02:28.860 He could be an eight.
00:02:29.860 I totally trust this guy.
00:02:30.860 Then he got work ethic.
00:02:32.260 You have the 459 club.
00:02:33.620 What is that?
00:02:34.620 They can't wait to leave.
00:02:35.620 Boom! 0.99
00:02:36.620 They're out of here at 459.
00:02:37.620 Right?
00:02:38.620 So they're not workers.
00:02:39.620 They may have a great character, phenomenal human being, but has no desire to work that
00:02:44.660 hard.
00:02:45.660 They're very much about, I just want to do enough and I'm out.
00:02:48.440 Then there could be the next one, sprints of hard work.
00:02:50.780 They'll work hard for 30 days.
00:02:52.500 And then they disappear for 60 days.
00:02:54.380 They'll go for 90 days.
00:02:55.580 You won't see them for six months.
00:02:57.080 So you know where to put them here.
00:02:58.280 Then you have the last one, which is what?
00:02:59.740 Obsessive, driven, committed, nonstop.
00:03:01.740 Right?
00:03:02.740 So imagine if you have somebody today, strong character, fair, reasonable, honest team player,
00:03:07.900 good running mate.
00:03:08.960 You trust them.
00:03:09.960 They're workers, obsessive, driven, nonstop.
00:03:12.840 We have something very special going on here, right?
00:03:15.320 But that's not enough.
00:03:16.560 Next one is vision and bought in.
00:03:18.780 So you'll sit down, you're talking to John, let's just say, you'll say, you know what?
00:03:21.840 He's a hater.
00:03:22.840 He hasn't bought in.
00:03:23.840 He's a total hater.
00:03:24.840 Anything I say, but you don't realize this is not going to work, right?
00:03:27.840 Or he's a doubter.
00:03:28.840 You know what?
00:03:29.840 I don't know if it's going to work, but maybe, I don't know.
00:03:31.840 It's like, true believer, dude, let's go make it happen.
00:03:34.160 I'm all in.
00:03:35.100 This is going to take place, right?
00:03:36.300 So you've got bought in, hater, doubter, true believer.
00:03:39.740 Or vision, small thinking, average thinker, big thinker.
00:03:43.460 Now obviously if you've got somebody that's here at the top, all four, you've got a pretty
00:03:47.280 good thing going with this relationship.
00:03:48.780 Then we've got the next one, competency.
00:03:50.840 And this is where sometimes you have a challenge, because at the competency level, they could be
00:03:55.220 an amateur, they could be experienced, they could be expert.
00:03:57.920 If you have all of these four things, but they're amateurs, they're just somebody that's good
00:04:03.100 to have on the team.
00:04:04.400 But they're not yet somebody that's going to increase the value of the company.
00:04:07.000 But you don't have to go to sleep at not thinking about they're going to hurt you or harm you.
00:04:10.120 Now if you've got somebody whose skill set is an expert, but all of this is low, you go
00:04:15.020 to sleep every night worried about what this person is going to do to you to harm you.
00:04:18.320 Because you can't trust them, and you know they're not in it with you, right?
00:04:21.740 Okay, then last but not least is Rolodex, contacts.
00:04:24.840 Is it limited?
00:04:25.840 Is it broad?
00:04:26.840 Is it specialized?
00:04:27.840 Is it local?
00:04:28.840 Is it national?
00:04:29.840 Is it global?
00:04:30.840 Is it people who have wealth, influence, massive contacts?
00:04:35.180 Then it's up here, right?
00:04:36.100 So now, you look at this here, you've got a value for yourself, who is it that I want to
00:04:41.500 be in business with?
00:04:42.500 So let's talk about somebody here now.
00:04:43.620 You may say you're in business with somebody, he's your boss, okay?
00:04:49.020 So when you think about here, skill set, he's a high.
00:04:52.760 He's a big thinker.
00:04:54.100 He's obsessive, okay?
00:04:57.200 And he's an acquaintance of yours.
00:04:59.140 You've known him for a while, but you don't trust him at all, right?
00:05:02.480 That's a challenge right there.
00:05:03.560 What are you going to do with this person long term?
00:05:05.440 If you know, that's a boss that you report to.
00:05:07.860 Now you may say, this person I'm working with has all these things, expertise is low, but
00:05:12.460 their contacts is high.
00:05:13.860 Man, this guy's got a lot of good contacts.
00:05:15.400 His last name is dot dot dot, right?
00:05:17.320 So he is willing to take advantage of his contacts and open it up so we can go do big things,
00:05:22.560 raise money, whatever it may be.
00:05:24.760 This leads me to this, which is the big one.
00:05:27.780 Remember how we talked about trust here on the yellow?
00:05:30.280 Watch the trust here.
00:05:32.240 What do you do if the problem with this, the trust, is someone you report to?
00:05:39.140 It's your superior.
00:05:40.680 Or someone that's your colleague and a direct report.
00:05:43.560 Why does this matter so much, Patrick?
00:05:45.420 Here's why.
00:05:46.700 If the person you don't trust is your superior, you can't do nothing about this.
00:05:52.180 This ain't changing.
00:05:53.520 You cannot change the human being and you have no control over it if that's the above you.
00:05:58.300 Now if the person you're doing business with, and you're like, man, this coworker of mine,
00:06:02.540 I tell you he's annoying.
00:06:03.660 I don't trust this guy.
00:06:06.100 But he doesn't have influence over you because you're a colleague, right?
00:06:08.860 You don't report to him.
00:06:09.860 He doesn't report to you.
00:06:10.860 You just know you're in business with him.
00:06:12.220 If he has a chance to backstab you to get a position, you know he's going to do it, right?
00:06:15.860 And every company, there's these types of dynamics that you have to deal with.
00:06:19.660 But the last one is, he reports to you.
00:06:22.320 Now he may report to you.
00:06:23.300 He may be skilled at what he's doing.
00:06:25.840 He may be an average thinker.
00:06:28.000 He may be not even a worker.
00:06:30.340 Let's just say he's here.
00:06:31.340 He goes on sprints.
00:06:32.520 He may be an acquaintance at this point with you, and you don't trust him at all here.
00:06:37.220 But because he reports to you, you still have some controls together.
00:06:41.820 This way when you're doing business, and if you take this whole chart that I give you,
00:06:45.840 I'm going to give you a PDF here in a minute.
00:06:47.540 If you take this whole chart that I just gave you, you put it together, and you put everybody
00:06:51.420 that you're doing business with, run them through it, give them a score.
00:06:54.520 So put next to it, John, and say, John is a 7, a 5, a 4, a 9, a 7, a 6, you get what
00:07:03.900 I'm saying.
00:07:04.900 And then come up with the score.
00:07:06.580 The higher the score, the score ought to be a total of 60 points.
00:07:10.300 The closer to 60, somebody good you're dealing with.
00:07:13.860 Above 50, you're in a good situation.
00:07:15.620 So when you're doing this, also do it in superior.
00:07:19.940 Here's the people I report to.
00:07:21.220 Go through the score.
00:07:22.860 Here's my colleagues I work with.
00:07:24.320 Go through their score.
00:07:25.840 Here's the people that report to me.
00:07:27.220 Go through their score.
00:07:28.700 When you look at your supervisors, you may need to kind of be thinking about where you
00:07:31.820 are, right?
00:07:32.820 If the score isn't too high of your score.
00:07:34.340 But if the score is a high score, look, this is phenomenal.
00:07:36.740 If you go through your colleagues you're working with, then associate yourself with the people
00:07:41.100 that are above 50 score, okay, people that want to do something big.
00:07:44.480 If the people that are direct report to you, and you put the score, work with the people
00:07:49.640 that have the biggest upside they can build a team with, right?
00:07:52.680 If it is somebody that has a high score, if somebody can be in business.
00:07:56.780 But I hope this makes sense to you and helps you out.
00:07:58.540 It's not one of those videos that I think is going to get a lot of views.
00:08:00.960 I just think the right person watching this is going to say, this is exactly what I have
00:08:06.100 to watch because I've been struggling with the decision of somebody in business with.
00:08:10.680 Hopefully this gave you clarity.
00:08:11.680 I want to get this thing in a PDF.
00:08:13.760 Text the word TRUST to 310-340-1132.
00:08:17.440 Once again, text the word TRUST to 310-340-1132.
00:08:23.720 We will send a PDF to you.
00:08:24.720 And if you're out of the US, go to the link in the description, click on the link, subscribe
00:08:30.400 to our newsletter, and you will get the PDF sent to you.
00:08:33.300 And if you enjoyed this video, the other video I want you to watch is 15 Qualities I Look
00:08:37.340 for in becoming a potential Inner Circle team member.
00:08:41.960 If you've never seen that these two go together, click over here to watch that video.
00:08:46.020 Take care everybody.
00:08:47.020 Bye bye, bye bye, bye bye.