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From Losing Everything to _1B _ What Change · The Empire of Wealth

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  Speaker 1: This year, David hopes to study Mining Engineering at Adelaide Uni,
• 0:03
  Speaker 1: and in 10 years' time, he hopes to be a behaviorist.
• 0:10
  Speaker 2: It's Younger's Shark, an inventor of the Udi.
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  Speaker 1: It's Entrepreneur Dave Fogarty! I want to show you exactly
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  Speaker 1: how I went from being in school, thinking that I
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  Speaker 1: was too stupid to do anything great in this world,
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  Speaker 1: to being the youngest judge on Shark Tank ever, sitting
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  Speaker 1: in rooms with like Mark Cuban, Robert Herjavec and growing
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  Speaker 1: a company to a billion dollars in top line sales.
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  Speaker 1: I used to hate my life. I used to hate myself.
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  Speaker 1: Now I live an incredible life and it's all because
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  Speaker 1: business has changed my life in such a powerful way
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  Speaker 1: and it can for you as well. There's a common
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  Speaker 1: misconception that with business owners or successful people, they were
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  Speaker 1: born successful. They came out of the womb and they
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  Speaker 1: were just winning medals. That's just so not true. you
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  Speaker 1: need what is called the failure stack. And my failure
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  Speaker 1: stack is so, so bad. Honestly, if you looked at
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  Speaker 1: me when I was creating businesses early on, you would
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  Speaker 1: have been like, this kid is going nowhere.
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  Speaker 2: But that is the prerequisite to success.
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  Speaker 1: I failed more times than anyone has even tried, like
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  Speaker 1: in these early stages. The very first failure that I
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  Speaker 1: had taught me so much. I loved eating Vietnamese rolls
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  Speaker 1: and I was like, I am going to launch a
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  Speaker 1: Vietnamese roll cafe. Obviously it's a very traditional kind of dish,
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  Speaker 1: but I love them so much. And they were trending
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  Speaker 1: on Facebook. I kind of understood a little bit of Facebook.
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  Speaker 1: So I went and there was one next to my
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  Speaker 1: gym and I used to train a lot back then.
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  Speaker 2: I was like, this is easy. I'll go to the gym.
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  Speaker 2: I'll come make some rolls. I'll make some money.
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  Speaker 1: So I rented my first ever lease, which was a
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  Speaker 1: nightmare as well. Bought a bunch of random equipment from
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  Speaker 1: a cafe around the street, which by the way, I
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  Speaker 1: needed none of it. I remember sitting there just like,
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  Speaker 1: I need a bain-marie.
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  Speaker 2: I need this.
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  Speaker 1: I need this to warm up all of the meat.
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  Speaker 1: And I had bought none of all of those important equipment.
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  Speaker 1: So I basically just lost all of my initial investment
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  Speaker 1: on day one. But I finally just kind of pushed through,
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  Speaker 1: pushed through, pushed through until I could finally open the store.
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  Speaker 1: When I opened the store, I thought I was going
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  Speaker 1: to be a heap successful. I remember day one, someone
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  Speaker 1: came in and gave me a $ 5 note. And it
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  Speaker 1: was the best feeling, just like feeling physical money. Because
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  Speaker 1: there's something different about holding physical money. And the smile
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  Speaker 1: on my face when there was actually a lineup that
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  Speaker 1: first day was just incredible. But the writing was actually
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  Speaker 1: on the wall the whole time. Because after that day,
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  Speaker 1: I didn't even know how to do accounting. I was like, wow,
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  Speaker 1: I've got this big stack of cash, but I spent
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  Speaker 1: way more than I was actually making. And over the weeks,
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  Speaker 1: I was just like, I did a little bit of optimization.
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  Speaker 1: I would drop the costs of my carrots by going
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  Speaker 1: to another supplier. I would do a different supplier for meat.
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  Speaker 1: I would do more myself so I couldn't hire any staff.
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  Speaker 1: And every single week, I was like, I'm going to
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  Speaker 1: make money. But it never came. And over time, I
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  Speaker 1: started to actually lose connection with my friends. I wasn't
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  Speaker 1: going out ever. I would just sit there and I
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  Speaker 1: would wash dirty dishes morning and night. And it was
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  Speaker 1: so greasy because it was roast pork. I remember the smell.
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  Speaker 1: It was just get all over me. I would stop
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  Speaker 1: training as well. Something that made me so happy and
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  Speaker 1: made me who I was, was just going to the
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  Speaker 1: gym all the time. And I didn't train for a
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  Speaker 1: whole year after training every single day. And I felt
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  Speaker 1: into this state of depression. I didn't want to get
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  Speaker 1: out of bed anymore. I found no joy in anything.
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  Speaker 1: And that was really, really a low point for me.
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  Speaker 1: And the fact that it got even worse was really
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  Speaker 1: kind of worrying now, I think, back at those times because...
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  Speaker 1: At the same time, the only way that I was
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  Speaker 1: funding this store was I had these Instagram pages. I
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  Speaker 1: would create pages and I would grow them to lots
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  Speaker 1: of followers using a shout for shout method. So I'd
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  Speaker 1: say to this page, I'll post you, you post me,
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  Speaker 1: and then both we would grow a little bit. We'd
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  Speaker 1: drop a few followers because it was a bit annoying
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  Speaker 1: for the followers, but at the same time we would grow.
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  Speaker 1: And then I could go to brands that were selling
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  Speaker 1: weight loss tea or anything like that and say, hey,
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  Speaker 1: I'll sell a post for $ 20. So I managed to
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  Speaker 1: fund the Vietnamese Roll Cafe through this. But unfortunately, when
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  Speaker 1: I started to get greedy there as well, even I
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  Speaker 1: wasn't focused there because I was focusing on Vietnamese roles.
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  Speaker 1: And I ended up buying an Instagram and it was
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  Speaker 1: like $ 30, 000.
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  Speaker 2: I was like, this is going to be incredible. Turns
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  Speaker 2: out it was hacked. And then I lost all of
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  Speaker 2: that money.
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  Speaker 1: Honestly, at that period of time, I was just losing
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  Speaker 1: across the board all of the time.
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  Speaker 2: I'll never forget that moment.
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  Speaker 1: My dad, who was running a small furniture store at
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  Speaker 1: that time, that's where a lot of my inspiration to
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  Speaker 1: become an entrepreneur stemmed from. He obviously had dealt with
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  Speaker 1: resilience before in his past, and I could not get
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  Speaker 1: out of bed. When I say that, I don't say
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  Speaker 1: it lightly. I just couldn't be bothered. And he came
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  Speaker 1: in and I was just constantly just saying, oh, the $ 30, 000, oh,
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  Speaker 1: this isn't working. And he's like, right, get up. And
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  Speaker 1: we had a gravel driveway at that time. This is
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  Speaker 1: the old house. I just recently bought them a new house.
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  Speaker 1: but I'll never forget this gravel driveway because you'd always
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  Speaker 1: walk on it with bare feet and the rocks were so,
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  Speaker 1: so sharp. And he grabbed my shoes and put a
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  Speaker 1: handful of rocks in my shoes, made me put my
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  Speaker 1: foot in there and he's like, walk. So I walked
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  Speaker 1: down and it hurt every single step. Then he tipped
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  Speaker 1: out the rocks and he's like, put the shoes on again.
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  Speaker 1: I put them on and he's like, now walk. And
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  Speaker 1: I was like, obviously it doesn't hurt anymore. And he's like,
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  Speaker 1: that's the key. You just need to let things go.
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  Speaker 1: You need to build the resilience and the ability to
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  Speaker 1: keep going. Because in the end, nothing that actually happens
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  Speaker 1: to us matters. It's purely how we react. Think about
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  Speaker 1: all of the past experiences that you have that you
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  Speaker 1: just don't even remember. Maybe they shape some of your psyche.
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  Speaker 1: Maybe they shape some of your soul. But realistically, they
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  Speaker 1: don't actually compute in your brain. If you can make.
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  Speaker 2: These bad experiences, either that.
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  Speaker 1: Or even something else, something positive where you go, I
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  Speaker 1: remember this. I remember how I pushed through. I remember
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  Speaker 1: that I kept going even though I had these experiences.
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  Speaker 2: That is the key. That is what.
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  Speaker 1: Every single billionaire, millionaire, athlete, they all share that quality.
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  Speaker 1: They learn from their mistakes and they don't dwell on things.
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  Speaker 1: Another beauty about business is what it unlocks for you.
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  Speaker 1: I've never told this story because I didn't really know
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  Speaker 1: if it was my place to actually tell it. but
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  Speaker 1: I think there is a powerful lesson. When I started out,
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  Speaker 1: I had a mentor and I really wanted to get
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  Speaker 1: some like formalized mentorship because I was young.
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  Speaker 2: I was doing 50 businesses.
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  Speaker 1: I just started to find a little bit of success
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  Speaker 1: with like consulting, doing some videography, running ads and that
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  Speaker 1: kind of stuff. And then, so I met this guy
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  Speaker 1: and I sat down with him. He was getting nothing
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  Speaker 1: from this. He was a kind man. He was successful.
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  Speaker 1: And he taught me about goal setting and what to
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  Speaker 1: I want to achieve in life, not only in just
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  Speaker 1: next year, but like in 10 years, which seemed completely
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  Speaker 1: foreign to me. This would have been like, I guess,
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  Speaker 1: 10 years ago now, maybe even a little bit longer.
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  Speaker 1: And I remember sitting with him at this cafe. We
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  Speaker 1: mapped out my goals. And then I asked him what
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  Speaker 1: his goals were. And he said he wanted to be
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  Speaker 1: a CEO of a Fortune 500 company. And I was like,
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  Speaker 1: that's really, really cool. That's a cool goal. It's just like,
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  Speaker 1: how are you going to achieve that? I was just
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  Speaker 1: so pumped for him. And he felt energy from him
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  Speaker 1: as well. And then I had one more meeting with him.
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  Speaker 1: In the end, he ended up passing away. There was
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  Speaker 1: a tragic accident. And we didn't really keep in touch
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  Speaker 1: too much after those first two mentoring meetings. But I
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  Speaker 1: don't think he ever actually hit his goal. And I
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  Speaker 1: think that has always stuck with me because he had
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  Speaker 1: the ability and he was pushing himself to achieve it.
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  Speaker 1: But at the same time, it got cut off short.
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  Speaker 1: And I always understand now that what people mean in
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  Speaker 1: terms of life is short. And that doesn't mean that
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  Speaker 1: you shouldn't have these goals where you sit in an
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  Speaker 1: office and you work 12 hours a day to achieve
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  Speaker 1: those goals. It's quite the opposite. It means that you
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  Speaker 1: need to work 14 hours a day to achieve that
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  Speaker 1: goal because at the end of it, achieving those goals
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  Speaker 1: is what really actually makes life worth living. And I've
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  Speaker 1: always gone back and forth. I started studying philosophy. I
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  Speaker 1: started listening to people that gave me permission to really
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  Speaker 1: back off and really try to be content in my
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  Speaker 1: own ability. A lot of these teachings, they really allowed
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  Speaker 1: me to kind of sit back and be content within
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  Speaker 1: my own self in its current state.
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  Speaker 2: And that is fine.
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  Speaker 1: There is a place for that. And there's a type
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  Speaker 1: of person that really, really wants that. But for me,
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  Speaker 1: when I finally gave myself permission to be who I
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  Speaker 1: really want to be, simply to create, to actually push
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  Speaker 1: myself to new heights, it allowed me to find a
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  Speaker 1: certain peace in motion. Peace in motion being I am
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  Speaker 1: pushing to achieve these goals, but I'm also content with
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  Speaker 1: regardless of what happens in that state. I will celebrate
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  Speaker 1: when I get to the top of the mountain, but
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  Speaker 1: I am also going to enjoy the view. And I
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  Speaker 1: think business allows you to when you fail so many times,
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  Speaker 1: but you still have a good time on the way there,
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  Speaker 1: it makes you realize that business is just so much
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  Speaker 1: more about than making money. And I see this so
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  Speaker 1: much with people that I try to help in business.
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  Speaker 1: They call me and they're just like, I'm so, so stressed.
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  Speaker 1: And the only thing that I tell them is that
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  Speaker 1: if you follow the process and fall in love with
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  Speaker 1: the process, which is you show up every single day,
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  Speaker 1: you be a good person, you create value in the world,
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  Speaker 1: and you repeat that process and you don't stop, then
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  Speaker 1: you're guaranteed to be successful. Because if you love that process,
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  Speaker 1: you're successful every single day. And then the results just
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  Speaker 1: don't matter anymore. This is the key to actually longevity
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  Speaker 1: within entrepreneurship. Now, if I think about it, if everything
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  Speaker 1: went lights out for me next month and all I
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  Speaker 1: wanted to do was be a billionaire and I hadn't
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  Speaker 1: hit that, then my life would be a failure. But
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  Speaker 1: if I look at the world and I go, All
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  Speaker 1: I want to do is to experience life in its fullest.
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  Speaker 1: I want to travel. I want to drive nice cars.
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  Speaker 1: I want to spoil my friends. I want to buy
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  Speaker 1: my neighbor's house for my parents. And at the same time,
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  Speaker 1: I want to create value for customers. I want to
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  Speaker 1: enjoy building things that have never existed in the world.
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  Speaker 1: And I want to push myself to a limit. Then suddenly,
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  Speaker 1: if things went lights out next month, my life would
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  Speaker 1: have been a success. Now, the final thing that business
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  Speaker 1: really changed my life is the fact that I am
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  Speaker 1: sitting here with two cameras in front of me. And
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  Speaker 1: literally last month, I stood up for seven hours talking
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  Speaker 1: in front of groups. Back when I was trying university,
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  Speaker 1: I failed university. I actually failed marketing, I think, in university,
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  Speaker 1: which is ironic. I had to stand up in front
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  Speaker 1: of a bunch of people and do a presentation around
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  Speaker 1: innovation of all things. Now, I hated university. I remember
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  Speaker 1: the person in the group emailed me like two weeks
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  Speaker 1: before and said, you have done nothing in this project.
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  Speaker 1: Because I literally didn't even understand the project. But more importantly,
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  Speaker 1: the project was to stand up in front or in
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  Speaker 1: the university and present the ideas. And my hands were
• 11:30
  Speaker 1: clammy even thinking about it. They're even starting to get
• 11:32
  Speaker 1: clammy now thinking about how I reacted to that.
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  Speaker 2: I was terrified.
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  Speaker 1: And I have had panic attacks in podcasts. I went
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  Speaker 1: into a podcast like a year ago and I had
• 11:42
  Speaker 1: panic attacks there. The fact that I was able to
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  Speaker 1: present on TV through Shark Tank, even though I was
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  Speaker 1: having panic attacks before it, the fact that I can
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  Speaker 1: stand up on stage now and present in front of 300,
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  Speaker 1: 400 people was something that a younger Davey never would
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  Speaker 1: have believed that he could do. I was walking on
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  Speaker 1: the beach and I had just hit, I think, $ 250
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  Speaker 1: million in sales in my company's. And I loved when
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  Speaker 1: someone came to me and I was like a friend
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  Speaker 1: and I could teach them Facebook ads.
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  Speaker 2: I was like, this is how you do it.
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  Speaker 1: And then they would come back the week after and
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  Speaker 1: they're like, I did what you said and I just
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  Speaker 1: made $ 1, 000.
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  Speaker 2: And I was just like, my mind is blown. And
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  Speaker 2: I was just so excited.
• 12:24
  Speaker 1: I was like, how can I not get this message
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  Speaker 1: out even more of the things that we're doing? But
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  Speaker 1: the problem was I was just so scared. I was
• 12:33
  Speaker 1: so scared of presenting all of the time. And in
• 12:35
  Speaker 1: that moment, I was walking and I actually called one
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  Speaker 1: of my friends and I was just like, dude, I
• 12:39
  Speaker 1: think I actually need to get in front of camera.
• 12:41
  Speaker 1: And I remember my rationalizing was right now, I'm not
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  Speaker 1: ready to present in front of a camera.
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  Speaker 2: I stutter, I sweat. I'm so, so scared.
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  Speaker 1: But I knew that I needed to be the person
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  Speaker 1: that could stand in front of a camera. I needed
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  Speaker 1: to be a person that could deal with public ridicule,
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  Speaker 1: newspapers lying about me to actually have the impact in
• 13:01
  Speaker 1: the world. So even though I wasn't ready then, I
• 13:04
  Speaker 1: knew I needed to get ready and I would become
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  Speaker 1: ready when the moment is really, really important. It's like
• 13:09
  Speaker 1: becoming a parent. Everyone says, when you have them, you
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  Speaker 1: just will step up in that moment. That's what you're
• 13:15
  Speaker 1: going to be as a person, as a business owner.
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  Speaker 1: So right now you're sitting there, even if maybe you've
• 13:20
  Speaker 1: got a little startup or you've tried it and failed
• 13:22
  Speaker 1: a couple of ideas. Imagine if I had to manage
• 13:24
  Speaker 1: 10 employees or imagine I had to spend 10 times
• 13:28
  Speaker 1: as much as this on marketing. How would I even
• 13:30
  Speaker 1: handle that? You absolutely figure it out as I have done.
• 13:34
  Speaker 1: And it's a constant process. So the final thing that
• 13:37
  Speaker 1: business will teach you is the confidence to be great,
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  Speaker 1: but also the fact that you don't need to be
• 13:43
  Speaker 1: great right away. You'll grow into it. If you like
• 13:46
  Speaker 1: today's video, go check out our free AI video. I'll
• 13:49
  Speaker 1: teach you everything you need to launch an AI e-commerce store. Peace.