Latest / Success Story with Scott Clary / Lessons - Unlocking the Entrepreneurial Mindset | Patrick Bet-David - Author, Speaker & Podcaster

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Lessons - Unlocking the Entrepreneurial Mindset | Patrick Bet-David - Author, Speaker & Podcaster · Success Story with Scott Clary

• 0:00
  What's the game plan? What's the playbook for people in organizations that were just shocked
• 0:15
  recently? They lost their jobs, never thought they were going to lose their jobs. How
• 0:18
  do they adopt an entrepreneurial mindset even though they're working with an organization?
• 0:22
  Build the brand, branch out. That's a phenomenal question. We addressed
• 0:27
  it on multiple of our episodes. I got a guy from IBM that made me think about your question.
• 0:32
  He asked me a question three years ago. He says, listen, Patrick, I follow all your
• 0:35
  content. I love what you're talking about. You keep talking about entrepreneurship. You
• 0:40
  have no idea how bad I want to be an entrepreneur, but I feel guilty to the fact that I don't
• 0:43
  want to leave my job. I'm making 280 a year. I got a wife and two kids. And we went back
• 0:48
  in forces, should I? Am I feeling the wrong way that you feel like I'm really maximizing
• 0:53
  my talents after leaving the company or to start a company or can I still stay at the company
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  I'm at? So I said, look, you're making a very good point and you're asking a very reasonable
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  question. So when I say entrepreneur to me, it has two sides to it. I have entrepreneur.
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  I have entrepreneur. The only difference between an entrepreneur and an entrepreneur is who
• 1:13
  started the company, but they think the same. Let me say this one more time. The only difference
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  between the entrepreneur and the entrepreneur is who took the risk to start the company,
• 1:24
  which is the founder. Everything else, they think identical, meaning they don't work regular
• 1:30
  nine five hours. They're not the kind that's just the business as usual. Hey, am I going
• 1:35
  to get my 401k benefits or my expenses and my, you know, they don't think that way. They
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  think equity. They think valuation. They think about profit sharing. They think about
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  growing the company. They think about recruiting the right talent. They think about scaling.
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  They think about differentiation. They think about a blue ocean to have in the company.
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  Everything's the same. Everything's the same. This is why an entrepreneur within a company,
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  100% of time, if he's a real entrepreneur, she's a real entrepreneur that's working,
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  they're going to end up owning equity and they eventually end up being one of the
• 2:05
  C-suite executives in the company. So when the company gets acquired or sells or gets bought
• 2:10
  out, they're one of the bigger shareholders and they get a fat check. This is why Steve Balmer's
• 2:13
  work 40, 50, 60 billion dollars, depending on when his network's being calculated. He's never
• 2:18
  been an entrepreneur. He's an entrepreneur and Steve Jobs is a great example of somebody who
• 2:22
  went from being an entrepreneur to back being to a entrepreneur. When he started Apple, he was an
• 2:27
  entrepreneur. When he started Tixar, he was an entrepreneur, but when he went back to Apple,
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  he was an entrepreneur. He was no longer an entrepreneur, the second time backer on at Apple.
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  So people don't have to feel guilty, but if you're going to stay within a company and you're
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  going to say, I want to go out and take this company to the next level, you got to be thinking
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  about somebody that owns the entire company. What would you be doing to grow on the company?
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  And eventually, you'll be asking for equity. And if you prove that you own, you bring enough
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  value to get equity to the company, you will, if you don't, I guarantee you somebody in the
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  market place is going to pick you up. I guarantee you someone in the market place is going to pick you
• 3:04
  up. My CFO was a guy that was with another company making the salary. And we picked them up. We
• 3:09
  brought them on board. He is a very well known CFO in the local area. We brought them on board
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  because he wanted to find an equity position in the company. So I said, listen, you're working
• 3:18
  like that. And how about you find Matt, your salary and I pay you a little bit more on your salary.
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  And I give you a percentage of the company. And we go take this thing to the next level. He says,
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  I'm all in and he came on board. So if somebody is an entrepreneur and the company you're with,
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  mistreats you and takes you for granted as an entrepreneur, I guarantee you someone's going to
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  recruit you away. So it's a way to win. I love it. I love it because not enough people,
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  not enough people hear that. And I think that people get stuck and they get depressed and they
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  get sad and they're, man, it's, I love that you're saying that because I agree with 100% of that.
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  And I think that that's what I want people to understand when they, when they consume your content,
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  when they listen to content that is traditionally like focus on entrepreneurs. It's not, it's not
• 4:00
  just focus on entrepreneurs. It's, it's, it's content oriented, like it's oriented at their success.
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  And they have to internalize that and, and realize that they can be more than just, I don't know,
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  like a pond in, in a, in a corporate environment. And I think that a lot of people get stuck in that.
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  And that's really what I wanted to bring out because that's hitting a lot of people hard right now.
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  But no, so that's now one other thing that I wanted to bring up. I was, I was doing a little bit
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  of research as I try and do before I do these podcasts. And on your, on your website, you mentioned
• 4:29
  something. The Pauline Hill's book, the laws of success and 16 lessons is the best book for
• 4:35
  entrepreneurs to read. Can you go through why some of those lessons are so important?
• 4:40
  Yeah, I think, look, you have to realize everything is based on the face of your life,
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  your currently at, laws of success is probably not the number one book on my list at this
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  face of my life. But it was the number one book, when I was about to get my company going and I'm
• 4:58
  30 years old and I have to, you know, study how to concentrate. And he spends a lot of time explaining
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  concentration in a way that others don't talk about. And some of the biggest challenges that a
• 5:09
  lot of people that started business or want to take their game to the next level is they don't
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  know how to concentrate. They're always distracted. You know, they're, they're, they're caught up in
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  notification world. Every single notification keeps them keeps them keeps them keeps them keeps them
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  they can't even read a book or listen to an audio book because the notifications distracts them
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  of what the contents being shared on an audio book or book. So, you know, that book was critical
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  for me at that face of my life. Today, you know, I'm reading stuff that people would be bored out of
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  their minds if they read it back then. And I would be bored out of my mind if I read it back then.
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  So, many times when you're asking questions and wanting to know about book advice or things like
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  that, I always ask the question, tell me what phase of career you're at. What are you worth right now?
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  What was your top line revenue last month? How many team members do you have? How liquid are you? How
• 5:56
  much cash do you have? What did you make last month? What's your EBITDA? You know, how big is the
• 6:01
  team? Oh, look, then I know based on your face to make a recommendation that's suitable for your
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  level. Then if you're somebody that's saying, I just did $28 million last year. I'm at 73
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  employees from dealing with some compliance issues. And I'm trying to get my technology going and my
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  cyber securities have some challenges. And the general counsel that I have is not the best one. I
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  feel like he's overcharging me by this many fees. Then it's a complete different book. I'd be
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  recommending to you, but laws of success for any entrepreneur that's just getting started. It's
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  number one on my list. So, let's talk about that. Getting started. So, your story is like the
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  traditional core tenets of American dream. You built yourself from literally coming over as
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  an immigrant. What drove you at the beginning to be this obviously you didn't see yourself
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  becoming this eventually. I think it's hard to see the force of the trees. But you pushed yourself
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  and you kept pushing yourself. And what drove you to do that? It's a good question. So, for me,
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  you're talking to a guy that was a hardcore party animal. I partied seven days a week. And I was at
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  bars every night. And this is what I did for a living until I was 23 years old. And in one day,
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  my dad has a hard attack. I go to the hospital at Medical UCLA Medical Center. And I see him being
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  mistreated at the hospital. I have a fallen out with the doctors. They kicked me out of the hospital.
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  I'm sitting in my car emotional as hell. Don't know what's going to be happening. Made a decision
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  that night. I woke up the next day and nobody recognized me because my eyes changed. It went from
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  the eyes of a guy that was his target was every woman I could come across to. I couldn't even see
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  women anymore for 17 months. My entire focus was this man is not going to die. He is never going to
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  worry about money ever again. He's going to leave that 99 cents store. He's working out at
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  Inglewood. And that's exactly what happened. He left. I took him to Hawaii. We went and traveled
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  the world. I said, whatever you want, you just tell me what are your dreams. I'm going to have your
• 8:00
  dreams become a reality. I want to go watch Kobe play. We're going to go sit right next to Kobe.
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  You're going to watch him playing. You're going to hear him talk trash from the bench. Now,
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  I want to go to Europe. I want to go to, you know, US Open. I want to go to Derby. You just tell
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  me what you want to do. I want to take you to it. So, that was the beginning of it, right? So,
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  now for everybody else that's listening, there's four phases you go through about, you know,
• 8:21
  making money and being financially free. Number one is survival. A lot of people are making money
• 8:26
  to survive. They're barely trying to pay their bills. A lot of the people that are struggling
• 8:30
  right now in America or around the world who didn't prepare for some kind of an event like this,
• 8:35
  a pandemic, they're driven by survival. They've not been prepared. So, they're going to go through
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  a very difficult time right now because they don't have a lot of choices. Whatever opportunity
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  to come up, they got to take you to pay their bills to survive. And when you're surviving,
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  it's kind of like being underwater. You're trying to catch breath. And every time you come up,
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  another wave hits you, another wave hits you, you don't even have time to think about dreams
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  because all you're thinking about is the next breath. Then the next phase of status.
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  Now you're above water. Now the waves stop. Now you look around and you say which direction you
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  want to swim. I'm going this way. So, status is your sister about a house. You don't own a house.
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  I want to also go buy a house because my sister has a house. Your friend from high school,
• 9:15
  bottom Mercedes S class, you're driving a Toyota Corolla. You also want to go buy a Mercedes.
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  So, it's about status because people around you are driving you to compete. And it's a good place
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  to be because it comes to the next level. Then eventually, after you're done with the status part,
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  then it becomes about freedom. And freedom is about how much money do I really need in the bank?
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  You know, I need a million dollars in a bank. Okay, great. I'm going to go get a million dollars
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  in a bank. How much money do I have? So, nobody can bully me around with a job or a position or
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  money or any of that stuff. I'm sick and tired of being bullied around simply because I don't have
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  enough resources and finances in order. Well, I'm going to go get free financially. Then comes
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  purpose. And purpose is when you now are above water, you decided to swim this way, then you build
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  your little town, then you have some resources, some money, the right contacts. Now you say,
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  is this really life is what life is all about? And we're 2.8 million. I have a nice car. I've
• 10:08
  been all over the world. I've had dinner with the most incredible people. I kind of have an
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  idea about politics and faith and marriage and relationship and money. If this is all life is
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  all about this is kind of boring. What do I want to do next? Then you come start thinking about
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  purpose. You start asking weird questions. When you start visualizing what life is going to look
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  like with your wife and kids and family and husband and peers and mom and dad and you know,
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  what kind of a person you want to be? How do you want to contribute back to society based on
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  what the life in the world has given to you so far? And then you go into bigger picture. Most people
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  don't really make a run at that part because it takes a lot of work and effort, but some do.
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  So when you're asking that question originally, it was just the chip on my shoulder to make my dad
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  no longer have to be pushed around. Then it was about freedom and then came purpose.
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  I love that. And I think that it's unfortunate because not a lot of people get to many of those
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  stages. Unfortunately, I think like you mentioned a lot of people are just struggling surviving.
• 11:03
  So much out of this. Okay. When you when you see people come out of this on the other side,
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  what do you think is going to change about people's perception on life, security, money,
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  value? Do you see massive changes or do you see people defaulting to the way they acted before
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  pandemic? Oh, you're talking about the pandemic. Yeah, yeah, in particular. Because this is a major
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  major shift in what's here. What's safe? Well, let me tell you, here's what's going to happen.
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  Just like always. Okay. When you get punched in the face the first time, there's a couple things
• 11:38
  that's going to happen to you as a boy. You're either going to be scared the rest of your life,
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  or you're going to come out and swing and you're going to get your ass kicked. And then you're
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  going to go to your mommy and say, mom, I think I got to go to take some take want to class on fighting
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  classes. Then you're going to go train for six months. Then you're going to go find that kid that
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  punched you in the face. Then you're going to go knock his ass out and then you're going to say,
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  I'm good to rest in my life because you can't have that kind of a nightmare to rest your life.
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  You know, you have a girl you go to a club. You ask a girl out. She says, I'd never date an ugly
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  girl. Ugly guy like you. Then you walk away and you feel like crap and I do it. I'm ugly. That's
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  what she said. And then you go to the car. Then your friends don't know why you want to leave because
• 12:19
  somebody dumped you or rejected it and it felt bad. And then you never ask a girl out. Then
• 12:24
  you're single to your 27 years old and all you're doing is swipe and write and you're just trying
• 12:28
  to get hook up. But you ain't got a serious girlfriend, right? Okay. So if you're going to sales
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  in real estate, your family doesn't sell their home through you. Your cousins don't sell it through
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  you. Your auntie who loves you doesn't sell it through you. Your own mom doesn't have you as a
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  real estate agent. Your friend's dad who loved you and looked up to you because you play good sports
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  and you always liked you. You were the favorite friend. He didn't put his house through you.
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  Six months into it, you've not made a single sale. Then you say real estate doesn't work and
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  sales don't work. And then you give up and you go back to being average and ordinary.
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  This is the part of life, man. I mean, this is this is when heroes are born. You know, my dad and I
• 13:04
  were talking and he called me, says, Pat, what do we do with this pandemic? I said, what do you mean?
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  He says, uh, how come you're not worried? I said, you want me to be worried? He said, yes, I
• 13:12
  said, what do you mean? How come I'm not worried? So every time I watch you, you're not, you're not
• 13:15
  looking worried. Why are you not worried? I said, you worried. So I'm a little bit worried. I said,
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  okay. So let me ask you a question. He says, what's that? I said, when we were in Iran,
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  how old were you the first time you got a bomb, though? This is what you mean? Let me ask you one more
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  time. How old were you when an enemy of the country you lived in bombed your city that you lived
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  in? He says, I was 44. I said, okay. Prior to that, it happened and did you ever read a book or a
• 13:46
  manual 27 steps on how to handle being bombed on? He said, no. I said, I was seven years old when
• 13:53
  we got bombed on. He says, okay. I said, when we went under the stairs because the bomb dropped
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  right next to our house and our building shook because we knew the next bomb, if the whistle was
• 14:04
  coming, it could be ours, but it skipped us. Do you remember that? I do. You know how much I
• 14:09
  remember the look you had when I looked at your face? He says, what do you mean? I said, I was
• 14:13
  glued to your face. He says, why would you glue to my face? I said, because your poise gave me
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  confidence. Every time I looked at mom, I thought we were going to die. Every time I looked at you,
• 14:23
  I thought we were going to make it. He says, so what's your point here? I said, what's the first time
• 14:27
  in your life you've experienced a pandemic that's killed so many people. It's a 77 years. I said,
• 14:32
  that I'm going through that 41 and a lot of people are relying on me to be poised. And if we made it through
• 14:38
  war, we're going to make it through this. If America made it through a John F. Kennedy assassination
• 14:43
  and everybody thought it was going to be over with, we made it. Then his brother died, then his
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  Martin Luther King, then Reagan attempt that assassination, then 9 or 11, then 2008, then this is this,
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  this kind of stuff's not going to stop. So when you're asking me a question, you think what's going
• 14:56
  to happen now moving forward with people, post this event, you're going to see some people that
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  used to be scared, but they're going to be 100 times more scared. You're going to see some people
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  who were nobody's, who are about to become rock stars, heroes, war time heroes, the types of people
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  that families rely on, the types of people that relatives rely on, the types of people that
• 15:18
  communities rely on, and the types of people that around the world are going to listen to their
• 15:22
  voice and say, man, I just bring a lot of comfort to me. And I'm confident. When the guys, I don't
• 15:26
  agree with everything he says, but every time I listen to him speak, I just feel a little bit more
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  confident. So those that are scared are going to be more scared and those who are looking for an
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  opportunity to become a hero. This is the training ground for them. These are the only times
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  you need for heroes to be born. Heroes are not born during good times. Heroes are only born
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  during strange scary times. So if you ever wanted to be one, this is called the training ground.