Latest / Success Story with Scott Clary / Lessons - From Refugee to $300 Million Empire | Patrick Bet-David - Valuetainment Founder

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Lessons - From Refugee to $300 Million Empire | Patrick Bet-David - Valuetainment Founder · Success Story with Scott Clary

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  In this lessons episode, explore how to transform job insecurity into opportunity by adopting
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  an entrepreneurial mindset inside any organization, discover why thinking like an owner drives career
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  growth and equity, understand how entrepreneurship creates leverage for leadership roles and lasting
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  value, and uncover practical steps to build personal brand and stand out even in uncertain times.
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  What's what's the game plan? What's the playbook for people in organizations that for just like
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  were just shocked recently, they lost their jobs, never thought they're going to lose their jobs,
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  how do they adopt an entrepreneurial mindset, even though they're working within an organization,
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  build the brand, you know, branch out. That's a phenomenal question. We addressed it on multiple
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  of our episodes. I got a guy from IBM that made me think about your question. He asked me question
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  three years ago, he says, listen, Patrick, I follow all your content. I love what you're talking about.
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  You keep talking about entrepreneurship. You have no idea how bad I want to be an entrepreneur,
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  but I feel guilty the fact that I don't want to leave my job. I'm making 280 a year. I got a wife
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  and two kids and we went back in forces. Should I am I feeling the wrong way that to feel like I'm really
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  maximizing my talents, I have to leave the company to start a company or can I still stay at the
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  company I'm at? So I said, look, you're you're making a very good point and you're asking very
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  reasonable question. So if when I say entrepreneur to me, it has two sides to it. I have entrepreneur,
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  I have intrapreneur. The only difference between an entrepreneur and an entrepreneur is who started
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  the company, but they think the same. Let me say this one more time. The only difference between
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  the entrepreneur and the intrapreneur is who took the risk to start the company, which is the founder.
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  Everything else they think identical, meaning they don't work regular nine five hours.
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  They're not the kind that's just the business as usual. Hey, am I going to get my 401k benefits
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  on my expenses and my, you know, they don't think that way. They think equity. They think valuation.
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  They think about profit sharing. They think about growing the company. They think about recruiting
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  the right talent. They think about scaling. They think about differentiation. They think about a
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  blue ocean to have in the company. They everything's the same. Everything's the same. This is why
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  an intrapreneur within a company 100% of time, if he's a real intrapreneur, she's a real intrapreneur
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  that's working. They're going to end up owning equity and they eventually end up being one
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  to see sweet executives in the company. So when the company gets acquired or sells or gets bought
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  out, they're one of the bigger shareholders and they get a fat check. This is why Steve Balmer's
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  work 40, 50, 60 billion dollars, depending on when his network's being calculated. He's never been
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  an entrepreneur. He's an intrapreneur and Steve Jobs is a great example of somebody who went from
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  being an entrepreneur to back being to an intrapreneur. When he started Apple, he was an entrepreneur.
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  When he started Tixar, he was an entrepreneur. When he went back to Apple, he was an intrapreneur.
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  He was no longer an entrepreneur. The second time background at Apple. So people don't have to feel
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  guilty, but if you're going to stay within a company and you're going to say, I want to go out
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  and take this company to the next level. You got to be thinking about somebody that owns the entire
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  company. What would you be doing to grow the company? And eventually, you'll be asking for equity.
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  And if you prove that you own, you bring enough value to get equity to the company, you will,
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  if you don't, I guarantee you, somebody in the marketplace is going to pick you up. I guarantee you,
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  someone in the marketplace is going to pick you up. My CFO was a guy that was with another company
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  making it salary. And we picked them up. We brought them on board. He is a very well known
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  CFO in the local area. We brought them on board because he wanted to find an equity position
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  in the company. So I said, listen, you're working like that. And how much if I match your salary,
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  and I pay you a little bit more on your salary. And I give you a percentage of the company.
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  And we go take this thing to the next level. He says, I'm all in. And he came on board. So
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  if somebody is an entrepreneur and the company you're with mistreats you and takes you for
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  granted as an entrepreneur, I guarantee you someone's going to recruit you away. So it's a win win.
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  I love it. I love it because not enough people, not enough people hear that. And I think that
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  people get stuck and they get depressed and they get sad. And it's, I love that you're saying that
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  because I agree with 100% of that. And I think that that's what I want people to understand when
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  they consume your content, when they listen to content that is traditionally like you focus on
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  entrepreneur. It's not, it's not just focus on entrepreneurs. It's, it's, it's content oriented,
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  like it's oriented at their success. And they have to internalize that and, and realize that they
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  can be more than just, I don't know, like a pond in a, in a corporate environment. And I think
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  that a lot of people get stuck in that. And that's really what I wanted to bring out because that's
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  hitting a lot of people hard right now. But no, so that's now one other thing that I wanted to
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  bring up. I was, I was doing a little bit of research as I try and do before I do these podcasts.
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  And on your, on your website, you mentioned something. The Pauline Hill's book, this
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  Laws of Success and 16 lessons is the best book for entrepreneurs to read. Can you go through
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  why some of those lessons are so important? Yeah, I think look, you have to realize everything is
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  based on the face of your life you're currently at. Laws of Success is probably not the number one
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  book on my list at this phase of my life. But it was the number one book, when I was about to
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  get my company going and I'm 30 years old. And I have to, you know, study how to concentrate. And
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  he spends a lot of time explaining concentration in a way that others don't talk about. And some
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  of the biggest challenges that a lot of people that started business or want to take their game
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  to the next level is they don't know how to concentrate. They're always distracted. You know,
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  they're, they're, they're caught up in notification world. Every single notification keeps them,
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  keeps them, keeps them, keeps them, keeps them. They can't even read a book or listen to an audio
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  book because the notifications distracts them of what the content's being shared on an audio book or
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  book. So, you know, that book was critical for me at that phase of my life. Today, you know, I'm
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  reading stuff that people would be bored out of their minds if they read it back then. And I would
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  be bored out of my mind if I read it back then. So many times when you're asking questions and wanted
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  to know about book advice or things like that, I always asked the question, tell me what phase
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  of career you're at. What are you worth right now? What was your top line revenue last month? How
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  many team members do you have? How liquid are you? How much cash do you have? What did you make last
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  month? What's your EBITDA? You know, how big is a team? Oh, look at, then I know based on your
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  face to make a recommendation that's suitable for your level. Then if you're somebody that's saying,
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  I just did 28 million dollars last year. I'm at 73 employees from dealing with some compliance
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  issues. And I'm trying to get my technology going and my cyber securities have some challenges.
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  And the general counsel that I have is not the best one. I feel like he's overcharging me by
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  this many fees. Then it's a complete different book. I'd be recommending to you, but laws of success
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  for any entrepreneur that's just getting started. It's number one of my list.
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  So let's let's talk about that getting started. So your your story is like, uh, you know,
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  the traditional core tenants of American dream, like you built yourself from literally coming over
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  as a as an immigrant. What drove you at the beginning to be this, you know, obviously you didn't
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  see yourself becoming this eventually. It's I think it's hard to see the forest of the trees,
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  but you you pushed yourself and you kept pushing yourself. And what drove you to to do that?
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  That's a good question. So for me, uh, you're talking to a guy that was a hardcore party animal.
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  I partied seven days a week and I was at bars every night. And this is what I did for living
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  until I was 23 years old. And in one day, my dad has a hard attack. I go to the hospital. I'm
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  medical UCLA Medical Center. And I see him being mistreated at the hospital. I have a fallen out
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  with the doctors. They kicked me out of the hospital. I'm sitting in my car emotional as hell.
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  Don't know what's going to be happening. Made a decision that night. I woke up the next day
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  and nobody recognized me because my eyes changed. It went from the eyes of a guy that was
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  his target was every woman I could come across to. I couldn't even see women anymore for
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  17 months. My entire focus was this man is not going to die. He is never going to worry about money
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  ever again. He's going to leave that 99 cents store. He's working out at the Inglewood. And that's
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  exactly what happened. He left. I took him to Hawaii. We went and traveled the world. I said,
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  whatever you want, you just tell me what are your dreams? I'm going to have your dreams become a
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  reality. I want to go watch Kobe play. We're going to go sit right next to Kobe and you're going to
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  watch him playing. You're going to hear him talk trash from the bench. Now, I want to go to Europe. I
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  want to go to, you know, US Open. I want to go to Derby. You just tell me what you want to. I'm
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  going to take you to it. So that was the beginning of it, right? So now for everybody else that's
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  listening, there's four faces you go through about, you know, making money and being financially
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  free. Number one is survival. A lot of people are making money to survive. They're barely trying to
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  pay their bills. A lot of the people that are struggling right now in America or around the world
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  who didn't prepare for some kind of an event like this, a pandemic, they're driven by survival.
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  They've not been prepared. So they're going to go through a very difficult time right now because
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  they don't have a lot of choices. Whatever opportunity comes up, they got to take you to pay their bills
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  to survive. And when you're surviving, it's kind of like being underwater. You're trying to catch
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  breath. And every time you come up, another wave hits you, another wave hits you. You don't even
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  have time to think about dreams because all you're thinking about is the next breath. Then the next
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  phase of status. Now you're above water. Now the waves stop. Now you look around and you say which
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  direction you want to swim. I'm going this way. So status is your sister about a house. You don't
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  own a house. I want to also go buy a house because my sister has a house. Your friend from high
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  school 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 into 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 in
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  a bank. How much money do I have? So nobody can bully me around with a job or a position or money
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  or any of that stuff. I'm sick and tired of being bullied around simply because I don't have enough
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  resources and finances in order. Well, I'm going to go get free financially. Then comes
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  purpose and purposes 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? We're 2.8 million. I have a nice car. I've been all
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  over the world. I've had dinner with the most incredible people. I kind of have an idea about
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  politics and faith and marriage and relationship and money. If this is all life is all about,
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  this is kind of boring. What do I want to do next? Then you come and start thinking about purpose.
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  You start asking weird questions and you start visualizing what life is going to look like with
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  your wife and kids and family and husband and peers and mom and dad and you know, what kind of a
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  person you want to be? I want to contribute back to society based on what the life in the world
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  has given to you so far. And then you go into bigger picture. Most people don't really make a run
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  at that part because it takes a lot of work and effort but some do. So when you're asking that
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  question originally it was just the chip on my shoulder to make my dad no longer have to be pushed
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  around. Then it was about freedom and then king purpose. Thanks for tuning in. If you found this
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  valuable don't forget to hit that subscribe button so you never miss an episode and if you want
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  to dive deeper into this conversation check out the links in the description to watch the full
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  episode. See you in the next one.