so today I want to talk to you about the
dumbest mistakes I made my first year as
an entrepreneur and and as I was making
a list of all the dumb mistakes I made
we could have done this episode four six
seven eight hours but we got to do
shorter episode because I’m only going
to cover with you twelve of the dumbest
mistakes I ever made as an entrepreneur
and I’ll start off with my first one we
tell what the first one is the dumbest
mistake I almost made my first year as
an entrepreneur is I almost quit I
almost quit I almost believe I couldn’t
do this I almost believe being an
entrepreneur wasn’t for me I almost
believed that everyone that said Pat you
don’t have what it takes to be an
entrepreneur I almost believed it and
almost gave up almost I almost quit my
first year as an entrepreneur that would
have been above everything else the
dumbest mistake I would have made as an
entrepreneur number two I try to become
a CEO president too early and let me
explain to what I mean trying to
organize too much too early when you are
a brand-spanking-new entrepreneur I did
a video last week it was called a phone
call – starving entrepreneurs you can
see the picture here it’s a phone call I
made it’s like a four-minute video if
you haven’t listened to you click on the
link on the bottom you’ll be able to
listen to it my message was very simple
see when I think about the word
entrepreneur right when they think about
the word entrepreneur what’s the first
thing that comes to mind for instance if
I were to tell you right now what’s the
first word that comes to mind when I say
Microsoft what do you think about you
may said Bill Gates what’s the first
word that comes to mind when I say Apple
you may have said Steve Jobs what’s the
first word that comes to mind when you
think about the Lakers you may have said
Kobe what’s the first thing that comes
to mind when I say Chicago Bulls Michael
Jordan what’s the first thing that comes
to my mind I threw my Golden State
Warriors Steph Curry whatever it is that
first word what’s the first thing that
comes to mind when I say toward
entrepreneurs to you what is it what is
it I don’t want to say mine yet what’s
your first first so to me entrepreneur
first is sales and numbers now you may
have said create a problem solve a
problem that thought that if you don’t
know how to sell and you don’t look at
the world of business as a number
formula you got to solve your not
because it’s the only way an
entrepreneur
is an entrepreneurs because I’m Sherman
or sell something Zuckerberg sells Bezos
sells Elon Musk cells they are salesmen
first Sam Walton sold first Ben Franklin
was a Salesman first an entrepreneur
must first learn how to graduate sales
first back in the days when he moved up
in a company do everybody came to the
top of the company it wasn’t like out is
today when people go get a fancy degree
no moon they start off at a you know
vice president back in the days when he
worked out by the company everybody
started selling first why because you
have to know what it was to be a sales
person touching the customers talking to
customers and connecting with everybody
else as an executive that you know what
the salespeople do on a daily basis if
you don’t know what salespeople do on a
daily basis you don’t know how to
connect with them and you don’t know how
to connect with the customer his
frustration her frustration so my
biggest mistake first year was I tried
to be too much of a business owner
instead of learning how to sell first
and survive based on my selling
abilities of making money as a sales
person dumbest mistake I made was number
two dumbest mistake I made number three
trying to take advice from too many
people let me tell what I mean by trying
to take advice from too many people if
you’re not pregnant yet or if you
haven’t you as a woman are not pregnant
I’ve never been pregnant or you haven’t
been a man with a wife who hasn’t been
pregnant yet when that does happen and
if it has you know exactly what I’m
talking about everybody wants to give
you advice let me tell you what’s the
best thing to do you won’t have a
natural baby you won’t do a c-section
you want to do this you want take
pitocin you want to do that you want to
go and do this you would take the
epidural you know I want to do this
women because every Center and whatever
they tell you they’re telling because
that’s what they did just know this when
you raise your kids that’s the best way
to raise your kids the way we raise our
kids we raise our kids because we put
them through this and we put them
through down we put them through this
that’s great everyone has opinion and by
the way this doesn’t mean they’re wrong
and it doesn’t mean they’re right it’s
their opinion the way I take opinion
from the people is here’s what I had to
do I took way too much advice from way
too many people my first mentor was in
nine different sales companies at the
same time selling 90 different products
and he told me that’s the way to do it
multiple streams of income I realized
that’s not the way to do it not the way
to do it it stills not working for him
that was my first mentor at 20 years old
21 years old
trying to take advice from way way too
many people instead of simplify who has
the life that you want to have and what
are they doing at the phase that you
were at in business what were they doing
at deaf a sometimes we don’t take the
right type of advice because we see
somebody that’s already got the life so
that we want to come at the office at 11
o’clock and they you know they do this
and we think we have to have that life
no I want to know how you were when you
were in the hunt building your business
so take advice from people who have the
life that you haven’t asked them how
they did on what they did when they were
at your level getting started not at
their level it’s irrelevant what they’re
doing at their level it’s at your level
so take advice from establish
entrepreneurs I took advice from too
many people that gave me too many
different opinions and my brain was
going all over the place until I finally
realized this is what I’m doing myself
number four not knowing how to ask for
advice not known how to ask for advice
so sometimes you know because you’re an
employee and you want to become an
entrepreneur an employee doesn’t
necessarily ask for advice an employee’s
told what to do and you go do it no one
goes and say so how do you think I
become a better employee very few people
ask how do I become a better employee
how do I become better in my department
most employees I don’t like this place
boom I leave I don’t like this place
they don’t take care of me boom I live I
don’t like that instead of you know in
my environment I’m kind of like you come
tell me what we need to do you come ask
me what we need to do to get better what
do we need to do to make this department
better what do we need to do make the
company better I want to hear from you
but most companies are not like that
most companies the employees are told
what to do and they do it right so when
you go from being an employee to an
entrepreneur your mind hasn’t yet
shifted to go into you know asking for
advice and as an entrepreneur when
you’re going to becoming an entrepreneur
you got to learn how to ask advice from
the right people kind of point number
three and four is the same thing
while learning how to ask advice from
the right people how do I do this you
know at what when you were at my face
how did you do this when you were new
like me what did you do not where you
are now I hear sometimes on some
conference call so hey you made 193
thousand dollars last month what did you
do this month it has anything they did
this month means nothing to you
you got to ask them when you were making
$3,200 a month like I am today and you
were at this level when you only had 17
customers what were you doing every
single day that’s the right question on
how to ask for advice then making 196 is
the final product that means nothing to
you what were you doing at this phase if
you want to sell yourself to dream and
be excited that’s fine I understand that
but if you want to know how to is you
get asked what they were doing with the
garage your level point number five
forcing versus influencing I try to
force too much I forced too much of my
clients on my staff members on my sales
force my first year oh my gosh I was
just wait way too much about forcing
people to become successful forcing
people to realize why they made the
decision to out was just too much force
way too much force instead of trying to
influence it’s almost like trying to
manage everyone’s success instead of
leaving it finally I just said you know
what this is putting way too much
pressure on me than anybody else because
their success is predicated on me if
they don’t succeed in amptek I said you
know what I gotta set an example of
success and then I’m going to lead and
influence them with my example that took
a weight off my shoulder and they
enjoyed my style of leadership because
it was purely influential it was more
about example than it was about you
better do this you better do today why
don’t you do this – you’re good
it was more about here’s what I did
here’s what I’m doing this is what’s
working for me this is what I suggest
here’s what I request I had to learn by
a ton of mistakes on going from force to
influence from managing to just leading
and setting an example point number
seven
living the dream point number six living
the dream to early
living the dream to early what does I
mean living the dream to early when I
started the business I made some money
so I went and got a brand spanking new
car big car payment driving everybody
around I was going to you know out and
buying drinks for everybody and partying
ahead Pat’s in the house it’s so cool
what up Pat you know and I was good in
the party sinks I like that so you know
oh my gosh and so lifestyle big going to
vague
a spending ten grand on a week weekend
when I don’t even have $10,000 and just
it’s okay the money is coming on future
success and future sales boom lost
everything money girl car everything
gone first year gone wiped out credit
card score 484 everyone’s calling
collecting debt you’re one okay that’s
what happened I try to live the dream
too early way way too early now I think
there’s a mistake as well trying to
leave a delay too long as what because
you know people also want to see that
you’re expanding in your life – there’s
got to be a part of that that’s taking
place that you’re expanding in your life
– but living the dream too early trying
to act as if way too early I don’t think
that’s a benefit either because at the
end of the day the number one rule of
being in business is what to stay in
business you got to make sure you’re
staying in business to be able to have a
shot at growing your business and living
the dream – early living too large too
early can backfire on you next number
seven trying to sell too many products
as an entrepreneur so I’ll give you a
story for myself I’m when I first chose
the financial industry so I got started
with Morgan Stanley Dean Witter and I’m
getting my series 766 31:26 life and
health I’m going to go into the
financial industry okay I got started
day before 9/11 my first day Morgan
Stanley Dean Witter was a Monday was
nine ten nine ten 2001 is a day before
9/11 and I got involved it was probably
the worst time to be involved in the
financial industry market tanked about a
thousand points the next day 9/11
happens no one want to buy stocks mutual
funds don’t want to talk to an advisor
market kept going lower and lower trust
in the market was down fear war anxiety
panic no one wanted to deal with
anything right and I saw mortgages start
climbing up and that’s when Nigam if
you’ve seen it movie the big short who’s
in a big short the big short has to it
has I want to say Ryan Gosling is in a
big short who’s the funny guy from the
office what’s the funny guy’s name from
the office florell Carell Steve Carell
Steve Carell in the big short actually
some pretty big shot actors on the on
the big short Christian Bale Bradley up
so you know the whole thing is about the
Nigam
business mortgages were pick a payment
negative amortization whatever you want
to call this program that came from
Australia there you have four payments
you can pay the 15 year loan the 30 year
loan the interest only or the negative
amortization which whatever payment
you’re making your loan gets bigger and
bigger every single month so everybody
buy this house I know it’s a seven
hundred twenty thousand dollar house but
you only need to make a payment of you
know nineteen hundred twenty dollars and
who knows five years from now may go up
and a boom it went up but I was tempted
to get into the mortgage world and I saw
these people doing it
I made 28 grand I made 200 grand this
guy made 400 grand Scott made 600 grand
last month and he’s doing this dis
justice everybody in La wanted to get
into this I was this tempted nothing
wrong with the guys that did it people
who did it the right but made a lot of
money more power to him but I had chosen
the insurance and a financial industry
that’s the industry I chose and I was
tempted disclose one week and I came
back and one guy was kicking my butt
this one guy was completely kicking one
of my competitors was killing me and I’d
have to go and sit in the room and just
watch this guy beating everybody up
mortgage mortgage mortgage mortgage
mortgage mortgage
and so I said we also need a mortgage he
also do an escrow he’s also doing real
estate he’s also doing this he’s also
doing bit he’s also doing title he’s
also getting he’s got his money all this
other we have to try to become like a
bank and we have to do Property and
Casualty as well and we have to do tax
services one we have to do and I said
nope went back to the book blue ocean
strategy blue ocean strategy said yet
leaner get tighter fewer products focus
on a product that’s what’s going to work
and not having read that book I’ve read
it afterwards realizing by pure luck I
made the right decision but I was this
close of selling many many many
different products instead of being
focused about a product the challenge as
an entrepreneurs when you choose an
industry there’s going to be booms
happen a lot of different industries
whatever in this you’re going to choose
and there’s always an industry that
seems more sexier I wish I woulda came
up with the next snapchat the next
Instagram the next Facebook the next
Twitter it just seems it’s more sexy to
come up with the Groupon or to come up
with this you know I just wish I
would’ve got me our business is boring
you know I wish I wasn’t in this boring
type of it doesn’t matter I am gonna
more hedge my money towards the guy
that’s
industry to master that industry than I
am with the guy that’s constant rying to
chase the next big thing that’s taking
place and I watch guys they went from
mega from mortgages into REO to short
sale to real estate to you know
commercial to modification to selling
gold to that sediment to credit repair
to credit restoration to get so many
twenty-five different things and I kept
telling everybody sell one product man
sell one product one product one product
and you do that sell one product and I
almost made that mistake and it cost me
my business on where I’m at so don’t try
to sell too many products become focus
and intentional on one product one
industry you choosing number eight
thinking I knew it all I mean literally
when I got started I was as a young kid
just an knucklehead who thought he knew
everything you know 21 years old I would
have been so annoyed coaching myself at
that time because I thought I knew
everything and then the best thing that
ever happened to me the best thing that
ever happened to me is I hit rock bottom
by far the best thing that ever happened
to me sitting rock bottom I think I
think for men I have two boys and I’m
going to be in pain when I witnessed
these guys go through this but I think
the best thing that can happen to a man
is a heartbreak a very strong heartbreak
and a very big failure early on in
business and it happened to me early on
in life both heartbreak and business it
happened early on because I thought I
knew it all and it was a slap in the
face to save Socrates says the only
thing I know is that I know nothing if
the greatest minds on their deathbed are
saying things like that what makes you
and I think we know everything quite
frankly everything I’m saying on value
Tim it may be inaccurate
every single thing I’m saying on and
value Tim you may come back and my
opinions may be wrong it’s work for me
this is how to work for me for me it’s
more about teaching how to think and
actually what to think I want to get an
entrepreneur to learn how to think than
what to think but we don’t know
everything we got to learn how to adjust
we got to learn how to adapt we got to
learn how to get better we gotta learn
how to improve and so the mindset of
thinking you know it all and all the
concepts just it’s not a place you want
to be because it means advancements
doesn’t come around the corner and I had
the know-it-all attitude at a young age
and it almost cost me there’s a benefit
to that there’s a benefit because you
become
as you push the envelope a little bit
but there’s also the leveling off to
know that maybe you don’t really know
this and let me ask in question somebody
I respect to give me proper direction
that I trust that maybe they can
challenge my position an opinion but
it’s good that I have the audacity so I
like it
the fact that there’s audacity that
you’re pushing the envelope but there’s
got to be coach ability and learn
ability that you want to learn and
advance as well it doesn’t matter who
you are everyone’s got to have somebody
that they have a mentor that’s giving
them direction with so it was good that
I got out of there pretty quickly point
/ 9 I partied way too hard way too hard
I’m gonna have stories of how hard I
partied I like Thursday night because
was ladies night the best time was
Thursday night I mean we used to go to a
we had this is back in the days Dublin’s
I don’t know how many times I got kicked
out of Dublin’s man Dublin’s is now shut
down but Dublin’s was just heavenly for
me I mean they had a we had a great time
at Dublin’s we had a great time at
Miyagi’s saddle ranch all these other
clubs that they had in Hollywood I mean
you name it we went through every single
one of these things we just party like
crazy and we’d go to Vegas and Dre’s is
open till today but back in the days
Drake’s was the late you know
after-hours and we go all these other
places just party said Thursday night
and Friday night on Saturday and then
Sunday night and then you’re trying to
get up in the morning and go work on
Friday morning and you came home at 3:30
and you go into work and you’re kind of
like jet-lagged and you know from Vegas
flight back or whatever it is and you
have no energy and you’re going to work
now I’m going to pull it off because I’m
drinking three Red Bulls today nope I
want to be focused I did that for a
couple years and then my friends will
tell you from high school I went from
being the most ridiculous crazy party
guy that wanted to do all that stuff to
the most boring guy that said stop
calling me I don’t want a party anymore
one incident took place one night at a
nightclub at Highlands which was a ugly
fight that almost led to arrest and all
this other stuff and I said don’t call
me anymore I don’t want to deal with
this the only way I’m in a party is I’m
going to party going around the world
and seeing the world and I want to
celebrate with some ridiculous
celebrations and business and success in
life
all this other party stuff that drinks
the girls it’s so boring after
man it’s like the same old crap over and
over again there is no real life and
substance behind it I want the juice of
life I want to hide the last of the day
I die I want to be naturally high this
is why don’t drink coffee I don’t drink
redbull I don’t eat any of these energy
stuff I don’t I want the natural highs
of life is what I’m seeking what I’m
looking for but it almost cost me a
business because I thought well listen
man we watch these movies well for Wall
Street and boiler room and you got to go
and party very hard because that’s what
these guys doing the movies BS if you
want that life you go get it if you want
the bigger real life the real real
players and send how they party man they
own the nightclub they don’t party with
the people at the nightclub they own the
business they own the products being
sold they don’t go in there mingle and
doing all that other stuff and so it’s
all based on your standards on what you
want to do but I can’t lie I’ve been to
hundreds of ladies nights I’ve been to a
club many times if you’re my age and
you’re from California
we’ve probably partied at some of the
same places together okay all right
let’s not bring any memories by though
if you know me from the past we don’t
need any comments on the bottom okay
number 10 acting like a boss instead of
an employee I made a mistake let me tell
what I mean so I mean I’m an
entrepreneur now man I get to do
whatever I want to do I can come in
whenever I want in my hours and you know
it’s just so mama
nobody tells me what to do I’m an
entrepreneur I come out 11 o’clock if I
want to because I chose to be an
entrepreneur and you’re going to fail
when a person goes from being an
employee to an entrepreneur they’re
missing one thing they don’t have a boss
anymore and they’re not used to being a
boss and they don’t make a good boss if
you’re worried about you’d be a boss in
your past life and you’re not a good
boss that’s why you were never a boss in
your past life if your boss your boss
okay so when you become an entrepreneur
one things missing you don’t have
somebody that’s gonna hold you
accountable you don’t have someone
that’s going to tell you what were you
at 8 o’clock in the morning you don’t
have that you don’t even like when
somebody does at you because no one’s
paying your hourly anymore no one’s
paying you 20 bucks an hour 15 bucks an
hour 30 bucks an hour 40 bucks or
whatever it is
so who’s someone to tell you what were
you this morning nobody is so that
environment that you’re going into
you’re thinking to yourself what the
hell am i doing you know so if you don’t
hold yourself accountable or don’t have
somebody that’s going to hold you
accountable a person somebody
that’s directing you challenging your
running mate a partner many times you’ll
see that not working out so for me I
went in I wasn’t a good boss to myself
it cost me my first year and eventually
obviously self-motivated you learn how
to hold yourself accountable all this
other stuff then the rest is history but
you’re one I’ve seen many people not
make you because of that so point number
eleven kind of follows that it’s not
having a schedule create a schedule and
stick to it and punish yourself if you
don’t like literally I didn’t have a
schedule just kind of like showing up
create a schedule just like that you
have a job except at a job you work 9:00
to 5:00 as an entrepreneur you work 7:00
to 10:00 just so you know that HP dokgo
becoming Entrepreneur Award few hours
you could become an entrepreneur because
you work twice as many hours but then
you and your own business any control
the time once people don’t become
entrepreneurs because they make more
money they want control and freedom and
a lifestyle and that lifestyle may take
three five ten years it won’t happen
overnight
what happened overnight so but set a
schedule stick to it and the last one
I’ll tell you the last one I’ll tell you
is is the value of a business plan you
know I remember I got started early on
and I was on this meeting and this one
girl who had gotten involved in business
we had both become advisors right around
the same time she wrote a business plan
60 page business plan I’m gonna make
this kind of money I’m gonna do this I’m
gonna do that and I’m just scratching my
head I’m like man I have no idea how to
even write a business plan I don’t even
know what a business plan is and there
was not like internet to go and type in
seven points right in a business plan
there was no online blogs you know on
how to write a business plan I don’t
know how to write a business plan what
am I going to do on writing a business
plan so the value of a business plan is
this much when you’re you’re one of an
entrepreneur your business plan should
be actionable items and habits to learn
and apply every day such as I’m going to
make 250 calls today I am going to give
away 50 business cards today I am going
to network online and connect with 50
people on social media today and
what counts so I’m not just going on
newsfeed Facebook I’m getting numbers
and scheduled follow-up appointments
that’s what counts
habits I’m going to read an hour per day
I’m going to study my trait an hour per
day the business plan is not here’s what
I’m going to headquarter number one
quarter number two quarter number three
it’s more I’m going to learn this skill
set this month then I’m going to learn
this skill set this month then I’m going
to learn this skill set this month then
I’m going to learn this skill set this
month that’s a business plan not a
75-page business plan a habit skill set
discipline plan is really what’s
critical over all the other stuff so you
know very very critical reading and
putting that part of your plan on a
daily basis is very important because
you’re improving your mindset
self-affirmation you know self auto
suggestions statements you’re telling
yourself books you’re reading on how to
improve yourself audio CDs you’re
listening to things that get you going
very very important for doing that and
obviously when you do that plan it’s
eliminating certain relationships
certain associations who you want knew
to be in your life that’s what the plan
is the plan is not a business business
plan that you have to write this
intimidating business plan at a kid from
USC with an MBA is going to teach you
how to write and charge in your 1,500
bucks nonsense I’ve seen hundreds of
kids coming out of big universities
writing business plans as entrepreneurs
who failed and are working at somebody
right now for nothing so you’re writing
a business plan to value with your one
not a lot your three or five-year ten
more because then you understand the
cycles of the business the seasons of
the business you know you’re more of a
mature entrepreneur dot dot dot and
that’s not the purpose of this video
okay so those are 12 of the dumbest
mistakes I’ve made I’ve made many more
like to hear some of the dumb mistakes
you’ve made comment on the bottom with
some of the mistakes you’ve had if you
have any questions on what I said in
this video comment on the bottom I do
get back to the comments it is
increasing but we do still get back at
the comments that we are getting on
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Patrick bed david.com Illya thank you
thanks for watching have a good one everybody bye-bye
dumbest mistakes I made my first year as
an entrepreneur and and as I was making
a list of all the dumb mistakes I made
we could have done this episode four six
seven eight hours but we got to do
shorter episode because I’m only going
to cover with you twelve of the dumbest
mistakes I ever made as an entrepreneur
and I’ll start off with my first one we
tell what the first one is the dumbest
mistake I almost made my first year as
an entrepreneur is I almost quit I
almost quit I almost believe I couldn’t
do this I almost believe being an
entrepreneur wasn’t for me I almost
believed that everyone that said Pat you
don’t have what it takes to be an
entrepreneur I almost believed it and
almost gave up almost I almost quit my
first year as an entrepreneur that would
have been above everything else the
dumbest mistake I would have made as an
entrepreneur number two I try to become
a CEO president too early and let me
explain to what I mean trying to
organize too much too early when you are
a brand-spanking-new entrepreneur I did
a video last week it was called a phone
call – starving entrepreneurs you can
see the picture here it’s a phone call I
made it’s like a four-minute video if
you haven’t listened to you click on the
link on the bottom you’ll be able to
listen to it my message was very simple
see when I think about the word
entrepreneur right when they think about
the word entrepreneur what’s the first
thing that comes to mind for instance if
I were to tell you right now what’s the
first word that comes to mind when I say
Microsoft what do you think about you
may said Bill Gates what’s the first
word that comes to mind when I say Apple
you may have said Steve Jobs what’s the
first word that comes to mind when you
think about the Lakers you may have said
Kobe what’s the first thing that comes
to mind when I say Chicago Bulls Michael
Jordan what’s the first thing that comes
to my mind I threw my Golden State
Warriors Steph Curry whatever it is that
first word what’s the first thing that
comes to mind when I say toward
entrepreneurs to you what is it what is
it I don’t want to say mine yet what’s
your first first so to me entrepreneur
first is sales and numbers now you may
have said create a problem solve a
problem that thought that if you don’t
know how to sell and you don’t look at
the world of business as a number
formula you got to solve your not
because it’s the only way an
entrepreneur
is an entrepreneurs because I’m Sherman
or sell something Zuckerberg sells Bezos
sells Elon Musk cells they are salesmen
first Sam Walton sold first Ben Franklin
was a Salesman first an entrepreneur
must first learn how to graduate sales
first back in the days when he moved up
in a company do everybody came to the
top of the company it wasn’t like out is
today when people go get a fancy degree
no moon they start off at a you know
vice president back in the days when he
worked out by the company everybody
started selling first why because you
have to know what it was to be a sales
person touching the customers talking to
customers and connecting with everybody
else as an executive that you know what
the salespeople do on a daily basis if
you don’t know what salespeople do on a
daily basis you don’t know how to
connect with them and you don’t know how
to connect with the customer his
frustration her frustration so my
biggest mistake first year was I tried
to be too much of a business owner
instead of learning how to sell first
and survive based on my selling
abilities of making money as a sales
person dumbest mistake I made was number
two dumbest mistake I made number three
trying to take advice from too many
people let me tell what I mean by trying
to take advice from too many people if
you’re not pregnant yet or if you
haven’t you as a woman are not pregnant
I’ve never been pregnant or you haven’t
been a man with a wife who hasn’t been
pregnant yet when that does happen and
if it has you know exactly what I’m
talking about everybody wants to give
you advice let me tell you what’s the
best thing to do you won’t have a
natural baby you won’t do a c-section
you want to do this you want take
pitocin you want to do that you want to
go and do this you would take the
epidural you know I want to do this
women because every Center and whatever
they tell you they’re telling because
that’s what they did just know this when
you raise your kids that’s the best way
to raise your kids the way we raise our
kids we raise our kids because we put
them through this and we put them
through down we put them through this
that’s great everyone has opinion and by
the way this doesn’t mean they’re wrong
and it doesn’t mean they’re right it’s
their opinion the way I take opinion
from the people is here’s what I had to
do I took way too much advice from way
too many people my first mentor was in
nine different sales companies at the
same time selling 90 different products
and he told me that’s the way to do it
multiple streams of income I realized
that’s not the way to do it not the way
to do it it stills not working for him
that was my first mentor at 20 years old
21 years old
trying to take advice from way way too
many people instead of simplify who has
the life that you want to have and what
are they doing at the phase that you
were at in business what were they doing
at deaf a sometimes we don’t take the
right type of advice because we see
somebody that’s already got the life so
that we want to come at the office at 11
o’clock and they you know they do this
and we think we have to have that life
no I want to know how you were when you
were in the hunt building your business
so take advice from people who have the
life that you haven’t asked them how
they did on what they did when they were
at your level getting started not at
their level it’s irrelevant what they’re
doing at their level it’s at your level
so take advice from establish
entrepreneurs I took advice from too
many people that gave me too many
different opinions and my brain was
going all over the place until I finally
realized this is what I’m doing myself
number four not knowing how to ask for
advice not known how to ask for advice
so sometimes you know because you’re an
employee and you want to become an
entrepreneur an employee doesn’t
necessarily ask for advice an employee’s
told what to do and you go do it no one
goes and say so how do you think I
become a better employee very few people
ask how do I become a better employee
how do I become better in my department
most employees I don’t like this place
boom I leave I don’t like this place
they don’t take care of me boom I live I
don’t like that instead of you know in
my environment I’m kind of like you come
tell me what we need to do you come ask
me what we need to do to get better what
do we need to do to make this department
better what do we need to do make the
company better I want to hear from you
but most companies are not like that
most companies the employees are told
what to do and they do it right so when
you go from being an employee to an
entrepreneur your mind hasn’t yet
shifted to go into you know asking for
advice and as an entrepreneur when
you’re going to becoming an entrepreneur
you got to learn how to ask advice from
the right people kind of point number
three and four is the same thing
while learning how to ask advice from
the right people how do I do this you
know at what when you were at my face
how did you do this when you were new
like me what did you do not where you
are now I hear sometimes on some
conference call so hey you made 193
thousand dollars last month what did you
do this month it has anything they did
this month means nothing to you
you got to ask them when you were making
$3,200 a month like I am today and you
were at this level when you only had 17
customers what were you doing every
single day that’s the right question on
how to ask for advice then making 196 is
the final product that means nothing to
you what were you doing at this phase if
you want to sell yourself to dream and
be excited that’s fine I understand that
but if you want to know how to is you
get asked what they were doing with the
garage your level point number five
forcing versus influencing I try to
force too much I forced too much of my
clients on my staff members on my sales
force my first year oh my gosh I was
just wait way too much about forcing
people to become successful forcing
people to realize why they made the
decision to out was just too much force
way too much force instead of trying to
influence it’s almost like trying to
manage everyone’s success instead of
leaving it finally I just said you know
what this is putting way too much
pressure on me than anybody else because
their success is predicated on me if
they don’t succeed in amptek I said you
know what I gotta set an example of
success and then I’m going to lead and
influence them with my example that took
a weight off my shoulder and they
enjoyed my style of leadership because
it was purely influential it was more
about example than it was about you
better do this you better do today why
don’t you do this – you’re good
it was more about here’s what I did
here’s what I’m doing this is what’s
working for me this is what I suggest
here’s what I request I had to learn by
a ton of mistakes on going from force to
influence from managing to just leading
and setting an example point number
seven
living the dream point number six living
the dream to early
living the dream to early what does I
mean living the dream to early when I
started the business I made some money
so I went and got a brand spanking new
car big car payment driving everybody
around I was going to you know out and
buying drinks for everybody and partying
ahead Pat’s in the house it’s so cool
what up Pat you know and I was good in
the party sinks I like that so you know
oh my gosh and so lifestyle big going to
vague
a spending ten grand on a week weekend
when I don’t even have $10,000 and just
it’s okay the money is coming on future
success and future sales boom lost
everything money girl car everything
gone first year gone wiped out credit
card score 484 everyone’s calling
collecting debt you’re one okay that’s
what happened I try to live the dream
too early way way too early now I think
there’s a mistake as well trying to
leave a delay too long as what because
you know people also want to see that
you’re expanding in your life – there’s
got to be a part of that that’s taking
place that you’re expanding in your life
– but living the dream too early trying
to act as if way too early I don’t think
that’s a benefit either because at the
end of the day the number one rule of
being in business is what to stay in
business you got to make sure you’re
staying in business to be able to have a
shot at growing your business and living
the dream – early living too large too
early can backfire on you next number
seven trying to sell too many products
as an entrepreneur so I’ll give you a
story for myself I’m when I first chose
the financial industry so I got started
with Morgan Stanley Dean Witter and I’m
getting my series 766 31:26 life and
health I’m going to go into the
financial industry okay I got started
day before 9/11 my first day Morgan
Stanley Dean Witter was a Monday was
nine ten nine ten 2001 is a day before
9/11 and I got involved it was probably
the worst time to be involved in the
financial industry market tanked about a
thousand points the next day 9/11
happens no one want to buy stocks mutual
funds don’t want to talk to an advisor
market kept going lower and lower trust
in the market was down fear war anxiety
panic no one wanted to deal with
anything right and I saw mortgages start
climbing up and that’s when Nigam if
you’ve seen it movie the big short who’s
in a big short the big short has to it
has I want to say Ryan Gosling is in a
big short who’s the funny guy from the
office what’s the funny guy’s name from
the office florell Carell Steve Carell
Steve Carell in the big short actually
some pretty big shot actors on the on
the big short Christian Bale Bradley up
so you know the whole thing is about the
Nigam
business mortgages were pick a payment
negative amortization whatever you want
to call this program that came from
Australia there you have four payments
you can pay the 15 year loan the 30 year
loan the interest only or the negative
amortization which whatever payment
you’re making your loan gets bigger and
bigger every single month so everybody
buy this house I know it’s a seven
hundred twenty thousand dollar house but
you only need to make a payment of you
know nineteen hundred twenty dollars and
who knows five years from now may go up
and a boom it went up but I was tempted
to get into the mortgage world and I saw
these people doing it
I made 28 grand I made 200 grand this
guy made 400 grand Scott made 600 grand
last month and he’s doing this dis
justice everybody in La wanted to get
into this I was this tempted nothing
wrong with the guys that did it people
who did it the right but made a lot of
money more power to him but I had chosen
the insurance and a financial industry
that’s the industry I chose and I was
tempted disclose one week and I came
back and one guy was kicking my butt
this one guy was completely kicking one
of my competitors was killing me and I’d
have to go and sit in the room and just
watch this guy beating everybody up
mortgage mortgage mortgage mortgage
mortgage mortgage
and so I said we also need a mortgage he
also do an escrow he’s also doing real
estate he’s also doing this he’s also
doing bit he’s also doing title he’s
also getting he’s got his money all this
other we have to try to become like a
bank and we have to do Property and
Casualty as well and we have to do tax
services one we have to do and I said
nope went back to the book blue ocean
strategy blue ocean strategy said yet
leaner get tighter fewer products focus
on a product that’s what’s going to work
and not having read that book I’ve read
it afterwards realizing by pure luck I
made the right decision but I was this
close of selling many many many
different products instead of being
focused about a product the challenge as
an entrepreneurs when you choose an
industry there’s going to be booms
happen a lot of different industries
whatever in this you’re going to choose
and there’s always an industry that
seems more sexier I wish I woulda came
up with the next snapchat the next
Instagram the next Facebook the next
Twitter it just seems it’s more sexy to
come up with the Groupon or to come up
with this you know I just wish I
would’ve got me our business is boring
you know I wish I wasn’t in this boring
type of it doesn’t matter I am gonna
more hedge my money towards the guy
that’s
industry to master that industry than I
am with the guy that’s constant rying to
chase the next big thing that’s taking
place and I watch guys they went from
mega from mortgages into REO to short
sale to real estate to you know
commercial to modification to selling
gold to that sediment to credit repair
to credit restoration to get so many
twenty-five different things and I kept
telling everybody sell one product man
sell one product one product one product
and you do that sell one product and I
almost made that mistake and it cost me
my business on where I’m at so don’t try
to sell too many products become focus
and intentional on one product one
industry you choosing number eight
thinking I knew it all I mean literally
when I got started I was as a young kid
just an knucklehead who thought he knew
everything you know 21 years old I would
have been so annoyed coaching myself at
that time because I thought I knew
everything and then the best thing that
ever happened to me the best thing that
ever happened to me is I hit rock bottom
by far the best thing that ever happened
to me sitting rock bottom I think I
think for men I have two boys and I’m
going to be in pain when I witnessed
these guys go through this but I think
the best thing that can happen to a man
is a heartbreak a very strong heartbreak
and a very big failure early on in
business and it happened to me early on
in life both heartbreak and business it
happened early on because I thought I
knew it all and it was a slap in the
face to save Socrates says the only
thing I know is that I know nothing if
the greatest minds on their deathbed are
saying things like that what makes you
and I think we know everything quite
frankly everything I’m saying on value
Tim it may be inaccurate
every single thing I’m saying on and
value Tim you may come back and my
opinions may be wrong it’s work for me
this is how to work for me for me it’s
more about teaching how to think and
actually what to think I want to get an
entrepreneur to learn how to think than
what to think but we don’t know
everything we got to learn how to adjust
we got to learn how to adapt we got to
learn how to get better we gotta learn
how to improve and so the mindset of
thinking you know it all and all the
concepts just it’s not a place you want
to be because it means advancements
doesn’t come around the corner and I had
the know-it-all attitude at a young age
and it almost cost me there’s a benefit
to that there’s a benefit because you
become
as you push the envelope a little bit
but there’s also the leveling off to
know that maybe you don’t really know
this and let me ask in question somebody
I respect to give me proper direction
that I trust that maybe they can
challenge my position an opinion but
it’s good that I have the audacity so I
like it
the fact that there’s audacity that
you’re pushing the envelope but there’s
got to be coach ability and learn
ability that you want to learn and
advance as well it doesn’t matter who
you are everyone’s got to have somebody
that they have a mentor that’s giving
them direction with so it was good that
I got out of there pretty quickly point
/ 9 I partied way too hard way too hard
I’m gonna have stories of how hard I
partied I like Thursday night because
was ladies night the best time was
Thursday night I mean we used to go to a
we had this is back in the days Dublin’s
I don’t know how many times I got kicked
out of Dublin’s man Dublin’s is now shut
down but Dublin’s was just heavenly for
me I mean they had a we had a great time
at Dublin’s we had a great time at
Miyagi’s saddle ranch all these other
clubs that they had in Hollywood I mean
you name it we went through every single
one of these things we just party like
crazy and we’d go to Vegas and Dre’s is
open till today but back in the days
Drake’s was the late you know
after-hours and we go all these other
places just party said Thursday night
and Friday night on Saturday and then
Sunday night and then you’re trying to
get up in the morning and go work on
Friday morning and you came home at 3:30
and you go into work and you’re kind of
like jet-lagged and you know from Vegas
flight back or whatever it is and you
have no energy and you’re going to work
now I’m going to pull it off because I’m
drinking three Red Bulls today nope I
want to be focused I did that for a
couple years and then my friends will
tell you from high school I went from
being the most ridiculous crazy party
guy that wanted to do all that stuff to
the most boring guy that said stop
calling me I don’t want a party anymore
one incident took place one night at a
nightclub at Highlands which was a ugly
fight that almost led to arrest and all
this other stuff and I said don’t call
me anymore I don’t want to deal with
this the only way I’m in a party is I’m
going to party going around the world
and seeing the world and I want to
celebrate with some ridiculous
celebrations and business and success in
life
all this other party stuff that drinks
the girls it’s so boring after
man it’s like the same old crap over and
over again there is no real life and
substance behind it I want the juice of
life I want to hide the last of the day
I die I want to be naturally high this
is why don’t drink coffee I don’t drink
redbull I don’t eat any of these energy
stuff I don’t I want the natural highs
of life is what I’m seeking what I’m
looking for but it almost cost me a
business because I thought well listen
man we watch these movies well for Wall
Street and boiler room and you got to go
and party very hard because that’s what
these guys doing the movies BS if you
want that life you go get it if you want
the bigger real life the real real
players and send how they party man they
own the nightclub they don’t party with
the people at the nightclub they own the
business they own the products being
sold they don’t go in there mingle and
doing all that other stuff and so it’s
all based on your standards on what you
want to do but I can’t lie I’ve been to
hundreds of ladies nights I’ve been to a
club many times if you’re my age and
you’re from California
we’ve probably partied at some of the
same places together okay all right
let’s not bring any memories by though
if you know me from the past we don’t
need any comments on the bottom okay
number 10 acting like a boss instead of
an employee I made a mistake let me tell
what I mean so I mean I’m an
entrepreneur now man I get to do
whatever I want to do I can come in
whenever I want in my hours and you know
it’s just so mama
nobody tells me what to do I’m an
entrepreneur I come out 11 o’clock if I
want to because I chose to be an
entrepreneur and you’re going to fail
when a person goes from being an
employee to an entrepreneur they’re
missing one thing they don’t have a boss
anymore and they’re not used to being a
boss and they don’t make a good boss if
you’re worried about you’d be a boss in
your past life and you’re not a good
boss that’s why you were never a boss in
your past life if your boss your boss
okay so when you become an entrepreneur
one things missing you don’t have
somebody that’s gonna hold you
accountable you don’t have someone
that’s going to tell you what were you
at 8 o’clock in the morning you don’t
have that you don’t even like when
somebody does at you because no one’s
paying your hourly anymore no one’s
paying you 20 bucks an hour 15 bucks an
hour 30 bucks an hour 40 bucks or
whatever it is
so who’s someone to tell you what were
you this morning nobody is so that
environment that you’re going into
you’re thinking to yourself what the
hell am i doing you know so if you don’t
hold yourself accountable or don’t have
somebody that’s going to hold you
accountable a person somebody
that’s directing you challenging your
running mate a partner many times you’ll
see that not working out so for me I
went in I wasn’t a good boss to myself
it cost me my first year and eventually
obviously self-motivated you learn how
to hold yourself accountable all this
other stuff then the rest is history but
you’re one I’ve seen many people not
make you because of that so point number
eleven kind of follows that it’s not
having a schedule create a schedule and
stick to it and punish yourself if you
don’t like literally I didn’t have a
schedule just kind of like showing up
create a schedule just like that you
have a job except at a job you work 9:00
to 5:00 as an entrepreneur you work 7:00
to 10:00 just so you know that HP dokgo
becoming Entrepreneur Award few hours
you could become an entrepreneur because
you work twice as many hours but then
you and your own business any control
the time once people don’t become
entrepreneurs because they make more
money they want control and freedom and
a lifestyle and that lifestyle may take
three five ten years it won’t happen
overnight
what happened overnight so but set a
schedule stick to it and the last one
I’ll tell you the last one I’ll tell you
is is the value of a business plan you
know I remember I got started early on
and I was on this meeting and this one
girl who had gotten involved in business
we had both become advisors right around
the same time she wrote a business plan
60 page business plan I’m gonna make
this kind of money I’m gonna do this I’m
gonna do that and I’m just scratching my
head I’m like man I have no idea how to
even write a business plan I don’t even
know what a business plan is and there
was not like internet to go and type in
seven points right in a business plan
there was no online blogs you know on
how to write a business plan I don’t
know how to write a business plan what
am I going to do on writing a business
plan so the value of a business plan is
this much when you’re you’re one of an
entrepreneur your business plan should
be actionable items and habits to learn
and apply every day such as I’m going to
make 250 calls today I am going to give
away 50 business cards today I am going
to network online and connect with 50
people on social media today and
what counts so I’m not just going on
newsfeed Facebook I’m getting numbers
and scheduled follow-up appointments
that’s what counts
habits I’m going to read an hour per day
I’m going to study my trait an hour per
day the business plan is not here’s what
I’m going to headquarter number one
quarter number two quarter number three
it’s more I’m going to learn this skill
set this month then I’m going to learn
this skill set this month then I’m going
to learn this skill set this month then
I’m going to learn this skill set this
month that’s a business plan not a
75-page business plan a habit skill set
discipline plan is really what’s
critical over all the other stuff so you
know very very critical reading and
putting that part of your plan on a
daily basis is very important because
you’re improving your mindset
self-affirmation you know self auto
suggestions statements you’re telling
yourself books you’re reading on how to
improve yourself audio CDs you’re
listening to things that get you going
very very important for doing that and
obviously when you do that plan it’s
eliminating certain relationships
certain associations who you want knew
to be in your life that’s what the plan
is the plan is not a business business
plan that you have to write this
intimidating business plan at a kid from
USC with an MBA is going to teach you
how to write and charge in your 1,500
bucks nonsense I’ve seen hundreds of
kids coming out of big universities
writing business plans as entrepreneurs
who failed and are working at somebody
right now for nothing so you’re writing
a business plan to value with your one
not a lot your three or five-year ten
more because then you understand the
cycles of the business the seasons of
the business you know you’re more of a
mature entrepreneur dot dot dot and
that’s not the purpose of this video
okay so those are 12 of the dumbest
mistakes I’ve made I’ve made many more
like to hear some of the dumb mistakes
you’ve made comment on the bottom with
some of the mistakes you’ve had if you
have any questions on what I said in
this video comment on the bottom I do
get back to the comments it is
increasing but we do still get back at
the comments that we are getting on
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Patrick bed david.com Illya thank you
thanks for watching have a good one everybody bye-bye
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