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4 Life Lessons for Every Entrepreneur


welcome to the sit-down
I’m your host Patrick mid David in
today’s episode we’re gonna talk about
lessons in failure with four amazing
individuals one of them being Ric Flair
who’s a 16-time world champion by the
WWE then we have Jordan Belfort who was
the story of Warfel Wall Street the man
that went from nothing to make him 48
million dollars a year then goes to
prison he’s gonna talk about what
mistakes he made then Chris paronto very
good friend of mine who was a ranger the
story of 13 hours Benghazi he’s one of
the guys Tonto was his nickname he’ll
talk to you about how he didn’t make it
a ranger school the first time and
obviously my good friend Kevin Hart 150
million followers today on social media
69 million dollar income last year
builds up a football stadium but did you
know just nine years ago here with the
IRS five hundred thousand dollars how
did he overcome that so with that being
said here’s Kevin Hart you know you’re
talking about
having no idea what money is to making
your first good amount of money I mean
that $25,000 check was a real thing when
I did naca and I made all that money
from them schools and then they took all
that money out of my check for taxes and
I’m like wait what who what person
what’s on the tax you know these are all
things that become education educational
hard core moments that you have to deal
with at the time but when I got my first
deal my first deal was two hundred and
twenty five thousand dollars and that
was from ABC ABC gave me two hundred
twenty five thousand there was a whole
next money doesn’t matter you hit rich
yeah I’m about the bottom I’m not I’m by
mama house in a car got to give my
brother house because that’s one Chuck
yeah but I’m getting a lot of houses
this is how you think you don’t talk
about your first floor yeah it was
getting me gotta get me a watch brought
a bunch of throwback jerseys need those
kind of
some throwback hats to Max’s Josie’s hey
man you know I got a business manager
now he running that hey real quick uh
shift this money so I can use this Kevin
you don’t have any money
excuse me what you mean I got money
Jeb’s had 225 Kevin well we never paid
taxes on the money so now you’re
actually in the hole because you ran
through the money you gave out so much
well then nobody why don’t they take it
out to check they you said will you
incorporating well you didn’t explain to
me what that meant
well Kevin we we assume that you
understood what that was when we did it
so what you say it well you owe you owe
125,000 huh
and I seen that she never paid on the
other money that she made from previous
pilots in television gigs so I ended up
being in a hole what your is this is
buses no this is when did i do grown
little man
that was my was that my broke his point
when I did grown little man whenever I
did grown little man I was when the
money was sold that’s when it was like
well I bounced checks I’m curious to
know what your the tip roll well your
night o night
this is oh no oh no and that’s when
everything hit the fan I owed the
government an absurd amount of money I I
was like what I don’t understand what
happened to the money that I had I
looked up I couldn’t even tell you where
it went
where where is it I just remember seeing
a bunch of Jersey nights years ago yeah
unbelievable I remember saying I said
man if you give me a second chance give
me a second chance
y’all think this was the movies I had I
did so playing at the time I had some TV
shows I had like my scary movie threes
fours I had all of this stuff but I
didn’t pay tech nobody told I didn’t
know it’s already done all these things
and you might tell I knew nothing so I
ended up owing like five hundred
thousand it wasn’t like a weird number
and I was like yellow forgive me a
second shot I said it’ll never happen
again I remember I said it’ll never
happen again I learned my lesson I just
got to figure out how to recover
and that’s when I went back to the heavy
standard grind as some popularity I was
I had a little bit of recognition with
my face people go oh that’s the guy so I
started doing comedy club I saw
something out comedy clubs and I the
business manager I had at the time I
fired I wanted to understand how to
control my money deal with my money make
sure I see my check sign all my checks
and I said I want to take the absolute
minimal amount for myself and everything
else I’m just gonna put in an account
I’m gonna call it a tax account and
until I get that number back plus a
percentage on top of it I’m gonna live
off of that minimal man made that
decision that they’re healthy choice yes
and then once I got out the hole and
like a year and a half yeah got out the
hole from all the comedy clubs and then
I said I mean you don’t have to pay up
to $500 yeah because I was gonna comma
Club so I was making fifteen grand
8 grand 10 grand 9 grand I was doing
well to pay half a million because well
you know everything next year I
dedicated the same thing so I could get
out that hole even so I paid that back
and then the following year I did the
same thing so I could be double out the
hole so I’m in a hole 500 but you really
do need no million doesn’t need that
yeah but because the government it was
so long I was able to get a little bit
of a break in the amount of money I old
so I settled for a less amount was still
the chunky amount but I ended up paying
probably like 700 total to get out but
it took me a year and a half two years
to do that
and then once I got out I thought oh
never again how are you handling it at
that time well you perform it like are
you because this is pressure this is a
pressure type situation you’ve seen it
worse it’s no pressure you see you’re
performing you’re not even thinking
about it your problem you just I have a
game plan I’m gonna go hit it I’m gonna
make that money back in I’ve seen the
words got it what else can happen is I’m
doing years ago yes I faced the words I
saw it oh that’s what it looked like
there it is that’s what that’s what
don’t have nothing look like right there
oh I don’t want to see that again
if you were to change two or three
things for this to have lasted
what would those two or three things be
like um number one for sure would be the
delaying the gratification that’s a
problem that a lot of young honors have
and I learned that the hard way is that
good things take time and there were
some moves I made that made me a lot of
money in the short term but then created
problems to be over the long term and
for example like Steve Madden shoes is
one of my companies right I remember
that was the majority shelter of Steve
Madden shoes if I had not had that
problem from all the stuff I did earlier
I would have made seven hundred million
a billion dollars even just over that
one universe is making twenty thirty
million dollars yeah cuz I was forced to
sell it too early right that’s one
example and there’s so many other
examples just like that where first is
if I would have not gotten in trouble I
would have made the dot-com boom and
been positioned to have the biggest firm
out there during internet craze I
would’ve made billions off of that so
while I made a little bit of extra money
sooner it cost me a lot more with little
torn by not playing that sort of long
game playing the short game and I think
that’s a big mistake a lot of people
make and it’s something I learned really
was crystallized when I wrote my first
book the wolf of Wall Street because
that took me a year to write I didn’t
make anything while I was writing yet I
mean I got some advance is very sure
right and then lo and behold over years
it turned into this amazing thing that
just spawned an entirely new life for me
so I think that it was a classic example
of something that we you work really
hard on something and it pays off down
the road so I think it’s one major thing
is uh is that second thing is that I
think that a lot of young people it’s
not because they’re better it’s not
about that because I was a really good
kid of a great family never got in
trouble you never got in trouble no no
never no never got went to jail never I
mean your dad it from the way was
picture you know was trying to protect
you a lot of counting stuff wasn’t that
kind of family
yeah often you think when you’re younger
or even your old if you haven’t had this
this lesson taught you the hard way is
that I could be half pregnant when it
comes to ethics notice I could be
ethical but I could step over the line
Jones and get away with it yeah
the problem with that is that when you
step over the ethical line once your
line of ethics moves a bit
so next time you step over you’ll still
a bit further away the point further so
so with me
you know I became desensitized to
essentially right and wrong behavior and
it’s very easy on Wall Street we don’t a
lot of people as you as we found out in
2007 it wasn’t just me everyone Oh even
but 50 times bigger than where you live
some of these guys cost a lot of people
my ways I you know I always say
everyone’s doing it that’s the old
excuse sure we do it you should I do
what I did it was wrong yeah but the
point was it’s very easy to point say
well everyone’s doing it so you have to
that’s such a good point you have to
maintain you at the gym really do this
no how do you do that very simple it
really is very simple you just don’t
take the first step kata that’s it and
that’s the secret there’s no way you
could take a kid like just take a step
and a blur than do you think once you go
in it’s harder to come out of it like to
make a major shift out of it I don’t
think it’s hard I think it depends on
how you were to start other words if you
were unethical your whole life yeah
that’s who you are
yeah for me I was I was an ethical pearl
I never had a problem before and I’ve
had a problem after for me it was very
easy to find my ethical way because in
my heart of heart that’s who I was
so how do you surround yourself with is
gonna impact you and I really made some
bad decisions and who I surrounded
myself with I just did when people tell
you you’re the king and you’re this
you’re that when I was 24 that was
intoxicating you know all these young
kids all grew up to be I did to handle
that well I thought what you start to
think that you think the normal rules
don’t apply to you which is why this
time when all this success had with the
movie and all the speaking it didn’t
affect me at all like you were used to
it I just I knew it
with or without it I was still who I
were right the first Parral you really
start off is it all so different because
you had different people in your life
like your wife for sure for sure it’s a
combination of those things so you know
– you associate with its understanding
not to take the first step and then
people say well how do you know well you
know you know you know there’s like this
feeling you get you stomach I think most
less you’re a sociopath you know when
you’re not doing the right thing you get
this sort of feeling maybe just if you
got that feeling – probably I do it the
right way
right and then you have to be careful
not to use the power of rationalization
because the human brain is incredibly
adept at rationalizing so you know avoid
that and you know all in all I think you
know for me I’m fortunate that it ended
I got a second chance and that worked
out really well but for many people you
don’t get that’s right just don’t don’t
put yourself behind the eight-ball avoid
that you know I don’t I don’t mean don’t
fail fail you should fail I’m sure
everyone should fail I believe that they
learn more about what I failed then when
I succeeded in business right but going
out there and losing your ethical way is
a choice that you make I don’t care if
the about saying don’t do drugs I’m
sober but I’m not like don’t do drugs
about I’m talking about actions that
impact other people negatively you get
it doesn’t end well and you really have
to realize there is this sort of energy
in the universe and is a sort of there
is karma and you know you want to be on
the right side of that equation for me
the best thing that happened to me is
join a military I was at one point a GPA
kid I went in I came back and I think a
lot of undecided 18 year-old boys today
meet the army for a couple years to
County whatever branch it is to go
through how do you apply Ranger school
to everyday life how do you apply still
training every day like I didn’t want to
do that I wanted to say guys I’m like
everybody else
I failed just like everybody else so
it’s more of failing even when I was a
kid what did I fail that what did I fail
here how did I got kicked it I got
kicked out of there on my first time I
was in first time I was in I got booted
out of the army and what did I do
I went to grad school I took my Giri and
I went to grad school because I had to
take two years off I couldn’t reply for
the military audio I was 27 at the time
I went to grad school got my master’s
degree I were enlisted back in and
because my hurt my dad yeah my dad’s
voice is saying if you start something
son you finish it I said we aren’t
superhuman we’re not any different
anybody else we failed just like
everybody else the only difference is we
don’t know how to pick ourselves up in
to continue to keep moving that’s it all
that just take one step back go to so
that’s that’s what we do and that’s what
the Ranger Way is about it’s about
learning how to fail which you know
today’s youth actually needs that I
don’t think most people know what is
Ranger school like why don’t you talk a
little bit about the range of processes
being a Ranger qualified having the
Ranger tab gonna Ranger school doesn’t
mean you’re a ranger your Ranger
qualified it was it was something you
earned going through what we had we call
the Ranger and dock Ranger
indoctrination program which is three
weeks and basically just held then you
get to your battalion then you have to
prove yourself again you have to be a
private at your band being a nun tab
private at the 75th Ranger Regiment at
least when I was in I’m sure it’s the
same now it’s awful we
hazed everyday hazed we got it was it
was awful but you have to they have to
see if you want to be there because if
you can’t take that in in peacetime you
can’t take that when you’re back in the
States
how you gonna take it when you start
getting shot at and that was the best
thing that could happen me just got you
get you to level knock down but you have
to prove yourself physically and with
your weapon systems and mentally and
emotionally and then you can go to
Ranger school do you go to pre-render
for three weeks
they’re teaching you the small unit
action teaching us through tactics you
get to eat a little bit but you’re not
getting any sleep that’s three weeks
then you go through zero week which is
basically a prereq waiting for all the
infantry officers to get there see the
base is just another week of hell at
Ranger School
then the IOB see guys Emma tree officers
come in and all the officers come in and
you start actually doing Ranger School
and that’s two and a half months and
it’s if you go straight through you may
recycle give me some of the crazy things
you guys were doing um well you’re not
sleeping I don’t remember I remember if
I got four hours of sleep and one night
that was good I do remember specifically
you got four though if you got four
I do remember specifically that there
was one one time we were walking and we
were it we’re a Benning phase and I
remember and we saw the old nods and the
old they’ll buy the old a cycloptic
seven deltas they don’t single and
they’re heavy and I remember we’re
walking and we’re and it’s starting to
rain it’s just like can this get any
worse it’s already we already messed up
our OP we already didn’t get our goes I
was on the team leader I didn’t get my
go at my station where you have to get
graded and I’m walking up the hill and
then it starts pouring on us and then
you just start falling over each other
any airs like this and you’re just and
I’m like holy crap I’m like a weekend of
this and then I fall on my face I
remember that I think that the seven
Delta’s imprinted themselves the serial
number imprinted itself um even with my
I had my Kevlar on it still went smack
into it and it’s just little things like
that that’s what range glad I told guys
Ranger school isn’t it’s like a little
hits every day until you just want it I
want to quit and then towards the end of
it I remember Florida face there was one
specific I did AV actually talked about
this in a ranger way it was our last
humpback it was about 12 13 miles it one
more hump where we’ve got to do a ruck
march back and then we’re done I’m done
how much you carry like at this point
time actually I I was carrying it was
about 70 pounds and
had that 240 because the last hump and
I’m coming back and I remember that I
started to fall behind and I’m strong
I’m a strong rough March or at least at
that point town I don’t fall back I
don’t ever up Proms ruck March and I’m
falling behind everybody and we’re at 6
miles in we guess I’ve got 6 miles to go
and I can’t keep up yeah I know you’re
going hilly and my shoulders are
screaming tonight and never feel like
this and there was this one guy from IO
BC that I’d helped through I carried
some extra stuff when he was falling
behind not that you are eyes know this
but I would smuggle a couple cool bars
every one salon I knew this apply
started in Florida and he would kind of
so I but I gave him to the squad so I
fed him a little bit wasn’t physically
strong he just could push himself and
there was a couple times where I just
like you’re an idiot you’re Nate I would
talk down to him because I you know you
you just get mad you get angry
especially when you’re hungry and you
can’t sleep and you don’t sleep well I
remember he just see me falling back and
I mean come on I’m almost done six miles
I’m not gonna make this and I don’t fall
out of ruck marches I can do that this
is our easy and he came up to me and he
goes hey man he goes can I take that
from you it humbled the hell out of
makes him I holy crap this guy said it
to you he came to me it almost brought
tears in my eyes like holy crap I’ve
been giving you dragging you along
gonna get your ass up and then you’re
gonna have you’re gonna actually be a
bigger man and you’re gonna come and say
can I take that from me and he traded me
he took the 240 and I had the only
sleeping bag that the squad had we
carried the sleeping bags just in case
somebody got hypothermic we never got to
use them we just got it I just had to
carry it so I had it all discombobulated
on my ruck so that’s why my shoulders
were all screaming because I wasn’t
sitting right and we got he got a fix
for me and I made it I was like oh okay
and I took off and I was fine though but
it was just one of those things were and
that really showed me even though I
passed and I got through and I was
miserable and it sucked and we’re
freezing that showed me he showed me
character he showed me that sometimes
you know the guy that you’re thinking
not gonna make it the guy that you’re
giving crap to that yes you’re helping
but really you’re helping him maybe out
of pity want anything else
he’s one that’s going to come in you
know he’s going to be able to take the
illness in and he’s the one that’s going
to get you through that’s a trip it was
what would you say McMahon did to your
world okay in 1992 I owed the IRS 230
grand I was in Tokyo I couldn’t sleep I
was drinking myself for death I called
him my second I have 230 grand he said
yeah I paid RS 1992 right with over the
my divorce and there’s that Betances
amount of things but it means he never
left my side I mean he and I we and it
really came a surface how close we are
when I was sick then sick man FaceTime
me and talked to me and called Wendy
every day this is a guy didn’t need to
be like he did so hold does that make
sense why I didn’t bring him anything
except a lot of talent and I was easy to
get along with but I didn’t come to
nautilus 40 years old what if I gone I
was 30 right but that would change the
course of history when I was getting
divorced in 2005 he lent me $800,000 in
increments over a three-year period to
pay the lawyer named Lance wife to live
he said I have wife said I wouldn’t lend
my own son this damn money mm-hmm and
then he called me and said if you want
to go upside down I won’t hold it
against you but I paid him back every
time are you kidding me stop Pat myself
on the back for that but it was rough
his phantom income you still gotta pay
taxes on it it makes sense of course so
look split yeah this game call Wendy
every day and check out me and the first
time I saw him he had tears in his eyes
– what’s up with that I wish you Merry
Christmas al you’re not even supposed to
be in service just I’ve asked him over
the years as you know a self-confidence
problems and that’s why I’m here
and I ran our best friends every time
you used to for me aside and say you can
do this when here I am wrestling my
fifties again to get twenty four years
old and I couldn’t get I could still do
it physically but here I’d lost my
self-confidence you physically can do
this mentally you kind of can do it
excuse me I know he can’t use that once
all right and that’s why I mean I read
best friend you could tell when he talks
about you like he you could see it in
the eyes yeah I love the guy that he has
got so much on his plate you know he’s
being taught to be the next guy he runs
NXT he’s an ambassador he and Stephanie
travel around the world I’ve seen their
schedules representing the company I
mean they don’t just sit in a chair and
push buttons and delegate authority
there they are him Vince he’d it of the
hardest thing I would have to say I’ve
seen over the years is him delegating
Authority he in but that’s who he is and
that’s it’s worked out for him did that
make sense
very few people does he trusts but when
he does he’ll write it out with you
Jeremy gets emotional when I think about
I go what why why wouldn’t you a
about me he says a lot about him and
says a lot about you
you can’t fake those tears right –
that’s difficult and the reason why I
wanted to share this episode with you
this sit-down is because a lot of times
people think these celebrities don’t
have any problems their life is all good
everybody does everything for them at
one point at one point you had to
overcome massive failure massive failure
and so were you so with that being said
I want to hear from you what was your
biggest takeaway from today’s episode so
this is the sit down I’m your host
Patrick Bay David see you next time take everybody
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