Met a 17yr old one time begging me for some money out in front of a grocery store. I politely said no thank you and proceeded to my car. As I was driving towards the front of the store to leave out the parking lot I saw him again. I rolled down my window and told him I can teach him how to make 6 figures. He laughed at me and said “bro, you make 6 figures and drive a Toyota Camry!?” And just proceeded to laugh at me. Year 2 running my own business and we’re set to do 200k by the end of this year and imma drive my Camry till the engine blows and by a used one all over again lol.
There’s some pleasure when you can afford the Bentley I suppose… but really- having some freedom to choose or a lot of freedom to choose is the greatest satisfaction of all
Most, not all , but most of those people driving the expensive luxury cars are just pretending to be rich or they financed the thing or they have a fairly high income but it's a big hat and no cattle situation. That kid watches too much social media and mtv. Needs to come back to reality
PAT- I’m 80 yrs old & owned my own company a couple of times. Sure enough, I did all the wrong things that you mention in your talk today! AND I WENT UNDER THE FIRST TIME THE ECONOMY TOOK A DOWN TURN! Second time I did everything you talk about ( failure is a wicked teacher) and I stayed afloat for 30 years. So glad you spelled it out - hope a lot of newbies were listening!
I’ve been in business for 5 years now and I can say wholeheartedly that I made a few of these mistakes when I first started and only wish someone would’ve given me this advice when I first started out
I miss this type of content. I've been watching you for 7+yrs now. Went to the first vault. bought the sales program. You definitely sharpened the business side of me. We are on track to do 1M this year and in yr 2 of business
Very true Ann. I virtually lost my capital when I started out investing and trying to build my portfolio but with Levi Clemans’ guidance it’s been a better experience.
@David Bucker Sure! I'm not dishing out life nor financial advice but expert guidance is important and sometimes the deep end is where you discover where your true grit and it doesn't always have to get to that. Reach him to get acqauinted
Your channel has really changed my life. I have been studying and researching about crypto for a while now and got stuck somewhere along the learning curve. I can now say that am really improving my understanding of this whole new world and making huge profits on a weekly basis, all thanks to you guys
It's weird how people talk about all the profits they've made through crypto trading, while I'm here with huge losses. Please can someone guide me to the right path or at least advise me on which strategy to follow?
@@stealingmark995 I have been earning monthly passive income with cryptocurrencies for more than a year, although I prefer to trade with the help of a professional broker because it saves my time and reduces the risk of losing funds in trading, since we all know how volatile the market is.
@@christianawinston7545 No need to panic if you plan on a long-term holding, but if you hope to earn passive income from the coins you have in your wallet, it is recommended that you have a genuine professional broker manage your account.
8:40 same way we operate in the fire department. The bonds you make cooking for your crew, nothing else like it!! Love the value you're putting out there for us man, one hell of an inspiration!!
Totally agree. I run and own a 3rd generation family business. I'm in my mid twenties and I drive a Ford Focus. We're in the ad space. Constantly trying to optimise. It's very difficult to have a start up mentality when you've been in business for 25 years, in a small market. I would add another mistake one can make, over hiring salaried employees. Outsource trial areas and new areas of business before committing. Set the stage. Many people want comfort and they tend to be negative, even in smaller companies. Identifying the right talent and team is the best investment one can make.
@@hedonist7962 I specified salaried employees, there's a huge difference between outsource and the 9-5 worker. When you're starting out, avoid the 9-5 worker. That was clear in the video. I operate out of the EU, so employment laws are tricky.. you can't fire at will. You can't fire people for a bad attitude or negativity (a. However, you do need individuals to grow your business, so outsourcing when starting up is the way to go. Rope them full time in when you have better cashflow, and have judged their character and work. And yes, I do have a very successful business by all metrics.
I built my own landscape company over the past 19 years, I can attest to the wisdom in this video from Pat. We grew on the current year revenue and stayed out of debt.
Learn how to make money outside of your 9-5 and you will be ahead of 90% of the people you work with on eventually not needing the job or having something to fall back on if the job decides it don’t need you any longer.
Valuetainment/pat is my business coach..... I'm a fuel dealer running with gas ⛽ stations for 7 years now, your videos have helped me a lot. I am in Sierra Leone West Africa
amazing examples, thank sm pat. you've been so helpful as a start up company these past months. My business Artist Shoppers grew immensely when I focused less on comferting things such as a big office space etc.
Pat 2 corrections, the 105 doesn’t cross Granada Hills. 405 and 5. And lastly I’m in branding which is a type of consulting/service, you know how many times people make this offer to me when I present a payment schedule. No offense against realtor, loan, insurance agents or adjacent field but these are the guys that try to pull this the most. They promise the world and promise you that once their colleagues see my work he’s going Im going to have some much work I won’t need to work any more. As a matter a fact I should pay them because they are doing me a favor by promoting my company. Never taken any counter offer but seen comp take them and get burned
I started a business eight years ago failed since Covid I’ve been watching Pat bet/ David And this guy is truly onto some thing I have made my first million dollars and I haven’t stopped going since a lot of with this guy says is the basics but people forget the basics
Love it, Pat. Thank you for the tips. I also love the stories like when you were cooking for the guys in your apartment because we hear them all the time from those you started with. Shows how great you've been as a servant leader. Thank you!
It's not all that Pat. I've been beat out of more money from more startups then I can even remember over the past 34 years. Now...If I talk to a small company for a "job" I'm interviewing them more than they are me. Advice for interviewees.. 1. Look in their parking lot when you pull in for the interview...fancy car by the front door? Startup? They may not always make payroll and may be making promises they can't keep. 2. All startups have big dreams, I can think of one still around. Do you want to make that investment in their company? 3. You may not move up even on the ground floor of a startup. The startup was created to make someone else money not you, don't forget that. My father who was a truck driver told me when I was young that if you drive a truck for a company for 40 years do you know what you'll be in the end? A worn out truck driver. If you don't have a college education or a big book of business then you may want to avoid startups. This is a 2 sided arrangement and if the consultant takes your low ball offer YOU still have to provide whatever it is your selling (my case logistics) and the consultant will end up holding the bag in the end if you can't put out what you say you can. Sorry to play devils advocate here but I had to say something.
Hi Patrick, I love this breakdown of what traps to avoid spending money on!! I learned a lot! As a start up business, I find myself always questioning what is most important to spend money on in the beginning to stretch the dollar as far as possible. Could you please give a list like this on the most important things to focus on & spend money on in the first couple years of business?
starting and running a business takes real work, commitment , and dedication. If you want to start a business thinking you will become a celebrity, is a step towards failure.
Love the consulting advice. I’m a consultant/advertising service and I basically made my pricing on the month by month level instead of a big amount up front for that exact reason. It gives the client much more leg room to learn to trust me and trust what I’m doing. And if their product isn’t good and we can’t do much, then little harm is done and they have some new information to build from
*Summary:* Patrick isn't flexing a fancy car/house. He could, but he is instead leading us by example and using his Ford Focus beater that he was still driving when he had a quarter of a million in the bank. Putting every dollar back into the business is HUGE! *Stop Wasting Money* *Lesson:* Always have a stash of cash that NOBODY knows about for emergencies. Cash is VERY important, especially to seize opportunities during down turns in the market. *Business Expenses That Startups Waste Money On:* 1. Expensive Office Spaces - the office space makes you nothing 2. Overhiring - when interviewing, be straight that it's not a cushy Fortune500 job. Its not safe, not secure, doesn't have great benefits or luxuries, but the rewards are high and there's always something to do. 3. Avoid Savior Consultants - They talk up the potential of the business and how they can grow it for a high price tag, then usually do nothing for months. If they believe in the business, make a deal where pay starts at 20% their monthly cost, goes up 10% each month, and if they are able to achieve what they say after 9 months, you'll give them a large bonus that covers their initial asking price. 4. Lavish Employee Perks - Don't take the team out to high-end meals every week. Pat would invite the team over twice a week and cook a great meal for them in his back yard. It shows the team that they matter and even establishes stronger bonds with them. 5. Buying Expensive Tools - Start with the cheapest tools, then upgrade as you grow. However, if you believe in your company, get used to selling the value that you can add to others. Ex: Say "I can't afford to buy your 100k software, so I'll have to go with this other 25k software, which is still a lot for us. What if we do 25k up front, 25k in 12 months, 25k in 2 years, then after 3 years I'll pay 50k for a 125k total as a thank you for believing in us." They would rather lock you in at no extra cost to them then to lose you. 6. Business Travel - Always start by flying coach to save money. Some airlines will upgrade you the more you fly. For Patrick, 200 flights a year saves $200,000/year. When looking at the value of the business by calculating EBITA, 12.5x$200K costs $2.4 million/year to the value of the company! 7. Control Enthusiasm - A 3000 person company, even at 3% negative employees, has 90 people constantly bringing everyone else down. Spot those people asap and have a polite conversation with them. The longer their negativity festers in the company, the more people they'll take with them. Awesome video Patrick! Thank you for the advice! Hope this summary helped some of you to lock in some of this knowledge! I recommend listening to the full thing too!
One Big RED FLAG on start-up: You may end up not being paid what they promised you; Not even your basic income; I saw it with personal friends; they ended up in debts instead of income, be very vigilant if you decide to gamble on a start-up
This help me get back on track Thank you Patrick Bet-David! I bought the office and was going for nice equipment and had a nice location (with a "nice" high cost more than I should have stretched / difference between confidence and realistic) Town Center office and Hotel... terrible mistake. Had to walk after the new website got hacked from the laptop and got rear-ended in the field back to back and high expenses with over hiring was on the way ... paid $2,000 and walked before I was in debt to my eyeballs. Thanks for this, guys this is good advice whole video. Value! It's in the name!
Start your business in your resident first until you gain the level financial stability. Basic business start up. 1. Your Office (Full Facilities: 1. Ground Line for Local/ International Phone Lines 2. Mobile Local/International Line, Photostat Print link to computer, Email Account, Business Card, Fax Machine scan & copy function) 2. A car (travel: Business Meeting) 3. Cash : Basic Operation Expenses (Office Utilities Cost) Electricity, Water, Basic Kitchen Facilities (Frugal: Home Cook Savings). After that, work very hard and focus on your Basic Livelihood Fund US$3m x 2.5%= US$75,000 at least US$6,250 per month. 2nd stage : International Travel Fund Expenses US$250,000 ($6,250) per trip (3D/2N) x 122 International Trips a year US$30.5m (US$762,500). 3rd Stage : Your Annual Quarter Turnover (Your Business Revenue Plan Per Year at Quarterly Count)
Don’t pay for advertising. Don’t let anybody sucker you into buying ads anywhere. Do good work word of mouth will get you bye I am booked out for a month I have never advertised it’s all reviews and Nextdoor app comments just be amazing at what you do you’ll be fine if you’re average you may have a problem
I like your way of thinking. Using the tools for examples. Automotive technician starting out on his own. He needs tools to work. Snap On vs Harbor Freight. Most technicians will go
Another great insight into the startup sector. Pat's right, hustle and struggle and 24h in the starting years. Put aside, invest and don't yet act as if. It'll come the time. Started the business 10+ years ago and we're still kinda in the startup mindset regarding what Pat mentioned in the clip. Better to invest and leverage it than try to force yourself into the mindset of what's like. 💯
For the startup vs established company topic, I would argue depending on the industry and company, the Fortune 500 company offers much greater chance for upward mobility than a start up or small company in general. Sometimes unless you’re the top 5 people in a 200 person company, the rewards aren’t worth the risk.
The financial downside with startups for the employee is that often times when the startup becomes successful, the employee who suffers through the grueling workload and hours do not get their adequate return. I say financial downside specifically because the experiential benefits are priceless. The next move for that employee is to go to that established company and work to grow as a leader or executive making the big bucks, enjoying the stability, and experiencing the rush of making big decisions.
@@MultiKwolf Yeah, CVs can be overglorified and the person doing it is setting themselves up for failure when they tout seniority and cannot back it up in the actual job
5:52 That is exactly how I feel right now. 15 year commercial P&C vet, Account Executive. I specialize in Construction and Upstream Energy accounts. I've earned damn near every designation under the sun including CPCU. I did a year in Law School at 33, was in the top half of my class despite my responsibilities, but life caught up with me and I had to go back to focusing on work. I've worked for Gallagher and Alliant, but am increasingly getting bored with this. Unfortunately, at 41 with a Homemaker wife and 3 teenage kids, I'm stuck in a situation where I make enough for us to survive, but not enough to be truly happy and can't afford to start something new. You've been a huge inspiration for me though and I am quietly sneaking little bits of my paycheck into a stock investing account. I keep telling myself, push just a little further . . .
I had a successful business and then I let my girlfriend be my business partner. Turns out the reason why she wanted to join me is cause no one else could stand her. Well now I am depressed as ever and have zero dollars. And I was doing great beforehand
I've worked at Fortune 10 most of my career; I then worked at a startup for 1.5 years. I found smaller = more drama, esp. If the COO is the HR department. Never again will I work for a company below 100M market cap unless the deal is phenomenal and immediate rewards.
My rule of thumb with a new employee who was fighting the process was that if I woke up screaming their name in the middle of the night that they would either quit or would be fired in two weeks. No amount of money is worth your sanity.
About the startup vs large Corp 1. You will gain a lot of practical knowledge and skills from the startup but it will be very hectic and you operate at the owners whim and it’s high stress. Everything is make or break so tensions are always high but when things work Out it’s great; if not, you’re out. 2. You only benefit financially from startups if you have some even a little bit of ownership eg shares. Make sure you negotiate this from the start as I’ve been in growing startups with just a small bonus/salary increase which is what I negotiated poorly. Ive seen owners in super cars but the staff drive $1000 cars when their counterparts in corps have brand new paid for leases. 3. The big blue chip corporations (big 4, FANG, top investment banks) won’t touch you if you don’t have their rivals on your CV. They don’t rate unknown companies unless it’s a known successful startup or your skills is so undeniably brilliant. Start with them and then leverage that to go into startups in a butter position or have your own startup- you’ll be bored but remember these are the guys your startup will be selling to and will also need to work they or way as they grow. I think PBD even worked for a major bank It’s your choice and career and having experience both each have their merits
So true. I earned a small fortune during the mortgage boom. Saved $100K and spent the rest. 2008 came and everything fell apart and I had health issues and went through the $10oK in two years also trying to start a new business in the midst of a recession. If I had saved $200K I could have chilled out and weathered through the bad times with ease. $300K and I would have had investments growing.
the biggest reason businesses fail is poor leadership and lack of respect to your employees. you can't be a true king if no one follows you a true king is a servant to his people.
![Businesses that Always Fail? 7 Businesses with Shockingly High Failure Rates [Backed by Data]](http://i.ytimg.com/vi/WTDYuRVZDbo/mqdefault.jpg)
Get the limited edition hats here: vtmerch.com/collections/future-looks-bright-signature-collection
This is great but the shipping to Slovenia costs 74 usd 😊
Pat, interview RICK CARUSO and I will buy a hat and a book!
This was a fantastic video. Thank you very much for posting it
sometimes andrew tate is wrong. but warren buffet is better
thanks for the advice valuetainment.
Avoid...
1. Office leases
2. Overhiring
3. Saviour consultants
4. Lavish employee perks
5. Expensive tools
6. Business Travel
7. Uncontrolled enthusiasm
Thank you
Thanks bro
Thank you. Basically Common Sense. Been implementing for almost 30 years now
@@jmm1817 agreed
@@jmm1817 sometime the basic common sense is always overlooked
Met a 17yr old one time begging me for some money out in front of a grocery store. I politely said no thank you and proceeded to my car. As I was driving towards the front of the store to leave out the parking lot I saw him again. I rolled down my window and told him I can teach him how to make 6 figures. He laughed at me and said “bro, you make 6 figures and drive a Toyota Camry!?” And just proceeded to laugh at me. Year 2 running my own business and we’re set to do 200k by the end of this year and imma drive my Camry till the engine blows and by a used one all over again lol.
There’s some pleasure when you can afford the Bentley I suppose… but really- having some freedom to choose or a lot of freedom to choose is the greatest satisfaction of all
Drive it till the wheels fall off, that's my motto!
he probably doubted the validity of your statement since you rejected to give him pocket change.
Most, not all , but most of those people driving the expensive luxury cars are just pretending to be rich or they financed the thing or they have a fairly high income but it's a big hat and no cattle situation. That kid watches too much social media and mtv. Needs to come back to reality
@@kayots lol
PAT- I’m 80 yrs old & owned my own company a couple of times. Sure enough, I did all the wrong things that you mention in your talk today! AND I WENT UNDER THE FIRST TIME THE ECONOMY TOOK A DOWN TURN!
Second time I did everything you talk about ( failure is a wicked teacher) and I stayed afloat for 30 years. So glad you spelled it out - hope a lot of newbies were listening!
What is your business?
This guy is the biggest role model for young men💯
And old woman, like me!
true story
@@KidCity1985 i love his content
Agreed( from South Africa). Salute!
And hes a good one!
I’ve been in business for 5 years now and I can say wholeheartedly that I made a few of these mistakes when I first started and only wish someone would’ve given me this advice when I first started out
I totally understand. But sometimes learning the hard way is the best way!
Thank you for having a second point of view of similar experiences.
What business you in ?
Best thing I learned from my business mistakes... just don't make the same mistake again.
I miss this type of content. I've been watching you for 7+yrs now. Went to the first vault. bought the sales program. You definitely sharpened the business side of me. We are on track to do 1M this year and in yr 2 of business
Impressive
@@Th3odora even IF he did….. pbd still had positive influence in him making a million
Awesome case study/testimonial right here!
From my experience, all I can say is that nothing beats expertise when it comes to investing.
Very true Ann. I virtually lost my capital when I started out investing and trying to build my portfolio but with Levi Clemans’ guidance it’s been a better experience.
@David Bucker Sure! I'm not dishing out life nor financial advice but expert guidance is important and sometimes the deep end is where you discover where your true grit and it doesn't always have to get to that. Reach him to get acqauinted
Leviclemans(a)Gmai
Lcom...even with the commissions i'm still raking earnings.
With Clemans’ help, I've understood the rudiments of trading and trust me, at this rate I’m breaking financial barriers.
@@edwarddick9673I immensely thank you for the recommendation. It's of great help to me. Thank you.
Your channel has really changed my life. I have been studying and researching about crypto for a while now and got stuck somewhere along the learning curve. I can now say that am really improving my understanding of this whole new world and making huge profits on a weekly basis, all thanks to you guys
It's weird how people talk about all the profits they've made through crypto trading, while I'm here with huge losses. Please can someone guide me to the right path or at least advise me on which strategy to follow?
@@stealingmark995 I have been earning monthly passive income with cryptocurrencies for more than a year, although I prefer to trade with the help of a professional broker because it saves my time and reduces the risk of losing funds in trading, since we all know how volatile the market is.
I am a crypto newbie and have some crypto in my wallet but I am afraid of losing my funds due to the recent crash.
@@christianawinston7545 No need to panic if you plan on a long-term holding, but if you hope to earn passive income from the coins you have in your wallet, it is recommended that you have a genuine professional broker manage your account.
@@Smalzlanky I am hoping to earn passive income maybe weekly or monthly... Can you suggest a genuine broker?
Pat once again smashing it with some invaluable and sage advice!
8:40 same way we operate in the fire department. The bonds you make cooking for your crew, nothing else like it!! Love the value you're putting out there for us man, one hell of an inspiration!!
Totally agree. I run and own a 3rd generation family business. I'm in my mid twenties and I drive a Ford Focus.
We're in the ad space. Constantly trying to optimise. It's very difficult to have a start up mentality when you've been in business for 25 years, in a small market.
I would add another mistake one can make, over hiring salaried employees. Outsource trial areas and new areas of business before committing. Set the stage. Many people want comfort and they tend to be negative, even in smaller companies. Identifying the right talent and team is the best investment one can make.
You didn't watch the video did you? 6 minutes into a 17 minute video... And you have a business you say?
@@hedonist7962 I specified salaried employees, there's a huge difference between outsource and the 9-5 worker. When you're starting out, avoid the 9-5 worker. That was clear in the video. I operate out of the EU, so employment laws are tricky.. you can't fire at will. You can't fire people for a bad attitude or negativity (a. However, you do need individuals to grow your business, so outsourcing when starting up is the way to go. Rope them full time in when you have better cashflow, and have judged their character and work.
And yes, I do have a very successful business by all metrics.
I built my own landscape company over the past 19 years, I can attest to the wisdom in this video from Pat. We grew on the current year revenue and stayed out of debt.
This is great, very savvy. That’s why America survives business ups and downs. There’s great hope for starting and maintaining any business.
Great content! It took us 2 years to build a team. Most people settle for a good paying job. The risk route is where its at.
These are the type of videos I appreciate the most. Thank you
Learn how to make money outside of your 9-5 and you will be ahead of 90% of the people you work with on eventually not needing the job or having something to fall back on if the job decides it don’t need you any longer.
Valuetainment/pat is my business coach..... I'm a fuel dealer running with gas ⛽ stations for 7 years now, your videos have helped me a lot. I am in Sierra Leone West Africa
amazing examples, thank sm pat. you've been so helpful as a start up company these past months. My business Artist Shoppers grew immensely when I focused less on comferting things such as a big office space etc.
Pat 2 corrections, the 105 doesn’t cross Granada Hills. 405 and 5. And lastly I’m in branding which is a type of consulting/service, you know how many times people make this offer to me when I present a payment schedule. No offense against realtor, loan, insurance agents or adjacent field but these are the guys that try to pull this the most. They promise the world and promise you that once their colleagues see my work he’s going Im going to have some much work I won’t need to work any more. As a matter a fact I should pay them because they are doing me a favor by promoting my company. Never taken any counter offer but seen comp take them and get burned
I started a business eight years ago failed since Covid I’ve been watching Pat bet/ David And this guy is truly onto some thing I have made my first million dollars and I haven’t stopped going since a lot of with this guy says is the basics but people forget the basics
this is amazing, how is Pat giving out this advice for free on the internet? wow
Thank you Pat, for all your content! It’s educational, motivational and entertaining!
Love it, Pat. Thank you for the tips. I also love the stories like when you were cooking for the guys in your apartment because we hear them all the time from those you started with. Shows how great you've been as a servant leader. Thank you!
Just discovered this guy; don't even know how. Great interviews; he knows his listeners' questions and follow-ups..
It's not all that Pat.
I've been beat out of more money from more startups then I can even remember over the past 34 years.
Now...If I talk to a small company for a "job" I'm interviewing them more than they are me.
Advice for interviewees..
1. Look in their parking lot when you pull in for the interview...fancy car by the front door? Startup? They may not always make payroll and may be making promises they can't keep.
2. All startups have big dreams, I can think of one still around. Do you want to make that investment in their company?
3. You may not move up even on the ground floor of a startup. The startup was created to make someone else money not you, don't forget that. My father who was a truck driver told me when I was young that if you drive a truck for a company for 40 years do you know what you'll be in the end? A worn out truck driver.
If you don't have a college education or a big book of business then you may want to avoid startups.
This is a 2 sided arrangement and if the consultant takes your low ball offer YOU still have to provide whatever it is your selling (my case logistics) and the consultant will end up holding the bag in the end if you can't put out what you say you can.
Sorry to play devils advocate here but I had to say something.
Such invaluable advice for any new and inspiring entrepreneurs! Thank you Pat!
I may be only 15 years old but all his videos feel like they will help me a lot in the near future
Hi Patrick, I love this breakdown of what traps to avoid spending money on!! I learned a lot! As a start up business, I find myself always questioning what is most important to spend money on in the beginning to stretch the dollar as far as possible. Could you please give a list like this on the most important things to focus on & spend money on in the first couple years of business?
This is Gold and so true!. My business has 6 years but I recognize I'm still having trouble to deal with issue number 7
Pat.. thank you my friend. You are a Real inspiration for everyone brother. 👊🏼✊🏼😎
I really wish I could have watched this video before I started my company
Annnnnnd we are back to the 1:1 videos where Pat talks business with us!
Let’s Friggin’ go!!!!!!!!! 🔥 🔥 🔥
1) Expensive office space
2) Overhiring/hiring prematurely
3) Savior consultant=deceivers.
4) Lavish employ pecks
5) Buying expensive tools/especially software
6) Control enthusiasm/Remove negativity of employees.
starting and running a business takes real work, commitment , and dedication. If you want to start a business thinking you will become a celebrity, is a step towards failure.
Love the consulting advice. I’m a consultant/advertising service and I basically made my pricing on the month by month level instead of a big amount up front for that exact reason. It gives the client much more leg room to learn to trust me and trust what I’m doing. And if their product isn’t good and we can’t do much, then little harm is done and they have some new information to build from
It´s simple, keep your costs under control as every $ spend needs to be earned 4x beforehand
*Summary:* Patrick isn't flexing a fancy car/house. He could, but he is instead leading us by example and using his Ford Focus beater that he was still driving when he had a quarter of a million in the bank. Putting every dollar back into the business is HUGE! *Stop Wasting Money*
*Lesson:* Always have a stash of cash that NOBODY knows about for emergencies. Cash is VERY important, especially to seize opportunities during down turns in the market.
*Business Expenses That Startups Waste Money On:*
1. Expensive Office Spaces - the office space makes you nothing
2. Overhiring - when interviewing, be straight that it's not a cushy Fortune500 job. Its not safe, not secure, doesn't have great benefits or luxuries, but the rewards are high and there's always something to do.
3. Avoid Savior Consultants - They talk up the potential of the business and how they can grow it for a high price tag, then usually do nothing for months. If they believe in the business, make a deal where pay starts at 20% their monthly cost, goes up 10% each month, and if they are able to achieve what they say after 9 months, you'll give them a large bonus that covers their initial asking price.
4. Lavish Employee Perks - Don't take the team out to high-end meals every week. Pat would invite the team over twice a week and cook a great meal for them in his back yard. It shows the team that they matter and even establishes stronger bonds with them.
5. Buying Expensive Tools - Start with the cheapest tools, then upgrade as you grow. However, if you believe in your company, get used to selling the value that you can add to others. Ex: Say "I can't afford to buy your 100k software, so I'll have to go with this other 25k software, which is still a lot for us. What if we do 25k up front, 25k in 12 months, 25k in 2 years, then after 3 years I'll pay 50k for a 125k total as a thank you for believing in us." They would rather lock you in at no extra cost to them then to lose you.
6. Business Travel - Always start by flying coach to save money. Some airlines will upgrade you the more you fly. For Patrick, 200 flights a year saves $200,000/year. When looking at the value of the business by calculating EBITA, 12.5x$200K costs $2.4 million/year to the value of the company!
7. Control Enthusiasm - A 3000 person company, even at 3% negative employees, has 90 people constantly bringing everyone else down. Spot those people asap and have a polite conversation with them. The longer their negativity festers in the company, the more people they'll take with them.
Awesome video Patrick! Thank you for the advice! Hope this summary helped some of you to lock in some of this knowledge! I recommend listening to the full thing too!
Wow!! Nice to meet people who also traded with her, she is indeed genuine and will gently guide you until you understand everything.
This is the content that made me a big fan. True business talk. Love the other content too btw.
The mentor I’ve never met. Thank you so much Pat!
Great valuable information. Appreciate you dropping the gems!
One Big RED FLAG on start-up: You may end up not being paid what they promised you; Not even your basic income; I saw it with personal friends; they ended up in debts instead of income, be very vigilant if you decide to gamble on a start-up
Been following u for a while now. I can say your the only genuine mentor for business
As a CEO of a startup I can agree 100% with every single point in this video!
This help me get back on track Thank you Patrick Bet-David! I bought the office and was going for nice equipment and had a nice location (with a "nice" high cost more than I should have stretched / difference between confidence and realistic) Town Center office and Hotel... terrible mistake. Had to walk after the new website got hacked from the laptop and got rear-ended in the field back to back and high expenses with over hiring was on the way ... paid $2,000 and walked before I was in debt to my eyeballs. Thanks for this, guys this is good advice whole video. Value! It's in the name!
I have several million in the bank and drive an 18 year old Volvo. I had 25k in the bank at 16. I am now 64. I get you man!
Not only for startups
Good message from a good man
Thank you sir , watching from Africa
this man speaks what needs to be heard and done. I am definitely taking these ideas
Good morning Patrick, hope all is well with you and your family. Stay well my friend. Keep on keepin on
EXCELLENT CONTENT PATRICK, THANK YOU SO MUCH FOR ALL THE GREAT ADVICE & TIPS. ALL THE BEST
Start your business in your resident first until you gain the level financial stability. Basic business start up. 1. Your Office (Full Facilities: 1. Ground Line for Local/ International Phone Lines 2. Mobile Local/International Line, Photostat Print link to computer, Email Account, Business Card, Fax Machine scan & copy function) 2. A car (travel: Business Meeting) 3. Cash : Basic Operation Expenses (Office Utilities Cost) Electricity, Water, Basic Kitchen Facilities (Frugal: Home Cook Savings). After that, work very hard and focus on your Basic Livelihood Fund US$3m x 2.5%= US$75,000 at least US$6,250 per month. 2nd stage : International Travel Fund Expenses US$250,000 ($6,250) per trip (3D/2N) x 122 International Trips a year US$30.5m (US$762,500). 3rd Stage : Your Annual Quarter Turnover (Your Business Revenue Plan Per Year at Quarterly Count)
Don’t pay for advertising. Don’t let anybody sucker you into buying ads anywhere. Do good work word of mouth will get you bye I am booked out for a month I have never advertised it’s all reviews and Nextdoor app comments just be amazing at what you do you’ll be fine if you’re average you may have a problem
Been with you since the first 1,000 subs. Still love these quality vids.
When will you scammers stop the cap
I’ve got a good focus at 54, thanks for the inspiration
This is the most raw and practical advice for an entrepreneur; spot on!
Love It Brother! This is so right on.
Precious Content and every businessman should watch this video. Loving it
I like your way of thinking. Using the tools for examples. Automotive technician starting out on his own. He needs tools to work. Snap On vs Harbor Freight. Most technicians will go
Great video, thank you.
Thank you Patrick for your invaluable content and encouragement as always.
Hope y'all are staying safe down there in Florida, you'll be in our thoughts and any friends or family effected by the storm.
As a business owner, I can say that this is SOLID advice.
I have a Ford Focus at 41 😢
Pat you are the MAN!
Another great insight into the startup sector.
Pat's right, hustle and struggle and 24h in the starting years. Put aside, invest and don't yet act as if. It'll come the time.
Started the business 10+ years ago and we're still kinda in the startup mindset regarding what Pat mentioned in the clip. Better to invest and leverage it than try to force yourself into the mindset of what's like. 💯
Pat, yall's gain is a bit high on the mics - there a lot of clipping
Pat is the only entrepreneur on UA-cam i trust :)
he is THE GOAT.
but also check out Alex Hormozi, gives out great info
Thank you
This channel helped and motivated me to start and run a profitable plumbing business for 5 years. Thanks Pat. Love from London UK 🇬🇧 ❤
I'm going to have a portrait of Patrick & Tate in my room... They've taught me alot
the old pat is still alive do a few sniffs for us for old time sakes I love you thank you
For the startup vs established company topic, I would argue depending on the industry and company, the Fortune 500 company offers much greater chance for upward mobility than a start up or small company in general. Sometimes unless you’re the top 5 people in a 200 person company, the rewards aren’t worth the risk.
great message even in lifestyle not just business. teens and young men need to learn from early
The financial downside with startups for the employee is that often times when the startup becomes successful, the employee who suffers through the grueling workload and hours do not get their adequate return. I say financial downside specifically because the experiential benefits are priceless. The next move for that employee is to go to that established company and work to grow as a leader or executive making the big bucks, enjoying the stability, and experiencing the rush of making big decisions.
oooohh so this is why Pat gave that much money to an employee who came out of nowhere with stories (CV) can be over-glorified..
@@MultiKwolf Yeah, CVs can be overglorified and the person doing it is setting themselves up for failure when they tout seniority and cannot back it up in the actual job
Pat living up to his channels name! Thank you for the valuetainment sir!
When he said 250k with a ford focus. I thumbs up
NOT MOTIVATIONAL?!?!? Uhm…. I’m MOTIVATED for multiple reasons!!!! Thanks! 🤝🤙
5:52 That is exactly how I feel right now. 15 year commercial P&C vet, Account Executive. I specialize in Construction and Upstream Energy accounts. I've earned damn near every designation under the sun including CPCU. I did a year in Law School at 33, was in the top half of my class despite my responsibilities, but life caught up with me and I had to go back to focusing on work. I've worked for Gallagher and Alliant, but am increasingly getting bored with this. Unfortunately, at 41 with a Homemaker wife and 3 teenage kids, I'm stuck in a situation where I make enough for us to survive, but not enough to be truly happy and can't afford to start something new. You've been a huge inspiration for me though and I am quietly sneaking little bits of my paycheck into a stock investing account. I keep telling myself, push just a little further . . .
I had a successful business and then I let my girlfriend be my business partner. Turns out the reason why she wanted to join me is cause no one else could stand her. Well now I am depressed as ever and have zero dollars. And I was doing great beforehand
I've worked at Fortune 10 most of my career; I then worked at a startup for 1.5 years. I found smaller = more drama, esp. If the COO is the HR department.
Never again will I work for a company below 100M market cap unless the deal is phenomenal and immediate rewards.
Praying you and your family are safe and well 🙏🏾❤️ what a storm
This is some of your best content Patrick!
My rule of thumb with a new employee who was fighting the process was that if I woke up screaming their name in the middle of the night that they would either quit or would be fired in two weeks. No amount of money is worth your sanity.
You wake up screaming your employees names in the middle of the night?
@@WhiteTrailerTrash01 If it gets that far, they're gone.
About the startup vs large Corp
1. You will gain a lot of practical knowledge and skills from the startup but it will be very hectic and you operate at the owners whim and it’s high stress. Everything is make or break so tensions are always high but when things work Out it’s great; if not, you’re out.
2. You only benefit financially from startups if you have some even a little bit of ownership eg shares. Make sure you negotiate this from the start as I’ve been in growing startups with just a small bonus/salary increase which is what I negotiated poorly. Ive seen owners in super cars but the staff drive $1000 cars when their counterparts in corps have brand new paid for leases.
3. The big blue chip corporations (big 4, FANG, top investment banks) won’t touch you if you don’t have their rivals on your CV. They don’t rate unknown companies unless it’s a known successful startup or your skills is so undeniably brilliant. Start with them and then leverage that to go into startups in a butter position or have your own startup- you’ll be bored but remember these are the guys your startup will be selling to and will also need to work they or way as they grow. I think PBD even worked for a major bank
It’s your choice and career and having experience both each have their merits
Thank you Patrick you inspired me and change my life you're a life saver. The value you provide I can't explain in text.
You have never lied to me, thank you
So true. I earned a small fortune during the mortgage boom. Saved $100K and spent the rest. 2008 came and everything fell apart and I had health issues and went through the $10oK in two years also trying to start a new business in the midst of a recession. If I had saved $200K I could have chilled out and weathered through the bad times with ease. $300K and I would have had investments growing.
the biggest reason businesses fail is poor leadership and lack of respect to your employees. you can't be a true king if no one follows you a true king is a servant to his people.
That’s a reason. But not even close to the biggest reason.
I very much like your energy, stories and assertiveness. . Wish I was your friend when I was a young man. Please keep up these great videos.
Hey Pat, you did a great favor by reducing my anxiety on this to almost 0. Thank You very Much. I watched the complete video
Thank you Mr. PBD!
Hey Pad!!!! Love to see all but all your content. I follow you everywhere. Keep doing it because you are killing it.
Keep the content coming Pat!!!
Been watching you since I was 16 years old, amazing how far you've com pat!
You did not just say Vallarta did you Pat? 🤣
Respect! 🇲🇽🇱🇷🇮🇷
you have a huge positive impact on the world may your God bless you
Powerful Pat, accurate, one more time.
Music to my ears! Th am you PBD! You are the best!
This is exactly what I was looking for, and never even thought of, Thanx