Today’s video is an excerpt from a talk that I gave at the Texas A&M Entrepreneur Society. In it, I cover everything from drugs, to the problem-solving power of entrepreneurs, to how to take a business from local to global and more.
Drugs – 0:05
I’ve never been a fan of drugs, and I’ll tell you why. By the way, this doesn’t mean I didn’t try them. I tried almost all of them. But I don’t like them because drugs control you, and I like to be in control. Rather than using drugs as an escape, I want to make my life so incredible that it’s the escape. I prefer, and I encourage you to seek natural highs. Win in business, and you’ll be high for 50 years. Everything else is temporary and a waste of time.
Scheduling – 1:47
Entrepreneurship is all day, every day, non-stop. Once you make it, you learn a lot about yourself. For instance, what are you going to do when you start making a quarter million dollars a year? Do you know what a quarter million is? A quarter million is a $7,000 mortgage payment. It’s a pretty nice house. It’s a million dollar house. A quarter million is a nice, $2,000 car payment. That’s an S550, an SL63, or a Porsche 911. It will give you a nice Rolex or Brighton watch if that’s what you want. You won’t shop at Macy’s or even Nordstrom anymore. You’ll go straight to Neiman Marcus. So how do you know you’re not going to slow down? You don’t know that.
Entrepreneurship Solves Problems – 2:49
I’m counting on the inventions of your generation. My generation is relying on what your generation will do. I believe that 100% of all the world’s problems are going to be solved by entrepreneurs. Listen in here for some innovative ideas that solve problems that are being worked on by my classmates at Harvard Business School, how many entrepreneurs there are in the world today, and why we need more.
What Happens When People with Good (or Bad) Hearts Make Money – 8:14
Do you realize how much good you’re going to do when you make money if you have a good heart? What the hell do you think you’re going to do when you have a good heart when you make money? Listen, this is how money works. If you’re a jerk, and you’re broke, you know what happens when you’re a billionaire? You’re a jerk billionaire. But if you’re giving when you’re broke, guess what happens when you’re a billionaire? You give.
We have to get people with good hearts, giving people, who are poor to become rich. I’m talking about good, hard-working people, not the ones that say, “I don’t think it’s fair.”
Meant to Do Great Things – 8:55
When I was in school, counselors told me, “Son, it’s okay. Not everyone’s supposed to go and do big things. The military’s a good fit for you, sweetheart. You don’t know how to read very well. Because business is tough, and school is tough, just go into the military.” And I’m like, Okay, you’re right. I’m not supposed to do anything. You’re right.”
I almost bought into that! Finally, I questioned it and said, “No! You’re not selling me on this deal. I’m not buying it! You’re not going to dictate what I do with my life. Neither are you going to do that with my kids. It’s not going to happen.”
What I Tell My Kids – 9:51
I have three kids, a four-year-old son, a three-year-old son, and a six-month-old daughter.
I sat my older son down and told him that if he does these four things, he’ll never have any problems with me:
• Lead in any situation he’s in
• Respect people
• Improve
• Love people
Listen in here for how I explained what a bully is, and why he should not only not bully anyone, but not allow anyone to bully him.
Advice for Someone that Wants to Run a Startup – 12:38
The question was asked what I would say to someone that wants to run a startup. Should they go right into it, or should they get a job first?
Team
Have you ever noticed that in Hollywood, the same handful of actors play in the same types of movies every year? They run in squads. They work as a team. If you get in their circle, you automatically are an actor.
So if you’re going to be an entrepreneur, you have to have a good team. In school, find the sharpest cat, one that has opposing strengths and personality to yours. If you build a solid team, you can forget about the rest.
A Formula
The next thing you need to do is write down different industries. For instance, telecommunications, media, financial. Write each of them down.
Next, identify the problems and then see if anybody is trying to solve those problems. If anyone’s trying to solve the problems, are they doing a good job?
Blue Ocean Strategy – 16:52
Blue Ocean Strategy is a must read. Blue Ocean Strategy is a concept you have to understand before you start your business. It talks about how most people are in shark-infested water where all the sharks are trying to do what? Eat each other. So the ocean is red. The recommendation is that you go into a blue ocean. A blue ocean has no sharks. You’re by yourself. So how do you create the blue ocean formula? You have to:
- Create
- Eliminate
- Increase
- Decrease
Whatever somebody’s doing, use that formula and apply it to them. Listen in here for how to apply the blue ocean strategy to different businesses.
Don’t Compare Yourself to Others – 21:00
Don’t compare yourself to anybody. You’re living and building YOUR life.
I had a get together with a group of guys recently. They run a very, very successful debt settlement company. They could sell that company today for $30 million. But they’re upset because one of their friends from high school is making more money than them. I said, “Who cares what that guy’s doing?” It’s great that you’re competitive. You have to have a spirit of competition in the world of business. If you don’t, you’ll get killed. But who’s life are you building? You’re building your life. God build your life, and you’ll be fine.
It’s great that you’re competitive. You have to have a spirit of competition in the world of business. If you don’t, you’ll get killed. But who’s life are you building? You’re building your life. Build your life, and you’ll be fine.
What Can I Do to Take My Father’s Business from Local to Global? – 24:17
The following question was asked: “So, my father back in India has had a business for thirty years. I believe he’s successful in what he’s doing. And now that my journey’s coming, what do you suggest in helping me take this business globally?”
Listen in here for a discussion on what is meant by the long-term goal of the business.
Other advice was to start locally and then expand gradually. For instance, we started our financial firm in California. Everyone started saying, “Hey Pat, we have to go into New York.” And, “We have to go into Boston.” And we just got into New York and Boston recently. It didn’t happen early on.
So initially, when you’re starting a business, think locally, and then build globally. If you grow too fast globally, you lose. Look at what other markets are close to you that you can test.
How Can I Improve My Memory? – 27:20
The question was asked what I recommend for ways to develop memory. For information on that, check out the video I did on how to retain more information.
But memory is truly a game. For instance, the next time you try to remember something, instead of Googling it, keep thinking on it until you remember the information. Give your brain time to recall the information.
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