This is one of the most powerful messages that has been given on Valuetainment this year. The only challenge is that only a few people will absorb it and really see the potential in it. I look forward to seeing which of you want to truly go up against a Goliath in your life or industry and win. These are the people that change the world, these are the crazy ones we read about and cheer for. Enjoy. -PBD
Everyone in business has a Goliath and that doesn’t mean it’s always the biggest company in your industry. Your Goliath could be a company taking up market share in a particular region or it could be more localized like another salesperson in your own sales department. Patrick Bet-David knows everyone will face Goliaths at every stage of business. As you grow, the Goliaths only grow with you, so Patrick has 14 Strategies to beat them.
Before we get to the 14 strategies, there’s a little background on how Patrick came up with these strategies. It comes from insight Patrick received when he went to a hear a speech back in 2005. At the time he was completely focused on his goal of achieving something great. He wholly believed he was put on this Earth not to be just average. That may be some of you out there today.
So, the speaker starts by telling everyone that his talk is only meant for the people in the room that are here to be the best. And the speaker goes over the Newsweek article about the 5 Secrets that made the golfer, Tiger Woods, so dominant and they are:
- Genius is 99% Perspiration
- Let the Other Guy Get Nervous
- Don’t Just Dominate, Intimidate
- Have a Sense of the Historic
- Never, Ever be Satisfied
These five points inspired Patrick to come up with his 14 Strategies to Beat Your Goliath because he saw every single one in himself. He is ready to work hard, to use his reputation and confidence to light a fire in himself, to study the history of his industry, and he was prepared to find out if he could never be satisfied with each new level of success. He went out after this talk and bought so many copies of that Newsweek edition and gave it out to all his mentees, so they could live it too. These 5 principles drive Patrick to this day.
The 14 strategies that Patrick created are not for everyone, just like the 5 points that make Tiger so dominant. But some of you out there woke up this morning ready to hear these points. For those of you still unsure if you can take on your own Goliaths, remember these things about them:
- Goliath is Bigger Than You
- Goliath Has More Capital Than You
- Goliath Has a More Experience Team Than You
- Goliath Has a Well-Known Reputation
- Goliath Has Better Attorneys Than You
- Goliath is More Comfortable Than You
For those of you dedicated and committed people who still want to take on your own Goliaths after that, here are some obstacles you will be facing when you take on your Goliath:
BEFORE YOU DECIDE TO GO AGAINST GOLIATH YOU NEED TO KNOW THIS:
It’s Not for Everyone
- Everybody claims they want to beat their competitor but when the chips are down, it is not easy to do.
It’s Scary as Hell
- Can you imagine going up to your Goliath, who is way ahead of you, and telling them, “I’m coming after you.” It is about putting yourself out there to be criticized and fail, but it’s the only way to succeed and beat your competition.
You’ll Have Anxiety and Panic Attacks
- If you don’t have panic attacks and anxiety, then you didn’t put yourself out there. Putting yourself out there means, now you have to devote everything you got into delivering. That is going to cause a lot of stress.
You’ll be Bullied and Laughed at
- Not only for trying to take on your Goliath, but for even thinking it’s possible. You are going to get a lot of ridicule from your decision, so you need to be ready for the negative attention.
You Have to be a Bit Off
- Thinking you can take on your Goliath, the guy or the company that is dominating you is crazy. You must be off to think that way.
It’ll Take 10x More Work & Dedication
- Just when you think you are fully dedicated and working your hardest, it will take 10 times that to beat your Goliath.
Your Family Won’t See You Too Much
- Taking on your Goliath takes 10 times more work and dedication, it will bring on a lot of scrutiny from others, and you must be a bit off to even attempt it. Family time, of course, will decrease because of all that, which is why this isn’t for everybody.
You Will Be Hospitalized for Burn Out or Hard Work
- You are going to push the envelope. Patrick has worked himself into exhaustion and hospitalization multiple times before. And after every time he has come roaring back, not slowing down even a little. The person that is going to do this is already preparing themselves for this. They just need this direction and guidance on what will happen when they face a Goliath.
It sounds like a lot, but Patrick has good news. Goliath can be beaten. Any single Goliath can be beaten. Why is he so sure? Because of these reasons:
Goliaths Can Be Beaten
- Goliath Has Everyone Telling Him He’s Amazing
- Goliath Hasn’t Worked as Hard as He Once Did
- Goliath Isn’t in Touch With the Current Market
- Goliaths Don’t Speak to Customers Directly
- Goliath Isn’t As Nimble as You
- Goliath Can’t Screw Up
- Goliaths Can’t Recruit the Crazy Ones – They Recruit Based on Money
- But He’s Still Goliath
Goliaths didn’t get to where they are by pure luck, they know what they are doing. And with these 14 Strategies, you will know too.
14 Strategies to Beat Your Competition as an Entrepreneur
Know Your Weaknesses
- Our strengths are easy, but knowing your weaknesses will enable you to be nimble and pivot when taking on your Goliath.
Know His Weaknesses
- You cannot go up against the Goliath’s strengths because you will lose. You must identify their weaknesses and exploit them.
Master 3 Things You Do Better
- You set the terms of your battle in the marketplace. Use your strengths to master three things the Goliath can’t do and do it better than them.
Don’t Try to be Goliath
- You can learn moves and information from Goliaths but if you model yourself after them, how are you going to beat them? You have to take advantage of your own strength, not someone else’s.
Focus on Specializing
Goliaths tend to generalize in order to spread their influence and power. You must specialize to capture market share from them. Specializing allows you to catch up faster and allows you to pivot once you reach the Goliath’s level.
Be a Niche Player
- Have Goliath come down and compete with you. Bring them into areas where they are weak and compete.
When You’re Small, Appear Bigger
- Walk tall and don’t be intimidated by their size and strength. Pat himself bought an office space that was way too big for his team back when he was coming up. It was empty half most of the time, but it was a statement. It said that Pat was coming up and he was ready for any Goliath.
Keep a Low Profile Initially
- You are going to need a lot of help and you need time to get better. Don’t waste your early years on rubbing people the wrong way and making noise. Work on your business first before looking for a Goliath to fight with.
Move Quickly and Fast
- Use your most inherent strength, speed, against a Goliath. They can’t move as fast as you. Be fast, efficient, and execute and no Goliath can keep up with you.
Don’t Jump the Gun
- Don’t mimic their moves because following them in their lanes creates zero chance of you winning. Focus on your lanes and your strengths.
Partner Up with Competitors That Share an Enemy
- Goliaths are going to create a lot of enemies. Befriend these enemies because you both want the same thing, to take down Goliath.
- History can give you context and strategies that you never even thought of in your fight against a Goliath. It is out there for you to learn and can only help your cause.
Let Other Competitors Wear Down Your Opponents
- Goliaths must fend off a lot of people and you don’t always need to be on the front lines. Standing back and letting someone else take the spotlight can help you focus your resources better and gives you an advantage over Goliaths.
- This point is more important than all the other thirteen combined. It is the reason why the little guy like Apple could take on the Goliath of IBM. Patrick is not going to give it up so easily because he knows his competitors watch and read everything he does. You will have to stay tuned for the first every Valuetainment Live Conference for that.
Next Steps: If you are still hungry to take on a Goliath, send Patrick a tweet @patrickbetdavid with what you think number fourteen is. Download the PDF that covers all of this and read the Tiger Woods article here.
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