As an entrepreneur you can lose many different things.
You can lose money. You can lose a great employee, a great sales rep, a big deal, a big client, a big vendor, a great partner.
You can lose a great attorney, a great accountant. You can lose many different things.
Those losses are painful. But in this video I share the one thing that if lost, is the kiss of death for entrepreneurs.
I remember when I was at a Manny Pacquiao fight; he was fighting Marquez. For the longest time it didn’t matter who Pacquiao fought. He was like a hungry pit bull. You’d look at his eyes and think, This guy’s going to kill him.
But in the fight against Marquez, I remember looking at his eyes and noticing that his eyes were too smiley. He was too loose. And Marquez won.
Why Manny Pacquiao Lost
The problem was that he lost his edge. And if there’s one thing you don’t want to lose – that you absolutely can’t afford to lose – it’s your edge.
I’ve been around the marketplace as an entrepreneur for a long time. And I’ve seen the most impressive people, people who speak well, have incredible backgrounds, ridiculous degrees from the most flamboyant universities. I’ve seen people with great last names, that come from great families, well spoken, sharp.
In spite of all that, if they’re missing one thing, and it will mean the kiss of death for their business. And that edge is energy. When your energy goes, everything goes.
[bctt tweet=”When your energy goes, everything goes. #entrepreneur” username=”patrickbetdavid”]
I did a video a couple of weeks ago about the two different things you have to have as an entrepreneur. I talked about the leadership fatigue factor and the leadership endurance factor. With fatigue, you get tired too early, and without endurance, you don’t have enough stamina.
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What Energy Looks Like
So let me tell you what energy looks like. When energy is high, ideation is high. When energy is high, sales are high. When energy is high, your spirit of competition is high. But if you let your energy go, you completely lose your spirit of competition. You don’t want to compete any more. You’re tired. You’ve lost your edge.
Compare this to when you were eight years old. You better believe you were competitive! I have two boys and they’re competing all the time. I didn’t teach them to compete, but they do it all the time. Why? Because their energy is high.
When your energy drops, your spirit of competition drops. You lose your sense of urgency. You say, “oh we can do this tomorrow or next week.” You completely lose your drive. And when that happens, your standards drop. Your expectations drop. Your level of performance drops.
[bctt tweet=”You can’t hold other people to high standards if your standards have dropped. ” username=”patrickbetdavid”]
And you can no longer hold other people to high standards because your own standards have dropped. But the moment you get your energy back, and your standards increase, you can raise everybody else’s standards. When your energy is high, you lift up everyone around you.
If an entrepreneur has money as a sole motivation, the moment they hit a certain income milestone, they slow down. They do this because it was never about them winning and being the best. It wasn’t about a purpose. It was just about money. So when the money comes, they slow down. The get casual. The stop improving. They lose their energy and subsequently, lose their edge.
[bctt tweet=”Entrepreneurs need more than money goals to keep them going” username=”patrickbetdavid”]
Questions about the Edge
Here are a couple of questions to ask yourself about the edge.
Do you remember when you first chose to become an entrepreneur?
Do you remember that day?
Do you remember when you first got excited about what it is to be an entrepreneur?
I DO remember that day. I remember when I came home and said, “Dad, I’m going to do something here with this business, and I’m going to be free. I’m going to make 10 grand a month.”
My dad said, “You’re not going to make 10 grand a month. No one in our family makes 10 grand.”
I said, “Dad, I’m going to make 10 grand a month.” And I remember how excited I was, as a new person, as a new entrepreneur. You couldn’t stop me from working. I was so excited.
The Time I Made My Dad Cry
I remember the first time my dad saw me walking up on stage and winning. It was the first time I ever saw my dad cry, it was December 15, 2003. I remember the date! I got up on stage, at the Queen Mary Ballroom, and when I looked across the room at my dad, I saw he was in tears. Tears were coming down his eyes, and I’ll never forget that moment because I didn’t want my dad to have to work at the 99 cent store any longer. I will never forget that day. Even if I tell you that story 10 years from now, I’ll still get the chills.
There’s nothing special about the Bet-David family. We had nothing. But I realized what it means to be an entrepreneur, and everything that I’ve gotten in life is linked to my energy. It’s what’s given me my edge.
The moment that I lose that energy, I’ll lose my edge, and it will be the kiss of death for me. The same is true for every entrepreneur, including you.
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A Test for You
If you can’t tell the story of when you first became an entrepreneur and get excited like you were on day one, you’ve lost your edge. If you can’t look at your customers or your team, your new agent, sales force, your new executives and you can’t paint the picture of where you’re going with the same exact energy and enthusiasm like you once had, you’re losing your edge.
If you can’t look at your customers and tell them how amazing it’s going to be, you’re losing your edge.
If you can’t sit there and tell your team you love them and care for them, and inject belief in them, again, they’re going to go through a difficult time at times. You’re losing your edge.
How to Regain Your Edge
If you’ve lost your edge, how do you get it again? Re-engage! Get emotional! Get upset! Have a private conversation with yourself! Ask yourself, “What the hell is going on with me?” And start leading again. Start exercising again. Drop your bad habits. Stop eating food that makes you lethargic. Move your body. Walk around the house. When you go places, take the stairs instead of the elevator.
Get excited about why you’re doing this business again. Get fired up about it!
And by the way, this has nothing to do with age. Don’t let anybody fool you with that. I know 80-year-olds who have more energy than 22-year-olds. While it’s true that your body may slow down some as you age, don’t use that as an excuse to sit around and watch T.V.
The formula is very easy. Write your goals and dreams down again. And don’t link them only to money. Link them to something that has to do with life. And you’ll notice a big difference in the way you perform.
You can change this right now. Not next week or two months from now. Right now, go and do some pushups or sit ups. Turn off the T.V. and move around
I Need Your Help
I’ve got a favor to ask you. Our goal is to get to 100,000 subscribers with this channel by August 31. I’m about to launch a very big project. We just bought a domain for a lot of money, and I’ll be introducing the domain and what we’ll be launching the third week of August. It’ll be massive, but we need 100,000 entrepreneurs to subscribe to our YouTube channel by August 31, so if you haven’t already subscribed, click on the button below to subscribe, and please share the videos and invite others who are entrepreneurs like you to subscribe as well.
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