I think you and I would agree that the world is a better place where more successful entrepreneurs
creating jobs for everybody.
And so in this video, I'm really speaking to two different audiences.
One, I'm speaking to the parent who has a kid who's an aspiring entrepreneur, and you
don't really know how to handle it yourself.
I'm going to speak to you.
Two, I'm speaking to the teenage entrepreneur, the young entrepreneur that's watching this
and you keep sending me snaps saying, "Pat, what do I do when my parents don't support
me?"
I need you to watch this video one, and then share this video with your parents and have
them watch it while you sit right next to them.
Okay?
So let me get right into it.
I'm speaking to the parents right now.
Parents, a couple of things I want you to keep in mind if your son or daughter just
shared this video with you.
One, if you have never been a successful entrepreneur, or you've never become an entrepreneur, or
you failed as an entrepreneur, that doesn't necessarily mean your kid will go through
it as well.
If you had an uncle or a brother or a sister who failed miserably in business and lost
everything, that also doesn't mean your kid's going to go through it themselves.
Now, the second point I want you to be thinking about is the following before you say no,
go the safe way, go get a job, go to college, do this, because that's what you're supposed
to do.
The second thing I want you to be thinking about, just thinking about it for a moment
here, as a parent, I have three kids myself, I want you to think about it this way.
I think at this point, if you're doing very well financially, you'll say, that probably,
money's important to make because life is pretty expensive.
Diapers are expensive, marriage is expensive, raising kids is expensive, taxes are expensive,
paying off your debt, things are expensive.
Life is expensive.
I hope as you're watching this, you also agree with me that kids need to make more money.
And so if your kid can possibly position himself or herself to make more money, wouldn't you
want your kids to make more money and become financially free, so they don't constantly
come to you for money?
So you don't have to constantly support them?
Yes.
So having said that, just bear with me in this video.
If it makes sense to you, do it because you could potentially have the next kid that does
something very, very big for himself or herself, and at the end of the day, you get to for
the rest of your life say, "That's my son.
That's my daughter."
You get to brag for free, forever.
It's your blood.
So let's talk.
Okay.
Your kid, your teenage entrepreneur will go through three phases before he becomes successful,
or she becomes successful.
Let's set this [phase 3] aside for a second, and let's go over here [phase 1].
The first phase they're going through is skeptical phase.
They may come to you and say, "I'm going to be a millionaire, Mom!
Mom, guess what Mom?
I'm going to buy you a dream house one day!
Hey, Dad!
Guess what?
I'm going to buy a Ferrari one day, a Lamborghini one day."
"Oh, Son, please!
Money doesn't grow on trees."
You don't know it, but words have a lot of power.
You just effected that kids' dream, okay?
So they're going to come to you.
"I'm starting a business.
I'm starting an online business.
I want to do this.
I'm getting into financial services.
I want to get my real estate license.
I'm thinking about starting an.
. . I'm thinking of selling this on eBay, .Amazon, whatever."
Okay.
If you're skeptical, your kids' 13 years old, 16 years old, 18 years old, 19 years old,
20 years old.
They're living under your roof.
You're paying the bills, you're paying everything.
You have all the right to challenge your kid if you're paying for all the expenses.
So I'm giving you the support.
So my challenge to you is this is what I'd be doing.
I'd be saying, give them a challenge.
Test them.
So what's a test?
Oh, you're really serious about this?
"Dad, I need $500 to start this business.
Dad, I need $1,000.
Dad, I need $200."
I'm telling you not to give it to them.
I'm telling you to give them a test.
So what's the test?
Okay, no problem, Son.
If you can show me that you can go out there and with such and such product make $300 this
week, I'll match your $300.
Test.
If you can go out there and show me online that you can make $200 in the next two weeks,
I'll match your $200.
Test.
If you can go out there and you can show me that you're willing to work hard and sell
some of this stuff that we have in the house that we need to get rid of and do a garage
sale, and on Sunday her or she stays out there for 12 hours and he sells $390 or $620, you
match something with them.
Give them a test.
I had a lady, my real estate agent, Karen.
She's incredible at what she does.
She raised her kids, she's very successful.
Her husband's a senior pro golfer and one day we were having lunch, her and I. And she
was telling me this about how she raised her kids.
When my kids were young, I told them, I'm going to show you guys how a cow is going
to pay for your college.
She goes and buys these kids a cow.
And teaches the kids how to milk the cow.
And they keep this cow for years, and with the money the kids kept buying more cows and
more cows.
One cow led to two cows, three cows, all these stories with cows.
And all of a sudden, the cows ended up paying off their college education.
And the cows made money back to pay off and buy more cows, and the kids are now all entrepreneurs
because she taught them what it is to become an entrepreneur.
You can have a very big impact on your kids.
So one is test them.
#2:Encourage them, support the, give them referrals.
For instance, let's just say that I'm a 14-year-old kid and I'm thinking about being a - not a
lawn mower.
Not a gardener.
There's another name for it.
Landscaping business!
If they're doing that, and they start with yours, and they start with neighbors, give
them referrals.
Call six neighbors and say, "Hey, Mary, do you mind if my son comes in and if you can
pay him something for the good job he did, help him out.
If you don't, I totally understand."
Tell the neighbors about it.
Give him some referrals.
"Hey, my son just got involved in this, this.
Do you mind if he comes and presents it to you?
I just want to give him some support."
Okay, great.
Somebody that owes you a favor, give them referrals.
Right?
But first test them.
Test them to see how serious they are.
That's skeptical.
Next phase, your kid's going to face this.
It's the survival phase.
So, when your kid goes through the survival phase, this is make or break.
And let me tell you what types of kids there are out there.
What type of performers there are in life.
So, there is the one that respond well, no matter what you tell him or her.
He or she is going to win.
Period.
So let's say that's 10% of the audience.
That no matter what, this person's going to figure out a way to win.
Because they're just determined that way.
Their sheer obsession to make it work.
I believe there is also a group that no matter what you tell them, they're going to do nothing.
Because that's just the population.
There's nothing you can do.
They're just not going to do anything, not going to follow up.
No problem.
If you test them properly, you'll know who's who, right?
But then there's a group in the middle that I believe your words have so much effect that
during this phase [survival], the kids last appointment of the day makes it or breaks
it for them.
Let me tell you who's the last appointment of the day.
You.
You know why?
Here's why.
I'm a 13-year-old kid.
I'm excited about going out there and doing something and becoming an entrepreneur.
I'm fired up!
I go throughout the day, no one buys.
Everyone rejects me.
Everyone says no.
Everyone says all this stuff.
Then I come home.
And I say, "Mom, no one bought from me.
And no one did this."
And you, .what you say, dictates what I do tomorrow.
Let me give you an example.
You say, "I told you you were wasting your time doing all that kind of crap.
That stuff doesn't work."
Guess what?
I quit.
Because you're my last appointment of the day.
"I told you this stuff doesn't work!
What are you doing wasting your time with all this crap?
You bought all these hats.
You thought hats were going to make money."
That's how I made my money.
I would buy hats from a 99 cent store, San Jose Sharks hats and Clippers hats.
You know who these two teams were?
The worst teams in sports.
I would buy these hats for 99 cents.
I would sell them in school for $7.
I'd go to school with two backpacks.
One was books, one was hats.
And I would go, and it wasn't because I was doing good in class.
But I would go and all of a sudden I would sell these hats for $7, $6, I would sell those
things.
And I made money for myself.
But survival phase is about make or break.
Your words are going to determine if this kid's just going to say, Mom, you're right,
Mom.
I'm just going to apply at Burger King.
Mom, you're right, Mom.
I'm just going to go.
Mom, you're right.
Dad, you're right.
I'm not supposed to be.
. . and then you crush this kid's heart.
And then this kid one day is going to be 49 years old, sitting on a couch, eating chips,
got a regular job, on his second marriage, but at one point this kid had a dream and
you could have just boom!
Lit that fire up.
Now I'm not telling you all of it is on you.
I'm not tell you that, parents.
I'm not telling you it's not on you.
All I'm telling you is we as parents, I think we can do a better job in breeding some of
these kids into entrepreneurs and not just putting them in a box to say, the government
tells me you need to go to college to become successful and so if you go get a degree,
you will become successful.
Does that really work for 100% of the kids?
What if this kid's excited?
I've got a sister of mine, my nephew, Sean.
This kid walks around thinks he's Neymar.
Literally, he thinks he's Neymar.
The other day he got the Neymar shoes.
Did you see the snap she posted when he got the new Neymar Jr. shoes?
He's like doing back flips, he's so fired up.
His mom, Polet and Siamak water his dreams.
They're watering his dreams.
So he's getting excited about this dream.
I think we can do a better job.
Many of you are doing a great job at it.
I'm just saying also it goes the same with entrepreneurs.
It's not just school.
It's not just sports.
Some kids are attracted to sports.
Some are attracted to school, and some are attracted to politics.
Some kids are attracted to business.
So what?
Let's see what they can do.
They could be the next big entrepreneur that creates a lot of jobs.
So make or break, last appointment, power of words, hear them out.
Support them.
And once they become successful, and you'll know when they become successful.
Family comes to my place and they see and oh my gosh, Pat, what kind of a house?
Yesterday I was looking at a home and I got some family in town and I'm looking at a 15,000
square foot home that's $6.9 million, and we're in this exclusive community and all
this other stuff.
And my mother cannot believe this stuff.
Like what is going on here?
Why is there a $400K Lambo?
Why are you?
What happened with all this stuff and you were just a kid in school that everybody doubted
you and nobody thought you were going to do anything.
And you gave up in life and you went in the military and all of a sudden you came out
and you became successful.
Once your kid becomes successful, guess what?
Get out of their way.
Just hear them out.
Just support them.
Don't feed too much into their ego as well because you don't want their egos to get - if
the kid's ego's too high, don't feed more into it.
If the belief is low, build them up.
Just kind of keep them right in the middle.
Always remind them to stay humble and what matters and what's important of life and all
that other stuff.
But don't also make them feel guilty for achieving a lot of success.
If that's important to them, let them do that as well for them to go out there and live
their dreams.
So this is my suggestion to you as parents and teenage entrepreneurs at this point, if
you haven't yet shared this with your parents, do so.
But I also have one last thing I want to challenge parents.
Listen, parents.
I want to speak to you.
I grew up in a family, Middle-Eastern, mom and dad.
My mother's Armenian and my dad is Assyrian.
My mother's last name is Boghosian and my last name is Bet-David.
My dad's last name is Bet-David.
So, in a Middle-Eastern community, you're expected to become three things when you grow
up: lawyer, engineer, or doctor.
That's just what's considered to be a kid who became successful.
So when all the parents talk among themselves, they all say, "My son is a lawyer."
My son is a dentist.
My son is an engineer for Raytheon.
Oh my gosh!
And [with head hung low], Oh, my son works at Sears.
Oh, my son's in insurance.
"Oh, he's in insurance.
Oh, okay.
It's okay.
It's going to be okay.
God is good."
all this type of stuff.
Man, I am so glad I didn't become the engineer, the lawyer or the doctor.
I'm so glad I didn't take that route.
I'm so glad that that didn't happen to me.
Not saying we don't need more engineers, doctors or dentists or attorneys.
I'm not saying that.
All I'm telling you, I'm glad finally, I realized I wanted to become an entrepreneur.
But some of you guys struggle with one thing, parents.
And I feel bad for you because there's a lot of pressure on parents today, and it really
bothers me.
I go to a lot of different places as I speak and parents always come up to me and they
bring up this topic, especially recently.
"Pat, what do I do?
What school do I send my kids to?
My husband and I spoke, and we're willing to sacrifice our 401K and take the money out.
The other day I talked to my tax and accountant guy.
We have $300,000 in our 401K.
But if we take it out, we have to pay this and 59 1/2.
And what about this part?
We're willing to do all that stuff, just for our kid to go out there and get a degree.
Really?
You really think that's the best thing for you to do for your kid?
You really think that's the best thing to do for your kid?
See, I think that's being questioned today more than ever before because you got to realize.
Do you know who started colleges?
An entrepreneur started colleges and universities.
So colleges and universities, the idea of education was by somebody that said, what
if we can create a way for all of us to learn?
What if we can teach the future about school and math and English and whatever their language
was.
That's how it started, many, many years ago, right?
But it went from education into business.
Some of the biggest businesses today in America are non-profits called colleges and universities
with $30 billion in their endowment contract.
And they don't have to pay taxes for it.
You and I do.
They don't have to pay taxes for it.
They have more money than many of the Fortune 500 companies in their bank account, because
you give them money and they pay this much [zero] in taxes.
Think about that for a moment right there.
And I think we're at a moment right now that maybe parents, a lot of them, are starting
to question these things.
Because parents, young parents nowadays, they're 50 years old, they're sitting there say, "Do
I really pay everything for this kid?"
So I wrote a book that many of your kids in school are reading right now, many people
around the country are reading right now.
And many parents are sharing this book with each other.
It's called Drop Out and Get Schooled.
Drop Out and Get Schooled.
In this book, we answer six questions:
Why do we go to college in the first place?
Who should go to college and who shouldn't?
Can I succeed and do great things without college?
Why do tuition and textbooks cost as much as they do?
Have colleges simply become a big tax-free business?
Are the subjects taught in college sufficient for life or do we need an upgrade?
And there's a part dedicated purely to parents.
I want you to read this.
This is purely to parents.
I want to hear your views.
If you want to go read the reviews on Amazon, the books only been out for a few weeks.
Go read the reviews on Amazon.
See what other people are saying about this book.
It's been already sold to over 30 countries around the world and people are starting to
debate this topic and saying, this makes sense.
I'm getting parents commenting.
I'm getting parents - the other day a kid 13 year old kid bought the book with the mother's
credit card.
The mom not knowing - she left Amazon logged on.
The kid's reading the book.
The mom says, give me the book.
I want to read it, too.
The mom reads it and says, this makes sense.
And she sends me an Instagram post.
And says, "My kid read this" on an Instagram post.
I want you to read it and I want to hear from you.
By the way, you post your reviews on Amazon.
I look at every single one of them.
If you post your reviews on Amazon, I read every single one of the reviews on Amazon.
But if you want to personally snap me as well, my snap code is here.
It should be here to the right.
Send me a snap.
You can send me an email, but snap is easy for me to respond back to, because I want
to hear your thoughts.
Share this with your principal.
Share it with your soccer mom, other kids that you're dealing with and see what they
say about it.
See if you're the only one that reads this and says, that some of this stuff makes sense.
And again, I think it's an important topic for us to start talking about because I think
the more people become entrepreneurs and find ways to make money on their own, the economy
will do better, jobs will do better, everyone will do better and they'll create jobs for
other people who don't want to become entrepreneurs - the engineers, doctors, lawyers, the designers,
the support, the operations, all these other guys.
But I think entrepreneurs make a very big impact on the world positively and I think
you'll get a lot of value once you read this book, Drop Out and Get Schooled.
So with that being said, thanks for watching everybody.
Be sure to subscribe to this channel if you haven't done so.
And if you want to be part of the notification squad, it's growing extremely rapidly, click
on the button right next to - the alert button, and you'll get notified every time a new video
comes up.
Thanks for watching everybody.
Take care.
Bye bye.