Everyone knows how to win.
But only a few know how to lose.
And I say this because recently we had a loss.
And that loss was we announced the second week of May that we wanted to have 100,000
subs by August 31st.
And remember, when we announced that we had about 41,000 subs.
When it ended, we did not hit 100,000 subs.
We ended with 83, 000 subs.
And it was very disappointing.
We were very annoyed.
We were very frustrated that we didn't hit the 100,00 subs and then somebody asked the
question on the YouTube channel on the bottom and said, "You know what, Pat?
I would really want to know how you handle a loss."
And I said, "What a great idea to do an episode on how to handle a loss, because so many times
everybody talks about doing and motivating and all this other stuff, but how do you handle
a loss?
So today's episode is going to be all about that.
Matter of fact, it was so painful that Mario from the team is still emotional with the
fact that we didn't hit 100,000 subs.
Paul, why don't you show Mario's reaction here on how emotional he is.
Mario, are you going to be okay?
I'm fine.
I'm okay.
You sure?
Yeah.
Alright.
Mario's going to be okay.
Maybe you can - Mario, let me see this here real quick.
By the way, if you haven't subbed, do him a favor and subscribe to the channel.
Okay, there you go Mario.
Here's some love.
Okay, so now, how do we handle a loss as an entrepreneur?
There's three things I'll cover here today.
One is two different types of goals people set, two is what do you do when you actually
set up a goal, and then three is how to handle a loss and how do you debrief when you don't
achieve your goals.
So we'll cover those three things.
Let me start off with the first one.
What do I mean by there are two different types of goals?
Okay.
So there are people that set too small of a goal or too big of a goal.
So what is too small of a goal?
Unfortunately, there are a lot of people that most of their goals become a reality.
Most of their goals become a reality.
And what do I mean by that?
The goal could be hey, I want to have a job.
They land a job.
Hey I want to have a place to live.
They get a place to live.
I want to have three square meals to eat every day.
They get those meals.
I want to have a car to drive.
They get a car.
I want to one day get married.
They get married.
Everything is, they hit a goal, but it's small of a goal and they settle.
So their goals become a reality.
But it's too small of a goal.
Then the complete opposite is, people who set way, way too ambitious goals with small
timelines.
Let me explain.
For instance.
I remember I got out of the Army.
I was 21 years old.
I have a picture of this that I took, and if we were back at home, you know, back in
Dallas, we would show this here, but I'm back at home, I would have shown the picture.
I have a blue shirt, polyester shirt, pretty pathetic.
I'm wearing a blue polyester shirt.
I used to dress like my inspiration was John Travolta from Saturday Night Fever and Stayin
Alive.
So I have this shirt and I'm holding a paper and I'm in Chicago with two of my friends,
and on it it says, when I'm going to be a millionaire, and my date for becoming a millionaire
was a year after getting out of the Army.
Now how am I going to become a millionaire a year after getting out of the Army when
I didn't know how to do anything?
I knew nothing, right?
And I want to be a millionaire within a year.
It didn't happen.
Disappointed.
Some people want to get married, find a loved one and have a kid within a week.
Unless if you marry somebody with a kid, that is way too ambitious of a goal, right?
Or you say, I want to be a billionaire within the next two years.
I get it it and I want you to know that sometimes people say well Pat, isn't it good to think
big?
It is very good to think big, but that goal must be a goal that if 100% is impossible
for you to hit it and zero is you're guaranteed to hit it, make sure it's 80%, if that makes
any sense.
Make sure it's 80%.
So what do I mean by that?
You've got $2,000 in savings right now, your goal is to have $100,000 in savings within
18 months.
I like that.
You're 168 pounds right now and you want to get to 148 pounds, lose 20 pounds, in the
next 60 days.
That's good.
If you say I want to lose 20 pounds in a week, that's not healthy to do that.
But if you say within a month or two, okay, that's good.
You can pull that off if you drop certain things you can get to that weight.
So again, two types of goals, - too small of a goal, too big of a goal, you want to
make sure you set a goal that is reachable, but it's got to be difficult to reach.
It's got to be difficult to reach, yet you can reach it.
So you'll kind of get that part when you do more of these things, you'll eventually figure
it out.
And remember, just like in the world of sports, no basketball team's ever gone undefeated.
The greatest basketball player of all time is Michael Jordan, and he missed 45% of his
shots and he lost quite a lot of games.
He wasn't undefeated.
The greatest baseball player of all time was Babe Ruth.
He hit three out of 10 times.
If you think about it, 10 at best.
So don't expect undefeated and perfection.
Okay?
But at the same time, you need to be getting your hits, you need to be getting your victors,
you need to be getting your shots, you need to be scoring, and winning.
So make sure you know exactly how to do that part with the size of your goal.
So now let's go to the next part.
The next part is now, what do I do now?
So let's talk about the process of setting a goal.
#1: You set a goal.
Now what is a goal tied to?
A lot of people say, "I have a goal.
Generally, to me, when I think about a goal, I think about a number.
So what's a goal?
Goal is, I want to lose 20 pounds.
Goal is I want to make 100,000.
Goal is, I want to have 5,000 subs on my YouTube channel.
Goal is, I want to have $50,000 in savings.
Goal is tied to a number.
Goal is generally tied to a number.
So you set a goal, and a number.
So you write those two down.
Whatever that things is.
Number 1, Goal, Number.
So just write this down and go with me.
#2: Is your strategy on how to get there.
So goal, number, strategy, how to get there.
I know Paul's typing it here so you're kind of seeing it on the screen as well.
So goal, number, strategy, how to get there.
You've got to take a minute and write out a strategy on how you're going to get to the
number.
#3: There's got to be a deadline.
Goals without deadlines mean nothing.
Sometimes people say I want to be a millionaire, but there's no deadline.
You're not going to be a millionaire.
You're just winging it.
I want to lose 20 pounds.
By when?
I want to make six figures.
By when?
I want to have $50,000 in savings.
By when?
I want to buy my house.
By when?
Deadline.
Deadline is very, very critical.
So so far we have what?
Goal, number, strategy, then you have your deadline.
The next thing.
Next thing I call your ask, your value.
Meaning what are you asking for - the goal, and what value are you going to bring for
that goal?
What are you exchanging your ask, for your value?
Here's what I want, this is the value I'm willing to bring to make $100,000.
This is the value I'm willing to bring to buy my house.
This is the value I'm willing to bring to save $50,000.
This is the value I'm willing to bring for me to lose 20 pounds.
What's the value?
I'm willing to go to the gym four times a week, this is the value I'm willing to bring
to make this back.
So the value almost means like how are you going to prove yourself.
That's how I take value as.
So what areas are you going to prove in yourself, areas of improvement, disciplines, etc.
Habits.
So now we have goal, number, strategy, deadline, your ask, your value, next one is declaring
your intention.
Here's what I mean by declaring your intention.
There's a big difference between you having a personal trainer that you hire than you
working out by yourself.
Here's why.
If he says you've got to be there by 6:00 in the morning and you're late by five minutes,
there's two things that happens in your mind.
One you're saying, I'm paying $150 an hour and I'm late five minutes - I just lost $10.
That's what you tell yourself.
Two, here's what you say.
Man, I don't want to be late, because I'm wasting his time.
He's going to think I'm not serious.
Accountability.
So that's declaring your intention.
When you say you want to do something, you've got to tell the world about it, the world
holds you accountable.
The world holds you accountable.
A lot of people want to get into shape, but they're afraid of saying what they look like
today.
Hold yourself accountable.
You'd be amazed at how much that positive pressure can get you to do something in yourself.
You know, hey, what is your intentions this year?
Well, we're playing this year to win the Super Bowl and we're doing everything we can to
get to the big show.
We're doing everything we can to get to the big show.
You know what's important to us?
We're going after the big show.
And you'll see the difference between how MBA players sometimes they'll say, Do you
think if you finish your career without a championship, do you think your legacy is
still intact?
Yes!
Okay.
Then that's not their goal.
Now you see somebody else saying, You think you're career's intact if you don't win any
championships?
No, I have to win a championship.
That's declaring intention.
Then you've got to go get it.
And fans love it, and there's pressure.
Then you practice, you train hard, you've got to make sure you come through.
And the last one is execution, period.
So now you have your goals and numbers, your strategy which is your how-to, your deadline
which is clear on when you want to hit it, and typically deadlines to me, I like 90-day
deadlines.
I'm a 90-day type of guy.
I know a lot of times we can do 30 days or one week, and what I'm going to do this week.
You always have your days and weeks.
On Sunday nights I'd prepare for my entire week.
But say this is a 90-day goal we're talking about, and you have a deadline.
And it's your ask, your value, and then you declare your intention, and it's execution.
Okay, so we said now on what happens with that.
Now let's talk about the complete ourselves, what we did and then what you don't do when
you come back.
So now, for us it was our goal, the number was 100,000 subs was what we wanted to do,
right?
Our strategy was we were going to produce one video, which was called Good Voice, Bad
Voice, which on Facebook it did very well and ended up getting 1.1 million views and
I think on YouTube it ended up getting 96,000 views or something like that.
So that was one of our strategies and our strategy was our two videos a week that we
were doing and with the hopes that with the following, every video we were going to execute
and say hey, please subscribe and please invite other people to subscribe to the channel,
help us out, and by the way, I want to take a moment and just thank all of you that really
helped out this channel because quite frankly, we would be at zero subs if it wasn't for
you.
We wouldn't even be at the 80 some thousand subs, I think we're at 89,000 subs when you're
watching this.
We would not be if it wasn't for you sharing this video with other people and inviting
other people to join, emailing your friends, sharing it on your social media, so from me
to you, I want to thank you for helping us out.
But you heard one part of our strategy was every single video, you're going to see this.
Please subscribe.
So we made the ask.
Part of the strategy was make the ask.
We brought you the value.
We asked please, will you subscribe to the channel.
And we gave you value.
Ask, value.
Okay, so strategy was right there.
Deadline was August 31, then after the deadline, it was declaring intention, which we said,
"Hey, we want to get to 100,000 subs by August 31 and then there was execution.
Now obviously, we didn't execute perfectly because we didn't get to 100,000 subs.
So now, I've covered with you two different types of goals, I've covered with you how
to set your own goals, now I'm going to cover with you, you did not hit a goal.
What do you do now?
This is exactly what we did.
So I'll cover specific details.
#1: And the only way this works, if you're brutally honest with yourself.
This does not work if you are not brutally honest with yourself.
It only works if you're very honest with yourself.
So step #1 is to identify the positives.
Let me explain to you what I mean by identify the positives.
A lot of times you don't hit a goal and people say, "I'm such a loser.
I'm the worst.
I'm this, I'm that.
And they just beat themselves up, because they didn't hit a goal and there is a positive
in that, but the other side is, what happened?
What improvement took place?
So the first thing we did is we sat down and I said, guys, we did not hit 100,000 subs.
You know how I feel about this.
I'm not happy.
I think we could have done a much better job.
But what good did happen from this?
And then Mario, Paul, the team started saying things and one of the things was, we started
our YouTube channel in November 2012.
And we were winging it for a couple of years, right?
And so it took us three and one half years to get to 41,000 subscribers.
From the moment we declared our intention, 90 days later, we got 42,000 subs.
So we got 41,000 subs in three and a half years, and 42,000 subs in 90 days, because
we had a goal, we had a strategy, we had a deadline, we had a your ask your value, we
declared our intention and we tried to execute.
So the good was, we got more subs in 90 days than we did in three and a half years.
What was another victory that we got?
The other victory was the fact that we produced the video, Good Voice, Bad Voice that did
very well.
It was a six-minute and thirty second video we did not think was going to do that good,
but it got a million plus views on Facebook, it was the second video that god a million
plus views for us, with the Life of an Entrepreneur getting I think 28.7 now, 28.8 now, whatever
the amount of views it is.
So that was a success.
That was a positive.
So the first thing you've got to do is identify your positives.
Now the next thing.
#2 is my favorite.
Identify your leaks.
These are the leaks that we found.
We found the leaks that we only do two videos a week, so we do Tuesdays and Thursdays.
If we do two videos a week, it doesn't give the audience doesn't get exposed to Valuetainment
Friday, Saturday, Sunday, Wednesday, Monday, and so many of you are asking for more content
per week instead of just two.
I just don't have the time to always do it, but I love some of the feedback that you guys
gave, which was great.
You said, Pat, can you do more videos with just simply grabbing your phone and telling
us your experience and giving some value?
And I said, I can do that.
So you know, I just grabbed the phone and started doing a couple of episodes and many
of you said these are my favorite videos.
I did a video called the greatest compensation plan, with the kids and the family and LEGO.
I did one at the restaurant.
I did another one, I don't know where I did the other one from.
The one we did with the restaurant of the oyster place.
So, you know, the leak, we could have done more of those.
We didn't do that.
Okay, that's one.
We didn't do any collaboration.
We did no interviews.
We interview very well.
Every time we do interviews it does very very well.
I don't know a single interview we've done that hasn't done well and brought a lot of
audience to the channel.
We didn't do it, we're going to do more of that in the future.
Reaching out to our own network and our contacts.
We have thousands of messages that we haven't yet gotten back to, and these are people that
want to do podcasts and all these other things that we haven't done.
The moment we identify these leaks, and using our available tools.
So the moment we identified these leaks, we made immediate adjustments.
We got on podcasts with John Lee Dumas, with Amy Porterfield, and now I'm in Harvard Business
School right now as we speak, you know.
Three weeks I'm here with people sitting to my left, one has worth a billion, the other
one I can't say who these people are, but you would know their names.
I'm in the classroom with them and we're going to have some exciting things that are going
to come from here.
I'm speaking at Texas A&M.
I'm going to be in New York later on this week.
Then I'm pitching something next week that is massive.
There's so many things that are going to be coming out soon that helps with this.
But because we identified our leaks, we knew what areas to improve in.
Step #3.
Rank your strategy.
We had to rank our strategy.
Was our strategy a good strategy between zero to 10, I'd give our strategy that we had to
get to 100,000 subs a five, with what we had as our strategy.
We could have come out with a better strategy than anything else, and I take full responsibility
for myself because I'm the leader here, so I need to take responsibility on the strategy.
We could have done a much better job with the strategy we put together to get to 100,000
subs.
And you, as the leader, you need to be honest with yourself and take responsibility if your
strategy wasn't the best strategy.
#4: How do you rank your level of execution?
I think for what we had our strategy, our level of execution was fine, because it was
a reflection of the strategy and because the strategy was so weak, we executed a very weak
strategy that got us 42,000 subscribers.
Then the next this is, how would you rank your effort from beginning to end?
I thought our effort for our strategy was good.
Could we have gone above and beyond?
Yes.
Could the team have gotten a little bit more innovative?
Yes.
Could there have been some things we were more efficient in?
Yes.
but how do you rank your effort on what you did?
We would probably give it a seven on the effort.
And then six, how urgent were you?
How urgent were you?
A lot of times, you know, when you're setting a goal, I think people either come out of
the gates quick and if they don't get any response that they wanted, they slow down
and shut down.
And they forget about their goal.
Or, they don't come out of the gate strong, and I call these guys mellows, because you
know how Mellow Carmello Anthony's known for playing four quarters, but he doesn't play
three quarters and all of a sudden he wants to have a comeback on the fourth quarter and
plays his heart out.
What if he played like that from first quarter, right?
And so, you know, they panic and then it's like the person that does their homework the
last minute type of thing, where you have two weeks to finish your homework, but you
do a lot of last minute?
Well, you need to start at the beginning so you don't have to do it last minute.
So those are ways you assess your goals.
So quick recap.
One, do you set too small of a goal, or do you set too big of a goal, and how can you
make adjustments in your goals in that area?
Two, what is the process of goal setting?
Let me see if I remember this vividly.
#1 was goal, goal is tied to a number.
#2 is strategy #3 is deadline.
#4 is your ask, your value, #5 is declaring your intention and #6 is your execution.
And then at the end is finding out when you don't hit your goal what things to do, and
there are six steps.
#1, identify the positives, identify the leaks, how do you rank your strategy, how do you
rank your level of execution, how would you rank your effort from beginning to end, and
how urgent were you?
And if you take that approach with your goals, you will start seeing better results because
it's all about improvement, and again, I don't know your work ethic.
I don't know how hard you work.
I can tell you our team is a very, very hard working team.
I'd put our work ethic against anybody else.
I'd put our work ethic against anybody else in the marketplace on how well we work, but
you've got to make sure your work ethic is there as well.
Then comes the goal setting, strategy that you put in place.
So now that you got some value, this is when I give my ask.
And my ask is, I'm asking you to subscribe to this channel and help us get to 100,000
subs, and then after that we've got to get to a million subs together.
So for those of you guys that are helping us out, thank you so much.
For those of you that are just subscribers, help us get this channel to other people.
Somebody said the other day this channel is the Khan Academy for Entrepreneurs because
YouTube is not filled with many channels that do how to.
This is why we believe we have the best channel on YouTube for entrepreneurs.
Pound for pound we feel we can go with anybody on the subject of entrepreneurship.
So with that being said, if you've got any questions about what I talked about with goal
setting, comment on the bottom.
Again, if you haven't subbed, please do so.
If you're watching this video on a complete different website you can always come back
to PatrickBetDavid.com and - holy moly.
Is that a new feature, Paul, you added?
No, it was a request.
Is that the request from.
. . the request was, I don't want the three dings, I want an explosion with a great climax
or whatever, so that one's dedicated to you.
But anyway, with that being said, again comment on the bottom if you've got any questions
and thanks for watching.
Take care.
Bye bye.