How big of a role does your age play when it comes to entrepreneurship?
Think about that.
That is probably one of the most common questions I get asked all the time.
On Snapchat, on Facebook, on Cyberdust, on Twitter - Pat, I'm 18 years old, how old do
I need to be to be an entrepreneur?
Hey Pat, do you think I can still be a strong entrepreneur?
I'm only this age.
I'm only that age.
What is a good age?
So today I want to us to process if you can be a good entrepreneur and a successful entrepreneur
being young, whatever age you are, and what are real benefits of being an older entrepreneur
vs. a younger entrepreneur.
And then at the end I'll give you some of the stereotypes younger entrepreneurs get
that's going to be your enemy if you're watching this, and you're younger.
Your enemy is going to be these few things I talk to you about and then we'll go from
there.
So here's what it is.
An older entrepreneur vs. a younger entrepreneur -- does age really matter?
Older people are typically more paranoid.
That helps in business because when you're older, people have stolen from you, lied to
you, given you some deals that didn't go through, a bad partnership, bad relationship, so you're
paranoia is higher, and that typically helps in business.
When you're younger, you're more naive.
You think the world is a great place, you believe world peace exists and everything
can be nirvana and utopia exists, all this stuff.
Not fully.
I'm not saying everybody.
Because there are some kids that grew up in some cities -- if you grow up in Boston and
L.A. and South side Chicago - if you grew up in some places, New York, Bronx, some places
you grow up, you're going to learn about being bullied and pushed around so you'll have that.
But generally, younger is going to be more naive.
Older is going to be wiser.
They've had more mistakes.
They've seen things.
Younger think they know it all.
Right?They think they know everything.
Totally fine.
Stay with me.
Older have more contacts.
Younger it's really only family, friends, and teachers.
But older they have a lot more contacts.
Older is more logical.
Younger is more emotional.
Older have lots to lose.
So the decision making process is different.
Younger they have nothing to lose, right?
So when you ask the question who is more capable, you have to look at these things.
And by the way, there's a lot more things I can add to this list but I want to keep
this video very, very simple.
But I want you to think about it in a completely opposite way.
So right now the way that I'm explaining it, it's more beneficial to be older and be an
entrepreneur, right?
Well, is it really?
Because think about this.
There is some level of naiveness that's actually not bad for business.
Why?
Because there's a certain level of optimism to think that people are going to help you.
So you're willing to ask people for help.
Where this person is like, "oh, they'll never help us.
Oh, they won't be interested.
They won't want to do anything."
You're [the younger] are like, "They will help us!
Why wouldn't they help us!
Of course they'd love to team up!
Who wouldn't want to do something like that."
That's the child-like naiveness that's necessary for business.
While this person [the older] is wiser, and you [younger] think you know it all, right?
The younger generation may think they know it all.
"Oh, you know what, sometimes these younger people, they think they know everything!"
Is it really that they think they know everything, or is it really something that they think
everything is possible?
Because I don't think it's really the younger generation thinks they know it all.
They just think it's more possible.
Now, this notion we always hear about is what?
They think they know it all.
They're clueless.
They're kids.
No, no, no, no, no.
What you're really saying is you don't believe it's possible and they think it's possible.
Maybe the older entrepreneur and the older generation needs a little bit more of possibility
thinking that the [younger] inject into us.
Next one, contacts.
They [older] have more leverage for contacts.
You [younger] don't have that many contacts.
That part is absolutely true.
However, older people again, are more reluctant to ask for help than younger people are.
The younger don't care.
By the way, if you're watching this right now, and you are under the age of 23, 24,
25, and you have teachers, professors, coaches that like you, family members, uncles who
like you -- let me tell you what script will work for you, pretty much 60 - 70% of the
time.
Are you ready?
I need your help.
Done deal.
I need your help.
Auntie, I need your help.
Mom, I need your help.
Dad, I need your help.
Hey coach, I need your help.
Hey, teacher, I need your help.
Hey, counselor, I need your help.
Hey, you played such a big role in my life, I need your help.
Your best friend's parents who really like you, I need your help auntie, can you help
me?
I'm trying to be an entrepreneur and I'm trying to be a business, I really need your help.
Can you help me?
You should introduce me to this person here.
Hey, I'm serious about wanting to do this, I'm going to make an impact with my life,
I need your help.
Keep using that script because it works to your advantage.
The older people get, they don't need help.
I know what I'm doing, I don't need anybody's help.
It is a very, very big mistake in business when people no longer want to ask for help.
Next, logic [older], emotion [younger].
You know what sells?
Emotion sells.
Now, you've got to definitely be looking at the logical sides of business, contracts and
all that other stuff, but emotions sell.
Emotions speak here [the heart].
Logic speaks here [the head].
Okay?
Opportunity sometimes everything they go through and want to look at the numbers and all this
stuff?
Yes.
Logic.
Like, for instance, if you're dealing with venture capital and you're dealing with money
people, they don't care about how emotional you are about your stores.
You've also got to know your audience.
If you're purely logical, what is the highest possibility of doing something, what's the
numbers, what if this grows, what if that grows?
Okay, we'll give a quarter million bucks at 10%, whatever.
That's how they'll work.
So if you're younger and watching this, don't expect the investors to be too emotional with
you -- they're not.
But there are a lot of benefits to being emotional.
Next, nothing to lose [young], lots to lose [older].
Just so you know, this [nothing to lose] is your edge.
This is your edge, if you're watching this.
This is a very big edge, when you have nothing to lose.
Who is the scariest person to fight in the streets?
The person that's got two kids and a wife, or the person that's got nothing?
They're by themselves.
Nothing to lose.
Who does the CIA hire by the way?
Think about that.
What is the pedigree of the people CIA and the FBI like to hire?
Do you know what it is?
You know what it is?
Not married, not good with parents or parents are dead, no siblings, no kids, no nothing.
Why?
There are no ties.
You have nothing to lose.
So you make a better CIA agent.
You make a better FBI agent.
Why?
Because of that.
The world of entrepreneurship is similar.
If, you know, sometimes some people that have a house, I have this.
. . I can't lose all this stuff.
What if you do lose all this stuff?
What if you do end up losing all this stuff?
That's their [the older] challenge.
This is not your [the younger] challenge.
Now, if you're watching this and you're saying, Pat, so who's side are you taking?
I'm not taking anyone's side.
I'm simply being an attorney for them [older] if I'm representing them, and I'm simply being
an attorney for them [younger] if I'm representing them.
I'm not taking sides.
I'm just telling you what your leverage is here.
Now, I will tell you, the younger and the older entrepreneurs here that are watching
this - when people ask does age matter, I want you to know something.
I don't care if, like the other day, I was listening to this kid play piano.
10 years old.
Oh my gosh.
He played piano, and I'm listening to this kid - it was insane how he played the piano.
I couldn't believe how he played the piano.
Now keep in mind, I'm three and a half times his age.
He's 10 years old.
Playing the piano.
Does age matter in the world of piano?
No.
It has nothing to do with anything.
So if somebody wanted to teach the other person about playing the piano, who's going to teach
you?
The 10-year-old teaches me.
Why is that?
So let's dissect that a little, let's break that down a little bit.
Why?
Age, and time in service, again, time in service, not age.
What does that mean?
She's been playing the piano for six years.
I've never played the piano.
She's the expert.
I'm not.
She teaches me.
I listen.
Okay?
I listen.
Not the other way around.
I listen to what she's telling me.
It doesn't matter how old I am.
I don't even know how to read the keys on the piano.
She's going to be able to teach me.
She's the expert.
The same exact principle goes in the world of business.
So if you're younger, if you're 14, 15, 16, 17, 18, 19, 20.
. . whatever the age is, between 14 and 25, I don't care what age you are, okay if you're
younger, these are the couple of things you've got to keep in mind.
#1: Your criticism you get for the younger generation is lack of discipline.
Is lack of discipline.
So you've got to work on your discipline.
They [older] typically have more discipline, because a lot more is on the line.
You typically have less discipline because not a lot is on the line.
To you, if it doesn't work out, it doesn't work out.
So I, as the customer need to be able to trust your discipline, that you're going to come
through, and you're going to deliver, and you're serious about it.
You're not just going to go home and fool around with it.
So I watch discipline.
#2: Delivery.
If you say you're going to deliver, deliver on time.
If you say you're going to deliver on whatever promises, deliver on it.
Don't just say it, deliver on it.
Memory, remember things, remember things to have an edge.
Next, product knowledge.
Know everything about whatever you're selling.
Everything.
Whatever you can, immerse yourself in that product.
Just absolutely get obsessed about learning every single thing about that product, history,
stories, facts, stats, everything you can about the product.
Again, I don't care what it is.
Every single thing about that product, you immerse yourself in.
So when you come and you talk to me about your product and I say, "That guy knows what
he's talking about.
That's very impressive."
So here's what I'm willing to do.
I'm going to help.
I can do this for you sir.
And I can do it for you for this much money.
. . here's my contract, let me just tell you who my contract is, my contract is through
my . . . we're doing this, this, this.
Great, no problem.
I see discipline, I see product competency, I see respect, I see someone that's behaving
the proper way, no problem, great, let's do business.
Okay?
No problem, great, let's do business.
And then last but not least, which is one of the biggest criticisms the younger generation
gets is what?
Laziness.
I mean, I can't tell you how many times you hear, "Oh, the younger generation doesn't
know about hard work."
Maybe they're right.
So guess what you should do?
You should work very hard.
The younger generation, they're so lazy.
They know nothing about hard work.
I remember when I was their age, I had 17 different jobs.
You know all those stories you hear about?
A part of it is right.
Maybe they were more hard working than today, because today there is social media, there's
a lot more distractions, so if you're watching this, and you're saying, "you know, my dad
would always say this and I'm 18 years old, and my dad is 44 years old.
I'm so sick and tired of hearing that from my dad.
Well, there's a part of what your dad is saying that is right.
There was no Facebook.
There was no Twitter, there was barely Internet.
We still listened to music on tapes.
That's how crazy it was.
You've probably never seen a Walkman in your life before.
We grew up, we didn't have phones.
If you had a cell phone, you had to be wealthy, to have a cell phone.
Not everybody had a cell phone.
It wasn't something that everybody has had a cell phone.
So what do I mean by that?
Here's what I mean by that.
Work double time.
Work triple time.
Outwork anybody that's your competitor, you outwork them.
Anybody that's your competitor, you outwork them.
And once you do that, no one's going to ask you how old you are.
I'm sorry, how old are you?
19 years old?
I don't do business with anybody below 25.
No one says that.
No one's going to say that.
They're not thinking in their mind how old you are.
In their mind they're thinking how much do you know, will you deliver, will you keep
your word, are you hard working, do you know everything about this product?
Let's do business.
That's all they care about.
You fit those few needs and you have this [the items on the younger side], you've got
an edge on the older marketplace, who is also trying to become an entrepreneur, and build
a business for themselves, and take away your market that you have clients away from you,
but you've got to play to your strengths.
If you do that, you've got a shot at being an entrepreneur.
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