(inspirational orchestral music)
- So how to make obscene profits with joint ventures
without customers or experience.
So today we are going to talk about joint ventures.
How many of you are here because you want to learn
how to do a joint ventures.
- Me!
- Okay. If you're not.
Your hand is not up. You're in the wrong room.
(laughing)
Okay, so joint ventures.
So first of all, let's define what exactly is joint venture.
Some people might say that it is one of the world's
most powerful business strategy.
I don't know if it's world's most powerful strategy,
but it is a very powerful strategy.
So what exactly is joint venture?
Let me share something with you.
So in boxing, you know? In boxing-
How many of you watch boxing?
Okay, cool.
So in boxing they have four major punches. Right?
They have what?
- Jab
- The jab. Right. The jab.
And then have?
- Strike right.
- Yeah, the cross. Right?
And then you have the?
- Hook.
- Hook. And then you have the uppercut.
Right? So jab, cross, right hook, uppercut.
So to me, joint venture is my jab.
It's the one that I use the most often in business.
As an offense, to grow my company, expand my customer base.
Or also as a defense.
Meaning, if someone attacks, as a counter punch.
Meaning to reduce my risk, reduce my expense.
Minimize my exposure to risk. Okay?
And now I'll explain why in just a minute.
My wife?
- Your back is wet.
- My back is wet?
My wife by the way. Round of applause.
(applause)
Thank you. Thank you.
She's the one that makes me look good.
Okay. Awesome.
Okay.
(laughing)
I'm known for saying-
I have a saying that, "If you don't know how to make money
without money, you probably can't make money with money."
I'll say it again.
"If you don't know how to make money without money,
you probably can't make money with money."
What I'm referring to in this case is
one of my most common business weapons is joint ventures,
and, done properly, you can launch a business.
You can expand your business without capital,
without expense, without a lot of risk. Okay?
It's a way to- It's an outside the box strategy that
very few business owners actually use or understand.
Okay? "If you don't know how to make money without money,
you probably can't make money with money."
And the truth is, when you get to a certain point
as an entreprenuer, when you want to raise capital,
when you want to expand,
you're not using your own money anyway.
Like I've rarely, and nowadays, use my own money.
Don't need to.
When I had no money, everything I do-
You've got to risk everything you've got on the line,
but, once you have kind of a proven track record,
people want to kind of throw money at you.
Whatever deals that you do,
so rarely you use your own money.
Does that make sense?
- Yes.
- Yes?
- Yes.
- Okay, and another quote I want to share with you is this,
is "When you live your life as if you are rich,
you want to run your business as if you are poor."
"Live your life as if you're rich,
and you want to run your business as if you are poor."
Now what do I mean by that?
It means this: that you want to life your life as your rich,
meaning you want to have the abundance mentality.
What kind of mentality?
- Abundance.
- Abundance mentality. Don't sweat the small stuff.
Don't step over dollars to pick up dimes.
Don't be fucking cheap.
- Whew!
- Okay? And also to give,
to share, to add value,
to be grateful.
Have the attitude of gratitude,
so live your life as if you're rich,
but you want to run your business as if you're poor.
Meaning, yes, you sometimes could right a check
and get stuff done, but a smarter entrepreneur is,
"How can I get this done without writing that check?"
Now that's not being cheap. That's being creative,
and there's a big difference. Big difference. Okay?
So how could you get it done without writing a big check?
How could you do it in a way that you are smart?
You are managing your profit. You're managing your money.
'Cause sometimes when you're growing a company,
your revenue is going up
and you thought, "Man, I'm doing well!"
But in some cases your revenue is going up,
but what's happening with your profit?
What's happening with the profit?
- Going down.
- Yep, so as your revenue goes up,
you're actually making less and less money
'cause now you're more careless.
"Hey, you know what? We've got customers.
Money is coming in. Ah, no worry. You know?
Let's get that fancy computer.
Let's get that fancy desk. Let's rent a bigger space."
And that's how sometimes business,
they have their expansion dilemma as they grow,
and suddenly they're out of business.
You see a lot of this in PROFIT 500 companies, Inc. 500.
One year hit Inc. 500.
Second year, third year they're gone.
Because Inc. 500, they measure what?
- Revenue.
- Revenue. Nobody talks about profit.
They're growing by "x" amount of percentage a year.
Every year. That means they're doing well.
Maybe? Maybe not?
So you got to look at it from that kind of view,
so run your business as if you're poor.
Run your business as if you're poor.
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(inspirational orchestral music)