- Alright, so let's talk about what it truly means
to become a successful entrepreneur.
So to me, an entrepreneur is someone
that is fighting for something,
and what I mean by that is that
they are actually exchanging things of value.
So if you are out there, you're hustling,
you're selling bubblegum on the streets,
and you're buying it for 25 cents
you're selling it for 50 cents,
that to me is entrepreneurial
because you are trading value.
You're buying value from somewhere else
and you're exchanging it for a higher value,
so an entrepreneur is actually doing it.
Cause even in my early days,
when I was doing Enmat it was a tough slug
like I bought my company
and it was a failing company
and I did whatever it took
(mumbles)
I was running my head into a wall,
even at that moment
when things weren't succeeding,
was I entrepreneurial?
I would say I was because I was at least
fighting for it and I was fighting
to make something happen
and slowly, the wheels started turning
and an entrepreneur,
like if I think about the traits they have
grit, they're gonna power through it, right?
They can build teams, they can also
delegate things out too
and they're starting to build systems
on top of each other, they're basically able to
level up over and over and over
and that's how the business gets bigger and bigger.
Now, there are different types of entrepreneurs
we're talking about lifestyle entrepreneurs,
we're talking about software,
there's all these different ones, right?
It just depends on what you wanna become
but as long as you're out there,
you're doing things, you're trying,
you're exchanging value with other people,
there's no way you're not an entrepreneur.
Alright, so we're gonna explore what it actually
means to be an entrepreneur.
Check out these next clips.
If you shoot for the stars,
it's okay, you land on the moon.
So let's say you go for two million dollars,
but you haven't even made
your first five hundred thousand yet.
Well, you're gonna know why you weren't able
to get there in the first place.
If at the end of the year you aren't able to
digest or kind of dissect what went wrong,
and what steps you need to do to fix that,
well, that's why you need to set goals
in the first place because you don't set goals,
then you're just gonna hit the new year
and it's like, oh, oh yeah, we hit this number,
on to the next year.
Gotta have numbers to aim for,
it holds you accountable
and also holds, if you have people on your team
as well, it holds your team accountable, too.
So you can ask important
but uncomfortable questions.
It's the uncomfortable stuff
that makes companies grow.
- The gift that I've been given
is insane curiosity so I wanted to know
how to do this other thing.
Optionality is key, recognizing where
potential comes and that requires a really
sober analysis of where opportunity is.
If you think an idea is gonna be a billion dollar idea,
and you wanna dump everything into it,
more power to you but is it gonna derive revenue?
I--I'm very much a cash focused guy.
Is it gonna-- is it gonna
be able to pay the bills?
Is it gonna be able to sustain itself?
That's, for me that's the inflection point.
If the new idea can meet basic business stuff,
then you've got a MVP, this is why
the beauty of the MVP is so great,
that we've got this idea that,
just get a product out there
to see if people want, - [Eric] Right.
- cause the second you've hit that,
the rest is grinding, it's less luck
once you've got the point that
people are interested in your product.
- Failing, failing a ton. Everybody fails a lot,
everybody's had their failures, right?
Elon Musk has had his failures in the past.
He had a video gaming company
that didn't work out, right?
Everybody has had their share of failures.
As a matter of fact,
his company, SpaceX, which uses
reusable rockets that land back on Earth,
it failed, it almost failed to the point
where it had to shut down, right?
But the last rocket ended up working for him.
- It's not magic, it's just math.
If you wanna make a million dollars,
that number can seem so large and it's like
that's impossible, right?
I need to be some genius to do it.
Actually, no, here's the math behind it.
It's not magic, it's just math.
And if you take something like a 50 dollar product
times three sells a day, times five years,
that's 270 thousand dollars.
You can also change those inputs,
you can do a 50 dollar product
or 100 dollar product.
You can do three sells a day or one sell a day,
you can play with it, that's up to you.
You're the CEO of your business.
- In business, you need, you need systems.
Number one, choose a very clear objective
that's measurable in your business, right?
Like, I wanna make this much money,
I wanna help this many costumers,
I wanna do this much revenue,
whatever it is, or this many email subscribers,
or this many views or I wanna like hire
this many people, whatever it is, I don't care.
And then you just have to like have some plan
on how you're gonna get there.
- Hard work, all the time, seven days a week
but what I do try to do is focus really
on my lists and my priorities
and I'm getting better and better.
I always make sure before I go to bed
that I've set up my day for the next day
so I know what I'm locked into
for meetings and for tasks.
I try and get up really early,
it gives me a couple of hours head start
ahead of everybody else that I work with
and certainly a lot of our partners.
And I can knock off so many of the emails
and tasks and admin and follow up
that needs to get done
and it's like gone out of the day.
The end of day, I mean I do always work
a little bit later than everybody else
because what that allows me to do
is at the end of the day
do the same routine that I have in the morning
and that's shut down things properly,
get myself organized,
refocus on what the priorities are,
remind myself that shiny objects
cannot get in the path everyday,
that I've got to hit a couple of the big goals
and hitting big goals takes time.
- Yeah, key take away number 5,
I mean, every single successful person
that I know, not just entrepreneurs,
has good habits and I can just tell
who's successful and who isn't
just by looking at their habits.
Think about the decisions that you make, right.
And so, this--I was thinking about a friend
recently and there's just a series of decisions
that have lead to kind of where he is right now.
And I'm like, man, like every single decision
you make, whether its who you go work for like
because who you go work for might cause you to
go move somewhere, right?
And who you decide to marry,
that's a big decision as well
and, you know, all these little decisions
or you know, if you decide
to start multiple businesses at the same time
like at the time,
it seems like an innocent, little decision
but what happens is you start to make
all these decisions and it's like
you know, you wake up in the morning
you decide, oh, you are too lazy to go work out,
you're too lazy to take care of your body,
you--you, you eat unhealthy, right?
Like all these little decisions you make
are compounding, right?
Like people talk about compounding interest
all the time, it happens with your life too.
So you wanna have good habits
and you wanna be able to establish
you wanna be able to establish the right habits
that way you can have good results
at the end of the day.
Couple things I do that help me
prime the day before, some of the stuff is like
woo, woo but it does actually help.
The way to get a best start to your next day,
is actually planning the day before.
So always the night before,
I'm always coming up with my number one.
The number one is usually my, my number one
thing that I wanna do.
As long as I get that one thing done,
so for example, today is like shooting a ton of videos
like walking around downtown L.A.,
that is my number one like
if I get that done, I'm happy.
It's not about having a bunch of tasks,
having a laundry list of things to do,
some people call them STDs, stuff to do,
you can also call it-- you can replace the S.
You don't wanna overwhelm yourself that way,
you wanna make sure that you're focused
and doing the one thing that matters
and I recommend reading that book,
The One Thing by Gary Keller.
- When you put your back up against the wall,
success--for me, success was the only option
failing was not.
And when success is the only option
and you have to make it work,
it's amazing how your brain and your eyes
they open up and they see opportunity
to see things that you wouldn't normally see
when you have that cushy job, - [Eric] Yup.
- when you have to make it work.
And, oh, here's the other thing.
It always takes two to three times longer
than you think it's gonna take
to actually start generating revenue.
- I would say like my number one rule for success
and (mumbles) just did a video on this
is progress over perfection.
It's about finding ways
that you can get stuff done, get it launched,
get it out there and then gradually
improve it over time rather than having this
perfect business model
or this perfect YouTube channel
or whatever (mumbles).
- Done is better than perfect right?
- Exactly, you know?
- Hope you enjoyed this, let me know
what you think and we will see you tomorrow
and don't forget to watch the next tip.