Patrick Bet-David runs a show on YouTube called “Valuetainment” where they produce two new shows a week on topics of entrepreneurship and critical thinking. He wrote two books and has traveled to over 30 countries around the world. He produced a video called “The Life Of An Entrepreneur In 90 Seconds” that got 20 million views within a week on Facebook.
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Time Stamped Show Notes
(click the time stamp to jump directly to that point in the episode.)
- [01:01] – Patrick was born and raised in Iran
- [01:14] – Life as a refugee in Germany
- [02:26] – How Patrick started his first agency
- [03:16] – Area of Expertise: “Entrepreneurship is my number one talent.”
- [04:41] – Value Bomb Drop: “Look at everything, find a problem, and then solve for X…. also, minimize who you listen to”
- [06:16] – Even when you’re at your “lowest point” you can go lower by calling the wrong person
- [06:52] – What is something you’ve changed your mind about in the last 6 months? “We think there’s only one way to do the right thing”
- [08:34] – Worst Entrepreneurial Moment: “December 31, 2002 – when my buddy and I chose to become entrepreneurs”
- [12:39] – Entrepreneurial AH–HA Moment:
- [16:06] – It’s not just about buying things
- [16:28] – What do you want to make sure Fire Nation takes away from your story? “DON”T judge the person by the final product – judge the person based on who they used to be”
- [17:53] – “Most people believe the wrong lies”
- [18:38] – What is the one thing you are most FIRED up about today? “A study on attention span”
- [18:44] – Human attention span vs. the goldfish
- [21:03] – The Lightning Round
- What was holding you back from becoming an entrepreneur? – “Clarity in choosing one path”
- What’s the best piece of advice you’ve ever received? – “Make sure the young wolf in you takes care of the old wolf”
- What’s a personal habit that contributes to your success? – “To know when to be predictable and when to be unpredictable”
- Share an internet resource, like Evernote, with Fire Nation – Cyber Dust
- If you could recommend one book to our listeners, what would it be and why? – Blue Ocean Strategy
- Imagine you woke up tomorrow morning in a brand new world, identical to Earth, but you knew no one. You still have all the experiences and knowledge you currently have – your food and shelter is taken cared of – but all you have is a laptop and $500. What would you do in the next 7 days? – “I’d start a micro-lending business and lend small capital sums to entrepreneurs starting up”
- [29:27] – Connect with Patrick through his website and get the 1st chapter of his book for free!
- [30:20] – Parting piece of guidance: “Listen to John Lee Dumas”
3 Key Points:
- Hone your focus – listen to the right person.
- The principles of success are always the same, but the roads to get there are many.
- Be predictable and unpredictable.
- Cyber Dust – Patrick’s small business resource
- Blue Ocean Strategy – Patrick’s top business book
- The Life of an Entrepreneur in 90 Pages – Patrick’s book
- Read a chapter of Patrick’s book for free
- Audible – Get a 30–day free trial of fantastic audiobooks!
- PatrickBetDavid.com – Patrick’s website
- TheMastery Journal – Master productivity, discipline and focus in 100 days!
Patrick Bet-David: Absolutely.
John Lee Dumas: Patrick hosts a show on YouTube called Valuetainment and that’s where he produces two shows a week on topics of entrepreneurship and critical thinking. He’s written two books and he’s traveled to over 30 countries around the world and he’s produced this video, which I actually just watched, called The Life of an Entrepreneur in 90 Seconds, and now has over 28 million views on Facebook, which is insane. So Patrick, take a minute. Fill in some gaps from that intro and give us just a little glimpse of your personal life.
Patrick Bet-David: Absolutely. So for me, I was born and raised in Iran. I lived there for about ten years. I escaped Iran six weeks after Khomeini died. Iran was a pretty ugly place to live at that time. It was a lot of challenges taking place. We went to Germany and lived at a refugee camp for about a year and a half. That’s when I got my first stint of entrepreneurship collecting beer bottles at a local swimming pool to buy my first Super Nintendo when it came out. This was 1989, 1990 and then from Germany came to the States, lived in Glendale, California. I joined the Army right after realizing–
John Lee Dumas: Hooah.
Patrick Bet-David: That’s right. Right after realizing a 1.8 GPA is not going to get me a scholarship to anywhere. So I was in the military, 101st Airborne, Air Assault. Got out and I was planning on being the next Middle Eastern Arnold Schwarzenegger, marrying a Kennedy, being a Mr. Olympia, multi-millionaire, entrepreneur, actor, all of that stuff, but it didn’t work that way. I got into the financial industry with Morgan Stanley Dean Whitter a day before 9/11 and that was exactly my start.
It was a Monday and the next day a bunch of brokers quit and left. They just couldn’t deal with it. I was dumb enough to stick around and, the next thing you know, from Morgan Stanley, I transferred to Transamerica and was with them for about seven and a half years and then, in October of ’09, I decided to start our own agency with 66 agents out of Northridge, California in one office and now we’re roughly at 2200, 2300 agents in 42 states in the last six and a half years. So it’s been a wild ride.
John Lee Dumas: Wow, well first off, thank you for your service. I definitely love the fact that you went and did that. It’s no joke serving with the 101 for sure. So thanks for just number one being open and honest about your journey up to this point because a lot of people who have achieved success, they’re not super excited to share those vulnerable points and that’s where we like to dive into with EOFire but, before we get into some of those moments, what would you say Patrick that your current area of expertise is right now and then, within that area of expertise, give us two quick value bombs that you think are going to help us, our listeners, Fire Nation.
Patrick Bet-David: Sure. I would say my current area of expertise would be entrepreneurship would be my number one. So what happened with me is you were talking about the video that got 28 million views. Initially, when I started Valuetainment, I was speaking on a lot of general topics, a lot of general topics. One day, I just decided to get very, very specific.
As a matter of fact, I think I was at the Social Media World Convention two years ago or something at San Diego and you were at a panel with Michael Hyatt and it was either you or Michael Hyatt that said to pick one subject and stick to it and that’s when everything changed.
John Lee Dumas: Oh, that’s me. That’s all me.
Patrick Bet-David: And if it’s you, I chose the subject of entrepreneurship and that’s all we talked about. The next thing you know, we went from having a few hundred subscribers on YouTube to now having over 80,000 subscribers on YouTube and having a video doing 28 million and several other videos that have done very well for them. But I would tell you it would be processing issues and it would be specifically on the topic of entrepreneurship startup, development, growing your business at different stages of the business. I would say those are the two things that I mainly emphasize on.
John Lee Dumas: Now what are two value bombs that you can share with that though that you think that we might not know that you’ve discovered through running this successful channel, this successful topic of entrepreneurship? What are two things? Keep it short. Keep it concise, but what are two things you want us to walk away from?
Patrick Bet-David: I would tell you just look at everything as solve for X. It’s as simple as that. Life is all math. To me, when I look into a building, I look at a car, I go into a restaurant, I watch your show or I listen to your show and I look at the phone, everything is math. Literally everything around us is math. So if you look at life from a mathematical formula standpoint and you take a moment, grab a paper and pen, and write “Solve for X. What is X?” then work backwards to come up with the formula.
You’re almost always going to come out with some sort of a formula to solve for X. I don't think a lot of times we take the time to look at a problem like that. We get overwhelmed too many times and we put too much attention on the final problem, instead of the actual seed, which is the seed that is the reason why we have the problem that we have in our lives. So number one would be solve for X. the second one would be minimize who you listen to. I think a lot of people listen to way too many voices. Minimize who you listen to.
When my wife and I got married, before we did, before I proposed, we read a book on our second date I got her. It was called 101 Questions to Ask Before You Get Engaged. So I gave her the book. She read the book. I said, “A week from now, I want to go through all the questions.” We had a follow up meeting and, six hours later, we went through the questions. One of the questions was, “Hey, let me ask you a question.” I said, “If you and I get into a fight, which we’re going to get into a lot of different fights, who are the three to five people you’re going to call?”
She started making a list of those names. I said, “Tell me about their personal life.” After that exercise, I said, “I just can’t do it unless those three to five changes” and I told her who my three to five were and why because sometimes when you’re an entrepreneur and you’re at your lowest point, you can call the wrong person and become unemployed the next day. So it’s very critical on which voices you listen to as well.
John Lee Dumas: Wow. So solve for X and then minimize the people that you’re listening to. I mean there’s so much noise out there in this world, Fire Nation. You have to find those people that are really speaking the message that you need and want to hear and then you just need to block out the rest because there’s too much out there. So just really hone your focus.
Now what is something Patrick that you’ve changed your mind about in the last six months? Meaning what’s something that you used to believe, just as recently as six months ago, that you no longer believe anymore?
Patrick Bet-David: It’s interesting you ask that question. I did a training on this just recently in Costa Rica. I said, “So a lot of times we think there’s only one way to get something right.” I don't know if I would say this is the last six months. I think maybe in the last year or two. “We think there’s only one way to do a right thing.” So the training I did in Costa Rica these past few days was I said, “If you’re trying to get the number 20, what two numbers add up to 20?” So everybody said, “Well, zero plus 20.” I said, “What else?” “One plus 19, two plus 18.”
We just kept going through it. I said, “There’s a lot of different way to attain success, man. There’s a lot of ways to get to number 20. It’s not just one way. There’s many, many different ways to get to the number 20. You can probably get ten different ways because 10 plus 10, nine plus 11, all that stuff. It’s not just one way.” So you may have a strong, firm opinion on how you’re planning on making your money, but there’s a lot of other ways to making your money.
The key is this, principles don’t change. I don't think principles and values necessarily change. The principles of getting to success don’t change, but there’s many different ways to be able to get to success and make the kind of money you want to make, instead of just one way. I happened to be obsessed with the way I make my way of living, but there’s a lot of ways of making money.
John Lee Dumas: Patrick, what’s your worst moments entrepreneurially that you’ve experienced? Now you, in that video, showed the struggles of knocking on doors, getting the door slammed in your face. You talked to us about collecting cans to raise money for your first Super Nintendo, which frankly is just hustling when you’re young and you’re trying to buy something like that. So that’s a cool thing, but what is the worst moment you’ve experienced business-wise to date? Take us to that moment and tell us the story.
Patrick Bet-David: I mean it’s like as if it was yesterday. It was December 31st, 2002. It was December 31st, 2002, my buddy and I, who we used to party a lot together in the Army, we chose to become entrepreneurs. We chose to go from the W-2 route of getting a salary as a financial advisor to 1099. “I’m going to do it on my own. If I don’t sell, I don’t make money. I don’t have a guaranteed income coming in.” It’s December 31st. I’m driving a Ford Focus. I just lost my Ford Expedition.
I’m driving a Ford Focus and John, keep in mind, I’m 6’5” 240, so I don’t necessarily fit in a Ford Focus. So I’m in this Ford Focus. We’re behind Universal Studios. We’re all the way at the top of the hill. We just went and bought an In and Out burger, a double double. He’s 200 and some pounds. I’m 240 pounds so we both are big boys. So we, because of the money that we had, we had to share this In and Out burger and I split it and gave half of it to him and he gave half of it to me and we ate it and we listened to the countdown in the car and it was Ryan Seacrest, ten, nine, eight, seven, six, five – There was zero level of excitement for me in my life. Zero.
There was no excitement at all in my belly like, “Oh, my gosh. It’s a new year. It’s finally 2003.” None of it and I’m in that car. Everybody’s calling and everything, “Hey, we’re going to this club. We’re going to this afterhours. We’re doing this. We’re doing that.” I have no desire to go to any after. I have no desire to go to any club. I have no desire to do anything. I’m in that car and I get very emotional and I ask myself, “Is this what life is all about? I mean is this fricking it?” There’s no way in the world I have lived the life that I’ve lived just to be in a position that I’m at. There’s no way in the world.
My father had just had a heart attack. That was his 13th heart attack that he had. He’s had six angiograms, six angioplasties, a bypass, three stents in his heart, just a pretty ugly situation. My parents got through a divorce and I had a relationship where I got a ring and everything, about to get engaged. That didn’t work out. I lost my car. I had lost my fire. I had lost all of that in my belly and that night, that night I made a very, very, very firm decision that this is not how Bet-David life was going to be. I was going to make sure my parents were going to be proud to have sacrificed everything from Iran to come to America and they were going to be proud of that decision.
So it’s as if the next day, my eyes changed. You couldn’t recognize my eyes. No one could recognize the eyes. I told every single person to stop calling me about the nightclubs on Friday, Saturday. They thought I was full of it, so they kept calling me for [inaudible] [00:10:41]. I told them, “I’m not going.” I never once went to a nightclub again with those guys and the partying completely changed and the level of obsession changed. The level of progress changed. The level of work ethic changed.
I went from working 60 hours a week to working 80, 90, 100 hours a week and, the next thing you know, every single thing that I wanted to become a reality at that point in my life became a reality, but there was a very difficult moment on December 31st of 2002 that I had to make some real, real specific decisions and change that night would change my life.
John Lee Dumas: “You couldn’t recognize my eyes.” I mean Fire Nation, think of how powerful a statement that is and the reality is, Patrick just had to make that decision mentally to make that shift, to wake up the next morning and he was a different person from the inside, which is all that matters. Then going forward, it didn’t happen overnight, but he started putting in the hours; 60, 70, 80, 90 hours a week, putting in the work, putting in the hustle, making mistakes, learning, figuring things out and now we’re chatting today. Here we are circa 2016.
I hope that phrase sticks with you, “You couldn’t recognize my eyes” because Fire Nation, everybody listening right now, has that power to have that same mindset shift, but it has to come from within. Now Patrick, that was a huge aha moment, awakening, however you want to phrase that and you’ve had a ton of those as you’ve gone on, as you create your success story, but what’s one of your greatest aha moment stories? Take us there and tell us how you took that idea, that light bulb, and turned it into success.
Patrick Bet-David: The one that really affected me the most was it’s two exact recommendation and the same results. I’ll tell you what it was. One of them was by a guy named Robbie Solomon, who was my first mentor at Bally Total Fitness, back in the days when there was Bally’s. Now it’s LA Fitness. So I’m working at Bally’s and I said, “Look, I want to be the greatest salesman at Bally’s Total Fitness. What do I need to do?”
He told me to read How to Master the Art of Selling, by Tom Hopkins. So I started reading that book and my sister recommended How to Win Friends and Influence People. So those two books got me to go from being the worst salesman at Bally’s to being the Rookie of the Year, number one in sales back-to-back-to-back, just shattering records at the clubs that they had. Then from there, the best recommendation that followed through from that, that person recommended me two books. My sister and Robbie recommended me two books, one each.
Then I was in Diamond Bar, California and I was at this mentor of mine’s house. I will never forget the swimming pool is there. There’s a view. It’s a beautiful house. Sugar Shay Mosely was the neighbor of the guy and one of the guys who were there, his net worth was about 150 million bucks at the time. I pulled him aside and I cornered him. I said, “Look, I don’t want ten different pieces of advice. I want one. Give me one thing. What’s the one thing that’s going to be able to get me to be at the top of my game in the next three to five years?”
He said, “Let me tell you something. Everybody here you look at, they will all read the books that you’re supposed to read, which is Think and Grow Rich, How to Win Friends and Influence People, Rich Dad Poor Dad. The usual suspects, they’re all going to read it and then they’re done.” He said, “Very few people get obsessed about reading and developing.” He says, “The crazy thing is all the secrets to success are in books, just people don’t read them. They just buy them and don’t do anything with them.” He says, “If you want to dominate, you get obsessed about recreating yourself more often than the rest.”
That’s exactly what happened. I ended up reading 1,100 books, and this is coming from a guy that can’t stand books. Two books that was recommended for me to read in high school by Miss Collins, one of them was That Was Then, This is Now and the other one was, I think it’s Of Mice and Men, something like that, Of Mice and Men. John, I didn’t read either one them.
I was not a reader. I was a guy that didn’t pay attention in class. I was a guy that was distracted by the girls and the butterflies. The smallest thing that could distract me would distract me and there became a certain level of obsession about improvement, kind of like what you’re doing right now for your audience.
Obviously the way you’re impacting them right now, you started out from impacting a small community to now people all around the world follow your content and God knows how many people you’ve impacted yourself with your platform that you have, but it is a very, very big decision I made that night in Diamond Bar to become obsessed with recreating Pat as often as possible so every 90 days, nobody would recognize the new Pat that was coming out.
John Lee Dumas: I love that for so many reasons because so often, Patrick, this is just the reality. People will buy something and, when they buy it, they’ve already “assumed that that’s going to be the reality” whatever they’ve bought there, they’ve already accomplished that. Then a great example is when I launched the Freedom Journal, which is a journal that guides you how to accomplish your number one goal in 100 days. Everybody was emailing me like, “John, I feel like just by buying the journal, that I’ve already accomplished my number one goal.”
I’m like, “Okay, I’m glad you feel that way, but I hope you know that’s not the reality. You’re going to have to spend the 100 days following the systems, following the guidance, to accomplish that number one goal.” Of course some do and achieved great success and some don’t because they fizzle out. It’s just sad to see that it’s not that investment. It’s not that actual buying of that thing that’s going to get you to where you need to be. It’s the application. It’s reading the books and then applying it to your life.
It’s buying the course or the product or the service or joining the community and then actually taking the action. So that’s my big take away, Patrick, from your aha moment, but what do you want to make sure that Fire Nation gets from your story?
Patrick Bet-David: I guess the biggest thing for me is a lot of times I listen to folks that’ll talk about entrepreneurship and people forget how terrible they were at one point. When you win and people come to me and say, “Pat, how does it feel being worth $100 million right now and you’re doing all this stuff and you got the money, you got the wealth, you got the wife, you got the kids, you got the life, you got the accolades?” I said, “Look –”
My father was in town. We were in Costa Rica and we were talking about our first trip to Hawaii and everybody kept asking me to go on different excursions and they would tell me it’s $75.00. I didn’t have 75 bucks. I can’t do 150 bucks. I would say, “No, I don’t like excursion. I cannot. I’m the hotel type of guy.” I’m not the hotel type of guy. I’m the guy that wants to go diving with sharks and dolphins and I want to jump off a cliff and I want to do some adrenaline rush type of [inaudible] [00:16:49] is what I want to do and I couldn’t do it because I didn’t have any money to my name to do it.
So I think a lot of times it’s for the listener, if they’re listening in, don’t judge the person by the final product. Judge the person based on who they used to be. Ask the questions of who they used to be versus who they are today. Many times we look at somebody and they say, “Man, this guy is winning because he is this, this, this, this, this and I’m not going to win because I don’t have this, this, this, this, this.” No, you don’t need to look at that. You need to look at the person why they’re winning and what are some reasons that you can win?
At the end of the day, unfortunately John, you and I both know this; most people will live their own lies. So we have two lies to believe. One of the lies is, “I’m a loser. I’m not meant to do anything big. My dad was right. I’m never going to amount to anything” or we can buy the other lie, which is what? “One day I’m going to be a decamillionaire. One day I’m going to be somebody that the world’s going to know about. I’m going to make a big impact. I’m going to live in a big house.”
Both of them are lies. Both of them are lies, but it’s on us to make one of them the truth so, if we don’t do anything, when we die the truth is we were losers or we can live a life and give everything we got and then we make this other lie the truth and then we die. The truth is we were successful, but we have a choice which lie to believe. If you can choose between the two lies, buy the right lies is what I suggest.
John Lee Dumas: Buy the right lies, Fire Nation. Patrick, what’s the one thing that you’re most fired up about right now?
Patrick Bet-David: The one thing I’m most fired up right now is studying attention span. I think attention span is a very critical thing. According to Time Magazine, back in 2001, our average attention span was 12 seconds and the average attention span of a goldfish is nine seconds and today is the first time ever where the human beings attention span has dropped below a goldfish of nine seconds. We are at eight seconds today. So it’s very important for us to know how to get attention immediately and there’s two different ways when you talk about attention.
One is a lot of times we have, for instance, when you are dating a new girl, you better make sure your first thing you tell her you don’t come across as a jerk because you only have an eight second timeline to impress a girl, right? Then once we marry a girl, we don’t have eight seconds anymore. We have a lifetime because we are now married. So we need to treat our customers the same way as well.
A lot of times you have existing customers and we think we’re already rock stars because we have existing customers, but if you want new rock stars, if you want new followers, new fans who don’t know you, you need to pay very, very close attention on how you’re going to get my attention within the first eight seconds. That’s been something that I’ve been studying a lot lately on how to get that eight second done the proper way.
John Lee Dumas: Well, Fire Nation, I want you to maintain your attention because we are going to crush the lightning round in just a couple of minutes, but we’re going to take a quick minute first to thank our sponsors. Patrick, are you prepared for the lightning rounds?
Patrick Bet-David: Let’s rock, baby.
John Lee Dumas: What was holding you back from becoming an entrepreneur?
Patrick Bet-David: I think it was clarity. It was clarity and choosing one path. A lot of times we don’t even know what we want. A lot of times we’re all over the place and we think we know what we want, but we don’t. It’s actually taking a moment, grab a paper and pen, step away from everybody, turn off the TV, turn off the notification, turn off every single thing and step away for a few hours on a Sunday. I did this back in August of 2003.
I got ahold of 83 questions, which is on my website, PatrickBet-David.com. I call it the Ultimate Self-Discovery Questionnaire. I stepped away. I took these 83 questions. I went to Matador Beach in LA and spent six, seven, eight hours there. I went through every single answer to the question, very emotional moment, got pretty clear on what I wanted as a bigger part of my life, came back and I was fired up to go make sure that became a reality.
John Lee Dumas: What’s the best advice you’ve ever received?
Patrick Bet-David: Make sure the young wolf in you takes care of the old wolf. Make sure the young wolf in you takes care of the old wolf, meaning I was at a concert in Orange County and there was a performer named Daryush, a very, very big performer in the Persian community. The place was sold out, 7,000, 8,000 people there. For a moment he paused. He’s in his late 50s, early 60s.
He got up and he said, “Hey listen, I want to talk to all the young people here.” He says, “Look, you are not going to be in your 20s or your 30s forever. One day you’re going to be 60 like me. Just please make sure the young wolf in you takes care of the old wolf that one day you will be because that old wolf is counting on you to take care of him.”
John Lee Dumas: Now is that like save a lot of money?
Patrick Bet-David: I think it’s money. I think it’s health. I think it’s take care of your liver. I think it’s take care of your many different ways. So all of that combined together is to make sure you take care of the old wolf so they have the energy.
John Lee Dumas: You’re enjoying that scotch now you know, Mr. 35 year old, but Mr. 65 year old is going to be having kidney stones like there’s no tomorrow.
Patrick Bet-David: That’s right.
John Lee Dumas: What’s a personal habit Patrick that contributes to your success?
Patrick Bet-David: Realizing and knowing when to be predictable and when to be unpredictable. There’s an aspect of predictability. I think one of the keys to Entrepreneur on Fire’s success is you’re very predictable. You are very, very predictable. That is probably one of your biggest strengths. A lot of people want to start Skypes. They don’t have your discipline.
They don’t have your discipline to do seven days a week and knowing that your audience is predictable to know that John’s going to come through for them. Then the unpredictable side is to sometimes launch things or bring guests and do things that maybe nobody is expecting and you kind of surprise the world, surprise your competition, shock the people that are working with you, shock your following, shock everybody with certain unpredictable things that you can do that spices up the predictable side of what you’re doing.
John Lee Dumas: Yeah, well and not to pat myself on the back but people were shocked, Patrick, when I came out with a physical product, like an actual journal that was a hard cover. It was like, “Why would you create a physical book that’s like 1980s stuff.” I was just like, “Because it’s different. Because I know that anybody can do virtual. They can do pdfs and this and that. I want something beautiful you can hold onto that’s meaningful.” That was really an unpredictable move on my part that really shook up the core.
Patrick Bet-David: Look what happened with it. You got a lot of testimonials about it. You got a lot of people that are getting success and results from it, from all around the world, all around the world.
John Lee Dumas: Sixth most funded publishing campaign of all time on Kickstarter. Now Patrick, share an internet resource like Evernote with Fire Nation.
Patrick Bet-David: I would tell you whatever I say it’s probably people that use regularly whether it’s Creative Studios on YouTube, because I’m a YouTube guy, or it’s Google Analytics. But nowadays a lot of times for me communication is people send email. People send Facebook. People send YouTube messages. You can be caught up with some of the response you give. I like Cyber Dust because I’m in the financial industry and I’m in the regulated industry. So I like it when people ask questions on Cyber Dust protects the responder.
There is no way of knowing that response came from you or anything. So I am more open to advice to give on Cyber Dust than I will on Facebook. If somebody asks me a question on Cyber Dust, I’ll open up a lot more than I would on Facebook or YouTube or the thousands of messages that we get on email. So I like Cyber Dust. I interviewed Mark Cuban about a year, year and a half ago, and we had a good time talking about his app and talking about what he was working on. So I started using Cyber Dust. It’s been a pretty successful app for me.
John Lee Dumas: If you could just recommend one book, what would it be and why?
Patrick Bet-David: Blue Ocean Strategy and the reason why I was fighting between that one and Hypomanic Edge, but I’ll say Blue Ocean Strategy. Blue Ocean Strategy is a very powerful book because you don’t want to be a me-too product. Everybody wants to be their own unique product, but unfortunately 95 percent of people that think they’re not a me-too product happen to be a me too product. So how do you not become a me-too product?
Blue Ocean Strategy has a formula for that where it tells you, instead of being like everybody else that’s fighting in the ocean with all the sharks and everybody’s eating each other–it’s a dog eat dog type of a place–go find your own blue ocean and compete with nobody and then eventually sharks are going to show up but, by that time, you already have such a big piece of the pie that it’s not really going to matter when somebody comes up. At that point, your fight’s going to show up where you have a lead in front of everybody else in a market you went to that nobody else was chasing.
John Lee Dumas: It’s a great book and I was actually just listening to Tony Robbins’ podcast where they brought on the authors of that book and they’re about to release the follow up to that book this year.
Patrick Bet-David: I heard about that, which is quite exciting.
John Lee Dumas: Yeah. So Patrick, this is the last question of the lighting round, but it is a doozy. Imagine you woke up tomorrow morning in a brand new world, identical to earth, but you knew no one. You still have all the experience and knowledge you currently have. Your food and shelter, taken care of, but all you have is a laptop and $500.00. What would you do in the next seven days?
Patrick Bet-David: It’s so interesting how when I hear people tell me “I’m struggling financially. I’m having such a hard time. Life is so hard. I just got fired. I just got this. I just got that.” I’m in Costa Rica and we’re at the Westin and I’m going out to walk my boys to ride on a horse and I got asked to buy something by at least 50 people. One was, “Would you like a foot massage?” I said, “No.” “Would you like a massage?” “No.” “Would you like to buy this towel?” “No.” “Would you like to buy this hat?” “No.”
Eventually, I said yes by so many people asking me questions. It just reminded me it was the same thing when I was in Cabo and I took my mother there. My mother’s like, “My gosh, will they stop selling us something on the ocean? Can you just leave us alone?” I said, “Mom, I wish more Americans were like this. I wish more people would realize that man, whatever crap you’re going through, just go find a product at wholesale and retail it.” So for me, if I had 500 bucks, in 2001 when 9/11 happened and I was a series seven broker, John. You would know this.
Your listeners are from all over the world, but I was series seven broker with Morgan Stanley Dean Whitter and I left to start my own practice and they wouldn’t give up my license for 90 days, so I had to make $1,500.00 a month to survive on cash and I went to downtown. I bought 200 shirts. I had 400 bucks to my name. I went and bought 400 shirts for $2.00 apiece. One of the shirts says, “United We Stand” another one said all these other funny things on there about what was going on at that time.
I went on the corner of Reseda and Nordhoff. It’s a very, very busy, busy street in California by CSUN, Cal State University of Northridge. I put one of the shirts on and I stood on the corner and I sold one for 15, two for 20. I would make $400.00 a day every single day. So, all of a sudden, I was making $6,000.00 a month selling shirts. So if I had 500 bucks and a computer, I would find the closest place to go buy 250 shirts that are relevant to the current time issue, whatever it may be at that time. I’d buy 250 shirts. I’d find a very busy corner. I’d sell those $2.00 shirts for 15 bucks and I’d be fine within a month.
John Lee Dumas: Fire Nation, it sounds so easy and the reality is, it really can be. It just takes work. It just takes a little ingenuity and hustle and you can put these types of opportunities together. So Patrick, let’s end on fire, brother, with you giving us a parting piece of guidance, the best way that we can connect with you, and then we’ll say goodbye.
Patrick Bet-David: Absolutely. So I can be found on PatrickBet-David.com, on PatrickBet-David.com and you can also find my content on YouTube. I have a channel on YouTube called Valuetainment that, like you said earlier, we produce two videos a week. One of the things I’ll do with your audience is because of what you’re doing for people is I just wrote a book called The Life of an Entrepreneur in 90 pages, which is similar to The Life of an Entrepreneur in 90 Seconds except it’s The Life of an Entrepreneur in 90 Pages.
We just came out with that book two months ago. Any one of your listeners that go on my website and subscribe to the newsletter, we will give chapter number one for free and then from there, if they choose to purchase the book, they can get it on Amazon, but if anybody goes on PatrickBet-David.com and subscribes to the newsletter, I will give chapter one of the book, Life of an Entrepreneur in 90 Pages.
To all the listeners and, last but not least, to your guys that are listening to you, gang, there’s a lot of people online that do podcasts and are trying to become the next John Lee Dumas, but John Lee Dumas happens to be the best at what he does. There’s very, very few people that are as predictable as what they do as John lee Dumas.
If there is a voice I would listen to online for sources, for entrepreneur’s resources, John Lee Dumas would be at the top of the list. So John, I appreciate all you’re doing for everybody around the world. Your name always comes up. You’re a rock star and you’re impacting a lot of people without even knowing about it.
John Lee Dumas: Brother, I am honored I received that. Thank you for those kind words and it is, it’s all about being predictable in some areas, Fire Nation, and being unpredictable in other areas. I mean you’ve known my listeners for the last 1,452 days in a row that I’ve launched an episode for you talking to a great guy like Patrick here. That’s probably going to be happening for the next 1,452 days because that’s what I do.
So what is it that you’re going to do? Look at how Patrick found what he is going to do and, Fire Nation, you are the average of the five people that you spend the most time with. You’ve been hanging out with PBD and JLD today, so keep up the heat and head over to EOFire.com.
If you type Patrick in the search bar, his show on his page is going to pop up with everything that we’ve been talking about today, best show notes in the biz, links, timestamps, everything galore waiting for you and, of course, head over to PatrickBet-David, that’s Patrick B-E-T David.com. Subscribe to his newsletter. You can get chapter one for free of Life of an Entrepreneur in 90 Pages. So get over there. Check that content out. Patrick, thank you for sharing your journey with Fire Nation today. For that, we salute you and we’ll catch you on the flip side.
Patrick Bet-David: Thanks for having me, bud.
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