If you don't have a clear answer at this point in time, you're in the majority. All I ask is that you keep an open mind and keep reading with the goal, in due time, of answering this question. The purpose of this Move is to identify what matters to you the most and help put a strategy together that fits your level of commitment and vision. I may influence you to question certain decisions or ways you'll go about fulfilling your vision, but it's up to you to decide to stretch yourself and think bigger.Īs you continue to ask yourself this question, your answer will determine your level of urgency. If you want to build a little mom-and- pop corner store, then okay, you don't have to treat business like war and you can be laid back in your approach. If you're looking to disrupt an industry, you'd better be armed with the right story, right team, right data, and right strategies. Really take the time to get clear about your story-exactly who you want to be-or you won't be able to soldier on when things get tough. And in business, things always get tough. I could sit here and tell you about the life that you may live one day. Talking about the cars, the jets, and the celebrities you meet all sounds wonderful, but first things first. You are going to have to endure more anguish than you can imagine to get there. Those who can tolerate pain the most-the ones with the most endurance-give themselves the highest chance of winning in business.īy the time we've been on our own for a few years, many of us have become cynical. It's an ugly thing, but I've seen it happen too often. We all have big dreams growing up, and we make a lot of plans for ourselves. Then life gets in the way, the plans don't happen the way we thought they would, and we lose faith in our ability to focus on who we want to be. You may not notice it, but it also hurts your ability to make your next moves. Patrick Bet-David went from escaping war-torn Iran to founding his own financial services firm, raising tens of millions of dollars, and creating Valuetainment, the leading YouTube channel for entrepreneurs. His unorthodox approach to business as well as life has led to compelling interviews with Ray Dalio, Kevin Hart, the late Kobe Bryant, President George W. His content on social media has been viewed over a billion times. Patrick never obtained a college degree and went from the army to selling health club memberships before entering the field of financial services. At age thirty, he founded PHP, a financial services agency. He lives in Dallas with his wife and three children.Įxcerpted from Your Next Five Moves by Patrick Bet-David with Greg Dinkin. Copyright © 2020 by BetDavid Enterprises LLC. Used w ith the permission of the publisher. Simon & Schuster is a property of ViacomCBS. Bet-David thinks giving employees the opportunity to earn equity is the best form of compensation because they’ll feel they have a stake in the success of the company and will work harder to make it succeed-a win-win. He argues that when employees-Thiel focuses in particular on CEOs-work for equity, they shift their thinking from short-term to long-term, which leads to healthy, sustained growth for the company.) Task 3: Build the Right Culture (Shortform note: In Zero to One, Peter Thiel provides additional context for why equity is a good form of compensation. Once you’ve hired the right people and incentivized them to stay, build a company culture, says Bet-David. Culture is critical because for employees to put in their best effort, they must identify with the company and its values. (Shortform note: In his book, Bet-David lists culture as the third step of creating a winning team, after retaining employees. However, others see establishing a strong culture as preceding the successful retention of employees.
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